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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Derivative Asset Contracts
Fair Values of Derivative Contracts
 
Assets at March 31, 2021
$ in millions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$449 $24 $— $473 
Foreign exchange314 10 — 324 
Total763 34 — 797 
Not designated as accounting hedges
Economic loan hedges
Credit1 25 — 26 
Other derivatives
Interest rate180,315 9,460 459 190,234 
Credit5,572 3,856 — 9,428 
Foreign exchange81,019 1,615 62 82,696 
Equity32,417 — 35,498 67,915 
Commodity and other12,902 — 3,701 16,603 
Total312,226 14,956 39,720 366,902 
Total gross derivatives$312,989 $14,990 $39,720 $367,699 
Amounts offset
Counterparty netting(230,463)(13,140)(36,466)(280,069)
Cash collateral netting(45,005)(1,774)(1)(46,780)
Total in Trading assets$37,521 $76 $3,253 $40,850 
Amounts not offset1
Financial instruments collateral(14,142)— — (14,142)
Other cash collateral(413)— — (413)
Net amounts$22,966 $76 $3,253 $26,295 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$5,039 
 Assets at December 31, 2020
$ in millions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$946 $2 $— $948 
Foreign exchange5 2 — 7 
Total951 4 — 955 
Not designated as accounting hedges
Economic loan hedges
Credit1
2 51 — 53 
Other derivatives
Interest rate221,895 10,343 300 232,538 
Credit1
5,341 2,147 — 7,488 
Foreign exchange92,334 1,639 79 94,052 
Equity34,278 — 34,166 68,444 
Commodity and other11,095 — 3,554 14,649 
Total364,945 14,180 38,099 417,224 
Total gross derivatives$365,896 $14,184 $38,099 $418,179 
Amounts offset
Counterparty netting(276,682)(11,601)(35,260)(323,543)
Cash collateral netting(54,921)(1,865)— (56,786)
Total in Trading assets$34,293 $718 $2,839 $37,850 
Amounts not offset2
Financial instruments collateral(13,319)— — (13,319)
Other cash collateral(391)— — (391)
Net amounts$20,583 $718 $2,839 $24,140 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$3,743 
Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.
Schedule of Fair Values of Derivative Liability Contracts
 
Liabilities at March 31, 2021
$ in millions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$— $6 $— $6 
Foreign exchange3 40 — 43 
Total3 46 — 49 
Not designated as accounting hedges
Economic loan hedges
Credit20 242 — 262 
Other derivatives
Interest rate166,601 8,935 687 176,223 
Credit5,553 4,309 — 9,862 
Foreign exchange77,495 1,483 42 79,020 
Equity47,147 — 37,556 84,703 
Commodity and other10,563 — 3,635 14,198 
Total307,379 14,969 41,920 364,268 
Total gross derivatives$307,382 $15,015 $41,920 $364,317 
Amounts offset
Counterparty netting(230,463)(13,140)(36,466)(280,069)
Cash collateral netting(43,611)(851)— (44,462)
Total in Trading liabilities$33,308 $1,024 $5,454 $39,786 
Amounts not offset1
Financial instruments collateral(6,818)— (2,113)(8,931)
Other cash collateral(25)(5)— (30)
Net amounts$26,465 $1,019 $3,341 $30,825 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable7,637 
 
