Securities Financing Activities (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022. 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, 2023
(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	$	608,147	$	(291,100)	$	317,047	$	(308,851)		$	8,196
Securities borrowed	233,841		(37,924)		195,917		(142,451)			53,466
Liabilities
Securities sold under repurchase agreements	$	531,763	$	(291,100)	$	240,663	$	(204,338)		$	36,325
Securities loaned and other(a)	48,570		(37,924)		10,646		(10,563)			83

	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

(a)Includes securities-for-securities lending agreements of $6.6 billion and $7.0 billion at March 31, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, included $6.2 billion and $6.0 billion, respectively, of securities purchased under resale agreements; $49.7 billion and $49.0 billion, respectively, of securities borrowed; $35.0 billion and $29.1 billion, respectively, of securities sold under repurchase agreements; and securities loaned and other which were not material at both March 31, 2023 and December 31, 2022.

Schedule of types of assets pledged in secured financing transactions

The tables below present as of March 31, 2023, and December 31, 2022 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, 2023				December 31, 2022
(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	$	68,935	$	—	$	58,050	$	—
Residential - nonagency	2,538		—		2,414		—
Commercial - nonagency	1,689		—		2,007		—
U.S. Treasury, GSEs and government agencies	242,331		1,294		191,254		1,464
Obligations of U.S. states and municipalities	1,987		39		1,735		5
Non-U.S. government debt	146,097		959		155,156		1,259
Corporate debt securities	38,013		3,422		37,121		461
Asset-backed securities	4,017		—		2,981		—
Equity securities	26,156		42,856		30,075		49,254
Total	$	531,763	$	48,570	$	480,793	$	52,443

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
March 31, 2023 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	261,992	$	148,156	$	40,759	$	80,856	$	531,763
Total securities loaned and other	47,146		339		—		1,085		48,570

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
December 31, 2022 (in millions)			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