Deposits

3 Months Ended

Mar. 31, 2020

Note 13.

Deposits

The table below presents the types and sources of deposits.



$ in millions	Savings and Demand	Time	Total
As of March 2020
Private bank deposits	$ 56,437	$ 2,292	$ 58,729
Consumer deposits	49,843	21,784	71,627
Brokered certificates of deposit	–	38,905	38,905
Deposit sweep programs	19,082	–	19,082
Transaction banking	6,920	2,260	9,180
Other deposits	–	22,471	22,471
Total	$132,282	$87,712	$219,994
As of December 2019
Private bank deposits	$ 53,726	$ 2,087	$ 55,813
Consumer deposits	44,973	15,023	59,996
Brokered certificates of deposit	–	39,449	39,449
Deposit sweep programs	17,760	–	17,760
Transaction banking	2,291	235	2,526
Other deposits	–	14,475	14,475
Total	$118,750	$71,269	$190,019

In the table above:

•	Substantially all deposits are interest-bearing.

•	Savings and demand accounts consist of money market deposit accounts, negotiable order of withdrawal accounts and demand deposit accounts that have no stated maturity or expiration date.

•	Time deposits included $24.72 billion as of March 2020 and $17.77 billion as of December 2019 of deposits accounted for at fair value under the fair value option. See Note 10 for further information about deposits accounted for at fair value.

•	Time deposits had a weighted average maturity of approximately 1.5 years as of March 2020 and 1.7 years as of December 2019.

•	Deposit sweep programs represent long-term contractual agreements with U.S. broker-dealers who sweep client cash to FDIC-insured deposits. As of March 2020, the firm had 12 such deposit sweep program agreements.

•	Other deposits represent deposits from institutional clients.

•	Deposits insured by the FDIC were $111.92 billion as of March 2020 and $103.98 billion as of December 2019.

•	Deposits insured by the U.K.’s Financial Services Compensation Scheme were $18.99 billion as of March 2020 and $15.86 billion as of December 2019.

The table below presents the location of deposits.



	As of

$ in millions		March 2020	December 2019
U.S. offices		$168,992	$150,759
Non-U.S. offices		51,002	39,260
Total		$219,994	$190,019

In the table above, U.S. deposits were held at GS Bank USA and substantially all

non-U.S.

deposits were held at Goldman Sachs International Bank (GSIB).

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

non-U.S.

offices.



	As of March 2020

$ in millions		U.S.	Non-U.S.	Total
Remainder of 2020		$25,358	$17,200	$ 42,558
2021		18,487	1,356	19,843
2022		8,857	80	8,937
2023		6,498	112	6,610
2024		4,393	115	4,508
2025		2,155	226	2,381
2026 - thereafter		2,072	803	2,875
Total		$67,820	$19,892	$87,712

As of March 2020, deposits in U.S. offices included

$14.35 billion and deposits in

non-U.S.

offices included $19.52

billion of time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance.

The firm’s savings and demand deposits are 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 portion of its time deposits not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of time deposits not accounted for at fair value approximated fair value as of both March 2020 and December 2019. As these savings and demand deposits and time deposits are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these deposits been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both March 2020 and December 2019.