Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of fair value methodologies

The following table describes the valuation methodologies generally used by the Firm to measure its significant products/instruments at fair value, including the general classification of such instruments pursuant to the fair value hierarchy.

Product/instrument	Valuation methodology	Classifications in the fair value hierarchy
Securities financing agreements	Valuations are based on discounted cash flows, which consider:	Predominantly level 2
	• Derivative features: refer to the discussion of derivatives below for further information
	• Market rates for the respective maturity
	• Collateral characteristics
Loans and lending-related commitments — wholesale Loans carried at fair value (trading loans and non-trading loans) and associated lending-related commitments	Where observable market data is available, valuations are based on:	Level 2 or 3
	• Observed market prices (circumstances are infrequent)
	• Relevant broker quotes
	• Observed market prices for similar instruments
	Where observable market data is unavailable or limited, valuations are based on discounted cash flows, which consider the following:
	• Credit spreads derived from the cost of CDS; or benchmark credit curves developed by the Firm, by industry and credit rating
	• Prepayment speed
	• Collateral characteristics
Loans — consumer	Fair value is based on observable market prices for mortgage-backed securities with similar collateral and incorporates adjustments to these prices to account for differences between the securities and the value of the underlying loans, which include credit characteristics, portfolio composition, and liquidity.	Predominantly level 2
Loans carried at fair value — residential mortgage loans expected to be sold
Investment and trading securities	Quoted market prices	Level 1
	In the absence of quoted market prices, securities are valued based on:	Level 2 or 3
	• Observable market prices for similar securities
	• Relevant broker quotes
	• Discounted cash flows
	In addition, the following inputs to discounted cash flows are used for the following products:
	Mortgage- and asset-backed securities specific inputs:
	• Collateral characteristics
	• Deal-specific payment and loss allocations
	• Current market assumptions related to yield, prepayment speed, conditional default rates and loss severity
	Collateralized loan obligations (“CLOs”) specific inputs:
	• Collateral characteristics
	• Deal-specific payment and loss allocations
	• Expected prepayment speed, conditional default rates, loss severity
	• Credit spreads
	• Credit rating data
Physical commodities	Valued using observable market prices or data.	Predominantly Level 1 or 2

Product/instrument	Valuation methodology	Classifications in the fair value hierarchy
Derivatives	Actively traded derivatives, e.g., exchange-traded derivatives, that are valued using quoted prices.	Level 1
	Derivatives that are valued using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs as well as considering the contractual terms. The key valuation inputs used will depend on the type of derivative and the nature of the underlying instruments and may include equity prices, commodity prices, foreign exchange rates, volatilities, correlations, CDS spreads, recovery rates and prepayment speed.	Level 2 or 3
	In addition, specific inputs used for derivatives that are valued based on models with significant unobservable inputs are as follows:
	Interest rate (IR) and FX exotic derivatives specific inputs include:
	• Interest rate curve
	• Interest rate volatility
	• Interest rate spread volatility
	• Bermudan switch value
	• Interest rate correlation
	• Interest rate-FX correlation
	• Foreign exchange correlation
	Credit derivatives specific inputs include:
	• Credit correlation between the underlying debt instruments
	Equity derivatives specific inputs include:
	• Forward equity price
	• Equity volatility
	• Equity correlation
	• Equity-FX correlation
	• Equity-IR correlation
	Commodity derivatives specific inputs include:
	• Forward commodity price
	• Commodity volatility
	• Commodity correlation
	Additionally, adjustments are made to reflect counterparty credit quality (CVA) and the impact of funding (FVA). Refer to page 191 of this Note.
Mortgage servicing rights	Refer to Mortgage servicing rights in Note 15.	Level 3
Private equity direct investments	Fair value is estimated using all available information; the range of potential inputs include:	Level 2 or 3
	• Transaction prices
	• Trading multiples of comparable public companies
	• Operating performance of the underlying portfolio company
	• Adjustments as required, since comparable public companies are not identical to the company being valued, and for company-specific issues including lack of liquidity
	• Additional available inputs relevant to the investment

