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Collateralized Agreements and Financings (Tables)
 9 Months Ended
Sep. 30, 2023
Collateralized Agreements And Financings [Abstract]  
Offsetting Arrangements
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 millionsResale agreements Securities borrowedRepurchase agreementsSecurities loaned
As of September 2023   
Included in the consolidated balance sheets
Gross carrying value$266,438 $197,625 $301,422 $55,626 
Counterparty netting(75,743)(700)(75,743)(700)
Total190,695 196,925 225,679 54,926 
Amounts not offset    
Counterparty netting(33,556)(6,493)(33,556)(6,493)
Collateral(149,881)(183,674)(189,154)(46,941)
Total$7,258 $6,758 $2,969 $1,492 
As of December 2022
Included in the consolidated balance sheets
Gross carrying value$334,042 $199,623 $219,274 $41,309 
Counterparty netting(108,925)(10,582)(108,925)(10,582)
Total225,117 189,041 110,349 30,727 
Amounts not offset    
Counterparty netting(15,350)(4,576)(15,350)(4,576)
Collateral(204,843)(171,997)(92,997)(25,578)
Total$4,924 $12,468 $2,002 $573 
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 included in the consolidated balance sheets of $190.45 billion as of September 2023 and $225.12 billion as of December 2022 and all repurchase agreements included in the consolidated balance sheets 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 $36.79 billion as of September 2023 and $38.58 billion as of December 2022, and securities loaned included in the consolidated balance sheets of $8.18 billion as of September 2023 and $4.37 billion as of December 2022 were at fair value under the fair value option. See Note 5 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 Cass of Collateral Pledged
The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged.
$ in millionsRepurchase agreementsSecurities loaned
As of September 2023  
Money market instruments$390 $– 
U.S. government and agency obligations193,133 293 
Non-U.S. government and agency obligations81,023 2,691 
Securities backed by commercial real estate93 – 
Securities backed by residential real estate573 – 
Corporate debt securities14,746 338 
State and municipal obligations4 – 
Other debt obligations
237 – 
Equity securities11,223 52,304 
Total$301,422 $55,626 
As of December 2022  
Money market instruments$10 $– 
U.S. government and agency obligations112,825 55 
Non-U.S. government and agency obligations87,828 594 
Securities backed by commercial real estate172 – 
Securities backed by residential real estate466 – 
Corporate debt securities11,398 295 
State and municipal obligations143 – 
Other debt obligations108 – 
Equity securities6,324 40,365 
Total$219,274 $41,309 
The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity.
 As of September 2023
$ in millionsRepurchase agreementsSecurities loaned
No stated maturity and overnight$114,306 $36,693 
2 - 30 days98,557 744 
31 - 90 days32,296 119 
91 days - 1 year42,783 8,603 
Greater than 1 year13,480 9,467 
Total$301,422 $55,626 
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 millionsU.S.
Dollar		Non-U.S. DollarTotal
As of September 2023   
Other secured financings (short-term):   
At fair value$5,701 $2,632 $8,333 
At amortized cost1 348 349 
Other secured financings (long-term):  
At fair value2,692 3,089 5,781 
At amortized cost265 – 265 
Total other secured financings$8,659 $6,069 $14,728 
Other secured financings collateralized by:
Financial instruments$4,666 $5,059 $9,725 
Other assets$3,993 $1,010 $5,003 
As of December 2022  
Other secured financings (short-term):  
At fair value$3,478 $2,963 $6,441 
At amortized cost398 – 398 
Other secured financings (long-term):  
At fair value3,793 2,522 6,315 
At amortized cost395 397 792 
Total other secured financings$8,064 $5,882 $13,946 
Other secured financings collateralized by:
Financial instruments$3,817 $4,895 $8,712 
Other assets$4,247 $987 $5,234 
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 4.64% as of September 2023 and 5.56% as of December 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 0.47% as of September 2023. 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 3.76% as of September 2023 and 3.54% as of December 2022. 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 0.45% as of December 2022. This rate includes the effect of hedging activities.
•Total other secured financings included $2.32 billion as of September 2023 and $1.69 billion as of December 2022 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 $2.29 billion as of September 2023 and $1.64 billion as of December 2022.
•Other secured financings collateralized by financial instruments included $7.77 billion as of September 2023 and $7.49 billion as of December 2022 of other secured financings collateralized by trading assets, investments and loans, and included $1.95 billion as of September 2023 and $1.22 billion as of December 2022 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 millionsSeptember 2023
Other secured financings (short-term)$8,682 
Other secured financings (long-term): 
2024973 
20251,569 
2026582 
2027215 
20281,094 
2029 - thereafter1,613 
Total other secured financings (long-term) 6,046 
Total other secured financings$14,728 
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
SeptemberDecember
$ in millions20232022
Collateral available to be delivered or repledged$918,110 $971,699 
Collateral that was delivered or repledged$794,719 $797,919 
Schedule of Assets Pledged as Collateral
The table below presents information about assets pledged.
 
As of
SeptemberDecember
$ in millions20232022
Pledged to counterparties that had the right to deliver or repledge
Trading assets$97,406 $40,143 
Investments$8,463 $9,818 
Pledged to counterparties that did not have the right to deliver or repledge
Trading assets$126,626 $70,912 
Investments$19,090 $1,726 
Loans$8,099 $6,600 
Other assets$6,202 $7,525