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Borrowings and Other Secured Financings
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Borrowings and Other Secured Financings Borrowings and Other Secured Financings
Maturities and Terms of Borrowings
Parent CompanySubsidiaries
At
December 31, 2021
At
December 31, 2020
$ in millions
Fixed Rate1
Variable Rate2
Fixed Rate1
Variable Rate2
Original maturities of one year or less:
Next 12 months$— $1,300 $915 $3,549 $5,764 $3,691 
Original maturities greater than one year:
2021$24,241 
2022$6,665 $571 $963 $5,998 $14,197 22,209 
202310,882 6,319 287 6,298 23,786 22,890 
202416,455 4,051 587 8,073 29,166 21,727 
202514,662 4,408 1,607 4,884 25,561 18,636 
202617,679 417 612 5,318 24,026 22,042 
Thereafter81,134 5,506 8,576 15,411 110,627 81,643 
Total$147,477 $21,272 $12,632 $45,982 $227,363 $213,388 
Total borrowings
$147,477 $22,572 $13,547 $49,531 $233,127 $217,079 
Weighted average coupon at period end3
2.9 %0.9 %4.0 %N/M2.7 %2.9 %
1.Fixed rate borrowings include instruments with step-up, step-down and zero coupon features.
2.Variable rate borrowings include those that bear interest based on a variety of indices, including LIBOR, federal funds rates and SOFR, in addition to certain notes carried at fair value with various payment provisions, including notes linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures.
3.Only includes borrowings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes financial instruments for which the fair value option was elected. Virtually all of the variable rate notes issued by subsidiaries are carried at fair value so a weighted average coupon is not meaningful.
Borrowings with Original Maturities Greater than One Year
$ in millions
At
December 31, 2021
At
December 31, 2020
Senior$213,776 $202,305 
Subordinated13,587 11,083 
Total$227,363 $213,388 
Weighted average stated maturity, in years7.77.3
Certain senior debt securities are denominated in various non-U.S. dollar currencies and may be structured to provide a return that is linked to equity, credit, commodity or other indices (e.g., the consumer price index). Senior debt also may be structured to be callable by the Firm or extendible at the option of holders of the senior debt securities.
The Firm’s Borrowings include notes carried and managed on a fair value basis. These include instruments whose payments and redemption values are linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures; and instruments with various interest rate-related features, including step-ups, step-downs and zero coupons. Also included are unsecured contracts which are not classified as OTC derivatives because they fail net investment criteria. To minimize the exposure from such instruments, the Firm has entered into various swap contracts and purchased options that effectively convert the borrowing costs into floating rates. The swaps and purchased options used to economically hedge the embedded features are derivatives and also are carried at fair value. Changes in fair value related to the notes and economic hedges are reported in Trading revenues. See Notes 2 and 6 for further information on borrowings carried at fair value.
Senior Debt Subject to Put Options or Liquidity Obligations
$ in millions
At
December 31, 2021
At
December 31, 2020
Put options embedded in debt agreements$174 $94 
Liquidity obligations1
$1,622 $1,483 
1.Includes obligations to support secondary market trading.
Subordinated Debt
20212020
Contractual weighted average coupon4.0 %4.5 %

Subordinated debt generally is issued to meet the capital requirements of the Firm or its regulated subsidiaries and primarily is U.S. dollar denominated. Maturities of subordinated debt range from 2022 to 2036.
Rates for Borrowings with Original Maturities Greater than One Year
 At December 31,
202120202019
Contractual weighted average coupon1
2.7 %2.9 %3.4 %
Effective weighted average coupon after swaps1.6 %1.7 %2.9 %
1.Weighted average coupon was calculated utilizing U.S. and non-U.S. dollar interest rates and excludes financial instruments for which the fair value option was elected.
In general, other than securities inventories and customer balances financed by secured funding sources, the majority of the Firm’s assets are financed with a combination of deposits, short-term funding, floating rate long-term debt or fixed rate long-term debt swapped to a floating rate. The Firm uses interest rate swaps to more closely match these borrowings to the duration, holding period and interest rate characteristics of the assets being funded and to manage interest rate risk. These swaps effectively convert certain of the Firm’s fixed rate borrowings into floating rate obligations. In addition, for non-U.S. dollar currency borrowings that are not used to fund assets in the same currency, the Firm has entered into currency swaps that effectively convert the borrowings into U.S. dollar obligations.
The Firm’s use of swaps for asset and liability management affects its effective average borrowing rate.
Other Secured Financings
$ in millions
At
December 31, 2021
At
December 31, 2020
Original maturities:
One year or less$4,573 $10,453 
Greater than one year5,468 5,410 
Total$10,041 $15,863 
Transfers of assets accounted for as secured financings
1,556 1,529 
Maturities and Terms of Other Secured Financings1
 At December 31, 2021At
December 31,
2020
$ in millionsFixed
Rate
Variable
Rate2
Total
Original maturities of one year or less:
Next 12 months$— $3,754 $3,754 $10,453 
Original maturities greater than one year:
2021$1,655 
2022$14 $2,272 $2,286 1,405 
2023181 1,623 1,804 279 
2024— 233 233 96 
202539 — 39 38 
2026— — — — 
Thereafter24 345 369 408 
Total$258 $4,473 $4,731 $3,881 
Weighted average coupon at period-end3
N/M0.7 %0.7 %0.6 %
1.Excludes transfers of assets accounted for as secured financings. See subsequent table.
2.Variable rate other secured financings bear interest based on a variety of indices, including LIBOR and federal funds rates. Amounts include notes carried at fair value with various payment provisions, including notes linked to equity, credit, commodity or other indices.
3.Includes only other secured financings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes other secured financings that are linked to non-interest indices and for which the fair value option was elected.
Other secured financings include the liabilities related to certain ELNs, transfers of financial assets that are accounted for as financings rather than sales, pledged commodities, consolidated VIEs where the Firm is deemed to be the primary beneficiary and other secured borrowings. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 16 for
further information on other secured financings related to VIEs and securitization activities.
Maturities of Transfers of Assets Accounted for as Secured Financings1
$ in millions
At
December 31, 2021
At
December 31, 2020
2021$303 
2022$846 159 
2023586 626 
2024— 14 
20257 — 
202634 69 
Thereafter83 358 
Total$1,556 $1,529 
1.Excludes Securities sold under agreements to repurchase and Securities loaned.
For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheet.