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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated:
 December 31, 2025December 31, 2024
 Amortized
Cost		Gross
Unrealized		Fair
Value		Amortized
Cost		Gross
Unrealized		Fair
Value
(In millions)GainsLossesGainsLosses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$23,210 $55 $5 $23,260 $23,539 $38 $52 $23,525 
Mortgage-backed securities(1)
15,550 90 54 15,586 10,699 21 154 10,566 
Total U.S. Treasury and federal agencies38,760 145 59 38,846 34,238 59 206 34,091 
Non-U.S. debt securities:
Mortgage-backed securities2,573 6 1 2,578 2,426 5 1 2,430 
Asset-backed securities(2)
2,081 5 1 2,085 1,865 5 2 1,868 
Non-U.S. sovereign, supranational and non-U.S. agency17,693 73 35 17,731 13,954 54 69 13,939 
Other(3)
2,784 42 — 2,826 2,787 38 4 2,821 
Total non-U.S. debt securities25,131 126 37 25,220 21,032 102 76 21,058 
Asset-backed securities:
Student loans(4)
63 1 — 64 89 1 — 90 
Collateralized loan obligations(5)
2,904 2 1 2,905 3,447 6 — 3,453 
Non-agency CMBS and RMBS(6)
— 3 — 3 1 3 — 4 
Other90 1 — 91 90 1 — 91 
Total asset-backed securities3,057 7 1 3,063 3,627 11 — 3,638 
State and political subdivisions25 — — 25 56 — — 56 
Other U.S. debt securities
— — — — 53 — 1 52 
Total available-for-sale securities(7)(8)
$66,973 $278 $97 $67,154 $59,006 $172 $283 $58,895 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$573 $— $3 $570 $5,417 $— $55 $5,362 
Mortgage-backed securities(9)
32,876 9 3,965 28,920 36,101 2 5,677 30,426 
Total U.S. Treasury and federal agencies33,449 9 3,968 29,490 41,518 2 5,732 35,788 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency2,461 4 31 2,434 3,673 7 73 3,607 
Total non-U.S. debt securities2,461 4 31 2,434 3,673 7 73 3,607 
Asset-backed securities:
Student loans(4)
2,261 5 24 2,242 2,536 4 29 2,511 
Total asset-backed securities2,261 5 24 2,242 2,536 4 29 2,511 
Total held-to-maturity securities(7)(10)
$38,171 $18 $4,023 $34,166 $47,727 $13 $5,834 $41,906 
(1) As of December 31, 2025 and 2024, the total fair value included $2.81 billion and $4.36 billion, respectively, of agency CMBS and $12.78 billion and $6.20 billion, respectively, of agency MBS.
(2) As of December 31, 2025 and 2024, the fair value includes non-U.S. collateralized loan obligations of $0.77 billion and $0.70 billion, respectively.
(3) As of December 31, 2025 and 2024, the fair value includes non-U.S. corporate bonds of $2.40 billion and $2.54 billion, respectively.
(4) Primarily comprises securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans.
(5) Excludes CLO loans. Refer to Note 4 for additional information.
(6) Consists entirely of non-agency RMBS as of both December 31, 2025 and 2024.
(7) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the periods ended December 31, 2025 and 2024.
(8) As of December 31, 2025 and 2024, we had no allowance for credit losses on AFS investment securities.
(9) As of December 31, 2025 and 2024, the total amortized cost included $5.08 billion and $5.18 billion of agency CMBS, respectively.
(10) As of both December 31, 2025 and 2024, the allowance for credit losses on HTM investment securities was less than $1 million.
