Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivatives on a Gross Basis

The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated balance sheets, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP.

	As of September 2022				As of December 2021
$ in millions	Derivative  Assets		Derivative  Liabilities		Derivative  Assets		Derivative  Liabilities
Not accounted for as hedges
Exchange-traded	$	1,048	$	1,952	$	256	$	557
OTC-cleared	71,562		71,135		13,795		12,692
Bilateral OTC	206,352		184,457		232,595		205,073
Total interest rates	278,962		257,544		246,646		218,322
OTC-cleared	1,736		1,902		3,665		4,053
Bilateral OTC	12,479		10,831		12,591		11,702
Total credit	14,215		12,733		16,256		15,755
Exchange-traded	50		25		417		10
OTC-cleared	1,485		1,097		423		338
Bilateral OTC	147,357		147,099		86,076		85,795
Total currencies	148,892		148,221		86,916		86,143
Exchange-traded	13,519		13,615		6,534		6,189
OTC-cleared	853		1,019		652		373
Bilateral OTC	52,013		39,930		28,359		25,969
Total commodities	66,385		54,564		35,545		32,531
Exchange-traded	31,258		33,610		33,840		35,518
OTC-cleared	14		14		8		5
Bilateral OTC	35,209		42,826		39,718		44,750
Total equities	66,481		76,450		73,566		80,273
Subtotal	574,935		549,512		458,929		433,024
Accounted for as hedges
OTC-cleared	—		7		1		—
Bilateral OTC	323		10		945		—
Total interest rates	323		17		946		—
OTC-cleared	85		25		34		27
Bilateral OTC	831		134		60		139
Total currencies	916		159		94		166
Subtotal	1,239		176		1,040		166
Total gross fair value	$	576,174	$	549,688	$	459,969	$	433,190
Offset in the consolidated balance sheets
Exchange-traded	$	(39,580)	$	(39,580)	$	(35,724)	$	(35,724)
OTC-cleared	(73,326)		(73,326)		(16,979)		(16,979)
Bilateral OTC	(309,469)		(309,469)		(279,189)		(279,189)
Counterparty netting	(422,375)		(422,375)		(331,892)		(331,892)
OTC-cleared	(1,559)		(154)		(1,033)		(361)
Bilateral OTC	(72,119)		(56,390)		(63,084)		(48,984)
Cash collateral netting	(73,678)		(56,544)		(64,117)		(49,345)
Total amounts offset	$	(496,053)	$	(478,919)	$	(396,009)	$	(381,237)
Included in the consolidated balance sheets
Exchange-traded	$	6,295	$	9,622	$	5,323	$	6,550
OTC-cleared	850		1,719		566		148
Bilateral OTC	72,976		59,428		58,071		45,255
Total	$	80,121	$	70,769	$	63,960	$	51,953
Not offset in the consolidated balance sheets
Cash collateral	$	(595)	$	(2,475)	$	(1,008)	$	(1,939)
Securities collateral	(17,908)		(4,887)		(15,751)		(7,349)
Total	$	61,618	$	63,407	$	47,201	$	42,665

	Notional Amounts as of
	September		December
$ in millions	2022		2021
Not accounted for as hedges
Exchange-traded	$	4,112,393	$	2,630,915
OTC-cleared	16,663,199		17,874,504
Bilateral OTC	10,483,366		11,122,871
Total interest rates	31,258,958		31,628,290
Exchange-traded	13		—
OTC-cleared	531,824		463,477
Bilateral OTC	644,885		616,095
Total credit	1,176,722		1,079,572
Exchange-traded	9,312		14,617
OTC-cleared	183,609		194,124
Bilateral OTC	6,094,304		6,606,927
Total currencies	6,287,225		6,815,668
Exchange-traded	421,737		308,917
OTC-cleared	3,492		3,647
Bilateral OTC	270,884		234,322
Total commodities	696,113		546,886
Exchange-traded	1,243,432		1,149,777
OTC-cleared	301		198
Bilateral OTC	1,118,371		1,173,103
Total equities	2,362,104		2,323,078
Subtotal	41,781,122		42,393,494
Accounted for as hedges
OTC-cleared	263,785		219,083
Bilateral OTC	3,426		4,499
Total interest rates	267,211		223,582
OTC-cleared	1,885		2,758
Bilateral OTC	17,988		18,658
Total currencies	19,873		21,416
Exchange-traded	652		1,050
Total commodities	652		1,050
Subtotal	287,736		246,048
Total notional amounts	$	42,068,858	$	42,639,542

In the tables above:

•Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure.

•Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted.

•Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses.

•Total gross fair value of derivatives included derivative assets of $17.12 billion as of September 2022 and $17.48 billion as of December 2021, and derivative liabilities of $16.19 billion as of September 2022 and $17.29 billion as of December 2021, which are not subject to an enforceable netting agreement or are subject to a netting agreement that the firm has not yet determined to be enforceable.

Fair Value of Derivatives by Level

The table below presents derivatives on a gross basis by level and product type, as well as the impact of netting.

$ in millions	Level 1		Level 2		Level 3		Total
As of September 2022
Assets
Interest rates	$	62	$	276,914	$	2,309	$	279,285
Credit	—		11,404		2,811		14,215
Currencies	—		149,107		701		149,808
Commodities	—		64,227		2,158		66,385
Equities	124		64,862		1,495		66,481
Gross fair value	186		566,514		9,474		576,174
Counterparty netting in levels			(417,307)		(1,039)		(418,346)
Subtotal	$	186	$	149,207	$	8,435	$	157,828
Cross-level counterparty netting							(4,029)
Cash collateral netting							(73,678)
Net fair value							$	80,121
Liabilities
Interest rates	$	(14)	$	(256,711)	$	(836)	$	(257,561)
Credit	—		(11,588)		(1,145)		(12,733)
Currencies	—		(147,804)		(576)		(148,380)
Commodities	—		(53,923)		(641)		(54,564)
Equities	(25)		(74,292)		(2,133)		(76,450)
Gross fair value	(39)		(544,318)		(5,331)		(549,688)
Counterparty netting in levels			417,307		1,039		418,346
Subtotal	$	(39)	$	(127,011)	$	(4,292)	$	(131,342)
Cross-level counterparty netting							4,029
Cash collateral netting							56,544
Net fair value							$	(70,769)
As of December 2021
Assets
Interest rates	$	2	$	246,525	$	1,065	$	247,592
Credit	—		12,823		3,433		16,256
Currencies	—		86,773		237		87,010
Commodities	—		34,501		1,044		35,545
Equities	33		72,570		963		73,566
Gross fair value	35		453,192		6,742		459,969
Counterparty netting in levels	—		(329,164)		(804)		(329,968)
Subtotal	$	35	$	124,028	$	5,938	$	130,001
Cross-level counterparty netting							(1,924)
Cash collateral netting							(64,117)
Net fair value							$	63,960
Liabilities
Interest rates	$	(2)	$	(217,438)	$	(882)	$	(218,322)
Credit	—		(14,176)		(1,579)		(15,755)
Currencies	—		(85,925)		(384)		(86,309)
Commodities	—		(31,925)		(606)		(32,531)
Equities	(29)		(77,393)		(2,851)		(80,273)
Gross fair value	(31)		(426,857)		(6,302)		(433,190)
Counterparty netting in levels	—		329,164		804		329,968
Subtotal	$	(31)	$	(97,693)	$	(5,498)	$	(103,222)
Cross-level counterparty netting							1,924
Cash collateral netting							49,345
Net fair value							$	(51,953)

In the table above:

•Gross fair values exclude the effects of both counterparty netting and collateral netting, and therefore are not representative of the firm’s exposure.

•Counterparty netting is reflected in each level to the extent that receivable and payable balances are netted within the same level and is included in counterparty netting in levels. Where the counterparty netting is across levels, the netting is included in cross-level counterparty netting.•Derivative assets are shown as positive amounts and derivative liabilities are shown as negative amounts.

