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Securities (Tables) | 9 Months Ended
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Sep. 30, 2025
Securities [Abstract] |
Amortized Cost and Fair Values of Securities | The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of securities at Sept. 30, 2025 and Dec. 31, 2024.
Securities at Sept. 30, 2025 | Gross unrealized | Fair value
| Amortized cost
(in millions) | Gains | Losses
Available-for-sale: |  |  |  |
Non-U.S. government (a) | $ | 28,590 |  | $ | 98 |  | $ | 193 |  | $ | 28,495 |
U.S. Treasury | 24,232 |  | 69 |  | 75 |  | 24,226 |
Agency residential mortgage-backed securities (“RMBS”) | 21,130 |  | 171 |  | 284 |  | 21,017 |
Foreign covered bonds | 7,779 |  | 42 |  | 59 |  | 7,762 |
Agency commercial mortgage-backed securities (“MBS”) | 6,920 |  | 10 |  | 145 |  | 6,785 |
Collateralized loan obligations (“CLOs”) | 6,122 |  | 5 |  | 2 |  | 6,125 |
Non-agency commercial MBS | 2,305 |  | 1 |  | 96 |  | 2,210 |
U.S. government agencies | 1,555 |  | 6 |  | 1 |  | 1,560 |
Non-agency RMBS | 1,533 |  | 2 |  | 128 |  | 1,407 |
Other asset-backed securities (“ABS”) | 426 |  | 1 |  | 25 |  | 402 |
Total available-for-sale securities excluding portfolio level basis adjustments | 100,592 |  | 405 |  | 1,008 |  | 99,989 |
Portfolio level basis adjustments (b) | 64 |  | (64) |  | — |  | — |
Total available-for-sale securities | $ | 100,656 |  | $ | 341 |  | $ | 1,008 |  | $ | 99,989 |
Held-to-maturity: |  |  |  |
Agency RMBS | $ | 26,439 |  | $ | 29 |  | $ | 2,521 |  | $ | 23,947 |
U.S. Treasury | 8,818 |  | 13 |  | 218 |  | 8,613 |
Non-U.S. government (a) | 5,815 |  | 25 |  | 21 |  | 5,819 |
Agency commercial MBS | 3,017 |  | 2 |  | 138 |  | 2,881 |
U.S. government agencies | 2,734 |  | — |  | 199 |  | 2,535 |
CLOs | 1,971 |  | 3 |  | 2 |  | 1,972 |
Foreign covered bonds | 734 |  | 3 |  | — |  | 737 |
Other debt securities | 11 |  | — |  | 1 |  | 10 |
Total held-to-maturity securities | $ | 49,539 |  | $ | 75 |  | $ | 3,100 |  | $ | 46,514 |
Total securities | $ | 150,195 |  | $ | 416 |  | $ | 4,108 |  | $ | 146,503 |
(a) Includes supranational securities. (b) Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale securities, which are not allocated to individual securities in the portfolio. See Note 16 for additional information on our hedging activities.
Securities at Dec. 31, 2024 | Gross unrealized |
| Amortized cost | Fair value
(in millions) | Gains | Losses
Available-for-sale: |  |  |  |
Non-U.S. government (a) | $ | 25,042 |  | $ | 61 |  | $ | 356 |  | $ | 24,747 |
Agency RMBS | 20,459 |  | 16 |  | 575 |  | 19,900 |
U.S. Treasury | 16,575 |  | 9 |  | 181 |  | 16,403 |
Agency commercial MBS | 7,467 |  | 5 |  | 247 |  | 7,225 |
Foreign covered bonds | 7,129 |  | 33 |  | 94 |  | 7,068 |
CLOs | 5,809 |  | 10 |  | — |  | 5,819 |
Non-agency commercial MBS | 2,641 |  | 2 |  | 156 |  | 2,487 |
U.S. government agencies | 2,304 |  | 4 |  | 19 |  | 2,289 |
Non-agency RMBS | 1,639 |  | 2 |  | 163 |  | 1,478 |
Other ABS | 654 |  | 1 |  | 40 |  | 615 |
Total available-for-sale securities excluding portfolio level basis adjustments | 89,719 |  | 143 |  | 1,831 |  | 88,031 |
Portfolio level basis adjustments (b) | (92) |  | — |  | (92) |  | — |
Total available-for-sale securities | $ | 89,627 |  | $ | 143 |  | $ | 1,739 |  | $ | 88,031 |
Held-to-maturity: |  |  |  |
Agency RMBS | $ | 25,824 |  | $ | 4 |  | $ | 3,545 |  | $ | 22,283 |
U.S. Treasury | 8,833 |  | — |  | 443 |  | 8,390 |
Non-U.S. government (a) | 4,479 |  | 8 |  | 36 |  | 4,451 |
U.S. government agencies | 3,669 |  | — |  | 322 |  | 3,347 |
Agency commercial MBS | 3,395 |  | — |  | 243 |  | 3,152 |
CLOs | 1,816 |  | 2 |  | — |  | 1,818 |
Foreign covered bonds | 555 |  | 1 |  | 1 |  | 555 |
Non-agency RMBS | 14 |  | — |  | — |  | 14 |
Other debt securities | 11 |  | — |  | 1 |  | 10 |
Total held-to-maturity securities | $ | 48,596 |  | $ | 15 |  | $ | 4,591 |  | $ | 44,020 |
Total securities | $ | 138,223 |  | $ | 158 |  | $ | 6,330 |  | $ | 132,051 |
(a) Includes supranational securities. (b) Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale securities, which are not allocated to individual securities in the portfolio. See Note 16 for additional information on our hedging activities.
Schedule of Realized Gains, Losses, and Impairments | The following table presents the realized gains and losses, on a gross basis.
Net securities gains (losses) |  |  |  |
(in millions) | 3Q25 | 2Q25 | 3Q24 | YTD25 | YTD24
Realized gross gains | $ | 8 |  | $ | 5 |  | $ | 27 |  | $ | 17 |  | $ | 37 |
Realized gross losses | (38) |  | (40) |  | (44) |  | (82) |  | (72) |
Total net securities (losses) | $ | (30) |  | $ | (35) |  | $ | (17) |  | $ | (65) |  | $ | (35) |
Pre-Tax Securities Gains (Losses) by Type | The following table presents pre-tax net securities gains (losses) by type.
Net securities gains (losses) |  |  |
(in millions) | 3Q25 | 2Q25 | 3Q24 | YTD25 | YTD24
U.S. Treasury | $ | (3) |  | $ | — |  | $ | — |  | $ | — |  | $ | (12) |
Other ABS | — |  | — |  | (13) |  | — |  | (13) |
Non-agency RMBS | — |  | (3) |  | 24 |  | (3) |  | 24 |
Non-U.S. government | (11) |  | (28) |  | (14) |  | (39) |  | (13) |
Other | (16) |  | (4) |  | (14) |  | (23) |  | (21) |
Total net securities (losses) | $ | (30) |  | $ | (35) |  | $ | (17) |  | $ | (65) |  | $ | (35) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables show the aggregate fair value of available-for-sale securities with a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or more without an allowance for credit losses.
Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Sept. 30, 2025 | Less than 12 months |  | 12 months or more |  | Total
Fair value | Unrealized losses |  | Fair value | Unrealized losses |  | Fair value | Unrealized losses
(in millions) |  |
U.S. Treasury | $ | 3,900 |  | $ | 8 |  |  | $ | 7,077 |  | $ | 67 |  |  | $ | 10,977 |  | $ | 75 |
Non-U.S. government (a) | 6,605 |  | 24 |  |  | 4,355 |  | 169 |  |  | 10,960 |  | 193 |
Agency RMBS | 3,375 |  | 32 |  |  | 6,240 |  | 252 |  |  | 9,615 |  | 284 |
Agency commercial MBS | 243 |  | 1 |  |  | 4,837 |  | 144 |  |  | 5,080 |  | 145 |
Foreign covered bonds | 768 |  | 2 |  |  | 1,486 |  | 57 |  |  | 2,254 |  | 59 |
Non-agency commercial MBS | 40 |  | — |  |  | 1,950 |  | 96 |  |  | 1,990 |  | 96 |
CLOs | 1,316 |  | 2 |  |  | — |  | — |  |  | 1,316 |  | 2 |
Non-agency RMBS | 185 |  | 2 |  |  | 837 |  | 126 |  |  | 1,022 |  | 128 |
U.S. government agencies | 19 |  | — |  |  | 323 |  | 1 |  |  | 342 |  | 1 |
Other ABS | 11 |  | — |  |  | 320 |  | 25 |  |  | 331 |  | 25 |
Total securities available-for-sale | $ | 16,462 |  | $ | 71 |  |  | $ | 27,425 |  | $ | 937 |  |  | $ | 43,887 |  | $ | 1,008 |
(a) Includes supranational securities.
Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Dec. 31, 2024 | Less than 12 months |  | 12 months or more |  | Total
Fair value | Unrealized losses |  | Fair value | Unrealized losses |  | Fair value | Unrealized losses
(in millions) |  |
Agency RMBS | $ | 10,469 |  | $ | 249 |  |  | $ | 7,003 |  | $ | 326 |  |  | $ | 17,472 |  | $ | 575 |
Non-U.S. government (a) | 7,283 |  | 59 |  |  | 7,305 |  | 297 |  |  | 14,588 |  | 356 |
U.S. Treasury | 4,154 |  | 15 |  |  | 8,334 |  | 166 |  |  | 12,488 |  | 181 |
Agency commercial MBS | 554 |  | 5 |  |  | 5,841 |  | 242 |  |  | 6,395 |  | 247 |
Foreign covered bonds | 892 |  | 2 |  |  | 2,287 |  | 92 |  |  | 3,179 |  | 94 |
Non-agency commercial MBS | 58 |  | — |  |  | 2,127 |  | 156 |  |  | 2,185 |  | 156 |
U.S. government agencies | 576 |  | 9 |  |  | 905 |  | 10 |  |  | 1,481 |  | 19 |
Non-agency RMBS | 139 |  | 2 |  |  | 995 |  | 161 |  |  | 1,134 |  | 163 |
Other ABS | 3 |  | — |  |  | 536 |  | 40 |  |  | 539 |  | 40 |
Total securities available-for-sale | $ | 24,128 |  | $ | 341 |  |  | $ | 35,333 |  | $ | 1,490 |  |  | $ | 59,461 |  | $ | 1,831 |
(a) Includes supranational securities.
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following tables show the credit quality of the held-to-maturity securities. We have included certain credit ratings information because the information can indicate the degree of credit risk to which we are exposed. Significant changes in ratings classifications could indicate increased credit risk for us and could be accompanied by an increase in the allowance for credit losses and/or a reduction in the fair value of our securities portfolio.
Held-to-maturity securities portfolio at Sept. 30, 2025 |  |  |  | Ratings (a)
|  |  | Net unrealized gain (loss) |  |  |  |  | BB+ and lower |  |
(dollars in millions) | Amortized cost |  |  | AAA/ AA- | A+/ A- | BBB+/ BBB- | Not rated
Agency RMBS | $ | 26,439 |  |  | $ | (2,492) |  |  | 100 | % | — | % | — | % | — | % |  | — | %
U.S. Treasury | 8,818 |  |  | (205) |  |  | 100 |  | — |  | — |  | — |  |  | — |
Non-U.S. government (b)(c) | 5,815 |  |  | 4 |  |  | 100 |  | — |  | — |  | — |  |  | — |
Agency commercial MBS | 3,017 |  |  | (136) |  |  | 100 |  | — |  | — |  | — |  |  | — |
U.S. government agencies | 2,734 |  |  | (199) |  |  | 100 |  | — |  | — |  | — |  |  | — |
CLOs | 1,971 |  |  | 1 |  |  | 100 |  | — |  | — |  | — |  |  | — |
Foreign covered bonds | 734 |  |  | 3 |  |  | 100 |  | — |  | — |  | — |  |  | — |
Other debt securities | 11 |  |  | (1) |  |  | — |  | — |  | — |  | — |  |  | 100 |
Total held-to-maturity securities | $ | 49,539 |  |  | $ | (3,025) |  |  | 100 | % | — | % | — | % | — | % |  | — | %
(a) Represents ratings by Standard & Poor’s (“S&P”) or the equivalent. (b) Includes supranational securities. (c) Primarily consists of exposure to the UK, the Netherlands, France, Germany and Austria.
Held-to-maturity securities portfolio at Dec. 31, 2024 |  |  |  | Ratings (a)
|  |  | Net unrealized gain (loss) |  |  |  |  | BB+ and lower |  |
(dollars in millions) | Amortized cost |  |  | AAA/ AA- | A+/ A- | BBB+/ BBB- | Not rated
Agency RMBS | $ | 25,824 |  |  | $ | (3,541) |  |  | 100 | % | — | % | — | % | — | % |  | — | %
U.S. Treasury | 8,833 |  |  | (443) |  |  | 100 |  | — |  | — |  | — |  |  | — |
Non-U.S. government (b)(c) | 4,479 |  |  | (28) |  |  | 100 |  | — |  | — |  | — |  |  | — |
U.S. government agencies | 3,669 |  |  | (322) |  |  | 100 |  | — |  | — |  | — |  |  | — |
Agency commercial MBS | 3,395 |  |  | (243) |  |  | 100 |  | — |  | — |  | — |  |  | — |
CLOs | 1,816 |  |  | 2 |  |  | 100 |  | — |  | — |  | — |  |  | — |
Foreign covered bonds | 555 |  |  | — |  |  | 100 |  | — |  | — |  | — |  |  | — |
Non-agency RMBS | 14 |  |  | — |  |  | 23 |  | 77 |  | — |  | — |  |  | — |
Other debt securities | 11 |  |  | (1) |  |  | — |  | — |  | — |  | — |  |  | 100 |
Total held-to-maturity securities | $ | 48,596 |  |  | $ | (4,576) |  |  | 100 | % | — | % | — | % | — | % |  | — | %
(a) Represents ratings by S&P or the equivalent. (b) Includes supranational securities. (c) Primarily consists of exposure to the UK, Germany, the Netherlands, Austria and France.
Maturity Distribution by Carrying Amount and Yield (on Tax Equivalent Basis) of Investment Securities Portfolio | The following table shows the maturity distribution by carrying amount and yield (on a tax equivalent basis) of our securities portfolio.
Maturity distribution and yields on securities at Sept. 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  | 1-5 years |  | 5-10 years |  | After 10 years |  | Total
(dollars in millions) | Amount | Yield (a) |  | Amount | Yield (a) |  | Amount | Yield (a) |  | Amount | Yield (a) |  | Amount | Yield (a)
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-U.S. government (b) | $ | 3,808 |  | 3.73% |  |  | $ | 20,386 |  | 3.31% |  |  | $ | 4,187 |  | 3.03% |  |  | $ | 114 |  | 3.18% |  |  | $ | 28,495 |  | 3.32% |
U.S. Treasury | 565 |  | 1.73 |  |  | 21,351 |  | 3.11 |  |  | 376 |  | 4.44 |  |  | 1,934 |  | 2.94 |  |  | 24,226 |  | 3.09 |
Foreign covered bonds | 1,296 |  | 3.37 |  |  | 5,983 |  | 3.07 |  |  | 483 |  | 3.14 |  |  | — |  | — |  |  | 7,762 |  | 3.13 |
U.S. government agencies | 15 |  | 4.43 |  |  | 983 |  | 3.52 |  |  | 562 |  | 2.61 |  |  | — |  | — |  |  | 1,560 |  | 3.20 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency RMBS |  |  |  |  |  |  |  |  |  |  |  |  | 21,017 |  | 4.49 |
Agency commercial MBS |  |  |  |  |  |  |  |  |  |  |  |  | 6,785 |  | 3.04 |
Non-agency commercial MBS |  |  |  |  |  |  |  |  |  |  |  |  | 2,210 |  | 2.87 |
Non-agency RMBS |  |  |  |  |  |  |  |  |  |  |  |  | 1,407 |  | 3.29 |
CLOs |  |  |  |  |  |  |  |  |  |  |  |  | 6,125 |  | 5.47 |
Other ABS |  |  |  |  |  |  |  |  |  |  |  |  | 402 |  | 2.60 |
Total securities available-for-sale | $ | 5,684 |  | 3.45 | % |  | $ | 48,703 |  | 3.20 | % |  | $ | 5,608 |  | 3.09 | % |  | $ | 2,048 |  | 2.95 | % |  | $ | 99,989 |  | 3.59 | %
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 3,738 |  | 1.08 | % |  | $ | 4,702 |  | 1.20 | % |  | $ | 378 |  | 1.32 | % |  | $ | — |  | — | % |  | $ | 8,818 |  | 1.16 | %
Non-U.S. government (b) | 533 |  | 2.10 |  |  | 5,078 |  | 2.71 |  |  | 204 |  | 2.11 |  |  | — |  | — |  |  | 5,815 |  | 2.64 |
U.S. government agencies | 455 |  | 1.22 |  |  | 1,753 |  | 1.55 |  |  | 482 |  | 1.71 |  |  | 44 |  | 2.11 |  |  | 2,734 |  | 1.53 |
Foreign covered bonds | 190 |  | 2.50 |  |  | 544 |  | 2.59 |  |  | — |  | — |  |  | — |  | — |  |  | 734 |  | 2.57 |
Other debt securities | — |  | — |  |  | — |  | — |  |  | 11 |  | 4.75 |  |  | — |  | — |  |  | 11 |  | 4.75 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency RMBS |  |  |  |  |  |  |  |  |  |  |  |  | 26,439 |  | 2.53 |
Agency commercial MBS |  |  |  |  |  |  |  |  |  |  |  |  | 3,017 |  | 2.63 |
CLOs |  |  |  |  |  |  |  |  |  |  |  |  | 1,971 |  | 5.66 |
Total securities held-to-maturity | $ | 4,916 |  | 1.26 | % |  | $ | 12,077 |  | 1.95 | % |  | $ | 1,075 |  | 1.68 | % |  | $ | 44 |  | 2.11 | % |  | $ | 49,539 |  | 2.37 | %
Total securities | $ | 10,600 |  | 2.44 | % |  | $ | 60,780 |  | 2.95 | % |  | $ | 6,683 |  | 2.86 | % |  | $ | 2,092 |  | 2.94 | % |  | $ | 149,528 |  | 3.19 | %
(a) Yields are based upon the amortized cost of securities and consider the contractual coupon, amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives. (b) Includes supranational securities.

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