Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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 March 31, 2026 and December 31, 2025, 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)
March 31, 2026 (in millions)	Level 1		Level 2		Level 3				Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	472,506	$	—	$	—	$	472,506
Securities borrowed	—		105,987		—		—		105,987
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		158,383		268		—		158,651
Residential – nonagency	—		6,481		5		—		6,486
Commercial – nonagency	—		1,649		—		—		1,649
Total mortgage-backed securities	—		166,513		273		—		166,786
U.S. Treasury, GSEs and government agencies(a)	288,401		19,782		—		—		308,183
Obligations of U.S. states and municipalities	—		6,358		30		—		6,388
Certificates of deposit, bankers’ acceptances and commercial paper	—		4,685		—		—		4,685
Non-U.S. government debt securities	112,409		67,223		207		—		179,839
Corporate debt securities	—		51,780		482		—		52,262
Loans	—		12,337		1,051		—		13,388
Asset-backed securities	—		3,338		26		—		3,364
Total debt instruments	400,810		332,016		2,069		—		734,895
Equity securities	234,003		2,152		172		—		236,327
Physical commodities(b)	14,421		843		11		—		15,275
Other	—		10,800		454		—		11,254
Total debt and equity instruments(c)	649,234		345,811		2,706		—		997,751
Derivative receivables:
Interest rate	4,788		277,839		4,468		(261,318)		25,777
Credit	—		13,207		2,322		(13,941)		1,588
Foreign exchange	339		211,575		1,919		(189,883)		23,950
Equity	3,564		106,374		2,419		(102,952)		9,405
Commodity	—		39,268		753		(29,157)		10,864
Total derivative receivables	8,691		648,263		11,881		(597,251)		71,584
Total trading assets(d)	657,925		994,074		14,587		(597,251)		1,069,335
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	16		86,883		—		—		86,899
Residential – nonagency	—		5,467		—		—		5,467
Commercial – nonagency	—		4,317		—		—		4,317
Total mortgage-backed securities	16		96,667		—		—		96,683
U.S. Treasury and government agencies	355,307		951		—		—		356,258
Obligations of U.S. states and municipalities	—		18,980		—		—		18,980
Non-U.S. government debt securities	39,887		13,324		—		—		53,211
Corporate debt securities	—		16		108		—		124
Asset-backed securities:
Collateralized loan obligations	—		21,995		—		—		21,995
Other(a)	—		1,786		—		—		1,786
Total available-for-sale securities	395,210		153,719		108		—		549,037
Loans	—		59,071		3,184		—		62,255
Mortgage servicing rights	—		—		9,093		—		9,093
Other assets(d)	8,494		10,699		1,071		—		20,264
Total assets measured at fair value on a recurring basis	$	1,061,629	$	1,796,056	$	28,043	$	(597,251)	$	2,288,477
Deposits	$	—	$	18,499	$	1,304	$	—	$	19,803
Federal funds purchased and securities loaned or sold under repurchase agreements	—		620,136		—		—		620,136
Short-term borrowings	—		23,070		5,867		—		28,937
Trading liabilities:
Debt and equity instruments(c)	152,659		43,552		335		—		196,546
Derivative payables:
Interest rate	3,303		257,304		2,739		(254,756)		8,590
Credit	—		16,471		2,262		(16,755)		1,978
Foreign exchange	329		205,067		1,347		(190,941)		15,802
Equity	2,389		118,744		5,558		(110,324)		16,367
Commodity	—		35,211		608		(27,266)		8,553
Total derivative payables	6,021		632,797		12,514		(600,042)		51,290
Total trading liabilities	158,680		676,349		12,849		(600,042)		247,836
Accounts payable and other liabilities	5,061		5,630		47		—		10,738
Beneficial interests issued by consolidated VIEs	—		5		—		—		5
Long-term debt	—		95,532		49,172		—		144,704
Total liabilities measured at fair value on a recurring basis	$	163,741	$	1,439,221	$	69,239	$	(600,042)	$	1,072,159

