Securities Financing Activities (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019. 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.

	2020
December 31, (in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	666,467	$	(370,183)	$	296,284	$	(273,206)	$	23,078
Securities borrowed	193,700		(33,065)		160,635		(115,219)		45,416
Liabilities
Securities sold under repurchase agreements	$	578,060	$	(370,183)	$	207,877	$	(191,980)	$	15,897
Securities loaned and other(a)	41,366		(33,065)		8,301		(8,257)		44

	2019
December 31, (in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)			Net amounts(c)
Assets
Securities purchased under resale agreements	$	628,609	$	(379,463)	$	249,146	$	(231,147)	(d)	$	17,999	(d)
Securities borrowed	166,718		(26,960)		139,758		(104,990)			34,768
Liabilities
Securities sold under repurchase agreements	$	555,172	$	(379,463)	$	175,709	$	(151,566)		$	24,143
Securities loaned and other(a)	36,649		(26,960)		9,689		(9,654)			35

(a)Includes securities-for-securities lending agreements of $3.4 billion and $3.7 billion at December 31, 2020 and 2019, 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)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.

(c)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, 2020 and 2019, included $17.0 billion and $11.0 billion, respectively, of securities purchased under resale agreements; $42.1 billion and $31.9 billion, respectively, of securities borrowed; $14.5 billion and $22.7 billion, respectively, of securities sold under repurchase agreements; and $8 million and $7 million, respectively, of securities loaned and other.

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

Schedule of types of assets pledged in secured financing transactions

The tables below present as of December 31, 2020 and 2019 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.

	Gross liability balance
	2020				2019
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. GSEs and government agencies	$	56,744	$	—	$	34,119	$	—
Residential - nonagency	1,016		—		1,239		—
Commercial - nonagency	855		—		1,612		—
U.S. Treasury, GSEs and government agencies	315,834		143		334,398		29
Obligations of U.S. states and municipalities	1,525		2		1,181		—
Non-U.S. government debt	157,563		1,730		145,548		1,528
Corporate debt securities	22,849		1,864		13,826		1,580
Asset-backed securities	694		—		1,794		—
Equity securities	20,980		37,627		21,455		33,512
Total	$	578,060	$	41,366	$	555,172	$	36,649

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
2020 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	238,667	$	230,980	$	70,777	$	37,636	$	578,060
Total securities loaned and other	37,887		1,647		500		1,332		41,366

	Remaining contractual maturity of the agreements
	Overnight and continuous								Greater than 90 days
2019 (in millions)			Up to 30 days			30 – 90 days						Total
Total securities sold under repurchase agreements	$	225,134	$	195,816	(a)	$	56,020	(a)	$	78,202	(a)	$	555,172
Total securities loaned and other	32,028		1,706			937			1,978			36,649

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