XML 371 R12.htm IDEA: XBRL DOCUMENT v3.26.1
Investment Securities
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Investment securities held by us are classified as either trading account assets, AFS, HTM or equity securities held at fair value at the time of purchase and reassessed periodically, based on management’s intent. For additional
information on our accounting for investment securities, refer to Note 3 of the notes to consolidated financial statements in our 2025 Form 10-K.
Trading assets are carried at fair value. Both realized and unrealized gains and losses on trading assets are recorded in other fee revenue in our consolidated statement of income. AFS securities are carried at fair value, with any allowance for credit losses recorded through the consolidated statement of income and after-tax net unrealized gains and losses are recorded in AOCI. Gains or losses realized on sales of AFS investment securities are computed using the specific identification method and are recorded in gains (losses) from sales of available-for-sale securities, net, in our consolidated statement of income. HTM investment securities are carried at cost, adjusted for amortization of premiums and accretion of discounts, with any allowance for credit losses recorded through the consolidated statement of income.
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:
 March 31, 2026December 31, 2025
 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$24,982 $36 $10 $25,008 $23,210 $55 $5 $23,260 
Mortgage-backed securities(1)
16,516 78 75 16,519 15,550 90 54 15,586 
Total U.S. Treasury and federal agencies41,498 114 85 41,527 38,760 145 59 38,846 
Non-U.S. debt securities:
Mortgage-backed securities2,643 3 3 2,643 2,573 6 1 2,578 
Asset-backed securities(2)
2,290 4 1 2,293 2,081 5 1 2,085 
Non-U.S. sovereign, supranational and non-U.S. agency19,351 29 101 19,279 17,693 73 35 17,731 
Other(3)
2,868 23 4 2,887 2,784 42 — 2,826 
Total non-U.S. debt securities27,152 59 109 27,102 25,131 126 37 25,220 
Asset-backed securities:
Student loans(4)
37 — — 37 63 1 — 64 
Collateralized loan obligations(5)
2,867 — 4 2,863 2,904 2 1 2,905 
Non-agency CMBS and RMBS(6)
— — — — — 3 — 3 
Other90 1 — 91 90 1 — 91 
Total asset-backed securities2,994 1 4 2,991 3,057 7 1 3,063 
State and political subdivisions25 — — 25 25 — — 25 
Total available-for-sale securities(7)(8)
$71,669 $174 $198 $71,645 $66,973 $278 $97 $67,154 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$274 $— $2 $272 $573 $— $3 $570 
Mortgage-backed securities(9)
32,186 5 4,116 28,075 32,876 9 3,965 28,920 
Total U.S. Treasury and federal agencies32,460 5 4,118 28,347 33,449 9 3,968 29,490 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency2,084 — 35 2,049 2,461 4 31 2,434 
Total non-U.S. debt securities2,084 — 35 2,049 2,461 4 31 2,434 
Asset-backed securities:
Student loans(4)
2,188 3 27 2,164 2,261 5 24 2,242 
Total asset-backed securities2,188 3 27 2,164 2,261 5 24 2,242 
Total held-to-maturity securities(7)(10)
$36,732 $8 $4,180 $32,560 $38,171 $18 $4,023 $34,166 
(1) As of March 31, 2026 and December 31, 2025, the total fair value included $2.49 billion and $2.81 billion, respectively, of agency CMBS and $14.03 billion and $12.78 billion, respectively, of agency MBS.
(2) As of March 31, 2026 and December 31, 2025, the fair value includes non-U.S. CLOs of $0.86 billion and $0.77 billion, respectively.
(3) As of March 31, 2026 and December 31, 2025, the fair value includes non-U.S. corporate bonds of $2.55 billion and $2.40 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 CLOs in loan form. Refer to Note 4 for additional information.
(6) Consists entirely of non-agency RMBS as of December 31, 2025.
(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 March 31, 2026 and December 31, 2025.
(8) As of March 31, 2026 and December 31, 2025, we had no allowance for credit losses on AFS investment securities.
(9) As of March 31, 2026 and December 31, 2025, the total amortized cost included $5.06 billion and $5.08 billion of agency CMBS, respectively.
(10) As of both March 31, 2026 and December 31, 2025, the allowance for credit losses on HTM investment securities was less than $1 million.
Aggregate investment securities with carrying values of approximately $73.30 billion and $74.14 billion as of March 31, 2026 and December 31, 2025, respectively, were designated as pledged for public and trust deposits, short-term borrowings and for other purposes as provided by law.
In the three months ended March 31, 2026, proceeds from sales of AFS securities were approximately $3.94 billion, primarily from sales of U.S. Treasury and supranational securities. We recognized a pre-tax gain of $1 million from these sales in the three months ended March 31, 2026.
