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Collateralized Agreements and Financings (Tables)

9 Months Ended

Sep. 30, 2022

Collateralized Agreements And Financings [Abstract]

The table below presents resale and repurchase agreements and securities borrowed and loaned transactions included in the consolidated balance sheets, as well as the amounts not offset in the consolidated balance sheets.


	Assets				Liabilities
$ in millions	Resale agreements		Securities borrowed		Repurchase agreements		Securities loaned
As of September 2022
Included in the consolidated balance sheets
Gross carrying value	$	274,034	$	198,548	$	251,222	$	45,402
Counterparty netting	(91,532)		(1,580)		(91,532)		(1,580)
Total	182,502		196,968		159,690		43,822

Amounts not offset
Counterparty netting	(23,623)		(7,827)		(23,623)		(7,827)
Collateral	(152,988)		(177,823)		(133,537)		(34,824)
Total	$	5,891	$	11,318	$	2,530	$	1,171
As of December 2021
Included in the consolidated balance sheets
Gross carrying value	$	334,725	$	190,197	$	294,905	$	57,931
Counterparty netting	(129,022)		(11,426)		(129,022)		(11,426)
Total	205,703		178,771		165,883		46,505

Amounts not offset
Counterparty netting	(27,376)		(12,822)		(27,376)		(12,822)
Collateral	(173,915)		(157,752)		(134,465)		(33,143)
Total	$	4,412	$	8,197	$	4,042	$	540

In the table above:

•Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements.

•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.

•Amounts not offset includes counterparty netting that does not meet the criteria for netting under U.S. GAAP and the fair value of collateral received or posted subject to enforceable credit support agreements.

•Resale agreements and repurchase agreements are carried at fair value under the fair value option. See Note 4 for further information about the valuation techniques and significant inputs used to determine fair value.

•Securities borrowed included in the consolidated balance sheets of $42.51 billion as of September 2022 and $39.96 billion as of December 2021, and securities loaned of $7.44 billion as of September 2022 and $9.17 billion as of December 2021 were at fair value under the fair value option. See Note 10 for further information about securities borrowed and securities loaned accounted for at fair value.

Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged

The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged.


$ in millions	Repurchase agreements		Securities loaned
As of September 2022
Money market instruments	$	1,132	$	—
U.S. government and agency obligations	134,142		443
Non-U.S. government and agency obligations	89,464		958
Securities backed by commercial real estate	211		30
Securities backed by residential real estate	278		—
Corporate debt securities	15,370		428
State and municipal obligations	50		—
Other debt obligations	104		25
Equity securities	10,471		43,518
Total	$	251,222	$	45,402
As of December 2021
Money market instruments	$	328	$	14
U.S. government and agency obligations	132,049		503
Non-U.S. government and agency obligations	126,397		1,254
Securities backed by commercial real estate	362		—
Securities backed by residential real estate	919		—
Corporate debt securities	11,034		510
State and municipal obligations	248		—
Other debt obligations	374		—
Equity securities	23,194		55,650
Total	$	294,905	$	57,931

Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Maturity Date

The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity.


	As of September 2022
$ in millions	Repurchase agreements		Securities loaned
No stated maturity and overnight	$	96,905	$	26,459
2 - 30 days	67,705		611
31 - 90 days	31,650		863
91 days - 1 year	44,190		11,102
Greater than 1 year	10,772		6,367
Total	$	251,222	$	45,402

In the table above:

•Repurchase agreements and securities loaned that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates.

•Repurchase agreements and securities loaned that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable.

Other Secured Financings

The table below presents information about other secured financings.


$ in millions	U.S. Dollar		Non-U.S. Dollar		Total
As of September 2022
Other secured financings (short-term):
At fair value	$	4,983	$	2,201	$	7,184
At amortized cost	583		152		735
Other secured financings (long-term):
At fair value	4,470		2,586		7,056
At amortized cost	261		359		620
Total other secured financings	$	10,297	$	5,298	$	15,595

Other secured financings collateralized by:
Financial instruments	$	5,381	$	4,272	$	9,653
Other assets	$	4,916	$	1,026	$	5,942
As of December 2021
Other secured financings (short-term):
At fair value	$	5,315	$	3,664	$	8,979
At amortized cost	—		191		191
Other secured financings (long-term):
At fair value	4,170		3,925		8,095
At amortized cost	827		452		1,279
Total other secured financings	$	10,312	$	8,232	$	18,544

Other secured financings collateralized by:
Financial instruments	$	5,990	$	6,834	$	12,824
Other assets	$	4,322	$	1,398	$	5,720

In the table above:

•Short-term other secured financings includes financings maturing within one year of the financial statement date and financings that are redeemable within one year of the financial statement date at the option of the holder.

•U.S. dollar-denominated short-term other secured financings at amortized cost had a weighted average interest rate of 4.13% as of September 2022. These rates include the effect of hedging activities.

•Non-U.S. dollar-denominated short-term other secured financings at amortized cost had a weighted average interest rate of 0.22% as of both September 2022 and December 2021. This rate includes the effect of hedging activities.

•U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 4.01% as of September 2022 and 1.06% as of December 2021. These rates include the effect of hedging activities.

•Non-U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 0.46% as of both September 2022 and December 2021. These rates include the effect of hedging activities.

•Total other secured financings included $1.64 billion as of September 2022 and $1.97 billion as of December 2021 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets, primarily included in trading assets, of $1.62 billion as of September 2022 and $2.02 billion as of December 2021. •Other secured financings collateralized by financial instruments included $9.03 billion as of September 2022 and $10.37 billion as of December 2021 of other secured financings collateralized by trading assets, investments and loans, and included $627 million as of September 2022 and $2.45 billion as of December 2021 of other secured financings collateralized by financial instruments received as collateral and repledged.

Other Secured Financings by Maturity Date

The table below presents other secured financings by maturity.


	As of
$ in millions	September 2022
Other secured financings (short-term)	$	7,919
Other secured financings (long-term):
2023	917
2024	2,229
2025	934
2026	1,457
2027	132
2028 - thereafter	2,007
Total other secured financings (long-term)	7,676
Total other secured financings	$	15,595

In the table above:

•Long-term other secured financings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates.

•Long-term other secured financings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable.

Financial Instruments Received as Collateral and Repledged

The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged.


	As of
	September		December
$ in millions	2022		2021
Collateral available to be delivered or repledged	$	898,556	$	1,057,195
Collateral that was delivered or repledged	$	741,587	$	875,213

Schedule of Assets Pledged as Collateral

The table below presents information about assets pledged.


	As of
	September		December
$ in millions	2022		2021
Pledged to counterparties that had the right to deliver or repledge
Trading assets	$	77,130	$	68,208
Investments	$	20,375	$	12,840

Pledged to counterparties that did not have the right to deliver or repledge
Trading assets	$	92,793	$	102,259
Investments	$	22,220	$	8,683
Loans	$	7,307	$	6,808
Other assets	$	8,464	$	8,878