Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value Measurements (Tables) [Abstract]

Level 3 Assets Summary

	As of
	June		March		December
in millions	2011		2011		2010
Total level 3 financial assets	$	47,007	$	45,843	$	45,377
Total assets	$	936,910	$	933,289	$	911,332
Total financial assets at fair value	$	644,772	$	641,556	$	637,514
Total level 3 financial assets as a percentage of Total assets		5.0%		4.9%		5.0%
Total level 3 financial assets as a percentage of Total financial assets at fair value		7.3%		7.1%		7.1%

Financial Assets and Financial Liabilities by Level

	Financial Assets at Fair Value as of June 2011
									Netting and
in millions	Level 1			Level 2			Level 3		Collateral			Total
Total cash instruments	$	131,798		$	130,418		$	34,865	$	—		$	297,081
Total derivatives		157			166,689			11,522		(104,844	) 3		73,524
Financial instruments owned, at fair value		131,955			297,107			46,387		(104,844	)		370,605
Securities segregated for regulatory and other purposes		15,770	1		26,573	2		—		—			42,343
Securities purchased under agreements to resell		—			161,986			299		—			162,285
Securities borrowed		—			61,865			—		—			61,865
Receivables from customers and counterparties		—			7,353			321		—			7,674
Total	$	147,725		$	554,884		$	47,007	$	(104,844	)	$	644,772

	Financial Liabilities at Fair Value as of June 2011
								Netting and
in millions	Level 1		Level 2		Level 3			Collateral			Total
Total cash instruments	$	89,231	$	12,304	$	612		$	—		$	102,147
Total derivatives		60		59,738		5,291			(17,597	) 3		47,492
Financial instruments sold, but not yet purchased, at fair value		89,291		72,042		5,903			(17,597	)		149,639
Deposits		—		2,165		—			—			2,165
Securities sold under agreements to repurchase		—		153,374		2,076			—			155,450
Securities loaned		—		4,839		—			—			4,839
Other secured financings		—		21,151		5,297			—			26,448
Unsecured short-term borrowings		—		19,233		3,101			—			22,334
Unsecured long-term borrowings		—		17,576		2,554			—			20,130
Other liabilities and accrued expenses		—		543		6,944			—			7,487
Total	$	89,291	$	290,923	$	25,875	4	$	(17,597	)	$	388,492

1.	Principally consists of U.S. Department of the Treasury (U.S. Treasury) securities and money market instruments, as well as insurance separate account assets measured at fair value.
2.	Principally consists of securities borrowed and resale agreements. The underlying securities have been segregated to satisfy certain regulatory requirements.
3.	Represents cash collateral and the impact of netting across levels of the fair value hierarchy. Netting among positions classified in the same level is included in that level.
4.	Level 3 liabilities were 6.7% of total financial liabilities at fair value.

	Financial Assets at Fair Value as of December 2010
									Netting and
in millions	Level 1			Level 2			Level 3		Collateral			Total
Total cash instruments	$	117,800		$	133,653		$	32,207	$	—		$	283,660
Total derivatives		93			172,513			12,772		(112,085	) 3		73,293
Financial instruments owned, at fair value		117,893			306,166			44,979		(112,085	)		356,953
Securities segregated for regulatory and other purposes		19,794	1		16,388	2		—		—			36,182
Securities purchased under agreements to resell		—			188,255			100		—			188,355
Securities borrowed		—			48,822			—		—			48,822
Receivables from customers and counterparties		—			6,904			298		—			7,202
Total	$	137,687		$	566,535		$	45,377	$	(112,085	)	$	637,514

	Financial Liabilities at Fair Value as of December 2010
								Netting and
in millions	Level 1		Level 2		Level 3			Collateral			Total
Total cash instruments	$	75,668	$	9,873	$	446		$	—		$	85,987
Total derivatives		45		66,963		5,210			(17,488	) 3		54,730
Financial instruments sold, but not yet purchased, at fair value		75,713		76,836		5,656			(17,488	)		140,717
Deposits		—		1,975		—			—			1,975
Securities sold under agreements to repurchase		—		160,285		2,060			—			162,345
Securities loaned		—		1,514		—			—			1,514
Other secured financings		—		23,445		8,349			—			31,794
Unsecured short-term borrowings		—		18,640		3,476			—			22,116
Unsecured long-term borrowings		—		16,067		2,104			—			18,171
Other liabilities and accrued expenses		—		563		2,409			—			2,972
Total	$	75,713	$	299,325	$	24,054	4	$	(17,488	)	$	381,604

1.	Principally consists of U.S. Treasury securities and money market instruments, as well as insurance separate account assets measured at fair value.
2.	Principally consists of securities borrowed and resale agreements. The underlying securities have been segregated to satisfy certain regulatory requirements.
3.	Represents cash collateral and the impact of netting across levels of the fair value hierarchy. Netting among positions classified in the same level is included in that level.
4.	Level 3 liabilities were 6.3% of total financial liabilities at fair value.