	Fair value hierarchy						Derivative netting adjustments(e)
December 31, 2025 (in millions)	Level 1		Level 2		Level 3				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	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(b)	20,880		947		30		—		21,857
Other	—		12,346		444		—		12,790
Total debt and equity instruments(c)	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	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(d)	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	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(d)	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(c)	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	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

(a)At March 31, 2026 and December 31, 2025, included total U.S. GSE obligations of $169.2 billion and $158.4 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 both March 31, 2026 and December 31, 2025, 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.

(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)
March 31, 2026
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)	$	917	Discounted cash flows	Yield	0%	40%	7%
				Prepayment speed	6%	14%	9%
				Conditional default rate	0%	3%	0%
				Loss severity	0%	100%	7%
Commercial mortgage-backed securities and loans(c)	1,192		Market comparables	Price	$0	$93	$81
Corporate debt securities	590		Market comparables	Price	$0	$177	$107
Loans(d)	2,399		Market comparables	Price	$0	$101	$83
Non-U.S. government debt securities	207		Market comparables	Price	$2	$122	$99
Net interest rate derivatives	1,733		Option pricing	Interest rate volatility	24bps	503bps	100bps
				Interest rate spread volatility	44bps	59bps	49bps
				Bermudan switch value	0%	52%	17%
				Interest rate correlation	(64)%	97%	56%
				IR-FX correlation	(35)%	60%	4%
				Inflation Volatility	11bps	174bps	63bps
	(4)		Discounted cash flows	Prepayment speed	0%	21%	7%
				Interest Rate Curve	3%	15%	5%
Net credit derivatives	21		Discounted cash flows	Credit correlation	29%	79%	52%
				Credit spread	0bps	6,941bps	393bps
				Recovery rate	10%	90%	52%
	39		Market comparables	Price	$0	$115	$79
Net foreign exchange derivatives	621		Option pricing	IR-FX correlation	(50)%	60%	16%
	(49)		Discounted cash flows	Prepayment speed	11%		11%
				Interest rate curve	3%	18%	9%
Net equity derivatives	(3,139)		Option pricing	Forward equity price(h)	84%	141%	101%
				Equity volatility	2%	135%	36%
				Equity correlation	0%	100%	54%
				Equity-FX correlation	(78)%	71%	(33)%
				Equity-IR correlation	0%	10%	6%
Net commodity derivatives	145		Option pricing	Oil commodity forward	$47/BBL	$1,680/BBL	$302/BBL
				Natural gas commodity forward	$1/MMBTU	$6/MMBTU	$3/MMBTU
				Commodity volatility	2%	41%	6%
				Commodity correlation	(15)%	98%	11%
MSRs	9,093		Discounted cash flows	Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)	54,683		Option pricing	Interest rate volatility	24bps	503bps	100bps
				Bermudan switch value	0%	52%	17%
				Interest rate correlation	(64)%	97%	56%
				IR-FX correlation	(35)%	60%	4%
				Equity volatility	3%	117%	35%
				Equity correlation	0%	100%	60%
				Equity-FX correlation	(84)%	65%	(33)%
				Equity-IR correlation	5%	20%	13%
	1,660		Discounted cash flows	Credit correlation	27%	76%	52%
				Credit spread	1bps	345bps	63bps
				Recovery rate	20%	40%	36%
				Yield	5%	20%	10%
				Loss severity	0%	100%	50%
Other level 3 assets and liabilities, net(f)	1,382

(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 $268 million, nonagency securities of $5 million and non-trading loans of $644 million.

(c)Comprises trading loans of $93 million and non-trading loans of $1.1 billion.

