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Fair value measurement
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair value measurement Fair value measurement
Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy for fair value measurements is utilized based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. BNY’s own creditworthiness is considered when valuing liabilities. See Note 20 of the Notes to Consolidated Financial Statements in our 2024 Annual Report for
information on how we determine fair value and the fair value hierarchy.

The following tables present the financial instruments carried at fair value at Sept. 30, 2025 and Dec. 31, 2024, by caption on the consolidated balance sheet and by the three-level valuation hierarchy. We have included credit ratings information in certain of the tables because the information indicates the degree of credit risk to which we are exposed, and significant changes in ratings classifications could result in increased risk for us.
Assets and liabilities measured at fair value on a recurring basis at Sept. 30, 2025
Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Assets:
Available-for-sale securities:
Non-U.S. government (b)
$7,035 $21,460 $— $— $28,495 
U.S. Treasury24,226 — — — 24,226 
Agency RMBS— 21,017 — — 21,017 
Foreign covered bonds— 7,762 — — 7,762 
Agency commercial MBS— 6,785 — — 6,785 
CLOs— 6,125 — — 6,125 
Non-agency commercial MBS— 2,210 — — 2,210 
U.S. government agencies— 1,560 — — 1,560 
Non-agency RMBS— 1,407 — — 1,407 
Other ABS— 402 — — 402 
Total available-for-sale securities31,261 68,728 — — 99,989 
Trading assets:
Debt instruments1,914 3,107 — — 5,021 
Equity instruments7,185 — — — 7,185 
Derivative assets not designated as hedging:
Interest rate5 754 — — 759 
Foreign exchange— 4,171 — — 4,171 
Equity and other contracts— 13 — — 13 
Netting agreements(3,524)(3,524)
Total derivative assets not designated as hedging5 4,938 — (3,524)1,419 
Total trading assets9,104 8,045 — (3,524)13,625 
Other assets:
Derivative assets designated as hedging:
Interest rate— 280 — — 280 
Foreign exchange— 48 — — 48 
Total derivative assets designated as hedging— 328 — — 328 
Other assets (c)
541 585 — — 1,126 
Total other assets541 913 — — 1,454 
Assets measured at NAV (c)
154 
Total assets$40,906 $77,686 $— $(3,524)$115,222 
Percentage of total assets prior to netting34%66%—%
Liabilities:
Trading liabilities:
Debt instruments$2,456 $82 $— $— $2,538 
Equity instruments76 — — — 76 
Derivative liabilities not designated as hedging:
Interest rate2 960 — — 962 
Foreign exchange— 4,015 — — 4,015 
Equity and other contracts1 185 — — 186 
Netting agreements(4,278)(4,278)
Total derivative liabilities not designated as hedging3 5,160 — (4,278)885 
Total trading liabilities2,535 5,242 — (4,278)3,499 
Other liabilities:
Derivative liabilities designated as hedging:
Foreign exchange— 357 — — 357 
Total derivative liabilities designated as hedging— 357 — — 357 
Other liabilities 506 9 — — 515 
Total other liabilities506 366 — — 872 
Total liabilities$3,041 $5,608 $— $(4,278)$4,371 
Percentage of total liabilities prior to netting35%65%—%
(a)    ASC 815, Derivatives and Hedging, permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product.
(b)    Includes supranational securities.
(c)    Includes seed capital, private equity investments and other assets.
Assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2024
Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Assets:
Available-for-sale securities:
Non-U.S. government (b)
$4,780 $19,967 $— $— $24,747 
Agency RMBS— 19,900 — — 19,900 
U.S. Treasury16,403 — — — 16,403 
Agency commercial MBS— 7,225 — — 7,225 
Foreign covered bonds— 7,068 — — 7,068 
CLOs— 5,819 — — 5,819 
Non-agency commercial MBS— 2,487 — — 2,487 
U.S. government agencies— 2,289 — — 2,289 
Non-agency RMBS— 1,478 — — 1,478 
Other ABS— 615 — — 615 
