Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for (Benefit from) Income Taxes

Components of Provision for Income Taxes

$ in millions	2021		2020		2019
Current
U.S.:
Federal	$	2,554	$	1,641	$	873
State and local	475		399		260
Non-U.S.:
U.K.	551		395		166
Japan	105		185		177
Hong Kong	192		185		82
Other1	667		684		341
Total	$	4,544	$	3,489	$	1,899
Deferred
U.S.:
Federal	$	(11)	$	(249)	$	185
State and local	33		(38)		46
Non-U.S.:
U.K.	(37)		(2)		5
Japan	4		12		11
Hong Kong	(9)		(3)		—
Other1	24		30		(82)
Total	$	4	$	(250)	$	165
Provision for income taxes	$	4,548	$	3,239	$	2,064

1.Other Non-U.S. tax provisions for 2021, 2020 and 2019 primarily include Brazil, Singapore and the Netherlands.

Schedule of Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate

Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate

	2021		2020		2019
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefits	2.1		2.0		2.2
Domestic tax credits and tax exempt income	(0.6)		(0.8)		(1.6)
Non-U.S. earnings	1.4		1.7		(0.8)
Employee share-based awards	(0.6)		(0.7)		(1.1)
Other	(0.2)		(0.7)		(1.4)
Effective income tax rate	23.1	%	22.5	%	18.3	%

Schedule of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities

$ in millions	At December 31, 2021		At December 31, 2020
Gross deferred tax assets
Net operating loss and tax credit carryforwards	$	276	$	330
Employee compensation and benefit plans	2,430		2,248
Allowance for credit losses and other reserves	599		669
Valuation of inventory, investments and receivables	474		19
Other	15		43
Total deferred tax assets	3,794		3,309
Deferred tax assets valuation allowance	208		236
Deferred tax assets after valuation allowance	$	3,586	$	3,073
Gross deferred tax liabilities
Fixed assets	1,287		1,130
Intangibles and goodwill	2,046		1,156
Total deferred tax liabilities	$	3,333	$	2,286
Net deferred tax assets	$	253	$	787

Schedule of Rollforward of Unrecognized Tax Benefits

Rollforward of Unrecognized Tax Benefits

$ in millions	2021		2020		2019
Balance at beginning of period	$	755	$	755	$	1,080
Increase based on tax positions related to the current period	201		139		57
Increase based on tax positions related to prior periods	74		178		61
Increase based on the acquisition of E*TRADE	—		26		—
Decrease based on tax positions related to prior periods	(37)		(297)		(419)
Decreases related to settlements with taxing authorities	(10)		(36)		(17)
Decreases related to lapse of statute of limitations	(12)		(10)		(7)
Balance at end of period	$	971	$	755	$	755
Net unrecognized tax benefits1	$	860	$	665	$	549

1.Represent ending unrecognized tax benefits adjusted for the impact of the federal benefit of state issues, competent authority arrangements and foreign tax credit offsets. If recognized, these net benefits would favorably impact the effective tax rate in future periods.

Schedule of Interest Expense (Benefit) Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits

Interest Expense (Benefit) Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits

$ in millions	2021		2020		2019
Recognized in income statement	$	14	$	56	$	8
Accrued at end of period	142		134		92

Schedule of Earliest Tax Year Subject to Examination in Major Tax Jurisdictions

Earliest Tax Year Subject to Examination in Major Tax Jurisdictions

Jurisdiction	Tax Year
U.S.	2017
New York State and New York City	2010
U.K.	2011
Japan	2015
Hong Kong	2015