Credit Concentrations (Tables)

9 Months Ended

Sep. 30, 2019

Risks and Uncertainties [Abstract]

Credit Concentration, Government and Federal Agency Obligations

The table below presents the credit concentrations in cash instruments included in financial instruments owned.

	As of
$ in millions		September 2019	December 2018
U.S. government and agency obligations		$131,500	$110,616
Percentage of total assets		13.1%	11.9%
Non-U.S. government and agency obligations		$  55,657	$  43,607
Percentage of total assets		5.5%	4.7%

Credit Concentration, Resale Agreements and Securities Borrowed

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

	As of
$ in millions		September 2019	December 2018
U.S. government and agency obligations		$80,519	$78,828
Non-U.S. government and agency obligations		$82,071	$76,745

In the table above:

• Non-U.S. government and agency obligations primarily consists 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.