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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2025

Assets and liabilities measured at fair value on a recurring basis

The following table presents the assets and liabilities reported at fair value as of September 30, 2025 and December 31, 2024, by major product category and fair value hierarchy.


Assets and liabilities measured at fair value on a recurring basis
	Fair value hierarchy						Derivative netting adjustments(e)

September 30, 2025 (in millions)	Level 1		Level 2		Level 3				Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	404,609	$	—	$	—	$	404,609
Securities borrowed	—		104,757		—		—		104,757
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		157,712		324		—		158,036
Residential – nonagency	—		2,483		5		—		2,488
Commercial – nonagency	—		1,612		6		—		1,618
Total mortgage-backed securities	—		161,807		335		—		162,142
U.S. Treasury, GSEs and government agencies(a)	194,952		18,778		—		—		213,730
Obligations of U.S. states and municipalities	—		6,345		1		—		6,346
Certificates of deposit, bankers’ acceptances and commercial paper	—		5,119		—		—		5,119
Non-U.S. government debt securities	63,963		83,710		219		—		147,892
Corporate debt securities	—		51,661		454		—		52,115
Loans	—		12,177		1,051		—		13,228
Asset-backed securities	—		4,571		2		—		4,573
Total debt instruments	258,915		344,168		2,062		—		605,145
Equity securities	265,489		1,664		99		—		267,252
Physical commodities(b)	5,698		1,134		17		—		6,849
Other	1		13,170		511		—		13,682
Total debt and equity instruments(c)	530,103		360,136		2,689		—		892,928
Derivative receivables:
Interest rate	2,264		290,037		4,263		(271,468)		25,096
Credit	—		12,316		807		(12,691)		432
Foreign exchange	144		162,252		1,797		(144,169)		20,024
Equity	—		128,047		2,219		(122,470)		7,796
Commodity	—		23,171		581		(17,251)		6,501
Total derivative receivables	2,408		615,823		9,667		(568,049)		59,849
Total trading assets(d)	532,511		975,959		12,356		(568,049)		952,777
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		91,853		—		—		91,853
Residential – nonagency	—		6,019		—		—		6,019
Commercial – nonagency	—		4,514		7		—		4,521
Total mortgage-backed securities	—		102,386		7		—		102,393
U.S. Treasury and government agencies	301,600		286		—		—		301,886
Obligations of U.S. states and municipalities	—		19,968		—		—		19,968
Non-U.S. government debt securities	34,271		10,008		—		—		44,279
Corporate debt securities	—		31		94		—		125
Asset-backed securities:
Collateralized loan obligations	—		19,754		—		—		19,754
Other(a)	—		2,094		—		—		2,094
Total available-for-sale securities	335,871		154,527		101		—		490,499
Loans	—		52,192		2,494		—		54,686
Mortgage servicing rights	—		—		9,110		—		9,110
Other assets(d)	7,849		7,073		1,380		—		16,302
Total assets measured at fair value on a recurring basis	$	876,231	$	1,699,117	$	25,441	$	(568,049)	$	2,032,740
Deposits	$	—	$	33,490	$	2,528	$	—	$	36,018
Federal funds purchased and securities loaned or sold under repurchase agreements	—		489,189		—		—		489,189
Short-term borrowings	—		32,084		4,554		—		36,638
Trading liabilities:
Debt and equity instruments(c)	152,491		43,270		98		—		195,859
Derivative payables:
Interest rate	2,584		267,589		2,758		(265,134)		7,797
Credit	—		17,404		2,039		(16,388)		3,055
Foreign exchange	144		154,831		1,467		(143,875)		12,567
Equity	—		144,950		5,533		(133,056)		17,427
Commodity	—		18,558		461		(13,462)		5,557
Total derivative payables	2,728		603,332		12,258		(571,915)		46,403
Total trading liabilities	155,219		646,602		12,356		(571,915)		242,262
Accounts payable and other liabilities	4,685		3,439		33		—		8,157
Beneficial interests issued by consolidated VIEs	—		8		—		—		8
Long-term debt	—		80,424		43,754		—		124,178
Total liabilities measured at fair value on a recurring basis	$	159,904	$	1,285,236	$	63,225	$	(571,915)	$	936,450


	Fair value hierarchy						Derivative netting adjustments(e)

December 31, 2024 (in millions)	Level 1		Level 2		Level 3				Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	286,771	$	—	$	—	$	286,771
Securities borrowed	—		83,962		—		—		83,962
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		104,312		488		—		104,800
Residential – nonagency	—		2,282		5		—		2,287
Commercial – nonagency	—		1,283		10		—		1,293
Total mortgage-backed securities	—		107,877		503		—		108,380
U.S. Treasury, GSEs and government agencies(a)	150,580		11,702		—		—		162,282
Obligations of U.S. states and municipalities	—		6,100		1		—		6,101
Certificates of deposit, bankers’ acceptances and commercial paper	—		3,950		—		—		3,950
Non-U.S. government debt securities	34,108		54,335		152		—		88,595
Corporate debt securities	—		33,591		390		—		33,981
Loans	—		10,228		1,088		—		11,316
Asset-backed securities	—		2,813		10		—		2,823
Total debt instruments	184,688		230,596		2,144		—		417,428
Equity securities	130,307		1,359		62		—		131,728
Physical commodities(b)	5,957		1,533		26		—		7,516
Other	—		19,935		210		—		20,145
Total debt and equity instruments(c)	320,952		253,423		2,442		—		576,817
Derivative receivables:
Interest rate	4,934		282,019		3,781		(265,789)		24,945
Credit	—		10,379		708		(10,273)		814
Foreign exchange	196		261,520		1,204		(237,608)		25,312
Equity	—		82,855		2,365		(79,935)		5,285
Commodity	—		15,232		394		(11,015)		4,611
Total derivative receivables	5,130		652,005		8,452		(604,620)		60,967
Total trading assets(d)	326,082		905,428		10,894		(604,620)		637,784
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		91,893		—		—		91,893
Residential – nonagency	—		4,811		—		—		4,811
Commercial – nonagency	—		4,057		8		—		4,065
Total mortgage-backed securities	—		100,761		8		—		100,769
U.S. Treasury and government agencies	234,491		288		—		—		234,779
Obligations of U.S. states and municipalities	—		17,913		—		—		17,913
Non-U.S. government debt securities	23,973		12,272		—		—		36,245
Corporate debt securities	—		70		—		—		70
Asset-backed securities:
Collateralized loan obligations	—		14,943		—		—		14,943
Other(a)	—		2,133		—		—		2,133
Total available-for-sale securities	258,464		148,380		8		—		406,852
Loans	—		38,934		2,416		—		41,350
Mortgage servicing rights	—		—		9,121		—		9,121
Other assets(d)	5,732		6,997		1,344		—		14,073
Total assets measured at fair value on a recurring basis	$	590,278	$	1,470,472	$	23,783	$	(604,620)	$	1,479,913
Deposits	$	—	$	31,583	$	2,185	$	—	$	33,768
Federal funds purchased and securities loaned or sold under repurchase agreements	—		226,329		—		—		226,329
Short-term borrowings	—		23,045		3,476		—		26,521
Trading liabilities:
Debt and equity instruments(c)	120,719		32,457		46		—		153,222
Derivative payables:
Interest rate	3,981		266,767		3,480		(264,989)		9,239
Credit	—		12,725		1,071		(11,898)		1,898
Foreign exchange	187		253,196		1,184		(238,970)		15,597
Equity	—		90,908		5,231		(87,491)		8,648
Commodity	—		14,021		467		(10,209)		4,279
Total derivative payables	4,168		637,617		11,433		(613,557)		39,661
Total trading liabilities	124,887		670,074		11,479		(613,557)		192,883
Accounts payable and other liabilities	3,100		2,717		76		—		5,893
Beneficial interests issued by consolidated VIEs	—		1		—		—		1
Long-term debt	—		66,216		34,564		—		100,780
Total liabilities measured at fair value on a recurring basis	$	127,987	$	1,019,965	$	51,780	$	(613,557)	$	586,175

(a)At September 30, 2025 and December 31, 2024, included total U.S. GSE obligations of $162.9 billion and $120.1 billion, respectively, which were mortgage-related.

(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in

fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.

(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).

(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At September 30, 2025 and December 31, 2024, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $839 million and $1.0 billion, respectively, primarily reported in other assets.

