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Loans (Tables)
 9 Months Ended
Sep. 30, 2020
Summary of Loans
The table below presents information about loans.
 
$ in millions
    
Amortized
Cost
  
 
    
Fair
Value
  
 
     
Held For
Sale
  
 
   
 
Total
 
As of September 2020
          
Loan Type
          
Corporate
  
 
$47,583
 
  
 
$  2,856
 
   
 
$1,026
 
   
 
$  51,465
 
Wealth management
  
 
21,799
 
  
 
8,037
 
   
 
–
 
   
 
29,836
 
Commercial real estate
  
 
15,421
 
  
 
1,980
 
   
 
976
 
   
 
18,377
 
Residential real estate
  
 
4,236
 
  
 
446
 
   
 
23
 
   
 
4,705
 
Consumer:
          
Installment
  
 
4,112
 
  
 
–
 
   
 
–
 
   
 
4,112
 
Credit cards
  
 
2,908
 
  
 
–
 
   
 
–
 
   
 
2,908
 
Other
  
 
3,111
 
  
 
562
 
   
 
481
 
   
 
4,154
 
Total loans, gross
  
 
99,170
 
  
 
13,881
 
   
 
2,506
 
   
 
115,557
 
Allowance for loan losses
  
 
(3,714
) 
  
 
–
 
   
 
–
 
   
 
(3,714
) 
Total loans
  
 
$95,456
 
  
 
$13,881
 
   
 
$2,506
 
   
 
$111,843
 
 
As of December 2019
          
Loan Type
          
Corporate
     $41,129       $  3,224        $1,954        $  46,307  
Wealth management
     20,116       7,824        –        27,940  
Commercial real estate
     13,258       1,876        2,609        17,743  
Residential real estate
     6,132       792        34        6,958  
Consumer:
          
Installment
     4,747       –        –        4,747  
Credit cards
     1,858       –        –        1,858  
Other
     3,396       670        726        4,792  
Total loans, gross
     90,636       14,386        5,323        110,345  
Allowance for loan losses
     (1,441 )      –        –        (1,441 ) 
Total loans
     $89,195       $14,386        $5,323        $108,904  
Summary of Other Loans Receivable
The table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans.
 
$ in millions
    
Investment-
Grade
  
 
    
Non-Investment-
Grade
  
 
  
 
Other/
Unrated

 
  
 
Total
 
As of September 2020
 
      
Accounting Method
 
      
Amortized cost
  
 
$31,487
 
  
 
$57,168
 
  
 
$10,515
 
  
 
$  99,170
 
Fair value
  
 
2,068
 
  
 
5,863
 
  
 
5,950
 
  
 
13,881
 
Held for sale
  
 
466
 
  
 
1,564
 
  
 
476
 
  
 
2,506
 
Total
  
 
$34,021
 
  
 
$64,595
 
  
 
$16,941
 
  
 
$115,557
 
 
Loan Type
        
Corporate
  
 
$10,880
 
  
 
$39,972
 
  
 
$
     
613
 
  
 
$  51,465
 
Wealth management
  
 
19,333
 
  
 
4,923
 
  
 
5,580
 
  
 
29,836
 
Real estate:
        
Commercial
  
 
1,468
 
  
 
15,922
 
  
 
987
 
  
 
18,377
 
Residential
  
 
689
 
  
 
2,796
 
  
 
1,220
 
  
 
4,705
 
Consumer:
        
Installment
  
 
–
 
  
 
–
 
  
 
4,112
 
  
 
4,112
 
Credit cards
  
 
–
 
  
 
–
 
  
 
2,908
 
  
 
2,908
 
Other
  
 
1,651
 
  
 
982
 
  
 
1,521
 
  
 
4,154
 
Total
  
 
$34,021
 
  
 
$64,595
 
  
 
$16,941
 
  
 
$115,557
 
 
Secured
  
 
79%
 
  
 
91%
 
  
 
48%
 
  
 
81%
 
Unsecured
  
 
21%
 
  
 
9%
 
  
 
52%
 
  
 
19%
 
Total
  
 
100%
 
  
 
100%
 
  
 
100%
 
  
 
