Fair Values (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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

Assets and Liabilities Measured at Fair Value on a Recurring Basis

	At September 30, 2022
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities	$	37,694	$	29,822	$	1	$	—	$	67,517
Other sovereign government obligations	27,618		5,411		137		—		33,166
State and municipal securities	—		2,259		52		—		2,311
MABS	—		2,090		344		—		2,434
Loans and lending commitments2	—		4,929		2,583		—		7,512
Corporate and other debt	—		24,936		1,898		—		26,834
Corporate equities3	74,566		1,043		145		—		75,754
Derivative and other contracts:
Interest rate	18,630		173,134		768		—		192,532
Credit	—		10,294		474		—		10,768
Foreign exchange	56		167,919		269		—		168,244
Equity	1,736		59,409		531		—		61,676
Commodity and other	11,660		31,216		4,134		—		47,010
Netting1	(15,435)		(328,762)		(1,363)		(68,420)		(413,980)
Total derivative and other contracts	16,647		113,210		4,813		(68,420)		66,250
Investments4	588		716		873		—		2,177
Physical commodities	—		1,924		—		—		1,924
Total trading assets4	157,113		186,340		10,846		(68,420)		285,879
Investment securities—AFS	53,618		29,979		36		—		83,633
Total assets at fair value	$	210,731	$	216,319	$	10,882	$	(68,420)	$	369,512

	At September 30, 2022
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Liabilities at fair value
Deposits	$	—	$	3,654	$	7	$	—	$	3,661
Trading liabilities:
U.S. Treasury and agency securities	15,842		8		1		—		15,851
Other sovereign government obligations	19,215		2,398		12		—		21,625
Corporate and other debt	—		9,993		23		—		10,016
Corporate equities3	66,268		564		54		—		66,886
Derivative and other contracts:
Interest rate	16,043		166,207		945		—		183,195
Credit	—		10,079		352		—		10,431
Foreign exchange	57		159,478		94		—		159,629
Equity	1,868		66,950		987		—		69,805
Commodity and other	12,669		24,561		2,333		—		39,563
Netting1	(15,435)		(328,762)		(1,363)		(68,801)		(414,361)
Total derivative and other contracts	15,202		98,513		3,348		(68,801)		48,262
Total trading liabilities	116,527		111,476		3,438		(68,801)		162,640
Securities sold under agreements to repurchase	—		443		508		—		951
Other secured financings	—		4,481		113		—		4,594
Borrowings	—		66,851		1,937		—		68,788
Total liabilities at fair value	$	116,527	$	186,905	$	6,003	$	(68,801)	$	240,634

	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

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 6.

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 September 30, 2022		At December 31, 2021
Corporate	$	—	$	8
Secured lending facilities	7		—
Commercial Real Estate	476		863
Residential Real Estate	1,568		3,911
Securities-based lending and Other loans	5,461		7,845
Total	$	7,512	$	12,627

Schedule of Unsettled Fair Value of Futures Contracts

Unsettled Fair Value of Futures Contracts1

$ in millions	At September 30, 2022		At December 31, 2021
Customer and other receivables (payables), net	$	693	$	948

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

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2022		2021		2022		2021
U.S. Treasury and agency securities
Beginning balance	$	9	$	25	$	2	$	9
Realized and unrealized gains (losses)	—		(1)		(1)		—
Purchases	1		4		2		28
Sales	(4)		(24)		(7)		(33)
Net transfers	(5)		—		5		—
Ending balance	$	1	$	4	$	1	$	4
Unrealized gains (losses)	$	—	$	(1)	$	(1)	$	—
Other sovereign government obligations
Beginning balance	$	161	$	78	$	211	$	268
Realized and unrealized gains (losses)	23		(3)		(24)		(1)
Purchases	43		59		69		129
Sales	(57)		(4)		(60)		(269)
Net transfers	(33)		(3)		(59)		—
Ending balance	$	137	$	127	$	137	$	127
Unrealized gains (losses)	$	23	$	(3)	$	(22)	$	—
State and municipal securities
Beginning balance	$	29	$	4	$	13	$	—
Realized and unrealized gains (losses)	(1)		—		(2)		—
Purchases	4		—		54		4
Sales	—		(4)		—		(4)
Net transfers	20		—		(13)		—
Ending balance	$	52	$	—	$	52	$	—
Unrealized gains (losses)	$	(3)	$	—	$	(2)	$	—
MABS
Beginning balance	$	339	$	357	$	344	$	322
Realized and unrealized gains (losses)	8		11		(366)		67
Purchases	3		96		448		263
Sales	(33)		(23)		(116)		(216)
Net transfers	27		(75)		34		(70)
Ending balance	$	344	$	366	$	344	$	366
Unrealized gains (losses)	$	9	$	11	$	(12)	$	8
Loans and lending commitments
Beginning balance	$	2,507	$	4,896	$	3,806	$	5,759
Realized and unrealized gains (losses)	(26)		47		8		33
Purchases and originations	541		1,373		800		2,467
Sales	(353)		(768)		(801)		(2,314)
Settlements	(144)		(414)		(618)		(1,082)
Net transfers1	58		(830)		(612)		(559)
Ending balance	$	2,583	$	4,304	$	2,583	$	4,304
Unrealized gains (losses)	$	(27)	$	21	$	—	$	(5)

