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Trading Assets and Liabilities | 9 Months Ended
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Sep. 30, 2025
Trading Assets and Liabilities [Abstract] |
Trading Assets and Liabilities | Trading Assets and Liabilities Trading assets and liabilities include trading cash instruments and derivatives held in connection with the firm’s market-making or risk management activities. These assets and liabilities are carried at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are generally recognized in the consolidated statements of earnings. The table below presents a summary of trading assets and liabilities.
| Trading |  | Trading
$ in millions | Assets |  | Liabilities
As of September 2025 |  |  |
Trading cash instruments | $ | 600,320 |  |  | $ | 182,285 |
Derivatives | 52,265 |  |  | 79,545 |
Total | $ | 652,585 |  |  | $ | 261,830 |
As of December 2024 |  |  |
Trading cash instruments | $ | 523,216 |  |  | $ | 127,575 |
Derivatives | 47,339 |  |  | 74,980 |
Total | $ | 570,555 |  |  | $ | 202,555 |
See Note 5 for further information about trading cash instruments and Note 7 for further information about derivatives. Gains and Losses from Market Making The table below presents market making revenues by major product type.
| Three Months Ended September |  | Nine Months Ended September
$ in millions | 2025 |  | 2024 |  | 2025 |  | 2024
Interest rates | $ | 407 |  |  | $ | 4,527 |  |  | $ | 8,438 |  |  | $ | 4,869 |
Credit | 19 |  |  | 116 |  |  | 272 |  |  | 1,877 |
Currencies | 697 |  |  | (2,258) |  |  | (4,013) |  |  | 1,615 |
Equities | 1,947 |  |  | 1,639 |  |  | 7,967 |  |  | 5,053 |
Commodities | 798 |  |  | 103 |  |  | 1,660 |  |  | 1,143 |
Total | $ | 3,868 |  |  | $ | 4,127 |  |  | $ | 14,324 |  |  | $ | 14,557 |
In the table above: •Gains/(losses) include both realized and unrealized gains and losses. Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense. •Gains/(losses) included in market making are primarily related to the firm’s trading assets and liabilities, including both derivative and non-derivative financial instruments. •Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s trading cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts.

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