Significant Unobservable Inputs Used to Value Level 3 Derivatives

The table below presents the amount of level 3 derivative assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value level 3 derivatives.

	As of September 2022			As of December 2021
$ in millions, except inputs	Amount or Range		Average/ Median	Amount or Range		Average/ Median
Interest rates, net	$	1,473		$	183
Correlation	25% to 81%		64%/63%	25% to 81%		63%/62%
Volatility (bps)	31 to 100		63/61	31 to 100		59/54
Credit, net	$	1,666		$	1,854
Credit spreads (bps)	4 to 1,040		188/117	1 to 568		136/107
Upfront credit points	0 to 100		41/34	2 to 100		34/26
Recovery rates	20% to 50%		41%/40%	20% to 50%		37%/40%
Currencies, net	$	125		$	(147)
Correlation	20% to 71%		39%/23%	20% to 71%		40%/41%
Volatility	20% to 21%		21%/21%	19% to 19%		19%/19%
Commodities, net	$	1,517		$	438
Volatility	25% to 148%		56%/47%	15% to 93%		32%/29%
Natural gas spread	$(3.59) to $8.59		$(0.16)/ $(0.20)	$(1.33) to $2.60		$(0.11)/ $(0.07)
Oil spread	$(5.50) to $48.91		$20.75/ $20.07	$8.64 to $22.68		$13.36/ $12.69
Electricity price	$2.60 to $309.83		$54.13/ $48.43	$1.50 to $289.96		$37.42/ $32.20
Equities, net	$	(638)		$	(1,888)
Correlation	(70)% to 100%		64%/66%	(70)% to 99%		59%/62%
Volatility	2% to 89%		16%/13%	3% to 150%		17%/17%

In the table above:

•Derivative assets are shown as positive amounts and derivative liabilities are shown as negative amounts.

•Ranges represent the significant unobservable inputs that were used in the valuation of each type of derivative.

•Averages represent the arithmetic average of the inputs and are not weighted by the relative fair value or notional amount of the respective financial instruments. An average greater than the median indicates that the majority of inputs are below the average. For example, the difference between the average and the median for credit spreads indicates that the majority of the inputs fall in the lower end of the range.

•The ranges, averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative. For example, the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 derivatives.

•Interest rates, currencies and equities derivatives are valued using option pricing models, credit derivatives are valued using option pricing, correlation and discounted cash flow models, and commodities derivatives are valued using option pricing and discounted cash flow models.

•The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flow models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques.

•Correlation within currencies and equities includes cross-product type correlation.

•Natural gas spread represents the spread per million British thermal units of natural gas.

•Oil spread represents the spread per barrel of oil and refined products.

•Electricity price represents the price per megawatt hour of electricity.

Summary of Changes in Fair Value for Level 3 Derivatives

The table below presents a summary of the changes in fair value for level 3 derivatives.

	Three Months Ended September				Nine Months Ended September
$ in millions	2022		2021		2022		2021
Total level 3 derivatives, net
Beginning balance	$	3,174	$	567	$	440	$	1,175
Net realized gains/(losses)	(16)		(33)		456		73
Net unrealized gains/(losses)	1,167		453		4,413		34
Purchases	156		92		216		439
Sales	(232)		(366)		(1,004)		(1,058)
Settlements	491		(264)		50		99
Transfers into level 3	105		(112)		(130)		(79)
Transfers out of level 3	(702)		312		(298)		(34)
Ending balance	$	4,143	$	649	$	4,143	$	649

In the table above:

•Changes in fair value are presented for all derivative assets and liabilities that are classified in level 3 as of the end of the period.

•Net unrealized gains/(losses) relates to instruments that were still held at period-end.

•Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a derivative was transferred into level 3 during a reporting period, its entire gain or loss for the period is classified in level 3.

•Positive amounts for transfers into level 3 and negative amounts for transfers out of level 3 represent net transfers of derivative assets. Negative amounts for transfers into level 3 and positive amounts for transfers out of level 3 represent net transfers of derivative liabilities.

