Trading Assets and Liabilities

3 Months Ended

Mar. 31, 2024

Trading Assets And Liabilities [Abstract]

Trading assets and liabilities consisted of the following:


	March 31, 2024		December 31, 2023
	(in millions)
Trading assets:
U.S. Treasury	$	3,462	$	3,564
U.S. Government agency issued or guaranteed	—		1
U.S. Government sponsored enterprises	962		1,207


Foreign bonds	1,053		4,019
Equity securities	12,273		11,702
Precious metals	329		346
Derivatives, net	821		1,276
Total trading assets	$	18,900	$	22,115
Trading liabilities:
Securities sold, not yet purchased	$	1,210	$	1,688
Payables for precious metals	38		301
Derivatives, net	1,298		1,496
Total trading liabilities	$	2,546	$	3,485

At March 31, 2024 and December 31, 2023, the fair value of derivatives included in trading assets is net of $1,399 million and $1,416 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At March 31, 2024 and December 31, 2023, the fair value of derivatives included in trading liabilities is net of $1,079 million and $1,321 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

See Note 8, "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, totaled $42 million and $34 million during the three months ended March 31, 2024 and 2023, respectively. Trading security positions are primarily held as economic hedges of derivative products issued to our clients.