Liabilities at December 31, 2020
$ in millions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$— $19 $— $19 
Foreign exchange291 99 — 390 
Total291 118 — 409 
Not designated as accounting hedges
Economic loan hedges
Credit1
18 177 — 195 
Other derivatives
Interest rate210,015 7,965 639 218,619 
Credit1
5,275 2,682 — 7,957 
Foreign exchange92,975 1,500 43 94,518 
Equity49,943 — 36,585 86,528 
Commodity and other8,831 — 3,359 12,190 
Total367,057 12,324 40,626 420,007 
Total gross derivatives$367,348 $12,442 $40,626 $420,416 
Amounts offset
Counterparty netting(276,682)(11,601)(35,260)(323,543)
Cash collateral netting(51,112)(823)— (51,935)
Total in Trading liabilities$39,554 $18 $5,366 $44,938 
Amounts not offset2
Financial instruments collateral(10,598)— (1,520)(12,118)
Other cash collateral(62)(3)— (65)
Net amounts$28,894 $15 $3,846 $32,755 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$6,746 
1.Certain prior period amounts have been reclassified to conform to the current presentation.
2.Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.
Schedule of Notionals of Derivative Contracts
Notionals of Derivative Contracts
 
Assets at March 31, 2021
$ in billions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$4 $117 $— $121 
Foreign exchange12 1 — 13 
Total16 118 — 134 
Not designated as accounting hedges
Economic loan hedges
Credit— — — — 
Other derivatives
Interest rate4,292 7,562 606 12,460 
Credit198 134 — 332 
Foreign exchange3,479 101 7 3,587 
Equity453 — 402 855 
Commodity and other119 — 74 193 
Total8,541 7,797 1,089 17,427 
Total gross derivatives$8,557 $7,915 $1,089 $17,561 
 
Liabilities at March 31, 2021
$ in billions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$— $86 $— $86 
Foreign exchange1 2 — 3 
Total1 88 — 89 
Not designated as accounting hedges
Economic loan hedges
Credit1 7 — 8 
Other derivatives
Interest rate4,361 7,366 625 12,352 
Credit200 136 — 336 
Foreign exchange3,544 98 10 3,652 
Equity527 — 664 1,191 
Commodity and other102 — 78 180 
Total8,735 7,607 1,377 17,719 
Total gross derivatives$8,736 $7,695 $1,377 $17,808 
 
Assets at December 31, 2020
$ in billions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$6 $123 $— $129 
Foreign exchange2 — — 2 
Total8 123 — 131 
Not designated as accounting hedges
Economic loan hedges
Credit1
— 1 — 1 
Other derivatives
Interest rate3,847 6,946 409 11,202 
Credit1
140 87 — 227 
Foreign exchange3,046 103 10 3,159 
Equity444 — 367 811 
Commodity and other107 — 68 175 
Total7,584 7,137 854 15,575 
Total gross derivatives$7,592 $7,260 $854 $15,706 
 
Liabilities at December 31, 2020
$ in billions
Bilateral
OTC
Cleared
OTC
Exchange-
Traded
Total
Designated as accounting hedges
Interest rate$— $80 $— $80 
Foreign exchange11 3 — 14 
Total11 83 — 94 
Not designated as accounting hedges
Economic loan hedges
Credit1
1 5 — 6 
Other derivatives
Interest rate4,000 6,915 511 11,426 
Credit1
142 93 — 235 
Foreign exchange3,180 102 11 3,293 
Equity474 — 591 1,065 
Commodity and other93 — 68 161 
Total7,890 7,115 1,181 16,186 
Total gross derivatives$7,901 $7,198 $1,181 $16,280 
1.Certain prior period amounts have been reclassified to conform to the current presentation.
Schedule of Gains (Losses) on Accounting Hedges
Gains (Losses) on Accounting Hedges
 
