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Securities and Other Collateralized Financing Activities (Tables)
 12 Months Ended
Dec. 31, 2023
Securities Financing Transactions [Abstract]  
Offsetting – Securities and Other Collateralized Financing Activities Table 18.1 presents resale and repurchase agreements subject to master repurchase agreements (MRA) and securities borrowing and lending agreements subject to master securities lending agreements (MSLA). Where legally enforceable, these master netting arrangements give the ability, in the event of default by the counterparty, to liquidate securities held as collateral and to offset receivables and payables with the
same counterparty. Collateralized financings with the same counterparty are presented net on our consolidated balance sheet, provided certain criteria are met that permit balance sheet netting. The majority of transactions subject to these agreements do not meet those criteria and thus are not eligible for balance sheet netting.
Collateral we pledged consists of non-cash instruments, such as securities or loans, and is not netted on our consolidated balance sheet against the related liability. Collateral we received includes securities or loans and is not recognized on our consolidated balance sheet. Collateral pledged or received may be increased or decreased over time to maintain certain contractual thresholds, as the assets underlying each arrangement fluctuate in value. For additional information on collateral pledged and accepted, see Note 19 (Pledged Assets and Collateral). Generally, these agreements require collateral to exceed the asset or liability recognized on the balance sheet. The following table includes the amount of collateral pledged or received related to exposures subject to enforceable MRAs or MSLAs. While these agreements are typically over-collateralized, the disclosure in this table is limited to the reported amount of such collateral to the amount of the related recognized asset or liability for each counterparty.
In addition to the amounts included in Table 18.1, we also have balance sheet netting related to derivatives that is disclosed in Note 14 (Derivatives).
Table 18.1: Offsetting – Securities and Other Collateralized Financing Activities
(in millions)
Dec 31,
2023		Dec 31,
2022
Assets:
Resale and securities borrowing agreements
Gross amounts recognized$129,282 114,729 
Gross amounts offset in consolidated balance sheet (1)(28,402)(24,464)
Net amounts in consolidated balance sheet (2)100,880 90,265 
Collateral received not recognized in consolidated balance sheet (3)
(99,970)(89,592)
Net amount (4)$910 673 
Liabilities:
Repurchase and securities lending agreements
Gross amounts recognized $106,060 55,054 
Gross amounts offset in consolidated balance sheet (1)(28,402)(24,464)
Net amounts in consolidated balance sheet (5)77,658 30,590 
Collateral pledged but not netted in consolidated balance sheet (6)(77,529)(30,383)
Net amount (4)$129 207 
(1)Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs that have been offset within our consolidated balance sheet.
(2)Includes $80.4 billion and $68.0 billion classified on our consolidated balance sheet in federal funds sold and securities purchased under resale agreements at December 31, 2023 and 2022, respectively. Also includes $20.5 billion and $22.3 billion classified on our consolidated balance sheet in loans at December 31, 2023 and 2022, respectively.
(3)Represents the fair value of collateral we have received under enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized asset due from each counterparty.
(4)Represents the amount of our exposure (assets) or obligation (liabilities) that is not collateralized and/or is not subject to an enforceable MRA or MSLA.
(5)Amount is classified in short-term borrowings on our consolidated balance sheet.
(6)Represents the fair value of collateral we have pledged, related to enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized liability owed to each counterparty.
Gross Obligations by Underlying Collateral Type Table 18.2 provides the gross amounts recognized on our consolidated balance sheet (before the effects of offsetting) of our liabilities for repurchase and securities lending agreements disaggregated by underlying collateral type.
Table 18.2: Gross Obligations by Underlying Collateral Type
(in millions)
Dec 31,
2023		Dec 31,
2022
Repurchase agreements:
Securities of U.S. Treasury and federal agencies$38,742 27,857 
Securities of U.S. States and political subdivisions579 83 
Federal agency mortgage-backed securities48,019 8,386 
Non-agency mortgage-backed securities1,889 682 
Corporate debt securities7,925 6,541 
Asset-backed securities2,176 1,529 
Equity securities635 711 
Other 541 300 
Total repurchases100,506 46,089 
Securities lending arrangements:
Securities of U.S. Treasury and federal agencies251 278 
Federal agency mortgage-backed securities31 58 
Corporate debt securities293 206 
Equity securities (1)4,965 8,356 
Other14 67 
Total securities lending5,554 8,965 
Total repurchases and securities lending$106,060 55,054 
(1)Equity securities are generally exchange traded and represent collateral received from third parties that has been repledged. We received the collateral through either margin lending agreements or contemporaneous securities borrowing transactions with other counterparties.
Contractual Maturities of Gross Obligations
Table 18.3 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements. Securities lending is executed under agreements that allow either party to terminate the transaction without notice, while repurchase agreements have a term structure to them that
technically matures at a point in time. The overnight agreements require election of both parties to roll the trade, while continuous agreements require the election of either party to terminate the agreement.
Table 18.3: Contractual Maturities of Gross Obligations
(in millions) Repurchase agreementsSecurities lending agreements
December 31, 2023
Overnight/continuous$54,810 4,903 
Up to 30 days13,704 — 
30-90 days23,264 200 
>90 days8,728 451 
Total gross obligation100,506 5,554 
December 31, 2022
Overnight/continuous$36,251 8,965 
Up to 30 days734 — 
30-90 days2,884 — 
>90 days6,220 — 
Total gross obligation46,089 8,965