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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents the fair value of derivative contracts by major product type on a gross basis. Gross fair values exclude the effects of both counterparty netting as well as collateral, and therefore are not representative of our exposure. The table below also presents the amounts of counterparty netting and cash collateral that have been offset in the consolidated balance sheet, as well as cash and securities collateral posted and received under enforceable master netting agreements that do not meet the criteria for netting. Derivative assets and liabilities which are not subject to an enforceable master netting agreement, or are subject to a netting agreement where an appropriate legal opinion to determine such agreements are enforceable has not been either sought or obtained, have not been netted in the following table. Where we have received or posted collateral under netting agreements where an appropriate legal opinion to determine such agreements are enforceable has not been either sought or obtained, the related collateral also has not been netted in the following table.
The substantial majority of our derivative assets and liabilities relate to bilateral over-the-counter ("OTC") derivatives, which include derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing counterparty. The credit risk associated with bilateral OTC derivatives is managed through obtaining collateral and enforceable master netting agreements. OTC-cleared derivatives are executed bilaterally in the OTC market but are then
novated to a central clearing counterparty, whereby the central clearing counterparty becomes the counterparty to each of the original counterparties. Credit risk for OTC-cleared derivatives is minimized through daily margining requirements. In addition,
OTC-cleared derivatives are settled daily, which reduces their fair value on the consolidated balance sheet. Exchange traded derivatives are executed directly on an organized exchange and represented less than 1 percent of our total derivative assets and liabilities.
March 31, 2026December 31, 2025
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
(in millions)
Derivatives accounted for as hedges:(1)
Interest rate contracts$17 $42 $24 $13 
Foreign exchange contracts160 — 129 — 
Total derivatives accounted for as hedges177 42 153 13 
Trading derivatives not accounted for as hedges:(2)
Interest rate contracts837 439 761 430 
Foreign exchange contracts11,277 11,123 9,452 8,924 
Equity contracts1,317 573 525 567 
Precious metals contracts1,753 1,796 1,883 2,050 
Credit contracts124 33 119 59 
Other non-qualifying derivatives not accounted for as hedges:(1)
Interest rate contracts2 85 1 73 
Equity contracts545 210 734 68 
Credit contracts15 152 18 158 
Other contracts(3)
3 9 4 17 
Total derivatives16,050 14,462 13,650 12,359 
Less: Gross amounts of receivable / payable subject to enforceable master netting agreements(4)(6)
12,050 12,050 10,198 10,198 
Less: Gross amounts of cash collateral received / posted subject to enforceable master netting agreements(5)(6)
2,757 1,099 1,911 1,143 
Net amounts of derivative assets / liabilities presented in the balance sheet1,243 1,313 1,541 1,018 
Less: Gross amounts of financial instrument collateral received / posted subject to enforceable master netting agreements but not offset in the consolidated balance sheet
252 50 255 10 
Net amounts of derivative assets / liabilities$991 $1,263 $1,286 $1,008 
(1)Derivative assets / liabilities related to cash flow hedges, fair value hedges and derivative instruments held for purposes other than for trading are recorded in other assets / interest, taxes and other liabilities on the consolidated balance sheet.
(2)Trading related derivative assets / liabilities are recorded in trading assets / trading liabilities on the consolidated balance sheet.
(3)Consists of swap agreements entered into in conjunction with the sales of Visa Inc. ("Visa") Class B common shares ("Class B Shares").
(4)Represents the netting of derivative receivable and payable balances for the same counterparty under enforceable netting agreements.
(5)Represents the netting of cash collateral posted and received by counterparty under enforceable netting agreements.
(6)Netting is performed at a counterparty level in cases where enforceable master netting agreements are in place, regardless of the type of derivative instrument. Therefore, we have not allocated netting to the different types of derivative instruments shown in the table above.
Schedule of Gains and Losses on Fair Value Hedging Instruments
The following table presents the carrying amount of hedged items in fair value hedges recognized in the consolidated balance sheet, along with the cumulative amount of fair value hedging adjustments included in the carrying amount of those hedged items:
 
Carrying Amount of Hedged Items(1)
Cumulative Amount of Fair Value Hedging Adjustments Increasing (Decreasing) the
Carrying Amount of Hedged Items
ActiveDiscontinuedTotal
 (in millions)
At March 31, 2026
Securities available-for-sale ("AFS")$19,470 $(1,072)$(201)$(1,273)
Long-term debt10,762 (137)— (137)
At December 31, 2025
Securities AFS15,902 (966)(204)(1,170)
Deposits1,497 (8)6 (2)
Long-term debt8,825 (74)— (74)
(1)The carrying amount of securities AFS represents the amortized cost basis.