Product/instrument	Valuation methodology	Classification in the fair value hierarchy
Fund investments (e.g., mutual/collective investment funds, private equity funds, hedge funds, and real estate funds)	Net asset value
	• NAV is supported by the ability to redeem and purchase at the NAV level	Level 1
	• Adjustments to the NAV as required, for restrictions on redemption (e.g., lock-up periods or withdrawal limitations) or where observable activity is limited	Level 2 or 3(a)
Beneficial interests issued by consolidated VIEs	Valued using observable market information, where available.	Level 2 or 3
	In the absence of observable market information, valuations are based on the fair value of the underlying assets held by the VIE.
Structured notes (included in deposits, short-term borrowings and long-term debt)	Valuations are based on discounted cash flow analyses that consider the embedded derivative and the terms and payment structure of the note. The embedded derivative features are considered using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs, depending on the embedded derivative. The specific inputs used vary according to the nature of the embedded derivative features, as described in the discussion above regarding derivatives valuation. Adjustments are then made to this base valuation to reflect the Firm’s own credit risk (DVA). Refer to page 191 of this Note.	Level 2 or 3

(a)Excludes certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient.

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 December 31, 2025 and 2024, by major product category and fair value hierarchy.

Assets and liabilities measured at fair value on a recurring basis
	Fair value hierarchy
December 31, 2025 (in millions)	Level 1		Level 2		Level 3		Derivative netting adjustments(f)		Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	327,018	$	—	$	—	$	327,018
Securities borrowed	—		98,111		—		—		98,111
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		157,834		307		—		158,141
Residential – nonagency	—		2,002		5		—		2,007
Commercial – nonagency	—		1,937		—		—		1,937
Total mortgage-backed securities	—		161,773		312		—		162,085
U.S. Treasury, GSEs and government agencies(a)	225,255		18,629		—		—		243,884
Obligations of U.S. states and municipalities	—		6,129		1		—		6,130
Certificates of deposit, bankers’ acceptances and commercial paper	—		1,345		—		—		1,345
Non-U.S. government debt securities (b)	77,385		47,054		245		—		124,684
Corporate debt securities	—		45,053		454		—		45,507
Loans	—		11,782		1,143		—		12,925
Asset-backed securities	—		3,986		27		—		4,013
Total debt instruments	302,640		295,751		2,182		—		600,573
Equity securities	107,585		2,153		138		—		109,876
Physical commodities(c)	20,880		947		30		—		21,857
Other	—		12,346		444		—		12,790
Total debt and equity instruments(d)	431,105		311,197		2,794		—		745,096
Derivative receivables:
Interest rate	1,579		276,565		3,740		(256,483)		25,401
Credit	—		12,018		1,006		(12,545)		479
Foreign exchange	111		181,318		1,807		(163,881)		19,355
Equity(b)	806		95,098		1,819		(91,856)		5,867
Commodity	—		29,961		554		(23,840)		6,675
Total derivative receivables	2,496		594,960		8,926		(548,605)		57,777
Total trading assets(e)	433,601		906,157		11,720		(548,605)		802,873
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	1		90,971		—		—		90,972
Residential – nonagency	—		5,991		—		—		5,991
Commercial – nonagency	—		4,481		3		—		4,484
Total mortgage-backed securities	1		101,443		3		—		101,447
U.S. Treasury and government agencies	315,361		461		—		—		315,822
Obligations of U.S. states and municipalities	—		20,240		—		—		20,240
Non-U.S. government debt securities(b)	34,308		11,347		—		—		45,655
Corporate debt securities	—		20		108		—		128
Asset-backed securities:
Collateralized loan obligations	—		21,947		—		—		21,947
Other(a)	—		1,959		—		—		1,959
Total available-for-sale securities	349,670		157,417		111		—		507,198
Loans	—		67,622		3,062		—		70,684
Mortgage servicing rights	—		—		9,167		—		9,167
Other assets(e)	6,864		6,890		1,047		—		14,801
Total assets measured at fair value on a recurring basis	$	790,135	$	1,563,215	$	25,107	$	(548,605)	$	1,829,852
Deposits	$	—	$	18,574	$	2,356	$	—	$	20,930
Federal funds purchased and securities loaned or sold under repurchase agreements	—		360,194		—		—		360,194
Short-term borrowings	—		26,902		5,558		—		32,460
Trading liabilities:
Debt and equity instruments(d)	135,366		33,998		326		—		169,690
Derivative payables:
Interest rate	2,071		253,078		2,434		(250,122)		7,461
Credit	—		15,487		2,141		(15,612)		2,016
Foreign exchange	118		176,521		1,502		(163,308)		14,833
Equity(b)	1,210		110,451		5,356		(102,211)		14,806
Commodity	—		25,799		570		(19,156)		7,213
Total derivative payables	3,399		581,336		12,003		(550,409)		46,329
Total trading liabilities	138,765		615,334		12,329		(550,409)		216,019
Accounts payable and other liabilities	3,967		2,655		38		—		6,660
Beneficial interests issued by consolidated VIEs	—		5		—		—		5
Long-term debt	—		87,886		46,673		—		134,559
Total liabilities measured at fair value on a recurring basis	$	142,732	$	1,111,550	$	66,954	$	(550,409)	$	770,827

	Fair value hierarchy
December 31, 2024 (in millions)	Level 1		Level 2		Level 3		Derivative netting adjustments(f)		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(c)	5,957		1,533		26		—		7,516
Other	—		19,935		210		—		20,145
Total debt and equity instruments(d)	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(e)	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(e)	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(d)	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 December 31, 2025 and 2024, included total U.S. GSE obligations of $158.4 billion and $120.1 billion, respectively, which were mortgage-related.

(b)In the fourth quarter of 2025, the Firm refined the active market assessment of certain products and updated the leveling classification accordingly.

(c)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 5 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.

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

(e)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 both December 31, 2025 and 2024, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $1.0 billion, primarily reported in other assets.

(f)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)
December 31, 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)	$	889	Discounted cash flows	Yield	0%	70%	7%
				Prepayment speed	7%	14%	9%
				Conditional default rate	0%	2%	0%
				Loss severity	0%	100%	7%
Commercial mortgage-backed securities and loans(c)	1,246		Market comparables	Price	$0	$93	$82
Corporate debt securities	562		Market comparables	Price	$0	$177	$105
Loans(d)	2,385		Market comparables	Price	$0	$102	$80
Non-U.S. government debt securities	245		Market comparables	Price	$2	$124	$99
Net interest rate derivatives	1,301		Option pricing	Interest rate volatility	24bps	490bps	85bps
				Interest rate spread volatility	44bps	59bps	49bps
				Bermudan switch value	0%	48%	17%
				Interest rate correlation	(64)%	97%	58%
				IR-FX correlation	(35)%	60%	5%
				Inflation volatility	11bps	174bps	65bps
	5		Discounted cash flows	Prepayment speed	0%	21%	7%
				Interest rate curve	2%	16%	4%
Net credit derivatives	(1,174)		Discounted cash flows	Credit correlation	30%	79%	52%
				Credit spread	0bps	6,942bps	367bps
				Recovery rate	10%	90%	53%
	39		Market comparables	Price	$0	$115	$77
Net foreign exchange derivatives	357		Option pricing	IR-FX correlation	(50)%	60%	17%
	(52)		Discounted cash flows	Prepayment speed	11%		11%
				Interest rate curve	3%	20%	12%
Net equity derivatives	(3,537)		Option pricing	Forward equity price(h)	87%	142%	101%
				Equity volatility	4%	130%	32%
				Equity correlation	0%	100%	54%
				Equity-FX correlation	(75)%	65%	(32)%
				Equity-IR correlation	5%	10%	8%
Net commodity derivatives	(16)		Option pricing	Oil commodity forward	$40 / BBL	$680 / BBL	$202 / BBL
				Natural gas commodity forward	$(1) / MMBTU	$8 / MMBTU	$4 / MMBTU
				Commodity volatility	2%	36%	6%
				Commodity correlation	(30)%	99%	1%
MSRs	9,167		Discounted cash flows	Refer to Note 15
Long-term debt, short-term borrowings, and deposits(e)	52,953		Option pricing	Interest rate volatility	24bps	490bps	85bps
				Bermudan switch value	0%	48%	17%
				Interest rate correlation	(64)%	97%	58%
				IR-FX correlation	(35)%	60%	5%
				Equity volatility	2%	111%	30%
				Equity correlation	0%	100%	54%
				Equity-FX correlation	(75)%	65%	(32)%
				Equity-IR correlation	5%	10%	8%
	1,634		Discounted cash flows	Credit correlation	29%	72%	51%
				Credit spread	1bps	261bps	92bps
				Recovery rate	20%	60%	41%
				Yield	5%	20%	10%
				Loss severity	0%	100%	50%
Other level 3 assets and liabilities, net(f)	1,323

(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 $307 million, nonagency securities of $5 million and non-trading loans of $577 million.