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2022		2021		2022		2021
Corporate and other debt
Beginning balance	$	2,113	$	1,801	$	1,973	$	3,435
Realized and unrealized gains (losses)	(43)		173		446		(151)
Purchases and originations	132		639		752		1,505
Sales	(528)		(594)		(1,400)		(1,698)
Settlements	(30)		—		(26)		—
Net transfers2	254		(456)		153		(1,528)
Ending balance	$	1,898	$	1,563	$	1,898	$	1,563
Unrealized gains (losses)	$	(42)	$	173	$	454	$	10
Corporate equities
Beginning balance	$	246	$	150	$	115	$	86
Realized and unrealized gains (losses)	(60)		4		(71)		(15)
Purchases	15		83		79		367
Sales	(37)		(7)		(67)		(193)
Net transfers	(19)		(16)		89		(31)
Ending balance	$	145	$	214	$	145	$	214
Unrealized gains (losses)	$	(60)	$	4	$	(65)	$	(5)
Investments
Beginning balance	$	1,027	$	978	$	1,125	$	828
Realized and unrealized gains (losses)	(140)		18		(275)		58
Purchases	6		59		52		150
Sales	(18)		(23)		(33)		(46)
Net transfers	(2)		(251)		4		(209)
Ending balance	$	873	$	781	$	873	$	781
Unrealized gains (losses)	$	(136)	$	13	$	(267)	$	39
Investment securities —AFS
Beginning balance	$	38	$	—	$	—	$	2,804
Realized and unrealized gains (losses)	(2)		—		(2)		(4)
Sales	—		—		—		(203)
Net transfers3	—		—		38		(2,597)
Ending balance	$	36	$	—	$	36	$	—
Unrealized gains (losses)	$	(2)	$	—	$	(2)	$	—
Net derivatives: Interest rate
Beginning balance	$	(102)	$	668	$	708	$	682
Realized and unrealized gains (losses)	(200)		70		(482)		(223)
Purchases	—		22		—		48
Issuances	—		(9)		—		(41)
Settlements	122		18		(38)		101
Net transfers	3		27		(365)		229
Ending balance	$	(177)	$	796	$	(177)	$	796
Unrealized gains (losses)	$	(120)	$	165	$	(201)	$	(168)

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2022		2021		2022		2021
Net derivatives: Credit
Beginning balance	$	190	$	(203)	$	98	$	49
Realized and unrealized gains (losses)	3		59		91		(2)
Purchases	—		12		3		23
Issuances	—		(19)		(1)		(44)
Settlements	(78)		102		(59)		16
Net transfers	7		15		(10)		(76)
Ending balance	$	122	$	(34)	$	122	$	(34)
Unrealized gains (losses)	$	7	$	(26)	$	83	$	—
Net derivatives: Foreign exchange
Beginning balance	$	(331)	$	33	$	52	$	61
Realized and unrealized gains (losses)	38		32		(18)		41
Purchases	—		12		—		19
Issuances	—		(15)		—		(21)
Settlements	73		46		47		(45)
Net transfers	395		(11)		94		42
Ending balance	$	175	$	97	$	175	$	97
Unrealized gains (losses)	$	44	$	29	$	18	$	73
Net derivatives: Equity
Beginning balance	$	(530)	$	(837)	$	(945)	$	(2,231)
Realized and unrealized gains (losses)	1		(45)		275		366
Purchases	48		24		167		69
Issuances	(92)		(122)		(253)		(362)
Settlements	68		(3)		379		(196)
Net transfers2	49		(17)		(79)		1,354
Ending balance	$	(456)	$	(1,000)	$	(456)	$	(1,000)
Unrealized gains (losses)	$	(3)	$	(96)	$	399	$	(57)
Net derivatives: Commodity and other
Beginning balance	$	1,344	$	1,430	$	1,529	$	1,709
Realized and unrealized gains (losses)	238		(167)		546		43
Purchases	2		44		107		324
Issuances	(7)		(31)		(97)		(137)
Settlements	69		(97)		(247)		(371)
Net transfers	155		130		(37)		(259)
Ending balance	$	1,801	$	1,309	$	1,801	$	1,309
Unrealized gains (losses)	$	72	$	(96)	$	25	$	(243)
Deposits
Beginning balance	$	19	$	86	$	67	$	126
Realized and unrealized losses (gains)	—		(1)		—		1
Issuances	2		—		2		—
Settlements	(1)		(4)		(3)		(12)
Net transfers	(13)		(19)		(59)		(53)
Ending balance	$	7	$	62	$	7	$	62
Unrealized losses (gains)	$	—	$	(1)	$	—	$	1
Nonderivative trading liabilities
Beginning balance	$	104	$	59	$	61	$	79
Realized and unrealized losses (gains)	(8)		(11)		(41)		(20)
Purchases	(20)		(16)		(39)		(88)
Sales	16		11		88		83
Net transfers	(2)		(1)		21		(12)
Ending balance	$	90	$	42	$	90	$	42
Unrealized losses (gains)	$	(8)	$	(11)	$	(41)	$	1

