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Loans | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Loans | Loans Loans includes (i) loans held for investment that are accounted for at amortized cost net of allowance for loan losses or at fair value under the fair value option and (ii) loans held for sale that are accounted for at the lower of cost or fair value. Interest on loans is recognized over the life of the loan and is recorded on an accrual basis. The table below presents information about loans.
$ in millions | Amortized Cost | Fair Value | Held For Sale | Total
As of September 2025 |  |  |  |
Loan Type |  |  |  |
Corporate | $ | 30,139 |  | $ | 430 |  | $ | 1,235 |  | $ | 31,804 |
Commercial real estate | 32,805 |  | 423 |  | 724 |  | 33,952 |
Residential real estate | 26,702 |  | 3,445 |  | – |  | 30,147 |
Securities-based | 18,469 |  | – |  | – |  | 18,469 |
Other collateralized | 88,141 |  | 1,149 |  | 474 |  | 89,764 |
Credit cards | 20,017 |  | – |  | – |  | 20,017 |
Other | 2,614 |  | 51 |  | 69 |  | 2,734 |
Total loans, gross | 218,887 |  | 5,498 |  | 2,502 |  | 226,887 |
Allowance for loan losses | (4,508) |  | – |  | – |  | (4,508) |
Total loans | $ | 214,379 |  | $ | 5,498 |  | $ | 2,502 |  | $ | 222,379 |
As of December 2024 |  |  |  |
Loan Type |  |  |  |
Corporate | $ | 28,689 |  | $ | 467 |  | $ | 816 |  | $ | 29,972 |
Commercial real estate | 28,899 |  | 424 |  | 466 |  | 29,789 |
Residential real estate | 22,243 |  | 3,726 |  | – |  | 25,969 |
Securities-based | 16,477 |  | – |  | – |  | 16,477 |
Other collateralized | 74,008 |  | 783 |  | 316 |  | 75,107 |
Credit cards | 19,615 |  | – |  | 1,788 |  | 21,403 |
Other | 1,950 |  | 60 |  | 139 |  | 2,149 |
Total loans, gross | 191,881 |  | 5,460 |  | 3,525 |  | 200,866 |
Allowance for loan losses | (4,666) |  | – |  | – |  | (4,666) |
Total loans | $ | 187,215 |  | $ | 5,460 |  | $ | 3,525 |  | $ | 196,200 |
Beginning in the first quarter of 2025, as a result of a decrease in the balance of installment loans (due to the sales of GreenSky and the seller financing loan portfolio in 2024), the remaining installment loans originated by the firm are included in other loans. Previously, such loans were disclosed separately in the table above. The carrying value of installment loans was $30 million as of September 2025 and $70 million as of December 2024. Prior period amounts have been conformed to the current presentation. In the table above: •Loans held for investment that are accounted for at amortized cost include net deferred fees and costs, and unamortized premiums and discounts, which are amortized over the life of the loan. These amounts were less than 1% of loans accounted for at amortized cost as of both September 2025 and December 2024. •Substantially all loans had floating interest rates as of both September 2025 and December 2024. •During 2024, the firm sold the seller financing loan portfolio. The net carrying value of such loans at the time of the sale was not material. •During 2024, the firm completed the sale of the GreenSky loan portfolio of $3.69 billion. •Credit cards accounted for as held for sale consisted of the GM co-branded credit card portfolio as of December 2024. During the third quarter of 2025, the firm sold the GM credit card program to another issuer. The net carrying value of this loan portfolio at the time of the sale was $1.54 billion. The following is a description of the loan types in the table above: •Corporate. Corporate loans includes term loans, revolving lines of credit, letter of credit facilities and bridge loans, and are principally used for operating and general corporate purposes, or in connection with acquisitions. Corporate loans are secured (typically by a senior lien on the assets of the borrower) or unsecured, depending on the loan purpose, the risk profile of the borrower and other factors. •Commercial Real Estate. Commercial real estate loans includes originated loans that are directly or indirectly secured by hotels, retail stores, multifamily housing complexes and commercial and industrial properties. Commercial real estate loans also includes loans extended to clients who warehouse assets that are directly or indirectly backed by commercial real estate. In addition, commercial real estate includes loans purchased by the firm. •Residential Real Estate. Residential real estate loans primarily includes loans extended to wealth management clients and to clients who warehouse assets that are directly or indirectly secured by residential real estate. In addition, residential real estate includes loans purchased by the firm. •Securities-Based. Securities-based loans includes loans that are secured by stocks, bonds, mutual funds, and exchange-traded funds. These loans are primarily extended to the firm’s wealth management clients and used for purposes other than purchasing, carrying or trading margin stocks. Securities-based loans require borrowers to post additional collateral on a daily basis (daily margin requirement) based on changes in the underlying collateral’s fair value. •Other Collateralized. Other collateralized loans includes loans that are backed by specific collateral (other than securities-based loans where there is a daily margin requirement and real estate loans). Such loans include loans to investment funds (managed by third parties) that are collateralized by capital commitments of the funds’ investors or assets held by the