Trading Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Trading Assets and Liabilities [Abstract]

Summary of Trading Assets and Liabilities

The table below presents a summary of trading assets and liabilities.

	Trading		Trading
$ in millions	Assets		Liabilities
As of September 2023
Trading cash instruments	$	398,998	$	140,306
Derivatives	49,062		54,817
Total	$	448,060	$	195,123
As of December 2022
Trading cash instruments	$	241,832	$	136,589
Derivatives	59,413		54,735
Total	$	301,245	$	191,324

Summary of Market Making Revenues by Major Product Type

The table below presents market making revenues by major product type.

	Three Months Ended September				Nine Months Ended September
$ in millions	2023		2022		2023		2022
Interest rates	$	(861)	$	(3,043)	$	713	$	(7,699)
Credit	511		(286)		1,160		1,379
Currencies	2,850		5,768		4,946		14,020
Equities	2,029		1,464		6,008		6,052
Commodities	429		738		1,915		1,831
Total	$	4,958	$	4,641	$	14,742	$	15,583

In the table above:

•Gains/(losses) include both realized and unrealized gains and losses. Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense.

•Gains/(losses) included in market making are primarily related to the firm’s trading assets and liabilities, including both derivative and non-derivative financial instruments.

•Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s trading cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts.