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Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 169,577 $ 182,092
Collateralized agreements    
Securities purchased under agreements to resell (includes $129,786 and $179,793 at fair value) 129,786 180,062
Securities borrowed (includes $48,253 and $46,902 at fair value) 217,708 194,645
Customer and other receivables (includes $122 and $23 at fair value) 176,598 133,717
Trading assets (at fair value and includes $159,299 and $148,417 pledged as collateral) 652,585 570,555
Investments:    
Available-for-sale securities (at fair value; amortized cost of $104,105 and $80,777) 103,962 79,458
Held-to-maturity securities 73,632 78,713
Other investments (includes $25,214 and $25,284 at fair value) 26,163 26,343
Loans (net of allowance of $4,508 and $4,666, and includes $5,498 and $5,460 at fair value) 222,379 196,200
Other assets (includes $190 and $194 at fair value) 35,592 34,187
Total assets 1,807,982 1,675,972
Liabilities and shareholders’ equity    
Deposits (includes $83,146 and $44,855 at fair value) 490,249 433,013
Collateralized financings    
Securities sold under agreements to repurchase (at fair value) 217,797 274,380
Securities loaned (includes $12,837 and $10,246 at fair value) 57,609 56,060
Other secured financings (includes $24,595 and $27,985 at fair value) 24,784 28,150
Customer and other payables 256,835 223,255
Trading liabilities (at fair value) 261,830 202,555
Unsecured short-term borrowings 72,385 69,709
Unsecured long-term borrowings (includes $111,925 and $89,189 at fair value) 276,914 242,634
Other liabilities (includes $90 and $84 at fair value) 25,177 24,220
Total liabilities 1,683,580 1,553,976
Commitments, contingencies and guarantees
Shareholders’ equity    
Preferred stock; aggregate liquidation preference of $15,153 and $13,253 15,153 13,253
Common stock; 931,995,320 and 927,499,667 shares issued, and 300,124,881 and 310,653,708 shares outstanding 9 9
Share-based awards 5,555 5,148
Nonvoting common stock; no shares issued and outstanding 0 0
Additional paid-in capital 61,907 61,376
Retained earnings 162,143 153,412
Accumulated other comprehensive loss (2,476) (2,702)
Stock held in treasury, at cost; 631,870,441 and 616,845,961 shares (117,889) (108,500)
Total shareholders’ equity 124,402 121,996
Total liabilities and shareholders’ equity $ 1,807,982 $ 1,675,972