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Commitments, Contingencies and Guarantees (Tables)
 9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments
The table below presents commitments by type.
 
    As of  
$ in millions
  
 
September
2020
 
 
      December
2019		  
 
Commitment Type
     
Commercial lending:
     
Investment-grade
  
 
$  79,362
 
      $  89,276  
Non-investment-grade
  
 
53,392
 
      58,718  
Warehouse financing
  
 
7,973
 
      5,581  
Credit cards
  
 
18,880
 
      13,669  
Total lending
  
 
159,607
 
      167,244  
Collateralized agreement
  
 
83,472
 
      62,093  
Collateralized financing
  
 
47,614
 
      10,193  
Letters of credit
  
 
362
 
      456  
Investment
  
 
5,015
 
      7,879  
Other
  
 
7,169
 
      6,135  
Total commitments
  
 
$303,239
 
      $254,000  
The table below presents commitments by expiration.
 
   
As of September 2020
  
$ in millions
  
 
Remainder of
2020
 
 
  
 
2021 -
2022
 
 
  
 
2023 -
2024
 
 
  
 
2025 -
Thereafter
 
 
Commitment Type
        
Commercial lending:
        
Investment-grade
  
 
$    2,601
 
  
 
$27,050
 
  
 
$40,570
 
  
 
$  9,141
 
Non-investment-grade
  
 
1,299
 
  
 
13,096
 
  
 
26,938
 
  
 
12,059
 
Warehouse financing
  
 
676
 
  
 
4,682
 
  
 
2,302
 
  
 
313
 
Credit cards
  
 
18,880
 
  
 
–
 
  
 
–
 
  
 
–
 
Total lending
  
 
23,456
 
  
 
44,828
 
  
 
69,810
 
  
 
21,513
 
Collateralized agreement
  
 
79,105
 
  
 
4,367
 
  
 
–
 
  
 
–
 
Collateralized financing
  
 
46,335
 
  
 
1,279
 
  
 
–
 
  
 
–
 
Letters of credit
  
 
137
 
  
 
185
 
  
 
–
 
  
 
40
 
Investment
  
 
573
 
  
 
1,152
 
  
 
1,097
 
  
 
2,193
 
Other
  
 
6,976
 
  
 
193
 
  
 
–
 
  
 
–
 
Total commitments
  
 
$156,582
 
  
 
$52,004
 
  
 
$70,907
 
  
 
$23,746
 
Lending Commitments
The table below presents information about lending commitments.
 
    As of  
$ in millions
  
 
September
2020
 
 
      December
2019		  
 
Held for investment
  
 
$146,043
 
      $150,100  
Held for sale
  
 
11,194
 
      15,245  
At fair value
  
 
2,370
 
      1,899  
Total
  
 
$159,607
 
      $167,244  
In the table above:
 
•  
Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $800 million (including allowance for credit losses of $615 million) as of September 2020 and $527 million (including allowance for credit losses of $361 million) as of December 2019. The estimated fair value of such lending commitments was a liability of $4.52 billion as of September 2020 and $3.05 billion as of December 2019. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $1.42 billion as of September 2020 and $1.78 billion as of December 2019 would have been classified in level 2, and $3.10 billion as of September 2020 and $1.27 billion as of December 2019 would have been classified in level 3.
 
•  
Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $75 million as of September 2020 and $60 million as of December 2019. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 3 as of September 2020 and primarily classified in level 2 as of December 2019.
 
•  
Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions.
Guarantees
The table below presents derivatives that meet the definition of a guarantee, securities lending indemnifications and certain other financial guarantees.
 
$ in millions
     Derivatives       
 		 Securities
lending
indemnifications		  
 
 		     
 
 Other
financial
guarantees
  
 
 
As of September 2020
        
Carrying Value of Net Liability
  
 
$    5,897
 
   
 
$         –
 
   
 
$  
 
256
 
Maximum Payout/Notional Amount by Period of Expiration
 
Remainder of 2020
  
 
$  22,573
 
   
 
$20,901
 
   
 
$  
 
558
 
2021 - 2022
  
 
102,509
 
   
 
–
 
   
 
2,106
 
2023 - 2024
  
 
31,521
 
   
 
–
 
   
 
3,171
 
2025 - thereafter
  
 
38,180
 
   
 
–
 
   
 
2,055
 
Total
  
 
$194,783
 
   
 
$20,901
 
   
 
$7,890
 
 
As of December 2019
        
Carrying Value of Net Liability
     $    3,817        $        
  
–		        $     27  
Maximum Payout/Notional Amount by Period of Expiration
 
2020
     $  91,814        $17,891        $2,044  
2021 - 2022
     76,693        –        1,714  
2023 - 2024
     19,377        –        2,219  
2025 - thereafter
     36,317        –        149  
Total
     $224,201        $17,891        $6,126  
In the table above:
 
•  
The maximum payout is based on the notional amount of the contract and does not represent anticipated losses.
 
•  
Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments.
 
•  
The carrying value for derivatives included derivative assets of $1.51 billion as of September 2020 and $1.56 billion as of December 2019, and derivative liabilities of $7.41 billion as of September 2020 and $5.38 billion as of December 2019.