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Trading Assets and Liabilities
 12 Months Ended
Dec. 31, 2021
Trading Assets And Liabilities [Abstract]  
Trading Assets and Liabilities Trading Assets and Liabilities
Trading assets and liabilities consisted of the following:
At December 31,20212020
 (in millions)
Trading assets:
U.S. Treasury$2,337 $5,145 
U.S. Government sponsored enterprises432 192 
Asset-backed securities— 143 
Foreign bonds167 7,971 
Equity securities15,795 6,043 
Precious metals3,907 4,989 
Derivatives, net1,405 2,801 
Total trading assets$24,043 $27,284 
Trading liabilities:
Securities sold, not yet purchased$1,103 $727 
Payables for precious metals46 2,312 
Derivatives, net1,874 2,358 
Total trading liabilities$3,023 $5,397 
At December 31, 2021 and 2020, the fair value of derivatives included in trading assets is net of $1,419 million and $2,763 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.
At December 31, 2021 and 2020, the fair value of derivatives included in trading liabilities is net of $1,296 million and $3,377 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.
See Note 16, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.
Dividend income on equity securities held for trading, which is recorded in interest income in the consolidated statement of income (loss), totaled $157 million, $78 million and $37 million in 2021, 2020 and 2019, respectively. Trading security positions are held as economic hedges of derivative products issued to our clients.