(c)Comprises nonagency securities of $3 million, trading loans of $94 million and non-trading loans of $1.1 billion.

(d)Comprises trading loans of $1.0 billion and non-trading loans of $1.3 billion.

(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 $889 million, including $751 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 years ended December 31, 2025, 2024 and 2023. 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
Year ended December 31, 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 Dec. 31, 2025		Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2025
						Purchases(g)		Sales				Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	488	$	16		$	34	$	(175)			$	(56)	$	—	$	—	$	307	$	4
Residential – nonagency	5		6			—		(6)				—		—		—		5		—
Commercial – nonagency	10		(6)			—		—				—		—		(4)		—		—
Total mortgage-backed securities	503		16			34		(181)				(56)		—		(4)		312		4
Obligations of U.S. states and municipalities	1		—			—		—				—		—		—		1		—
Non-U.S. government debt securities	152		30			346		(308)				—		59		(34)		245		19
Corporate debt securities	390		28			270		(212)				(10)		22		(34)		454		23
Loans	1,088		(58)			1,413		(930)				(146)		876		(1,100)		1,143		(63)
Asset-backed securities	10		—			28		(11)				—		—		—		27		—
Total debt instruments	2,144		16			2,091		(1,642)				(212)		957		(1,172)		2,182		(17)
Equity securities	62		(34)			264		(229)				—		165		(90)		138		—
Physical commodities	26		3			—		—				1		—		—		30		16
Other	210		2			311		—				(99)		59		(39)		444		192
Total trading assets – debt and equity instruments	2,442		(13)		(c)	2,666		(1,871)				(310)		1,181		(1,301)		2,794		191		(c)
Net derivative receivables:(b)
Interest rate	301		1,329			188		(338)				108		(168)		(114)		1,306		790
Credit	(363)		(637)			94		(10)				10		(273)		44		(1,135)		(569)
Foreign exchange	20		644			196		(448)				(34)		273		(346)		305		221
Equity	(2,866)		2,941			1,016		(2,630)				(2,690)		83		609		(3,537)		1,476
Commodity	(73)		54			70		(248)				170		15		(4)		(16)		108
Total net derivative receivables	(2,981)		4,331		(c)	1,564		(3,674)				(2,436)		(70)		189		(3,077)		2,026		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	8		(5)			—		—				—		—		—		3		(5)
Corporate debt securities	—		2			194		(94)				—		6		—		108		4
Total available-for-sale securities	8		(3)		(d)	194		(94)				—		6		—		111		(1)		(d)
Loans	2,416		206		(c)	1,091		(226)				(968)		1,266		(723)		3,062		165		(c)
Mortgage servicing rights	9,121		48		(e)	1,057		9				(1,068)		—		—		9,167		48		(e)
Other assets	1,344		(15)		(c)	358		(66)				(84)		98		(588)		1,047		61		(c)
	Fair value measurements using significant unobservable inputs
Year ended December 31, 2025 (in millions)	Fair value at Jan. 1, 2025		Total realized/unrealized (gains)/losses													Transfers (out of) level 3		Fair value at Dec. 31, 2025		Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2025
						Purchases		Sales		Issuances		Settlements(h)		Transfers into level 3
Liabilities:(a)
Deposits	$	2,185	$	161	(c)(f)	$	—	$	—	$	1,951	$	(1,811)	$	—	$	(130)	$	2,356	$	128	(c)(f)
Short-term borrowings	3,476		536		(c)(f)	—		—		10,307		(8,672)		36		(125)		5,558		392		(c)(f)
Trading liabilities – debt and equity instruments	46		(14)		(c)	(86)		109		—		—		326		(55)		326		302		(c)
Accounts payable and other liabilities	76		(6)		(c)	(1)		1		—		—		2		(34)		38		(6)		(c)
Long-term debt	34,564		5,039		(c)(f)	—		—		31,966		(22,573)		593		(2,916)		46,673		3,898		(c)(f)

