v3.25.4
Trading Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Trading Assets and Liabilities [Abstract]  
Summary of Trading Assets and Liabilities
The table below presents a summary of trading assets and liabilities.
TradingTrading
$ in millionsAssets

Liabilities
As of December 2025  
Trading cash instruments$603,843 $178,147 
Derivatives52,953 84,405 
Total$656,796 $262,552 
As of December 2024  
Trading cash instruments$523,216 $127,575 
Derivatives47,339 74,980 
Total$570,555 $202,555 
Summary of Market Making Revenues by Major Product Type
The table below presents market making revenues by major product type.
Year Ended December
$ in millions202520242023
Interest rates$8,632 $715 $4,437 
Credit284 2,467 1,141 
Currencies(3,913)6,292 2,827 
Equities10,609 7,632 7,938 
Commodities2,381 1,284 1,895 
Total$17,993 $18,390 $18,238 
In the table above:
•Gains/(losses) include both realized and unrealized gains and losses. Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense.
•Gains/(losses) included in market making are primarily related to the firm’s trading assets and liabilities, including both derivative and non-derivative financial instruments.
•Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s trading cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts.