Trading Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Trading Assets And Liabilities [Abstract]

Trading assets and liabilities consisted of the following:


	March 31, 2026		December 31, 2025
	(in millions)
Trading assets:
U.S. Treasury	$	4,116	$	3,791
U.S. Government agency issued or guaranteed	1		2
U.S. Government sponsored enterprises	893		1,347


Foreign bonds	1,445		914
Equity securities	14,654		15,141
Precious metals(1)	1,471		196
Derivatives, net	1,024		1,366
Total trading assets	$	23,604	$	22,757
Trading liabilities:
Securities sold, not yet purchased	$	1,115	$	1,438
Payables for precious metals(1)	937		86
Derivatives, net	1,098		831
Total trading liabilities	$	3,150	$	2,355

(1)In the first quarter of 2026, we reclassified $1.2 billion of precious metal lease assets from loans to trading assets and $0.8 billion of precious metal lease liabilities from short-term borrowings to trading liabilities on the consolidated balance sheet, which generally have a maturity of three months or less, to align with our risk management practices. Prior period amounts were not reclassified as the impact was not material.