Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of fair value methodologies

The following table describes the valuation methodologies generally used by the Firm to measure its significant products/instruments at fair value, including the general classification of such instruments pursuant to the fair value hierarchy.

Product/instrument	Valuation methodology	Classifications in the fair value hierarchy
Securities financing agreements	Valuations are based on discounted cash flows, which consider:	Predominantly level 2
	• Derivative features: refer to the discussion of derivatives below for further information
	• Market rates for the respective maturity
	• Collateral characteristics
Loans and lending-related commitments — wholesale Loans carried at fair value (trading loans and non-trading loans) and associated lending-related commitments	Where observable market data is available, valuations are based on:	Level 2 or 3
	• Observed market prices (circumstances are infrequent)
	• Relevant broker quotes
	• Observed market prices for similar instruments
	Where observable market data is unavailable or limited, valuations are based on discounted cash flows, which consider the following:
	• Credit spreads derived from the cost of CDS; or benchmark credit curves developed by the Firm, by industry and credit rating
	• Prepayment speed
	• Collateral characteristics
Loans — consumer	Fair value is based on observable market prices for mortgage-backed securities with similar collateral and incorporates adjustments to these prices to account for differences between the securities and the value of the underlying loans, which include credit characteristics, portfolio composition, and liquidity.	Predominantly level 2
Loans carried at fair value — conforming residential mortgage loans expected to be sold
Investment and trading securities	Quoted market prices	Level 1
	In the absence of quoted market prices, securities are valued based on:	Level 2 or 3
	• Observable market prices for similar securities
	• Relevant broker quotes
	• Discounted cash flows
	In addition, the following inputs to discounted cash flows are used for the following products:
	Mortgage- and asset-backed securities specific inputs:
	• Collateral characteristics
	• Deal-specific payment and loss allocations
	• Current market assumptions related to yield, prepayment speed, conditional default rates and loss severity
	Collateralized loan obligations (“CLOs”) specific inputs:
	• Collateral characteristics
	• Deal-specific payment and loss allocations
	• Expected prepayment speed, conditional default rates, loss severity
	• Credit spreads
	• Credit rating data
Physical commodities	Valued using observable market prices or data.	Level 1 or 2

Product/instrument	Valuation methodology	Classifications in the fair value hierarchy
Derivatives	Actively traded derivatives, e.g., exchange-traded derivatives, that are valued using quoted prices.	Level 1
	Derivatives that are valued using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs as well as considering the contractual terms. The key valuation inputs used will depend on the type of derivative and the nature of the underlying instruments and may include equity prices, commodity prices, foreign exchange rates, volatilities, correlations, CDS spreads, recovery rates and prepayment speed.	Level 2 or 3
	In addition, specific inputs used for derivatives that are valued based on models with significant unobservable inputs are as follows:
	Interest rate and FX exotic derivatives specific inputs include:
	• Interest rate curve
	• Interest rate volatility
	• Interest rate spread volatility
	• Bermudan switch value
	• Interest rate correlation
	• Interest rate-FX correlation
	• Foreign exchange correlation
	Credit derivatives specific inputs include:
	• Credit correlation between the underlying debt instruments
	Equity derivatives specific inputs include:
	• Forward equity price
	• Equity volatility
	• Equity correlation
	• Equity-FX correlation
	• Equity-IR correlation
	Commodity derivatives specific inputs include:
	• Forward commodity price
	• Commodity volatility
	• Commodity correlation
	Additionally, adjustments are made to reflect counterparty credit quality (CVA) and the impact of funding (FVA). Refer to page 192 of this Note.
Mortgage servicing rights	Refer to Mortgage servicing rights in Note 15.	Level 3
Private equity direct investments	Fair value is estimated using all available information; the range of potential inputs include:	Level 2 or 3
	• Transaction prices
	• Trading multiples of comparable public companies
	• Operating performance of the underlying portfolio company
	• Adjustments as required, since comparable public companies are not identical to the company being valued, and for company-specific issues including lack of liquidity
	• Additional available inputs relevant to the investment
Fund investments (e.g., mutual/collective investment funds, private equity funds, hedge funds, and real estate funds)	Net asset value
	• NAV is supported by the ability to redeem and purchase at the NAV level	Level 1
	• Adjustments to the NAV as required, for restrictions on redemption (e.g., lock-up periods or withdrawal limitations) or where observable activity is limited	Level 2 or 3(a)
Beneficial interests issued by consolidated VIEs	Valued using observable market information, where available.	Level 2 or 3
	In the absence of observable market information, valuations are based on the fair value of the underlying assets held by the VIE.

