Fair Values (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

	At December 31, 2021
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities	$	45,970	$	29,749	$	2	$	—	$	75,721
Other sovereign government obligations	28,041		4,533		211		—		32,785
State and municipal securities	—		1,905		13		—		1,918
MABS	—		1,237		344		—		1,581
Loans and lending commitments2	—		8,821		3,806		—		12,627
Corporate and other debt	—		27,309		1,973		—		29,282
Corporate equities3	91,630		832		115		—		92,577
Derivative and other contracts:
Interest rate	1,364		153,048		1,153		—		155,565
Credit	—		8,441		509		—		8,950
Foreign exchange	28		74,571		132		—		74,731
Equity	1,562		68,519		251		—		70,332
Commodity and other	4,462		20,194		3,057		—		27,713
Netting1	(5,696)		(241,814)		(794)		(50,833)		(299,137)
Total derivative and other contracts	1,720		82,959		4,308		(50,833)		38,154
Investments4	735		846		1,125		—		2,706
Physical commodities	—		2,771		—		—		2,771
Total trading assets4	168,096		160,962		11,897		(50,833)		290,122
Investment securities —AFS	59,021		43,809		—		—		102,830
Securities purchased under agreements to resell	—		7		—		—		7
Total assets at fair value	$	227,117	$	204,778	$	11,897	$	(50,833)	$	392,959

	At December 31, 2021
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Liabilities at fair value
Deposits	$	—	$	1,873	$	67	$	—	$	1,940
Trading liabilities:
U.S. Treasury and agency securities	16,433		319		—		—		16,752
Other sovereign government obligations	20,771		2,062		—		—		22,833
Corporate and other debt	—		8,707		16		—		8,723
Corporate equities3	75,181		226		45		—		75,452
Derivative and other contracts:
Interest rate	1,087		145,670		445		—		147,202
Credit	—		9,090		411		—		9,501
Foreign exchange	19		73,096		80		—		73,195
Equity	2,119		77,363		1,196		—		80,678
Commodity and other	4,563		16,837		1,528		—		22,928
Netting1	(5,696)		(241,814)		(794)		(50,632)		(298,936)
Total derivative and other contracts	2,092		80,242		2,866		(50,632)		34,568
Total trading liabilities	114,477		91,556		2,927		(50,632)		158,328
Securities sold under agreements to repurchase	—		140		651		—		791
Other secured financings	—		4,730		403		—		5,133
Borrowings	—		74,183		2,157		—		76,340
Total liabilities at fair value	$	114,477	$	172,482	$	6,205	$	(50,632)	$	242,532

	At December 31, 2020
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities	$	43,084	$	31,524	$	9	$	—	$	74,617
Other sovereign government obligations	26,174		5,048		268		—		31,490
State and municipal securities	—		1,135		—		—		1,135
MABS	—		1,070		322		—		1,392
Loans and lending commitments2	—		5,389		5,759		—		11,148
Corporate and other debt	—		30,093		3,435		—		33,528
Corporate equities3	111,575		1,142		86		—		112,803
Derivative and other contracts:
Interest rate	4,458		227,818		1,210		—		233,486
Credit	—		6,840		701		—		7,541
Foreign exchange	29		93,770		260		—		94,059
Equity	1,132		65,943		1,369		—		68,444
Commodity and other	1,818		10,108		2,723		—		14,649
Netting1	(5,488)		(310,534)		(1,351)		(62,956)		(380,329)
Total derivative and other contracts	1,949		93,945		4,912		(62,956)		37,850
Investments4	624		234		828		—		1,686
Physical commodities	—		3,260		—		—		3,260
Total trading assets4	183,406		172,840		15,619		(62,956)		308,909
Investment securities —AFS	46,354		61,225		2,804		—		110,383
Securities purchased under agreements to resell	—		12		3		—		15
Total assets at fair value	$	229,760	$	234,077	$	18,426	$	(62,956)	$	419,307