fund. Other collateralized loans also includes loans extended to clients who warehouse assets (that are directly or indirectly secured by corporate loans, consumer loans and other assets), as well as other secured loans extended to the firm’s wealth management and corporate clients. •Credit Cards. Credit card loans are loans made pursuant to revolving lines of credit issued to consumers by the firm. •Other. Other loans primarily includes unsecured loans extended to wealth management clients and unsecured consumer loans purchased by the firm. See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of loans, and Note 5 for information about loans within the fair value hierarchy. Credit Quality Risk Assessment. The firm’s risk assessment process includes evaluating the credit quality of its loans by Risk. For corporate loans and a majority of securities-based, real estate, other collateralized and other loans, the firm performs credit analyses which incorporate initial and ongoing evaluations of the capacity and willingness of a borrower to meet its financial obligations. These credit evaluations are performed on an annual basis or more frequently if deemed necessary as a result of events or changes in circumstances. The firm determines an internal credit rating for the borrower by considering the results of the credit evaluations and assumptions with respect to the nature of and outlook for the borrower’s industry and the economic environment. For collateralized loans, the firm also takes into consideration collateral received or other credit support arrangements when determining an internal credit rating. For credit card loans and for loans that are not assigned an internal credit rating, including U.S. residential mortgage loans extended to wealth management clients, the firm reviews certain key metrics, including, but not limited to, the Fair Isaac Corporation (FICO) credit scores, loan to value ratios, delinquency status, collateral value and other risk factors. The table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans.
$ in millions | Investment-Grade | Non-Investment- Grade | Other Metrics/Unrated | Total
As of September 2025 |  |  |
Accounting Method |  |  |
Amortized cost | $ | 133,188 |  | $ | 50,735 |  | $ | 34,964 |  | $ | 218,887 |
Fair value | 722 |  | 1,448 |  | 3,328 |  | 5,498 |
Held for sale | 930 |  | 1,529 |  | 43 |  | 2,502 |
Total | $ | 134,840 |  | $ | 53,712 |  | $ | 38,335 |  | $ | 226,887 |
Loan Type |  |  |  |
Corporate | $ | 9,155 |  | $ | 22,649 |  | $ | – |  | $ | 31,804 |
Real estate: |  |  |  |
Commercial | 21,974 |  | 11,978 |  | – |  | 33,952 |
Residential | 14,071 |  | 3,028 |  | 13,048 |  | 30,147 |
Securities-based | 13,884 |  | 418 |  | 4,167 |  | 18,469 |
Other collateralized | 73,321 |  | 15,421 |  | 1,022 |  | 89,764 |
Credit cards | – |  | – |  | 20,017 |  | 20,017 |
Other | 2,435 |  | 218 |  | 81 |  | 2,734 |
Total | $ | 134,840 |  | $ | 53,712 |  | $ | 38,335 |  | $ | 226,887 |
Secured | 94 | % | 91 | % | 47 | % | 85 | %
Unsecured | 6 | % | 9 | % | 53 | % | 15 | %
Total | 100 | % | 100 | % | 100 | % | 100 | %
As of December 2024 |  |  |
Accounting Method |  |  |
Amortized cost | $ | 113,986 |  | $ | 45,595 |  | $ | 32,300 |  | $ | 191,881 |
Fair value | 505 |  | 856 |  | 4,099 |  | 5,460 |
Held for sale | 869 |  | 745 |  | 1,911 |  | 3,525 |
Total | $ | 115,360 |  | $ | 47,196 |  | $ | 38,310 |  | $ | 200,866 |
Loan Type |  |  |  |
Corporate | $ | 8,601 |  | $ | 21,370 |  | $ | 1 |  | $ | 29,972 |
Real estate: |  |  |  |
Commercial | 18,175 |  | 11,514 |  | 100 |  | 29,789 |
Residential | 10,227 |  | 3,375 |  | 12,367 |  | 25,969 |
Securities-based | 12,662 |  | 320 |  | 3,495 |  | 16,477 |
Other collateralized | 63,896 |  | 10,442 |  | 769 |  | 75,107 |
Credit cards | – |  | – |  | 21,403 |  | 21,403 |
Other | 1,799 |  | 175 |  | 175 |  | 2,149 |
Total | $ | 115,360 |  | $ | 47,196 |  | $ | 38,310 |  | $ | 200,866 |
Secured | 93 | % | 90 | % | 43 | % | 83 | %
Unsecured | 7 | % | 10 | % | 57 | % | 17 | %
Total | 100 | % | 100 | % | 100 | % | 100 | %
In the table above: •Substantially all residential real estate loans included in the other metrics/unrated category consists of loans extended to wealth management clients. As of both September 2025 and December 2024, substantially all of such loans had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms. Additionally, as of both September 2025 and December 2024, the vast majority of such loans had a FICO credit score of greater than 740. •The vast majority of securities-based loans included in the other metrics/unrated category had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms as of both September 2025 and December 2024. •For credit card loans included in the other metrics/unrated category, the evaluation of credit quality incorporates the borrower’s FICO credit score. FICO credit scores are periodically refreshed by the firm to assess the updated creditworthiness of the borrower. See “Vintage” below for information about credit card loans by FICO credit scores. The firm also assigns a regulatory risk rating to its loans based on the definitions provided by the U.S. federal bank regulatory agencies. Total loans included 95% of loans as of September 2025 and 93% of loans as of December 2024 that were rated pass/non-criticized. Vintage. The tables below present gross loans accounted for at amortized cost (excluding credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans.