•A derivative with level 1 and/or level 2 inputs is classified in level 3 in its entirety if it has at least one significant level 3 input.

•If there is one significant level 3 input, the entire gain or loss from adjusting only observable inputs (i.e., level 1 and level 2 inputs) is classified in level 3.

•Gains or losses that have been classified in level 3 resulting from changes in level 1 or level 2 inputs are frequently offset by gains or losses attributable to level 1 or level 2 derivatives and/or level 1, level 2 and level 3 trading cash instruments. As a result, gains/(losses) included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources.

The table below presents information, by product type, for derivatives included in the summary table above.

	Three Months Ended September				Nine Months Ended September
$ in millions	2022		2021		2022		2021
Interest rates, net
Beginning balance	$	1,035	$	308	$	183	$	267
Net realized gains/(losses)	(27)		(60)		(98)		(11)
Net unrealized gains/(losses)	411		(56)		1,370		38
Purchases	8		—		55		67
Sales	(1)		(24)		(27)		(72)
Settlements	64		101		111		23
Transfers into level 3	(15)		(20)		(7)		(1)
Transfers out of level 3	(2)		(2)		(114)		(64)
Ending balance	$	1,473	$	247	$	1,473	$	247
Credit, net
Beginning balance	$	2,164	$	1,750	$	1,854	$	1,778
Net realized gains/(losses)	(11)		(22)		36		(33)
Net unrealized gains/(losses)	24		11		92		129
Purchases	64		18		2		62
Sales	(8)		(35)		(40)		(62)
Settlements	(144)		(22)		(105)		(9)
Transfers into level 3	16		15		11		(60)
Transfers out of level 3	(439)		4		(184)		(86)
Ending balance	$	1,666	$	1,719	$	1,666	$	1,719
Currencies, net
Beginning balance	$	(239)	$	(234)	$	(147)	$	(338)
Net realized gains/(losses)	28		9		66		(29)
Net unrealized gains/(losses)	199		43		225		(7)
Purchases	1		1		2		41
Sales	(2)		(5)		(7)		(12)
Settlements	122		36		62		235
Transfers into level 3	2		(4)		(81)		(20)
Transfers out of level 3	14		35		5		11
Ending balance	$	125	$	(119)	$	125	$	(119)
Commodities, net
Beginning balance	$	1,435	$	266	$	438	$	300
Net realized gains/(losses)	(53)		(23)		(29)		(76)
Net unrealized gains/(losses)	209		196		1,264		348
Purchases	5		16		4		38
Sales	(16)		(4)		(23)		(34)
Settlements	(14)		6		(87)		(56)
Transfers into level 3	78		25		172		16
Transfers out of level 3	(127)		31		(222)		(23)
Ending balance	$	1,517	$	513	$	1,517	$	513
Equities, net
Beginning balance	$	(1,221)	$	(1,523)	$	(1,888)	$	(832)
Net realized gains/(losses)	47		63		481		222
Net unrealized gains/(losses)	324		259		1,462		(474)
Purchases	78		57		153		231
Sales	(205)		(298)		(907)		(878)
Settlements	463		(385)		69		(94)
Transfers into level 3	24		(128)		(225)		(14)
Transfers out of level 3	(148)		244		217		128
Ending balance	$	(638)	$	(1,711)	$	(638)	$	(1,711)

OTC Derivatives by Tenor and Major Product Type

The table below presents OTC derivative assets and liabilities by tenor and major product type.

