v3.26.1
Unsecured Borrowings (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Unsecured Borrowings
The table below presents information about unsecured borrowings.
 
As of
MarchDecember
$ in millions20262025
Unsecured short-term borrowings$80,878 $70,459 
Unsecured long-term borrowings315,426 285,500 
Total$396,304 $355,959 
Schedule of Long-Term Debt Instruments
The table below presents information about unsecured long-term borrowings.
As of
MarchDecember
$ in millions20262025
U.S. Dollar
$230,070 $212,561 
Non-U.S. Dollar
85,356 72,939 
Total$315,426 $285,500 
In the table above:
•Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2076.
•Unsecured long-term borrowings included $125.67 billion as of March 2026 and $112.68 billion as of December 2025 of borrowings accounted for at fair value under the fair value option. Substantially all such borrowings consist of hybrid financial instruments, which primarily include equity- and interest rate-linked instruments. The carrying value of unsecured long-term borrowings for which the firm did not elect the fair value option was $189.76 billion as of March 2026 and $172.82 billion as of December 2025. The estimated fair value of such unsecured long-term borrowings was $191.14 billion as of March 2026 and $177.67 billion as of December 2025. As these borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both March 2026 and December 2025.
•The vast majority of unsecured long-term borrowings consists of fixed-rate obligations.
•U.S. dollar-denominated borrowings had interest rates ranging from 1.54% to 6.75% (with a weighted average rate of 4.39%) as of March 2026 and 1.43% to 6.75% (with a weighted average rate of 4.32%) as of December 2025. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.
•Non-U.S. dollar-denominated borrowings had interest rates ranging from 0.25% to 7.25% (with a weighted average rate of 2.37%) as of March 2026 and 0.25% to 7.25% (with a weighted average rate of 2.22%) as of December 2025. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.
•Total unsecured long-term borrowings had interest rates ranging from 0.25% to 7.25% (with a weighted average rate of 3.94%) as of March 2026 and 0.25% to 7.25% (with a weighted average rate of 3.92%) as of December 2025. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.
Subordinated Borrowings
The table below presents information about subordinated borrowings.
$ in millionsPar
 Amount		Carrying
 Value		Rate
As of March 2026   
Subordinated debt$12,418 $11,694 5.93%
Junior subordinated debt968 1,019 5.16%
Total$13,386 $12,713 5.88%
As of December 2025   
Subordinated debt$10,096 $9,413 6.12%
Junior subordinated debt968 1,026 5.58%
Total$11,064 $10,439 6.07%
In the table above, the rate is the weighted average interest rate for these borrowings (excluding borrowings accounted for at fair value under the fair value option), including the effect of fair value hedges used to convert fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities.
Schedule of Maturities of Long-Term Debt
The table below presents unsecured long-term borrowings by maturity.
As of
$ in millionsMarch 2026
2027$36,495 
202839,709 
202944,810 
203031,870 
203131,295 
2032 - thereafter131,247 
Total$315,426 
In the table above:
•Unsecured long-term borrowings due to mature within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included in unsecured short-term borrowings.
•Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates.
•Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable.
•Unsecured long-term borrowings included $(8.13) billion of adjustments to the carrying value of certain unsecured long-term borrowings resulting from the application of hedge accounting by year of maturity as follows: $(267) million in 2027, $(517) million in 2028, $(718) million in 2029, $(645) million in 2030, $(147) million in 2031, $(5.84) billion in 2032 and thereafter.