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Derivatives and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivatives on a Gross Basis
The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated balance sheets, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP.
Fair Value as of
SeptemberDecember
 20252024
$ in millionsDerivative
 Assets 		Derivative
 Liabilities 		Derivative
 Assets 		Derivative
 Liabilities
Not accounted for as hedges
Exchange-traded$3,755 $1,923 $2,706 $1,068 
OTC-cleared1,171 1,369 1,746 2,428 
Bilateral OTC153,081 116,605 152,083 121,515 
Total interest rates158,007 119,897 156,535 125,011 
OTC-cleared3,367 3,411 1,787 1,893 
Bilateral OTC10,670 10,989 9,650 8,137 
Total credit14,037 14,400 11,437 10,030 
Exchange-traded114 28 142 6 
OTC-cleared534 592 1,325 993 
Bilateral OTC76,073 76,021 112,838 113,608 
Total currencies76,721 76,641 114,305 114,607 
Exchange-traded6,127 6,253 5,563 5,917 
OTC-cleared504 693 558 650 
Bilateral OTC6,553 8,455 7,205 7,958 
Total commodities13,184 15,401 13,326 14,525 
Exchange-traded71,634 104,939 55,049 83,475 
OTC-cleared32 50 189 131 
Bilateral OTC39,059 64,163 24,941 44,900 
Total equities110,725 169,152 80,179 128,506 
Subtotal372,674 395,491 375,782 392,679 
Accounted for as hedges    
OTC-cleared– 1 – – 
Bilateral OTC180 7 201 8 
Total interest rates180 8 201 8 
OTC-cleared3 73 114 3 
Bilateral OTC3 216 255 5 
Total currencies6 289 369 8 
Subtotal186 297 570 16 
Total gross fair value$372,860 $395,788 $376,352 $392,695 
Offset in the consolidated balance sheets
Exchange-traded$(73,913)$(73,913)$(57,776)$(57,776)
OTC-cleared(5,492)(5,492)(4,867)(4,867)
Bilateral OTC(194,023)(194,023)(218,269)(218,269)
Counterparty netting(273,428)(273,428)(280,912)(280,912)
OTC-cleared(56)(495)(412)(105)
Bilateral OTC(47,111)(42,320)(47,689)(36,698)
Cash collateral netting(47,167)(42,815)(48,101)(36,803)
Total amounts offset$(320,595)$(316,243)$(329,013)$(317,715)
Included in the consolidated balance sheets  
Exchange-traded$7,717 $39,230 $5,684 $32,690 
OTC-cleared63 202 440 1,126 
Bilateral OTC44,485 40,113 41,215 41,164 
Total$52,265 $79,545 $47,339 $74,980 
Not offset in the consolidated balance sheets
 
Cash collateral$(714)$(1,442)$(600)$(1,271)
Securities collateral(19,363)(10,321)(14,938)(8,731)
Total$32,188 $67,782 $31,801 $64,978 
 
