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Investments (Tables)
 9 Months Ended
Sep. 30, 2022
Debt and Equity Securities, FV-NI [Line Items]  
Information about Investments
The table below presents information about investments.
As of
SeptemberDecember
$ in millions20222021
Equity securities, at fair value$15,359 $18,937 
Debt instruments, at fair value14,096 15,558 
Available-for-sale securities, at fair value48,125 48,932 
Investments, at fair value77,580 83,427 
Held-to-maturity securities48,549 4,699 
Equity method investments834 593 
Total investments$126,963 $88,719 
Disclosure Of Equity Securities At Fair Value
The table below presents information about equity securities, at fair value.
As of
SeptemberDecember
$ in millions20222021
Equity securities, at fair value$15,359 $18,937 
Equity Type
Public equity17 %24 %
Private equity83 %76 %
Total100 %100 %
Asset Class
Corporate73 %78 %
Real estate27 %22 %
Total100 %100 %
In the table above:
•Equity securities, at fair value included investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $5.07 billion as of September 2022 and $5.81 billion as of December 2021. Gains/(losses) recognized as a result of changes in the fair value of equity securities for which the fair value option was elected were $(118) million for the three months ended September 2022, $177 million for the three months ended September 2021, $(189) million for the nine months ended September 2022 and $1.81 billion for the nine months ended September 2021. These gains/(losses) are included in other principal transactions.
•Equity securities, at fair value included $1.33 billion as of September 2022 and $1.80 billion as of December 2021 of investments in funds that are measured at NAV.
Disclosure Of Debt Instruments At Fair Value
The table below presents information about debt instruments, at fair value.
As of
SeptemberDecember
$ in millions20222021
Corporate debt securities$9,828 $9,793 
Securities backed by real estate1,316 2,280 
Money market instruments1,002 1,396 
Other1,950 2,089 
Total$14,096 $15,558 
In the table above:
•Money market instruments primarily includes time deposits and investments in money market funds.
•Other included $1.64 billion as of September 2022 and $1.67 billion as of December 2021 of investments in credit funds that are measured at NAV.
Fair Value of Investments in Funds at NAV and Related Unfunded Commitments
The table below presents the fair value of investments in funds at NAV and the related unfunded commitments.
$ in millions
Fair Value of
 Investments
Unfunded
 Commitments
As of September 2022  
Private equity funds$955 $589 
Credit funds1,649 417 
Hedge funds70 — 
Real estate funds297 129 
Total$2,971 $1,135 
As of December 2021  
Private equity funds$1,411 $619 
Credit funds1,686 556 
Hedge funds84 — 
Real estate funds288 147 
Total$3,469 $1,322 
Summary of Available-for-Sale Securities by Tenor
The table below presents information about available-for-sale securities by tenor.
$ in millions
Amortized
 Cost
Fair
 Value
Weighted
 Average
 Yield
As of September 2022   
Less than 1 year$2,353 $2,295 0.24 %
1 year to 5 years46,366 43,125 0.65 %
5 years to 10 years830 776 2.14 %
Total U.S. government obligations49,549 46,196 0.65 %
1 year to 5 years
9 9 0.28 %
5 years to 10 years
2,461 1,920 0.40 %
Total non-U.S. government obligations2,470 1,929 0.40 %
Total available-for-sale securities$52,019 $48,125 0.64 %
As of December 2021   
Less than 1 year$25 $25 0.12 %
1 year to 5 years41,536 41,066 0.47 %
5 years to 10 years5,337 5,229 0.92 %
Greater than 10 years2 2 2.00 %
Total U.S. government obligations46,900 46,322 0.53 %
5 years to 10 years
2,693 2,610 0.33 %
Total non-U.S. government obligations2,693 2,610 0.33 %
Total available-for-sale securities$49,593 $48,932 0.52 %
In the table above:
•Available-for-sale securities were classified in level 1 of the fair value hierarchy as of both September 2022 and December 2021.
•The weighted average yield for available-for-sale securities is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the fair value of each security.
•The gross unrealized gains included in accumulated other comprehensive income/(loss) were not material and the gross unrealized losses included in accumulated other comprehensive income/(loss) were $3.89 billion as of September 2022 and primarily related to U.S. government obligations in a continuous unrealized loss position for more than a year. The gross unrealized gains included in accumulated other comprehensive income/(loss) were $118 million and the gross unrealized losses included in accumulated other comprehensive income/(loss) were $779 million as of December 2021 and primarily related to U.S. government obligations in a continuous unrealized loss position for less than a year. Net unrealized losses included in other comprehensive income/(loss) were $836 million ($615 million, net of tax) for the three months ended September 2022, $152 million ($114 million, net of tax) for the three months ended September 2021, $3.23 billion ($2.41 billion, net of tax) for the nine months ended September 2022 and $880 million ($658 million, net of tax) for the nine months ended September 2021.