Total available-for-sale securities21,183 66,848 — — 88,031 
Trading assets:
Debt instruments2,268 3,007 — — 5,275 
Equity instruments5,781 — — — 5,781 
Derivative assets not designated as hedging:
Interest rate2 833 — — 835 
Foreign exchange— 10,559 — — 10,559 
Equity and other contracts6 137 — — 143 
Netting agreements(8,612)(8,612)
Total derivative assets not designated as hedging8 11,529 — (8,612)2,925 
Total trading assets8,057 14,536 — (8,612)13,981 
Other assets:
Derivative assets designated as hedging:
Interest rate— 326 — — 326 
Foreign exchange— 455 — — 455 
Total derivative assets designated as hedging— 781 — — 781 
Other assets (c)
532 686 — — 1,218 
Total other assets532 1,467 — — 1,999 
Assets measured at NAV (c)
152 
Total assets$29,772 $82,851 $— $(8,612)$104,163 
Percentage of total assets prior to netting26%74%—%
Liabilities:
Trading liabilities:
Debt instruments$1,931 $18 $— $— $1,949 
Equity instruments52 — — — 52 
Derivative liabilities not designated as hedging:
Interest rate9 1,201 — — 1,210 
Foreign exchange— 10,636 — — 10,636 
Equity and other contracts— 51 — — 51 
Netting agreements(9,033)(9,033)
Total derivative liabilities not designated as hedging9 11,888 — (9,033)2,864 
Total trading liabilities1,992 11,906 — (9,033)4,865 
Other liabilities:
Derivative liabilities designated as hedging:
Foreign exchange— 12 — — 12 
Total derivative liabilities designated as hedging— 12 — — 12 
Other liabilities400 10 — — 410 
Total other liabilities400 22 — — 422 
Total liabilities$2,392 $11,928 $— $(9,033)$5,287 
Percentage of total liabilities prior to netting17%83%—%
(a)    ASC 815, Derivatives and Hedging, permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product.
(b)    Includes supranational securities.
(c)    Includes seed capital, private equity investments and other assets.
Details of certain available-for-sale securities measured at fair value on a recurring basisSept. 30, 2025Dec. 31, 2024
Total
carrying
value (b)
Ratings (a)
Total
carrying value (b)
Ratings (a)
AAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not ratedAAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not rated
(dollars in millions)
Non-agency RMBS, originated in:
2008-2025$1,401 100%—%—%—%—%$1,453 98%2%—%—%—%
2007 and earlier6 — 100 — — — 25 — 100 — — — 
Total non-agency RMBS$1,407 100%—%—%—%—%$1,478 98%2%—%—%—%
Non-agency commercial MBS originated in:
2009-2025$2,210 100%—%—%—%—%$2,487 100%—%—%—%—%
Foreign covered bonds:
Canada$1,932 100%—%—%—%—%$2,113 100%—%—%—%—%
UK1,011 100 — — — — 911 100 — — — — 
Australia778 100 — — — — 574 100 — — — — 
Germany743 100 — — — — 598 100 — — — — 
Singapore596 100 — — — — 554 100 — — — — 
Netherlands531 100 — — — — 465 100 — — — — 
Other2,171 100 — — — — 1,853 100 — — — — 
Total foreign covered bonds$7,762 100%—%—%—%—%$7,068 100%—%—%—%—%
Non-U.S. government:
UK$4,395 100%—%—%—%—%$3,383 100%—%—%—%—%
France2,288 100 — — — — 1,732 100 — — — — 
Germany2,094 100 — — — — 2,308 100 — — — — 
Canada1,880 90 10 — — — 1,463 100 — — — — 
Netherlands1,823 100 — — — — 705 100 — — — — 
Austria743 100 — — — — 388 100 — — — — 
Finland716 100 — — — — 527 100 — — — — 
Spain629 — 100 — — — 617 — 2 98 — — 
Japan 464 — 100 — — — 377 — 100 — — — 
Belgium362 100 — — — — 728 100 — — — — 
Other (c)
1,542 56 32 3 9 — 1,536 68 19 4 9 — 
Supranational11,559 100————10,983 100————
Total non-U.S. government$28,495 93%6%—%1%—%$24,747 94%3%3%—%—%
(a)    Represents ratings by S&P or the equivalent.
(b)    At Sept. 30, 2025 and Dec. 31, 2024, non-U.S. government securities were included in Level 1 and Level 2 in the valuation hierarchy. All other assets in the table are Level 2 assets in the valuation hierarchy.
(c)    Includes non-investment grade non-U.S. government securities related to Brazil of $139 million at Sept. 30, 2025 and $135 million at Dec. 31, 2024.
Assets and liabilities measured at fair value on a nonrecurring basis