(d)Comprises trading loans of $958 million and non-trading loans of $1.4 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 $938 million, including $765 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 months ended March 31, 2026 and 2025. 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 March 31, 2026 (in millions)	Fair value at   Jan. 1, 2026		Total realized/unrealized gains/(losses)											Transfers into level 3		Transfers (out of) level 3		Fair value at Mar. 31, 2026		Change in unrealized gains/(losses) related to financial instruments held at Mar. 31, 2026
						Purchases(g)		Sales				Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	307	$	1		$	1	$	(28)			$	(13)	$	—	$	—	$	268	$	(1)
Residential – nonagency	5		2			4		(6)				—		—		—		5		—
Commercial – nonagency	—		—			—		—				—		—		—		—		—
Total mortgage-backed securities	312		3			5		(34)				(13)		—		—		273		(1)
Obligations of U.S. states and municipalities	1		24			—		—				—		5		—		30		24
Non-U.S. government debt securities	245		(7)			38		(61)				—		—		(8)		207		(6)
Corporate debt securities	454		(1)			63		(30)				—		1		(5)		482		2
Loans	1,143		(29)			201		(94)				(3)		69		(236)		1,051		(29)
Asset-backed securities	27		—			—		—				(1)		—		—		26		—
Total debt instruments	2,182		(10)			307		(219)				(17)		75		(249)		2,069		(10)
Equity securities	138		7			46		(108)				(4)		96		(3)		172		14
Physical commodities	30		32			—		—				(51)		—		—		11		29
Other	444		(47)			49		—				(15)		54		(31)		454		(31)
Total trading assets – debt and equity instruments	2,794		(18)		(c)	402		(327)				(87)		225		(283)		2,706		2		(c)
Net derivative receivables:(b)
Interest rate	1,306		318			32		(105)				49		110		19		1,729		356
Credit	(1,135)		1,496			1		(42)				(324)		(8)		72		60		1,483
Foreign exchange	305		68			89		(114)				88		79		57		572		68
Equity	(3,537)		690			356		(800)				89		107		(44)		(3,139)		426
Commodity	(16)		210			4		(130)				80		(25)		22		145		228
Total net derivative receivables	(3,077)		2,782		(c)	482		(1,191)				(18)		263		126		(633)		2,561		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	3		(3)			—		—				—		—		—		—		—
Corporate debt securities	108		6			—		—				—		—		(6)		108		6
Total available-for-sale securities	111		3		(d)	—		—				—		—		(6)		108		6		(d)
Loans	3,062		93		(c)	148		(107)				(176)		340		(176)		3,184		83		(c)
Mortgage servicing rights	9,167		38		(e)	156		2				(270)		—		—		9,093		38		(e)
Other assets	1,047		9		(c)	21		(2)				(4)		1		(1)		1,071		9		(c)
	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2026 (in millions)	Fair value at   Jan. 1, 2026		Total realized/unrealized (gains)/losses											Transfers into level 3		Transfers (out of) level 3		Fair value at Mar. 31, 2026		Change in unrealized (gains)/losses related to financial instruments held at Mar. 31, 2026
						Purchases		Sales		Issuances		Settlements(h)
Liabilities:(a)
Deposits	$	2,356	$	(88)	(c)(f)	$	—	$	—	$	304	$	(1,089)	$	—	$	(179)	$	1,304	$	(89)	(c)(f)
Short-term borrowings	5,558		(74)		(c)(f)	—		—		3,923		(3,544)		7		(3)		5,867		(130)		(c)(f)
Trading liabilities – debt and equity instruments	326		4		(c)	(5)		10		—		—		—		—		335		8		(c)
Accounts payable and other liabilities	38		7		(c)	(2)		3		—		—		1		—		47		7		(c)
Long-term debt	46,673		(1,190)		(c)(f)	—		—		10,613		(6,428)		103		(599)		49,172		(1,262)		(c)(f)

	Fair value measurements using significant unobservable inputs
Three months ended March 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 Mar. 31, 2025			Change in unrealized gains/(losses) related to financial instruments held at Mar. 31, 2025
						Purchases(g)		Sales				Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	488	$	3		$	3	$	(88)			$	(16)	$	—	$	—		$	390	$	(4)
Residential – nonagency	5		—			—		—				—		—		—			5		—
Commercial – nonagency	10		(3)			—		—				—		—		—			7		(3)
Total mortgage-backed securities	503		—			3		(88)				(16)		—		—			402		(7)
Obligations of U.S. states and municipalities	1		—			—		—				—		—		—			1		—
Non-U.S. government debt securities	152		12			76		(78)				(1)		—		—			161		29
Corporate debt securities	390		7			99		(51)				(5)		10		(8)			442		75
Loans	1,088		(6)			351		(214)				(110)		141		(447)			803		(7)
Asset-backed securities	10		—			—		—				—		—		—			10		—
Total debt instruments	2,144		13			529		(431)				(132)		151		(455)			1,819		90
Equity securities	62		(4)			61		(40)				—		61		(7)			133		(3)
Physical commodities	26		(10)			—		—				(2)		—		—			14		(4)
Other	210		(42)			9		—				(14)		76		—			239		(41)
Total trading assets – debt and equity instruments	2,442		(43)		(c)	599		(471)				(148)		288		(462)			2,205		42		(c)
Net derivative receivables:(b)
Interest rate	301		597			89		(117)				139		(60)		45			994		666
Credit	(363)		(117)			79		—				(138)		(146)		(18)			(703)		(97)
Foreign exchange	20		232			63		(153)				69		73		(6)			298		175
Equity	(2,866)		1,747			272		(777)				(954)		(577)		194			(2,961)		1,600
Commodity	(73)		103			26		(62)				62		1		(17)			40		111
Total net derivative receivables	(2,981)		2,562		(c)	529		(1,109)				(822)		(709)		198			(2,332)		2,455		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	8		—			—		—				—		—		—			8		—
Corporate debt securities	—		—			—		—				—		—		—			—		—
Total available-for-sale securities	8		—			—		—				—		—		—			8		—
Loans	2,416		29		(c)	54		(72)				(300)		453		(182)			2,398		(13)		(c)
Mortgage servicing rights	9,121		(127)		(e)	390		4				(261)		—		—			9,127		(127)		(e)
Other assets	1,344		32		(c)	12		(31)				(10)		56		(33)			1,370		32		(c)
	Fair value measurements using significant unobservable inputs
Three months ended March 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 Mar. 31, 2025			Change in unrealized (gains)/losses related to financial instruments held at Mar. 31, 2025
						Purchases		Sales		Issuances		Settlements(h)
Liabilities:(a)
Deposits	$	2,185	$	52	(c)(f)	$	—	$	—	$	362	$	(625)	$	—	$	(25)		$	1,949	$	48	(c)(f)
Short-term borrowings	3,476		49		(c)(f)	—		—		2,360		(1,812)		10		(38)			4,045		20		(c)(f)
Trading liabilities – debt and equity instruments	46		(10)		(c)	—		11		—		—		16		(19)			44		(8)		(c)
Accounts payable and other liabilities	76		(8)		(c)	—		1		—		—		—		(33)			36		(8)		(c)
Long-term debt	34,564		(210)		(c)(f)	—		—		7,654		(5,091)		158		(593)			36,482		(316)		(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 both March 31, 2026 and December 31, 2025. 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 6% and 9% at March 31, 2026 and December 31, 2025, 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 months ended March 31, 2026 and 2025.

(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 months ended March 31, 2026 and 2025. Unrealized (gains)/losses are reported in OCI, and were $(445) million and $(73) million for the three months ended March 31, 2026 and 2025, 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.

	Three months ended March 31,
(in millions)	2026		2025
Credit and funding adjustments:
Derivatives CVA	$	(111)	$	(45)
Derivatives FVA	(35)		(25)

Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets and liabilities held as of March 31, 2026 and 2025, for which nonrecurring fair value adjustments were recorded during the three months ended March 31, 2026 and 2025, by major product category and fair value hierarchy.