Three Months Ended
March 31,
$ in millions
20212020
Fair value hedges—Recognized in Interest income
Interest rate contracts$831 $(64)
Investment Securities—AFS(772)65 
Fair value hedges—Recognized in Interest expense
Interest rate contracts$(4,108)$6,667 
Deposits36 (261)
Borrowings4,021 (6,432)
Net investment hedges—Foreign exchange contracts
Recognized in OCI
$405 $410 
Forward points excluded from hedge effectiveness testing—Recognized in Interest income1 33 
Schedule of Fair Value Hedges - Hedged Items
Fair Value Hedges—Hedged Items 
$ in millions
At
March 31,
2021 		At
December 31,
2020
Investment Securities—AFS
Amortized cost basis currently or previously hedged$20,960 $16,288 
Basis adjustments included in amortized cost1
$(767)$(39)
Deposits
Carrying amount currently or previously hedged
$8,808 $15,059 
Basis adjustments included in carrying amount1
$57 $93 
Borrowings
Carrying amount currently or previously hedged$109,974 $114,349 
Basis adjustments included in carrying amount—Outstanding hedges
$2,523 $6,575 
Basis adjustments included in carrying amount—Terminated hedges
$(764)$(756)
1.Hedge accounting basis adjustments are primarily related to outstanding hedges.
Schedule of Economic Loan Hedges
Economic Loan Hedges
 Three Months Ended
March 31,
$ in millions20212020
Recognized in Other Revenues
Credit contracts1
$(105)$255 
1.Amounts related to hedges of certain held-for-investment and held-for-sale loans,
Schedule of Net Derivative Liabilities and Collateral Posted
Net Derivative Liabilities and Collateral Posted
$ in millionsAt
March 31,
2021 		At
December 31,
2020
Net derivative liabilities with credit risk-related contingent features$26,188 $30,421 
Collateral posted13,954 23,842 
Schedule of Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade
Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade
$ in millions
At
March 31,
2021
One-notch downgrade$231 
Two-notch downgrade242 
Bilateral downgrade agreements included in the amounts above1
$336 
1.Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades.
Schedule of Credit Derivatives and Other Credit Contracts
Maximum Potential Payout/Notional of Credit Protection Sold1
 
Years to Maturity at March 31, 2021
$ in billions
< 1
1-3
3-5
Over 5
Total
Single-name CDS
Investment grade$10 $20 $32 $14 $76 
Non-investment grade7 10 17 6 40 
Total$17 $30 $49 $20 $116 
Index and basket CDS
Investment grade$2 $6 $86 $45 $139 
Non-investment grade6 7 38 21 72 
Total$8 $13 $124 $66 $211 
Total CDS sold$25 $43 $173 $86 $327 
Other credit contracts— — — — — 
Total credit protection sold$25 $43 $173 $86 $327 
CDS protection sold with identical protection purchased$282 
 
Years to Maturity at December 31, 2020
$ in billions
< 1
1-3
3-5
Over 5
Total
Single-name CDS
Investment grade$9 $19 $32 $9 $69 
Non-investment grade7 10 17 2 36 
Total$16 $29 $49 $11 $105 
Index and basket CDS
Investment grade$2 $5 $39 $14 $60 
Non-investment grade6 9 29 14 58 
Total$8 $14 $68 $28 $118 
Total CDS sold$24 $43 $117 $39 $223 
Other credit contracts— — — — — 
Total credit protection sold$24 $43 $117 $39 $223 
CDS protection sold with identical protection purchased$196 
Fair Value Asset (Liability) of Credit Protection Sold1
$ in millions
At
March 31,
2021 		At
December 31,
2020
Single-name CDS
Investment grade$1,447 $1,230 
Non-investment grade(319)(22)
Total$1,128 $1,208 
Index and basket CDS
Investment grade$1,617 $843 
Non-investment grade(407)(824)
Total$1,210 $19 
Total CDS sold$2,338 $1,227 
Other credit contracts(3)(4)
Total credit protection sold$2,335 $1,223 
1.Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the Credit Risk Management Department’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.
Protection Purchased with CDS
Notional
$ in billions
At
March 31,
2021 		At
December 31,
2020
Single name$126 $116 
Index and basket208 116 
Tranched index and basket15 14 
Total
$349 $246 
Fair Value Asset (Liability)
$ in millions
At
March 31,
2021 		At
December 31,
2020
Single name$(1,460)$(1,452)
Index and basket(1,187)(57)
Tranched index and basket(361)(329)
Total$(3,008)$(1,838)