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Derivatives and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivatives on a Gross Basis
The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated balance sheets, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP.
 As of September 2023As of December 2022
$ in millionsDerivative
 Assets 		Derivative
 Liabilities 		Derivative
 Assets 		Derivative
 Liabilities
Not accounted for as hedges
Exchange-traded$466 $1,122 $675 $1,385 
OTC-cleared71,438 70,138 74,297 72,979 
Bilateral OTC192,603 170,748 195,052 174,687 
Total interest rates264,507 242,008 270,024 249,051 
OTC-cleared1,056 1,177 1,516 1,802 
Bilateral OTC11,593 9,123 10,751 9,478 
Total credit12,649 10,300 12,267 11,280 
Exchange-traded78 11 1,041 22 
OTC-cleared1,064 1,021 520 589 
Bilateral OTC100,357 100,324 102,301 111,276 
Total currencies101,499 101,356 103,862 111,887 
Exchange-traded6,719 7,275 9,225 9,542 
OTC-cleared539 620 698 838 
Bilateral OTC13,457 11,971 30,017 22,745 
Total commodities20,715 19,866 39,940 33,125 
Exchange-traded24,340 28,860 26,302 26,607 
OTC-cleared133 203 685 19 
Bilateral OTC24,503 36,578 23,574 30,157 
Total equities48,976 65,641 50,561 56,783 
Subtotal448,346 439,171 476,654 462,126 
Accounted for as hedges    
OTC-cleared– – – – 
Bilateral OTC190 18 335 11 
Total interest rates190 18 335 11 
OTC-cleared– – 29 29 
Bilateral OTC32 121 53 256 
Total currencies32 121 82 285 
Subtotal222 139 417 296 
Total gross fair value$448,568 $439,310 $477,071 $462,422 
Offset in the consolidated balance sheets
Exchange-traded$(28,041)$(28,041)$(31,229)$(31,229)
OTC-cleared(71,745)(71,745)(75,349)(75,349)
Bilateral OTC(241,284)(241,284)(254,304)(254,304)
Counterparty netting(341,070)(341,070)(360,882)(360,882)
OTC-cleared(1,728)– (1,388)(406)
Bilateral OTC(56,708)(43,423)(55,388)(46,399)
Cash collateral netting(58,436)(43,423)(56,776)(46,805)
Total amounts offset$(399,506)$(384,493)$(417,658)$(407,687)
Included in the consolidated balance sheets  
Exchange-traded$3,562 $9,227 $6,014 $6,327 
OTC-cleared757 1,414 1,008 501 
Bilateral OTC44,743 44,176 52,391 47,907 
Total$49,062 $54,817 $59,413 $54,735 
Not offset in the consolidated balance sheets
 
Cash collateral$(414)$(1,599)$(298)$(1,887)
Securities collateral(15,551)(4,716)(15,229)(4,329)
Total$33,097 $48,502 $43,886 $48,519 
 
Notional Amounts as of
SeptemberDecember
$ in millions20232022
Not accounted for as hedges
Exchange-traded$3,957,145 $4,241,937 
OTC-cleared15,047,281 13,104,682 
Bilateral OTC12,296,079 11,137,127 
Total interest rates31,300,505 28,483,746 
Exchange-traded558 369 
OTC-cleared545,342 529,543 
Bilateral OTC651,836 577,542 
Total credit1,197,736 1,107,454 
Exchange-traded5,538 9,012 
OTC-cleared262,313 150,561 
Bilateral OTC6,525,742 5,304,069 
Total currencies6,793,593 5,463,642 
Exchange-traded352,868 341,526 
OTC-cleared3,434 3,188 
Bilateral OTC220,290 255,208 
Total commodities576,592 599,922 
Exchange-traded1,529,392 1,107,659 
OTC-cleared1,716 1,639 
Bilateral OTC1,225,983 1,026,736 
Total equities2,757,091 2,136,034 
Subtotal42,625,517 37,790,798 
Accounted for as hedges
OTC-cleared240,942 257,739 
Bilateral OTC3,009 3,156 
Total interest rates243,951 260,895 
OTC-cleared966 2,048 
Bilateral OTC8,223 7,701 
Total currencies9,189 9,749 
Subtotal253,140 270,644 
Total notional amounts$42,878,657 $38,061,442 
In the tables above:
•Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure.
•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.
•Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses.
•Total gross fair value of derivatives included derivative assets of $9.70 billion as of September 2023 and $10.08 billion as of December 2022, and derivative liabilities of $12.57 billion as of September 2023 and $12.71 billion as of December 2022, which are not subject to an enforceable netting agreement or are subject to a netting agreement that the firm has not yet determined to be enforceable.
OTC Derivatives by Tenor and Major Product Type
The table below presents OTC derivative assets and liabilities by tenor and major product type.
$ in millionsLess than
 1 Year		1 - 5
 Years 		Greater than 5 YearsTotal
As of September 2023
Assets
Interest rates$10,904 $14,876 $53,107 $78,887 
Credit1,427 2,968 2,159 6,554 
Currencies14,384 8,130 5,733 28,247 
Commodities4,156 3,417 1,563 9,136 
Equities4,121 2,868 2,068 9,057 
Counterparty netting in tenors(3,015)(2,643)(4,165)(9,823)
Subtotal$31,977 $29,616 $60,465 $122,058 
Cross-tenor counterparty netting   (18,122)
Cash collateral netting   (58,436)
Total OTC derivative assets   $45,500 
Liabilities
    
Interest rates$10,600 $22,287 $22,672 $55,559 
Credit879 2,277 1,050 4,206 
Currencies12,041 8,607 7,635 28,283 
Commodities3,025 3,305 1,381 7,711 
Equities9,462 8,124 3,613 21,199 
Counterparty netting in tenors(3,015)(2,643)(4,165)(9,823)
Subtotal$32,992 $41,957 $32,186 $107,135 
Cross-tenor counterparty netting   (18,122)
Cash collateral netting   (43,423)
Total OTC derivative liabilities  $45,590 
As of December 2022
Assets
Interest rates$5,509 $16,963 $53,943 $76,415 
Credit921 2,622 2,142 5,685 
Currencies12,284 7,819 7,085 27,188 
Commodities10,525 7,513 2,574 20,612 
Equities5,346 4,007 1,782 11,135 
Counterparty netting in tenors(2,661)(3,942)(4,830)(11,433)
Subtotal$31,924 $34,982 $62,696 $129,602 
Cross-tenor counterparty netting(19,427)
Cash collateral netting(56,776)
Total OTC derivative assets$53,399 
Liabilities
Interest rates$9,351 $23,589 $21,467 $54,407 
Credit993 2,635 1,071 4,699 
Currencies18,987 8,736 8,712 36,435 
Commodities6,400 6,135 945 13,480 
Equities7,629 7,249 2,174 17,052 
Counterparty netting in tenors(2,661)(3,942)(4,830)(11,433)
Subtotal$40,699 $44,402 $29,539 $114,640 
Cross-tenor counterparty netting(19,427)
Cash collateral netting(46,805)
Total OTC derivative liabilities$48,408 
In the table above:
•Tenor is based on remaining contractual maturity.
•Counterparty netting within the same product type and tenor category is included within such product type and tenor category.
•Counterparty netting across product types within the same tenor category is included in counterparty netting in tenors. Where the counterparty netting is across tenor categories, the netting is included in cross-tenor counterparty netting.
Credit Derivatives
The table below presents information about credit derivatives.
 Credit Spread on Underlier (basis points)
$ in millions0 - 250251 -
 500 		501 -
 1,000		Greater
 than
 1,000		Total
As of September 2023     
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor
Less than 1 year$127,828 $9,876 $885 $3,750 $142,339 
1 - 5 years308,826 18,554 8,957 6,922 343,259 
Greater than 5 years69,235 6,560 2,883 1,052 79,730 
Total$505,889 $34,990 $12,725 $11,724 $565,328 
Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting$420,373 $25,763 $11,309 $10,175 $467,620 
Other$152,511 $8,037 $2,189 $2,051 $164,788 
Fair Value of Written Credit Derivatives
Asset$8,701 $638 $262 $121 $9,722 
Liability1,190 774 633 2,312 4,909 
Net asset/(liability)$7,511 $(136)$(371)$(2,191)$4,813 
As of December 2022     
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor
Less than 1 year$108,703 $12,166 $1,879 $4,135 $126,883 
1 - 5 years306,484 28,188 13,724 9,092 357,488 
Greater than 5 years39,302 2,916 1,416 305 43,939 
Total$454,489 $43,270 $17,019 $13,532 $528,310 
Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting$372,360 $33,149 $14,817 $11,757 $432,083 
Other$128,828 $13,211 $2,615 $2,407 $147,061 
Fair Value of Written Credit Derivatives
Asset$5,405 $460 $132 $84 $6,081 
Liability681 1,081 1,027 2,673 5,462 
Net asset/(liability)$4,724 $(621)$(895)$(2,589)$619 
In the table above:
•Fair values exclude the effects of both netting of receivable balances with payable balances under enforceable netting agreements, and netting of cash received or posted under enforceable credit support agreements, and therefore are not representative of the firm’s credit exposure.
•Tenor is based on remaining contractual maturity.
•The credit spread on the underlier, together with the tenor of the contract, are indicators of payment/performance risk. The firm is less likely to pay or otherwise be required to perform where the credit spread and the tenor are lower.
•Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underliers.
•Other purchased credit derivatives represent the notional amount of all other purchased credit derivatives not included in offsetting.
Summary of Information About CVA and FVA
The table below presents information about CVA and FVA.
Three Months
Ended September		Nine Months
Ended September
$ in millions2023202220232022
CVA, net of hedges$101 $223 $(72)$523 
FVA, net of hedges(53)(74)22 (465)
Total$48 $149 $(50)$58 
Summary of Derivatives Bifurcated from their Related Borrowings
The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings.
 