Level 3 Unrealized Gains (Losses)

	Level 3 Unrealized Gains/(Losses)
	Three Months						Six Months
	Ended June						Ended June
in millions	2011			2010			2011			2010
Cash instruments — assets	$	746		$	191		$	1,913		$	855
Cash instruments — liabilities		(95	)		(109	)		(67	)		(60	)
Net unrealized gains on level 3 cash instruments		651			82			1,846			795
Derivatives — net		456			1,386			93			2,852
Receivables from customers and counterparties		5			(21	)		21			(48	)
Other secured financings		5			50			(4	)		39
Unsecured short-term borrowings		(82	)		224			174			307
Unsecured long-term borrowings		(117	)		124			(162	)		137
Other liabilities and accrued expenses		(150	)		(17	)		(303	)		47
Total	$	768		$	1,828		$	1,665		$	4,129

Level 3 Rollforward

	Level 3 Financial Assets at Fair Value for the Three Months Ended June 2011
						Net unrealized
						gains/(losses)											Net
			Net			relating to											transfers
	Balance,		realized			instruments											in and/or			Balance,
	beginning		gains/			still held at											(out) of			end of
in millions	of period		(losses)			period-end			Purchases		Sales			Settlements			level 3			period
Total cash instruments — assets	$	33,526	$	509	1	$	746	1	$	2,856	$	(2,492	)	$	(1,378	)	$	1,098		$	34,865
Total derivatives — net		6,803		(160	) 2		456	2, 3		414		(575	)		59			(766	)		6,231
Securities purchased under agreements to resell		158		—			—			181		—			(40	)		—			299
Receivables from customers and counterparties		322		—			5			—		—			(6	)		—			321

1.	The aggregate amounts include approximately $277 million, $606 million and $372 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively.
2.	The aggregate amounts include approximately $138 million and $158 million reported in “Market making” and “Other principal transactions,” respectively.
3.	Principally resulted from changes in level 2 inputs.

	Level 3 Financial Liabilities at Fair Value for the Three Months Ended June 2011
						Net unrealized
						(gains)/losses													Net
			Net			relating to													transfers
	Balance,		realized			instruments													in and/or			Balance,
	beginning		(gains)/			still held at													(out) of			end of
in millions	of period		losses			period-end			Purchases			Sales		Issuances		Settlements			level 3			period
Total cash instruments — liabilities	$	482	$	1		$	95		$	(130	)	$	201	$	—	$	(21	)	$	(16	)	$	612
Securities sold under agreements to repurchase, at fair value		1,946		—			—			—			—		130		—			—			2,076
Other secured financings		7,107		9			(5	)		—			—		261		(2,091	)		16			5,297
Unsecured short-term borrowings		3,209		(41	)		82			(23	)		—		179		(438	)		133			3,101
Unsecured long-term borrowings		2,404		6			117			(34	)		—		22		(2	)		41			2,554
Other liabilities and accrued expenses		6,852		—			150			—			—		—		(58	)		—			6,944

There were no significant transfers in or out of level 3 financial liabilities during the three months ended June 2011.

	Level 3 Financial Assets at Fair Value for the Six Months Ended June 2011
						Net unrealized
						gains/(losses)											Net
			Net			relating to											transfers
	Balance,		realized			instruments											in and/or			Balance,
	beginning		gains/			still held at											(out) of			end of
in millions	of year		(losses)			period-end			Purchases		Sales			Settlements			level 3			period
Total cash instruments — assets		$32,207	$	912	1	$	1,913	1	$	7,452	$	(4,106	)	$	(2,956	)	$	(557	)	$	34,865
Total derivatives — net		7,562		(133	) 2		93	2, 3		776		(843	)		(414	)		(810	)		6,231
Securities purchased under agreements to resell		100		2			—			245		—			(48	)		—			299
Receivables from customers and counterparties		298		—			21			14		—			(12	)		—			321

1.	The aggregate amounts include approximately $688 million, $1.38 billion and $758 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively.
2.	The aggregate amounts include approximately $(52) million and $12 million reported in “Market making” and “Other principal transactions,” respectively.
3.	Principally resulted from changes in level 2 inputs.

