v3.26.1
Loans (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Summary of Loans
The table below presents information about loans.
$ in millionsAmortized
Cost		Fair ValueHeld For SaleTotal
As of March 2026    
Loan Type    
Corporate$36,685 $342 $1,129 $38,156 
Commercial real estate36,904 417 1,458 38,779 
Residential real estate29,819 3,066 – 32,885 
Securities-based
18,592 – – 18,592 
Other collateralized
102,653 511 1,428 104,592 
Credit cards– – 19,055 19,055 
Other3,050 43 42 3,135 
Total loans, gross227,703 4,379 23,112 255,194 
Allowance for loan losses(2,345)– – (2,345)
Total loans$225,358 $4,379 $23,112 $252,849 
As of December 2025    
Loan Type    
Corporate$29,432 $326 $918 $30,676 
Commercial real estate36,261 420 728 37,409 
Residential real estate28,700 3,257 – 31,957 
Securities-based
18,079 – – 18,079 
Other collateralized
97,519 855 625 98,999 
Credit cards– – 19,742 19,742 
Other2,920 47 53 3,020 
Total loans, gross212,911 4,905 22,066 239,882 
Allowance for loan losses(2,148)– – (2,148)
Total loans$210,763 $4,905 $22,066 $237,734 
In the table above:
•Loans held for investment that are accounted for at amortized cost include net deferred fees and costs, and unamortized premiums and discounts, which are amortized over the life of the loan. These amounts were less than 1% of loans accounted for at amortized cost as of both March 2026 and December 2025.
•Substantially all loans had floating interest rates as of both March 2026 and December 2025.
•During 2025, the firm transferred the Apple Card loan portfolio to held for sale.
The table below presents gross loans and lending commitments accounted for at amortized cost, all of which are included in the wholesale portfolio.
As of
March 2026December 2025
$ in millionsLoansLending
 Commitments
LoansLending
 Commitments
Corporate$36,685 $202,636 $29,432 $179,236 
Commercial real estate36,904 12,289 36,261 7,109 
Residential real estate29,819 3,680 28,700 3,017 
Securities-based
18,592 896 18,079 784 
Other collateralized
102,653 54,139 97,519 47,741 
Other3,050 1,269 2,920 1,085 
Total$227,703 $274,909 $212,911 $238,972 
In the table above, loans included $3.62 billion as of March 2026 and $3.39 billion as of December 2025 of nonaccrual loans for which the allowance for credit losses was measured on an asset-specific basis. The allowance for credit losses on these loans was $1.08 billion as of March 2026 and $975 million as of December 2025. These loans included $507 million as of March 2026 and $656 million as of December 2025 of loans which did not require a reserve as the loan was deemed to be recoverable.
Summary of Other Loans Receivable
The table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans.
$ in millions
Investment-Grade
Non-Investment- GradeOther Metrics/UnratedTotal
As of March 2026   
Accounting Method   
Amortized cost$162,829 $53,449 $11,425 $227,703 
Fair value594 816 2,969 4,379 
Held for sale1,127 2,849 19,136 23,112 
Total$164,550 $57,114 $33,530 $255,194 
Loan Type    
Corporate$11,204 $26,873 $79 $38,156 
Real estate:   
Commercial27,424 11,285 70 38,779 
Residential16,106 3,018 13,761 32,885 
Securities-based
17,711 846 35 18,592 
Other collateralized
89,431 14,684 477 104,592 
Credit cards– – 19,055 19,055 
Other2,674 408 53 3,135 
Total$164,550 $57,114 $33,530 $255,194 
Secured94%85%43%85%
Unsecured6%15%57%15%
Total100%100%100%100%
As of December 2025   
Accounting Method   
Amortized cost$149,682 $47,675 $15,554 $212,911 
Fair value595 1,025 3,285 4,905 
Held for sale695 1,578 19,793 22,066 
Total$150,972 $50,278 $38,632 $239,882 
Loan Type    
Corporate$9,243 $21,432 $1 $30,676 
Real estate:   
Commercial25,529 11,763 117 37,409 
Residential16,190 2,262 13,505 31,957 
Securities-based
13,130 343 4,606 18,079 
Other collateralized
84,179 14,231 589 98,999 
Credit cards– – 19,742 19,742 
Other2,701 247 72 3,020 
Total$150,972 $50,278 $38,632 $239,882 
Secured94%90%49%86%
Unsecured6%10%51%14%
Total100%100%100%100%

In the table above:
•Substantially all residential real estate loans included in the other metrics/unrated category consists of loans extended to wealth management clients. As of both March 2026 and December 2025, substantially all such loans had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms. Additionally, as of both March 2026 and December 2025, the vast majority of such loans had a FICO credit score of greater than 740.
