Accumulated Other Comprehensive Income/(Loss) (Tables)

9 Months Ended

Sep. 30, 2025

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated other comprehensive income/(loss)

AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net gain/(loss) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).

As of or for the three months ended September 30, 2025 (in millions)	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges			Fair value hedges		Cash flow hedges			Defined benefit pension and OPEB plans			DVA on fair value option elected liabilities			Accumulated other comprehensive income/(loss)
Balance at July 1, 2025		$	(3,065)			$	(717)	$	(201)		$	(1,611)		$	(1,185)		$	(464)		$	(7,243)
Net change		1,509				(12)		37			314			4			(487)			1,365
Balance at September 30, 2025		$	(1,556)	(a)		$	(729)	$	(164)		$	(1,297)		$	(1,181)		$	(951)		$	(5,878)
As of or for the three months ended September 30, 2024 (in millions)	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges			Fair value hedges		Cash flow hedges			Defined benefit pension and OPEB plans			DVA on fair value option elected liabilities			Accumulated other comprehensive income/(loss)
Balance at July 1, 2024		$	(3,494)			$	(1,576)	$	(147)		$	(4,843)		$	(1,055)		$	(223)		$	(11,338)
Net change		2,297				389		(20)			2,265			(28)			(349)			4,554
Balance at September 30, 2024		$	(1,197)	(a)		$	(1,187)	$	(167)		$	(2,578)		$	(1,083)		$	(572)		$	(6,784)
As of or for the nine months ended September 30, 2025 (in millions)	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges			Fair value hedges		Cash flow hedges			Defined benefit pension and OPEB plans			DVA on fair value option elected liabilities			Accumulated other comprehensive income/(loss)
Balance at January 1, 2025		$	(3,830)			$	(2,074)	$	(221)		$	(4,814)		$	(1,141)		$	(376)		$	(12,456)
Net change		2,274				1,345		57			3,517			(40)			(575)			6,578
Balance at September 30, 2025		$	(1,556)	(a)		$	(729)	$	(164)		$	(1,297)		$	(1,181)		$	(951)		$	(5,878)
As of or for the nine months ended September 30, 2024 (in millions)	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges			Fair value hedges		Cash flow hedges			Defined benefit pension and OPEB plans			DVA on fair value option elected liabilities			Accumulated other comprehensive income/(loss)
Balance at January 1, 2024		$	(3,743)			$	(1,216)	$	(134)		$	(3,932)		$	(1,078)		$	(340)		$	(10,443)
Net change		2,546				29		(33)			1,354			(5)			(232)			3,659
Balance at September 30, 2024		$	(1,197)	(a)		$	(1,187)	$	(167)		$	(2,578)		$	(1,083)		$	(572)		$	(6,784)

(a)Included after-tax net unamortized unrealized losses of $(189) million and $(661) million as of September 30, 2025 and 2024, respectively, related to AFS securities that have been transferred to HTM.

Changes of the components of accumulated other comprehensive income (loss)

The following table presents the pre-tax and after-tax changes in the components of OCI.

	2025						2024
Three months ended September 30, (in millions)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period	$	2,095	$	(506)	$	1,589	$	3,014	$	(730)	$	2,284
Reclassification adjustment for realized (gains)/losses included in net income(a)	(105)		25		(80)		16		(3)		13
Net change	1,990		(481)		1,509		3,030		(733)		2,297
Translation adjustments(b):
Translation	(242)		54		(188)		2,411		(109)		2,302
Hedges	232		(56)		176		(2,523)		610		(1,913)
Net change	(10)		(2)		(12)		(112)		501		389
Fair value hedges, net change(c)	49		(12)		37		(27)		7		(20)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	(264)		64		(200)		2,313		(559)		1,754
Reclassification adjustment for realized (gains)/losses included in net income(d)	678		(164)		514		673		(162)		511
Net change	414		(100)		314		2,986		(721)		2,265
Defined benefit pension and OPEB plans, net change	7		(3)		4		(36)		8		(28)
DVA on fair value option elected liabilities, net change	(645)		158		(487)		(460)		111		(349)
Total other comprehensive income/(loss)	$	1,805	$	(440)	$	1,365	$	5,381	$	(827)	$	4,554
	2025						2024
Nine months ended September 30, (in millions)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period	$	3,014	$	(729)	$	2,285	$	2,428	$	(587)	$	1,841
Reclassification adjustment for realized (gains)/losses included in net income(a)	(14)		3		(11)		929		(224)		705
Net change	3,000		(726)		2,274		3,357		(811)		2,546
Translation adjustments(b):
Translation	6,200		(224)		5,976		117		9		126
Hedges	(6,115)		1,484		(4,631)		(129)		32		(97)
Net change	85		1,260		1,345		(12)		41		29
Fair value hedges, net change(c)	76		(19)		57		(43)		10		(33)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	2,745		(663)		2,082		(132)		32		(100)
Reclassification adjustment for realized (gains)/losses included in net income(d)	1,891		(456)		1,435		1,917		(463)		1,454
Net change	4,636		(1,119)		3,517		1,785		(431)		1,354
Defined benefit pension and OPEB plans, net change	(48)		8		(40)		(2)		(3)		(5)
DVA on fair value option elected liabilities, net change	(760)		185		(575)		(302)		70		(232)
Total other comprehensive income/(loss)	$	6,989	$	(411)	$	6,578	$	4,783	$	(1,124)	$	3,659

(a)The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.

(b)Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. The net amounts reclassified during the three and nine months ended September 30, 2025 and the nine months ended September 30, 2024 were not material. During the three months ended September 30, 2024, the Firm reclassified a net pre-tax loss of $(1) million to other income/expense, of which $36 million related to net investment hedges.

(c)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross-currency swaps.

(d)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.