(e)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

Fair value inputs, assets and liabilities, quantitative information

The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.

The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.

In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of

the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.


Level 3 inputs(a)
September 30, 2025
Product/Instrument	Fair value (in millions)		Principal valuation technique	Unobservable inputs(g)	Range of input values		Average(i)
Residential mortgage-backed securities and loans(b)	$	898	Discounted cash flows	Yield	0%	111%		6%
				Prepayment speed	6%	14%		9%
				Conditional default rate	0%	2%		0%
				Loss severity	0%	110%		5%
Commercial mortgage-backed securities and loans(c)	1,234		Market comparables	Price	$0	$84		$80
Corporate debt securities	548		Market comparables	Price	$0	$177		$102
Loans(d)	1,755		Market comparables	Price	$0	$103		$76
Non-U.S. government debt securities	219		Market comparables	Price	$2	$122		$99
Net interest rate derivatives	1,504		Option pricing	Interest rate volatility	25 bps	712 bps		102 bps
				Interest rate spread volatility	37 bps	77 bps		64 bps
				Bermudan switch value	0%	46%		16%
				Interest rate correlation	(64)%	97%		61%
				IR-FX correlation	(35)%	50%		2%
	1		Discounted cash flows	Prepayment speed	0%	20%		5%
Net credit derivatives	(1,271)		Discounted cash flows	Credit correlation	34%	79%		51%
				Credit spread	0 bps	6,947 bps		440 bps
				Recovery rate	10%	90%		51%
	39		Market comparables	Price	$0	$115		$75
Net foreign exchange derivatives	383		Option pricing	IR-FX correlation	(40)%	60%		16%
	(53)		Discounted cash flows	Prepayment speed	11%		11%
				Interest rate curve	2%	30%		6%
Net equity derivatives	(3,314)		Option pricing	Forward equity price(h)	77%	144%		101%
				Equity volatility	3%	137%		31%
				Equity correlation	0%	100%		54%
				Equity-FX correlation	(75)%	65%		(32)%
				Equity-IR correlation	5%	10%		9%
Net commodity derivatives	120		Option pricing	Oil commodity forward	$38 / BBL	$304 / BBL		$138 / BBL
				Natural gas commodity forward	$2 / MMBTU	$6 / MMBTU		$3 / MMBTU
				Commodity volatility	2%	48%		6%
				Commodity correlation	(30)%	82%		2%
MSRs	9,110		Discounted cash flows	Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)	49,514		Option pricing	Interest rate volatility	25 bps	712 bps		102 bps
				Bermudan switch value	0%	46%		16%
				Interest rate correlation	(64)%	97%		61%
				IR-FX correlation	(35)%	50%		2%
				Equity volatility	0%	126%		29%
				Equity correlation	0%	100%		54%
				Equity-FX correlation	(75)%	65%		(32)%
				Equity-IR correlation	5%	10%		9%
	1,322		Discounted cash flows	Credit correlation	33%	77%		51%
				Credit spread	1 bps	345 bps		57 bps
				Recovery rate	20%	40%		37%
				Yield	5%	20%		11%
				Loss severity	0%	100%		50%
Other level 3 assets and liabilities, net(f)	1,879

(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.

(b)Comprises U.S. GSE and government agency securities of $324 million, nonagency securities of $5 million and non-trading loans of $569 million.

(c)Comprises nonagency securities of $13 million, trading loans of $66 million and non-trading loans of $1.2 billion.

(d)Comprises trading loans of $985 million and non-trading loans of $770 million.

(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.

(f)Includes equity securities of $906 million, including $807 million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.

(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.

(h)Forward equity price is expressed as a percentage of the current equity price.

(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.

Changes in level 3 recurring fair value measurements

The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and nine months ended September 30, 2025 and 2024. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. The Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.