Notional Amounts as of
SeptemberDecember
$ in millions20252024
Not accounted for as hedges
Exchange-traded$2,102,243 $2,332,117 
OTC-cleared18,934,073 12,571,690 
Bilateral OTC10,714,678 10,569,501 
Total interest rates31,750,994 25,473,308 
Exchange-traded108 322 
OTC-cleared1,137,889 660,181 
Bilateral OTC818,187 619,068 
Total credit1,956,184 1,279,571 
Exchange-traded10,968 9,264 
OTC-cleared567,994 429,858 
Bilateral OTC7,767,359 6,031,944 
Total currencies8,346,321 6,471,066 
Exchange-traded373,175 324,159 
OTC-cleared2,765 3,087 
Bilateral OTC194,150 183,174 
Total commodities570,090 510,420 
Exchange-traded2,408,560 1,868,855 
OTC-cleared1,223 1,475 
Bilateral OTC1,609,890 1,256,905 
Total equities4,019,673 3,127,235 
Subtotal46,643,262 36,861,600 
Accounted for as hedges
OTC-cleared287,753 246,765 
Bilateral OTC2,594 3,588 
Total interest rates290,347 250,353 
OTC-cleared5,627 5,041 
Bilateral OTC16,974 10,328 
Total currencies22,601 15,369 
Subtotal312,948 265,722 
Total notional amounts$46,956,210 $37,127,322 
In the tables above:
•Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure.
•Amounts presented for collateral not offset in the consolidated balance sheets consists of collateral received or posted in connection with OTC-cleared and bilateral OTC derivatives under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP. In addition to collateral presented in the table above, the firm also posts or receives collateral in connection with its transactions with certain exchanges in accordance with the exchanges’ margin requirements. Such collateral may be calculated based on the firm’s total exposure to the respective exchange across all product types, including both derivative and non-derivative instruments. See Note 11 for further information.
•Total gross fair value of derivatives included derivative assets of $8.55 billion as of both September 2025 and December 2024, and derivative liabilities of $11.91 billion as of September 2025 and $10.84 billion as of December 2024, which are not subject to an enforceable netting agreement or are subject to a netting agreement that the firm has not yet determined to be enforceable. Collateral in connection with such derivatives has not been netted.
•Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses.
Credit Derivatives
The table below presents information about credit derivatives.
 Credit Spread on Underlier (basis points)
$ in millions0 - 250251 -
 500		501 -
 1,000		Greater
 than
 1,000		Total
As of September 2025    
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor
Less than 1 year$208,030 $13,672 $527 $2,734 $224,963 
1 - 5 years539,744 22,374 7,174 6,185 575,477 
Greater than 5 years127,298 7,122 1,971 833 137,224 
Total$875,072 $43,168 $9,672 $9,752 $937,664 
Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting$725,891 $23,493 $9,046 $9,004 $767,434 
Other227,590 20,310 1,882 1,304 251,086 
Total
$953,481 $43,803 $10,928 $10,308 $1,018,520 
Fair Value of Written Credit Derivatives
Asset$8,694 $1,291 $276 $56 $10,317 
Liability893 601 359 948 2,801 
Net asset/(liability)$7,801 $690 $(83)$(892)$7,516 
As of December 2024     
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor
Less than 1 year$137,145 $23,875 $717 $3,041 $164,778 
1 - 5 years378,743 15,349 4,242 6,194 404,528 
Greater than 5 years29,196 2,457 471 64 32,188 
Total$545,084 $41,681 $5,430 $9,299 $601,494 
Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting$463,919 $20,691 $4,781 $8,264 $497,655 
Other165,662 11,721 1,879 1,160 180,422 
Total$629,581 $32,412 $6,660 $9,424 $678,077 
Fair Value of Written Credit Derivatives
Asset$6,429 $664 $31 $59 $7,183 
Liability985 314 307 1,138 2,744 
Net asset/(liability)$5,444 $350 $(276)$(1,079)$4,439 
In the table above:
•Fair values exclude the effects of both netting of receivable balances with payable balances under enforceable netting agreements, and netting of cash received or posted under enforceable credit support agreements, and therefore are not representative of the firm’s credit exposure.
•Tenor is based on the remaining contractual maturity for substantially all written credit derivatives.
•The credit spread on the underlier, together with the tenor of the contract, are indicators of payment/performance risk. The firm is less likely to pay or otherwise be required to perform where the credit spread and the tenor are lower.
•Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underliers.
•Other purchased credit derivatives represent the notional amount of all other purchased credit derivatives not included in offsetting.
•Written and purchased credit derivatives primarily consist of credit default swaps.
Schedule of Derivative Instruments
The table below presents OTC derivative assets and liabilities by tenor and major product type.
$ in millionsLess than
 1 Year		1 - 5
 Years 		Greater than 5 YearsTotal
As of September 2025
Assets
Interest rates$3,119 $9,751 $52,354 $65,224 
Credit730 2,972 2,501 6,203 
Currencies8,959 9,397 5,143 23,499 
Commodities1,743 1,619 458 3,820 
Equities8,271 3,766 1,884 13,921 
Counterparty netting in tenors(2,410)(2,574)(3,238)(8,222)
Subtotal$20,412 $24,931 $59,102 $104,445 
Cross-tenor counterparty netting   (12,730)
Cash collateral netting   (47,167)
Total OTC derivative assets   $44,548 
Liabilities
    