As of
SeptemberDecember
$ in millions20232022
Fair value of assets$332 $288 
Fair value of liabilities(271)(392)
Net asset/(liability)$61 $(104)
 
Notional amount
$7,383 $8,892 
Derivatives with Credit-Related Contingent Features
The table below presents information about net derivative liabilities under bilateral agreements (excluding collateral posted), the fair value of collateral posted and additional collateral or termination payments that could have been called by counterparties in the event of a one- or two-notch downgrade in the firm’s credit ratings.
As of
SeptemberDecember
$ in millions20232022
Net derivative liabilities under bilateral agreements$30,530 $33,059 
Collateral posted$26,546 $27,657 
Additional collateral or termination payments:
One-notch downgrade$374 $343 
Two-notch downgrade$1,288 $1,115 
Gain (Loss) from Interest Rate Hedges and Related Hedged Items
The table below presents the gains/(losses) from interest rate derivatives accounted for as hedges and the related hedged items.
Three Months
Ended September		Nine Months
Ended September
$ in millions2023202220232022
Investments
Interest rate hedges$85 $427 $266 $372 
Hedged investments(94)(409)(271)(357)
Gains/(losses)$(9)$18 $(5)$15 
Borrowings and deposits
Interest rate hedges$(2,735)$(7,820)$(2,583)$(22,629)
Hedged borrowings and deposits2,543 7,741 2,127 22,279 
Gains/(losses)$(192)$(79)$(456)$(350)
Summary of Carrying Amount of Hedged Items and Gains/(Losses) from Net Investment Hedging
The table below presents the carrying value of investments, deposits and unsecured borrowings that are designated in an interest rate hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values.
$ in millionsCarrying
 Value		Cumulative
 Hedging
 Adjustment
As of September 2023
Assets
Investments$14,768 $(568)
Liabilities
Deposits$3,493 $(190)
Unsecured short-term borrowings$12,202 $(177)
Unsecured long-term borrowings$127,643 $(17,025)
As of December 2022
Assets
Investments$10,804 $(350)
Liabilities
Deposits$6,311 $(280)
Unsecured short-term borrowings$7,295 $(47)
Unsecured long-term borrowings$151,215 $(15,134)
In the table above:
•Cumulative hedging adjustment included $(5.85) billion as of September 2023 and $5.09 billion as of December 2022 of hedging adjustments from prior hedging relationships that were de-designated and substantially all were related to unsecured long-term borrowings.
•The amortized cost of investments was $15.82 billion as of September 2023 and $11.49 billion as of December 2022.
The table below presents the gains/(losses) from net investment hedging.
Three Months
Ended September		Nine Months
Ended September
$ in millions2023202220232022
Hedges:
Foreign currency forward contract$112 $1,097 $(25)$2,310 
Foreign currency-denominated debt$839 $551 $631 $1,147