	Fair value measurements using significant unobservable inputs
Year ended December 31, 2024 (in millions)	Fair value at Jan. 1, 2024		Total realized/unrealized gains/(losses)													Transfers (out of) level 3		Fair value at Dec. 31, 2024		Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2024
						Purchases(g)		Sales				Settlements(h)		Transfers into level 3
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	758	$	18		$	46	$	(260)			$	(81)	$	7	$	—	$	488	$	(3)
Residential – nonagency	5		7			—		(5)				(2)		4		(4)		5		—
Commercial – nonagency	12		(2)			—		—				—		—		—		10		(1)
Total mortgage-backed securities	775		23			46		(265)				(83)		11		(4)		503		(4)
Obligations of U.S. states and municipalities	10		—			—		—				(3)		—		(6)		1		—
Non-U.S. government debt securities	179		(6)			175		(183)				—		17		(30)		152		(10)
Corporate debt securities	484		36			459		(354)				(181)		13		(67)		390		45
Loans	684		63			800		(642)				(74)		839		(582)		1,088		29
Asset-backed securities	6		—			9		(5)				(8)		8		—		10		—
Total debt instruments	2,138		116			1,489		(1,449)				(349)		888		(689)		2,144		60
Equity securities	127		(21)			138		(123)				(1)		85		(143)		62		(308)
Physical commodities	7		17			3		—				(1)		—		—		26		16
Other	101		144			53		—				(68)		28		(48)		210		108
Total trading assets – debt and equity instruments	2,373		256		(c)	1,683		(1,572)				(419)		1,001		(880)		2,442		(124)		(c)
Net derivative receivables:(b)
Interest rate	502		745			387		(197)				(608)		(172)		(356)		301		(362)
Credit	265		(208)			(2)		(17)				(333)		(61)		(7)		(363)		(265)
Foreign exchange	62		248			178		(538)				(30)		128		(28)		20		353
Equity	(2,402)		(321)			904		(2,488)				953		(91)		579		(2,866)		783
Commodity	(279)		64			32		(215)				310		15		—		(73)		102
Total net derivative receivables	(1,852)		528		(c)	1,499		(3,455)				292		(181)		188		(2,981)		611		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	—		—			—		—				—		8		—		8		—
Corporate debt securities	—		—			—		—				—		—		—		—		—
Total available-for-sale securities	—		—		(d)	—		—				—		8		—		8		—		(d)
Loans	3,079		266		(c)	431		(756)				(993)		816		(427)		2,416		251		(c)
Mortgage servicing rights	8,522		762		(e)	926		(21)				(1,068)		—		—		9,121		762		(e)
Other assets	758		105		(c)	623		(62)				(58)		5		(27)		1,344		88		(c)
	Fair value measurements using significant unobservable inputs
Year ended December 31, 2024 (in millions)	Fair value at Jan. 1, 2024		Total realized/unrealized (gains)/losses													Transfers (out of) level 3		Fair value at Dec. 31, 2024		Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2024
						Purchases		Sales		Issuances		Settlements(h)		Transfers into level 3
Liabilities:(a)
Deposits	$	1,833	$	(14)	(c)(f)	$	—	$	—	$	2,006	$	(1,522)	$	34	$	(152)	$	2,185	$	(44)	(c)(f)
Short-term borrowings	1,758		180		(c)(f)	—		—		7,752		(6,230)		23		(7)		3,476		58		(c)(f)
Trading liabilities – debt and equity instruments	37		(47)		(c)	(45)		70		—		—		48		(17)		46		18		(c)
Accounts payable and other liabilities	52		(6)		(c)	(35)		63		—		—		5		(3)		76		(6)		(c)
Long-term debt	27,726		1,475		(c)(f)	—		—		23,920		(18,432)		738		(863)		34,564		1,212		(c)(f)