•If the fair value of available-for-sale securities is less than amortized cost, such securities are considered impaired. If the firm has the intent to sell the debt security, or if it is more likely than not that the firm will be required to sell the debt security before recovery of its amortized cost, the difference between the amortized cost (net of allowance, if any) and the fair value of the securities is recognized as an impairment loss in earnings. The firm did not record any such impairment losses during either the three or nine months ended September 2022 or September 2021. Impaired available-for-sale debt securities that the firm has the intent and ability to hold are reviewed to determine if an allowance for credit losses should be recorded. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings and severity of the unrealized losses. The firm did not record any provision for credit losses on such securities during either the three or nine months ended September 2022 or September 2021.
Summary of Gross Realized Gains and the Proceeds from the Sales of Available-for-Sale Securities
The table below presents gross realized gains and the proceeds from the sales of available-for-sale securities.
 Three Months
Ended September		Nine Months
Ended September
$ in millions2022202120222021
Gross realized gains$— $54 $— $187 
Proceeds from sales$— $11,467 $2 $24,882 
In the table above, the realized gains were reclassified from accumulated other comprehensive income/(loss) to other principal transactions in the consolidated statements of earnings.
Investments Accounted for at Fair Value
The table below presents investments accounted for at fair value by level within the fair value hierarchy.
$ in millionsLevel 1Level 2Level 3Total
As of September 2022
Government and agency obligations:
U.S.$46,196 $— $— $46,196 
Non-U.S.1,921 20 — 1,941 
Corporate debt securities160 2,930 6,738 9,828 
Securities backed by real estate— 404 912 1,316 
Money market instruments24 978 — 1,002 
Other debt obligations— 8 284 292 
Equity securities1,974 3,040 9,020 14,034 
Subtotal$50,275 $7,380 $16,954 $74,609 
Investments in funds at NAV   2,971 
Total investments   $77,580 
As of December 2021    
Government and agency obligations:   
U.S.$46,322 $— $— $46,322 
Non-U.S.2,612 — — 2,612 
Corporate debt securities65 5,201 4,527 9,793 
Securities backed by real estate— 1,202 1,078 2,280 
Money market instruments41 1,355 — 1,396 
Other debt obligations— 35 382 417 
Equity securities2,135 7,088 7,915 17,138 
Subtotal$51,175 $14,881 $13,902 $79,958 
Investments in funds at NAV3,469 
Total investments
 
$83,427 
Amount of Level 3 Investments and Significant Unobservable Inputs Used to Value Such Investments
The table below presents a summary of level 3 financial assets.
As of
SeptemberJuneDecember
$ in millions202220222021
Trading assets:
Trading cash instruments$1,828 $2,080 $1,889 
Derivatives8,435 8,348 5,938 
Investments16,954 16,109 13,902 
Loans2,058 2,347 2,354 
Total$29,275 $28,884 $24,083 
Summary of Changes in Fair Value for Level 3 Investments
The table below presents a summary of the changes in fair value for level 3 loans.
 Three Months
Ended September		Nine Months
Ended September
$ in millions2022202120222021
Beginning balance$2,347 $2,229 $2,354 $2,678 
Net realized gains/(losses)17 23 89 72 
Net unrealized gains/(losses)(89)(16)(217)(31)
Purchases7 74 212 140 
Sales
(18)(13)(61)(17)
Settlements(156)(181)(429)(555)
Transfers into level 3141 93 272 181 
Transfers out of level 3(191)(10)(162)(269)
Ending balance$2,058 $2,199 $2,058 $2,199 
In the table above:
•Changes in fair value are presented for loans that are classified in level 3 as of the end of the period.
•Net unrealized gains/(losses) relates to loans that were still held at period-end.
•Purchases includes originations and secondary purchases.
•Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a loan was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3.
The table below presents information, by loan type, for loans included in the summary table above.
 Three Months
Ended September		Nine Months
Ended September
$ in millions2022202120222021
Corporate  
Beginning balance$958 $852 $837 $929 
Net realized gains/(losses)9 11 21 21 
Net unrealized gains/(losses)(10)(16)(31)(24)
Purchases7 17 121 63 
Sales(18)(13)(53)(13)
Settlements(78)(81)(141)(208)
Transfers into level 341 15 78 103 
Transfers out of level 3(166)(10)(89)(96)
Ending balance$743 $775 $743 $775 
Commercial real estate  
Beginning balance$891 $920 $983 $1,104 
Net realized gains/(losses)6 9 47 33 
Net unrealized gains/(losses)(70)11 (149)(15)
Purchases— — 69 19 
Sales— — (7)(3)
Settlements(57)(82)(162)(227)
Transfers into level 3100 78 109 78 
Transfers out of level 3(25)— (45)(53)
Ending balance$845 $936 $845 $936 
Residential real estate  
Beginning balance$116 $118 $205 $260 
Net realized gains/(losses)1 3 — 6 
Net unrealized gains/(losses)(9)1 (18)(36)
Purchases— 57 4 58 
Sales— — (1)(1)
Settlements(13)(13)(87)(45)
Transfers into level 3— — 19 — 
Transfers out of level 3— — (27)(76)
Ending balance$95 $166 $95 $166 
Wealth management and other 
Beginning balance$382 $339 $329 $385 
Net realized gains/(losses)1 — 21 12 
Net unrealized gains/(losses)— (12)(19)44 
Purchases— — 18 — 
Settlements(8)(5)(39)(75)
Transfers into level 3— — 66 — 
Transfers out of level 3— — (1)(44)
Ending balance$375 $322 $375 $322 
Held-to-maturity Securities by Type and Tenor
The table below presents information about held-to-maturity securities by type and tenor.
$ in millions
Amortized
Cost
Fair
Value
Weighted
Average
Yield
As of September 2022  
Less than 1 year$5,920 $5,908 2.25 %
1 year to 5 years40,254 38,816 2.79 %
5 years to 10 years2,209 2,134 3.41 %
Total U.S. government obligations48,383 46,858 2.75 %
5 years to 10 years2 2 4.39 %
Greater than 10 years164 160 1.79 %
Total securities backed by real estate166 162 1.84 %
Total held-to-maturity securities$48,549 $47,020 2.75 %
As of December 2021   
1 year to 5 years$4,054 $4,200 2.30 %
Total U.S. government obligations4,054 4,200 2.30 %
5 years to 10 years3 3 2.78 %
Greater than 10 years642 670 1.03 %
Total securities backed by real estate645 673 1.04 %
Total held-to-maturity securities$4,699 $4,873 2.13 %
In the table above:
•Substantially all of the securities backed by real estate consist of securities backed by residential real estate.
•As these securities are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these securities been included in the firm’s fair value hierarchy, U.S. government obligations would have been classified in level 1 and securities backed by real estate would have been primarily classified in level 2 of the fair value hierarchy as of both September 2022 and December 2021.
•The weighted average yield for held-to-maturity securities is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the amortized cost of each security.
•The gross unrealized gains were not material as of September 2022 and were $175 million as of December 2021. The gross unrealized losses were $1.53 billion as of September 2022 and were not material as of December 2021.•Held-to-maturity securities are reviewed to determine if an allowance for credit losses should be recorded in the consolidated statements of earnings. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings, historical credit losses and sovereign guarantees. Provision for credit losses on such securities was not material during either the three or nine months ended September 2022 or September 2021.
Investments  
Debt and Equity Securities, FV-NI [Line Items]  
Amount of Level 3 Investments and Significant Unobservable Inputs Used to Value Such Investments
The table below presents the amount of level 3 investments, and ranges and weighted averages of significant unobservable inputs used to value such investments.
 As of September 2022As of December 2021
$ in millions
Amount or
Range
Weighted
 Average		Amount or RangeWeighted
 Average
Corporate debt securities   
Level 3 assets$6,738  $4,527  
Yield
2.0% to 21.8%
11.8 %
2.0% to 29.0%
10.8 %
Recovery rate
9.1% to 78.5%
51.7 %
9.1% to 76.0%
59.1 %
Duration (years)
1.2 to 5.5
3.9
1.4 to 6.4
3.8
Multiples
1.9x to 66.5x
7.8x
0.5x to 28.2x
6.9x
Securities backed by real estate  
Level 3 assets$912  $1,078  
Yield
8.3% to 23.3%
15.4 %
8.3% to 20.3%
13.1 %
Recovery rateN/AN/A
55.1% to 61.0%
56.4 %
Duration (years)
1.0 to 4.2
4.1
0.1 to 2.6
1.2
Other debt obligations   
Level 3 assets$284  $382  
Yield
5.0% to 20.0%
7.1 %
2.3% to 10.6%
3.2 %
Duration (years)
0.4 to 1.5
1.3
0.9 to 9.3
4.8
Equity securities    
Level 3 assets$9,020  $7,915  
Multiples
0.4x to 34.4x
9.0x
0.4x to 30.5x
10.1x
Discount rate/yield
6.0% to 38.5%
14.7 %
2.0% to 35.0%
14.1 %
Capitalization rate
4.0% to 10.8%
5.4 %
3.5% to 14.0%
5.7 %
In the table above:
•Ranges represent the significant unobservable inputs that were used in the valuation of each type of investment.
•Weighted averages are calculated by weighting each input by the relative fair value of the investment.
•The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one investment. For example, the highest multiple for private equity securities is appropriate for valuing a specific private equity security but may not be appropriate for valuing any other private equity security. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 investments.
•Increases in yield, discount rate, capitalization rate or duration used in the valuation of level 3 investments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both September 2022 and December 2021. Due to the distinctive nature of each level 3 investment, the interrelationship of inputs is not necessarily uniform within each product type.
•Corporate debt securities, securities backed by real estate and other debt obligations are valued using discounted cash flows, and equity securities are valued using market comparables and discounted cash flows.
•The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques.
•The significant unobservable inputs for recovery rate related to securities backed by real estate as of September 2022 did not have a range (and there was no weighted average) as they pertained to a single position. Therefore, such unobservable inputs are not included in the table above.
Summary of Changes in Fair Value for Level 3 Investments
The table below presents a summary of the changes in fair value for level 3 investments.
 Three Months
Ended September		Nine Months
Ended September
$ in millions2022202120222021
Beginning balance$16,109 $16,332 $13,902 $16,423 
Net realized gains/(losses)103 78 428 184 
Net unrealized gains/(losses)(407)155 (1,828)1,244 
Purchases445 496 1,385 1,467 
Sales(236)(478)(741)(1,070)
Settlements(272)(831)(1,461)(2,421)
Transfers into level 31,687 806 6,425 1,843 
Transfers out of level 3(475)(2,879)(1,156)(3,991)
Ending balance$16,954 $13,679 $16,954 $13,679 
In the table above:
•Changes in fair value are presented for all investments that are classified in level 3 as of the end of the period.
•Net unrealized gains/(losses) relates to investments 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 an investment was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3.
•For level 3 investments, increases are shown as positive amounts, while decreases are shown as negative amounts.
The table below presents information, by product type, for investments included in the summary table above.
 Three Months
Ended September		Nine Months
Ended September
$ in millions2022202120222021
Corporate debt securities  
Beginning balance$6,576 $4,958 $4,527 $5,286 
Net realized gains/(losses)69 33 224 150 
Net unrealized gains/(losses)(111)47 (297)302 
Purchases137 101 624 374 
Sales(78)(204)(151)(383)
Settlements(143)(601)(810)(1,254)
Transfers into level 3659 529 2,944 1,120 
Transfers out of level 3(371)(586)(323)(1,318)
Ending balance$6,738 $4,277 $6,738 $4,277 
Securities backed by real estate 
Beginning balance$1,067 $1,117 $1,078 $998 
Net realized gains/(losses)7 12 21 29 
Net unrealized gains/(losses)(88)(11)(287)25 
Purchases17 14 76 212 
Sales(47)(19)(96)(43)
Settlements(23)(51)(140)(247)
Transfers into level 31 26 269 114 
Transfers out of level 3(22)— (9)— 
Ending balance$912 $1,088 $912 $1,088 
Other debt obligations  
Beginning balance$303 $502 $382 $497 
Net realized gains/(losses)3 4 9 9 
Net unrealized gains/(losses)(3)1 (8)1 
Purchases4 10 28 32 
Sales— (1)— (3)
Settlements(23)(33)(127)(54)
Transfers out of level 3— (96)— (95)
Ending balance$284 $387 $284 $387 
Equity securities  
Beginning balance$8,163 $9,755 $7,915 $9,642 
Net realized gains/(losses)24 29 174 (4)
Net unrealized gains/(losses)(205)118 (1,236)916 
Purchases287 371 657 849 
Sales(111)(254)(494)(641)
Settlements(83)(146)(384)(866)
Transfers into level 31,027 251 3,212 609 
Transfers out of level 3(82)(2,197)(824)(2,578)
Ending balance$9,020 $7,927 $9,020 $7,927