Under certain circumstances, we make adjustments to the fair value of our assets, liabilities and unfunded lending-related commitments, although they are not measured at fair value on an ongoing basis. The following table presents the carrying value as of Sept. 30, 2025 and Dec. 31, 2024 of financial instruments for which nonrecurring adjustments to fair value have been recorded during 2025 and/or 2024 and all non-readily marketable equity securities carried at cost with upward or downward adjustments by balance sheet caption and level in the fair value hierarchy.

Assets measured at fair value on a nonrecurring basis
Sept. 30, 2025Dec. 31, 2024
Total carrying
value		Total carrying
value
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Loans (a)
$— $22 $— $22 $— $25 $— $25 
Other assets (b)
— 475 — 475 — 414 — 414 
Total assets at fair value on a nonrecurring basis$— $497 $— $497 $— $439 $— $439 
(a)    The fair value of these loans decreased less than $1 million in the third quarter of 2025 and the fourth quarter of 2024 based on the fair value of the underlying collateral, as required by guidance in ASC 326, Financial Instruments – Credit Losses, with an offset to the allowance for credit losses.
(b)    Includes non-readily marketable equity securities carried at cost with upward or downward adjustments and other assets received in satisfaction of debt.
Estimated fair value of financial instruments

The following tables present the estimated fair value and the carrying amount of financial instruments not carried at fair value on the consolidated balance sheet at Sept. 30, 2025 and Dec. 31, 2024, by caption on the consolidated balance sheet and by the valuation hierarchy.

Summary of financial instrumentsSept. 30, 2025
(in millions)Level 1Level 2Level 3Total
estimated
fair value		Carrying
amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks
$— $106,368 $— $106,368 $106,368 
Interest-bearing deposits with banks— 11,028 — 11,028 11,027 
Federal funds sold and securities purchased under resale agreements— 41,863 — 41,863 41,863 
Securities held-to-maturity11,014 35,500 — 46,514 49,539 
Loans (a)
— 73,881 — 73,881 74,830 
Other financial assets5,055 2,484 — 7,539 7,539 
Total$16,069 $271,124 $— $287,193 $291,166 
Liabilities:
Noninterest-bearing deposits$— $59,647 $— $59,647 $59,647 
Interest-bearing deposits— 248,801 — 248,801 255,050 
Federal funds purchased and securities sold under repurchase agreements— 16,585 — 16,585 16,585 
Payables to customers and broker-dealers— 23,638 — 23,638 23,638 
Commercial paper— 2,364 — 2,364 2,364 
Borrowings— 1,138 — 1,138 1,138 
Long-term debt— 32,591 — 32,591 32,287 
Total$— $384,764 $— $384,764 $390,709 
(a)    Does not include the leasing portfolio.


Summary of financial instrumentsDec. 31, 2024
(in millions)Level 1Level 2Level 3Total estimated
fair value		Carrying
amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks
$— $89,546 $— $89,546 $89,546 
Interest-bearing deposits with banks— 9,617 — 9,617 9,612 
Federal funds sold and securities purchased under resale agreements— 41,146 — 41,146 41,146 
Securities held-to-maturity10,016 34,004 — 44,020 48,596 
Loans (a)
— 69,738 — 69,738 70,673 
Other financial assets4,178 2,271 — 6,449 6,449 
Total$14,194 $246,322 $— $260,516 $266,022 
Liabilities:
Noninterest-bearing deposits$— $58,267 $— $58,267 $58,267 
Interest-bearing deposits— 226,799 — 226,799 231,257 
Federal funds purchased and securities sold under repurchase agreements— 14,064 — 14,064 14,064 
Payables to customers and broker-dealers— 20,073 — 20,073 20,073 
Commercial paper— 301 — 301 301 
Borrowings— 941 — 941 941 
Long-term debt— 30,351 — 30,351 30,854 
Total$— $350,796 $— $350,796 $355,757 
(a)    Does not include the leasing portfolio.