Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivatives on a Gross Basis

The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated balance sheets, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP.


	Fair Value as of
	March				December
	2026				2025
$ in millions	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Not accounted for as hedges
Exchange-traded	$	2,215	$	1,680	$	2,976	$	1,217
OTC-cleared	11,467		11,654		4,961		4,854
Bilateral OTC	152,947		115,138		153,595		116,061
Total interest rates	166,629		128,472		161,532		122,132
OTC-cleared	4,843		5,091		2,684		2,973
Bilateral OTC	11,875		11,612		11,091		11,162
Total credit	16,718		16,703		13,775		14,135
Exchange-traded	120		25		126		14
OTC-cleared	2,230		2,422		1,210		1,064
Bilateral OTC	93,400		93,309		78,403		82,468
Total currencies	95,750		95,756		79,739		83,546
Exchange-traded	7,977		8,252		8,597		8,788
OTC-cleared	443		462		640		804
Bilateral OTC	16,235		16,330		7,863		9,924
Total commodities	24,655		25,044		17,100		19,516
Exchange-traded	56,617		93,687		53,564		91,084
OTC-cleared	152		191		33		55
Bilateral OTC	51,608		77,061		34,101		60,422
Total equities	108,377		170,939		87,698		151,561
Subtotal	412,129		436,914		359,844		390,890
Accounted for as hedges
OTC-cleared	35		84		17		49
Bilateral OTC	154		8		164		7
Total interest rates	189		92		181		56
OTC-cleared	19		60		30		5
Bilateral OTC	253		10		25		263
Total currencies	272		70		55		268
Subtotal	461		162		236		324
Total gross fair value	$	412,590	$	437,076	$	360,080	$	391,214

Offset in the consolidated balance sheets
Exchange-traded	$	(59,904)	$	(59,904)	$	(58,701)	$	(58,701)
OTC-cleared	(18,310)		(18,310)		(8,925)		(8,925)
Bilateral OTC	(222,318)		(222,318)		(193,549)		(193,549)
Counterparty netting	(300,532)		(300,532)		(261,175)		(261,175)
OTC-cleared	(88)		(438)		(109)		(424)
Bilateral OTC	(47,918)		(45,906)		(45,843)		(45,210)
Cash collateral netting	(48,006)		(46,344)		(45,952)		(45,634)
Total amounts offset	$	(348,538)	$	(346,876)	$	(307,127)	$	(306,809)

Included in the consolidated balance sheets
Exchange-traded	$	7,025	$	43,740	$	6,562	$	42,402
OTC-cleared	791		1,216		541		455
Bilateral OTC	56,236		45,244		45,850		41,548
Total	$	64,052	$	90,200	$	52,953	$	84,405

Not offset in the consolidated balance sheets
Cash collateral	$	(628)	$	(2,660)	$	(442)	$	(1,951)
Securities collateral	(21,874)		(8,987)		(20,965)		(8,910)
Total	$	41,550	$	78,553	$	31,546	$	73,544


	Notional Amounts as of
	March		December
$ in millions	2026		2025
Not accounted for as hedges
Exchange-traded	$	2,222,633	$	1,983,652
OTC-cleared	21,261,613		16,533,168
Bilateral OTC	11,172,196		10,705,896
Total interest rates	34,656,442		29,222,716
Exchange-traded	303		332
OTC-cleared	1,328,447		986,680
Bilateral OTC	950,559		758,385
Total credit	2,279,309		1,745,397
Exchange-traded	11,090		9,555
OTC-cleared	777,835		523,741
Bilateral OTC	7,991,472		7,192,306
Total currencies	8,780,397		7,725,602
Exchange-traded	406,975		366,003
OTC-cleared	2,366		2,710
Bilateral OTC	241,732		186,420
Total commodities	651,073		555,133
Exchange-traded	2,677,454		2,327,060
OTC-cleared	1,136		1,062
Bilateral OTC	1,820,284		1,634,183
Total equities	4,498,874		3,962,305
Subtotal	50,866,095		43,211,153
Accounted for as hedges
OTC-cleared	373,097		294,278
Bilateral OTC	1,041		1,157
Total interest rates	374,138		295,435
OTC-cleared	6,358		6,105
Bilateral OTC	15,236		18,188
Total currencies	21,594		24,293


Subtotal	395,732		319,728
Total notional amounts	$	51,261,827	$	43,530,881

In the tables above:

•Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure.

•Amounts presented for collateral not offset in the consolidated balance sheets consists of collateral received or posted in connection with OTC-cleared and bilateral OTC derivatives under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP. In addition to collateral presented in the table above, the firm also posts or receives collateral in connection with its transactions with certain exchanges in accordance with the exchanges’ margin requirements. Such collateral may be calculated based on the firm’s total exposure to the respective exchange across all product types, including both derivative and non-derivative instruments. See Note 11 for further information.

•Substantially all of the gross fair value of derivatives relates to derivative contracts which are subject to enforceable netting agreements.

•Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses.

Credit Derivatives

The table below presents information about credit derivatives.


	Credit Rating of Underlier
$ in millions	Investment-Grade		Non-Investment- Grade/Unrated		Total
As of March 2026
Maximum Payout/Notional Amount of Written Credit Derivatives
By Product
Credit default swaps	$	684,455	$	186,304	$	870,759
Other credit derivatives	188,224		41,438		229,662
Total by product	$	872,679	$	227,742	$	1,100,421

By Maturity
Less than 1 year	$	240,424	$	48,340	$	288,764
1 - 5 years	487,719		138,101		625,820
Greater than 5 years	144,536		41,301		185,837
Total by maturity	$	872,679	$	227,742	$	1,100,421

Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting	$	749,482	$	189,173	$	938,655
Other	185,453		54,780		240,233
Total	$	934,935	$	243,953	$	1,178,888



Fair Value of Written Credit Derivatives
Asset	$	6,942	$	4,638	$	11,580
Liability	1,631		3,111		4,742
Net asset/(liability)	$	5,311	$	1,527	$	6,838
As of December 2025
Maximum Payout/Notional Amount of Written Credit Derivatives
By Product
Credit default swaps	$	536,846	$	124,330	$	661,176
Other credit derivatives	135,770		33,097		168,867
Total by product	$	672,616	$	157,427	$	830,043

By Maturity
Less than 1 year	$	184,830	$	37,484	$	222,314
1 - 5 years	447,318		109,387		556,705
Greater than 5 years	40,468		10,556		51,024
Total by maturity	$	672,616	$	157,427	$	830,043

Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting	$	549,513	$	127,807	$	677,320
Other	188,117		49,917		238,034
Total	$	737,630	$	177,724	$	915,354



Fair Value of Written Credit Derivatives
Asset	$	6,169	$	4,040	$	10,209
Liability	1,345		2,153		3,498
Net asset/(liability)	$	4,824	$	1,887	$	6,711

In the table above:

•Tenor is based on the remaining contractual maturity.

•Credit ratings are based on external credit ratings issued by credit rating agencies or internally determined credit agency equivalents where external credit ratings are not available.

•The credit rating of the underlier, together with the tenor of the contract, are indicators of payment/performance risk. The occurrence of a credit event is less likely where the derivative contract is investment-grade and the tenor is shorter.

•Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underliers.

•Other purchased credit derivatives represent the notional amount of all other purchased credit derivatives not included in offsetting.

•Fair values exclude the effects of both netting of receivable balances with payable balances under enforceable netting agreements, and netting of cash received or posted under enforceable credit support agreements, and therefore are not representative of the firm’s credit exposure.

Schedule of Derivative Instruments

The table below presents information about CVA and FVA.



	Three Months Ended March
$ in millions	2026		2025
CVA, net of hedges	$	153	$	139
FVA, net of hedges	(90)		(2)
Total	$	63	$	137

The table below presents information about net derivative liabilities under bilateral agreements (excluding collateral posted), the fair value of collateral posted and additional collateral or termination payments that could have been called by counterparties in the event of a one- or two-notch downgrade in the firm’s credit ratings.


	As of
	March		December
$ in millions	2026		2025
Net derivative liabilities under bilateral agreements	$	35,048	$	33,473
Collateral posted	$	35,193	$	36,201
Additional collateral or termination payments:
One-notch downgrade	$	216	$	224
Two-notch downgrade	$	2,002	$	1,797

Summary of Derivatives Bifurcated from their Related Borrowings

The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings.


	As of
	March		December
$ in millions	2026		2025
Fair value of assets	$	431	$	428
Fair value of liabilities	(181)		(304)
Net asset/(liability)	$	250	$	124
Notional amount	$	8,509	$	8,691

Gain (Loss) from Interest Rate Hedges and Related Hedged Items

The table below presents the gains/(losses) from interest rate and foreign exchange derivatives accounted for as hedges and the related hedged items.



	Three Months Ended March
$ in millions	2026		2025
Interest Rate Hedges - Investments
Interest rate swaps	$	324	$	(380)
Hedged investments	(334)		396
Gains/(losses)	$	(10)	$	16

Interest Rate Hedges - Borrowings and deposits
Interest rate swaps	$	(802)	$	1,909
Hedged borrowings and deposits	766		(1,964)
Gains/(losses)	$	(36)	$	(55)

Foreign Currency Hedges - Investments
Foreign currency forward contracts	$	191	$	(184)
Hedged investments	(185)		175
Gains/(losses)	$	6	$	(9)

Summary of Carrying Amount of Hedged Items and Gains/(Losses) from Net Investment Hedging

The table below presents the carrying value of investments, deposits and unsecured borrowings that are designated in an interest rate hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values.


$ in millions	Carrying Value		Cumulative Hedging Adjustment
As of March 2026
Assets
Investments	$	85,149	$	(236)

Liabilities
Deposits	$	503	$	(17)
Unsecured short-term borrowings	$	7,345	$	(84)
Unsecured long-term borrowings	$	163,404	$	(8,023)

As of December 2025
Assets
Investments	$	42,449	$	244

Liabilities
Deposits	$	762	$	(17)
Unsecured short-term borrowings	$	4,694	$	(25)
Unsecured long-term borrowings	$	143,082	$	(7,340)

In the table above:

•Cumulative hedging adjustment included $(4.56) billion as of March 2026 and $(4.61) billion as of December 2025 of hedging adjustments from prior hedging relationships that were de-designated and substantially all were related to unsecured long-term borrowings.

•The amortized cost of investments was $85.61 billion as of March 2026 and $42.44 billion as of December 2025.

The table below presents the gains/(losses) from the hedges in a net investment hedging relationship.



	Three Months Ended March
$ in millions	2026		2025
Foreign currency forward contracts	$	71	$	(410)
Foreign currency-denominated debt	$	363	$	(911)

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References + Details