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Trading Assets and Liabilities
 12 Months Ended
Dec. 31, 2025
Trading Assets And Liabilities [Abstract]  
Trading Assets and Liabilities Trading Assets and Liabilities
Trading assets and liabilities consisted of the following:
At December 31,20252024
 (in millions)
Trading assets:
U.S. Treasury$3,791 $3,676 
U.S. Government agency issued or guaranteed2 1 
U.S. Government sponsored enterprises1,347 1,166 
Foreign bonds914 783 
Equity securities15,141 13,844 
Precious metals196 163 
Derivatives, net1,366 1,598 
Total trading assets$22,757 $21,231 
Trading liabilities:
Securities sold, not yet purchased$1,438 $1,489 
Payables for precious metals86 70 
Derivatives, net831 2,348 
Total trading liabilities$2,355 $3,907 
At December 31, 2025 and 2024, the fair value of derivatives included in trading assets is net of $1,600 million and $2,813 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.
At December 31, 2025 and 2024, the fair value of derivatives included in trading liabilities is net of $1,143 million and $1,291 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.
See Note 14, "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 $155 million, $180 million and $159 million during 2025, 2024 and 2023, respectively. Trading security positions are primarily held as economic hedges of derivative products issued to our clients.