| As of September 2025
$ in millions | Investment- Grade | Non-Investment- Grade | Other Metrics/ Unrated | Total
2025 | $ | 985 |  | $ | 3,127 |  | $ | – |  | $ | 4,112 |
2024 | 1,236 |  | 1,724 |  | – |  | 2,960 |
2023 | 560 |  | 916 |  | – |  | 1,476 |
2022 | 1,031 |  | 1,186 |  | – |  | 2,217 |
2021 | 131 |  | 1,830 |  | – |  | 1,961 |
2020 or earlier | 520 |  | 1,963 |  | – |  | 2,483 |
Revolving | 4,354 |  | 10,490 |  | – |  | 14,844 |
Revolving converted to term | – |  | 86 |  | – |  | 86 |
Corporate | 8,817 |  | 21,322 |  | – |  | 30,139 |
2025 | 2,335 |  | 1,993 |  | – |  | 4,328 |
2024 | 3,223 |  | 1,472 |  | – |  | 4,695 |
2023 | 1,003 |  | 900 |  | – |  | 1,903 |
2022 | 799 |  | 1,374 |  | – |  | 2,173 |
2021 | 405 |  | 1,741 |  | – |  | 2,146 |
2020 or earlier | 864 |  | 1,324 |  | – |  | 2,188 |
Revolving | 12,509 |  | 2,526 |  | – |  | 15,035 |
Revolving converted to term | 201 |  | 136 |  | – |  | 337 |
Commercial real estate | 21,339 |  | 11,466 |  | – |  | 32,805 |
2025 | 900 |  | 303 |  | 1,766 |  | 2,969 |
2024 | 883 |  | 42 |  | 1,526 |  | 2,451 |
2023 | 102 |  | 99 |  | 1,270 |  | 1,471 |
2022 | 86 |  | 42 |  | 2,411 |  | 2,539 |
2021 | 19 |  | 107 |  | 2,476 |  | 2,602 |
2020 or earlier | – |  | 19 |  | 315 |  | 334 |
Revolving | 11,920 |  | 2,416 |  | – |  | 14,336 |
Residential real estate | 13,910 |  | 3,028 |  | 9,764 |  | 26,702 |
2025 | 5 |  | – |  | – |  | 5 |
2024 | 1,964 |  | 39 |  | – |  | 2,003 |
2023 | 38 |  | – |  | – |  | 38 |
2022 | 5 |  | – |  | – |  | 5 |
Revolving | 11,872 |  | 379 |  | 4,167 |  | 16,418 |
Securities-based | 13,884 |  | 418 |  | 4,167 |  | 18,469 |
2025 | 4,966 |  | 3,165 |  | 124 |  | 8,255 |
2024 | 4,231 |  | 2,596 |  | 86 |  | 6,913 |
2023 | 3,065 |  | 819 |  | 101 |  | 3,985 |
2022 | 885 |  | 122 |  | 29 |  | 1,036 |
2021 | 441 |  | 692 |  | 53 |  | 1,186 |
2020 or earlier | 636 |  | 64 |  | 46 |  | 746 |
Revolving | 58,035 |  | 6,825 |  | 577 |  | 65,437 |
Revolving converted to term | 581 |  | 2 |  | – |  | 583 |
Other collateralized | 72,840 |  | 14,285 |  | 1,016 |  | 88,141 |
2025 | 564 |  | 43 |  | – |  | 607 |
2024 | 256 |  | 31 |  | – |  | 287 |
2023 | 81 |  | 13 |  | – |  | 94 |
2022 | 30 |  | 1 |  | – |  | 31 |
2021 | 17 |  | – |  | – |  | 17 |
2020 or earlier | – |  | 3 |  | – |  | 3 |
Revolving | 1,450 |  | 125 |  | – |  | 1,575 |
Other | 2,398 |  | 216 |  | – |  | 2,614 |
Total | $ | 133,188 |  | $ | 50,735 |  | $ | 14,947 |  | $ | 198,870 |
Percentage of total | 67 | % | 26 | % | 7 | % | 100 | %
| As of December 2024
$ in millions | Investment- Grade | Non-Investment- Grade | Other Metrics/ Unrated | Total
2024 | $ | 1,447 |  | $ | 2,545 |  | $ | – |  | $ | 3,992 |
2023 | 1,522 |  | 1,446 |  | – |  | 2,968 |
2022 | 727 |  | 2,084 |  | 1 |  | 2,812 |
2021 | 215 |  | 2,244 |  | – |  | 2,459 |
2020 | 102 |  | 1,287 |  | – |  | 1,389 |
2019 or earlier | 376 |  | 1,910 |  | – |  | 2,286 |
Revolving | 4,001 |  | 8,696 |  | – |  | 12,697 |
Revolving converted to term | – |  | 86 |  | – |  | 86 |
Corporate | 8,390 |  | 20,298 |  | 1 |  | 28,689 |
2024 | 2,988 |  | 1,669 |  | 27 |  | 4,684 |
2023 | 1,079 |  | 1,252 |  | – |  | 2,331 |
2022 | 1,018 |  | 1,664 |  | – |  | 2,682 |
2021 | 624 |  | 1,901 |  | – |  | 2,525 |
2020 | 273 |  | 766 |  | – |  | 1,039 |
2019 or earlier | 972 |  | 738 |  | 18 |  | 1,728 |
Revolving | 10,355 |  | 2,944 |  | 5 |  | 13,304 |
Revolving converted to term | 201 |  | 405 |  | – |  | 606 |
Commercial real estate | 17,510 |  | 11,339 |  | 50 |  | 28,899 |
2024 | 713 |  | 584 |  | 1,746 |  | 3,043 |
2023 | 224 |  | 9 |  | 1,414 |  | 1,647 |
2022 | 87 |  | 46 |  | 2,537 |  | 2,670 |
2021 | 21 |  | 122 |  | 2,598 |  | 2,741 |
2020 | – |  | 6 |  | 41 |  | 47 |
2019 or earlier | – |  | 19 |  | 306 |  | 325 |
Revolving | 9,182 |  | 2,588 |  | – |  | 11,770 |
Residential real estate | 10,227 |  | 3,374 |  | 8,642 |  | 22,243 |
2024 | 1,528 |  | 78 |  | 16 |  | 1,622 |
2023 | 35 |  | – |  | – |  | 35 |
2022 | 5 |  | – |  | – |  | 5 |
2019 or earlier | – |  | 22 |  | – |  | 22 |
Revolving | 11,094 |  | 220 |  | 3,479 |  | 14,793 |
Securities-based | 12,662 |  | 320 |  | 3,495 |  | 16,477 |
2024 | 5,033 |  | 2,009 |  | 151 |  | 7,193 |
2023 | 3,816 |  | 1,279 |  | 150 |  | 5,245 |
2022 | 910 |  | 144 |  | 42 |  | 1,096 |
2021 | 546 |  | 739 |  | 72 |  | 1,357 |
2020 | 854 |  | 566 |  | 26 |  | 1,446 |
2019 or earlier | 196 |  | 45 |  | 25 |  | 266 |
Revolving | 51,373 |  | 5,211 |  | 15 |  | 56,599 |
Revolving converted to term | 710 |  | 96 |  | – |  | 806 |
Other collateralized | 63,438 |  | 10,089 |  | 481 |  | 74,008 |
2024 | 257 |  | 73 |  | – |  | 330 |
2023 | 113 |  | 10 |  | – |  | 123 |
2022 | 36 |  | 6 |  | – |  | 42 |
2021 | 16 |  | – |  | 16 |  | 32 |
2020 | – |  | 2 |  | – |  | 2 |
Revolving | 1,337 |  | 84 |  | – |  | 1,421 |
Other | 1,759 |  | 175 |  | 16 |  | 1,950 |
Total | $ | 113,986 |  | $ | 45,595 |  | $ | 12,685 |  | $ | 172,266 |
Percentage of total | 66 | % | 27 | % | 7 | % | 100 | %
The table below presents gross credit card loans (which consist of revolving lines of credit) accounted for at amortized cost by refreshed FICO credit scores.
| As of
$ in millions | September 2025 | December 2024
Refreshed FICO credit score |  |  |  |
Greater than or equal to 660 | $ | 13,251 |  | 66 | % | $ | 13,090 |  | 67 | %
Less than 660 | 6,766 |  | 34 | % | 6,525 |  | 33 | %
Total | $ | 20,017 |  | 100 | % | $ | 19,615 |  | 100 | %
Credit Concentrations. The table below presents the concentration of gross loans by region.
