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Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Tables)
 6 Months Ended
Jun. 30, 2024
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract]  
Off-balance sheet lending related financial instruments, guarantees and other commitments
The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at June 30, 2024 and December 31, 2023. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card and certain scored business banking lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower.
Off–balance sheet lending-related financial instruments, guarantees and other commitments
Contractual amount
Carrying value(h)(i)
June 30, 2024Dec 31,
2023		June 30,
2024		Dec 31,
2023
By remaining maturity
(in millions)		Expires in 1 year or lessExpires after
1 year through
3 years		Expires after
3 years through
5 years		Expires after 5 yearsTotalTotal
Lending-related
Consumer, excluding credit card:
Residential Real Estate(a)
$11,225 $7,493 $5,461 $8,674 $32,853 $30,125 $623 
(j)
$678 
(j)
Auto and other10,896 21 — 3,445 14,362 15,278 69 
(j)
148 
(j)
Total consumer, excluding credit card22,121 7,514 5,461 12,119 47,215 45,403 692 826 
Credit card(b)
964,727 — — — 964,727 915,658 — — 
Total consumer(c)
986,848 7,514 5,461 12,119 1,011,942 961,061 692 826 
Wholesale:
Other unfunded commitments to extend credit(d)
124,757 192,737 169,714 24,442 511,650 503,526 2,692 
(j)
2,797 
(j)
Standby letters of credit and other financial guarantees(d)
16,443 8,919 3,209 553 29,124 28,872 403 479 
Other letters of credit(d)
3,854 249 42 101 4,246 4,388 36 37 
Total wholesale(c)
145,054 201,905 172,965 25,096 545,020 536,786 3,131 3,313 
Total lending-related$1,131,902 $209,419 $178,426 $37,215 $1,556,962 $1,497,847 $3,823 $4,139 
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)
$319,353 $— $— $— $319,353 $283,664 $— $— 
Derivatives qualifying as guarantees1,435 77 10,479 40,910 52,901 54,562 88 89 
Unsettled resale and securities borrowed agreements
154,224 258 — — 154,482 95,106 

1 — 
Unsettled repurchase and securities loaned agreements
107,401 537 — — 107,938 60,724 — — 
Loan sale and securitization-related indemnifications:
Mortgage repurchase liabilityNANANANANANA60 76 
Loans sold with recourseNANANANA825 803 23 24 
Exchange & clearing house guarantees and commitments(f)
124,661 — — — 124,661 265,887 — — 
Other guarantees and commitments(g)
10,939 718 93 741 12,491 15,074 27 38 
(a)Includes certain commitments to purchase loans from correspondents.
(b)Also includes commercial card lending-related commitments primarily in CIB.
(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.
(d)As of June 30, 2024 and December 31, 2023, reflected the contractual amount net of risk participations totaling $90 million and $88 million, respectively, for other unfunded commitments to extend credit; $9.9 billion and $8.2 billion, respectively, for standby letters of credit and other financial guarantees; $372 million and $589 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.
(e)As of June 30, 2024 and December 31, 2023, collateral held by the Firm in support of securities lending indemnification agreements was $339.5 billion and $300.3 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.
(f)As of June 30, 2024 and December 31, 2023, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.
(g)As of June 30, 2024 and December 31, 2023, primarily includes unfunded commitments to purchase secondary market loans, other equity investment commitments, and unfunded commitments related to certain tax-oriented equity investments, and reflects the impact of adopting updates to the Accounting for Investments in Tax Credit Structures guidance effective January 1, 2024.
(h)For lending-related products, the carrying value includes the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.
(i)For lending-related commitments, the carrying value also includes fees and any purchase discounts or premiums that are deferred and recognized in accounts payable and other liabilities on the Consolidated balance sheets. Deferred amounts for revolving commitments and commitments not expected to fund, are amortized to lending- and deposit-related fees on a straight line basis over the commitment period. For all other commitments the deferred amounts remain deferred until the commitment funds or is sold.
(j)As of June 30, 2024 and December 31, 2023, includes fair value adjustments associated with First Republic for residential real estate lending-related commitments totaling $550 million and $630 million, respectively, for auto and other lending-related commitments totaling $69 million and $148 million, respectively, and for other unfunded commitments to extend credit totaling $854 million and $1.1 billion, respectively. Refer to Note 26 for additional information.
Standby letters of credit, other financial guarantees and other letters of credit
The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of June 30, 2024 and December 31, 2023.
Standby letters of credit, other financial guarantees and other letters of credit
June 30, 2024December 31, 2023
(in millions)Standby letters of
credit and other financial guarantees		Other letters
of credit		Standby letters of
credit and other financial guarantees		Other letters
of credit
Investment-grade(a)
$20,333 $3,477 $19,694 $3,552 
Noninvestment-grade(a)
8,791 769 9,178 836 
Total contractual amount$29,124 $4,246 $28,872 $4,388 
Allowance for lending-related commitments$107 $36 $110 $37 
Guarantee liability296 — 369 — 
Total carrying value$403 $36 $479 $37 
Commitments with collateral$16,272 $426 $16,861 $539 
(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.
Derivatives qualifying as guarantees
The following table summarizes the derivatives qualifying as guarantees as of June 30, 2024 and December 31, 2023.
(in millions)June 30, 2024December 31, 2023
Notional amounts
Derivative guarantees$52,901 $54,562 
Stable value contracts with contractually limited exposure
32,510 32,488 
Maximum exposure of stable value contracts with contractually limited exposure
1,653 1,652 
Fair value
Derivative payables
88 89