Deposits

9 Months Ended

Sep. 30, 2020

Banking and Thrift, Interest [Abstract]

Note 13.

Deposits

The table below presents the types and sources of deposits.



$ in millions	Savings and Demand	Time	Total
As of September 2020
Consumer deposits	$ 64,645	$30,913	$ 95,558
Private bank deposits	63,944	1,608	65,552
Brokered certificates of deposit	–	34,609	34,609
Deposit sweep programs	22,987	–	22,987
Transaction banking	27,582	181	27,763
Other deposits	–	14,765	14,765
Total	$179,158	$82,076	$261,234
As of December 2019
Consumer deposits	$ 44,973	$15,023	$ 59,996
Private bank deposits	53,726	2,087	55,813
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 $18.40 billion as of September 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 1.3 years as of September 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 September 2020, the firm had 12 such deposit sweep program agreements.

•

Transaction banking deposits consists of deposits that the firm raised through its cash management services business for corporate and other institutional clients.

•

Other deposits represent deposits from institutional clients.

•

Deposits insured by the FDIC were $126.88 billion as of September 2020 and $103.98 billion as of December 2019.

•

Deposits insured by the U.K.’s Financial Services Compensation Scheme were $24.99 billion as of September 2020 and $15.86 billion as of December 2019.

The table below presents the location of deposits.



	As of

$ in millions		September 2020	December 2019
U.S. offices		$208,102	$150,759
Non-U.S. offices		53,132	39,260
Total		$261,234	$190,019

In the table above, U.S. deposits were held at Goldman Sachs Bank USA (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 September 2020

$ in millions		U.S.	Non-U.S.	Total
Remainder of 2020		$10,905	$ 5,701	$16,606
2021		30,803	8,354	39,157
2022		9,864	85	9,949
2023		6,439	120	6,559
2024		4,168	130	4,298
2025		2,104	250	2,354
2026 - thereafter		2,200	953	3,153
Total		$66,483	$15,593	$82,076

As of September 2020, deposits in U.S. offices included $12.92 billion and deposits in

non-U.S.

offices included $13.41 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 September 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 September 2020 and December 2019.