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Collateralized Agreements and Financings (Tables)

12 Months Ended

Dec. 31, 2019

Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions

The table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions.



	As of December

$ in millions		2019	2018
Resale agreements		$ 85,691	$139,258
Securities borrowed		$136,071	$135,285
Repurchase agreements		$117,756	$ 78,723
Securities loaned		$ 14,985	$ 11,808

Offsetting Arrangements

The table below presents resale and repurchase agreements and securities borrowed and loaned transactions included in the consolidated balance sheets, as well as the amounts not offset in the consolidated balance sheets.



	Assets					Liabilities

$ in millions		Resale agreements		Securities borrowed			Repurchase agreements		Securities loaned
As of December 2019
Included in the consolidated balance sheets
Gross carrying value		$ 152,982		$ 140,677			$ 185,047		$ 19,591
Counterparty netting		(67,291	)	(4,606	)		(67,291	)	(4,606	)
Total		85,691		136,071			117,756		14,985
Amounts not offset
Counterparty netting		(3,058	)	(2,211	)		(3,058	)	(2,211	)
Collateral		(78,528	)	(127,901	)		(114,065	)	(12,614	)
Total		$ 4,105		$ 5,959			$ 633		$ 160
As of December 2018
Included in the consolidated balance sheets
Gross carrying value		$ 246,284		$ 139,556			$ 185,749		$ 16,079
Counterparty netting		(107,026	)	(4,271	)		(107,026	)	(4,271	)
Total		139,258		135,285			78,723		11,808
Amounts not offset
Counterparty netting		(5,870	)	(1,104	)		(5,870	)	(1,104	)
Collateral		(130,707	)	(127,340	)		(70,691	)	(10,491	)
Total		$ 2,681		$ 6,841			$ 2,162		$ 213

Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged

The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged.



$ in millions	Repurchase agreements	Securities loaned
As of December 2019
Money market instruments	$ 158	$ –
U.S. government and agency obligations	112,903	–
Non-U.S. government and agency obligations	55,575	1,051
Securities backed by commercial real estate	210	–
Securities backed by residential real estate	1,079	–
Corporate debt securities	6,857	122
State and municipal obligations	242	–
Other debt obligations	196	–
Equity securities	7,827	18,418
Total	$185,047	$19,591
As of December 2018
Money market instruments	$ 100	$ –
U.S. government and agency obligations	88,060	–
Non-U.S. government and agency obligations	84,443	2,438
Securities backed by commercial real estate	3	–
Securities backed by residential real estate	221	–
Corporate debt securities	5,495	195
Other debt obligations	25	–
Equity securities	7,402	13,446
Total	$185,749	$16,079

Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Maturity Date

The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity.



	As of December 2019

$ in millions		Repurchase agreements	Securities loaned
No stated maturity and overnight		$ 70,260	$14,467
2 - 30 days		81,440	3,117
31 - 90 days		12,874	841
91 days - 1 year		16,266	1,166
Greater than 1 year		4,207	–
Total		$185,047	$19,591

Other Secured Financings

The table below presents information about other secured financings.



$ in millions	U.S. Dollar	Non-U.S. Dollar	Total
As of December 2019
Other secured financings (short-term):
At fair value	$ 2,754	$4,441	$ 7,195
At amortized cost	129	–	129
Other secured financings (long-term):
At fair value	7,402	3,474	10,876
At amortized cost	397	680	1,077
Total other secured financings	$10,682	$8,595	$19,277
Other secured financings collateralized by:
Financial instruments	$ 5,506	$6,509	$12,015
Other assets	$ 5,856	$1,406	$ 7,262
As of December 2018
Other secured financings (short-term):
At fair value	$ 3,528	$6,027	$ 9,555
At amortized cost	–	–	–
Other secured financings (long-term):
At fair value	9,010	2,339	11,349
At amortized cost	529	–	529
Total other secured financings	$13,067	$8,366	$21,433
Other secured financings collateralized by:
Financial instruments	$ 8,960	$7,550	$16,510
Other assets	$ 4,107	$ 816	$ 4,923

Other Secured Financings by Maturity Date

The table below presents other secured financings by maturity.



$ in millions			As of December 2019
Other secured financings (short-term)			$ 7,324
Other secured financings (long-term):
2021			3,683
2022			1,842
2023			1,399
2024			1,358
2025 - thereafter			3,671
Total other secured financings (long-term)			11,953
Total other secured financings			$19,277

Financial Instruments Received as Collateral and Repledged

The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged.



	As of December

$ in millions		2019	2018
Collateral available to be delivered or repledged		$661,490	$681,516
Collateral that was delivered or repledged		$558,634	$565,625

Financial Instruments Owned, at Fair Value and Other Assets Pledged as Collateral

The table below presents information about assets pledged.



	As of December

$ in millions		2019	2018
Pledged to counterparties that had the right to deliver or repledge
Trading assets		$ 66,605	$ 47,371
Investments		$ 10,968	$ 7,710
Pledged to counterparties that did not have the right to deliver or repledge
Trading assets		$101,578	$ 67,683
Investments		$ 849	$ 617
Loans		$ 6,628	$ 5,240
Other assets		$ 12,337	$ 8,037