	Fair value measurements using significant unobservable inputs
Year ended December 31, 2023 (in millions)	Fair value at Jan. 1, 2023		Total realized/unrealized gains/(losses)													Transfers (out of) level 3		Fair value at Dec. 31, 2023		Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2023
						Purchases(g)		Sales				Settlements(h)		Transfers into level 3
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	759	$	4		$	249	$	(133)			$	(107)	$	—	$	(14)	$	758	$	1
Residential – nonagency	5		6			—		(6)				(1)		1		—		5		1
Commercial – nonagency	7		6			—		—				(1)		8		(8)		12		7
Total mortgage-backed securities	771		16			249		(139)				(109)		9		(22)		775		9
Obligations of U.S. states and municipalities	7		—			1		—				(1)		3		—		10		—
Non-U.S. government debt securities	155		74			217		(254)				—		22		(35)		179		74
Corporate debt securities	463		36			322		(172)				(41)		114		(238)		484		35
Loans	759		(15)			1,027		(499)				(441)		382		(529)		684		30
Asset-backed securities	23		—			7		(12)				(1)		5		(16)		6		—
Total debt instruments	2,178		111			1,823		(1,076)				(593)		535		(840)		2,138		148
Equity securities	665		(53)			164		(239)				(384)		192		(218)		127		(422)
Physical commodities	2		—			7		—				(2)		—		—		7		—
Other	64		(58)			141		—				(5)		1		(42)		101		(28)
Total trading assets – debt and equity instruments	2,909		—			2,135		(1,315)				(984)		728		(1,100)		2,373		(302)		(c)
Net derivative receivables:(b)
Interest rate	701		556			251		(255)				654		(1,117)		(288)		502		419
Credit	13		304			(60)		(25)				47		15		(29)		265		230
Foreign exchange	489		31			151		(144)				(187)		144		(422)		62		(80)
Equity	(384)		191			928		(1,931)				(1,306)		700		(600)		(2,402)		(646)
Commodity	(146)		(59)			59		(290)				(51)		(11)		219		(279)		(144)
Total net derivative receivables	673		1,023		(c)	1,329		(2,645)				(843)		(269)		(1,120)		(1,852)		(221)		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	—		—			—		—				—		—		—		—		—
Corporate debt securities	239		24			—		(225)				—		—		(38)		—		—
Total available-for-sale securities	239		24		(d)	—		(225)				—		—		(38)		—		—		(d)
Loans	1,418		289		(c)	2,398		(120)				(1,147)		1,306		(1,065)		3,079		293		(c)
Mortgage servicing rights	7,973		467		(e)	1,281		(188)				(1,011)		—		—		8,522		467		(e)
Other assets	405		(36)		(c)	525		(20)				(147)		45		(14)		758		(82)		(c)
	Fair value measurements using significant unobservable inputs
Year ended December 31, 2023 (in millions)	Fair value at Jan. 1, 2023		Total realized/unrealized (gains)/losses											Transfers into level 3		Transfers (out of) level 3		Fair value at Dec. 31, 2023		Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2023
						Purchases		Sales		Issuances		Settlements(h)
Liabilities:(a)
Deposits	$	2,162	$	95	(c)(f)	$	—	$	—	$	940	$	(1,043)	$	—	$	(321)	$	1,833	$	73	(c)(f)
Short-term borrowings	1,401		201		(c)(f)	—		—		4,522		(4,345)		3		(24)		1,758		14		(c)(f)
Trading liabilities – debt and equity instruments	84		(21)		(c)	(32)		9		—		(2)		19		(20)		37		—
Accounts payable and other liabilities	53		(4)		(c)	(16)		24		—		—		8		(13)		52		(4)		(c)
Long-term debt	24,092		3,010		(c)(f)	—		—		12,679		(11,555)		229		(729)		27,726		2,870		(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% at December 31, 2025 and 2% at both December 31, 2024 and 2023. 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 9% at both December 31, 2025 and 2024 and 8% at December 31, 2023.

(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 years ended December 31, 2025, 2024 and 2023.

(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 years ended December 31, 2025, 2024 and 2023. Unrealized (gains)/losses are reported in OCI, and were $235 million, $(50) million and $(158) million for the years ended December 31, 2025, 2024 and 2023, 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 gains/(losses) resulting from 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.

Year ended December 31, (in millions)	2025		2024		2023
Credit and funding adjustments:
Derivatives CVA	$	(36)	$	29	$	221
Derivatives FVA	(18)		99		114

Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets and liabilities held as of December 31, 2025 and 2024, for which nonrecurring fair value adjustments were recorded during the years ended December 31, 2025 and 2024, by major product category and fair value hierarchy.

December 31, 2025 (in millions)	Fair value hierarchy						Total fair value
	Level 1		Level 2		Level 3
Loans	$	—	$	618	$	529	$	1,147
Other assets(a)	—		8		863		871
Total assets measured at fair value on a nonrecurring basis	$	—	$	626	$	1,392	$	2,018
Accounts payable and other liabilities	—		—		5		5
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	5	$	5

December 31, 2024 (in millions)	Fair value hierarchy						Total fair value
	Level 1		Level 2		Level 3
Loans	$	—	$	738	$	694	$	1,432
Other assets	—		9		1,048		1,057
Total assets measured at fair value on a nonrecurring basis	$	—	$	747	$	1,742	$	2,489
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 $863 million in level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2025, $721 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. Also, included impairments on certain equity method investments.

The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the years ended December 31, 2025, 2024 and 2023, related to assets and liabilities held at those dates.

December 31, (in millions)	2025		2024		2023
Loans	$	(151)	$	(302)	$	(276)
Other assets(a)	101		(610)		(789)
Accounts payable and other liabilities	(5)		—		—
Total nonrecurring fair value gains/(losses)	$	(55)	$	(912)	$	(1,065)

(a)Included $122 million, $(197) million and $(232) million for the years ended December 31, 2025, 2024 and 2023, respectively, of net gains/(losses) as a result of the measurement alternative. Also included impairments on certain equity method investments for the years ended December 31, 2025 and 2024.

Carrying value of equity securities without readily determinable fair values

The following table presents the carrying value of equity securities without readily determinable fair values held as of December 31, 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.

As of or for the year ended December 31,
(in millions)	2025		2024
Other assets
Carrying value(a)	$	4,873	$	3,737
Upward carrying value changes(b)	224		89
Downward carrying value changes/impairment(c)	(102)		(286)

(a)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 December 31, 2025 were $1.3 billion.

(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and December 31, 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 December 31, 2025 and 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.

	December 31, 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	$	21.7	$	21.7	$	—	$	—	$	21.7	$	23.4	$	23.4	$	—	$	—	$	23.4
Deposits with banks	321.6		321.6		—		—		321.6		445.9		445.8		0.1		—		445.9
Accrued interest and accounts receivable	111.1		—		111.0		0.1		111.1		101.1		—		101.0		0.1		101.1
Federal funds sold and securities purchased under resale agreements	9.4		—		9.4		—		9.4		8.2		—		8.2		—		8.2
Securities borrowed	188.1		—		188.1		—		188.1		135.6		—		135.6		—		135.6
Investment securities, held-to-maturity	270.1		126.4		126.9		—		253.3		274.5		97.4		150.5		—		247.9
Loans, net of allowance for loan losses(a)	1,397.0		—		314.6		1,089.2		1,403.8		1,282.3		—		268.7		1,007.8		1,276.5
Other	93.0		—		91.7		1.5		93.2		82.7		—		81.3		1.6		82.9
Financial liabilities
Deposits	$	2,538.4	$	—	$	2,538.8	$	—	$	2,538.8	$	2,372.3	$	—	$	2,372.5	$	—	$	2,372.5
Federal funds purchased and securities loaned or sold under repurchase agreements	82.2		—		82.2		—		82.2		70.5		—		70.5		—		70.5
Short-term borrowings	32.3		—		32.3		—		32.3		26.4		—		26.3		—		26.3
Accounts payable and other liabilities(b)	262.6		—		248.7		13.0		261.7		232.8		—		219.6		12.6		232.2
Beneficial interests issued by consolidated VIEs	27.9		—		28.0		—		28.0		27.3		—		27.4		—		27.4
Long-term debt	300.6		—		253.0		52.1		305.1		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 carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.

	December 31, 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	$	3.2	$	—	$	—	$	4.5	$	4.5	$	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.