100%
 
 
As of December 2019
 
      
Accounting Method
 
      
Amortized cost
     $30,266       $51,222       $  9,148       $  90,636  
Fair value
     2,844       5,174       6,368       14,386  
Held for sale
     323       4,368       632       5,323  
Total
     $33,433       $60,764       $16,148       $110,345  
 
Loan Type
        
Corporate
     $10,507       $35,509       $     291       $  46,307  
Wealth management
     20,001       3,576       4,363       27,940  
Real estate:
        
Commercial
     306       15,997       1,440       17,743  
Residential
     244       4,600       2,114       6,958  
Consumer:
        
Installment
     –       –       4,747       4,747  
Credit cards
     –       –       1,858       1,858  
Other
     2,375       1,082       1,335       4,792  
Total
     $33,433       $60,764       $16,148       $110,345  
 
Secured
     83%       91%       54%       83%  
Unsecured
     17%       9%       46%       17%  
Total
     100%       100%       100%       100%  
Schedule of Credit Quality Indicators for Term Loans by Origination Year The table below presents gross loans accounted for at amortized cost (excluding installment and credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans.
 
   
As of September 2020
  
$ in millions
  
 
Investment-
Grade
 
 
  
 
Non-Investment-
Grade
 
 
  
 
Other/
Unrated
 
 
  
 
Total
 
2020
  
 
$  2,355
 
  
 
$  5,465
 
  
 
$  
 
146
 
  
 
$  7,966
 
2019
  
 
995
 
  
 
7,005
 
  
 
–
 
  
 
8,000
 
2018
  
 
2,155
 
  
 
3,797
 
  
 
–
 
  
 
5,952
 
2017
  
 
891
 
  
 
3,276
 
  
 
–
 
  
 
4,167
 
2016
  
 
271
 
  
 
1,495
 
  
 
–
 
  
 
1,766
 
2015 or earlier
  
 
376
 
  
 
2,296
 
  
 
–
 
  
 
2,672
 
Revolving
  
 
3,541
 
  
 
13,428
 
  
 
91
 
  
 
17,060
 
Corporate
  
 
10,584
 
  
 
36,762
 
  
 
237
 
  
 
47,583
 
2020
  
 
372
 
  
 
239
 
  
 
–
 
  
 
611
 
2019
  
 
683
 
  
 
403
 
  
 
–
 
  
 
1,086
 
2018
  
 
413
 
  
 
76
 
  
 
–
 
  
 
489
 
2017
  
 
380
 
  
 
76
 
  
 
–
 
  
 
456
 
2016
  
 
22
 
  
 
21
 
  
 
–
 
  
 
43
 
2015 or earlier
  
 
519
 
  
 
265
 
  
 
–
 
  
 
784
 
Revolving
  
 
15,338
 
  
 
1,851
 
  
 
1,141
 
  
 
18,330
 
Wealth management
  
 
17,727
 
  
 
2,931
 
  
 
1,141
 
  
 
21,799
 
2020
  
 
538
 
  
 
2,217
 
  
 
45
 
  
 
2,800
 
2019
  
 
24
 
  
 
2,096
 
  
 
–
 
  
 
2,120
 
2018
  
 
213
 
  
 
2,170
 
  
 
16
 
  
 
2,399
 
2017
  
 
18
 
  
 
1,779
 
  
 
12
 
  
 
1,809
 
2016
  
 
–
 
  
 
186
 
  
 
9
 
  
 
195
 
2015 or earlier
  
 
–
 
  
 
819
 
  
 
491
 
  
 
1,310
 
Revolving
  
 
127
 
  
 
4,661
 
  
 
–
 
  
 
4,788
 
Commercial real estate
  
 
920
 
  
 
13,928
 
  
 
573
 
  
 
15,421
 
2020
  
 
530
 
  
 
1,063
 
  
 
90
 
  
 
1,683
 
2019
  
 
–
 
  
 
227
 
  
 
256
 
  
 
483
 
2018
  
 
–
 
  
 
143
 
  
 
369
 
  
 
512
 
2017
  
 
8
 
  
 
62
 
  
 
75
 
  
 
145
 
2016
  
 
–
 
  
 
2
 
  
 
–
 
  
 
2
 
2015 or earlier
  
 
–
 
  
 
–
 
  
 
84
 
  
 
84
 
Revolving
  
 
150
 
  
 
