Loans and asset quality (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Loan Portfolio and Industry Concentrations of Credit Risk

The table below provides the details of our loan portfolio.


Loans	June 30, 2026		Dec. 31, 2025
(in millions)
Commercial	$	1,802	$	1,748
Commercial real estate	6,719		6,710
Financial institutions	15,297		13,309
Wealth management loans	9,745		9,520
Wealth management mortgages	8,721		8,586
Other residential mortgages	1,665		1,820
Capital call financing	5,532		5,336
Other	4,934		4,533
Overdrafts	4,128		2,800
Margin loans	30,198		26,253
Total loans (a)	$	88,741	$	80,615

(a) Net of unearned income of $72 million at June 30, 2026 and $86 million at Dec. 31, 2025, primarily related to other loans.

Summary of Transactions in the Allowance for Credit Losses

Activity in the allowance for credit losses on loans and lending-related commitments is presented below. This does not include activity in the allowance for credit losses related to other financial instruments, including cash and due from banks, interest-bearing deposits with banks, federal funds sold and securities purchased under resale agreements, held-to-maturity securities, available-for-sale securities and accounts receivable.


Allowance for credit losses activity for the quarter ended June 30, 2026							Wealth management loans		Wealth management mortgages		Other residential mortgages		Capital call financing
(in millions)	Commercial		Commercial real estate		Financial institutions										Total
Beginning balance	$	12	$	248	$	32	$	8	$	8	$	4	$	10	$	322
Charge-offs	—		—		—		—		—		—		—		—
Recoveries	—		—		—		—		—		1		—		1
Net (charge-offs) recoveries	—		—		—		—		—		1		—		1
Provision (a)	3		(26)		10		—		—		—		2		(11)
Ending balance	$	15	$	222	$	42	$	8	$	8	$	5	$	12	$	312
Allowance for:
Loan losses	$	3	$	170	$	22	$	6	$	7	$	5	$	9	$	222
Lending-related commitments	12		52		20		2		1		—		3		90
Individually evaluated for impairment:
Loan balance (b)	$	—	$	50	$	—	$	—	$	7	$	2	$	—	$	59
Allowance for loan losses	—		6		—		—		—		—		—		6

(a) Does not include the provision for credit losses related to other financial instruments of $3 million for the quarter ended June 30, 2026.

(b) Includes collateral-dependent loans of $59 million with $75 million of collateral value.


Allowance for credit losses activity for the quarter ended June 30, 2025							Wealth management loans		Wealth management mortgages		Other residential mortgages		Capital call financing		Total
(in millions)	Commercial		Commercial real estate		Financial institutions
Beginning balance	$	15	$	326	$	16	$	1	$	6	$	2	$	4	$	370
Charge-offs	—		(10)		—		—		—		—		—		(10)
Recoveries	—		5		—		—		—		—		—		5
Net (charge-offs) recoveries	—		(5)		—		—		—		—		—		(5)
Provision (a)	(2)		(30)		9		—		—		—		3		(20)
Ending balance	$	13	$	291	$	25	$	1	$	6	$	2	$	7	$	345
Allowance for:
Loan losses	$	2	$	245	$	13	$	1	$	6	$	2	$	6	$	275
Lending-related commitments	11		46		12		—		—		—		1		70
Individually evaluated for impairment:
Loan balance (b)	$	—	$	198	$	—	$	—	$	1	$	—	$	—	$	199
Allowance for loan losses	—		52		—		—		—		—		—		52

(a) Does not include the provision for credit losses related to other financial instruments of $3 million for the quarter ended June 30, 2025.

(b) Includes collateral-dependent loans of $199 million with $169 million of collateral value.


Allowance for credit losses activity for the six months ended June 30, 2026											Other residential mortgages		Capital call financing		Total
(in millions)	Commercial		Commercial real estate		Financial institutions		Wealth management loans		Wealth management mortgages
Beginning balance	$	10	$	262	$	25	$	5	$	7	$	2	$	8	$	319
Charge-offs	—		—		—		—		—		—		—		—
Recoveries	—		11		—		—		—		1		—		12
Net (charge-offs) recoveries	—		11		—		—		—		1		—		12
Provision (a)	5		(51)		17		3		1		2		4		(19)
Ending balance	$	15	$	222	$	42	$	8	$	8	$	5	$	12	$	312

(a) Does not include provision for credit losses related to other financial instruments of $4 million for the six months ended June 30, 2026.


Allowance for credit losses activity for the six months ended June 30, 2025											Other residential mortgages		Capital call financing		Total
(in millions)	Commercial		Commercial real estate		Financial institutions		Wealth management loans		Wealth management mortgages
Beginning balance	$	20	$	315	$	19	$	1	$	6	$	2	$	3	$	366
Charge-offs	—		(20)		—		—		—		—		—		(20)
Recoveries	—		5		—		—		—		1		—		6
Net (charge-offs) recoveries	—		(15)		—		—		—		1		—		(14)
Provision (a)	(7)		(9)		6		—		—		(1)		4		(7)
Ending balance	$	13	$	291	$	25	$	1	$	6	$	2	$	7	$	345

(a) Does not include provision for credit losses related to other financial instruments of $8 million for the six months ended June 30, 2025.

Distribution of Nonperforming Assets

The table below presents our nonperforming assets.


