XML 77 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
Securities Financing Activities (Tables)
 12 Months Ended
Dec. 31, 2018
Securities Financing Transactions Disclosures [Abstract]  
Schedule of securities sold under repurchase agreements, netting & securities loaned The table below summarizes the gross and net amounts of the Firm’s securities financing agreements, as of December 31, 2018 and 2017. When the Firm has obtained an appropriate legal opinion with respect to the master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparties; this collateral also reduces the economic exposure with the Firm has an appropriate legal opinion with respect to the master netting agreement with the counterparty. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below, and related collateral does not reduce the amounts presented. the Firm has an appropriate legal opinion with respect to the master netting agreement with the counterparty. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below, and related collateral does not reduce the amounts presented. the counterparty. Such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented below, if the Firm has an appropriate legal opinion with respect to the master netting agreement with the counterparty. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below, and related collateral does not reduce the amounts presented.
 
2018
December 31, (in millions)
Gross amounts
Amounts netted on the Consolidated balance sheets
Amounts presented on the Consolidated balance sheets(b)
Amounts not nettable on the Consolidated balance sheets(c)
Net amounts(d)
Assets
 
 
 
 
 
Securities purchased under resale agreements
$
691,116

$
(369,612
)
$
321,504

$
(308,854
)
$
12,650

Securities borrowed
132,955

(20,960
)
111,995

(79,747
)
32,248

Liabilities
 
 
 
 
 
Securities sold under repurchase agreements
$
541,587

$
(369,612
)
$
171,975

$
(149,125
)
$
22,850

Securities loaned and other(a)
33,700

(20,960
)
12,740

(12,358
)
382

 
2017
December 31, (in millions)
Gross amounts
Amounts netted on the Consolidated balance sheets
Amounts presented on the Consolidated balance sheets(b)
Amounts not nettable on the Consolidated balance sheets(c)
Net amounts(d)
Assets
 
 
 
 
 
Securities purchased under resale agreements
$
448,608

$
(250,505
)
$
198,103

$
(188,502
)
$
9,601

Securities borrowed
113,926

(8,814
)
105,112

(76,805
)
28,307

Liabilities
 
 
 
 
 
Securities sold under repurchase agreements
$
398,218

$
(250,505
)
$
147,713

$
(129,178
)
$
18,535

Securities loaned and other(a)
27,228

(8,814
)
18,414

(18,151
)
263

(a)
Includes securities-for-securities lending agreements of $3.3 billion and $9.2 billion at December 31, 2018 and 2017, respectively, accounted for at fair value, where the Firm is acting as lender. These amounts are presented within accounts payable and other liabilities in the Consolidated balance sheets.
(b)
Includes securities financing agreements accounted for at fair value. At December 31, 2018 and 2017, included securities purchased under resale agreements of $13.2 billion and $14.7 billion, respectively; securities sold under repurchase agreements of $935 million and $697 million, respectively; and securities borrowed of $5.1 billion and $3.0 billion, respectively. There were no securities loaned accounted for at fair value in either period.
(c)
In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.
(d)
Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At December 31, 2018 and 2017, included $7.9 billion and $7.5 billion, respectively, of securities purchased under resale agreements; $30.3 billion and $25.5 billion, respectively, of securities borrowed; $21.5 billion and $16.5 billion, respectively, of securities sold under repurchase agreements; and $25 million and $29 million, respectively, of securities loaned and other.

Schedule of types of assets pledged in secured financing transactions The tables below present as of December 31, 2018 and 2017 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.
 
Gross liability balance
 
2018
 
2017
December 31, (in millions)
Securities sold under repurchase agreements
Securities loaned and other
 
Securities sold under repurchase agreements
Securities loaned and other
Mortgage-backed securities:
 
 
 
 
 
U.S. government agencies
$
28,811

$
—

 
$
13,100

$
—

Residential - nonagency
2,165

—

 
2,972

—

Commercial - nonagency
1,390

—

 
1,594

—

U.S. Treasury and government agencies
323,078

69

 
177,581

14

Obligations of U.S. states and municipalities
1,150

—

 
1,557

—

Non-U.S. government debt
154,900

4,313

 
170,196

2,485

Corporate debt securities
13,898

428

 
14,231

287

Asset-backed securities
3,867

—

 
3,508

—

Equity securities
12,328

28,890

 
13,479

24,442

Total
$
541,587

$
33,700

 
$
398,218

$
27,228

 
Remaining contractual maturity of the agreements
 
Overnight and continuous
 
 
 
 
Greater than
90 days
 
2018 (in millions)
 
Up to 30 days
 
30 – 90 days
Total
Total securities sold under repurchase agreements
$
247,579

 
$
174,971

 
$
71,637

$
47,400

$
541,587

Total securities loaned and other
28,402

 
997

 
2,132

2,169

33,700

 
Remaining contractual maturity of the agreements
 
Overnight and continuous
 
 
 
 
Greater than
90 days
 
2017 (in millions)
 
Up to 30 days
 
30 – 90 days
Total
Total securities sold under repurchase agreements
$
142,185

(a) 
$
180,674

(a) 
$
41,611

$
33,748

$
398,218

Total securities loaned and other
22,876

 
375

 
2,328

1,649

27,228


(a)
The prior period amounts have been revised to conform with the current period presentation.