Schedule of Gross Pre-tax Unrealized Losses on Investment Securities
The following tables present the aggregate fair values of AFS investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated:
As of December 31, 2025
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$756 $2 $2,063 $3 $2,819 $5 
Mortgage-backed securities1,267 3 4,018 51 5,285 54 
Total U.S. Treasury and federal agencies2,023 5 6,081 54 8,104 59 
Non-U.S. debt securities:
Mortgage-backed securities617 1 73 — 690 1 
Asset-backed securities425 — 168 1 593 1 
Non-U.S. sovereign, supranational and non-U.S. agency3,871 28 1,943 7 5,814 35 
Other129 — — — 129 — 
Total non-U.S. debt securities5,042 29 2,184 8 7,226 37 
Asset-backed securities:
Collateralized loan obligations1,068 1 — — 1,068 1 
Total asset-backed securities1,068 1 — — 1,068 1 
Total$8,133 $35 $8,265 $62 $16,398 $97 

As of December 31, 2024
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$8,113 $25 $2,435 $27 $10,548 $52 
Mortgage-backed securities3,742 59 4,360 95 8,102 154 
Total U.S. Treasury and federal agencies11,855 84 6,795 122 18,650 206 
Non-U.S. debt securities:
Mortgage-backed securities730 1 225 — 955 1 
Asset-backed securities387 — 506 2 893 2 
Non-U.S. sovereign, supranational and non-U.S. agency4,695 49 2,695 20 7,390 69 
Other312 2 116 2 428 4 
Total non-U.S. debt securities6,124 52 3,542 24 9,666 76 
Asset-backed securities:
Student loans12 — — — 12 — 
Collateralized loan obligations684 — — — 684 — 
Non-agency CMBS and RMBS— — — — — — 
Total asset-backed securities696 — — — 696 — 
State and political subdivisions— — 26 — 26 — 
Other U.S. debt securities3 — 49 1 52 1 
Total$18,678 $136 $10,412 $147 $29,090 $283 
Investments Classified by Contractual Maturity Date
The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of December 31, 2025. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties.
As of December 31, 2025
(In millions)Under 1 Year1 to 5 Years6 to 10 YearsOver 10 YearsTotal
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$6,153 $6,161 $17,056 $17,098 $1 $1 $— $— $23,210 $23,260 
Mortgage-backed securities81 80 1,639 1,638 1,092 1,083 12,738 12,785 15,550 15,586 
Total U.S. Treasury and federal agencies6,234 6,241 18,695 18,736 1,093 1,084 12,738 12,785 38,760 38,846 
Non-U.S. debt securities:
Mortgage-backed securities179 180 485 485 — — 1,909 1,913 2,573 2,578 
Asset-backed securities56 56 329 330 929 932 767 767 2,081 2,085 
Non-U.S. sovereign, supranational and
non-U.S. agency		4,423 4,432 12,457 12,486 813 813 — — 17,693 17,731 
Other796 800 1,958 1,996 30 30 — — 2,784 2,826 
Total non-U.S. debt securities5,454 5,468 15,229 15,297 1,772 1,775 2,676 2,680 25,131 25,220 
Asset-backed securities:
Student loans6 6 — — 9 10 48 48 63 64 
Collateralized loan obligations156 156 16 16 1,341 1,341 1,391 1,392 2,904 2,905 
Non-agency CMBS and RMBS— — — — — 3 — — — 3 
Other— — 90 91 — — — — 90 91 
Total asset-backed securities162 162 106 107 1,350 1,354 1,439 1,440 3,057 3,063 
State and political subdivisions25 25 — — — — — — 25 25 
Total$11,875 $11,896 $34,030 $34,140 $4,215 $4,213 $16,853 $16,905 $66,973 $67,154 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$463 $461 $103 $102 $— $— $7 $7 $573 $570 
Mortgage-backed securities234 220 3,924 3,578 868 790 27,850 24,332 32,876 28,920 
Total U.S. Treasury and federal agencies697 681 4,027 3,680 868 790 27,857 24,339 33,449 29,490 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and
non-U.S. agency		1,108 1,102 1,259 1,240 94 92 — — 2,461 2,434 
Total non-U.S. debt securities1,108 1,102 1,259 1,240 94 92 — — 2,461 2,434 
Asset-backed securities:
Student loans127 125 424 423 413 414 1,297 1,280 2,261 2,242 
Total asset-backed securities127 125 424 423 413 414 1,297 1,280 2,261 2,242 
Total$1,932 $1,908 $5,710 $5,343 $1,375 $1,296 $29,154 $25,619 $38,171 $34,166