March 31, 2026 (in millions)	Fair value hierarchy						Total fair value
	Level 1		Level 2		Level 3
Loans	$	—	$	1,594	$	471	$	2,065
Other assets(a)	—		3		425		428
Total assets measured at fair value on a nonrecurring basis	$	—	$	1,597	$	896	$	2,493
Accounts payable and other liabilities	—		—		129		129
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	129	$	129

March 31, 2025 (in millions)	Fair value hierarchy						Total fair value
	Level 1		Level 2		Level 3
Loans	$	—	$	994	$	441	$	1,435
Other assets	—		6		258		264
Total assets measured at fair value on a nonrecurring basis	$	—	$	1,000	$	699	$	1,699
Accounts payable and other liabilities	—		—		1		1
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	1	$	1

(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 $425 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2026, $373 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 months ended March 31, 2026 and 2025, related to assets and liabilities held at those dates.

	Three months ended March 31,
(in millions)	2026		2025
Loans	$	(39)	$	(74)
Other assets(a)	129		27
Accounts payable and other liabilities	(129)		(1)
Total nonrecurring fair value gains/(losses)	$	(39)	$	(48)

(a)Included $121 million and $34 million for the three months ended March 31, 2026 and 2025, 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 March 31, 2026 and 2025, 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 March 31,
As of or for the period ended, (in millions)	2026		2025
Other assets
Carrying value(a)	$	5,797	$	3,988
Upward carrying value changes(b)	147		52
Downward carrying value changes/impairment(c)	(26)		(18)

(a)The carrying value as of December 31, 2025 was $4.9 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 March 31, 2026 were $1.5 billion.

(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2026 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 March 31, 2026 and December 31, 2025, 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.

	March 31, 2026										December 31, 2025
			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	$	22.0	$	22.0	$	—	$	—	$	22.0	$	21.7	$	21.7	$	—	$	—	$	21.7
Deposits with banks	290.1		290.1		—		—		290.1		321.6		321.6		—		—		321.6
Accrued interest and accounts receivable	141.9		—		141.7		0.2		141.9		111.1		—		111.0		0.1		111.1
Federal funds sold and securities purchased under resale agreements	10.2		—		10.2		—		10.2		9.4		—		9.4		—		9.4
Securities borrowed	178.5		—		178.5		—		178.5		188.1		—		188.1		—		188.1
Investment securities, held-to-maturity	272.1		134.4		120.1		—		254.5		270.1		126.4		126.9		—		253.3
Loans, net of allowance for loan losses(a)	1,415.3		—		316.7		1,102.6		1,419.3		1,397.0		—		314.6		1,089.2		1,403.8
Other	97.6		—		97.2		0.6		97.8		93.0		—		91.7		1.5		93.2
Financial liabilities
Deposits	$	2,655.7	$	—	$	2,655.9	$	—	$	2,655.9	$	2,538.4	$	—	$	2,538.8	$	—	$	2,538.8
Federal funds purchased and securities loaned or sold under repurchase agreements	96.5		—		96.5		—		96.5		82.2		—		82.2		—		82.2
Short-term borrowings	39.1		—		39.1		—		39.1		32.3		—		32.3		—		32.3
Accounts payable and other liabilities(b)	300.7		—		287.3		12.4		299.7		262.6		—		248.7		13.0		261.7
Beneficial interests issued by consolidated VIEs	27.1		—		27.1		—		27.1		27.9		—		28.0		—		28.0
Long-term debt	304.0		—		254.0		51.9		305.9		300.6		—		253.0		52.1		305.1

(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.

	March 31, 2026										December 31, 2025
			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	$	—	$	—	$	4.2	$	4.2	$	3.2	$	—	$	—	$	4.5	$	4.5

(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.