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v3.25.3

Loans (Tables) | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Summary of Loans | 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.
Summary of Other Loans Receivable | 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 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 | %
Summary of Credit Concentration by Region | 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.
Summary of Past Due Loans | 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 | %
Summary of Nonaccrual Loans | 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.
Summary of Loans Modified | 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.
Summary of Loans and Lending Commitments Accounted for at Amortized Cost by Portfolio | 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.
Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments | 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.
Schedule of Forecasted 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.
Fair Value Disclosure of Asset and Liability Not Measured at 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 |

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