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Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Fair Value Disclosure [Abstract]  
Information about Investments
The table below presents information about investments.
As of December
$ in millions20222021
Equity securities, at fair value$14,892 $18,937 
Debt instruments, at fair value14,075 15,558 
Available-for-sale securities, at fair value49,234 48,932 
Investments, at fair value78,201 83,427 
Held-to-maturity securities51,662 4,699 
Equity method investments766 593 
Total investments$130,629 $88,719 
Disclosure Of Equity Securities At Fair Value
The table below presents information about equity securities, at fair value.
As of December
$ in millions20222021
Equity securities, at fair value$14,892 $18,937 
Equity Type
Public equity13 %24 %
Private equity87 %76 %
Total100 %100 %
Asset Class
Corporate71 %78 %
Real estate29 %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 $5.35 billion as of December 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 $(86) million for 2022 and $2.12 billion for 2021. These gains/(losses) are included in other principal transactions.
•Equity securities, at fair value included $1.30 billion as of December 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 December
$ in millions20222021
Corporate debt securities$10,098 $9,793 
Securities backed by real estate1,003 2,280 
Money market instruments1,005 1,396 
Other1,969 2,089 
Total$14,075 $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 December 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 December 2022  
Private equity funds$815 $647 
Credit funds1,645 303 
Hedge funds68 – 
Real estate funds413 138 
Total$2,941 $1,088 
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 December 2022   
Less than 1 year$8,103 $7,861 0.37 %
1 year to 5 years41,479 38,706 0.74 %
5 years to 10 years538 488 1.86 %
Total U.S. government obligations50,120 47,055 0.69 %
1 year to 5 years
10 10 0.27 %
5 years to 10 years
2,616 2,169 0.40 %
Total non-U.S. government obligations2,626 2,179 0.40 %
Total available-for-sale securities$52,746 $49,234 0.68 %
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 December 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 $3.52 billion as of December 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 $2.85 billion ($2.13 billion, net of tax) for 2022 and $1.28 billion ($955 million, net of tax) for 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 2022 or 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 2022 or 2021.
Summary of Gross Realized Gains and the Proceeds from the Sales of Available-for-Sale Securities
The table below presents gross realized gains/(losses) and the proceeds from the sales of available-for-sale securities.
Year Ended December
$ in millions202220212020
Gross realized gains$– $206 $319 
Gross realized losses– (19)– 
Gains/(losses)
$– $187 $319 
Proceeds from sales$2 $24,882 $4,489 
In the table above, the realized gains/(losses) were reclassified from accumulated other comprehensive income/(loss) to other principal transactions in the consolidated statements of earnings.
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 December 2022  
Less than 1 year$5,319 $5,282 2.98 %
1 year to 5 years45,154 43,852 3.00 %
5 years to 10 years1,026 966 2.89 %
Total U.S. government obligations51,499 50,100 2.99 %
5 years to 10 years2 2 5.63 %
Greater than 10 years161 158 3.18 %
Total securities backed by real estate163 160 3.24 %
Total held-to-maturity securities$51,662 $50,260 2.99 %
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 and 5. 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 December 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 December 2022 and were $175 million as of December 2021. The gross unrealized losses were $1.44 billion as of December 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 2022 or 2021.