$ in millions	Less than  1 Year		1 - 5  Years		Greater than 5 Years		Total
As of September 2022
Assets
Interest rates	$	12,714	$	17,175	$	53,692	$	83,581
Credit	971		2,908		2,678		6,557
Currencies	25,586		10,152		8,154		43,892
Commodities	17,378		15,744		2,163		35,285
Equities	7,903		5,795		3,674		17,372
Counterparty netting in tenors	(4,306)		(3,971)		(4,572)		(12,849)
Subtotal	$	60,246	$	47,803	$	65,789	$	173,838
Cross-tenor counterparty netting							(26,334)
Cash collateral netting							(73,678)
Total OTC derivative assets							$	73,826
Liabilities
Interest rates	$	17,883	$	24,168	$	18,904	$	60,955
Credit	1,459		2,013		1,603		5,075
Currencies	20,944		11,134		10,412		42,490
Commodities	11,761		10,555		1,049		23,365
Equities	13,020		8,807		3,162		24,989
Counterparty netting in tenors	(4,306)		(3,971)		(4,572)		(12,849)
Subtotal	$	60,761	$	52,706	$	30,558	$	144,025
Cross-tenor counterparty netting							(26,334)
Cash collateral netting							(56,544)
Total OTC derivative liabilities							$	61,147
As of December 2021
Assets
Interest rates	$	6,076	$	11,655	$	61,380	$	79,111
Credit	1,800		2,381		3,113		7,294
Currencies	13,366		6,642		6,570		26,578
Commodities	10,178		7,348		770		18,296
Equities	11,075		6,592		2,100		19,767
Counterparty netting in tenors	(3,624)		(3,357)		(2,673)		(9,654)
Subtotal	$	38,871	$	31,261	$	71,260	$	141,392
Cross-tenor counterparty netting							(18,638)
Cash collateral netting							(64,117)
Total OTC derivative assets							$	58,637
Liabilities
Interest rates	$	3,929	$	10,932	$	34,676	$	49,537
Credit	1,695		3,257		1,841		6,793
Currencies	14,122		6,581		5,580		26,283
Commodities	7,591		6,274		1,763		15,628
Equities	8,268		12,944		3,587		24,799
Counterparty netting in tenors	(3,624)		(3,357)		(2,673)		(9,654)
Subtotal	$	31,981	$	36,631	$	44,774	$	113,386
Cross-tenor counterparty netting							(18,638)
Cash collateral netting							(49,345)
Total OTC derivative liabilities							$	45,403

In the table above:

•Tenor is based on remaining contractual maturity.

•Counterparty netting within the same product type and tenor category is included within such product type and tenor category.

•Counterparty netting across product types within the same tenor category is included in counterparty netting in tenors. Where the counterparty netting is across tenor categories, the netting is included in cross-tenor counterparty netting.

Credit Derivatives

The table below presents information about credit derivatives.

	Credit Spread on Underlier (basis points)
$ in millions	0 - 250		251 -  500		501 -  1,000		Greater  than  1,000		Total
As of September 2022
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor
Less than 1 year	$	114,156	$	2,562	$	17,059	$	4,569	$	138,346
1 - 5 years	263,129		33,493		20,948		12,831		330,401
Greater than 5 years	69,694		12,411		5,345		1,417		88,867
Total	$	446,979	$	48,466	$	43,352	$	18,817	$	557,614
Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting	$	356,426	$	42,279	$	29,204	$	16,637	$	444,546
Other	$	152,001	$	7,669	$	12,077	$	2,815	$	174,562
Fair Value of Written Credit Derivatives
Asset	$	3,459	$	335	$	85	$	39	$	3,918
Liability	2,493		1,813		2,408		3,478		10,192
Net asset/(liability)	$	966	$	(1,478)	$	(2,323)	$	(3,439)	$	(6,274)
As of December 2021
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor
Less than 1 year	$	120,456	$	6,173	$	1,656	$	4,314	$	132,599
1 - 5 years	305,255		14,328		12,754		3,814		336,151
Greater than 5 years	35,558		3,087		2,529		311		41,485
Total	$	461,269	$	23,588	$	16,939	$	8,439	$	510,235
Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting	$	381,715	$	17,210	$	12,806	$	6,714	$	418,445
Other	$	138,214	$	7,780	$	3,576	$	1,322	$	150,892
Fair Value of Written Credit Derivatives
Asset	$	9,803	$	924	$	318	$	137	$	11,182
Liability	941		123		1,666		1,933		4,663
Net asset/(liability)	$	8,862	$	801	$	(1,348)	$	(1,796)	$	6,519

In the table above:

•Fair values exclude the effects of both netting of receivable balances with payable balances under enforceable netting agreements, and netting of cash received or posted under enforceable credit support agreements, and therefore are not representative of the firm’s credit exposure.