The following table presents information on gains and losses on derivative instruments designated and qualifying as hedging instruments and the hedged items in fair value hedges and their location on the consolidated statement of income:
 Location of Gain (Loss)
Recognized in Income		Gain (Loss) on DerivativesGain (Loss) on Hedged Items
 (in millions)
Three Months Ended March 31, 2026
Interest rate contracts / Securities AFSNet interest income$117 $81 
Interest rate contracts / DepositsNet interest income5 (21)
Interest rate contracts / Long-term debtNet interest income(73)(43)
Total$49 $17 
Three Months Ended March 31, 2025
Interest rate contracts / Securities AFSNet interest income$(177)$344 
Interest rate contracts / DepositsNet interest income8 (31)
Interest rate contracts / Long-term debtNet interest income52 (179)
Total$(117)$134 
Schedule of Gains and Losses on Cash Flow Hedging Instruments
The following table presents information on gains and losses on derivative instruments designated and qualifying as hedging instruments in cash flow hedges (including amounts recognized in AOCI from discontinued cash flow hedges) and their location on the consolidated statement of income:
 Gain (Loss) Recognized in
AOCI on Derivatives		Location of Gain (Loss)
Reclassified from AOCI into Income		Gain (Loss) Reclassified From
AOCI into Income
2026202520262025
 (in millions)
Three Months Ended March 31,
Foreign exchange contracts$(3)$(2)Net interest income$— $— 
Interest rate contracts(13)(113)Net interest income(16)(10)
Total$(16)$(115)$(16)$(10)
Schedule of Gains and Losses on Derivative Instruments Included in Trading Activities
The following table presents information on gains and losses on derivative instruments held for trading purposes and their location on the consolidated statement of income:
 Location of Gain (Loss)
Recognized in Income on Derivatives		Gain (Loss) Recognized in Income on Derivatives
Three Months Ended March 31,
20262025
 (in millions)
Interest rate contractsTrading revenue$(83)$(127)
Foreign exchange contractsTrading revenue115 134 
Equity contractsTrading revenue815 778 
Precious metals contractsTrading revenue47 4 
Credit contractsTrading revenue17 (52)
Total$911 $737 
Schedule of Gains and Losses on Derivative Instruments Held for Non-qualifying Hedging Activities
The following table presents information on gains and losses on derivative instruments held for non-qualifying hedging and other activities and their location on the consolidated statement of income:
 Location of Gain (Loss)
Recognized in Income on Derivatives		Gain (Loss) Recognized in Income on Derivatives
Three Months Ended March 31,
20262025
 (in millions)
Interest rate contractsGain (loss) on instruments designated at fair value and related derivatives$(11)$32 
Equity contractsGain (loss) on instruments designated at fair value and related derivatives(198)(200)
Equity contractsOther income (loss)— (3)
Credit contractsOther income (loss)(4)(3)
Other contracts(1)
Other income (loss)(7)(7)
Total$(220)$(181)
(1)Consists of swap agreements entered into in conjunction with the sales of Visa Class B Shares.
Credit-Risk Related Contingent Features
The following table presents the amount of additional collateral that we would be required to post (from the current collateral level) related to derivative instruments with credit-risk related contingent features if our long-term ratings were downgraded by one or two notches. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another rating agency will generally not result in additional collateral.
One-notch downgradeTwo-notch downgrade
 (in millions)
Amount of additional collateral to be posted upon downgrade$— $17 
Notional Value of Derivative Contracts The following table summarizes the notional values of derivative contracts:
March 31, 2026December 31, 2025
 (in billions)
Interest rate:
Swaps, futures and forwards$222.2 $137.2 
Options written— .1 
Options purchased— — 
Total interest rate222.2 137.3 
Foreign exchange:
Swaps, futures and forwards1,264.6 1,113.2 
Options written25.4 23.8 
Options purchased25.6 23.8 
Spot64.7 34.4 
Total foreign exchange1,380.3 1,195.2 
Commodities, equities and precious metals:
Swaps, futures and forwards44.3 35.8 
Options written1.6 1.7 
Options purchased11.0 10.9 
Total commodities, equities and precious metals56.9 48.4 
Credit derivatives24.8 22.5 
Other contracts(1)
1.6 1.8 
Total$1,685.8 $1,405.2 
(1)Consists of swap agreements entered into in conjunction with the sales of Visa Class B Shares.