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Securities Financing Activities (Tables)
 12 Months Ended
Dec. 31, 2014
Securities Financing Transactions Disclosures [Abstract]  
Schedule of securities purchased under resale agreements, netting & securities borrowed
The following table presents as of December 31, 2014 and 2013, the gross and net securities purchased under resale agreements and securities borrowed. Securities purchased under resale agreements have been presented on the Consolidated balance sheets net of securities sold under repurchase agreements where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement, and where the other relevant criteria have been met. Where such a legal opinion has not been either sought or obtained, the securities purchased under resale agreements are not eligible for netting and are shown separately in the table below. Securities borrowed are presented on a gross basis on the Consolidated balance sheets.
 
2014
 
 
2013
 
December 31, (in millions)
Gross asset balance
Amounts netted on the Consolidated balance sheets
Net asset balance
 
 
Gross asset balance
Amounts netted on the Consolidated balance sheets
Net asset balance
 
Securities purchased under resale agreements
 
 
 
 
 
 
 
 
 
Securities purchased under resale agreements with an appropriate legal opinion
$
341,989

$
(142,719
)
$
199,270

 
 
$
354,814

$
(115,408
)
$
239,406

 
Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained
15,751

 
15,751

 
 
8,279

 
8,279

 
Total securities purchased under resale agreements
$
357,740

$
(142,719
)
$
215,021

(a) 
 
$
363,093

$
(115,408
)
$
247,685

(a) 
Securities borrowed
$
110,435

N/A

$
110,435

(b)(c) 
 
$
111,465

N/A

$
111,465

(b)(c) 
(a)
At December 31, 2014 and 2013, included securities purchased under resale agreements of $28.6 billion and $25.1 billion, respectively, accounted for at fair value.
(b)
At December 31, 2014 and 2013, included securities borrowed of $992 million and $3.7 billion, respectively, accounted for at fair value.
(c)
Included $28.0 billion and $26.9 billion at December 31, 2014 and 2013, respectively, of securities borrowed where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement.
Schedule of securities purchased under resale agreements & securities borrowed collateral netting
The following table presents information as of December 31, 2014 and 2013, regarding the securities purchased under resale agreements and securities borrowed for which an appropriate legal opinion has been obtained with respect to the master netting agreement. The below table excludes information related to resale agreements and securities borrowed where such a legal opinion has not been either sought or obtained.
 
2014
 
2013
 
 
 
Amounts not nettable on the Consolidated balance sheets(a)
 
 
 
 
Amounts not nettable on the Consolidated balance sheets(a)
 
December 31, (in millions)
Net asset balance
 
Financial instruments(b)
Cash collateral
Net exposure
 
Net asset balance
 
Financial instruments(b)
Cash collateral
Net exposure
Securities purchased under resale agreements with an appropriate legal opinion
$
199,270

 
$
(196,136
)
$
(232
)
$
2,902

 
$
239,406

 
$
(234,495
)
$
(98
)
$
4,813

Securities borrowed
$
82,464

 
$
(80,267
)
$
—

$
2,197

 
$
84,531

 
$
(81,127
)
$
—

$
3,404

(a)
For some counterparties, the sum of the financial instruments and cash collateral not nettable on the Consolidated balance sheets may exceed the net asset balance. Where this is the case the total amounts reported in these two columns are limited to the balance of the net reverse repurchase agreement or securities borrowed asset with that counterparty. As a result a net exposure amount is reported even though the Firm, on an aggregate basis for its securities purchased under resale agreements and securities borrowed, has received securities collateral with a total fair value that is greater than the funds provided to counterparties.
(b)
Includes financial instrument collateral received, repurchase liabilities and securities loaned liabilities with an appropriate legal opinion with respect to the master netting agreement; these amounts are not presented net on the Consolidated balance sheets because other U.S. GAAP netting criteria are not met.
Schedule of securities sold under repurchase agreements, netting & securities loaned
The following table presents as of December 31, 2014 and 2013, the gross and net securities sold under repurchase agreements and securities loaned. Securities sold under repurchase agreements have been presented on the Consolidated balance sheets net of securities purchased under resale agreements where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement, and where the other relevant criteria have been met. Where such a legal opinion has not been either sought or obtained, the securities sold under repurchase agreements are not eligible for netting and are shown separately in the table below. Securities loaned are presented on a gross basis on the Consolidated balance sheets.
 
2014
 
2013
 
December 31, (in millions)
Gross liability balance
Amounts netted on the Consolidated balance sheets
Net liability balance
 
Gross liability balance
 
Amounts netted on the Consolidated balance sheets
Net liability balance
 
Securities sold under repurchase agreements
 
 
 
 
 
 
 
 
 
Securities sold under repurchase agreements with an appropriate legal opinion
$
289,619

$
(142,719
)
$
146,900

 
$
257,630

(f) 
$
(115,408
)
$
142,222

(f) 
Securities sold under repurchase agreements where an appropriate legal opinion has not been either sought or obtained(a)
22,906

 
22,906

 
18,143

(f) 
 
18,143

(f) 
Total securities sold under repurchase agreements
$
312,525

$
(142,719
)
$
169,806

(c) 
$
275,773

 
$
(115,408
)
$
160,365

(c) 
Securities loaned(b)
$
25,927

N/A

$
25,927

(d)(e) 
$
25,769

 
N/A

$
25,769

(d)(e) 
(a)
Includes repurchase agreements that are not subject to a master netting agreement but do provide rights to collateral.
(b)
Included securities-for-securities borrow vs. pledge transactions of $4.1 billion and $5.8 billion at December 31, 2014 and 2013, respectively, when acting as lender and as presented within other liabilities in the Consolidated balance sheets.
(c)
At December 31, 2014 and 2013, included securities sold under repurchase agreements of $3.0 billion and $4.9 billion, respectively, accounted for at fair value.
(d)
At December 31, 2013, included securities loaned of $483 million accounted for at fair value; there were no securities loaned accounted for at fair value at December 31, 2014.
(e)
Included $537 million and $397 million at December 31, 2014 and 2013, respectively, of securities loaned where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement.
(f)
The prior period amounts have been revised with a corresponding impact in the table below. This revision had no impact on the Firm’s Consolidated balance sheets or its results of operations.
Schedule of securities sold under repurchase agreements & securities loaned collateral netting
The following table presents information as of December 31, 2014 and 2013, regarding the securities sold under repurchase agreements and securities loaned for which an appropriate legal opinion has been obtained with respect to the master netting agreement. The below table excludes information related to repurchase agreements and securities loaned where such a legal opinion has not been either sought or obtained.
 
2014
 
2013
 
 
 
Amounts not nettable on the Consolidated balance sheets(a)
 
 
 
 
Amounts not nettable on the Consolidated balance sheets(a)
 
December 31, (in millions)
Net liability balance
 
Financial instruments(b)
Cash collateral
Net amount(c)
 
Net liability balance
 
Financial instruments(b)
 
Cash collateral
Net amount(c)
Securities sold under repurchase agreements with an appropriate legal opinion
$
146,900

 
$
(143,985
)
$
(363
)
$
2,552

 
$
142,222

(d) 
$
(139,051
)
(d) 
$
(450
)
$
2,721

Securities loaned
$
25,390

 
$
(25,040
)
$
—

$
350

 
$
25,372

 
$
(25,125
)
 
$
—

$
247

(a)
For some counterparties the sum of the financial instruments and cash collateral not nettable on the Consolidated balance sheets may exceed the net liability balance. Where this is the case the total amounts reported in these two columns are limited to the balance of the net repurchase agreement or securities loaned liability with that counterparty.
(b)
Includes financial instrument collateral transferred, reverse repurchase assets and securities borrowed assets with an appropriate legal opinion with respect to the master netting agreement; these amounts are not presented net on the Consolidated balance sheets because other U.S. GAAP netting criteria are not met.
(c)
Net amount represents exposure of counterparties to the Firm.
(d)
The prior period amounts have been revised with a corresponding impact in the table above. This revision had no impact on the Firm’s Consolidated balance sheets or its results of operations.