(a)Excludes certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient.

Product/instrument	Valuation methodology	Classification in the fair value hierarchy
Structured notes (included in deposits, short-term borrowings and long-term debt)	Valuations are based on discounted cash flow analyses that consider the embedded derivative and the terms and payment structure of the note. The embedded derivative features are considered using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs, depending on the embedded derivative. The specific inputs used vary according to the nature of the embedded derivative features, as described in the discussion above regarding derivatives valuation. Adjustments are then made to this base valuation to reflect the Firm’s own credit risk (DVA). Refer to page 192 of this Note.	Level 2 or 3

Assets and liabilities measured at fair value on a recurring basis

The following table presents the assets and liabilities reported at fair value as of December 31, 2023 and 2022, by major product category and fair value hierarchy.

Assets and liabilities measured at fair value on a recurring basis
	Fair value hierarchy
December 31, 2023 (in millions)	Level 1		Level 2		Level 3		Derivative netting adjustments(f)		Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	259,813	$	—	$	—	$	259,813
Securities borrowed	—		70,086		—		—		70,086
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		73,840		758		—		74,598
Residential – nonagency	—		1,921		5		—		1,926
Commercial – nonagency	—		1,362		12		—		1,374
Total mortgage-backed securities	—		77,123		775		—		77,898
U.S. Treasury, GSEs and government agencies(a)	133,997		9,998		—		—		143,995
Obligations of U.S. states and municipalities	—		5,858		10		—		5,868
Certificates of deposit, bankers’ acceptances and commercial paper	—		756		—		—		756
Non-U.S. government debt securities	24,846		55,557		179		—		80,582
Corporate debt securities	—		32,854		484		—		33,338
Loans	—		7,872		684		—		8,556
Asset-backed securities	—		2,199		6		—		2,205
Total debt instruments	158,843		192,217		2,138		—		353,198
Equity securities	107,926		679		127		—		108,732
Physical commodities(b)	2,479		3,305		7		—		5,791
Other	—		17,879		101		—		17,980
Total debt and equity instruments(c)	269,248		214,080		2,373		—		485,701
Derivative receivables:
Interest rate	2,815		243,578		4,298		(224,367)		26,324
Credit	—		8,644		1,010		(9,103)		551
Foreign exchange	149		204,737		889		(187,756)		18,019
Equity	—		55,167		2,522		(52,761)		4,928
Commodity	—		15,234		205		(10,397)		5,042
Total derivative receivables	2,964		527,360		8,924		(484,384)		54,864
Total trading assets(d)	272,212		741,440		11,297		(484,384)		540,565
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		85,170		—		—		85,170
Residential – nonagency	—		3,639		—		—		3,639
Commercial – nonagency	—		2,803		—		—		2,803
Total mortgage-backed securities	—		91,612		—		—		91,612
U.S. Treasury and government agencies	57,683		122		—		—		57,805
Obligations of U.S. states and municipalities	—		21,367		—		—		21,367
Non-U.S. government debt securities	13,095		8,187		—		—		21,282
Corporate debt securities	—		100		—		—		100
Asset-backed securities:
Collateralized loan obligations	—		6,752		—		—		6,752
Other(a)	—		2,786		—		—		2,786
Total available-for-sale securities	70,778		130,926		—		—		201,704
Loans(e)	—		35,772		3,079		—		38,851
Mortgage servicing rights	—		—		8,522		—		8,522
Other assets(d)	6,635		3,929		758		—		11,322
Total assets measured at fair value on a recurring basis	$	349,625	$	1,241,966	$	23,656	$	(484,384)	$	1,130,863
Deposits	$	—	$	76,551	$	1,833	$	—	$	78,384
Federal funds purchased and securities loaned or sold under repurchase agreements	—		169,003		—		—		169,003
Short-term borrowings	—		18,284		1,758		—		20,042
Trading liabilities:
Debt and equity instruments(c)	107,292		32,252		37		—		139,581
Derivative payables:
Interest rate	4,409		232,277		3,796		(228,586)		11,896
Credit	—		11,293		745		(10,949)		1,089
Foreign exchange	147		211,289		827		(199,643)		12,620
Equity	—		60,887		4,924		(56,443)		9,368
Commodity	—		15,894		484		(10,504)		5,874
Total derivative payables	4,556		531,640		10,776		(506,125)		40,847
Total trading liabilities	111,848		563,892		10,813		(506,125)		180,428
Accounts payable and other liabilities	3,968		1,617		52		—		5,637
Beneficial interests issued by consolidated VIEs	—		1		—		—		1
Long-term debt	—		60,198		27,726		—		87,924
Total liabilities measured at fair value on a recurring basis	$	115,816	$	889,546	$	42,182	$	(506,125)	$	541,419

	Fair value hierarchy
December 31, 2022 (in millions)	Level 1		Level 2		Level 3		Derivative netting adjustments(f)		Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	311,883	$	—	$	—	$	311,883
Securities borrowed	—		70,041		—		—		70,041
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		68,162		759		—		68,921
Residential – nonagency	—		2,498		5		—		2,503
Commercial – nonagency	—		1,448		7		—		1,455
Total mortgage-backed securities	—		72,108		771		—		72,879
U.S. Treasury, GSEs and government agencies(a)	61,191		8,546		—		—		69,737
Obligations of U.S. states and municipalities	—		6,608		7		—		6,615
Certificates of deposit, bankers’ acceptances and commercial paper	—		2,009		—		—		2,009
Non-U.S. government debt securities	18,213		48,429		155		—		66,797
Corporate debt securities	—		25,626		463		—		26,089
Loans	—		5,744		759		—		6,503
Asset-backed securities	—		2,536		23		—		2,559
Total debt instruments	79,404		171,606		2,178		—		253,188
Equity securities	82,483		2,060		665		—		85,208
Physical commodities(b)	9,595		16,673		2		—		26,270
Other	—		18,146		64		—		18,210
Total debt and equity instruments(c)	171,482		208,485		2,909		—		382,876
Derivative receivables:
Interest rate	3,390		292,956		4,069		(271,996)		28,419
Credit	—		9,722		607		(9,239)		1,090
Foreign exchange	169		240,207		1,203		(218,214)		23,365
Equity	—		57,485		4,428		(52,774)		9,139
Commodity	—		24,982		375		(16,490)		8,867
Total derivative receivables	3,559		625,352		10,682		(568,713)		70,880
Total trading assets(d)	175,041		833,837		13,591		(568,713)		453,756
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	3		71,500		—		—		71,503
Residential – nonagency	—		4,620		—		—		4,620
Commercial – nonagency	—		1,958		—		—		1,958
Total mortgage-backed securities	3		78,078		—		—		78,081
U.S. Treasury and government agencies	92,060		—		—		—		92,060
Obligations of U.S. states and municipalities	—		6,786		—		—		6,786
Non-U.S. government debt securities	10,591		9,105		—		—		19,696
Corporate debt securities	—		118		239		—		357
Asset-backed securities:
Collateralized loan obligations	—		5,792		—		—		5,792
Other	—		3,085		—		—		3,085
Total available-for-sale securities	102,654		102,964		239		—		205,857
Loans(e)	—		40,661		1,418		—		42,079
Mortgage servicing rights	—		—		7,973		—		7,973
Other assets(d)	7,544		6,065		405		—		14,014
Total assets measured at fair value on a recurring basis	$	285,239	$	1,365,451	$	23,626	$	(568,713)	$	1,105,603
Deposits	$	—	$	26,458	$	2,162	$	—	$	28,620
Federal funds purchased and securities loaned or sold under repurchase agreements	—		151,999		—		—		151,999
Short-term borrowings	—		14,391		1,401		—		15,792
Trading liabilities:
Debt and equity instruments(c)	98,719		28,032		84		—		126,835
Derivative payables:
Interest rate	2,643		284,280		3,368		(274,321)		15,970
Credit	—		9,377		594		(9,217)		754
Foreign exchange	160		250,647		714		(232,665)		18,856
Equity	—		57,649		4,812		(53,657)		8,804
Commodity	—		22,748		521		(16,512)		6,757
Total derivative payables	2,803		624,701		10,009		(586,372)		51,141
Total trading liabilities	101,522		652,733		10,093		(586,372)		177,976
Accounts payable and other liabilities	5,702		1,283		53		—		7,038
Beneficial interests issued by consolidated VIEs	—		5		—		—		5
Long-term debt	—		48,189		24,092		—		72,281
Total liabilities measured at fair value on a recurring basis	$	107,224	$	895,058	$	37,801	$	(586,372)	$	453,711

(a)At December 31, 2023 and 2022, included total U.S. GSE obligations of $78.5 billion and $73.8 billion, respectively, which were mortgage-related.

(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 5 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.

(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).

(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At December 31, 2023 and 2022, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $1.0 billion and $950 million, respectively. Included in these balances at December 31, 2023 and 2022, were trading assets of $42 million and $43 million, respectively, and other assets of $984 million and $907 million, respectively.

(e)At December 31, 2023 and 2022, included $10.2 billion and $9.7 billion, respectively, of residential first-lien mortgages, and $6.0 billion and $6.8 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $2.9 billion and $2.4 billion, respectively.

(f)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

Fair value inputs, assets and liabilities, quantitative information

The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.

The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.

In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.

Level 3 inputs(a)
December 31, 2023
Product/Instrument	Fair value (in millions)		Principal valuation technique	Unobservable inputs(g)	Range of input values		Average(i)
Residential mortgage-backed securities and loans(b)	$	1,743	Discounted cash flows	Yield	0%	72%	7%
				Prepayment speed	3%	12%	9%
				Conditional default rate	0%	6%	0%
				Loss severity	0%	110%	3%
Commercial mortgage-backed securities and loans(c)	1,460		Market comparables	Price	$0	$90	$80
Corporate debt securities	484		Market comparables	Price	$0	$242	$98
Loans(d)	1,335		Market comparables	Price	$0	$108	$79
Non-U.S. government debt securities	179		Market comparables	Price	$2	$109	$91
Net interest rate derivatives	495		Option pricing	Interest rate volatility	25bps	420bps	117bps
				Interest rate spread volatility	37bps	77bps	64bps
				Bermudan switch value	0%	54%	19%
				Interest rate correlation	(82)%	90%	19%
				IR-FX correlation	(35)%	60%	5%
	7		Discounted cash flows	Prepayment speed	0%	20%	5%
Net credit derivatives	233		Discounted cash flows	Credit correlation	35%	70%	51%
				Credit spread	0bps	3,617bps	384bps
				Recovery rate	10%	90%	55%
	32		Market comparables	Price	$0	$115	$73
Net foreign exchange derivatives	128		Option pricing	IR-FX correlation	(40)%	60%	20%
	(66)		Discounted cash flows	Prepayment speed	11%		11%
				Interest rate curve	2%	17%	7%
Net equity derivatives	(2,402)		Option pricing	Forward equity price(h)	74%	148%	100%
				Equity volatility	3%	145%	28%
				Equity correlation	15%	100%	57%
				Equity-FX correlation	(88)%	65%	(30)%
				Equity-IR correlation	(19)%	20%	12%
Net commodity derivatives	(279)		Option pricing	Oil commodity forward	$84 / BBL	$270 / BBL	$177 / BBL
				Natural gas commodity forward	$2 / MMBTU	$6 / MMBTU	$4 / MMBTU
				Commodity volatility	17%	20%	18%
				Commodity correlation	(35)%	98%	31%
MSRs	8,522		Discounted cash flows	Refer to Note 15
Long-term debt, short-term borrowings, and deposits(e)	30,078		Option pricing	Interest rate volatility	25bps	420bps	117bps
				Bermudan switch value	0%	54%	19%
				Interest rate correlation	(82)%	90%	19%
				IR-FX correlation	(35)%	60%	5%
				Equity correlation	15%	100%	57%
				Equity-FX correlation	(88)%	65%	(30)%
				Equity-IR correlation	(19)%	20%	12%
	1,239		Discounted cash flows	Credit correlation	35%	70%	51%
				Yield	5%	20%	12%
				Loss severity	0%	100%	50%
Other level 3 assets and liabilities, net(f)	920

(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.

(b)Comprises U.S. GSE and government agency securities of $758 million, nonagency securities of $5 million and non-trading loans of $980 million.

(c)Comprises nonagency securities of $12 million, trading loans of $65 million and non-trading loans of $1.4 billion.

(d)Comprises trading loans of $619 million and non-trading loans of $716 million.

(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.

(f)Includes equity securities of $671 million including $544 million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.

(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.

(h)Forward equity price is expressed as a percentage of the current equity price.

(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.

Changes in level 3 recurring fair value measurements

The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the years ended December 31, 2023, 2022 and 2021. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. The Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.

