Trading Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Trading Assets And Liabilities [Abstract]

Trading assets and liabilities consisted of the following:


	September 30, 2024		December 31, 2023
	(in millions)
Trading assets:
U.S. Treasury	$	4,038	$	3,564
U.S. Government agency issued or guaranteed	1		1
U.S. Government sponsored enterprises	1,228		1,207


Foreign bonds	759		4,019
Equity securities	14,344		11,702
Precious metals	160		346
Derivatives, net	1,177		1,276
Total trading assets	$	21,707	$	22,115
Trading liabilities:
Securities sold, not yet purchased	$	1,528	$	1,688
Payables for precious metals	238		301
Derivatives, net	1,071		1,496
Total trading liabilities	$	2,837	$	3,485

At September 30, 2024 and December 31, 2023, the fair value of derivatives included in trading assets is net of $889 million and $1,416 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At September 30, 2024 and December 31, 2023, the fair value of derivatives included in trading liabilities is net of $1,511 million and $1,321 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

See Note 8, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.

Dividend income on equity securities held for trading, which is recorded in interest income in the consolidated statement of income, totaled $46 million and $133 million during the three and nine months ended September 30, 2024, respectively, compared with $41 million and $111 million during the three and nine months ended September 30, 2023, respectively. Trading security positions are primarily held as economic hedges of derivative products issued to our clients.