Investment securities (Tables)

6 Months Ended

Jun. 30, 2026

Amortized Cost and Fair Values of Securities

The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of investment securities at June 30, 2026 and Dec. 31, 2025.


Investment securities at June 30, 2026			Gross unrealized				Fair value
	Amortized cost
(in millions)			Gains		Losses
Available-for-sale:
U.S. Treasury	$	29,994	$	28	$	130	$	29,892
Non-U.S. government (a)	27,778		46		160		27,664
Agency residential mortgage-backed securities (“RMBS”)	23,250		74		369		22,955
Foreign covered bonds	7,906		18		39		7,885
Collateralized loan obligations (“CLOs”)	7,000		5		2		7,003
Agency commercial mortgage-backed securities (“MBS”)	6,770		10		121		6,659
Non-agency commercial MBS	2,049		1		83		1,967
U.S. government agencies	1,534		7		3		1,538
Non-agency RMBS	1,644		1		121		1,524
Other asset-backed securities (“ABS”)	334		—		21		313

Total available-for-sale securities excluding portfolio level basis adjustments	108,259		190		1,049		107,400
Portfolio level basis adjustments (b)	(156)		—		(156)		—
Total available-for-sale securities	$	108,103	$	190	$	893	$	107,400
Held-to-maturity:
Agency RMBS	$	29,099	$	16	$	2,475	$	26,640
U.S. Treasury	6,123		—		164		5,959
Non-U.S. government (a)	5,273		4		30		5,247
Agency commercial MBS	2,707		1		114		2,594
U.S. government agencies	2,513		—		176		2,337
CLOs	1,842		2		1		1,843
Foreign covered bonds	688		—		2		686

Other debt securities	11		—		—		11
Total held-to-maturity securities	$	48,256	$	23	$	2,962	$	45,317
Total investment securities	$	156,359	$	213	$	3,855	$	152,717

(a) Includes supranational securities.

(b) Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale securities, which are not allocated to individual securities in the portfolio. See Note 14 for additional information on our hedging activities.


Investment securities at Dec. 31, 2025			Gross unrealized
	Amortized cost						Fair value
(in millions)			Gains		Losses
Available-for-sale:
Non-U.S. government (a)	$	28,593	$	122	$	147	$	28,568
U.S. Treasury	25,621		115		25		25,711
Agency RMBS	21,261		202		243		21,220
Foreign covered bonds	8,088		37		57		8,068
Agency commercial MBS	6,891		12		123		6,780
CLOs	6,117		4		3		6,118
Non-agency commercial MBS	2,280		1		85		2,196
U.S. government agencies	1,542		12		—		1,554
Non-agency RMBS	1,631		2		118		1,515
Other ABS	397		1		22		376

Total available-for-sale securities excluding portfolio level basis adjustments	102,421		508		823		102,106
Portfolio level basis adjustments (b)	1		(1)		—		—
Total available-for-sale securities	$	102,422	$	507	$	823	$	102,106
Held-to-maturity:
Agency RMBS	$	26,432	$	48	$	2,317	$	24,163
U.S. Treasury	7,830		18		173		7,675
Non-U.S. government (a)	5,654		22		20		5,656
Agency commercial MBS	2,937		3		120		2,820
U.S. government agencies	2,653		—		178		2,475
CLOs	1,841		2		3		1,840
Foreign covered bonds	736		2		—		738

Other debt securities	11		—		1		10
Total held-to-maturity securities	$	48,094	$	95	$	2,812	$	45,377
Total investment securities	$	150,516	$	602	$	3,635	$	147,483

(a) Includes supranational securities.

Schedule of Realized Gains, Losses, and Impairments

The following table presents the realized gains and losses, on a gross basis.


Net investment securities gains (losses)
(in millions)	2Q26		2Q25		YTD26		YTD25
Realized gross gains	$	3	$	5	$	8	$	9
Realized gross losses	(28)		(40)		(83)		(44)
Total net investment securities gains (losses)	$	(25)	$	(35)	$	(75)	$	(35)

Pre-Tax Securities Gains (Losses) by Type

The following table presents pre-tax net investment securities gains (losses) by type.


Net investment securities gains (losses)
(in millions)	2Q26		2Q25		YTD26		YTD25


Non-U.S. government	$	(11)	$	(28)	$	(32)	$	(28)

Foreign covered bonds	(14)		(4)		(25)		(4)
Other	—		(3)		(18)		(3)
Total net investment securities gains (losses)	$	(25)	$	(35)	$	(75)	$	(35)

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following tables show the aggregate fair value of available-for-sale securities with a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or more without an allowance for credit losses.


Available-for-sale securities in an unrealized loss position without an allowance for credit losses at June 30, 2026	Less than 12 months				12 months or more				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
(in millions)
U.S. Treasury	$	10,801	$	62	$	7,879	$	68	$	18,680	$	130
Agency RMBS	11,024		156		5,100		213		16,124		369
Non-U.S. government (a)	12,690		75		2,576		85		15,266		160
Agency commercial MBS	1,256		14		3,907		107		5,163		121
Foreign covered bonds	2,376		22		301		17		2,677		39
CLOs	1,950		2		104		—		2,054		2
Non-agency commercial MBS	79		—		1,705		83		1,784		83
Non-agency RMBS	397		1		799		120		1,196		121
U.S. government agencies	392		3		53		—		445		3
Other ABS	15		—		249		21		264		21

Total securities available-for-sale	$	40,980	$	335	$	22,673	$	714	$	63,653	$	1,049

(a) Includes supranational securities.


Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Dec. 31, 2025	Less than 12 months				12 months or more				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
(in millions)
Agency RMBS	$	3,614	$	26	$	5,818	$	217	$	9,432	$	243
Non-U.S. government (a)	4,120		17		3,195		130		7,315		147
Agency commercial MBS	420		1		4,303		122		4,723		123
Foreign covered bonds	1,191		5		1,338		52		2,529		57
CLOs	2,280		3		—		—		2,280		3
U.S. Treasury	378		1		1,671		24		2,049		25
Non-agency commercial MBS	78		—		1,881		85		1,959		85

Non-agency RMBS	267		2		807		116		1,074		118
Other ABS	14		—		294		22		308		22

Total securities available-for-sale	$	12,362	$	55	$	19,307	$	768	$	31,669	$	823

(a) Includes supranational securities.

Debt Securities, Held-to-maturity, Credit Quality Indicator

The following tables show the credit quality of the held-to-maturity securities. We have included certain credit ratings information because the information can indicate the degree of credit risk to which we are exposed. Significant changes in ratings classifications could indicate increased credit risk for us and could be accompanied by an increase in the allowance for credit losses and/or a reduction in the fair value of our securities portfolio.


Held-to-maturity securities portfolio at June 30, 2026					Ratings (a)
			Net unrealized gain (loss)								BB+ and lower
(dollars in millions)	Amortized cost				AAA/ AA-		A+/ A-		BBB+/ BBB-				Not rated
Agency RMBS	$	29,099	$	(2,459)	100	%	—	%	—	%	—	%		—	%
U.S. Treasury	6,123		(164)		100		—		—		—			—
Non-U.S. government (b)(c)	5,273		(26)		83		17		—		—			—
Agency commercial MBS	2,707		(113)		100		—		—		—			—
U.S. government agencies	2,513		(176)		100		—		—		—			—
CLOs	1,842		1		100		—		—		—			—
Foreign covered bonds	688		(2)		100		—		—		—			—

Other debt securities	11		—		—		—		—		—			100
Total held-to-maturity securities	$	48,256	$	(2,939)	98	%	2	%	—	%	—	%		—	%

(a) Represents ratings by Standard & Poor’s (“S&P”) or the equivalent.

(b) Includes supranational securities.


Held-to-maturity securities portfolio at Dec. 31, 2025					Ratings (a)
			Net unrealized gain (loss)								BB+ and lower
(dollars in millions)	Amortized cost				AAA/ AA-		A+/ A-		BBB+/ BBB-				Not rated
Agency RMBS	$	26,432	$	(2,269)	100	%	—	%	—	%	—	%		—	%
U.S. Treasury	7,830		(155)		100		—		—		—			—
Non-U.S. government (b)(c)	5,654		2		86		14		—		—			—
Agency commercial MBS	2,937		(117)		100		—		—		—			—
U.S. government agencies	2,653		(178)		100		—		—		—			—
CLOs	1,841		(1)		100		—		—		—			—
Foreign covered bonds	736		2		100		—		—		—			—

Other debt securities	11		(1)		—		—		—		—			100
Total held-to-maturity securities	$	48,094	$	(2,717)	98	%	2	%	—	%	—	%		—	%

(a) Represents ratings by S&P or the equivalent.

(b) Includes supranational securities.

Maturity Distribution by Carrying Amount and Yield (on Tax Equivalent Basis) of Investment Securities Portfolio

The following table shows the maturity distribution by carrying amount and yield (on a tax equivalent basis) of our investment securities portfolio.


Maturity distribution and yields on investment securities at June 30, 2026
	Within 1 year				1-5 years				5-10 years				After 10 years				Total
(dollars in millions)	Amount		Yield (a)		Amount		Yield (a)		Amount		Yield (a)		Amount		Yield (a)		Amount		Yield (a)
Available-for-sale:
U.S. Treasury	$	2,363	2.85%		$	25,475	3.36%		$	150	4.54%		$	1,904	2.94%		$	29,892	3.30%
Non-U.S. government (b)	4,443		3.42		19,383		3.33		3,721		3.40		117		3.37		27,664		3.35
Foreign covered bonds	1,622		3.47		5,712		3.32		551		3.12		—		—		7,885		3.33
U.S. government agencies	129		3.37		943		3.46		466		2.57		—		—		1,538		3.18

Mortgage-backed securities:
Agency RMBS																	22,955		3.92
Agency commercial MBS																	6,659		3.16
Non-agency commercial MBS																	1,967		2.75
Non-agency RMBS																	1,524		3.51
CLOs																	7,003		4.76
Other ABS																	313		2.39
Total securities available-for-sale	$	8,557	3.27	%	$	51,513	3.34	%	$	4,888	3.32	%	$	2,021	2.97	%	$	107,400	3.52	%
Held-to-maturity:
U.S. Treasury	$	2,465	1.31	%	$	3,658	1.19	%	$	—	—	%	$	—	—	%	$	6,123	1.24	%
Non-U.S. government (b)	1,137		2.63		4,102		2.70		34		2.65		—		—		5,273		2.69
U.S. government agencies	408		1.50		1,843		1.53		236		1.86		26		2.22		2,513		1.56
Foreign covered bonds	269		2.53		419		2.60		—		—		—		—		688		2.57
Other debt securities	—		—		—		—		11		4.75		—		—		11		4.75
Mortgage-backed securities:
Agency RMBS																	29,099		2.66
Agency commercial MBS																	2,707		2.79

CLOs																	1,842		4.97
Total securities held-to-maturity	$	4,279	1.76	%	$	10,022	1.93	%	$	281	2.07	%	$	26	2.22	%	$	48,256	2.52	%
Total investment securities	$	12,836	2.76	%	$	61,535	3.12	%	$	5,169	3.26	%	$	2,047	2.96	%	$	155,656	3.21	%

(a) Yields are based upon the amortized cost of securities and consider the contractual coupon, amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives.

(b) Includes supranational securities.