Key facts
- Non-bank assets at U.S. global systemically important banks (G-Sibs) surpassed $7 trillion for the first time.
- This milestone was reached in the first quarter of 2026.
- The first quarter of 2026 saw a record quarterly increase of $625 billion in non-bank assets.
- Morgan Stanley reported the largest dollar-value growth in non-bank assets.
- The growth in non-bank assets reflects diversification beyond traditional banking.
Non-bank assets at U.S. global systemically important banks (G-Sibs) have crossed the $7 trillion threshold for the first time, reaching this milestone in the first quarter of 2026. The quarter saw an unprecedented increase of $625 billion in these assets. Morgan Stanley was identified as the institution with the largest dollar-value growth in non-bank assets during this period. This expansion highlights a significant trend in the financial sector, where G-Sibs are increasingly involved in activities outside traditional banking. The growth in non-bank assets can encompass a wide range of financial instruments and services, including investment banking, asset management, and trading activities, which are often subject to different regulatory frameworks than traditional deposit-taking banking operations. The systemic importance of these banks means that substantial shifts in their non-bank asset holdings can have broader implications for financial stability. Regulators closely monitor these developments to ensure the resilience of the financial system. The first quarter of 2026 marks a pivotal moment in the evolution of these large financial institutions, reflecting a continued diversification and expansion of their business models beyond core banking functions.