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Securities (Tables)

9 Months Ended

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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