Interest rates$3,789 $8,784 $16,193 $28,766 
Credit2,052 2,666 1,847 6,565 
Currencies10,527 6,096 7,170 23,793 
Commodities3,180 1,981 751 5,912 
Equities16,314 18,745 3,987 39,046 
Counterparty netting in tenors(2,410)(2,574)(3,238)(8,222)
Subtotal$33,452 $35,698 $26,710 $95,860 
Cross-tenor counterparty netting   (12,730)
Cash collateral netting   (42,815)
Total OTC derivative liabilities  $40,315 
As of December 2024
Assets
Interest rates$5,880 $9,552 $46,625 $62,057 
Credit1,664 2,576 1,605 5,845 
Currencies17,249 8,280 5,387 30,916 
Commodities1,908 1,882 1,026 4,816 
Equities5,483 2,395 1,959 9,837 
Counterparty netting in tenors(2,681)(2,683)(4,271)(9,635)
Subtotal$29,503 $22,002 $52,331 $103,836 
Cross-tenor counterparty netting(14,080)
Cash collateral netting(48,101)
Total OTC derivative assets$41,655 
Liabilities
Interest rates$5,074 $10,858 $16,049 $31,981 
Credit999 2,474 963 4,436 
Currencies12,931 9,645 8,417 30,993 
Commodities2,012 2,448 1,201 5,661 
Equities11,435 15,113 3,189 29,737 
Counterparty netting in tenors(2,681)(2,683)(4,271)(9,635)
Subtotal$29,770 $37,855 $25,548 $93,173 
Cross-tenor counterparty netting(14,080)
Cash collateral netting(36,803)
Total OTC derivative liabilities$42,290 
In the table above:
•Tenor is based on the remaining contractual maturity for substantially all OTC derivative assets and liabilities.
•Counterparty netting within the same product type and tenor category is included within such product type and tenor category.
•Counterparty netting across product types within the same tenor category is included in counterparty netting in tenors. Where the counterparty netting is across tenor categories, the netting is included in cross-tenor counterparty netting.
The table below presents information about CVA and FVA.
Three Months
Ended September		Nine Months
Ended September
$ in millions2025202420252024
CVA, net of hedges$(49)$40 $121 $67 
FVA, net of hedges80 5 109 124 
Total$31 $45 $230 $191 
The table below presents information about net derivative liabilities under bilateral agreements (excluding collateral posted), the fair value of collateral posted and additional collateral or termination payments that could have been called by counterparties in the event of a one- or two-notch downgrade in the firm’s credit ratings.
As of
SeptemberDecember
$ in millions20252024
Net derivative liabilities under bilateral agreements$30,999 $31,575 
Collateral posted$22,521 $20,262 
Additional collateral or termination payments:
One-notch downgrade$186 $315 
Two-notch downgrade$1,427 $1,200 
Summary of Derivatives Bifurcated from their Related Borrowings
The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings.
 
As of
SeptemberDecember
$ in millions20252024
Fair value of assets$423 $467 
Fair value of liabilities(280)(175)
Net asset/(liability)$143 $292 
 
Notional amount
$8,261 $8,106 
Gain (Loss) from Interest Rate Hedges and Related Hedged Items
The table below presents the gains/(losses) from interest rate derivatives accounted for as hedges and the related hedged items.
Three Months
Ended September		Nine Months
Ended September
$ in millions2025202420252024
Investments
Interest rate hedges$1 $(744)$(605)$(540)
Hedged investments7 744 638 542 
Gains/(losses)$8 $– $33 $2 
Borrowings and deposits
Interest rate hedges$390 $4,867 $3,488 $2,941 
Hedged borrowings and deposits(480)(4,948)(3,725)(3,208)
Gains/(losses)$(90)$(81)$(237)$(267)
Summary of Carrying Amount of Hedged Items and Gains/(Losses) from Net Investment Hedging
The table below presents the carrying value of investments, deposits and unsecured borrowings that are designated in an interest rate hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values.
$ in millionsCarrying
 Value		Cumulative
 Hedging
 Adjustment
As of September 2025
Assets
Investments$53,197 $423 
Liabilities
Deposits$1,106 $(23)
Unsecured short-term borrowings$8,889 $(59)
Unsecured long-term borrowings$138,216 $(7,206)
As of December 2024
Assets
Investments$34,755 $(279)
Liabilities
Deposits$1,840 $(52)
Unsecured short-term borrowings$14,720 $(113)
Unsecured long-term borrowings$130,161 $(10,757)
In the table above:
•Cumulative hedging adjustment included $(5.24) billion as of September 2025 and $(5.81) billion as of December 2024 of hedging adjustments from prior hedging relationships that were de-designated and substantially all were related to unsecured long-term borrowings.
•The amortized cost of investments was $53.45 billion as of September 2025 and $35.29 billion as of December 2024.
The table below presents the gains/(losses) from net investment hedging.
Three Months
Ended September		Nine Months
Ended September
$ in millions2025202420252024
Hedges:
Foreign currency forward contracts
$90 $(314)$(1,112)$193 
Foreign currency-denominated debt$133 $(1,010)$(2,630)$(41)