Securities Financing Activities (Tables)

12 Months Ended

Dec. 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 December 31, 2022 and 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.

	December 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	$	597,912	$	(282,411)	$	315,501	$	(304,120)	$	11,381
Securities borrowed	228,279		(42,910)		185,369		(131,578)		53,791
Liabilities
Securities sold under repurchase agreements	$	480,793	$	(282,411)	$	198,382	$	(167,427)	$	30,955
Securities loaned and other(a)	52,443		(42,910)		9,533		(9,527)		6

	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 $7.0 billion and $5.6 billion at December 31, 2022 and 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 December 31, 2022 and 2021, included $6.0 billion and $13.9 billion, respectively, of securities purchased under resale agreements; $49.0 billion and $46.4 billion, respectively, of securities borrowed; $29.1 billion and $21.6 billion, respectively, of securities sold under repurchase agreements. At December 31, 2021 included $198 million of securities loaned and other, and the amount was not material at December 31, 2022.

Schedule of types of assets pledged in secured financing transactions

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

	Gross liability balance
	2022				2021
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	$	58,050	$	—	$	37,046	$	—
Residential - nonagency	2,414		—		1,508		—
Commercial - nonagency	2,007		—		1,463		—
U.S. Treasury, GSEs and government agencies	191,254		1,464		241,578		358
Obligations of U.S. states and municipalities	1,735		5		1,916		7
Non-U.S. government debt	155,156		1,259		174,971		1,572
Corporate debt securities	37,121		461		38,180		1,619
Asset-backed securities	2,981		—		1,211		—
Equity securities	30,075		49,254		35,026		49,054
Total	$	480,793	$	52,443	$	532,899	$	52,610

	Remaining contractual maturity of the agreements
December 31, 2022 (in millions)	Overnight and continuous						Greater than 90 days
			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	205,235	$	170,696	$	37,120	$	67,742	$	480,793
Total securities loaned and other	50,138		1,285		3		1,017		52,443

	Remaining contractual maturity of the agreements
December 31, 2021 (in millions)	Overnight and continuous						Greater than 90 days
			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