Credit Concentrations (Tables)

3 Months Ended

Mar. 31, 2020

Risks and Uncertainties [Abstract]

Credit Concentration, Government and Federal Agency Obligations

The table below presents the credit concentrations included in trading cash instruments and investments.

	As of
$ in millions		March 2020	December 2019
U.S. government and agency obligations		$162,690	$167,097
Percentage of total assets		14.9%	16.8%
Non-U.S. government and agency obligations		$  47,457	$  44,875
Percentage of total assets		4.4%	4.5%

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		March 2020	December 2019
U.S. government and agency obligations		$80,136	$49,396
Non-U.S. government and agency obligations		$72,573	$55,889

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.