	Level 3 Financial Liabilities at Fair Value for the Six Months Ended June 2011
						Net unrealized
						(gains)/losses													Net
			Net			relating to													transfers
	Balance,		realized			instruments													in and/or			Balance,
	beginning		(gains)/			still held at													(out) of			end of
in millions	of year		losses			period-end			Purchases			Sales		Issuances		Settlements			level 3			period
Total cash instruments — liabilities	$	446	$	(15	)	$	67		$	(193	)	$	325	$	—	$	(15	)	$	(3	)	$	612
Securities sold under agreements to repurchase, at fair value		2,060		—			—			—			—		194		(178	)		—			2,076
Other secured financings		8,349		9			4			—			—		274		(3,356	)		17			5,297
Unsecured short-term borrowings		3,476		68			(174	)		(31	)		—		541		(666	)		(113	)		3,101
Unsecured long-term borrowings		2,104		10			162			(50	)		—		291		(73	)		110			2,554
Other liabilities and accrued expenses		2,409		—			303			4,337			—		—		(105	)		—			6,944

	Level 3 Financial Assets at Fair Value for the Three Months Ended June 2010
						Net unrealized
						gains/(losses)
			Net			relating to			Net			Net
	Balance,		realized			instruments			purchases,			transfers in			Balance,
	beginning		gains/			still held at			sales and			and/or (out)			end of
in millions	of period		(losses)			period-end			settlements			of level 3			period
Total cash instruments — assets		$32,528	$	334	1	$	191	1	$	(667	)	$	(435	)	$	31,951
Total derivatives — net		6,336		(104	) 2		1,386	2, 3		(89	)		343			7,872
Securities purchased under agreements to resell		268		—			—			—			(268	)		—
Receivables from customers and counterparties		234		5			(21	)		—			—			218

1.	The aggregate amounts include approximately $28 million, $145 million and $352 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively.
2.	The aggregate amounts include approximately $999 million and $283 million reported in “Market making” and “Other principal transactions,” respectively.
3.	Principally resulted from changes in level 2 inputs.

	Level 3 Financial Liabilities at Fair Value for the Three Months Ended June 2010
						Net unrealized			Net
						(gains)/losses			purchases,			Net
			Net			relating to			sales,			transfers
	Balance,		realized			instruments			issuances			in and/or			Balance,
	beginning		(gains)/			still held at			and			(out) of			end of
in millions	of period		losses			period-end			settlements			level 3			period
Total cash instruments — liabilities	$	483	$	(112	)	$	109		$	113		$	2		$	595
Securities sold under agreements to repurchase, at fair value		1,055		—			—			531			(167	)		1,419
Other secured financings		8,139		12			(50	)		38			(53	)		8,086
Unsecured short-term borrowings		2,994		47			(224	)		(224	)		175			2,768
Unsecured long-term borrowings		1,715		2			(124	)		(53	)		359			1,899
Other liabilities and accrued expenses		2,327		2			17			21			19			2,386

There were no significant transfers in or out of level 3 financial liabilities during the three months ended June 2010.

	Level 3 Financial Assets at Fair Value for the Six Months Ended June 2010
						Net unrealized
						gains/(losses)						Net
			Net			relating to			Net			transfers
	Balance,		realized			instruments			purchases,			in and/or			Balance,
	beginning		gains/			still held at			sales and			(out) of			end of
in millions	of year		(losses)			period-end			settlements			level 3			period
Total cash instruments — assets	$	34,879	$	735	1	$	855	1	$	(2,062	)	$	(2,456	)	$	31,951
Total derivatives — net		5,196		(401	) 2		2,852	2, 3		153			72			7,872
Receivables from customers and counterparties		—		10			(48	)		—			256			218

1.	The aggregate amounts include approximately $416 million, $516 million and $658 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively.
2.	The aggregate amounts include approximately $2.19 billion and $263 million reported in “Market making” and “Other principal transactions,” respectively.
3.	Principally resulted from changes in level 2 inputs.

	Level 3 Financial Liabilities at Fair Value for the Six Months Ended June 2010
						Net unrealized			Net
						(gains)/losses			purchases,			Net
			Net			relating to			sales,			transfers
	Balance,		realized			instruments			issuances			in and/or			Balance,
	beginning		(gains)/			still held at			and			(out) of			end of
in millions	of year		losses			period-end			settlements			level 3			period
Total cash instruments — liabilities		$  572	$	(132	)	$	60		$	169		$	(74	)	$	595
Securities sold under agreements to repurchase, at fair value		394		—			—			1,025			—			1,419
Other secured financings		6,756		21			(39	)		1,174			174			8,086
Unsecured short-term borrowings		2,310		67			(307	)		(267	)		965			2,768
Unsecured long-term borrowings		3,077		15			(137	)		(19	)		(1,037	)		1,899
Other liabilities and accrued expenses		1,913		5			(47	)		22			493			2,386