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Commitments, Contingencies and Guarantees (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments

The table below presents commitments by type.

			As of
			September			December
$ in millions			2025			2024
Commitment Type
Commercial lending:
Investment-grade			$	151,105		$	124,001
Non-investment-grade			83,143			67,755
Warehouse financing			15,450			13,587
Credit cards			70,187			78,099
Total lending			319,885			283,442
Risk participations			8,007			5,014
Collateralized agreement			112,510			95,282
Collateralized financing			90,864			49,333
Investment			7,070			5,832
Other			9,184			8,223
Total commitments			$	547,520		$	447,126

The table below presents commitments by expiration.

			As of September 2025
			Remainder			2026 -			2028 -			2030 -
$ in millions			of 2025			2027			2029			Thereafter
Commitment Type
Commercial lending:
Investment-grade			$	3,735		$	50,310		$	58,061		$	38,999
Non-investment-grade			1,089			20,724			27,490			33,840
Warehouse financing			1			5,909			6,373			3,167
Credit cards			70,187			–			–			–
Total lending			75,012			76,943			91,924			76,006
Risk participations			37			1,304			4,074			2,592
Collateralized agreement			106,073			6,437			–			–
Collateralized financing			86,207			4,657			–			–
Investment			2,321			1,319			283			3,147
Other			7,471			1,672			40			1
Total commitments			$	277,121		$	92,332		$	96,321		$	81,746

The table below presents information about lending commitments.

			As of
			September			December
$ in millions			2025			2024
Held for investment			$	302,646		$	262,604
Held for sale			15,680			20,258
At fair value			1,559			580
Total			$	319,885		$	283,442

In the table above:

•Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $1.07 billion (including allowance for credit losses of $800 million) as of September 2025 and $929 million (including allowance for credit losses of $674 million) as of December 2024. The estimated fair value of such lending commitments was a liability of $5.68 billion as of September 2025 and $4.84 billion as of December 2024. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $3.33 billion as of September 2025 and $2.44 billion as of December 2024 would have been classified in level 2, and $2.35 billion as of September 2025 and $2.40 billion as of December 2024 would have been classified in level 3.

•Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $65 million as of September 2025 and $43 million as of December 2024. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 3 as of both September 2025 and December 2024.

•Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions.

Guarantees

The table below presents derivatives that meet the definition of a guarantee, securities lending and clearing guarantees and certain other financial guarantees.

$ in millions			Derivatives			Securities  lending and  clearing			Other  financial  guarantees
As of September 2025
Carrying Value of Net Liability			$	2,855		$	–		$	422
Maximum Payout/Notional Amount by Period of Expiration
Remainder of 2025			$	69,846		$	150,523		$	1,328
2026 - 2027			245,139			–			3,460
2028 - 2029			30,413			–			2,656
2030 - thereafter			38,327			–			676
Total			$	383,725		$	150,523		$	8,120
As of December 2024
Carrying Value of Net Liability			$	3,535		$	–		$	425
Maximum Payout/Notional Amount by Period of Expiration
2025			$	181,940		$	58,056		$	2,523
2026 - 2027			78,419			–			3,086
2028 - 2029			17,074			–			1,843
2030 - thereafter			31,819			–			505
Total			$	309,252		$	58,056		$	7,957

In the table above:

•The maximum payout is based on the notional amount of the contract and does not represent anticipated losses.

•Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments.

•The carrying value for derivatives included derivative assets of $663 million as of September 2025 and $464 million as of December 2024, and derivative liabilities of $3.52 billion as of September 2025 and $4.00 billion as of December 2024.

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- References

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Tabular disclosure of information about obligations resulting from other commitments.

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- Definition

Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

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