$ in millions | Carrying Value | Americas | EMEA | Asia | Total
As of September 2025 |  |  |  |  |
Corporate | $ | 31,804 |  | 65 | % | 26 | % | 9 | % | 100 | %
Commercial real estate | 33,952 |  | 76 | % | 19 | % | 5 | % | 100 | %
Residential real estate | 30,147 |  | 93 | % | 5 | % | 2 | % | 100 | %
Securities-based | 18,469 |  | 75 | % | 25 | % | – |  | 100 | %
Other collateralized | 89,764 |  | 81 | % | 17 | % | 2 | % | 100 | %
Credit cards | 20,017 |  | 100 | % | – |  | – |  | 100 | %
Other | 2,734 |  | 97 | % | 3 | % | – |  | 100 | %
Total | $ | 226,887 |  | 81 | % | 16 | % | 3 | % | 100 | %
As of December 2024 |  |  |  |  |
Corporate | $ | 29,972 |  | 66 | % | 26 | % | 8 | % | 100 | %
Commercial real estate | 29,789 |  | 78 | % | 18 | % | 4 | % | 100 | %
Residential real estate | 25,969 |  | 94 | % | 5 | % | 1 | % | 100 | %
Securities-based | 16,477 |  | 76 | % | 24 | % | – |  | 100 | %
Other collateralized | 75,107 |  | 86 | % | 12 | % | 2 | % | 100 | %
Credit cards | 21,403 |  | 100 | % | – |  | – |  | 100 | %
Other | 2,149 |  | 96 | % | 4 | % | – |  | 100 | %
Total | $ | 200,866 |  | 83 | % | 14 | % | 3 | % | 100 | %
In the table above: •EMEA represents Europe, Middle East and Africa. •The top five industry concentrations for corporate loans as of September 2025 were 26% for technology, media & telecommunications, 18% for diversified industrials, 14% for real estate, 10% for consumer & retail and 9% for financial institutions. •The top five industry concentrations for corporate loans as of December 2024 were 24% for technology, media & telecommunications, 16% for diversified industrials, 14% for real estate, 9% for financial institutions and 9% for healthcare. Nonaccrual, Past Due and Modified Loans. Loans accounted for at amortized cost (other than credit card loans) are placed on nonaccrual status when it is probable that the firm will not collect all principal and interest due under the contractual terms, regardless of the delinquency status or if a loan is past due for 90 days or more, unless the loan is both well collateralized and in the process of collection. At that time, all accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis to the extent the loan balance is deemed collectible. Otherwise, all cash received is used to reduce the outstanding loan balance. A loan is considered past due when a principal or interest payment has not been made according to its contractual terms. Credit card loans are not placed on nonaccrual status and accrue interest until the loan is paid in full or is charged off. The table below presents information about past due loans.
$ in millions | 30-89 days | 90 days or more | Total
As of September 2025 |  |  |
Corporate | $ | 60 |  | $ | 83 |  | $ | 143 |
Commercial real estate | 24 |  | 294 |  | 318 |
Residential real estate | 23 |  | 20 |  | 43 |
Securities-based | 7 |  | – |  | 7 |
Other collateralized | 58 |  | 10 |  | 68 |
Credit cards | 427 |  | 421 |  | 848 |
Other | – |  | 13 |  | 13 |
Total | $ | 599 |  | $ | 841 |  | $ | 1,440 |
Total divided by gross loans at amortized cost | 0.7 | %
As of December 2024 |  |  |
Corporate | $ | – |  | $ | 15 |  | $ | 15 |
Commercial real estate | 186 |  | 286 |  | 472 |
Residential real estate | 3 |  | 18 |  | 21 |
Securities-based | 6 |  | – |  | 6 |
Other collateralized | – |  | 5 |  | 5 |
Credit cards | 417 |  | 456 |  | 873 |
Total | $ | 612 |  | $ | 780 |  | $ | 1,392 |
Total divided by gross loans at amortized cost | 0.7 | %
The table below presents information about nonaccrual loans.
| As of
| September | December
$ in millions | 2025 | 2024
Corporate | $ | 1,863 |  | $ | 1,977 |
Commercial real estate | 1,095 |  | 800 |
Residential real estate | 90 |  | 104 |
Securities-based | – |  | 2 |
Other collateralized | 126 |  | 757 |
Other | 25 |  | 12 |
Total | $ | 3,199 |  | $ | 3,652 |
Total divided by gross loans at amortized cost | 1.5 | % | 1.9 | %
In the table above: •Nonaccrual loans included $126 million as of September 2025 and $322 million as of December 2024 of loans that were 30 days or more past due. •Loans that were 90 days or more past due and still accruing were not material as of both September 2025 and December 2024. •Allowance for loan losses as a percentage of total nonaccrual loans was 140.9% as of September 2025 and 127.8% as of December 2024. •Commercial real estate, residential real estate, securities-based and other collateralized loans are collateral dependent loans and the repayment of such loans is generally expected to be provided by the operation or sale of the underlying collateral. The allowance for credit losses for such nonaccrual loans is determined by considering the fair value of the collateral less estimated costs to sell, if applicable. See Note 4 for further information about fair value measurements. The firm may modify the terms of a loan agreement for a borrower experiencing financial difficulty. Such modifications may include, among other things, forbearance of interest or principal, payment extensions or interest rate reductions. The table below presents the carrying value of loans, as of both September 2025 and September 2024, that were modified during each of the three and nine months ended September 2025 and September 2024.