•The vast majority of securities-based loans included in the other metrics/unrated category as of December 2025 had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms.
•For credit card loans included in the other metrics/unrated category, the evaluation of credit quality incorporates the borrower’s FICO credit score. During 2025, the firm transferred the Apple Card loan portfolio to held for sale.
The tables below present gross loans accounted for at amortized cost by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans.
 As of March 2026
$ in millionsInvestment-
 Grade		Non-Investment-
 Grade		 Other Metrics/
 Unrated		Total
2026$506 $3,869 $2 $4,377 
20252,561 4,413 – 6,974 
20241,170 1,458 – 2,628 
2023707 648 – 1,355 
2022551 678 – 1,229 
2021 or earlier531 2,899 – 3,430 
Revolving5,147 11,412 46 16,605 
Revolving converted to term– 87 – 87 
Corporate11,173 25,464 48 36,685 
2026689 605 67 1,361 
20253,641 2,504 2 6,147 
20243,874 856 – 4,730 
20231,168 250 – 1,418 
2022815 990 1 1,806 
2021 or earlier1,512 2,269 – 3,781 
Revolving14,991 2,393 – 17,384 
Revolving converted to term175 102 – 277 
Commercial real estate26,865 9,969 70 36,904 
2026254 1,293 432 1,979 
20251,255 226 2,949 4,430 
202442 40 1,354 1,436 
202376 – 1,088 1,164 
202285 41 2,319 2,445 
2021 or earlier9 95 2,678 2,782 
Revolving14,346 1,237 – 15,583 
Residential real estate16,067 2,932 10,820 29,819 
20261 447 – 448 
20255 – – 5 
20241,462 30 – 1,492 
202321 – – 21 
20225 – – 5 
Revolving16,217 369 35 16,621 
Securities-based 17,711 846 35 18,592 
20263,274 1,709 – 4,983 
202511,286 4,176 153 15,615 
20243,733 1,898 71 5,702 
20231,977 680 87 2,744 
2022515 173 21 709 
2021 or earlier1,139 81 87 1,307 
Revolving65,962 5,114 33 71,109 
Revolving converted to term484 – – 484 
Other collateralized 88,370 13,831 452 102,653 
2026123 168 – 291 
2025617 65 – 682 
2024251 31 – 282 
202381 – – 81 
202219 1 – 20 
2021 or earlier18 3 – 21 
Revolving1,534 139 – 1,673 
Other2,643 407 – 3,050 
Total$162,829 $53,449 $11,425 $227,703 
Percentage of total72%23%5%100%
 As of December 2025
$ in millionsInvestment-
 Grade		Non-Investment-
 Grade		Other Metrics/
 Unrated		Total
2025$2,153 $3,840 $– $5,993 
2024623 1,645 – 2,268 
2023705 723 – 1,428 
2022680 838 – 1,518 
202175 1,756 – 1,831 
2020 or earlier477 1,529 – 2,006 
Revolving4,419 9,881 1 14,301 
Revolving converted to term– 87 – 87 
Corporate9,132 20,299 1 29,432 
20253,452 2,866 88 6,406 
20243,653 1,058 – 4,711 
2023993 545 28 1,566 
2022858 1,225 1 2,084 
2021390 1,730 – 2,120 
2020 or earlier851 1,272 – 2,123 
Revolving14,440 2,523 – 16,963 
Revolving converted to term185 103 – 288 
Commercial real estate24,822 11,322 117 36,261 
20251,242 274 2,692 4,208 
202489 38 1,434 1,561 
202390 – 1,155 1,245 
202286 41 2,367 2,494 
202115 74 2,453 2,542 
2020 or earlier– 19 307 326 
Revolving14,624 1,700 – 16,324 
Residential real estate16,146 2,146 10,408 28,700 
20255 – – 5 
20241,750 38 – 1,788 
202338 – – 38 
20225 – – 5 
Revolving11,332 305 4,606 16,243 
Securities-based
13,130 343 4,606 18,079 
202510,064 4,475 135 14,674 
20244,158 1,881 78 6,117 
20232,355 735 93 3,183 
2022614 178 24 816 
2021725 233 48 1,006 
2020 or earlier590 63 44 697 
Revolving64,769 5,754 – 70,523 
Revolving converted to term503 – – 503 
Other collateralized 83,778 13,319 422 97,519 
2025618 56 – 674 
2024251 72 – 323 
202381 11 – 92 
202222 1 – 23 
202122 – – 22 
2020 or earlier– 3 – 3 
Revolving1,680 103 – 1,783 
Other2,674 246 – 2,920 
Total$149,682 $47,675 $15,554 $212,911 
Percentage of total
70%23%7%100%
Summary of Credit Concentration by Region The table below presents the concentration of gross loans by region.
