Trading Assets and Liabilities

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.

At March 31, 2026 and December 31, 2025, the fair value of derivatives included in trading assets is net of $2,757 million and $1,600 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At March 31, 2026 and December 31, 2025, the fair value of derivatives included in trading liabilities is net of $1,099 million and $1,143 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

See Note 7, "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 $47 million and $42 million during the three months ended March 31, 2026 and 2025, respectively. Trading security positions are primarily held as economic hedges of derivative products issued to our clients.