Securities Financing Activities (Tables)

9 Months Ended

Sep. 30, 2019

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 September 30, 2019 and December 31, 2018. When the Firm has obtained an appropriate legal opinion with respect to a 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 counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below.

	September 30, 2019
(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	$	630,033	$	(372,650	)	$	257,383	$	(244,241	)		$	13,142
Securities borrowed	160,304		(21,968		)	138,336		(104,517		)		33,819
Liabilities
Securities sold under repurchase agreements	$	608,618	$	(372,650	)	$	235,968	$	(213,150	)		$	22,818
Securities loaned and other(a)	34,104		(21,968		)	12,136		(11,878		)		258

	December 31, 2018
(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

(a) Includes securities-for-securities lending agreements of $2.4 billion and $3.3 billion at September 30, 2019 and December 31, 2018, respectively, accounted for at fair value, where the Firm is acting as lender. In the Consolidated balance sheets, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities.

(b) Includes securities financing agreements accounted for at fair value. At September 30, 2019 and December 31, 2018, included securities purchased under resale agreements of $13.7 billion and $13.2 billion, respectively; securities sold under repurchase agreements of $933 million and $935 million, respectively; and securities borrowed of $5.8 billion and $5.1 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 September 30, 2019 and December 31, 2018, included $9.1 billion and $7.9 billion, respectively, of securities purchased under resale agreements; $30.6 billion and $30.3 billion, respectively, of securities borrowed; $21.9 billion and $21.5 billion, respectively, of securities sold under repurchase agreements; and $96 million and $25 million, respectively, of securities loaned and other.

Schedule of types of assets pledged in secured financing transactions

The tables below present as of September 30, 2019, and December 31, 2018 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.

	Gross liability balance
	September 30, 2019				December 31, 2018
(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. GSEs and government agencies	$	33,399	$	—	$	34,311	(a)	$	—
Residential - nonagency	1,804		—		2,165			—
Commercial - nonagency	1,778		—		1,390			—
U.S. Treasury, GSEs and government agencies	366,820		8		317,578		(a)	69
Obligations of U.S. states and municipalities	1,400		—		1,150			—
Non-U.S. government debt	165,568		1,769		154,900			4,313
Corporate debt securities	13,067		1,361		13,898			428
Asset-backed securities	1,746		—		3,867			—
Equity securities	23,036		30,966		12,328			28,890
Total	$	608,618	$	34,104	$	541,587		$	33,700

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

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
September 30, 2019 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	336,082	$	132,662	$	53,504	$	86,370	$	608,618
Total securities loaned and other	30,172		231		748		2,953		34,104

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
December 31, 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