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Unsecured Borrowings (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Unsecured Borrowings
The table below presents information about unsecured borrowings.
 
As of
SeptemberDecember
$ in millions20252024
Unsecured short-term borrowings$72,385 $69,709 
Unsecured long-term borrowings276,914 242,634 
Total$349,299 $312,343 
Schedule of Short-Term Debt
The table below presents information about unsecured short-term borrowings.
 
As of
SeptemberDecember
$ in millions20252024
Current portion of unsecured long-term borrowings$32,606 $38,521 
Hybrid financial instruments37,221 29,130 
Other unsecured short-term borrowings2,558 2,058 
Total unsecured short-term borrowings$72,385 $69,709 
Weighted average interest rate 5.28%5.87%
In the table above, the weighted average interest rates for these borrowings include the effect of hedging activities and exclude unsecured short-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.
Subordinated Borrowings
The table below presents information about subordinated borrowings.
$ in millionsPar
 Amount		Carrying
 Value		Rate
As of September 2025   
Subordinated debt$12,217 $11,643 6.56%
Junior subordinated debt968 1,032 5.79%
Total$13,185 $12,675 6.51%
As of December 2024   
Subordinated debt$12,131 $11,217 6.89%
Junior subordinated debt968 1,004 5.88%
Total$13,099 $12,221 6.82%
In the table above, the rate is the weighted average interest rate for these borrowings (excluding borrowings accounted for at fair value under the fair value option), including the effect of fair value hedges used to convert fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities.
Schedule of Long-Term Debt Instruments
The table below presents information about unsecured long-term borrowings.
$ in millionsU.S. DollarNon-U.S.
 Dollar		Total
As of September 2025   
Fixed-rate obligations$135,854 $29,710 $165,564 
Floating-rate obligations71,531 39,819 111,350 
Total$207,385 $69,529 $276,914 
As of December 2024  
Fixed-rate obligations$123,111 $28,321 $151,432 
Floating-rate obligations60,730 30,472 91,202 
Total$183,841 $58,793 $242,634 
In the table above:
•Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2061.
•Unsecured long-term borrowings included $111.93 billion as of September 2025 and $89.19 billion as of December 2024 of borrowings accounted for at fair value under the fair value option. The carrying value of unsecured long-term borrowings for which the firm did not elect the fair value option was $164.99 billion as of September 2025 and $153.44 billion as of December 2024. The estimated fair value of such unsecured long-term borrowings was $168.79 billion as of September 2025 and $156.31 billion as of December 2024. As these borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both September 2025 and December 2024.
•Floating-rate obligations includes equity-linked, credit-linked and indexed instruments. Floating interest rates are generally based on SOFR and Euro Interbank Offered Rate.
•U.S. dollar-denominated debt had interest rates ranging from 1.09% to 6.75% (with a weighted average rate of 4.23%) as of September 2025 and 0.86% to 6.75% (with a weighted average rate of 4.10%) as of December 2024. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.
•Non-U.S. dollar-denominated debt had interest rates ranging from 0.25% to 7.25% (with a weighted average rate of 2.12%) as of September 2025 and 0.25% to 7.25% (with a weighted average rate of 2.04%) as of December 2024. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.
The table below presents unsecured long-term borrowings, after giving effect to such hedging activities.
 
As of
SeptemberDecember
$ in millions20252024
Fixed-rate obligations
$31,870 $25,666 
Floating-rate obligations
245,044 216,968 
Total$276,914 $242,634 
In the table above, the aggregate amounts of unsecured long-term borrowings had weighted average interest rates of 5.35% (3.97% related to fixed-rate obligations and 5.50% related to floating-rate obligations) as of September 2025 and 5.72% (4.39% related to fixed-rate obligations and 5.82% related to floating-rate obligations) as of December 2024. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.
Schedule of Maturities of Long-Term Debt
The table below presents unsecured long-term borrowings by maturity.
As of
$ in millionsSeptember 2025
2026$11,488 
202747,425 
202838,936 
202932,298 
203032,985 
2031 - thereafter113,782 
Total$276,914 
In the table above:
•Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included in unsecured short-term borrowings.
•Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates.
•Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable.
•Unsecured long-term borrowings included $(7.21) billion of adjustments to the carrying value of certain unsecured long-term borrowings resulting from the application of hedge accounting by year of maturity as follows: $(52) million in 2026, $(529) million in 2027, $(555) million in 2028, $(590) million in 2029, $(589) million in 2030 and $(4.90) billion in 2031 and thereafter.