	Fair value measurements using significant unobservable inputs
Year ended December 31, 2023 (in millions)	Fair value at January 1, 2023		Total realized/unrealized gains/(losses)											Transfers into   level 3		Transfers (out of) level 3		Fair value at Dec. 31, 2023		Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2023
						Purchases(g)		Sales				Settlements(h)
Assets:(a)
Federal funds sold and securities purchased under resale agreements	$	—	$	—		$	—	$	—			$	—	$	—	$	—	$	—	$	—
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	759		4			249		(133)				(107)		—		(14)		758		1
Residential – nonagency	5		6			—		(6)				(1)		1		—		5		1
Commercial – nonagency	7		6			—		—				(1)		8		(8)		12		7
Total mortgage-backed securities	771		16			249		(139)				(109)		9		(22)		775		9
Obligations of U.S. states and municipalities	7		—			1		—				(1)		3		—		10		—
Non-U.S. government debt securities	155		74			217		(254)				—		22		(35)		179		74
Corporate debt securities	463		36			322		(172)				(41)		114		(238)		484		35
Loans	759		(15)			1,027		(499)				(441)		382		(529)		684		30
Asset-backed securities	23		—			7		(12)				(1)		5		(16)		6		—
Total debt instruments	2,178		111			1,823		(1,076)				(593)		535		(840)		2,138		148
Equity securities	665		(53)			164		(239)				(384)		192		(218)		127		(422)
Physical commodities	2		—			7		—				(2)		—		—		7		—
Other	64		(58)			141		—				(5)		1		(42)		101		(28)
Total trading assets – debt and equity instruments	2,909		—			2,135		(1,315)				(984)		728		(1,100)		2,373		(302)		(c)
Net derivative receivables:(b)
Interest rate	701		556			251		(255)				654		(1,117)		(288)		502		419
Credit	13		304			(60)		(25)				47		15		(29)		265		230
Foreign exchange	489		31			151		(144)				(187)		144		(422)		62		(80)
Equity	(384)		191			928		(1,931)				(1,306)		700		(600)		(2,402)		(646)
Commodity	(146)		(59)			59		(290)				(51)		(11)		219		(279)		(144)
Total net derivative receivables	673		1,023		(c)	1,329		(2,645)				(843)		(269)		(1,120)		(1,852)		(221)		(c)
Available-for-sale securities:
Corporate debt securities	239		24			—		(225)				—		—		(38)		—		—
Total available-for-sale securities	239		24		(d)	—		(225)				—		—		(38)		—		—
Loans	1,418		289		(c)	2,398		(120)				(1,147)		1,306		(1,065)		3,079		293		(c)
Mortgage servicing rights	7,973		467		(e)	1,281		(188)				(1,011)		—		—		8,522		467		(e)
Other assets	405		(36)		(c)	525		(20)				(147)		45		(14)		758		(82)		(c)
	Fair value measurements using significant unobservable inputs
Year ended December 31, 2023 (in millions)	Fair value at January 1, 2023		Total realized/unrealized (gains)/losses													Transfers (out of) level 3		Fair value at Dec. 31, 2023		Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2023
						Purchases		Sales		Issuances		Settlements(h)		Transfers into level 3
Liabilities:(a)
Deposits	$	2,162	$	95	(c)(f)	$	—	$	—	$	940	$	(1,043)	$	—	$	(321)	$	1,833	$	73	(c)(f)
Short-term borrowings	1,401		201		(c)(f)	—		—		4,522		(4,345)		3		(24)		1,758		14		(c)(f)
Trading liabilities – debt and equity instruments	84		(21)		(c)	(32)		9		—		(2)		19		(20)		37		—
Accounts payable and other liabilities	53		(4)		(c)	(16)		24		—		—		8		(13)		52		(4)		(c)
Long-term debt	24,092		3,010		(c)(f)	—		—		12,679		(11,555)		229		(729)		27,726		2,870		(c)(f)

