The Lombard and securities-based lending market, in numbers.

None of the filings reviewed here gives a total for the securities-based lending market; each institution reports its own balance under its own definition. The largest balances reported in US dollars are UBS’s Lombard loans of USD 165,904 million at 30 June 2026 and Morgan Stanley’s securities-based lending and other loans of $123.8 billion at 30 September 2026.

How big is the securities-based lending market?

No primary source reviewed for this page states a figure for the whole market. The filings give institution-level balances only; the two largest stated in US dollars are UBS’s USD 165,904 million at 30 June 2026 and Morgan Stanley’s $123.8 billion at 30 September 2026.

The page does not estimate a total and uses no third-party estimate. Every number in the table comes from a document the institution itself published: a quarterly or half-year report, an earnings release, supplement or presentation, or a quarterly report filed with the US Securities and Exchange Commission.

Read together, the figures show sizeable securities-based and Lombard loan books at US and Swiss banks and brokers, under a variety of labels. Securities-based lending and the Lombard loan are one instrument under two names, as the guide to securities-based lending explains.

What does each institution report?

The table gives the latest figure each institution had published by 27 October 2026, with the line item exactly as labelled, the amount exactly as printed with its unit and currency, the period end, and the document and section it comes from.

Quoted text in the line-item column is copied from the source; the words in brackets say where the line sits. Rows are not a ranking, and amounts in different currencies are not compared.

Figures last updated: 27 October 2026. Figures that the institutions publish after that date are not reflected in the table.

Why can’t the figures be added up?

Because they do not measure the same thing. Each institution draws its own boundary around securities-based or Lombard lending and reports to its own measure, currency and calendar, so a sum would mix unlike quantities and would still leave out lenders that publish no figure.

• Other lending included. Morgan Stanley’s line is “Securities-based lending and other”, and Wells Fargo’s securities-based loans include margin loans as well as securities-based credit lines.
• Lending counted elsewhere. Morgan Stanley also reports “Margin and other lending” ($37.1 billion at 30 September 2026), which its supplement defines to include non-purpose securities-based lending on non-bank entities. Wells Fargo reports a separate commercial “Securities-based” category ($27,998 million at 30 September 2026).
• Different measures. UBS’s figure is a carrying amount, net of expected credit loss allowances; the same note gives a gross carrying amount of USD 165,962 million for Lombard.
• Different scopes in one filing. Bank of America’s 10-Q for the quarter ended 30 June 2026 gives $65.0 billion of securities-based lending within direct/indirect consumer loans and, in another footnote, U.S. securities-based lending loans of $61.9 billion.
• Text and slides, not only tables. Schwab’s figure is stated in the text of its earnings release, and Goldman Sachs’s third-quarter figure appears in a table on a presentation slide, printed in whole billions.
• Currencies and dates. The figures are in US dollars and Swiss francs, at 30 June or 30 September 2026.

How were the figures collected?

Every figure was read on 27 October 2026 in the institution’s own filing or report, using the most recent period for which it had published a document containing the line item.

For US institutions the sources are documents filed with or furnished to the Securities and Exchange Commission: quarterly reports on Form 10-Q, and earnings releases, supplements and presentations furnished on Form 8-K. UBS’s figure comes from its interim report for the period to 30 June 2026, and Julius Baer’s from its half-year results release of 21 July 2026, issued as an ad hoc announcement.

Six institutions had published third-quarter figures by 27 October 2026: Morgan Stanley, Charles Schwab, Stifel, Bank of America, Goldman Sachs and Wells Fargo. For UBS, Julius Baer, Raymond James and Ameriprise, the latest document containing the line item covers the period to 30 June 2026.

Third-quarter figures taken from earnings materials can be revised later. Bank of America, Goldman Sachs and Wells Fargo each describe current-period figures in those materials as preliminary.

Labels and amounts are copied exactly as printed, with their units and currencies. Nothing has been converted, rounded, totalled or turned into a growth rate.

A row appears only where the institution’s own document gives a figure labelled as securities-based lending or loans, pledged asset lines, or Lombard loans. Where an institution reports more than one such line, the table uses the one for wealth or private clients, and the notes below describe the others. Combined measures labelled otherwise, such as Stifel’s “Secured client lending”, are left out.

JPMorgan and Northern Trust are not in the table: the loan notes in their 10-Qs for the quarter ended 30 June 2026 do not break out securities-based or Lombard lending. Vontobel, EFG International and LGT were considered, but no Lombard figure could be verified from their own published documents.

What do the line items cover?

Each line covers a slightly different book, so the wording matters as much as the number. The notes below set out what each institution’s own document says about its line.

Morgan Stanley

Morgan Stanley’s figure is the Wealth Management line “Securities-based lending and other” on page 10 of its third-quarter 2026 supplement, reported separately from residential real estate loans. The supplement does not split securities-based lending from the other loans in that line. Institutional Securities reports a separate line with the same label ($12.1 billion at 30 September 2026), which the table does not use.

A metric on page 7, “Margin and other lending”, was $37.1 billion at 30 September 2026. The supplement defines it as margin lending plus other lending that “includes non-purpose securities-based lending on non-bank entities”, so some of the firm’s securities-based lending is counted in that metric.

UBS

UBS reports “Lombard” as one category of loans and advances to customers in the expected credit loss note of its interim report, alongside private clients with mortgages, real estate financing and corporate lending. The row covers UBS Group as a whole. The note defines carrying amount as total gross exposure net of expected credit loss allowances, and it reports off-balance sheet Lombard exposures separately.

Julius Baer

Julius Baer’s half-year release states that at the end of the first half of 2026 loans of CHF 44.4 billion consisted of CHF 36.2 billion of Lombard loans and CHF 8.1 billion of mortgages. The table uses the Lombard figure as printed in that release. The Swiss background to the term is set out in Lombard loans in Switzerland.

Charles Schwab

Schwab’s $37.3 billion comes from its third-quarter 2026 release, in which the chief executive is quoted as saying that Pledged Asset Line™ balances grew to that level during the quarter. The latest table figure is in the bank loans note of the 10-Q for the quarter ended 30 June 2026: “Pledged asset lines” of $33,416 million, all of which the note says were fully collateralised by securities with fair values in excess of borrowings.

Raymond James

Raymond James’s 10-Q defines SBL as securities-based loans, one of the categories of loans that its Bank segment originates or purchases, alongside corporate, residential mortgage and tax-exempt loans. The firm’s financial year ends on 30 September, so the 30 June 2026 figure is for its third quarter.

Stifel

Stifel’s figure is the “Securities-based loans” line on the Stifel Bancorp page of its third-quarter 2026 supplement, printed in thousands of dollars. The supplement’s “Secured client lending” metric is broader: its footnote says it includes client margin balances held by broker-dealer subsidiaries as well as securities-based loans held at bank subsidiaries.

Ameriprise, Bank of America, Goldman Sachs and Wells Fargo

Ameriprise Bank enters into pledged asset lines of credit with customers of the group’s broker-dealer subsidiaries, with certain assets held in their brokerage accounts serving as collateral, according to Ameriprise’s annual report on Form 10-K for 2025. Bank of America reports U.S. securities-based lending loans as part of direct/indirect consumer loans, in a footnote to its loans table.

Goldman Sachs’s 10-Q describes securities-based loans as loans secured by stocks, bonds, mutual funds and exchange-traded funds, primarily extended to its wealth management clients; the figure in that filing was $19,110 million at 30 June 2026. Wells Fargo’s figure covers loans originated by its Wealth and Investment Management segment and includes margin loans, a different product from a Lombard facility, as Lombard loan vs margin loan explains.

What do the figures mean for a borrower?

The figures show who lends against securities at scale, not on what terms. Several filings tie the lending to the institution’s own clients: Goldman Sachs to its wealth management clients, Wells Fargo to its Wealth and Investment Management segment and Ameriprise to customers of its broker-dealer subsidiaries.

Several of the reported lines are credit lines: Schwab’s and Ameriprise’s pledged asset lines, and the securities-based credit lines in Wells Fargo’s figure. The private-banking equivalent is a Lombard credit line, and the term form of the instrument is covered in Lombard lending explained.

A holder whose own broker or bank will not lend against a position has other routes, set out in when your broker won’t lend against your shares. The wider set of providers, from private banks to independent arrangers, is mapped in which private banks offer Lombard loans.