1,177
 
  
 
–
 
  
 
1,327
 
Residential real estate
  
 
688
 
  
 
2,674
 
  
 
874
 
  
 
4,236
 
2020
  
 
260
 
  
 
18
 
  
 
502
 
  
 
780
 
2019
  
 
–
 
  
 
76
 
  
 
64
 
  
 
140
 
2018
  
 
–
 
  
 
52
 
  
 
–
 
  
 
52
 
2017
  
 
–
 
  
 
9
 
  
 
–
 
  
 
9
 
Revolving
  
 
1,308
 
  
 
718
 
  
 
104
 
  
 
2,130
 
Other
  
 
1,568
 
  
 
873
 
  
 
670
 
  
 
3,111
 
Total
  
 
$31,487
 
  
 
$57,168
 
  
 
$3,495
 
  
 
$92,150
 
 
Percentage of total
  
 
34%
 
  
 
62%
 
  
 
4%
 
  
 
100%
 
Summary of Consumer Loans by Refreshed FICO Credit Score
The table below presents gross installment loans by refreshed FICO credit scores and origination year and gross credit card loans by refreshed FICO credit scores.
 
   
As of September 2020
  
$ in millions
  
 
Greater than or
equal to 660
 
 
   
 
Less than 660
 
   
 
Total
 
2020
  
 
$1,116
 
   
 
$    
 
28
 
   
 
$1,144
 
2019
  
 
1,434
 
   
 
145
 
   
 
1,579
 
2018
  
 
984
 
   
 
185
 
   
 
1,169
 
2017
  
 
170
 
   
 
40
 
   
 
210
 
2016
  
 
8
 
   
 
2
 
   
 
10
 
Installment
  
 
3,712
 
   
 
400
 
   
 
4,112
 
Credit cards
  
 
2,175
 
   
 
733
 
   
 
2,908
 
Total consumer
  
 
$5,887
 
   
 
$1,133
 
   
 
$7,020
 
 
Percentage of total:
        
Installment
  
 
90%
 
   
 
10%
 
   
 
100%
 
Credit cards
  
 
75%
 
   
 
25%
 
   
 
100%
 
Summary of Past Due Loans
The table below presents information about past due loans.
 
$ in millions
  
 
30-89 days
 
     
90 days
or more
  
 
   
 
Total
 
As of September 2020
        
Corporate
  
 
$    
 
–
 
   
 
$295
 
   
 
$295
 
Wealth management
  
 
1
 
   
 
34
 
   
 
35
 
Commercial real estate
  
 
17
 
   
 
205
 
   
 
222
 
Residential real estate
  
 
4
 
   
 
16
 
   
 
20
 
Consumer:
        
Installment
  
 
44
 
   
 
14
 
   
 
58
 
Credit cards
  
 
27
 
   
 
24
 
   
 
51
 
Other
  
 
20
 
   
 
3
 
   
 
23
 
Total
  
 
$113
 
   
 
$591
 
   
 
$704
 
 
Total divided by gross loans at amortized cost
 
   
 
0.7%
 
 
As of December 2019
        
Corporate
     $197        $  42        $239  
Wealth management
     13        15        28  
Commercial real estate
     54        123        177  
Residential real estate
     19        18        37  
Consumer:
        
Installment
     71        29        100  
Credit cards
     35        4        39  
Other
     6        1        7  
Total
     $395        $232        $627  
 
Total divided by gross loans at amortized cost
 
      0.7%  
Summary of Nonaccrual Loans
The table below presents information about nonaccrual loans.
 
    As of  
$ in millions
  
 
September
2020
 
 
     December
2019		  
 
Corporate
  
 
$2,804
 
     $1,122  
Wealth management
  
 
47
 
     52  
Commercial real estate
  
 
446
 
     175  
Residential real estate
  
 
27
 
     143  
Installment
  
 
32
 
     38  
Other
  
 
187
 
     –  
Total
  
 
$3,543
 
     $1,530  
 
Total divided by gross loans at amortized cost
  
 
3.6%
 
     1.7%  
Summary of Loans and Lending Commitments Accounted for at Amortized Cost by Portfolio
The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio.
 
