Note 14.

Deposits

The table below presents the types and sources of the firm’s deposits.

$ in millions

Savings and

Demand

Time

Total

As of September 2016

Private bank and online retail

$57,700

$ 3,755

$ 61,455

Brokered certificates of deposit

—

38,812

Deposit sweep programs

15,900

—

15,900

Institutional

8,382

8,383

Total

$73,601

$50,949

$124,550

As of December 2015

Private bank

$38,715

$ 2,354

$ 41,069

Brokered certificates of deposit

—

32,419

Deposit sweep programs

15,791

—

15,791

Institutional

8,239

8,240

Total

$54,507

$43,012

$ 97,519

In April 2016, Goldman Sachs Bank USA (GS Bank USA) acquired GE Capital Bank’s online deposit platform and assumed $16.52 billion of deposits, consisting of $8.76 billion in online deposit accounts and certificates of deposit, and $7.76 billion in brokered certificates of deposit. In the table above:

•

Substantially all deposits are interest-bearing.

•

Savings and demand deposits have no stated maturity.

•

Time deposits include $14.10 billion and $14.68 billion as of September 2016 and December 2015, respectively, of deposits accounted for at fair value under the fair value option. See Note 8 for further information about deposits accounted for at fair value.

•

Time deposits have a weighted average maturity of approximately 2.5 years and 3 years as of September 2016 and December 2015, respectively.

•

Deposit sweep programs represent long-term contractual agreements with several U.S. broker-dealers who sweep client cash to FDIC-insured deposits.

•

Deposits insured by the FDIC as of September 2016 and December 2015 were approximately $72.26 billion and $55.48 billion, respectively.

The table below presents deposits held in U.S. and non-U.S. offices. Substantially all U.S. deposits were held at GS Bank USA and substantially all non-U.S. deposits were held at Goldman Sachs International Bank (GSIB).


	As of
$ in millions		September 2016	December 2015
U.S. offices		$105,927	$81,920

Non-U.S. offices		18,623	15,599
Total		$124,550	$97,519

The table below presents maturities of time deposits held in U.S. and non-U.S. offices.

As of September 2016

$ in millions

U.S.

Non-U.S.

Total

Remainder of 2016

$ 4,007

$5,161

$ 9,168

2017

10,148

4,268

14,416

2018

6,016

6,084

2019

5,409

—

5,409

2020

4,152

—

4,152

2021

3,551

3,592

2022 - thereafter

7,928

200

8,128

Total

$41,211

$9,738

$50,949

As of September 2016, deposits in U.S. and non-U.S. offices include $1.54 billion and $8.35 billion, respectively, of deposits that were greater than $250,000.

The firm’s savings and demand deposits were recorded based on the amount of cash received plus accrued interest, which approximates fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a majority of its time deposits not accounted for at fair value from fixed-rate obligations into floating-rate obligations. Accordingly, the carrying value of time deposits approximated fair value as of September 2016 and December 2015. While these savings and demand deposits and time deposits are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6 through 8. Had these deposits been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of September 2016 and December 2015.