	At December 31, 2020
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Liabilities at fair value
Deposits	$	—	$	3,395	$	126	$	—	$	3,521
Trading liabilities:
U.S. Treasury and agency securities	10,204		1		—		—		10,205
Other sovereign government obligations	24,209		1,738		16		—		25,963
Corporate and other debt	—		8,468		—		—		8,468
Corporate equities3	67,822		172		63		—		68,057
Derivative and other contracts:
Interest rate	4,789		213,321		528		—		218,638
Credit	—		7,500		652		—		8,152
Foreign exchange	11		94,698		199		—		94,908
Equity	1,245		81,683		3,600		—		86,528
Commodity and other	1,758		9,418		1,014		—		12,190
Netting1	(5,488)		(310,534)		(1,351)		(58,105)		(375,478)
Total derivative and other contracts	2,315		96,086		4,642		(58,105)		44,938
Total trading liabilities	104,550		106,465		4,721		(58,105)		157,631
Securities sold under agreements to repurchase	—		671		444		—		1,115
Other secured financings	—		11,185		516		—		11,701
Borrowings	—		69,327		4,374		—		73,701
Total liabilities at fair value	$	104,550	$	191,043	$	10,181	$	(58,105)	$	247,669

MABS—Mortgage- and asset-backed securities

1.For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 7.

2.For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table.

3.For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes.

4.Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein.

Schedule of Details of Loans and Lending Commitments at Fair Value

Detail of Loans and Lending Commitments at Fair Value

$ in millions	At December 31, 2021		At December 31, 2020
Corporate	$	8	$	13
Secured lending facilities	—		648
Commercial real estate	863		916
Residential real estate	3,911		2,145
Securities-based lending and Other loans	7,845		7,426
Total	$	12,627	$	11,148

Schedule of Unsettled Fair Value of Futures Contracts

Unsettled Fair Value of Futures Contracts1

$ in millions	At December 31, 2021		At December 31, 2020
Customer and other receivables, net	$	948	$	434

1.These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.

Schedule of Rollforward of Level 3 Assets Measured at Fair Value on a Recurring Basis

Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

$ in millions	2021		2020		2019
U.S. Treasury and agency securities
Beginning balance	$	9	$	22	$	54
Realized and unrealized gains (losses)	—		1		4
Purchases	2		—		17
Sales	(9)		(22)		(54)
Net transfers	—		8		1
Ending balance	$	2	$	9	$	22
Unrealized gains (losses)	$	—	$	—	$	4
Other sovereign government obligations
Beginning balance	$	268	$	5	$	17
Realized and unrealized gains (losses)	(1)		—		(3)
Purchases	146		265		7
Sales	(192)		(2)		(6)
Net transfers	(10)		—		(10)
Ending balance	$	211	$	268	$	5
Unrealized gains (losses)	$	—	$	—	$	(3)
State and municipal securities
Beginning balance	$	—	$	1	$	148
Purchases	4		—		—
Sales	(4)		—		(147)
Net transfers	13		(1)		—
Ending balance	$	13	$	—	$	1
Unrealized gains (losses)	$	—	$	—	$	—
MABS
Beginning balance	$	322	$	438	$	354
Realized and unrealized gains (losses)	51		(66)		(16)
Purchases	254		175		132
Sales	(215)		(244)		(175)
Settlements	—		—		(44)
Net transfers	(68)		19		187
Ending balance	$	344	$	322	$	438
Unrealized gains (losses)	$	(10)	$	(49)	$	(57)
Loans and lending commitments
Beginning balance	$	5,759	$	5,073	$	6,870
Realized and unrealized gains (losses)	51		(65)		38
Purchases and originations	2,446		3,479		2,337
Sales	(2,609)		(957)		(1,268)
Settlements	(1,268)		(2,196)		(2,291)
Net transfers1	(573)		425		(613)
Ending balance	$	3,806	$	5,759	$	5,073
Unrealized gains (losses)	$	(7)	$	58	$	(9)
Corporate and other debt
Beginning balance	$	3,435	$	1,396	$	1,076
Realized and unrealized gains (losses)	(140)		318		418
Purchases and originations	1,355		2,623		650
Sales	(785)		(617)		(729)
Settlements	—		(311)		(7)
Net transfers2	(1,892)		26		(12)
Ending balance	$	1,973	$	3,435	$	1,396
Unrealized gains (losses)	$	(25)	$	311	$	361

$ in millions	2021		2020		2019
Corporate equities
Beginning balance	$	86	$	97	$	95
Realized and unrealized gains (losses)	(8)		(55)		(8)
Purchases	121		36		32
Sales	(50)		(17)		(271)
Net transfers	(34)		25		249
Ending balance	$	115	$	86	$	97
Unrealized gains (losses)	$	(3)	$	(39)	$	1
Investments
Beginning balance	$	828	$	858	$	757
Realized and unrealized gains (losses)	382		32		78
Purchases	226		61		40
Sales	(115)		(106)		(41)
Net transfers	(196)		(17)		24
Ending balance	$	1,125	$	828	$	858
Unrealized gains (losses)	$	359	$	(45)	$	67
Investment securities—AFS
Beginning balance	$	2,804	$	—	$	—
Realized and unrealized gains (losses)	(4)		5		—
Purchases3	—		2,799		—
Sales	(203)		—		—
Net transfers3	(2,597)		—		—
Ending balance	$	—	$	2,804	$	—
Unrealized gains (losses)	$	—	$	5	$	—
Securities purchased under agreements to resell
Beginning balance	$	3	$	—	$	—
Net transfers	(3)		3		—
Ending balance	$	—	$	3	$	—
Unrealized gains (losses)	$	—	$	—	$	—
Net derivatives: Interest rate
Beginning balance	$	682	$	777	$	618
Realized and unrealized gains (losses)	284		(150)		17
Purchases	67		174		98
Issuances	(52)		(44)		(16)
Settlements	14		40		1
Net transfers	(287)		(115)		59
Ending balance	$	708	$	682	$	777
Unrealized gains (losses)	$	292	$	(34)	$	87
Net derivatives: Credit
Beginning balance	$	49	$	124	$	40
Realized and unrealized gains (losses)	95		(91)		(24)
Purchases	18		98		144
Issuances	(46)		(112)		(190)
Settlements	58		94		111
Net transfers	(76)		(64)		43
Ending balance	$	98	$	49	$	124
Unrealized gains (losses)	$	122	$	(111)	$	(17)

$ in millions	2021		2020		2019
Net derivatives: Foreign exchange
Beginning balance	$	61	$	(31)	$	75
Realized and unrealized gains (losses)	(89)		156		(295)
Purchases	2		4		2
Issuances	(15)		—		—
Settlements	16		(17)		7
Net transfers	77		(51)		180
Ending balance	$	52	$	61	$	(31)
Unrealized gains (losses)	$	(62)	$	94	$	(187)
Net derivatives: Equity
Beginning balance	$	(2,231)	$	(1,684)	$	(1,485)
Realized and unrealized gains (losses)	344		72		(260)
Purchases	70		179		155
Issuances	(443)		(713)		(643)
Settlements	160		(354)		242
Net transfers2	1,155		269		307
Ending balance	$	(945)	$	(2,231)	$	(1,684)
Unrealized gains (losses)	$	(103)	$	(210)	$	(194)
Net derivatives: Commodity and other
Beginning balance	$	1,709	$	1,612	$	2,052
Realized and unrealized gains (losses)	529		251		73
Purchases	44		89		152
Issuances	(86)		(57)		(92)
Settlements	(599)		(183)		(611)
Net transfers	(68)		(3)		38
Ending balance	$	1,529	$	1,709	$	1,612
Unrealized gains (losses)	$	141	$	(309)	$	(113)
Deposits
Beginning balance	$	126	$	179	$	27
Realized and unrealized losses (gains)	—		15		20
Issuances	—		21		101
Settlements	(10)		(17)		(15)
Net transfers	(49)		(72)		46
Ending balance	$	67	$	126	$	179
Unrealized losses (gains)	$	—	$	15	$	20
Nonderivative trading liabilities
Beginning balance	$	79	$	37	$	16
Realized and unrealized losses (gains)	(21)		(18)		(21)
Purchases	(30)		(35)		(65)
Sales	43		27		38
Settlements	—		3		—
Net transfers	(10)		65		69
Ending balance	$	61	$	79	$	37
Unrealized losses (gains)	$	(21)	$	(18)	$	(21)
Securities sold under agreements to repurchase
Beginning balance	$	444	$	—	$	—
Realized and unrealized losses (gains)	1		(27)		—
Issuances	—		470		—
Net transfers	206		1		—
Ending balance	$	651	$	444	$	—
Unrealized losses (gains)	$	1	$	(27)	$	—

$ in millions	2021		2020		2019
Other secured financings
Beginning balance	$	516	$	109	$	208
Realized and unrealized losses (gains)	(17)		21		5
Issuances	449		208		—
Settlements	(518)		(217)		(8)
Net transfers	(27)		395		(96)
Ending balance	$	403	$	516	$	109
Unrealized losses (gains)	$	(16)	$	21	$	5
Borrowings
Beginning balance	$	4,374	$	4,088	$	3,806
Realized and unrealized losses (gains)	(99)		204		728
Issuances	717		980		1,181
Settlements	(448)		(461)		(950)
Net transfers2	(2,387)		(437)		(677)
Ending balance	$	2,157	$	4,374	$	4,088
Unrealized losses (gains)	$	(114)	$	201	$	600
Portion of unrealized losses (gains) recorded in OCI—Change in net DVA	(17)		63		182

1.Net transfers in 2021 reflect the transfer in the third quarter of $895 million of equity margin loans from Level 3 to Level 2 as a result of the reduced significance of the margin loan rate input. Net transfers in 2020 reflect the largely offsetting impacts of equity margin loan transfers of $857 million into Level 3 in the first quarter and $707 million out of Level 3 in the second quarter, both driven by changes in the significance level of the margin loan rate input based on changes in liquidity conditions.

2.Net transfers in 2021 reflect the transfer in the second quarter of $2.0 billion of Corporate and other debt, $1.0 billion of net Equity derivatives and $2.2 billion of Borrowings from Level 3 to Level 2 as the unobservable inputs were not significant to the overall fair value measurements.

3.Net transfers in 2021 reflect the transfer in the first quarter of $2.5 billion of AFS securities from Level 3 to Level 2 due to increased trading activity and observability of pricing inputs. Purchases of AFS investment securities in 2020 relate to securities acquired as part of the E*TRADE transaction. For additional information on the acquisition of E*TRADE, see Note 3.

Schedule of Rollforward of Level 3 Liabilities Measured at Fair Value on a Recurring Basis

Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

$ in millions	2021		2020		2019
U.S. Treasury and agency securities
Beginning balance	$	9	$	22	$	54
Realized and unrealized gains (losses)	—		1		4
Purchases	2		—		17
Sales	(9)		(22)		(54)
Net transfers	—		8		1
Ending balance	$	2	$	9	$	22
Unrealized gains (losses)	$	—	$	—	$	4
Other sovereign government obligations
Beginning balance	$	268	$	5	$	17
Realized and unrealized gains (losses)	(1)		—		(3)
Purchases	146		265		7
Sales	(192)		(2)		(6)
Net transfers	(10)		—		(10)
Ending balance	$	211	$	268	$	5
Unrealized gains (losses)	$	—	$	—	$	(3)
State and municipal securities
Beginning balance	$	—	$	1	$	148
Purchases	4		—		—
Sales	(4)		—		(147)
Net transfers	13		(1)		—
Ending balance	$	13	$	—	$	1
Unrealized gains (losses)	$	—	$	—	$	—
MABS
Beginning balance	$	322	$	438	$	354
Realized and unrealized gains (losses)	51		(66)		(16)
Purchases	254		175		132
Sales	(215)		(244)		(175)
Settlements	—		—		(44)
Net transfers	(68)		19		187
Ending balance	$	344	$	322	$	438
Unrealized gains (losses)	$	(10)	$	(49)	$	(57)
Loans and lending commitments
Beginning balance	$	5,759	$	5,073	$	6,870
Realized and unrealized gains (losses)	51		(65)		38
Purchases and originations	2,446		3,479		2,337
Sales	(2,609)		(957)		(1,268)
Settlements	(1,268)		(2,196)		(2,291)
Net transfers1	(573)		425		(613)
Ending balance	$	3,806	$	5,759	$	5,073
Unrealized gains (losses)	$	(7)	$	58	$	(9)
Corporate and other debt
Beginning balance	$	3,435	$	1,396	$	1,076
Realized and unrealized gains (losses)	(140)		318		418
Purchases and originations	1,355		2,623		650
Sales	(785)		(617)		(729)
Settlements	—		(311)		(7)
Net transfers2	(1,892)		26		(12)
Ending balance	$	1,973	$	3,435	$	1,396
Unrealized gains (losses)	$	(25)	$	311	$	361