$ in millionsCarrying
 Value		AmericasEMEAAsiaTotal
As of March 2026     
Corporate$38,156 69%22%9%100%
Commercial real estate38,779 78%18%4%100%
Residential real estate32,885 92%6%2%100%
Securities-based
18,592 80%20%– 100%
Other collateralized
104,592 81%18%1%100%
Credit cards19,055 100%– – 100%
Other3,135 97%3%– 100%
Total$255,194 82%15%3%100%
As of December 2025    
Corporate$30,676 66%25%9%100%
Commercial real estate37,409 76%20%4%100%
Residential real estate31,957 92%7%1%100%
Securities-based
18,079 78%22%– 100%
Other collateralized
98,999 80%18%2%100%
Credit cards19,742 100%– – 100%
Other3,020 97%3%– 100%
Total$239,882 81%16%3%100%
In the table above:
•EMEA represents Europe, Middle East and Africa.
•The top five industry concentrations for corporate loans as of March 2026 were 33% for technology, media & telecommunications, 17% for diversified industrials, 13% for real estate, 9% for consumer & retail and 8% for financial institutions.
•The top five industry concentrations for corporate loans as of December 2025 were 26% for technology, media & telecommunications, 18% for diversified industrials, 16% for real estate, 10% for consumer & retail and 8% for financial institutions.
Summary of Past Due Loans
The table below presents information about past due loans accounted for at amortized cost.
$ in millions30-89 days90 days
 or more		Total
As of March 2026   
Corporate$92 $11 $103 
Commercial real estate27 614 641 
Residential real estate– 15 15 
Other collateralized
– 7 7 
Other– 10 10 
Total$119 $657 $776 
Total divided by gross loans at amortized cost0.3%
As of December 2025   
Corporate$– $32 $32 
Commercial real estate336 281 617 
Residential real estate3 19 22 
Securities-based
2 – 2 
Other collateralized
57 6 63 
Other– 34 34 
Total$398 $372 $770 
Total divided by gross loans at amortized cost0.4%
Summary of Nonaccrual Loans
The table below presents information about nonaccrual loans accounted for at amortized cost.
 
As of
MarchDecember
$ in millions20262025
Corporate$1,955 $2,065 
Commercial real estate1,213 1,079 
Residential real estate80 85 
Other collateralized
349 121 
Other26 37 
Total$3,623 $3,387 
Total divided by gross loans at amortized cost1.6%1.6%
In the table above:
•Nonaccrual loans included $730 million as of March 2026 and $756 million as of December 2025 of loans that were 30 days or more past due.
•Loans that were 90 days or more past due and still accruing were not material as of both March 2026 and December 2025.
•Allowance for loan losses as a percentage of total nonaccrual loans was 64.7% as of March 2026 and 63.4% as of December 2025.
•Commercial real estate, residential real estate, securities-based and other collateralized loans are collateral dependent loans and the repayment of such loans is generally expected to be provided by the operation or sale of the underlying collateral. The allowance for credit losses for such nonaccrual loans is determined by considering the fair value of the collateral less estimated costs to sell, if applicable. See Note 4 for further information about fair value measurements.
Summary of Loans Modified
The table below presents the carrying value of loans accounted for at amortized cost, as of both March 2026 and March 2025, that were modified during either the three months ended March 2026 or March 2025.
Three Months
Ended March
$ in millions20262025
Modified loans
$95 $255 
In the table above:
•Loan modifications during both the three months ended March 2026 and March 2025 were primarily in the form of term and payment extensions. The impact of these modifications for both the three months ended March 2026 and March 2025 was not material.
•As of March 2026, all of the modified loans were related to corporate and commercial real estate loans. Such modified loans represented less than 1% of both corporate loans (at amortized cost) and commercial real estate loans (at amortized cost).
•As of March 2025, substantially all of the modified loans were related to corporate, commercial real estate and credit card loans. Such modified loans represented approximately 1% of corporate loans (at amortized cost), and less than 1% of both commercial real estate loans (at amortized cost) and credit card loans (at amortized cost).
•Lending commitments related to modified loans were not material as of both March 2026 and March 2025.
•During both the three months ended March 2026 and March 2025, loans that defaulted after being modified were not material. The majority of the modified loans as of March 2026 and substantially all of the modified loans as of March 2025 were performing in accordance with the modified contractual terms.
Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments
The table below presents information about the allowance for credit losses.
$ in millionsWholesale Consumer Total
Three Months Ended March 2026
Allowance for loan losses
Beginning balance$2,148 $– $2,148 
Charge-offs(23)– (23)
Recoveries14 – 14 
Net (charge-offs)/recoveries(9)– (9)
Provision253 – 253 
Other(47)– (47)
Ending balance$2,345 $– $2,345 
Allowance ratio1.0%– 1.0%
Net charge-off ratio0.0%– 0.0%
Allowance for losses on lending commitments
Beginning balance$731 $– $731 
Provision62 – 62 
Other(1)– (1)
Ending balance$792 $– $792 
Three Months Ended March 2025
Allowance for loan losses
Beginning balance$2,099 $2,567 $4,666 
Charge-offs(60)(357)(417)
Recoveries6 35 41 
Net (charge-offs)/recoveries(54)(322)(376)
Provision67 203 270 
Other(52)– (52)
Ending balance$2,060 $2,448 $4,508 
Allowance ratio1.1%13.0%2.2%
Net charge-off ratio0.1%6.8%0.8%
Allowance for losses on lending commitments
Beginning balance$674 $– $674 
Provision32 – 32 
Other1 – 1 
Ending balance$707 $– $707 
In the table above:
•During 2025, the firm had credit card loans accounted for at amortized cost that were included in the consumer portfolio. Such loans were transferred to held for sale in December 2025. The allowance for credit losses for consumer loans that exhibited similar risk characteristics was calculated using a modeled approach which classified consumer loans into pools based on borrower-related and exposure-related characteristics that differentiated a pool’s risk characteristics from other pools. Credit card loans were charged off when they were 180 days past due.
•Other (within allowance for loan losses) primarily represented the reduction to the allowance related to loans transferred to held for sale.
•The allowance ratio is calculated by dividing the allowance for loan losses by gross loans accounted for at amortized cost.
•The net charge-off ratio is calculated by dividing annualized net (charge-offs)/recoveries by average gross loans accounted for at amortized cost.
Schedule of Forecasted Economic Scenarios
The table below presents the forecasted U.S. unemployment and U.S. GDP growth rates used in the baseline economic scenario of the forecast model.
As of March 2026
U.S. unemployment rate 
Forecast for the quarter ended: 
June 2026
4.6%
December 2026
4.7%
June 2027
4.6%
U.S. GDP rate 
Forecast for the year: 
20262.0%
20271.8%
20281.9%
In the table above:
•U.S. unemployment rate represents the rate forecasted as of the respective quarter-end.
•U.S. GDP rate represents the year-over-year growth rate forecasted for the respective years.
The adverse economic scenario of the forecast model reflects a global recession, resulting in an economic contraction and rising unemployment rates. In this scenario, the U.S. unemployment rate peaks at 7.4% (during the second quarter of 2027) and the maximum decline in quarterly U.S. GDP relative to the first quarter of 2026 is 2.7% (which occurs during the first quarter of 2027).
In the multi-scenario forecast, the weighted average peak U.S. unemployment rate is 5.5% (during the second quarter of 2027) and the largest difference in quarterly U.S. GDP between the baseline scenario and the weighted average is 1.7% (which occurs during the third quarter of 2027).
While the U.S. unemployment and U.S. GDP growth rates are significant inputs to the forecast model, the model contemplates a variety of other inputs across a range of scenarios to provide a forecast of future economic conditions. Given the complex nature of the forecasting process, no single economic variable can be viewed in isolation and independently of other inputs.
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value
The table below presents the estimated fair value of loans that are not accounted for at fair value and in what level of the fair value hierarchy they would have been classified if they had been included in the firm’s fair value hierarchy.
 Carrying ValueEstimated Fair Value
$ in millionsLevel 2Level 3Total
As of March 2026    
Amortized cost$225,358 $119,478 $106,137 $225,615 
Held for sale$23,112 $21,593 $1,835 $23,428 
As of December 2025    
Amortized cost$210,763 $113,861 $97,210 $211,071 
Held for sale$22,066 $21,383 $694 $22,077