Securities Financing Activities (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021. 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. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, 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 on the Consolidated balance sheets.

	March 31, 2022
(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	$	637,234	$	(335,359)	$	301,875	$	(289,272)		$	12,603
Securities borrowed	269,303		(44,451)		224,852		(168,087)			56,765
Liabilities
Securities sold under repurchase agreements	$	553,011	$	(335,359)	$	217,652	$	(189,969)		$	27,683
Securities loaned and other(a)	57,991		(44,451)		13,540		(13,209)			331

	December 31, 2021
(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	$	604,724	$	(343,093)	$	261,631	$	(245,588)		$	16,043
Securities borrowed	250,333		(44,262)		206,071		(154,599)			51,472
Liabilities
Securities sold under repurchase agreements	$	532,899	$	(343,093)	$	189,806	$	(166,456)		$	23,350
Securities loaned and other(a)	52,610		(44,262)		8,348		(8,133)			215

(a)Includes securities-for-securities lending agreements of $8.0 billion and $5.6 billion at March 31, 2022 and December 31, 2021, respectively, accounted for at fair value, where the Firm is acting as lender.

(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 March 31, 2022 and December 31, 2021, included $8.6 billion and $13.9 billion, respectively, of securities purchased under resale agreements; $50.6 billion and $46.4 billion, respectively, of securities borrowed; $26.0 billion and $21.6 billion, respectively, of securities sold under repurchase agreements; and $185 million and $198 million, respectively, of securities loaned and other.

Schedule of types of assets pledged in secured financing transactions

The tables below present as of March 31, 2022, and December 31, 2021 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.

	Gross liability balance
	March 31, 2022				December 31, 2021
(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	$	33,274	$	—	$	37,046	$	—
Residential - nonagency	1,169		—		1,508		—
Commercial - nonagency	1,443		—		1,463		—
U.S. Treasury, GSEs and government agencies	240,145		2,193		241,578		358
Obligations of U.S. states and municipalities	2,274		7		1,916		7
Non-U.S. government debt	189,535		2,134		174,971		1,572
Corporate debt securities	46,671		2,783		38,180		1,619
Asset-backed securities	1,345		5		1,211		—
Equity securities	37,155		50,869		35,026		49,054
Total	$	553,011	$	57,991	$	532,899	$	52,610

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
March 31, 2022 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	220,217	$	205,272	$	57,245	$	70,277	$	553,011
Total securities loaned and other	56,975		124		489		403		57,991

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
December 31, 2021 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	195,035	$	231,171	$	47,201	$	59,492	$	532,899
Total securities loaned and other	50,034		1,701		—		875		52,610