$ in millions	2021		2020		2019
Corporate equities
Beginning balance	$	86	$	97	$	95
Realized and unrealized gains (losses)	(8)		(55)		(8)
Purchases	121		36		32
Sales	(50)		(17)		(271)
Net transfers	(34)		25		249
Ending balance	$	115	$	86	$	97
Unrealized gains (losses)	$	(3)	$	(39)	$	1
Investments
Beginning balance	$	828	$	858	$	757
Realized and unrealized gains (losses)	382		32		78
Purchases	226		61		40
Sales	(115)		(106)		(41)
Net transfers	(196)		(17)		24
Ending balance	$	1,125	$	828	$	858
Unrealized gains (losses)	$	359	$	(45)	$	67
Investment securities—AFS
Beginning balance	$	2,804	$	—	$	—
Realized and unrealized gains (losses)	(4)		5		—
Purchases3	—		2,799		—
Sales	(203)		—		—
Net transfers3	(2,597)		—		—
Ending balance	$	—	$	2,804	$	—
Unrealized gains (losses)	$	—	$	5	$	—
Securities purchased under agreements to resell
Beginning balance	$	3	$	—	$	—
Net transfers	(3)		3		—
Ending balance	$	—	$	3	$	—
Unrealized gains (losses)	$	—	$	—	$	—
Net derivatives: Interest rate
Beginning balance	$	682	$	777	$	618
Realized and unrealized gains (losses)	284		(150)		17
Purchases	67		174		98
Issuances	(52)		(44)		(16)
Settlements	14		40		1
Net transfers	(287)		(115)		59
Ending balance	$	708	$	682	$	777
Unrealized gains (losses)	$	292	$	(34)	$	87
Net derivatives: Credit
Beginning balance	$	49	$	124	$	40
Realized and unrealized gains (losses)	95		(91)		(24)
Purchases	18		98		144
Issuances	(46)		(112)		(190)
Settlements	58		94		111
Net transfers	(76)		(64)		43
Ending balance	$	98	$	49	$	124
Unrealized gains (losses)	$	122	$	(111)	$	(17)

$ in millions	2021		2020		2019
Net derivatives: Foreign exchange
Beginning balance	$	61	$	(31)	$	75
Realized and unrealized gains (losses)	(89)		156		(295)
Purchases	2		4		2
Issuances	(15)		—		—
Settlements	16		(17)		7
Net transfers	77		(51)		180
Ending balance	$	52	$	61	$	(31)
Unrealized gains (losses)	$	(62)	$	94	$	(187)
Net derivatives: Equity
Beginning balance	$	(2,231)	$	(1,684)	$	(1,485)
Realized and unrealized gains (losses)	344		72		(260)
Purchases	70		179		155
Issuances	(443)		(713)		(643)
Settlements	160		(354)		242
Net transfers2	1,155		269		307
Ending balance	$	(945)	$	(2,231)	$	(1,684)
Unrealized gains (losses)	$	(103)	$	(210)	$	(194)
Net derivatives: Commodity and other
Beginning balance	$	1,709	$	1,612	$	2,052
Realized and unrealized gains (losses)	529		251		73
Purchases	44		89		152
Issuances	(86)		(57)		(92)
Settlements	(599)		(183)		(611)
Net transfers	(68)		(3)		38
Ending balance	$	1,529	$	1,709	$	1,612
Unrealized gains (losses)	$	141	$	(309)	$	(113)
Deposits
Beginning balance	$	126	$	179	$	27
Realized and unrealized losses (gains)	—		15		20
Issuances	—		21		101
Settlements	(10)		(17)		(15)
Net transfers	(49)		(72)		46
Ending balance	$	67	$	126	$	179
Unrealized losses (gains)	$	—	$	15	$	20
Nonderivative trading liabilities
Beginning balance	$	79	$	37	$	16
Realized and unrealized losses (gains)	(21)		(18)		(21)
Purchases	(30)		(35)		(65)
Sales	43		27		38
Settlements	—		3		—
Net transfers	(10)		65		69
Ending balance	$	61	$	79	$	37
Unrealized losses (gains)	$	(21)	$	(18)	$	(21)
Securities sold under agreements to repurchase
Beginning balance	$	444	$	—	$	—
Realized and unrealized losses (gains)	1		(27)		—
Issuances	—		470		—
Net transfers	206		1		—
Ending balance	$	651	$	444	$	—
Unrealized losses (gains)	$	1	$	(27)	$	—

