Commitments, Contingencies and Guarantees (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

The table below presents commitments by type.


	As of
	March		December
$ in millions	2026		2025
Commitment Type
Commercial lending:
Investment-grade	$	185,178	$	154,598
Non-investment-grade	92,087		81,407
Warehouse financing	18,145		16,349
Credit cards	73,380		70,823
Total lending	368,790		323,177
Risk participations	10,665		8,435
Collateralized agreement	157,793		103,188
Collateralized financing	69,014		43,206
Investment	7,911		9,721
Other	10,494		9,392
Total commitments	$	624,667	$	497,119

The table below presents commitments by expiration.


	As of March 2026
	Remainder of		2027 -		2029 -		2031 -
$ in millions	2026		2028		2030		Thereafter
Commitment Type
Commercial lending:
Investment-grade	$	13,766	$	57,520	$	89,676	$	24,216
Non-investment-grade	5,663		34,136		31,955		20,333
Warehouse financing	1,460		7,019		5,940		3,726
Credit cards	73,380		–		–		–
Total lending	94,269		98,675		127,571		48,275
Risk participations	371		2,020		7,370		904
Collateralized agreement	154,876		2,000		917		–
Collateralized financing	67,428		1,586		–		–
Investment	3,864		1,052		169		2,826
Other	9,750		743		–		1
Total commitments	$	330,558	$	106,076	$	136,027	$	52,006

The table below presents information about lending commitments.


	As of
	March		December
$ in millions	2026		2025
Held for investment	$	274,909	$	238,972
Held for sale	91,368		82,558
At fair value	2,513		1,647
Total	$	368,790	$	323,177

In the table above:

•Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $1.08 billion (including allowance for credit losses of $792 million) as of March 2026 and $1.04 billion (including allowance for credit losses of $731 million) as of December 2025. The estimated fair value of such lending commitments was a liability of $6.87 billion as of March 2026 and $6.03 billion as of December 2025. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $3.78 billion as of March 2026 and $3.44 billion as of December 2025 would have been classified in level 2, and $3.09 billion as of March 2026 and $2.59 billion as of December 2025 would have been classified in level 3.

•Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $158 million as of March 2026 and was not material as of December 2025. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 2 as of both March 2026 and December 2025.

•Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions.

Guarantees

The table below presents derivatives that meet the definition of a guarantee, securities lending and clearing guarantees and certain other financial guarantees.


$ in millions	Derivatives		Securities lending and clearing		Other financial guarantees
As of March 2026
Carrying Value of Net Liability	$	2,285	$	–	$	487
Maximum Payout/Notional Amount by Period of Expiration
Remainder of 2026	$	188,058	$	157,473	$	2,466
2027 - 2028	157,638		–		3,735
2029 - 2030	21,676		–		2,690
2031 - thereafter	32,903		–		493
Total	$	400,275	$	157,473	$	9,384
As of December 2025
Carrying Value of Net Liability	$	2,643	$	–	$	485
Maximum Payout/Notional Amount by Period of Expiration
2026	$	219,426	$	182,017	$	2,435
2027 - 2028	111,873		–		3,709
2029 - 2030	17,321		–		2,195
2031 - thereafter	31,026		–		313
Total	$	379,646	$	182,017	$	8,652

In the table above:

•The maximum payout is based on the notional amount of the contract and does not represent anticipated losses.

•Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments.

•The carrying value for derivatives included derivative assets of $1.85 billion as of March 2026 and $765 million as of December 2025, and derivative liabilities of $4.13 billion as of March 2026 and $3.41 billion as of December 2025.