Nonperforming assets	June 30, 2026						Dec. 31, 2025
	Recorded investment						Recorded investment
	With an allowance		Without an allowance				With an allowance		Without an allowance
(in millions)					Total						Total
Nonperforming loans:
Wealth management mortgages	$	9	$	7	$	16	$	9	$	8	$	17
Other residential mortgages	13		2		15		16		1		17
Commercial real estate	—		—		—		106		—		106


Total nonperforming loans	22		9		31		131		9		140
Other assets owned	—		2		2		—		3		3
Total nonperforming assets	$	22	$	11	$	33	$	131	$	12	$	143

Information about Past Due Loans

The table below presents our past due loans.


Past due loans and still accruing interest	June 30, 2026							Dec. 31, 2025
	Days past due						Total past due			Days past due			Total past due
(in millions)	30-59		60-89		≥90						30-59				60-89		≥90
Wealth management loans	$	53	$	1	$	—		$	54		$	63	$	8	$	—	$	71
Other residential mortgages	16		2		—			18			23		4		—		27
Wealth management mortgages	—		5		—			5			49		2		—		51
Commercial real estate	3		—		—			3			7		3		—		10




Total past due loans	$	72	$	8	$	—		$	80		$	142	$	17	$	—	$	159

Financing Receivable Credit Quality Indicators

The tables below provide information about the credit profile of the loan portfolio by the period of origination.


Credit profile of the loan portfolio													June 30, 2026
													Revolving loans
	Originated, at amortized cost												Amortized cost		Converted to term loans – Amortized cost				Accrued interest receivable
(in millions)	YTD26		2025		2024		2023		2022		Prior to 2022						Total (a)
Commercial:
Investment grade	$	6	$	49	$	54	$	32	$	16	$	105	$	1,462	$	—	$	1,724
Non-investment grade	17		—		11		—		—		—		50		—		78
Total commercial	23		49		65		32		16		105		1,512		—		1,802		$	1
Commercial real estate:
Investment grade	615		932		498		446		548		1,384		138		—		4,561
Non-investment grade	83		272		88		211		689		731		84		—		2,158
Total commercial real estate	698		1,204		586		657		1,237		2,115		222		—		6,719		26
Financial institutions:
Investment grade	279		491		205		75		10		—		12,564		—		13,624
Non-investment grade	96		36		—		—		—		—		1,541		—		1,673
Total financial institutions	375		527		205		75		10		—		14,105		—		15,297		87
Wealth management loans:
Investment grade	4		11		—		28		26		141		9,131		175		9,516
Non-investment grade	50		—		—		—		—		—		179		—		229
Total wealth management loans	54		11		—		28		26		141		9,310		175		9,745		51
Wealth management mortgages	363		599		428		652		1,440		5,230		9		—		8,721		23
Other residential mortgages	286		427		96		122		460		274		—		—		1,665		10
Capital call financing	2		231		130		—		—		—		5,169		—		5,532		21
Other loans	—		—		—		—		—		89		4,845		—		4,934		8
Margin loans	14,382		—		—		—		—		—		15,816		—		30,198		45
Total loans (b)	$	16,183	$	3,048	$	1,510	$	1,566	$	3,189	$	7,954	$	50,988	$	175	$	84,613	$	272

(a) Excludes overdrafts of $4,128 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two business days.

(b) There were no gross write-offs in the first six months of 2026.


Credit profile of the loan portfolio													Dec. 31, 2025
													Revolving loans
	Originated, at amortized cost												Amortized cost		Converted to term loans – Amortized cost				Accrued interest receivable
(in millions)	2025		2024		2023		2022		2021		Prior to 2021						Total (a)
Commercial:
Investment grade	$	55	$	55	$	45	$	16	$	49	$	104	$	1,357	$	—	$	1,681
Non-investment grade	—		11		—		—		—		—		56		—		67
Total commercial	55		66		45		16		49		104		1,413		—		1,748		$	1
Commercial real estate: (b)
Investment grade	989		412		499		617		343		1,280		156		—		4,296
Non-investment grade	262		287		166		707		219		720		53		—		2,414
Total commercial real estate	1,251		699		665		1,324		562		2,000		209		—		6,710		25
Financial institutions:
Investment grade	686		373		75		10		24		—		10,552		—		11,720
Non-investment grade	119		—		—		—		—		—		1,470		—		1,589
Total financial institutions	805		373		75		10		24		—		12,022		—		13,309		112
Wealth management loans:
Investment grade	14		—		28		27		52		93		9,003		175		9,392
Non-investment grade	—		—		—		—		—		—		128		—		128
Total wealth management loans	14		—		28		27		52		93		9,131		175		9,520		49
Wealth management mortgages (b)	633		270		647		1,486		1,724		3,812		14		—		8,586		24
Other residential mortgages (b)	416		324		242		492		171		175		—		—		1,820		6
Capital call financing	230		130		—		—		—		—		4,976		—		5,336		24
Other loans	—		—		—		—		7		85		4,441		—		4,533		8
Margin loans	12,457		—		—		—		—		—		13,796		—		26,253		37
Total loans	$	15,861	$	1,862	$	1,702	$	3,355	$	2,589	$	6,269	$	46,002	$	175	$	77,815	$	286

(a) Excludes overdrafts of $2,800 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two business days.

(b) The gross write-offs related to commercial real estate loans were $25 million, wealth management mortgage loans were $1 million and other residential mortgage loans were less than $1 million in 2025.