$ in millions	2021		2020		2019
Other secured financings
Beginning balance	$	516	$	109	$	208
Realized and unrealized losses (gains)	(17)		21		5
Issuances	449		208		—
Settlements	(518)		(217)		(8)
Net transfers	(27)		395		(96)
Ending balance	$	403	$	516	$	109
Unrealized losses (gains)	$	(16)	$	21	$	5
Borrowings
Beginning balance	$	4,374	$	4,088	$	3,806
Realized and unrealized losses (gains)	(99)		204		728
Issuances	717		980		1,181
Settlements	(448)		(461)		(950)
Net transfers2	(2,387)		(437)		(677)
Ending balance	$	2,157	$	4,374	$	4,088
Unrealized losses (gains)	$	(114)	$	201	$	600
Portion of unrealized losses (gains) recorded in OCI—Change in net DVA	(17)		63		182

1.Net transfers in 2021 reflect the transfer in the third quarter of $895 million of equity margin loans from Level 3 to Level 2 as a result of the reduced significance of the margin loan rate input. Net transfers in 2020 reflect the largely offsetting impacts of equity margin loan transfers of $857 million into Level 3 in the first quarter and $707 million out of Level 3 in the second quarter, both driven by changes in the significance level of the margin loan rate input based on changes in liquidity conditions.

2.Net transfers in 2021 reflect the transfer in the second quarter of $2.0 billion of Corporate and other debt, $1.0 billion of net Equity derivatives and $2.2 billion of Borrowings from Level 3 to Level 2 as the unobservable inputs were not significant to the overall fair value measurements.

3.Net transfers in 2021 reflect the transfer in the first quarter of $2.5 billion of AFS securities from Level 3 to Level 2 due to increased trading activity and observability of pricing inputs. Purchases of AFS investment securities in 2020 relate to securities acquired as part of the E*TRADE transaction. For additional information on the acquisition of E*TRADE, see Note 3.

Schedule of Valuation Techniques and Unobservable Inputs

Valuation Techniques and Unobservable Inputs

	Balance / Range (Average1)
$ in millions, except inputs	At December 31, 2021		At December 31, 2020
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations	$	211	$	268
Comparable pricing:
Bond price	100 to 140 points (120 points)		106 points
MABS	$	344	$	322
Comparable pricing:
Bond price	0 to 86 points (59 points)		0 to 80 points (50 points)
Loans and lending commitments	$	3,806	$	5,759
Margin loan model:
Margin loan rate	1% to 4% (3%)		1% to 5% (3%)
Comparable pricing:
Loan price	89 to 101 points (97 points)		75 to 102 points (93 points)
Corporate and other debt	$	1,973	$	3,435
Comparable pricing:
Bond price	50 to 163 points (99 points)		10 to 133 points (101 points)
Discounted cash flow:
Loss given default	54% to 84% (62% / 54%)		40% to 62% (46% / 40%)
Option model:
Equity volatility	N/M		18% to 21% (19%)
Corporate equities	$	115	$	86
Comparable pricing:
Equity price	100%		100%
Investments	$	1,125	$	828
Discounted cash flow:
WACC	10% to 16% (15%)		8% to 18% (15%)
Exit multiple	8 to 17 times (12 times)		7 to 17 times (12 times)
Market approach:
EBITDA multiple	8 to 25 times (10 times)		8 to 32 times (11 times)
Comparable pricing:
Equity price	43% to 100% (99%)		45% to 100% (99%)
Investment securities—AFS	$	—	$	2,804
Comparable pricing:
Bond price	N/A		97 to 107 points (101 points)
Net derivative and other contracts:
Interest rate	$	708	$	682
Option model:
IR volatility skew	39% to 79% (64% / 63%)		0% to 349% (62% / 59%)
IR curve correlation	62% to 98% (83% / 84%)		54% to 99% (87% / 89%)
Bond volatility	5% to 32% (12% / 9%)		6% to 24% (13% / 13%)
Inflation volatility	24% to 65% (44% / 40%)		25% to 66% (45% / 43%)
IR curve	4%		1		%

