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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments including those entered into for trading and asset and liability management activities as of the dates indicated:
(In millions)December 31, 2025December 31, 2024
Derivatives not designated as hedging instruments:
Interest rate contracts:
Futures$97,035 $47,222 
Foreign exchange contracts:
Forward, swap and spot2,768,458 2,612,945 
Options purchased436 466 
Options written110 145 
Futures472 359 
Other:
Futures159 155 
Stable value contracts(1)
12,271 25,271 
Deferred value awards(2)
222 253 
Derivatives designated as hedging instruments:
Interest rate contracts:
Swap agreements42,708 33,302 
Foreign exchange contracts:
Forward and swap12,350 10,260 
(1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values.
(2) Represents grants of deferred value awards to employees; refer to discussion in this note under “Derivatives Not Designated as Hedging Instruments.”
Schedule of Derivative Assets at Fair Value
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. Fair value measurement for derivatives is further discussed in Note 2, and the impact of master netting agreements is provided in Note 11.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Derivatives not designated as hedging instruments:
Foreign exchange contracts$14,200 $29,116 $13,993 $28,904 
Other derivative contracts1 1 159 219 
Total$14,201 $29,117 $14,152 $29,123 
Derivatives designated as hedging instruments:
Foreign exchange contracts$24 $323 $104 $— 
Interest rate contracts34 28 5 1 
Total$58 $351 $109 $1 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within accrued expenses and other liabilities in our consolidated statement of condition.
Schedule of Derivative Liabilities at Fair Value
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. Fair value measurement for derivatives is further discussed in Note 2, and the impact of master netting agreements is provided in Note 11.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Derivatives not designated as hedging instruments:
Foreign exchange contracts$14,200 $29,116 $13,993 $28,904 
Other derivative contracts1 1 159 219 
Total$14,201 $29,117 $14,152 $29,123 
Derivatives designated as hedging instruments:
Foreign exchange contracts$24 $323 $104 $— 
Interest rate contracts34 28 5 1 
Total$58 $351 $109 $1 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within accrued expenses and other liabilities in our consolidated statement of condition.
Impact of Derivative Financial Instruments on Statement of Income
The following table presents the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Years Ended December 31,
202520242023
(In millions)Location of Gain (Loss) on
Derivative in Consolidated
Statement of Income		Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income
Derivatives not designated as hedging instruments:
Foreign exchange contractsForeign exchange trading services revenue$1,040 $862 $803 
Foreign exchange contractsInterest expense191 274 (54)
Interest rate contractsForeign exchange trading services revenue(3)21 (2)
Other derivative contracts
Other fee revenue(10)(12)(3)
Other derivative contracts(1)
Compensation and employee benefits(81)(189)(121)
Total$1,137 $956 $623 
(1) Amount in 2024 reflects a deferred compensation expense acceleration of $79 million.
The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Years Ended December 31,Years Ended December 31,
202520242023202520242023
(In millions)
Location of Gain (Loss) on Derivative in Consolidated Statement of Income
Amount of Gain
(Loss) on Derivative
Recognized in
Consolidated
Statement of Income
Hedged Item in Fair Value Hedging Relationship
Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income
Amount of Gain
(Loss) on Hedged
Item Recognized in
Consolidated
Statement of Income
Derivatives designated as fair value hedges:
Interest rate contractsNet interest income$(424)$(55)$(164)
Available-for-sale securities(1)
Net interest income
$423 $55 $164 
Interest rate contractsNet interest income247 17 202 Long-term debtNet interest income(247)(17)(202)
Foreign exchange contracts
Other fee revenue
(18)21 — 
Available-for-sale securities
Other fee revenue
18 (21)— 
Total$(195)$(17)$38 $194 $17 $(38)
(1) For the year ended December 31, 2025, approximately $362 million of net unrealized losses on AFS investment securities designated in fair value hedges were recognized in OCI compared to approximately $93 million of net unrealized losses in the same period of 2024.
Years Ended December 31,Years Ended December 31,
202520242023Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income202520242023
(In millions)
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts(1)
$(7)$(6)$14 Net interest income$(136)$(200)$(210)
Foreign exchange contracts— 59 91 Net interest income— 254 2 
Total derivatives designated as cash flow hedges$(7)$53 $105 $(136)$54 $(208)
Derivatives designated as net investment hedges:
Foreign exchange contracts$(783)$540 $(89)$— $— $— 
Total derivatives designated as net investment hedges(783)540 (89)— — — 
Total$(790)$593 $16 $(136)$54 $(208)
(1) As of December 31, 2025, the maximum maturity date of the underlying hedged items is approximately 5.0 years.
Schedule of Carrying Amount of Hedged Assets and Liabilities
The following tables show the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships:
December 31, 2025
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$15,553 $(76)$72 
Available-for-sale securities(2)(3)
22,804 99 — 
December 31, 2024
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$15,951 $(323)$103 
Available-for-sale securities(2)(3)
18,666 (376)1 
(1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.
(2) Included in these amounts is the amortized cost of the financial assets designated in under the portfolio layer hedging relationships (hedged item is the hedged layer of a closed portfolio of financial assets expected to remain outstanding at the end of the hedging relationship). At December 31, 2025 and 2024, the amortized cost of the closed portfolios used in these hedging relationships was $3.30 billion and $3.32 billion, respectively, of which $1.73 billion and $1.82 billion, respectively, was designated under the portfolio layer hedging relationship. At December 31, 2025 and 2024, the cumulative adjustment associated with these hedging relationships was $21 million and $(26) million, respectively.
(3) Carrying amount represents amortized cost.