	Fair value measurements using significant unobservable inputs
Three months ended September 30, 2025 (in millions)	Fair value at Jul. 1, 2025		Total realized/unrealized gains/(losses)										Transfers into level 3		Transfers (out of) level 3				Fair value at Sep. 30, 2025			Change in unrealized gains/(losses) related to financial instruments held at Sep. 30, 2025
						Purchases(g)	Sales				Settlements(h)
Assets:(a)

Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	365		$	1		$	—	$	(29)			$	(13)	$	—	$	—		$	324		$	2
Residential – nonagency	5			—			—		—				—		—		—			5			—
Commercial – nonagency	7			(1)			—		—				—		—		—			6			(1)
Total mortgage-backed securities	377			—			—		(29)				(13)		—		—			335			1
Obligations of U.S. states and municipalities	1			—			—		—				—		—		—			1			—
Non-U.S. government debt securities	205			(6)			124		(102)				—		—		(2)			219			(5)
Corporate debt securities	385			11			68		(19)				—		9		—			454			11
Loans	868			(26)			346		(275)				(24)		258		(96)			1,051			(27)
Asset-backed securities	12			—			—		(10)				—		—		—			2			—
Total debt instruments	1,848			(21)			538		(435)				(37)		267		(98)			2,062			(20)
Equity securities	196			(8)			19		(81)				—		23		(50)			99			11
Physical commodities	24			(3)			—		—				(4)		—		—			17			(3)
Other	217			28			281		—				(10)		2		(7)			511			124
Total trading assets – debt and equity instruments	2,285			(4)		(c)	838		(516)				(51)		292		(155)			2,689			112		(c)
Net derivative receivables:(b)
Interest rate	1,431			210			47		(52)				(52)		(33)		(46)			1,505			259
Credit	(808)			(402)			10		(3)				2		(22)		(9)			(1,232)			(485)
Foreign exchange	340			120			67		(126)				(98)		93		(66)			330			87
Equity	(3,204)			315			215		(551)				(495)		115		291			(3,314)			167
Commodity	169			(52)			9		(42)				26		7		3			120			(29)
Total net derivative receivables	(2,072)			191		(c)	348		(774)				(617)		160		173			(2,591)			(1)		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	7			—			—		—				—		—		—			7			—
Corporate debt securities	92			2			—		—				—		—		—			94			2
Total available-for-sale securities	99			2		(d)	—		—				—		—		—			101			2		(d)
Loans	2,252			24		(c)	201		(5)				(140)		303		(141)			2,494			7		(c)
Mortgage servicing rights	8,996			31		(e)	348		1				(266)		—		—			9,110			31		(e)
Other assets	1,403			8		(c)	280		(14)				(46)		4		(255)			1,380			45		(c)

	Fair value measurements using significant unobservable inputs
Three months ended September 30, 2025 (in millions)	Fair value at Jul. 1, 2025		Total realized/unrealized (gains)/losses										Transfers into level 3		Transfers (out of) level 3				Fair value at Sep. 30, 2025			Change in unrealized (gains)/losses related to financial instruments held at Sep. 30, 2025
						Purchases	Sales		Issuances		Settlements(h)
Liabilities:(a)
Deposits	$	2,099		$	10	(c)(f)	$	—	$	—	$	734	$	(263)	$	—	$	(52)		$	2,528		$	10	(c)(f)
Short-term borrowings	4,136			164		(c)(f)	—		—		2,655		(2,364)		16		(53)			4,554			120		(c)(f)
Trading liabilities – debt and equity instruments	72			(2)		(c)	(15)		60		—		—		12		(29)			98			1		(c)
Accounts payable and other liabilities	40			(7)		(c)	—		—		—		—		—		—			33			(7)		(c)
Long-term debt	41,664			1,918		(c)(f)	—		—		7,566		(7,327)		198		(265)			43,754			1,797		(c)(f)


	Fair value measurements using significant unobservable inputs
Three months ended September 30, 2024 (in millions)	Fair value at Jul. 1, 2024		Total realized/unrealized gains/(losses)													Transfers into level 3	Transfers (out of) level 3		Fair value at Sep. 30, 2024				Change in unrealized gains/(losses) related to financial instruments held at Sep. 30, 2024
						Purchases(g)	Sales					Settlements(h)
Assets:(a)

Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	708		$	3		$	—	$	—				$	(20)		$	—	$	—	$	691		$	3
Residential – nonagency	5			1			—		—					(1)			—		—		5			—
Commercial – nonagency	11			—			—		—					—			—		—		11			—
Total mortgage-backed securities	724			4			—		—					(21)			—		—		707			3
Obligations of U.S. states and municipalities	7			—			—		—					—			—		—		7			—
Non-U.S. government debt securities	193			(4)			53		(65)					—			7		(11)		173			(2)
Corporate debt securities	408			21			86		(62)					—			5		(23)		435			20
Loans	691			12			125		(108)					(22)			321		(200)		819			12
Asset-backed securities	2			—			—		—					—			—		—		2			—
Total debt instruments	2,025			33			264		(235)					(43)			333		(234)		2,143			33
Equity securities	122			(4)			16		(18)					(1)			31		(45)		101			—
Physical commodities	10			—			—		—					—			—		—		10			—
Other	144			20			4		—					(9)			24		—		183			23
Total trading assets – debt and equity instruments	2,301			49		(c)	284		(253)					(53)			388		(279)		2,437			56		(c)
Net derivative receivables:(b)
Interest rate	1,301			1,528			90		(38)					98			(106)		(44)		2,829			1,373
Credit	180			(209)			—		—					(114)			25		19		(99)			(198)
Foreign exchange	168			(31)			59		(105)					71			3		(125)		40			(5)
Equity	(2,991)			(21)			112		(821)					24			(285)		172		(3,810)			(215)
Commodity	(472)			(74)			4		(35)					201			7		(3)		(372)			(107)
Total net derivative receivables	(1,814)			1,193		(c)	265		(999)					280			(356)		19		(1,412)			848		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	—			—			—		—					—			—		—		—			—
Corporate debt securities	—			—			—		—					—			—		—		—			—
Total available-for-sale securities	—			—			—		—					—			—		—		—			—
Loans	2,993			157		(c)	95		(479)					(210)			61		(130)		2,487			114		(c)
Mortgage servicing rights	8,847			(181)		(e)	357		2					(272)			—		—		8,753			(181)		(e)
Other assets	1,202			34		(c)	24		(32)					(20)			—		(22)		1,186			34		(c)

	Fair value measurements using significant unobservable inputs
Three months ended September 30, 2024 (in millions)	Fair value at Jul. 1, 2024		Total realized/unrealized (gains)/losses													Transfers into level 3	Transfers (out of) level 3		Fair value at Sep. 30, 2024				Change in unrealized (gains)/losses related to financial instruments held at Sep. 30, 2024
						Purchases	Sales				Issuances	Settlements(h)
Liabilities:(a)
Deposits	$	1,923		$	105	(c)(f)	$	—	$	—		$	512	$	(299)		$	—	$	(22)	$	2,219		$	104	(c)(f)
Short-term borrowings	2,726			74		(c)(f)	—		—			2,283		(1,435)			1		(2)		3,647			56		(c)(f)
Trading liabilities – debt and equity instruments	68			(1)		(c)	(20)		5			—		—			25		(5)		72			(1)		(c)
Accounts payable and other liabilities	70			5		(c)	(30)		—			—		—			—		(3)		42			5		(c)
Long-term debt	31,286			1,632		(c)(f)	—		—			6,073		(5,258)			23		(283)		33,473			1,783		(c)(f)


	Fair value measurements using significant unobservable inputs
Nine months ended September 30, 2025 (in millions)	Fair value at Jan. 1, 2025		Total realized/unrealized gains/(losses)													Transfers into level 3	Transfers (out of) level 3		Fair value at Sep. 30, 2025				Change in unrealized gains/(losses) related to financial instruments held at Sep. 30, 2025
						Purchases(g)	Sales					Settlements(h)
Assets:(a)

Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	488		$	14		$	31	$	(166)				$	(43)		$	—	$	—	$	324		$	3
Residential – nonagency	5			6			—		(6)					—			—		—		5			—
Commercial – nonagency	10			(4)			—		—					—			—		—		6			(3)
Total mortgage-backed securities	503			16			31		(172)					(43)			—		—		335			—
Obligations of U.S. states and municipalities	1			—			—		—					—			—		—		1			—
Non-U.S. government debt securities	152			30			295		(285)					(1)			54		(26)		219			26
Corporate debt securities	390			20			196		(156)					(10)			22		(8)		454			20
Loans	1,088			(15)			1,074		(730)					(140)			556		(782)		1,051			(45)
Asset-backed securities	10			—			2		(10)					—			—		—		2			—
Total debt instruments	2,144			51			1,598		(1,353)					(194)			632		(816)		2,062			1
Equity securities	62			(39)			231		(223)					—			147		(79)		99			8
Physical commodities	26			(3)			—		—					(6)			—		—		17			3
Other	210			16			305		—					(76)			80		(24)		511			262
Total trading assets – debt and equity instruments	2,442			25		(c)	2,134		(1,576)					(276)			859		(919)		2,689			274		(c)
Net derivative receivables:(b)
Interest rate	301			1,200			170		(253)					152			(88)		23		1,505			1,120
Credit	(363)			(660)			87		(10)					(126)			(160)		—		(1,232)			(684)
Foreign exchange	20			685			158		(366)					(60)			187		(294)		330			329
Equity	(2,866)			2,641			838		(2,085)					(2,160)			(84)		402		(3,314)			1,307
Commodity	(73)			208			52		(178)					118			7		(14)		120			237
Total net derivative receivables	(2,981)			4,074		(c)	1,305		(2,892)					(2,076)			(138)		117		(2,591)			2,309		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	8			(1)			—		—					—			—		—		7			(1)
Corporate debt securities	—			2			92		—					—			—		—		94			2
Total available-for-sale securities	8			1		(d)	92		—					—			—		—		101			1		(d)
Loans	2,416			198		(c)	331		(133)					(755)			908		(471)		2,494			13		(c)
Mortgage servicing rights	9,121			(43)		(e)	823		8					(799)			—		—		9,110			(43)		(e)
Other assets	1,344			19		(c)	349		(66)					(70)			95		(291)		1,380			38		(c)

	Fair value measurements using significant unobservable inputs
Nine months ended September 30, 2025 (in millions)	Fair value at Jan. 1, 2025		Total realized/unrealized (gains)/losses													Transfers into level 3	Transfers (out of) level 3		Fair value at Sep. 30, 2025				Change in unrealized (gains)/losses related to financial instruments held at Sep. 30, 2025
						Purchases	Sales				Issuances	Settlements(h)
Liabilities:(a)
Deposits	$	2,185		$	172	(c)(f)	$	—	$	—		$	1,357	$	(1,099)		$	—	$	(87)	$	2,528		$	160	(c)(f)
Short-term borrowings	3,476			368		(c)(f)	—		—			6,674		(5,898)			35		(101)		4,554			166		(c)(f)
Trading liabilities – debt and equity instruments	46			(16)		(c)	(22)		106			—		(1)			38		(53)		98			9		(c)
Accounts payable and other liabilities	76			(10)		(c)	—		1			—		—			—		(34)		33			(10)		(c)
Long-term debt	34,564			4,151		(c)(f)	—		—			22,307		(16,264)			383		(1,387)		43,754			3,452		(c)(f)


	Fair value measurements using significant unobservable inputs
Nine months ended September 30, 2024 (in millions)	Fair value at Jan. 1, 2024		Total realized/unrealized gains/(losses)													Transfers into level 3	Transfers (out of) level 3		Fair value at Sep. 30, 2024				Change in unrealized gains/(losses) related to financial instruments held at Sep. 30, 2024
						Purchases(g)	Sales					Settlements(h)
Assets:(a)

Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	758		$	3		$	45	$	(61)				$	(61)		$	7	$	—	$	691		$	3
Residential – nonagency	5			1			—		—					(1)			4		(4)		5			(1)
Commercial – nonagency	12			(2)			1		—					—			—		—		11			(1)
Total mortgage-backed securities	775			2			46		(61)					(62)			11		(4)		707			1
Obligations of U.S. states and municipalities	10			—			—		—					(2)			—		(1)		7			—
Non-U.S. government debt securities	179			(2)			145		(137)					—			14		(26)		173			4
Corporate debt securities	484			28			386		(229)					(181)			13		(66)		435			27
Loans	684			20			446		(438)					(67)			645		(471)		819			8
Asset-backed securities	6			—			1		(5)					(7)			7		—		2			—
Total debt instruments	2,138			48			1,024		(870)					(319)			690		(568)		2,143			40
Equity securities	127			(23)			130		(99)					(1)			74		(107)		101			(33)
Physical commodities	7			2			4		—					(3)			—		—		10			2
Other	101			64			46		—					(52)			25		(1)		183			71
Total trading assets – debt and equity instruments	2,373			91		(c)	1,204		(969)					(375)			789		(676)		2,437			80		(c)
Net derivative receivables:(b)
Interest rate	502			1,246			282		(122)					981			81		(141)		2,829			892
Credit	265			(143)			—		(16)					(253)			(13)		61		(99)			(68)
Foreign exchange	62			100			136		(230)					(16)			(26)		14		40			105
Equity	(2,402)			(545)			680		(2,020)					246			(296)		527		(3,810)			104
Commodity	(279)			(196)			22		(155)					228			6		2		(372)			(182)
Total net derivative receivables	(1,852)			462		(c)	1,120		(2,543)					1,186			(248)		463		(1,412)			851		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	—			—			—		—					—			—		—		—			—
Corporate debt securities	—			—			—		—					—			—		—		—			—
Total available-for-sale securities	—			—			—		—					—			—		—		—			—
Loans	3,079			266		(c)	304		(684)					(855)			730		(353)		2,487			207		(c)
Mortgage servicing rights	8,522			216		(e)	835		(25)					(795)			—		—		8,753			216		(e)
Other assets	758			100		(c)	444		(54)					(45)			5		(22)		1,186			94		(c)

	Fair value measurements using significant unobservable inputs
Nine months ended September 30, 2024 (in millions)	Fair value at Jan. 1, 2024		Total realized/unrealized (gains)/losses													Transfers into level 3	Transfers (out of) level 3		Fair value at Sep. 30, 2024				Change in unrealized (gains)/losses related to financial instruments held at Sep. 30, 2024
						Purchases	Sales				Issuances	Settlements(h)
Liabilities:(a)
Deposits	$	1,833		$	90	(c)(f)	$	—	$	—		$	1,304	$	(909)		$	34	$	(133)	$	2,219		$	78	(c)(f)
Short-term borrowings	1,758			143		(c)(f)	—		—			5,742		(3,992)			2		(6)		3,647			78		(c)(f)
Trading liabilities – debt and equity instruments	37			(41)		(c)	(26)		62			—		—			46		(6)		72			(3)		(c)
Accounts payable and other liabilities	52			(7)		(c)	(36)		31			—		—			5		(3)		42			(7)		(c)
Long-term debt	27,726			2,147		(c)(f)	—		—			17,049		(13,230)			466		(685)		33,473			1,895		(c)(f)

(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 1% and 2% at September 30, 2025 and December 31, 2024, respectively. Level 3 liabilities at fair value as a percentage of total Firm

liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 7% and 9% at September 30, 2025 and December 31, 2024, respectively.

(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.

(c)Primarily reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.

(d)Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. Realized and unrealized gains/(losses) recorded on level 3 AFS securities were not material for the three and nine months ended September 30, 2025 and 2024.

(e)Changes in fair value for MSRs are reported in mortgage fees and related income.

(f)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three and nine months ended September 30, 2025 and 2024. Unrealized (gains)/losses are reported in OCI, and were $198 million and $54 million for the three months ended September 30, 2025 and 2024, respectively, and were $189 million and $(37) million for the nine months ended September 30, 2025 and 2024, respectively.

(g)Loan originations are included in purchases.

(h)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.

Impact of credit adjustments on earnings

The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2025		2024		2025		2024
Credit and funding adjustments:
Derivatives CVA	$	37	$	(17)	$	(80)	$	3
Derivatives FVA	18		(5)		(41)		32

Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets and liabilities held as of September 30, 2025 and 2024, for which nonrecurring fair value adjustments were recorded during the nine months ended September 30, 2025 and 2024, by major product category and fair value hierarchy.


September 30, 2025 (in millions)	Fair value hierarchy						Total fair value
	Level 1		Level 2		Level 3
Loans	$	—	$	389	$	458	$	847
Other assets(a)	—		53		765		818
Total assets measured at fair value on a nonrecurring basis	$	—	$	442	$	1,223	$	1,665
Accounts payable and other liabilities	—		—		5		5
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	5	$	5


September 30, 2024 (in millions)	Fair value hierarchy						Total fair value
	Level 1		Level 2		Level 3
Loans	$	—	$	663	$	896	$	1,559
Other assets	—		8		945		953
Total assets measured at fair value on a nonrecurring basis	$	—	$	671	$	1,841	$	2,512
Accounts payable and other liabilities	—		—		—		—
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	—	$	—

(a)Included equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $765 million in level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2025, $687 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three and nine months ended September 30, 2025 and 2024, related to assets and liabilities held at those dates.