	Balance / Range (Average1)
$ in millions, except inputs	At December 31, 2021		At December 31, 2020
Credit	$	98	$	49
Credit default swap model:
Cash-synthetic basis	7 points		7 points
Bond price	0 to 83 points (46 points)		0 to 85 points (47 points)
Credit spread	14 to 477 bps (68 bps)		20 to 435 bps (74 bps)
Funding spread	15 to 433 bps (55 bps)		65 to 118 bps (86 bps)
Correlation model:
Credit correlation	N/A		27% to 44% (32%)
Foreign exchange2	$	52	$	61
Option model:
IR - FX correlation	53% to 56% (55% / 54%)		55% to 59% (56% / 56%)
IR volatility skew	39% to 79% (64% / 63%)		0% to 349% (62% / 59%)
IR curve	-1% to 7% (2% / 0%)		6% to 8% (7% / 8%)
Foreign exchange volatility skew	-4% to -2% (-3% / -3%)		-22% to 28% (3% / 1%)
Contingency probability	90% to 95% (94% / 95%)		50% to 95% (83% / 93%)
Equity2	$	(945)	$	(2,231)
Option model:
Equity volatility	5% to 99% (24%)		16% to 97% (43%)
Equity volatility skew	-4% to 0% (-1%)		-3% to 0% (-1%)
Equity correlation	5% to 99% (73%)		24% to 96% (74%)
FX correlation	-85% to 37% (-42%)		-79% to 60% (-16%)
IR correlation	13% to 30% (15%)		-13% to 47% (21% / 20%)
Commodity and other	$	1,529	$	1,709
Option model:
Forward power price	$4 to $263 ($39) per MWh		$-1 to $157 ($28) per MWh
Commodity volatility	8% to 385% (22%)		8% to 183% (19%)
Cross-commodity correlation	43% to 100% (94%)		43% to 99% (92%)
Liabilities at Fair Value on a Recurring Basis
Deposits	$	67	$	126
Option model:
Equity volatility	7%		7% to 22% (8%)
Nonderivative trading liabilities —Corporate equities	$	45	$	63
Comparable pricing:
Equity price	100%		100%
Securities sold under agreements to repurchase	$	651	$	444
Discounted cash flow:
Funding spread	112 to 127 bps (120 bps)		107 to 127 bps (115 bps)
Other secured financings	$	403	$	516
Discounted cash flow:
Funding spread	N/A		111 bps (111 bps)
Comparable pricing:
Loan price	30 to 100 points (83 points)		30 to 101 points (56 points)

	Balance / Range (Average1)
$ in millions, except inputs	At December 31, 2021		At December 31, 2020
Borrowings	$	2,157	$	4,374
Option model:
Equity volatility	7% to 85% (20%)		6% to 66% (23%)
Equity volatility skew	-1% to 0% (0%)		-2% to 0% (0%)
Equity correlation	41% to 95% (81%)		37% to 95% (78%)
Equity - FX correlation	-55% to 25% (-30%)		-72% to 13% (-24%)
IR - FX Correlation	-26% to 8% (-5% / -5%)		-28% to 6% (-6% / -6%)
Discounted cash flow:
Loss given default	54% to 84% (62% / 54%)		N/M
Nonrecurring Fair Value Measurement
Loans	$	1,576	$	3,134
Corporate loan model:
Credit spread	108 to 565 bps (284 bps)		36 to 636 bps (336 bps)
Comparable pricing:
Loan price	40 to 80 points (61 points)		N/M
Warehouse model:
Credit spread	182 to 446 bps (376 bps)		200 to 413 bps (368 bps)
Comparable pricing:
Bond Price	N/M		88 to 99 bps (94 bps)

Points—Percentage of par

IR—Interest rate

FX—Foreign exchange

1.A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant.

2.Includes derivative contracts with multiple risks (i.e., hybrid products).

Schedule of Net Asset Value Measurements

Fund Interests

	At December 31, 2021				At December 31, 2020
$ in millions	Carrying Value		Commitment		Carrying Value		Commitment
Private equity	$	2,492	$	615	$	2,367	$	644
Real estate	2,064		248		1,403		136
Hedge1	191		2		59		—
Total	$	4,747	$	865	$	3,829	$	780

1.Investments in hedge funds may be subject to initial period lock-up or gate provisions, which restrict an investor from withdrawing from the fund during a certain initial period or restrict the redemption amount on any redemption date, respectively.

