Non-bank assets at US global systemically important banks (G-Sibs) surpassed $7 trillion for the first time in Q1 2026, with a record $625 billion quarterly increase. Morgan Stanley reported the largest dollar-value growth in non-bank assets.
The substantial growth in non-bank assets held by major U.S. banks signals an increasing reliance on less regulated financial activities, potentially posing systemic risks to the financial system.
Non-bank assets held by U.S. global systemically important banks (G-Sibs) surpassed $7 trillion for the first time in the first quarter of 2026. This significant increase was driven by a record quarterly rise of $625 billion. The total crossed the $6 trillion threshold just one year prior, indicating a rapid expansion in these exposures. All eight U.S. G-Sibs reported an increase in their non-bank asset holdings. Morgan Stanley recorded the largest growth in dollar terms among these institutions.
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