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COLLATERALIZED AGREEMENTS AND FINANCINGS
 9 Months Ended
Jun. 30, 2024
Offsetting [Abstract]  
COLLATERALIZED AGREEMENTS AND FINANCINGS COLLATERALIZED AGREEMENTS AND FINANCINGS
Collateralized agreements are comprised of securities purchased under agreements to resell (“reverse repurchase agreements”) and securities borrowed. Collateralized financings are comprised of securities sold under agreements to repurchase (“repurchase agreements”) and securities loaned. We enter into these transactions in order to facilitate client activities, acquire securities to cover short positions and finance certain firm activities. The significant accounting policies governing our collateralized agreements and financings are described in Note 2 of our 2023 Form 10-K.

Our reverse repurchase agreements, repurchase agreements, securities borrowing, and securities lending transactions are governed by master agreements that are widely used by counterparties and that may allow for net settlements of payments in the normal course, as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the parties to the transaction. For financial statement purposes, we do not offset our reverse repurchase agreements, repurchase agreements, securities borrowed, and securities loaned because the conditions for netting as specified by GAAP are not met. Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table.
Collateralized agreementsCollateralized financings
$ in millionsReverse repurchase agreementsSecurities borrowedTotalRepurchase agreementsSecurities loanedTotal
June 30, 2024
Gross amounts of recognized assets/liabilities$311 $259 $570 $374 $780 $1,154 
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition— — — — — — 
Net amounts included in the Condensed Consolidated Statements of Financial Condition311 259 570 374 780 1,154 
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition(311)(249)(560)(374)(750)(1,124)
Net amounts$— $10 $10 $— $30 $30 
September 30, 2023
Gross amounts of recognized assets/liabilities$187 $231 $418 $157 $180 $337 
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition— — — — — — 
Net amounts included in the Condensed Consolidated Statements of Financial Condition187 231 418 157 180 337 
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition(187)(224)(411)(157)(173)(330)
Net amounts$— $7 $7 $— $7 $7 

The total amount of collateral received under reverse repurchase agreements and the total amount of collateral posted under repurchase agreements exceeds the carrying value of these agreements on our Condensed Consolidated Statements of Financial Condition.

Repurchase agreements and securities loaned accounted for as secured borrowings

The following table presents our repurchase agreements and securities lending transactions accounted for as secured borrowings by type of collateral. Such secured borrowings have no stated maturity and are generally overnight and continuous.
$ in millionsJune 30, 2024September 30, 2023
Repurchase agreements:
Government and agency obligations$203 $122 
Agency MBS and agency CMOs171 35 
Total repurchase agreements$374 $157 
Securities loaned:
Equity securities780 180 
Total collateralized financings$1,154 $337 
Collateral received and pledged

We receive cash and securities as collateral, primarily in connection with reverse repurchase agreements, securities borrowing agreements, derivative transactions, and client margin loans. The collateral we receive reduces our credit exposure to individual counterparties.

In many cases, we are permitted to deliver or repledge financial instruments we have received as collateral to satisfy our collateral requirements under our repurchase agreements, securities lending agreements or other secured borrowings, to satisfy deposit requirements with clearing organizations, or to otherwise meet either our or our clients’ settlement requirements.

The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described.
$ in millionsJune 30, 2024September 30, 2023
Collateral we received that was available to be delivered or repledged$3,428 $3,267 
Collateral that we delivered or repledged $1,741 $730 

Encumbered assets

We also pledge certain of our assets, primarily trading assets, to collateralize repurchase agreements or other secured borrowings, maintain lines of credit, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments. The following table presents information about our assets that have been pledged for such purposes.
$ in millionsJune 30, 2024September 30, 2023
Had the right to deliver or repledge$1,217 $1,091 
Did not have the right to deliver or repledge$65 $63 

We also pledge certain of our bank loans and available-for-sale securities with the FHLB as security for both the repayment of certain borrowings and to secure capacity for additional borrowings as needed. The FHLB does not have the ability to sell or repledge such securities until they are borrowed against. We also pledge certain loans and available-for-sale securities with the FRB to be eligible to participate in the Federal Reserve’s discount window program and to participate in certain deposit programs. The FRB does not have the ability to sell or repledge such securities. For additional information regarding our outstanding FHLB advances see Note 14. The following table presents information about our assets that have been pledged with the FHLB or FRB.
$ in millionsJune 30, 2024September 30, 2023
Assets pledged with the FHLB or FRB:
Available-for-sale securities$3,958 $3,897 
Bank loans10,784 10,166 
Total assets pledged with the FHLB or FRB$14,742 $14,063