Collateralized Transactions

6 Months Ended

Jun. 30, 2022

Collateralized Agreements [Abstract]

Offsetting of Certain Collateralized Transactions


	At June 30, 2022
$ in millions	Gross Amounts		Amounts Offset		Balance Sheet Net Amounts		Amounts Not Offset1		Net Amounts
Assets
Securities purchased under agreements to resell	$	230,176	$	(109,441)	$	120,735	$	(117,865)	$	2,870
Securities borrowed	151,152		(12,644)		138,508		(132,191)		6,317
Liabilities
Securities sold under agreements to repurchase	$	175,620	$	(109,441)	$	66,179	$	(62,302)	$	3,877
Securities loaned	26,429		(12,644)		13,785		(13,475)		310
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell									$	2,470
Securities borrowed									493
Securities sold under agreements to repurchase									3,366
Securities loaned									160


	At December 31, 2021
$ in millions	Gross Amounts		Amounts Offset		Balance Sheet Net Amounts		Amounts Not Offset1		Net Amounts
Assets
Securities purchased under agreements to resell	$	197,486	$	(77,487)	$	119,999	$	(106,896)	$	13,103
Securities borrowed	139,395		(9,682)		129,713		(124,028)		5,685
Liabilities
Securities sold under agreements to repurchase	$	139,675	$	(77,487)	$	62,188	$	(53,692)	$	8,496
Securities loaned	21,981		(9,682)		12,299		(12,019)		280
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell									$	12,514
Securities borrowed									1,041
Securities sold under agreements to repurchase									8,295
Securities loaned									139

1.Amounts relate to master netting 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.

For further discussion of the Firm’s collateralized transactions, see Note 2 and Note 9 to the financial statements in the 2021 Form 10-K. For information related to offsetting of derivatives, see Note 6.

Gross Secured Financing Balances by Remaining Contractual Maturity


	At June 30, 2022
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	59,629	$	59,400	$	19,437	$	37,154	$	175,620
Securities loaned	15,569		—		876		9,984		26,429
Total included in the offsetting disclosure	$	75,198	$	59,400	$	20,313	$	47,138	$	202,049
Trading liabilities— Obligation to return securities received as collateral	22,164		—		—		—		22,164
Total	$	97,362	$	59,400	$	20,313	$	47,138	$	224,213


	At December 31, 2021
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	29,271	$	53,987	$	17,099	$	39,318	$	139,675
Securities loaned	11,480		364		650		9,487		21,981
Total included in the offsetting disclosure	$	40,751	$	54,351	$	17,749	$	48,805	$	161,656
Trading liabilities— Obligation to return securities received as collateral	30,104		—		—		—		30,104
Total	$	70,855	$	54,351	$	17,749	$	48,805	$	191,760

Gross Secured Financing Balances by Class of Collateral Pledged


$ in millions	At June 30, 2022		At December 31, 2021
Securities sold under agreements to repurchase
U.S. Treasury and agency securities	$	55,320	$	30,790
Other sovereign government obligations	93,222		73,063
Corporate equities	14,025		25,881
Other	13,053		9,941
Total	$	175,620	$	139,675
Securities loaned
Other sovereign government obligations	$	1,003	$	748
Corporate equities	24,759		20,656
Other	667		577
Total	$	26,429	$	21,981
Total included in the offsetting disclosure	$	202,049	$	161,656
Trading liabilities—Obligation to return securities received as collateral
Corporate equities	$	22,147	$	30,048
Other	17		56
Total	$	22,164	$	30,104
Total	$	224,213	$	191,760

Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge


$ in millions	At June 30, 2022		At December 31, 2021
Trading assets	$	36,400	$	32,458

The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales. Counterparties may or may not have the right to sell or repledge the collateral.

Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged to various parties) in the balance sheet.

Fair Value of Collateral Received with Right to Sell or Repledge


$ in millions	At June 30, 2022		At December 31, 2021
Collateral received with right to sell or repledge	$	650,664	$	672,104
Collateral that was sold or repledged1	511,247		510,000

1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.

The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions.

Securities Segregated for Regulatory Purposes


$ in millions	At June 30, 2022		At December 31, 2021
Segregated securities1	$	38,525	$	20,092

1.Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet.

Customer Margin and Other Lending


$ in millions	At June 30, 2022		At December 31, 2021
Margin and other lending	$	45,942	$	71,532

The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary.

For a further discussion of the Firm’s margin lending activities, see Note 9 to the financial statements in the 2021 Form 10-K.

Also included in the amounts in the previous table is non-purpose securities-based lending on non-bank entities in the Wealth Management business segment.

Other Secured Financings

The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12.