	Fair value measurements using significant unobservable inputs
Year ended December 31, 2022 (in millions)	Fair value at January 1, 2022		Total realized/unrealized gains/(losses)													Transfers (out of) level 3		Fair value at Dec. 31, 2022		Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2022
						Purchases(g)		Sales				Settlements(h)		Transfers into level 3
Assets:(a)
Federal funds sold and securities purchased under resale agreements	$	—	$	—		$	1	$	(1)			$	(1)	$	1	$	—	$	—	$	—
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	265		31			673		(125)				(84)		4		(5)		759		29
Residential – nonagency	28		(1)			7		(5)				(12)		—		(12)		5		—
Commercial – nonagency	10		—			—		(1)				—		3		(5)		7		—
Total mortgage-backed securities	303		30			680		(131)				(96)		7		(22)		771		29
Obligations of U.S. states and municipalities	7		—			—		—				—		—		—		7		—
Non-U.S. government debt securities	81		(92)			494		(338)				(4)		84		(70)		155		(153)
Corporate debt securities	332		(30)			404		(178)				(100)		357		(322)		463		(48)
Loans	708		(51)			652		(605)				(230)		925		(640)		759		(26)
Asset-backed securities	26		5			19		(24)				(1)		5		(7)		23		1
Total debt instruments	1,457		(138)			2,249		(1,276)				(431)		1,378		(1,061)		2,178		(197)
Equity securities	662		(1,036)			473		(377)				(2)		1,066		(121)		665		(840)
Physical commodities	—		(1)			3		—				—		—		—		2		(1)
Other	160		93			37		—				(221)		1		(6)		64		46
Total trading assets – debt and equity instruments	2,279		(1,082)		(c)	2,762		(1,653)				(654)		2,445		(1,188)		2,909		(992)		(c)
Net derivative receivables:(b)
Interest rate	(16)		187			325		(483)				329		732		(373)		701		332
Credit	74		226			17		(9)				(271)		5		(29)		13		170
Foreign exchange	(419)		726			215		(114)				83		3		(5)		489		459
Equity	(3,626)		5,016			1,226		(2,530)				96		(656)		90		(384)		3,435
Commodity	(907)		571			110		(331)				350		5		56		(146)		369
Total net derivative receivables	(4,894)		6,726		(c)	1,893		(3,467)				587		89		(261)		673		4,765		(c)
Available-for-sale securities:
Corporate debt securities	161		5			88		—				(15)		—		—		239		5
Total available-for-sale securities	161		5		(d)	88		—				(15)		—		—		239		5		(d)
Loans	1,933		(158)		(c)	568		(261)				(886)		1,053		(831)		1,418		(76)		(c)
Mortgage servicing rights	5,494		2,039		(e)	2,198		(822)				(936)		—		—		7,973		2,039		(e)
Other assets	306		194		(c)	50		(38)				(103)		2		(6)		405		191		(c)
	Fair value measurements using significant unobservable inputs
Year ended December 31, 2022 (in millions)	Fair value at January 1, 2022		Total realized/unrealized (gains)/losses													Transfers (out of) level 3		Fair value at Dec. 31, 2022		Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2022
						Purchases		Sales		Issuances		Settlements(h)		Transfers into level 3
Liabilities:(a)
Deposits	$	2,317	$	(292)	(c)(f)	$	—	$	—	$	531	$	(114)	$	—	$	(280)	$	2,162	$	(76)	(c)(f)
Short-term borrowings	2,481		(358)		(c)(f)	—		—		3,963		(4,685)		15		(15)		1,401		90		(c)(f)
Trading liabilities – debt and equity instruments	30		(31)		(c)	(41)		77		—		—		57		(8)		84		101		(c)
Accounts payable and other liabilities	69		(16)		(c)	(37)		42		—		—		1		(6)		53		(16)		(c)
Long-term debt	24,374		(3,869)		(c)(f)	—		—		12,714		(8,876)		793		(1,044)		24,092		(3,447)		(c)(f)

	Fair value measurements using significant unobservable inputs
Year ended December 31, 2021 (in millions)	Fair value at January 1, 2021		Total realized/unrealized gains/(losses)													Transfers (out of) level 3		Fair value at Dec. 31, 2021		Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2021
						Purchases(g)		Sales				Settlements(h)		Transfers into level 3
Assets:(a)
Federal funds sold and securities purchased under resale agreements	$	—	$	—		$	—	$	—			$	—	$	—	$	—	$	—	$	—
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	449		(28)			21		(67)				(110)		1		(1)		265		(31)
Residential – nonagency	28		—			26		(24)				(5)		4		(1)		28		(3)
Commercial – nonagency	3		5			12		(7)				(17)		14		—		10		(2)
Total mortgage-backed securities	480		(23)			59		(98)				(132)		19		(2)		303		(36)
Obligations of U.S. states and municipalities	8		—			—		—				(1)		—		—		7		—
Non-U.S. government debt securities	182		(14)			359		(332)				(7)		—		(107)		81		(10)
Corporate debt securities	507		(23)			404		(489)				(4)		162		(225)		332		(16)
Loans	893		2			994		(669)				(287)		648		(873)		708		(20)
Asset-backed securities	28		28			76		(99)				(2)		2		(7)		26		(2)
Total debt instruments	2,098		(30)			1,892		(1,687)				(433)		831		(1,214)		1,457		(84)
Equity securities	476		(77)			378		(168)				—		164		(111)		662		(335)
Physical commodities	—		—			—		—				—		—		—		—		—
Other	49		74			233		—				(98)		5		(103)		160		31
Total trading assets – debt and equity instruments	2,623		(33)		(c)	2,503		(1,855)				(531)		1,000		(1,428)		2,279		(388)		(c)
Net derivative receivables:(b)
Interest rate	258		1,789			116		(192)				(2,011)		112		(88)		(16)		282
Credit	(224)		130			6		(12)				146		34		(6)		74		141
Foreign exchange	(434)		(209)			110		(110)				222		(12)		14		(419)		13
Equity	(3,862)		(480)			1,285		(2,813)				1,758		315		171		(3,626)		(155)
Commodity	(731)		(728)			145		(493)				916		(4)		(12)		(907)		(426)
Total net derivative receivables	(4,993)		502		(c)	1,662		(3,620)				1,031		445		79		(4,894)		(145)		(c)
Available-for-sale securities:
Corporate debt securities	—		(1)			162		—				—		—		—		161		(1)
Total available-for-sale securities	—		(1)		(d)	162		—				—		—		—		161		(1)		(d)
Loans	2,305		(87)		(c)	612		(439)				(965)		1,301		(794)		1,933		(59)		(c)
Mortgage servicing rights	3,276		98		(e)	3,022		(114)				(788)		—		—		5,494		98		(e)
Other assets	538		16		(c)	9		(17)				(239)		—		(1)		306		11		(c)
	Fair value measurements using significant unobservable inputs
Year ended December 31, 2021 (in millions)	Fair value at January 1, 2021		Total realized/unrealized (gains)/losses											Transfers into level 3		Transfers (out of) level 3		Fair value at Dec. 31, 2021		Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2021
						Purchases		Sales		Issuances		Settlements(h)
Liabilities:(a)
Deposits	$	2,913	$	(80)	(c)(f)	$	—	$	—	$	431	$	(467)	$	2	$	(482)	$	2,317	$	(77)	(c)(f)
Short-term borrowings	2,420		(1,391)		(c)(f)	—		—		6,823		(5,308)		9		(72)		2,481		(83)		(c)(f)
Trading liabilities – debt and equity instruments	51		(8)		(c)	(101)		38		—		—		64		(14)		30		(157)		(c)
Accounts payable and other liabilities	68		8		(c)	—		1		—		—		—		(8)		69		8		(c)
Long-term debt	23,397		369		(c)(f)	—		—		13,505		(12,191)		103		(809)		24,374		87		(c)(f)

(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 2% at December 31, 2023, 2022 and 2021. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 8% at both December 31, 2023 and December 31, 2022 and 10% at December 31, 2021.

(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.

(c)Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.

(d)Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. Realized and unrealized gains/(losses) recorded on level 3 AFS securities were not material for the years ended December 31, 2023, 2022 and 2021.

(e)Changes in fair value for MSRs are reported in mortgage fees and related income.

(f)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the years ended December 31, 2023, 2022 and 2021. Unrealized (gains)/losses are reported in OCI, and were $(158) million, $(529) million and $258 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(g)Loan originations are included in purchases.

(h)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.

Impact of credit adjustments on earnings

The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.

Year ended December 31, (in millions)	2023		2022		2021
Credit and funding adjustments:
Derivatives CVA	$	221	$	22	$	362
Derivatives FVA	114		42		47

Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets and liabilities held as of December 31, 2023 and 2022, for which nonrecurring fair value adjustments were recorded during the years ended December 31, 2023 and 2022, by major product category and fair value hierarchy.

December 31, 2023 (in millions)	Fair value hierarchy						Total fair value
	Level 1		Level 2		Level 3
Loans	$	—	$	599	$	1,156	$	1,755
Other assets(a)	—		52		1,334		1,386
Total assets measured at fair value on a nonrecurring basis	$	—	$	651	$	2,490	$	3,141
Accounts payable and other liabilities	—		—		—		—
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	—	$	—

December 31, 2022 (in millions)	Fair value hierarchy						Total fair value
	Level 1		Level 2		Level 3
Loans	$	—	$	643	$	627	$	1,270
Other assets	—		36		1,352		1,388
Total assets measured at fair value on a nonrecurring basis	$	—	$	679	$	1,979	$	2,658
Accounts payable and other liabilities	—		—		84		84
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	84	$	84

(a) Included impairments on certain equity method investments, as well as equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $1.3 billion in level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2023, $412 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the years ended December 31, 2023, 2022 and 2021, related to assets and liabilities held at those dates.