    As of  
   
September 2020
    
  
   December 2019  
$ in millions
  
 
Loans
 
  
 
Lending
Commitments
 
 
  
 
     Loans      
Lending
Commitments
  
 
Wholesale
          
Corporate
  
 
$47,583
 
  
 
$116,362
 
       $41,129       $127,226  
Wealth management
  
 
21,799
 
  
 
2,278
 
       20,116       2,198  
Commercial real estate
  
 
15,421
 
  
 
3,089
 
       12,803       3,207  
Residential real estate
  
 
4,236
 
  
 
1,373
 
       4,965       759  
Other
  
 
3,111
 
  
 
4,057
 
       3,396       3,029  
Consumer
          
Installment
  
 
4,112
 
  
 
4
 
       4,747       12  
Credit cards
  
 
2,908
 
  
 
18,880
 
       1,858       13,669  
PCI
  
 
–
 
  
 
–
 
  
 
     1,622       –  
Total
  
 
$99,170
 
  
 
$146,043
 
  
 
     $90,636       $150,100  
Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments
The table below presents information about the allowance for credit losses.
 
$ in millions
     Wholesale       Consumer       PCI       Total  
Nine Months Ended September 2020
 
Allowance for loan losses
        
Beginning balance, reported
  
 
$  
 
879
 
  
 
$  
 
393
 
  
 
$ 169
 
  
 
$1,441
 
Impact of CECL adoption
  
 
452
 
  
 
444
 
  
 
(169
) 
  
 
727
 
Beginning balance, adjusted
  
 
1,331
 
  
 
837
 
  
 
–
 
  
 
2,168
 
Net charge-offs
  
 
(501
) 
  
 
(230
) 
  
 
–
 
  
 
(731
) 
Provision
  
 
1,977
 
  
 
525
 
  
 
–
 
  
 
2,502
 
Other
  
 
(225
) 
  
 
–
 
  
 
–
 
  
 
(225
) 
Ending balance
  
 
$2,582
 
  
 
$1,132
 
  
 
$
  
    –
 
  
 
$3,714
 
 
Allowance ratio
  
 
2.8%
 
  
 
16.1%
 
  
 
–
 
  
 
3.7%
 
Net
charge-off
ratio
  
 
0.7%
 
  
 
4.5%
 
  
 
–
 
  
 
1.0%
 
Allowance for losses on lending commitments
 
Beginning balance, reported
  
 
$  
 
361
 
  
 
$       –
 
  
 
$
  
    –
 
  
 
$  
 
361
 
Impact of CECL adoption
  
 
(48
) 
  
 
–
 
  
 
–
 
  
 
(48
) 
Beginning balance, adjusted
  
 
313
 
  
 
–
 
  
 
–
 
  
 
313
 
Provision
  
 
302
 
  
 
–
 
  
 
–
 
  
 
302
 
Ending balance
  
 
$  
 
615
 
  
 
$       –
 
  
 
$
  
    –
 
  
 
$  
 
615
 
 
Year Ended December 2019
        
Allowance for loan losses
        
Beginning balance
     $   658       $   292       $
  
116		       $1,066  
Net charge-offs
     (121 )      (317 )      (52 )      (490 ) 
Provision
     469       418       103       990  
Other
     (127 )      –       2       (125 ) 
Ending balance
     $   879       $   393       $
  
169		       $1,441  
 
Allowance ratio
     1.1%       6.0%       10.4%       1.6%  
Net
charge-off
ratio
     0.2%       6.2%       3.2%       0.6%  
Allowance for losses on lending commitments
 
Beginning balance
     $   286       $      
 
–		    
 
$
  
    –
 
     $   286  
Provision
     75       –       –       75  
Ending balance
     $   361       $      
 
–		    
 
$
  
    –
 
     $   361  
Schedule of forecasted economic scenarios
The table below presents the forecasted range (across the baseline, adverse and favorable scenarios) of the U.S. unemployment and U.S. GDP growth rates used in the forecast model as of September 2020.
 
 
  
 
U.S. Unemployment
Rate
 
 
  
 
Growth/(Decline)
in U.S. GDP
 
 
Forecast for the quarter ended:
    
December 2020
  
 
7.0% to 11.8%
 
    
(0.3)% to (8.2)%
  
June 2021
  
 
5.5% to 11.6%
 
    
3.5% to (8.0)%
  
December 2021
  
 
4.6% to 8.6%
 
    
6.3% to (2.6)%
  
Fair value of loans held for investment by level
The table below presents loans held for investment accounted for at fair value under the fair value option by level within the fair value hierarchy.
 
$ in millions
     Level 1        Level 2        Level 3        Total  
As of September 2020
           
Loan Type
           
Corporate
  
 
$    –
 
   
 
$  1,853
 
   
 
$1,003
 
   
 
$  2,856
 
Wealth management
  
 
–
 
   
 
7,977
 
   
 
60
 
   
 
8,037
 
Commercial real estate
  
 
–
 
   
 
814
 
   
 
1,166
 
   
 
1,980
 
Residential real estate
  
 
–
 
   
 
177
 
   
 
269
 
   
 
446
 
Other
  
 
–
 
   
 
233
 
   
 
329
 
   
 
562
 
Total
  
 
$    –
 
   
 
$11,054
 
   
 
$2,827
 
   
 
$13,881
 
 
As of December 2019
           
Loan Type
           
Corporate
     $    –        $  2,472        $   752        $  3,224  
Wealth management
     –        7,764        60        7,824  
Commercial real estate
     –        1,285        591        1,876  
Residential real estate
     –        571        221        792  
Other
     –        404        266        670  
Total
     $    –        $12,496        $1,890        $14,386  
Fair value, loans receivable, measurement inputs, disclosure
The table below presents the amount of level 3 loans, and ranges and weighted averages of significant unobservable inputs used to value such loans.
 
    Level 3 Assets and Range of Significant Unobservable
Inputs (Weighted Average) as of		  
$ in millions
  
 
September
2020
 
 
     
December
2019
  
 
Corporate
     
Level 3 assets
  
 
$1,003
 
      $752  
Yield
  
 
2.1% to 24.4% (8.9%
) 
      1.9% to 26.3% (9.5% ) 
Recovery rate
  
 
15.0% to 70.0% (37.5%
) 
      13.5% to 78.0% (44.4% ) 
Duration (years)
  
 
3.0 to 5.5 (4.2
) 
      3.7 to 5.8 (3.9 ) 
Commercial real estate
 
Level 3 assets
  
 
$1,166
 
      $591  
Yield
  
 
4.5% to 26.3% (11.1%
) 
      7.0% to 16.0% (9.3% ) 
Recovery rate
  
 
3.3% to 98.3% (69.0%
) 
      5.9% to 85.2% (48.6% ) 
Duration (years)
  
 
0.1 to 4.3 (2.8
) 
      0.2 to 5.3 (3.5 ) 
Residential real estate
 
Level 3 assets
  
 
$269
 
      $221  
Yield
  
 
1.5% to 14.0% (11.9%
) 
      1.1% to 14.0% (11.5% ) 
Duration (years)
  
 
0.7 to 3.1 (1.7
) 
      1.1 to 4.8 (4.0 ) 
Wealth management and other
 
   
Level 3 assets
  
 
$389
 
      $326  
Yield
  
 
9.0% to 18.7% (9.7%
) 
      3.9% to 16.0% (9.9% ) 
Duration (years)
  
 
1.0 to 5.2 (3.0
) 
      1.6 to 6.7 (3.7 ) 
Reconciliation of changes in fair value for level 3 loans.
The table below presents a summary of the changes in fair value for level 3 loans.
 
    Three Months
Ended September		                Nine Months
Ended September		  
$ in millions
  
 
2020
 
      2019    
 
  
 
2020
 
      2019  
Beginning balance
  
 
$2,659
 
      $2,107      
 
$1,890
 
      $1,990  
Net realized gains/(losses)
  
 
23
 
      19      
 
60
 
      55  
Net unrealized gains/(losses)
  
 
76
 
      (10 )     
 
34
 
      34  
Purchases
  
 
181
 
      55      
 
557
 
      134  
Sales
  
 
(17
) 
      (71 )     
 
(31
) 
      (24 ) 
Settlements
  
 
(221
) 
      (242 )     
 
(567
) 
      (600 ) 
Transfers into level 3
  
 
166
 
      126      
 
928
 
      477  
Transfers out of level 3
  
 
(40
) 
      (46 )   
 
  
 
(44
) 
      (128 ) 
Ending balance
  
 
$2,827
 
      $1,938    
 
  
 
$2,827
 
      $1,938  
The table below presents information, by loan type, for loans included in the summary table above.
 
