Trading Activities

9 Months Ended

Sep. 30, 2024

Trading Activities [Abstract]

Trading Activities

Note 2:  Trading Activities

Table 2.1 presents a summary of our trading assets and liabilities measured at fair value through earnings.

Table 2.1: Trading Assets and Liabilities

(in millions)	Sep 30, 2024		Dec 31, 2023
Trading assets:
Debt securities	$	120,677	97,302
Equity securities	20,351		18,449
Loans held for sale	4,551		1,793
Gross trading derivative assets	72,101		71,990
Netting (1)	(54,537)		(54,069)
Total trading derivative assets	17,564		17,921
Total trading assets	163,143		135,465
Trading liabilities:
Short sale and other liabilities	29,946		25,471
Interest-bearing deposits	1,087		1,297
Long-term debt	3,774		2,308
Gross trading derivative liabilities	73,630		77,807
Netting (1)	(63,032)		(60,366)
Total trading derivative liabilities	10,598		17,441
Total trading liabilities	$	45,405	46,517

(1)Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments.

Table 2.2 provides net interest income earned from trading securities, and net gains and losses due to the realized and unrealized gains and losses from trading activities.

Net interest income also includes dividend income on trading securities and dividend expense on trading securities we have sold, but not yet purchased.

Table 2.2: Net Interest Income and Net Gains (Losses) from Trading Activities

	Quarter ended September 30,			Nine months ended September 30,
(in millions)	2024		2023	2024		2023
Net interest income:
Interest income (1)	$	1,453	1,143	$	4,065	3,080
Interest expense	211		163	604		467
Total net interest income	1,242		980	3,461		2,613
Net gains (losses) from trading activities, by risk type:
Interest rate	862		(443)	1,647		206
Commodity	110		74	321		238
Equity	254		435	993		898
Foreign exchange	(137)		1,253	763		2,047
Credit	349		(54)	610		340
Total net gains from trading activities	1,438		1,265	4,334		3,729
Total trading-related net interest and noninterest income	$	2,680	2,245	$	7,795	6,342

(1)Substantially all relates to interest income on debt and equity securities.