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2025		2024		2025		2024
Loans	$	(125)	$	(32)	$	(153)	$	(98)
Other assets(a)	95		(323)		130		(529)
Accounts payable and other liabilities	—		—		(5)		—
Total nonrecurring fair value gains/(losses)	$	(30)	$	(355)	$	(28)	$	(627)

(a)Included $92 million and $(30) million for the three months ended September 30, 2025 and 2024, respectively, and $118 million and $(176) million for the nine months ended September 30, 2025 and 2024, respectively, of net gains/(losses) as a result of the measurement alternative.

Equity securities without readily determinable fair values measured under the measurement alternative and related adjustments

The following table presents the carrying value of equity securities without readily determinable fair values held as of September 30, 2025 and 2024, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.


	Three months ended September 30,				Nine months ended September 30,
As of or for the period ended, (in millions)	2025		2024		2025		2024
Other assets
Carrying value(a)	$	4,808	$	3,660	$	4,808	$	3,660
Upward carrying value changes(b)	121		42		199		72
Downward carrying value changes/impairment(c)	(29)		(72)		(81)		(248)

(a)The carrying value as of December 31, 2024 was $3.7 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.

(b)The cumulative upward carrying value changes between January 1, 2018 and September 30, 2025 were $1.3 billion.

(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and September 30, 2025 were $(1.5) billion.

Carrying value and estimated fair value of financial assets and liabilities

The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at September 30, 2025 and December 31, 2024, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.


	September 30, 2025										December 31, 2024
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value		Level 1		Level 2		Level 3		Total estimated fair value
Financial assets
Cash and due from banks	$	21.8	$	21.8	$	—	$	—	$	21.8	$	23.4	$	23.4	$	—	$	—	$	23.4
Deposits with banks	281.6		281.6		—		—		281.6		445.9		445.8		0.1		—		445.9
Accrued interest and accounts receivable	141.5		—		141.4		0.1		141.5		101.1		—		101.0		0.1		101.1
Federal funds sold and securities purchased under resale agreements	21.2		—		21.2		—		21.2		8.2		—		8.2		—		8.2
Securities borrowed	143.6		—		143.6		—		143.6		135.6		—		135.6		—		135.6
Investment securities, held-to-maturity	293.4		141.7		133.2		—		274.9		274.5		97.4		150.5		—		247.9
Loans, net of allowance for loan losses(a)	1,354.8		—		246.1		1,111.5		1,357.6		1,282.3		—		268.7		1,007.8		1,276.5
Other	91.4		0.5		89.6		1.5		91.6		82.7		—		81.3		1.6		82.9
Financial liabilities
Deposits	$	2,512.5	$	—	$	2,512.8	$	—	$	2,512.8	$	2,372.3	$	—	$	2,372.5	$	—	$	2,372.5
Federal funds purchased and securities loaned or sold under repurchase agreements	78.4		—		78.4		—		78.4		70.5		—		70.5		—		70.5
Short-term borrowings	32.7		—		32.7		—		32.7		26.4		—		26.3		—		26.3
Accounts payable and other liabilities(b)	266.9		—		254.0		12.1		266.1		232.8		—		219.6		12.6		232.2
Beneficial interests issued by consolidated VIEs	28.2		—		28.3		—		28.3		27.3		—		27.4		—		27.4
Long-term debt	303.0		—		254.9		52.1		307.0		300.6		—		251.2		50.7		301.9

(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.

(b)Excludes lending-related commitments disclosed in the table below.

The carrying value and estimated fair value of wholesale lending-related commitments

The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.


	September 30, 2025										December 31, 2024
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value(a)(b)		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value(a)(b)		Level 1		Level 2		Level 3		Total estimated fair value
Wholesale lending-related commitments	$	3.4	$	—	$	—	$	4.7	$	4.7	$	2.7	$	—	$	—	$	4.4	$	4.4

(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.

(b)Includes the wholesale allowance for lending-related commitments.