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Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2022
Variable Interest Entities [Abstract]  
Nonconsolidated Variable Interest Entities
The table below presents a summary of the nonconsolidated VIEs in which the firm holds variable interests.
 As of
SeptemberDecember
$ in millions20222021
Total nonconsolidated VIEs  
Assets in VIEs$184,515 $176,809 
Carrying value of variable interests — assets$12,035 $9,582 
Carrying value of variable interests — liabilities$791 $928 
Maximum exposure to loss:  
Retained interests$4,908 $3,552 
Purchased interests916 1,071 
Commitments and guarantees2,642 2,440 
Derivatives8,128 8,682 
Debt and equity5,887 4,639 
Total$22,481 $20,384 
In the table above:
•The nature of the firm’s variable interests is described in the rows under maximum exposure to loss.
•The firm’s exposure to the obligations of VIEs is generally limited to its interests in these entities. In certain instances, the firm provides guarantees, including derivative guarantees, to VIEs or holders of variable interests in VIEs.
•The maximum exposure to loss excludes the benefit of offsetting financial instruments that are held to mitigate the risks associated with these variable interests.
•The maximum exposure to loss from retained interests, purchased interests, and debt and equity is the carrying value of these interests.
•The maximum exposure to loss from commitments and guarantees, and derivatives is the notional amount, which does not represent anticipated losses and has not been reduced by unrealized losses. As a result, the maximum exposure to loss exceeds liabilities recorded for commitments and guarantees, and derivatives.
The table below presents information, by principal business activity, for nonconsolidated VIEs included in the summary table above.
 As of
SeptemberDecember
$ in millions20222021
Mortgage-backed  
Assets in VIEs$129,580 $120,343 
Carrying value of variable interests — assets$4,892 $4,147 
Maximum exposure to loss:  
Retained interests$4,483 $3,192 
Purchased interests408 955 
Commitments and guarantees61 34 
Derivatives13 18 
Total$4,965 $4,199 
Real estate, credit- and power-related and other investing
Assets in VIEs$27,198 $26,867 
Carrying value of variable interests — assets$4,105 $3,923 
Carrying value of variable interests — liabilities$2 $8 
Maximum exposure to loss:  
Commitments and guarantees$2,061 $2,030 
Derivatives61 64 
Debt and equity4,102 3,923 
Total$6,224 $6,017 
Corporate debt and other asset-backed
Assets in VIEs$20,700 $18,391 
Carrying value of variable interests — assets$2,757 $1,156 
Carrying value of variable interests — liabilities$789 $920 
Maximum exposure to loss:  
Retained interests$425 $360 
Purchased interests508 116 
Commitments and guarantees367 250 
Derivatives8,052 8,597 
Debt and equity1,504 360 
Total$10,856 $9,683 
Investments in funds
  
Assets in VIEs$7,037 $11,208 
Carrying value of variable interests — assets$281 $356 
Maximum exposure to loss:  
Commitments and guarantees$153 $126 
Derivatives2 3 
Debt and equity281 356 
Total$436 $485 
Consolidated Variable Interest Entities
The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in consolidated VIEs.
 As of
SeptemberDecember
$ in millions20222021
Total consolidated VIEs  
Assets  
Cash and cash equivalents$918 $501 
Customer and other receivables
11 — 
Trading assets145 122 
Investments98 153 
Loans1,293 1,988 
Other assets298 314 
Total$2,763 $3,078 
Liabilities  
Other secured financings$1,348 $1,143 
Customer and other payables5 34 
Trading liabilities1 7 
Unsecured short-term borrowings46 146 
Unsecured long-term borrowings23 81 
Other liabilities128 163 
Total$1,551 $1,574 
In the table above:
•Assets and liabilities are presented net of intercompany eliminations and exclude the benefit of offsetting financial instruments that are held to mitigate the risks associated with the firm’s variable interests.
•VIEs in which the firm holds a majority voting interest are excluded if (i) the VIE meets the definition of a business and (ii) the VIE’s assets can be used for purposes other than the settlement of its obligations.
•Substantially all assets can only be used to settle obligations of the VIE.
The table below presents information, by principal business activity, for consolidated VIEs included in the summary table above.
 As of
SeptemberDecember
$ in millions20222021
Real estate, credit-related and other investing 
Assets  
Cash and cash equivalents$301 $274 
Customer and other receivables
11 — 
Trading assets30 16 
Investments98 153 
Loans1,293 1,988 
Other assets298 314 
Total$2,031 $2,745 
Liabilities
  
Other secured financings$132 $150 
Customer and other payables5 34 
Trading liabilities1 7 
Other liabilities128 163 
Total$266 $354 
Corporate debt and other asset-backed
  
Assets  
Cash and cash equivalents$617 $227 
Trading assets70 17 
Total$687 $244 
Liabilities
  
Other secured financings$940 $602 
Total$940 $602 
Principal-protected notes
  
Assets  
Trading assets$45 $89 
Total$45 $89 
Liabilities
  
Other secured financings$276 $391 
Unsecured short-term borrowings46 146 
Unsecured long-term borrowings23 81 
Total$345 $618 
In the table above:
•The majority of the assets in principal-protected notes VIEs are intercompany and are eliminated in consolidation.
•Creditors and beneficial interest holders of real estate, credit-related and other investing VIEs do not have recourse to the general credit of the firm.