Fair Value Option (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value Option (Tables) [Abstract]

Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value



	Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value
	Three Months Ended June												Six Months Ended June
	2011						2010						2011						2010
	Fair						Fair						Fair						Fair
	Value						Value						Value						Value
in millions	Option			Other			Option			Other			Option			Other			Option			Other

Receivables from customers and counterparties ¹	$	(6	)	$	200		$	(55	)	$	—		$	(5	)	$	519		$	(93	)	$	—
Other secured financings		29			(510	)		58			—			33			(925	)		54			(5	)
Unsecured short-term borrowings		24			327			61			964			31			103			74			759
Unsecured long-term borrowings		68			432			286			(2,166	)		71			(839	)		370			(1,591	)
Other liabilities and accrued expenses ²		(64	)		(20	)		(142	)		44			(253	)		67			(73	)		151
Other ³		10			—			20			—			45			—			17			—


Total	$	61		$	429		$	228		$	(1,158	)	$	(78	)	$	(1,075	)	$	349		$	(686	)


1.	Primarily consists of gains/(losses) on certain transfers accounted for as receivables rather than purchases and certain reinsurance contracts.

2.	Primarily consists of gains/(losses) on certain insurance and reinsurance contracts.

3.	Primarily consists of gains/(losses) on resale and repurchase agreements, securities borrowed and loaned and deposits.

Loans and Lending Commitments



	As of
	June		December
in millions	2011		2010

Aggregate contractual principal amount of performing loans and long-term receivables in excess of the related fair value	$	2,923	$	3,090
Aggregate contractual principal amount of loans on nonaccrual status and/or more than 90 days past due in excess of the related fair value		24,433		26,653


Total¹	$	27,356	$	29,743

Aggregate fair value of loans on nonaccrual status and/or more than 90 days past due	$	3,392	$	3,994


1.	The aggregate contractual principal exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below contractual principal amounts.

Impact of Credit Spreads on Borrowings



	Three Months				Six Months
	Ended June				Ended June
in millions	2011		2010		2011		2010

Net gains including hedges	$	85	$	390	$	126	$	497
Net gains excluding hedges		75		405		119		514

- Definition

This element represents quantitative disclosures relating to the Company's election to apply the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the Company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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