Credit Concentrations (Tables)

3 Months Ended

Mar. 31, 2017

Credit Concentration, Government and Federal Agency Obligations

The table below presents the credit concentrations in cash instruments held by the firm.


	As of
$ in millions		March 2017	December 2016
U.S. government and federal agency obligations		$71,035	$57,657

% of total assets		7.9%	6.7%

Non-U.S. government and agency obligations		$35,614	$29,381

% of total assets		4.0%	3.4%

Credit Concentration, Resale Agreements and Securities Borrowed

The table below presents U.S. government and federal agency obligations and non-U.S. government and agency obligations that collateralize resale agreements and securities borrowed transactions.


	As of
$ in millions		March 2017	December 2016
U.S. government and federal agency obligations		$86,207	$89,721

Non-U.S. government and agency obligations		$84,588	$80,234

In the table above:

•

Non-U.S. government and agency obligations primarily consist of securities issued by the governments of Japan, France, the U.K. and Germany.

•

Given that the firm’s primary credit exposure on such transactions is to the counterparty to the transaction, the firm would be exposed to the collateral issuer only in the event of counterparty default.