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:
March 31, 2026
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$7,663 $7 $1,461 $3 $9,124 $10 
Mortgage-backed securities3,423 20 3,340 55 6,763 75 
Total U.S. Treasury and federal agencies11,086 27 4,801 58 15,887 85 
Non-U.S. debt securities:
Mortgage-backed securities1,295 3 50 — 1,345 3 
Asset-backed securities943 1 163 — 1,106 1 
Non-U.S. sovereign, supranational and non-U.S. agency10,381 94 876 7 11,257 101 
Other514 4 — — 514 4 
Total non-U.S. debt securities13,133 102 1,089 7 14,222 109 
Asset-backed securities:
Collateralized loan obligations2,113 4 105 — 2,218 4 
Total asset-backed securities2,113 4 105 — 2,218 4 
Total$26,332 $133 $5,995 $65 $32,327 $198 

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 
The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of March 31, 2026. 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.
March 31, 2026
(In millions)Under 1 Year1 to 5 Years6 to 10 YearsOver 10 YearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$4,569 $4,572 $20,412 $20,435 $1 $1 $— $— $24,982 $25,008 
Mortgage-backed securities67 67 1,699 1,692 728 722 14,022 14,038 16,516 16,519 
Total U.S. Treasury and federal agencies4,636 4,639 22,111 22,127 729 723 14,022 14,038 41,498 41,527 
Non-U.S. debt securities:
Mortgage-backed securities184 184 418 418 — — 2,041 2,041 2,643 2,643 
Asset-backed securities42 42 284 284 1,055 1,058 909 909 2,290 2,293 
Non-U.S. sovereign, supranational and non-U.S. agency3,897 3,898 15,116 15,043 338 338 — — 19,351 19,279 
Other895 898 1,894 1,911 79 78 — — 2,868 2,887 
Total non-U.S. debt securities5,018 5,022 17,712 17,656 1,472 1,474 2,950 2,950 27,152 27,102 
Asset-backed securities:
Student loans— — — — — — 37 37 37 37 
Collateralized loan obligations107 106 7 7 1,301 1,300 1,452 1,450 2,867 2,863 
Other— — 90 91 — — — — 90 91 
Total asset-backed securities107 106 97 98 1,301 1,300 1,489 1,487 2,994 2,991 
State and political subdivisions25 25 — — — — — — 25 25 
Total$9,786 $9,792 $39,920 $39,881 $3,502 $3,497 $18,461 $18,475 $71,669 $71,645 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$243 $242 $24 $23 $— $— $7 $7 $274 $272 
Mortgage-backed securities247 231 4,159 3,782 967 893 26,813 23,169 32,186 28,075 
Total U.S. Treasury and federal agencies490 473 4,183 3,805 967 893 26,820 23,176 32,460 28,347 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency772 770 1,220 1,190 92 89 — — 2,084 2,049 
Total non-U.S. debt securities772 770 1,220 1,190 92 89 — — 2,084 2,049 
Asset-backed securities:
Student loans121 118 391 390 458 457 1,218 1,199 2,188 2,164 
Total asset-backed securities121 118 391 390 458 457 1,218 1,199 2,188 2,164 
Total$1,383 $1,361 $5,794 $5,385 $1,517 $1,439 $28,038 $24,375 $36,732 $32,560 
Interest income related to debt securities is recognized in our consolidated statement of income using the effective interest method, or on a basis approximating a level rate of return over the contractual or estimated life of the security. The level rate of return considers any non-refundable fees or costs, as well as purchase premiums or discounts, adjusted as prepayments occur, resulting in amortization or accretion, accordingly.
Allowance for Credit Losses on Debt Securities and Impairment of AFS Securities
We conduct quarterly reviews of HTM and AFS securities on a collective (pool) basis when similar risk characteristics exist to determine whether an allowance for credit losses should be recognized. We review individual AFS securities periodically to assess if additional impairment is required. For additional information about the Current Expected Credit Loss methodology and the review of investment securities for expected credit losses or impairment, refer to Note 3 of the notes to consolidated financial statements in our 2025 Form 10-K.
We monitor the credit quality of the HTM and AFS investment securities using a variety of methods, including both external and internal credit ratings. As of March 31, 2026, over 99% of our HTM and AFS investment portfolio is publicly rated investment grade.
We have elected to not record an allowance on accrued interest for HTM and AFS securities. Accrued interest on these securities is reversed against interest income when payment on a security is delinquent for greater than 90 days from the date of payment.
After a review of the investment portfolio, taking into consideration then-current economic conditions, adverse situations that might affect our ability to fully collect principal and interest, the timing of future payments, the credit quality and performance of the collateral underlying MBS and ABS and other relevant factors, management considered the aggregate decline in fair value of the investment securities portfolio and the resulting gross pre-tax unrealized losses of $4.38 billion related to 1,597 securities as of March 31, 2026 to be primarily related to changes in interest rates, and not the result of any material changes in the credit characteristics of the securities. The unrealized loss has not been recognized as of March 31, 2026, as management did not have the intent to sell, nor was it more likely than not that we would be required to sell these securities before the expected recovery of their amortized cost basis.