Interest Income and Interest Expense

9 Months Ended

Sep. 30, 2020

Banking and Thrift, Interest [Abstract]

Interest Income and Interest Expense

Note 23.

Interest Income and Interest Expense

Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates.

The table below presents sources of interest income and interest expense.

	Three Months Ended September				Nine Months Ended September
$ in millions		2020		2019		2020	2019
Deposits with banks		$     11		$   287		$     234	$     981
Collateralized agreements		(67	)	1,100		451	3,705
Trading assets		1,176		1,472		4,006	4,390
Investments		404		340		1,196	1,052
Loans		1,153		1,379		3,691	4,075
Other interest		255		881		1,138	2,613
Total interest income		2,932		5,459		10,716	16,816
Deposits		505		945		1,982	2,689
Collateralized financings		50		710		570	2,130
Trading liabilities		345		254		931	935
Short-term borrowings		124		190		423	500
Long-term borrowings		981		1,321		3,217	4,119
Other interest		(157	)	1,031		252	3,146
Total interest expense		1,848		4,451		7,375	13,519
Net interest income		$1,084		$1,008		$  3,341	$  3,297

In the table above:

• Collateralized agreements includes rebates paid and interest income on securities borrowed.

• Loans excludes interest on loans held for sale that are accounted for at the lower of cost or fair value. Such interest is included within other interest.

• Other interest income includes interest income on customer debit balances, other interest-earning assets and loans held for sale that are accounted for at the lower of cost or fair value.

• Collateralized financings consists of repurchase agreements and securities loaned.

• Short- and long-term borrowings include both secured and unsecured borrowings.

• Other interest expense includes rebates received on other interest-bearing liabilities and interest expense on customer credit balances.