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Trading Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Trading Assets and Liabilities [Abstract]  
Summary of Trading Assets and Liabilities
The table below presents a summary of trading assets and liabilities.
TradingTrading
$ in millionsAssets

Liabilities
As of September 2025  
Trading cash instruments$600,320 $182,285 
Derivatives52,265 79,545 
Total$652,585 $261,830 
As of December 2024  
Trading cash instruments$523,216 $127,575 
Derivatives47,339 74,980 
Total$570,555 $202,555 
Summary of Market Making Revenues by Major Product Type
The table below presents market making revenues by major product type.
 Three Months
Ended September		Nine Months
Ended September
$ in millions2025202420252024
Interest rates$407 $4,527 $8,438 $4,869 
Credit19 116 272 1,877 
Currencies697 (2,258)(4,013)1,615 
Equities1,947 1,639 7,967 5,053 
Commodities798 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.