    Three Months
Ended September		            Nine Months
Ended September		  
$ in millions
  
 
2020
 
      2019    
 
  
 
2020
 
      2019  
Corporate
            
Beginning balance
  
 
$  
 
939
 
      $ 873      
 
$  
 
752
 
      $ 659  
Net realized gains/(losses)
  
 
7
 
      6      
 
14
 
      7  
Net unrealized gains/(losses)
  
 
1
 
      (23 )     
 
(5
) 
      (29 ) 
Purchases
  
 
132
 
      48      
 
184
 
      111  
Sales
  
 
(9
) 
      (67 )     
 
(18
) 
      (14 ) 
Settlements
  
 
(58
) 
      (124 )     
 
(110
) 
      (220 ) 
Transfers into level 3
  
 
23
 
      51      
 
230
 
      248  
Transfers out of level 3
  
 
(32
) 
      (42 )   
 
  
 
(44
) 
      (40 ) 
Ending balance
  
 
$1,003
 
      $ 722    
 
  
 
$1,003
 
      $ 722  
 
Commercial real estate
            
Beginning balance
  
 
$1,084
 
      $ 642      
 
$  
 
591
 
      $ 677  
Net realized gains/(losses)
  
 
11
 
      7      
 
38
 
      18  
Net unrealized gains/(losses)
  
 
43
 
      (15 )     
 
4
 
      (2 ) 
Purchases
  
 
40
 
      2      
 
323
 
      12  
Sales
  
 
(5
) 
      (3 )     
 
(10
) 
      (6 ) 
Settlements
  
 
(120
) 
      (68 )     
 
(278
) 
      (200 ) 
Transfers into level 3
  
 
121
 
      34      
 
498
 
      100  
Transfers out of level 3
  
 
(8
) 
      (1 )   
 
  
 
–
 
      (1 ) 
Ending balance
  
 
$1,166
 
      $ 598    
 
  
 
$1,166
 
      $ 598  
 
Residential real estate
            
Beginning balance
  
 
$  
 
268
 
      $ 174      
 
$  
 
221
 
      $ 290  
Net realized gains/(losses)
  
 
3
 
      2      
 
7
 
      11  
Net unrealized gains/(losses)
  
 
11
 
      8      
 
8
 
      21  
Purchases
  
 
1
 
      5      
 
43
 
      11  
Sales
  
 
(2
) 
      (1 )     
 
(2
) 
      (4 ) 
Settlements
  
 
(22
) 
      (19 )     
 
(57
) 
      (76 ) 
Transfers into level 3
  
 
10
 
      41      
 
49
 
      41  
Transfers out of level 3
  
 
–
 
      (3 )   
 
  
 
–
 
      (87 ) 
Ending balance
  
 
$  
 
269
 
      $ 207    
 
  
 
$  
 
269
 
      $ 207  
 
Wealth management and other
            
Beginning balance
  
 
$  
 
368
 
      $ 418      
 
$  
 
326
 
      $ 364  
Net realized gains/(losses)
  
 
2
 
      4      
 
1
 
      19  
Net unrealized gains/(losses)
  
 
21
 
      20      
 
27
 
      44  
Purchases
  
 
8
 
      –      
 
7
 
      –  
Sales
  
 
(1
) 
      –      
 
(1
) 
      –  
Settlements
  
 
(21
) 
      (31 )     
 
(122
) 
      (104 ) 
Transfers into level 3
  
 
12
 
      –    
 
  
 
151
 
      88  
Ending balance
  
 
$  
 
389
 
      $ 411    
 
  
 
$  
 
389
 
      $ 411  
Summary of estimated fair value of loans and lending commitments that are not accounted for at fair value
The table below presents the estimated fair value of loans that are not accounted for at fair value and in what level of the fair value hierarchy they would have been classified if they had been included in the firm’s fair value hierarchy.
 