| Three Months |  |  | Nine Months
| Ended September |  |  | Ended September
$ in millions | 2025 | 2024 |  |  | 2025 | 2024
Modified loans | $ | 366 |  | $ | 500 |  |  |  | $ | 788 |  | $ | 1,115 |
In the table above: •Loan modifications during each of the three and nine months ended September 2025 and September 2024 were primarily in the form of term and payment extensions. The impact of these modifications was not material for each of the three and nine months ended September 2025 and September 2024. •Substantially all of the modified loans were related to corporate loans, commercial real estate loans and credit cards. Such modified loans represented less than 2% of corporate loans (at amortized cost), and approximately 1% of both commercial real estate loans (at amortized cost) and credit card loans (at amortized cost). •Lending commitments related to modified loans were $168 million as of September 2025 and were $132 million as of September 2024. •During both the nine months ended September 2025 and September 2024, loans that defaulted after being modified were not material. Substantially all of the modified loans were performing in accordance with the modified contractual terms as of both September 2025 and September 2024. Allowance for Credit Losses The firm’s allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at amortized cost. Loans and lending commitments accounted for at fair value or accounted for at the lower of cost or fair value are not subject to an allowance for credit losses. To determine the allowance for credit losses, the firm classifies its loans and lending commitments accounted for at amortized cost into wholesale and consumer portfolios. These portfolios represent the level at which the firm has developed and documented its methodology to determine the allowance for credit losses. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and on an asset-specific basis for loans that do not share similar risk characteristics. The allowance for credit losses takes into account the weighted average of a range of forecasts of future economic conditions over the expected life of the loans and lending commitments. The expected life of each loan or lending commitment is determined based on the contractual term adjusted for extension options or demand features, or is modeled in the case of revolving credit card loans. The forecasts include multiple economic scenarios over a three-year period. For loans with expected lives beyond three years, the model reverts to historical loss information based on a non-linear modeled approach. The forecasted economic scenarios consider a number of risk factors relevant to the wholesale and consumer portfolios described below. The firm applies judgment in weighing individual scenarios each quarter based on a variety of factors, including the firm’s internally derived economic outlook, market consensus, recent macroeconomic conditions and industry trends. The allowance for credit losses also includes qualitative components which allow management to reflect the uncertain nature of economic forecasting, capture uncertainty regarding model inputs, and account for model imprecision and concentration risk. The qualitative factors considered by management include, among others, changes and trends in loan portfolios, uncertainties associated with the macroeconomic and geopolitical environments, credit concentrations, changes in volume and severity of past due and criticized loans, idiosyncratic events and deterioration within an industry or region. Management’s estimate of credit losses entails judgment about the expected life of the loan and loan collectability at the reporting dates, and there are uncertainties inherent in those judgments. The allowance for credit losses is subject to a governance process that involves senior management within Risk and Controllers. Personnel within Risk are responsible for forecasting the economic variables that underlie the economic scenarios that are used in the modeling of expected credit losses. While management uses the best information available to determine this estimate, future adjustments to the allowance may be necessary based on, among other things, changes in the economic environment or variances between actual results and the original assumptions used. The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio.
| As of
| September 2025 |  | December 2024
$ in millions | Loans | Lending Commitments |  | Loans | Lending Commitments
Wholesale |  |  |  |  |
Corporate | $ | 30,139 |  | $ | 178,529 |  |  | $ | 28,689 |  | $ | 156,562 |
Commercial real estate | 32,805 |  | 7,151 |  |  | 28,899 |  | 4,969 |
Residential real estate | 26,702 |  | 2,451 |  |  | 22,243 |  | 1,742 |
Securities-based | 18,469 |  | 766 |  |  | 16,477 |  | 1,542 |
Other collateralized | 88,141 |  | 42,435 |  |  | 74,008 |  | 33,136 |
Other | 2,614 |  | 1,127 |  |  | 1,950 |  | 872 |
Consumer |  |  |  |  |
Credit cards | 20,017 |  | 70,187 |  |  | 19,615 |  | 63,781 |
Total | $ | 218,887 |  | $ | 302,646 |  |  | $ | 191,881 |  | $ | 262,604 |
In the table above, wholesale loans included $3.20 billion as of September 2025 and $3.65 billion as of December 2024 of nonaccrual loans for which the allowance for credit losses was measured on an asset-specific basis. The allowance for credit losses on these loans was $831 million as of September 2025 and $735 million as of December 2024. These loans included $636 million as of September 2025 and $585 million as of December 2024 of loans which did not require a reserve as the loan was deemed to be recoverable. See Note 18 for further information about lending commitments. The following is a description of the methodology used to calculate the allowance for credit losses: Wholesale. The allowance for credit losses for wholesale loans and lending commitments that exhibit similar risk characteristics is measured using a modeled approach. These models determine the probability of default and loss given default based on various risk factors, including internal credit ratings, industry default and loss data, expected life, macroeconomic indicators, the borrower’s capacity to meet its financial obligations, the borrower’s country of risk and industry, loan seniority and collateral type. For lending commitments, the methodology also considers the probability of drawdowns or funding. In addition, for loans backed by real estate, risk factors include the loan-to-value ratio, debt service ratio and home price index. The most significant inputs to the forecast model for wholesale loans and lending commitments include unemployment rates, GDP, credit spreads, commercial and industrial delinquency rates, short- and long-term interest rates, and oil prices. The allowance for loan losses for wholesale loans that do not share similar risk characteristics, such as nonaccrual loans, is calculated using the present value of expected future cash flows discounted at the loan’s effective interest rate, the observable market price of the loan, or, in the case of collateral dependent loans, the fair value of the collateral less estimated costs to sell, if applicable. Wholesale loans are charged off against the allowance for loan losses when such loans are determined to be uncollectible. Such determination is based on several factors, which may include the expected outcome of loan restructuring efforts and the valuation of the underlying collateral. Consumer. The allowance for credit losses for consumer loans that exhibit similar risk characteristics is calculated using a modeled approach which classifies consumer loans into pools based on borrower-related and exposure-related characteristics that differentiate a pool’s risk characteristics from other pools. The factors considered in determining a pool are generally consistent with the risk characteristics used for internal credit risk measurement and management and include key metrics, such as FICO credit scores, delinquency status, loan vintage and macroeconomic indicators. The most significant inputs to the forecast model for consumer loans include unemployment rates and delinquency rates. The expected life of revolving credit card loans is determined by modeling expected future draws and the timing and amount of repayments allocated to the funded balance. The firm does not recognize an allowance for credit losses on credit card lending commitments as they are cancellable by the firm. Credit card loans are charged off when they are 180 days past due. Allowance for Credit Losses Rollforward The table below presents information about the allowance for credit losses.
$ in millions | Wholesale | Consumer | Total
Three Months Ended September 2025 |  |
Allowance for loan losses |  |  |
Beginning balance | $ | 2,070 |  | $ | 2,467 |  | $ | 4,537 |
Charge-offs | (50) |  | (320) |  | (370) |
Recoveries | 21 |  | 45 |  | 66 |
Net (charge-offs)/recoveries | (29) |  | (275) |  | (304) |
Provision | 7 |  | 286 |  | 293 |
Other | (18) |  | – |  | (18) |
Ending balance | $ | 2,030 |  | $ | 2,478 |  | $ | 4,508 |
Allowance ratio | 1.0 | % | 12.4 | % | 2.1 | %
Net charge-off ratio | 0.1 | % | 5.6 | % | 0.6 | %
Allowance for losses on lending commitments
Beginning balance | $ | 749 |  | $ | – |  | $ | 749 |
Provision | 49 |  | – |  | 49 |
Other | 2 |  | – |  | 2 |
Ending balance | $ | 800 |  | $ | – |  | $ | 800 |
Three Months Ended September 2024 |  |
Allowance for loan losses |  |  |
Beginning balance | $ | 2,420 |  | $ | 2,388 |  | $ | 4,808 |
Charge-offs | (61) |  | (337) |  | (398) |
Recoveries | 72 |  | 27 |  | 99 |
Net (charge-offs)/recoveries | 11 |  | (310) |  | (299) |
Provision | (97) |  | 452 |  | 355 |
Other | (32) |  | (80) |  | (112) |
Ending balance | $ | 2,302 |  | $ | 2,450 |  | $ | 4,752 |
Allowance ratio | 1.4 | % | 13.5 | % | 2.5 | %
Net charge-off ratio | – |  | 6.9 | % | 0.7 | %
Allowance for losses on lending commitments
Beginning balance | $ | 652 |  | $ | – |  | $ | 652 |
Provision | 44 |  | – |  | 44 |
Other | 1 |  | – |  | 1 |
Ending balance | $ | 697 |  | $ | – |  | $ | 697 |
Nine Months Ended September 2025 |  |
Allowance for loan losses |  |  |
Beginning balance | $ | 2,099 |  | $ | 2,567 |  | $ | 4,666 |
Charge-offs | (116) |  | (1,006) |  | (1,122) |
Recoveries | 31 |  | 121 |  | 152 |
Net (charge-offs)/recoveries | (85) |  | (885) |  | (970) |
Provision | 108 |  | 796 |  | 904 |
Other | (92) |  | – |  | (92) |
Ending balance | $ | 2,030 |  | $ | 2,478 |  | $ | 4,508 |
Allowance ratio | 1.0 | % | 12.4 | % | 2.1 | %
Net charge-off ratio | 0.1 | % | 6.1 | % | 0.6 | %
Allowance for losses on lending commitments
Beginning balance | $ | 674 |  | $ | – |  | $ | 674 |
Provision | 121 |  | – |  | 121 |
Other | 5 |  | – |  | 5 |
Ending balance | $ | 800 |  | $ | – |  | $ | 800 |
Nine Months Ended September 2024 |  |  |
Allowance for loan losses |  |  |
Beginning balance | $ | 2,576 |  | $ | 2,474 |  | $ | 5,050 |
Charge-offs | (117) |  | (1,110) |  | (1,227) |
Recoveries | 114 |  | 75 |  | 189 |
Net (charge-offs)/recoveries | (3) |  | (1,035) |  | (1,038) |
Provision | (212) |  | 1,091 |  | 879 |
Other | (59) |  | (80) |  | (139) |
Ending balance | $ | 2,302 |  | $ | 2,450 |  | $ | 4,752 |
Allowance ratio | 1.4 | % | 13.5 | % | 2.5 | %
Net charge-off ratio | – |  | 7.9 | % | 0.8 | %
Allowance for losses on lending commitments
Beginning balance | $ | 620 |  | $ | – |  | $ | 620 |
Provision | 76 |  | – |  | 76 |
Other | 1 |  | – |  | 1 |
Ending balance | $ | 697 |  | $ | – |  | $ | 697 |
In the table above: •Other (within allowance for loan losses) primarily represented the reduction to the allowance related to loans transferred to held for sale. •The allowance ratio is calculated by dividing the allowance for loan losses by gross loans accounted for at amortized cost. •The net charge-off ratio is calculated by dividing annualized net (charge-offs)/recoveries by average gross loans accounted for at amortized cost. Forecast Model Inputs as of September 2025 When modeling expected credit losses, the firm employs a weighted, multi-scenario forecast, which includes baseline, favorable and adverse economic scenarios. As of September 2025, this multi-scenario forecast was weighted towards the baseline and adverse economic scenarios. The table below presents the forecasted U.S. unemployment and U.S. GDP growth rates used in the baseline economic scenario of the forecast model.