Nonredeemable Funds by Contractual Maturity

	Carrying Value at December 31, 2021
$ in millions	Private Equity		Real Estate
Less than 5 years	$	982	$	403
5-10 years	1,163		1,283
Over 10 years	347		378
Total	$	2,492	$	2,064

Schedule of Nonrecurring Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

	At December 31, 2021
$ in millions	Level 2		Level 31		Total
Assets
Loans	$	4,035	$	1,576	$	5,611
Other assets—Other investments	—		8		8
Other assets—ROU assets	16		—		16
Total	$	4,051	$	1,584	$	5,635
Liabilities
Other liabilities and accrued expenses—Lending commitments	$	173	$	70	$	243
Total	$	173	$	70	$	243

	At December 31, 2020
$ in millions	Level 2		Level 31		Total
Assets
Loans	$	2,566	$	3,134	$	5,700
Other assets—Other investments	—		16		16
Other assets—ROU assets	21		—		21
Total	$	2,587	$	3,150	$	5,737
Liabilities
Other liabilities and accrued expenses—Lending commitments	$	193	$	72	$	265
Total	$	193	$	72	$	265

1.For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement.

Gains (Losses) from Nonrecurring Fair Value Remeasurements1

$ in millions	2021		2020		2019
Assets
Loans2	$	(89)	$	(354)	$	18
Goodwill	(8)		—		—
Intangibles	(3)		(2)		—
Other assets—Other investments3	(57)		(56)		(56)
Other assets—Premises, equipment and software4	(14)		(45)		(22)
Other assets—ROU assets5	(25)		(23)		—
Total	$	(196)	$	(480)	$	(60)
Liabilities
Other liabilities and accrued expenses—Lending commitments2	$	37	$	(5)	$	87
Total	$	37	$	(5)	$	87

1.Gains and losses for Loans and Other assets—Other investments are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses.

2.Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable.

3.Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions.

4.Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.

5.Losses related to Other assets—ROU assets include impairments related to the discontinued use of certain leased properties.

Schedule of Financial Instruments Not Measured at Fair Value

Financial Instruments Not Measured at Fair Value

	At December 31, 2021
	Carrying Value		Fair Value
$ in millions			Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	127,725	$	127,725	$	—	$	—	$	127,725
Investment securities—HTM	80,168		29,454		49,352		1,076		79,882
Securities purchased  under agreements to resell	119,992		—		117,922		2,075		119,997
Securities borrowed	129,713		—		129,713		—		129,713
Customer and other receivables	91,664		—		88,091		3,442		91,533
Loans1	188,134		—		25,706		163,784		189,490
Other assets	528		—		528		—		528
Financial liabilities
Deposits	$	345,634	$	—	$	345,911	$	—	$	345,911
Securities sold under agreements to repurchase	61,397		—		61,419		—		61,419
Securities loaned	12,299		—		12,296		—		12,296
Other secured financings	4,908		—		4,910		—		4,910
Customer and other payables	228,631		—		228,631		—		228,631
Borrowings	156,787		—		162,154		4		162,158
	Commitment Amount
Lending commitments3	$	133,519	$	—	$	890	$	470	$	1,360

	At December 31, 2020
	Carrying Value		Fair Value
$ in millions			Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	105,654	$	105,654	$	—	$	—	$	105,654
Investment securities—HTM	71,771		31,239		42,281		900		74,420
Securities purchased  under agreements to resell	116,219		—		114,046		2,173		116,219
Securities borrowed	112,391		—		112,392		—		112,392
Customer and other receivables	92,907		—		89,832		3,041		92,873
Loans1	150,597		—		16,635		135,277		151,912
Other assets	485		—		485		—		485
Financial liabilities
Deposits	$	307,261	$	—	$	307,807	$	—	$	307,807
Securities sold under agreements to repurchase	49,472		—		49,315		195		49,510
Securities loaned	7,731		—		7,731		—		7,731
Other secured financings	4,162		—		4,162		—		4,162
Customer and other payables	224,951		—		224,951		—		224,951
Borrowings	143,378		—		150,824		5		150,829
	Commitment Amount
Lending commitments2	$	125,498	$	—	$	709	$	395	$	1,104

1.Amounts include loans measured at fair value on a nonrecurring basis.

2.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 15.