•Tenor is based on remaining contractual maturity.

•The credit spread on the underlier, together with the tenor of the contract, are indicators of payment/performance risk. The firm is less likely to pay or otherwise be required to perform where the credit spread and the tenor are lower.

•Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underliers.

•Other purchased credit derivatives represent the notional amount of all other purchased credit derivatives not included in offsetting.

Summary of information About CVA and FVA

The table below presents information about CVA and FVA.

	Three Months Ended September				Nine Months Ended September
$ in millions	2022		2021		2022		2021
CVA, net of hedges	$	223	$	49	$	523	$	(14)
FVA, net of hedges	(74)		17		(465)		54
Total	$	149	$	66	$	58	$	40

Summary of Derivatives Bifurcated from their Related Borrowings

The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings.

	As of
	September		December
$ in millions	2022		2021
Fair value of assets	$	283	$	845
Fair value of liabilities	(263)		(124)
Net asset/(liability)	$	20	$	721
Notional amount	$	8,856	$	10,743

Derivatives with Credit-Related Contingent Features

The table below presents information about net derivative liabilities under bilateral agreements (excluding collateral posted), the fair value of collateral posted and additional collateral or termination payments that could have been called by counterparties in the event of a one- or two-notch downgrade in the firm’s credit ratings.

	As of
	September		December
$ in millions	2022		2021
Net derivative liabilities under bilateral agreements	$	36,526	$	34,315
Collateral posted	$	26,751	$	29,214
Additional collateral or termination payments:
One-notch downgrade	$	352	$	345
Two-notch downgrade	$	1,283	$	1,536

Gain (Loss) from Interest Rate Hedges and Related Hedged Items

The table below presents the gains/(losses) from interest rate derivatives accounted for as hedges and the related hedged items.

	Three Months Ended September				Nine Months Ended September
$ in millions	2022		2021		2022		2021
Investments
Interest rate hedges	$	427	$	—	$	372	$	—
Hedged investments	(409)		—		(357)		—
Gains/(losses)	$	18	$	—	$	15	$	—
Borrowings and deposits
Interest rate hedges	$	(7,820)	$	(1,528)	$	(22,629)	$	(5,459)
Hedged borrowings and deposits	7,741		1,365		22,279		4,991
Gains/(losses)	$	(79)	$	(163)	$	(350)	$	(468)

Summary of Carrying Amount of Hedged Items and Gains/(Losses) from Net Investment Hedging

The table below presents the carrying value of investments, deposits and unsecured borrowings that are designated in an interest rate hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values.

$ in millions	Carrying  Value		Cumulative  Hedging  Adjustment
As of September 2022
Assets
Investments	$	10,174	$	(358)
Liabilities
Deposits	$	7,391	$	(297)
Unsecured short-term borrowings	$	7,553	$	(59)
Unsecured long-term borrowings	$	150,553	$	(15,395)
As of December 2021
Liabilities
Deposits	$	14,131	$	246
Unsecured short-term borrowings	$	2,167	$	5
Unsecured long-term borrowings	$	144,934	$	6,169

In the table above:

•Cumulative hedging adjustment included $5.10 billion as of September 2022 and $5.91 billion as of December 2021 of hedging adjustments from prior hedging relationships that were de-designated and substantially all were related to unsecured long-term borrowings.

•The amortized cost of investments was $10.93 billion as of September 2022.

The table below presents the gains/(losses) from net investment hedging.

	Three Months Ended September				Nine Months Ended September
$ in millions	2022		2021		2022		2021
Hedges:
Foreign currency forward contract	$	1,097	$	373	$	2,310	$	600
Foreign currency-denominated debt	$	551	$	31	$	1,147	$	290