December 31, (in millions)	2023		2022		2021
Loans	$	(276)	$	(55)	$	(72)
Other assets(a)	(789)		(409)		344
Accounts payable and other liabilities	—		(83)		5
Total nonrecurring fair value gains/(losses)	$	(1,065)	$	(547)	$	277

(a)Included $(232) million, $(338) million and $379 million for the years ended December 31, 2023, 2022 and 2021, respectively, of net gains/(losses) as a result of the measurement alternative. The current period also included impairments on certain equity method investments.

Carrying value of equity securities without readily determinable fair values

The following table presents the carrying value of equity securities without readily determinable fair values held as of December 31, 2023 and 2022, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.

As of or for the year ended December 31,
(in millions)	2023		2022
Other assets
Carrying value(a)	$	4,457	$	4,096
Upward carrying value changes(b)	93		488
Downward carrying value changes/impairment(c)	(325)		(826)

(a)The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.

(b)The cumulative upward carrying value changes between January 1, 2018 and December 31, 2023 were $1.2 billion.

(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and December 31, 2023 were $(1.2) billion.

Carrying value and estimated fair value of financial assets and liabilities

The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at December 31, 2023 and 2022, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.

	December 31, 2023										December 31, 2022
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value		Level 1		Level 2		Level 3		Total estimated fair value
Financial assets
Cash and due from banks	$	29.1	$	29.1	$	—	$	—	$	29.1	$	27.7	$	27.7	$	—	$	—	$	27.7
Deposits with banks	595.1		594.6		0.5		—		595.1		539.5		539.3		0.2		—		539.5
Accrued interest and accounts receivable	107.1		—		107.0		0.1		107.1		124.7		—		124.6		0.1		124.7
Federal funds sold and securities purchased under resale agreements	16.3		—		16.3		—		16.3		3.7		—		3.7		—		3.7
Securities borrowed	130.3		—		130.3		—		130.3		115.3		—		115.3		—		115.3
Investment securities, held-to-maturity	369.8		160.6		182.2		—		342.8		425.3		189.1		199.5		—		388.6
Loans, net of allowance for loan losses(a)	1,262.5		—		285.6		964.6		1,250.2		1,073.9		—		194.0		853.9		1,047.9
Other	76.1		—		74.9		1.4		76.3		101.2		—		99.6		1.7		101.3
Financial liabilities
Deposits	$	2,322.3	$	—	$	2,322.6	$	—	$	2,322.6	$	2,311.6	$	—	$	2,311.5	$	—	$	2,311.5
Federal funds purchased and securities loaned or sold under repurchase agreements	47.5		—		47.5		—		47.5		50.6		—		50.6		—		50.6
Short-term borrowings(b)	24.7		—		24.7		—		24.7		28.2		—		28.2		—		28.2
Accounts payable and other liabilities	241.8		—		233.3		8.1		241.4		257.5		—		251.2		5.6		256.8
Beneficial interests issued by consolidated VIEs	23.0		—		23.0		—		23.0		12.6		—		12.6		—		12.6
Long-term debt(b)	303.9		—		252.2		51.3		303.5		223.6		—		216.5		2.8		219.3

(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.

(b)Includes FHLB advances in level 2 of Long-term debt and Short-term borrowings and the Purchase Money Note in level 3 of Long-term debt associated with First Republic. Refer to Notes 20 and 34 for additional information.

The carrying value and estimated fair value of wholesale lending- related commitments

The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.

	December 31, 2023										December 31, 2022
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value(a)(b)(c)		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value(a)(b)		Level 1		Level 2		Level 3		Total estimated fair value
Wholesale lending-related commitments	$	3.0	$	—	$	—	$	4.8	$	4.8	$	2.3	$	—	$	—	$	3.2	$	3.2

(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.

(b)Includes the wholesale allowance for lending-related commitments.

(c)As of December 31, 2023, includes fair value adjustments associated with First Republic for other unfunded commitments to extend credit totaling $1.1 billion recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to Notes 28 and 34 for additional information.