As of September 2025
U.S. unemployment rate |
Forecast for the quarter ended: |
December 2025 | 4.7 | %
June 2026 | 4.6 | %
December 2026 | 4.4 | %
U.S. GDP rate |
Forecast for the year: |
2025 | 1.7 | %
2026 | 1.4 | %
2027 | 1.8 | %
In the table above: •U.S. unemployment rate represents the rate forecasted as of the respective quarter-end. •U.S. GDP rate represents the year-over-year growth rate forecasted for the respective years. The adverse economic scenario of the forecast model reflects a global recession, resulting in an economic contraction and rising unemployment rates. In this scenario, the U.S. unemployment rate peaks at 7.4% (during the fourth quarter of 2026) and the maximum decline in quarterly U.S. GDP relative to the third quarter of 2025 is 3.0% (which occurs during the third quarter of 2026). In the multi-scenario forecast, the weighted average peak U.S. unemployment rate is 5.4% (during the fourth quarter of 2026) and the largest difference in quarterly U.S. GDP between the baseline scenario and the weighted average is 1.5% (which occurs during the first quarter of 2027). While the U.S. unemployment and U.S. GDP growth rates are significant inputs to the forecast model, the model contemplates a variety of other inputs across a range of scenarios to provide a forecast of future economic conditions. Given the complex nature of the forecasting process, no single economic variable can be viewed in isolation and independently of other inputs. Allowance for Credit Losses Commentary Three Months Ended September 2025. The allowance for credit losses as of September 2025 was essentially unchanged compared with June 2025. Nine Months Ended September 2025. The allowance for credit losses as of September 2025 was essentially unchanged compared with December 2024. Charge-offs for the nine months ended September 2025 for wholesale loans were primarily related to corporate loans (principally related to term loans originated in 2021). Three Months Ended September 2024. The allowance for credit losses decreased by $11 million during the three months ended September 2024, reflecting a reserve release relating to recoveries on previously impaired loans in the wholesale portfolio and a reserve reduction associated with the transfer of the seller financing loan portfolio to held for sale, partially offset by growth in the credit card portfolio. Charge-offs for the three months ended September 2024 for wholesale loans were not material and charge-offs for consumer loans were related to credit cards. Nine Months Ended September 2024. The allowance for credit losses decreased by $221 million during the nine months ended September 2024, primarily reflecting a reserve release relating to the wholesale portfolio. Charge-offs for the nine months ended September 2024 for wholesale loans were primarily related to corporate loans (principally related to term loans originated in 2022) and charge-offs for consumer loans were primarily related to credit cards. Estimated Fair Value The table below presents the estimated fair value of loans that are not accounted for at fair value and in what level of the fair value hierarchy they would have been classified if they had been included in the firm’s fair value hierarchy.
| Carrying Value |  | Estimated Fair Value
$ in millions |  | Level 2 | Level 3 | Total
As of September 2025 |  |  |  |  |
Amortized cost | $ | 214,379 |  |  | $ | 110,254 |  | $ | 106,095 |  | $ | 216,349 |
Held for sale | $ | 2,502 |  |  | $ | 1,772 |  | $ | 758 |  | $ | 2,530 |
As of December 2024 |  |  |  |  |
Amortized cost | $ | 187,215 |  |  | $ | 99,790 |  | $ | 89,540 |  | $ | 189,330 |
Held for sale | $ | 3,525 |  |  | $ | 2,928 |  | $ | 600 |  | $ | 3,528 |
See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of loans, and Note 5 for information about loans within the fair value hierarchy.

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