   
Carrying
Value
    
        
   Estimated Fair Value  
$ in millions
     Level 2        Level 3        Total  
As of September 2020
            
Amortized cost
  
 
$95,456
 
    
 
$43,823
 
   
 
$52,792
 
   
 
$96,615
 
Held for sale
  
 
$  2,506
 
    
 
$  1,438
 
   
 
$  1,075
 
   
 
$  2,513
 
 
As of December 2019
            
Amortized cost
     $89,195         $52,091        $37,095        $89,186  
Held for sale
     $  5,323    
 
     $  4,157        $  1,252        $  5,409  
Geographic Concentration Risk [Member]  
Summary of detailed information about concentration of our loans by region of borrowers
Credit Concentrations.
The table below presents the concentration of gross loans by region.
 
$ in millions
    
 Carrying
Value
  
 
  
 
Americas
 
  
 
EMEA
 
  
 
Asia
 
  
 
Total
 
As of September 2020
          
Corporate
  
 
$  51,465
 
  
 
61%
 
  
 
31%
 
  
 
8%
 
  
 
100%
 
Wealth management
  
 
29,836
 
  
 
90%
 
  
 
8%
 
  
 
2%
 
  
 
100%
 
Commercial real estate
  
 
18,377
 
  
 
68%
 
  
 
20%
 
  
 
12%
 
  
 
100%
 
Residential real estate
  
 
4,705
 
  
 
87%
 
  
 
11%
 
  
 
2%
 
  
 
100%
 
Consumer:
          
Installment
  
 
4,112
 
  
 
100%
 
  
 
–
 
  
 
–
 
  
 
100%
 
Credit cards
  
 
2,908
 
  
 
100%
 
  
 
–
 
  
 
–
 
  
 
100%
 
Other
  
 
4,154
 
  
 
82%
 
  
 
17%
 
  
 
1%
 
  
 
100%
 
Total
  
 
$115,557
 
  
 
74%
 
  
 
20%
 
  
 
6%
 
  
 
100%
 
 
As of December 2019
          
Corporate
     $  46,307       60%       31%       9%       100%  
Wealth management
     27,940       88%       9%       3%       100%  
Commercial real estate
     17,743       69%       21%       10%       100%  
Residential real estate
     6,958       90%       9%       1%       100%  
Consumer:
          
Installment
     4,747       100%       –       –       100%  
Credit cards
     1,858       100%       –       –       100%  
Other
     4,792       87%       12%       1%       100%  
Total
     $110,345       73%       21%       6%       100%  
The table below presents the firm’s credit exposure from originated installment and credit card loans and the concentration by the five most concentrated U.S. states.
 
    As of  
$ in millions
  
 
September
2020
 
 
     
 December
2019
  
 
Installment
  
 
$4,112
 
      $4,747  
 
California
  
 
12%
 
      12%  
Texas
  
 
9%
 
      9%  
New York
  
 
7%
 
      7%  
Florida
  
 
7%
 
      7%  
Illinois
  
 
4%
 
      4%  
Other
  
 
61%
 
      61%  
Total
  
 
100%
 
      100%  
 
Credit Cards
  
 
$2,908
 
      $1,858  
 
California
  
 
19%
 
      21%  
Texas
  
 
9%
 
      9%  
New York
  
 
8%
 
      8%  
Florida
  
 
8%
 
      8%  
Illinois
  
 
4%
 
      4%  
Other
  
 
52%
 
      50%  
Total
  
 
100%
 
      100%  
Industry Concentration Risk [Member]  
Summary of detailed information about concentration of our loans by region of borrowers
The table below presents the concentration of gross corporate loans by industry.
 
    As of  
$ in millions
  
 
September
2020
 
 
     
 December
2019
  
 
Corporate, gross
  
 
$51,465
 
      $46,307  
 
Industry
     
Consumer & Retail
  
 
7%
 
      7%  
Diversified Industrials
  
 
22%
 
      17%  
Financial Institutions
  
 
10%
 
      10%  
Funds
  
 
9%
 
      9%  
Healthcare
  
 
7%
 
      8%  
Natural Resources & Utilities
  
 
12%
 
      12%  
Real Estate
  
 
7%
 
      7%  
Technology, Media & Telecommunications
  
 
17%
 
      17%  
Other (including Special Purpose Vehicles)
  
 
9%
 
      13%  
Total
  
 
100%
 
      100%