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Securities Financing Activities | 6 Months Ended
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Jun. 30, 2026
Offsetting [Abstract] |
Securities Financing Activities | Securities Financing Activities The Company’s securities financing activities include borrowing securities, purchasing securities under agreements to resell, and selling securities under agreements to repurchase. Securities Borrowed or Purchased Under Agreements to Resell The Company primarily borrows corporate debt and equity securities in its market-making, settlement, and other trading activities, including facilitating client transactions and covering short positions. Securities borrowing transactions are recorded as receivables reflecting the Company’s right to reclaim cash collateral pledged to securities lenders in exchange for borrowed securities. The Company monitors the fair value of securities borrowed daily, pledging additional collateral or obtaining refunds of excess collateral as warranted under the applicable agreements. The Company purchases securities under agreements to resell primarily as a source of short-term financing to counterparties or to cover short positions. Securities purchased under agreements to resell are recorded as collateralized financing receivables carried at the amount of cash advanced. The difference between the contractual resale amount and the amount advanced is accrued ratably as interest income over the life of the arrangement. At the inception of these arrangements, the Company and its counterparties agree on the amount of collateral required to secure the amount advanced. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the applicable agreements. Securities purchased under agreements to resell are primarily collateralized by U.S. government debt securities. The securities the Company borrows or receives as collateral are not recognized on its Consolidated Balance Sheets. Securities Sold Under Agreements to Repurchase The Company sells securities under agreements to repurchase as a source of short-term collateralized funding. Securities sold under agreements to repurchase are recorded as collateralized borrowings carried at the amount of cash received and are included within Short-term borrowings. The difference between the contractual repurchase amount and the amount of cash received is accrued ratably as interest expense over the life of the arrangement. Securities sold under agreements to repurchase are primarily collateralized by corporate, residential agency MBS, municipal, or U.S. government debt securities. Securities pledged by the Company are not presented net against the associated liability recorded in Short-term borrowings. The Company may be obligated to pledge additional collateral in the event of a significant decline in the fair value of collateral pledged. This risk is managed by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. Refer to “Note 12. Commitments and Contingencies” for additional information related to pledged securities. The agreements that govern the Company's securities financing transactions provide for a right of offset in the event of default or bankruptcy with respect to either party to such transactions. The following table presents the Company's securities financing transactions, including those executed under master netting (or similar) arrangements. Refer to “Note 14. Derivative Financial Instruments“ for information about the Company's derivative instruments subject to master netting (or similar) arrangements.
|  |  |  |  |  | June 30, 2026 |  |
(Dollars in millions) |  |  |  |  |  | Amount in Consolidated Balance Sheets |  | Amount Not Offset in Consolidated Balance Sheets |  | Received/Pledged Financial Instruments(1) |  | Net Amount |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities purchased under agreements to resell |  |  |  |  |  | $ | 1,743 |  |  | $ | (71) |  |  | $ | (1,661) |  |  | $ | 11 |  |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  |  |  |  | 2,688 |  |  | — |  |  | (2,640) |  |  | 48 |  |  |  |  |  |  |  |  |  |  |  |
Total securities borrowed or purchased under agreements to resell |  |  |  |  | $ | 4,431 |  |  | $ | (71) |  |  | $ | (4,301) |  |  | $ | 59 |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold under agreements to repurchase |  |  |  |  |  | $ | (5,871) |  |  | $ | 71 |  |  | $ | 5,800 |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Amount in Consolidated Balance Sheets |  | Amount Not Offset in Consolidated Balance Sheets |  | Received/Pledged Financial Instruments(1) |  | Net Amount |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities purchased under agreements to resell |  |  |  |  |  | $ | 1,313 |  |  | $ | (78) |  |  | $ | (1,223) |  |  | $ | 12 |  |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  |  |  |  |  | 1,887 |  |  | — |  |  | (1,835) |  |  | 52 |  |  |  |  |  |  |  |  |  |  |  |  |
Total securities borrowed or purchased under agreements to resell |  |  |  |  |  | $ | 3,200 |  |  | $ | (78) |  |  | $ | (3,058) |  |  | $ | 64 |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold under agreements to repurchase |  |  |  |  |  | $ | (3,103) |  |  | $ | 78 |  |  | $ | 3,025 |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |
(1)The fair value of received/pledged financial instruments is limited to the carrying amount of the associated asset or liability. The fair value of securities received that was permitted to be resold or repledged was $4.4 billion as of June 30, 2026 and $3.1 billion as of December 31, 2025. Of the fair value of securities permitted to be resold or repledged, the fair value of securities repledged or resold was $3.0 billion as of June 30, 2026 and $2.2 billion as of December 31, 2025. The following table presents additional information related to the Company’s securities sold under agreements to repurchase, by collateral type and remaining contractual maturity:
| June 30, 2026 |  | December 31, 2025
(Dollars in millions) | Overnight and Continuous |  | Up to 30 days |  |  |  | Total |  | Overnight and Continuous |  | Up to 30 days |  |  |  | Total
U.S. Treasury | $ | 71 |  |  | $ | — |  |  |  |  | $ | 71 |  |  | $ | 78 |  |  | $ | — |  |  |  |  | $ | 78 |
State and Municipal | 42 |  |  | — |  |  |  |  | 42 |  |  | 100 |  |  | — |  |  |  |  | 100 |
Agency MBS – residential | — |  |  | 1,150 |  |  |  |  | 1,150 |  |  | — |  |  | 298 |  |  |  |  | 298 |
Corporate and other debt securities | 308 |  |  | 4,300 |  |  |  |  | 4,608 |  |  | 300 |  |  | 2,327 |  |  |  |  | 2,627 |
Total securities sold under agreements to repurchase | $ | 421 |  |  | $ | 5,450 |  |  |  |  | $ | 5,871 |  |  | $ | 478 |  |  | $ | 2,625 |  |  |  |  | $ | 3,103 |

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-12 + Details
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