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Securities Financing Activities (Tables)
 9 Months Ended
Sep. 30, 2024
Securities Financing Transactions Disclosures [Abstract]  
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 September 30, 2024 and December 31, 2023. 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.
September 30, 2024
(in millions)Gross amountsAmounts netted on the Consolidated balance sheetsAmounts presented on the Consolidated balance sheets
Amounts not nettable on the Consolidated balance sheets(b)
Net
amounts(c)
Assets
Securities purchased under resale agreements
$695,230 $(304,409)$390,821 $(376,898)$13,923 
Securities borrowed
305,198 (52,764)252,434 (191,878)60,556 
Liabilities
Securities sold under repurchase agreements$688,549 $(304,409)$384,140 $(339,430)$44,710 
Securities loaned and other(a)
63,109 (52,764)10,345 (10,230)115 
December 31, 2023
(in millions)Gross amountsAmounts netted on the Consolidated balance sheetsAmounts presented on the Consolidated balance sheets
Amounts not nettable on the Consolidated balance sheets(b)
Net
amounts(c)
Assets
Securities purchased under resale agreements
$523,308 $(247,181)$276,127 $(267,582)$8,545 
Securities borrowed
244,046 (43,610)200,436 (144,543)55,893 
Liabilities
Securities sold under repurchase agreements$459,985 $(247,181)$212,804 $(182,011)$30,793 
Securities loaned and other(a)
52,142 (43,610)8,532 (8,501)31 
(a)Includes securities-for-securities lending agreements of $5.8 billion and $5.6 billion at September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, included $10.8 billion and $7.1 billion, respectively, of securities purchased under resale agreements; $53.3 billion and $50.7 billion, respectively, of securities borrowed; $43.9 billion and $30.0 billion, respectively, of securities sold under repurchase agreements; and securities loaned and other which were not material at both September 30, 2024 and December 31, 2023.
Types of assets pledged in secured financing transactions
The tables below present as of September 30, 2024 and December 31, 2023 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.
Gross liability balance
September 30, 2024December 31, 2023
 (in millions)Securities sold under repurchase agreementsSecurities loaned and otherSecurities sold under repurchase agreementsSecurities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies$85,012 $— $71,064 $— 
Residential - nonagency2,487 — 2,292 — 
Commercial - nonagency2,142 — 2,669 — 
U.S. Treasury, GSEs and government agencies343,191 651 216,467 1,034 
Obligations of U.S. states and municipalities2,061 — 2,323 — 
Non-U.S. government debt156,594 1,251 97,400 1,455 
Corporate debt securities49,049 1,785 39,247 2,025 
Asset-backed securities4,352 — 2,703 — 
Equity securities43,661 59,422 25,820 47,628 
Total
$688,549 $63,109 $459,985 $52,142 
Remaining contractual maturity of the agreements
Overnight and continuousGreater than
90 days
September 30, 2024 (in millions)Up to 30 days30 – 90 daysTotal
Total securities sold under repurchase agreements$344,955 $206,101 $35,302 $102,191 $688,549 
Total securities loaned and other59,993 — 6 3,110 63,109 
Remaining contractual maturity of the agreements
Overnight and continuousGreater than
90 days
December 31, 2023 (in millions)Up to 30 days30 – 90 daysTotal
Total securities sold under repurchase agreements$259,048 $102,941 $20,960 $77,036 $459,985 
Total securities loaned and other49,610 1,544 — 988 52,142