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2022		2021		2022		2021
Securities sold under agreements to repurchase
Beginning balance	$	514	$	449	$	651	$	444
Realized and unrealized losses (gains)	5		(1)		(3)		5
Issuances	—		—		9		—
Settlements	(11)		—		(22)		—
Net transfers	—		—		(127)		(1)
Ending balance	$	508	$	448	$	508	$	448
Unrealized losses (gains)	$	5	$	(1)	$	—	$	5
Other secured financings
Beginning balance	$	112	$	401	$	403	$	516
Realized and unrealized losses (gains)	(5)		(17)		(11)		(14)
Issuances	13		14		44		421
Settlements	(7)		(3)		(320)		(500)
Net transfers	—		—		(3)		(28)
Ending balance	$	113	$	395	$	113	$	395
Unrealized losses (gains)	$	(5)	$	(17)	$	(11)	$	(13)
Borrowings
Beginning balance	$	2,325	$	1,975	$	2,157	$	4,374
Realized and unrealized losses (gains)	(185)		(87)		(625)		(37)
Issuances	65		197		230		411
Settlements	(65)		(67)		(263)		(347)
Net transfers2	(203)		38		438		(2,345)
Ending balance	$	1,937	$	2,056	$	1,937	$	2,056
Unrealized losses (gains)	$	(185)	$	(86)	$	(629)	$	(8)
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA	(36)		(4)		(126)		(18)

1.Net transfers in the prior year quarter reflect the transfer 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.

2.Net transfers in the prior year period reflect the transfer in the second quarter of the prior year 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 the prior year period reflect the transfer in the first quarter of the prior year of $2.5 billion of AFS securities from Level 3 to Level 2 due to increased trading activity and observability of pricing inputs.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2022		2021		2022		2021
U.S. Treasury and agency securities
Beginning balance	$	9	$	25	$	2	$	9
Realized and unrealized gains (losses)	—		(1)		(1)		—
Purchases	1		4		2		28
Sales	(4)		(24)		(7)		(33)
Net transfers	(5)		—		5		—
Ending balance	$	1	$	4	$	1	$	4
Unrealized gains (losses)	$	—	$	(1)	$	(1)	$	—
Other sovereign government obligations
Beginning balance	$	161	$	78	$	211	$	268
Realized and unrealized gains (losses)	23		(3)		(24)		(1)
Purchases	43		59		69		129
Sales	(57)		(4)		(60)		(269)
Net transfers	(33)		(3)		(59)		—
Ending balance	$	137	$	127	$	137	$	127
Unrealized gains (losses)	$	23	$	(3)	$	(22)	$	—
State and municipal securities
Beginning balance	$	29	$	4	$	13	$	—
Realized and unrealized gains (losses)	(1)		—		(2)		—
Purchases	4		—		54		4
Sales	—		(4)		—		(4)
Net transfers	20		—		(13)		—
Ending balance	$	52	$	—	$	52	$	—
Unrealized gains (losses)	$	(3)	$	—	$	(2)	$	—
MABS
Beginning balance	$	339	$	357	$	344	$	322
Realized and unrealized gains (losses)	8		11		(366)		67
Purchases	3		96		448		263
Sales	(33)		(23)		(116)		(216)
Net transfers	27		(75)		34		(70)
Ending balance	$	344	$	366	$	344	$	366
Unrealized gains (losses)	$	9	$	11	$	(12)	$	8
Loans and lending commitments
Beginning balance	$	2,507	$	4,896	$	3,806	$	5,759
Realized and unrealized gains (losses)	(26)		47		8		33
Purchases and originations	541		1,373		800		2,467
Sales	(353)		(768)		(801)		(2,314)
Settlements	(144)		(414)		(618)		(1,082)
Net transfers1	58		(830)		(612)		(559)
Ending balance	$	2,583	$	4,304	$	2,583	$	4,304
Unrealized gains (losses)	$	(27)	$	21	$	—	$	(5)

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2022		2021		2022		2021
Corporate and other debt
Beginning balance	$	2,113	$	1,801	$	1,973	$	3,435
Realized and unrealized gains (losses)	(43)		173		446		(151)
Purchases and originations	132		639		752		1,505
Sales	(528)		(594)		(1,400)		(1,698)
Settlements	(30)		—		(26)		—
Net transfers2	254		(456)		153		(1,528)
Ending balance	$	1,898	$	1,563	$	1,898	$	1,563
Unrealized gains (losses)	$	(42)	$	173	$	454	$	10
Corporate equities
Beginning balance	$	246	$	150	$	115	$	86
Realized and unrealized gains (losses)	(60)		4		(71)		(15)
Purchases	15		83		79		367
Sales	(37)		(7)		(67)		(193)
Net transfers	(19)		(16)		89		(31)
Ending balance	$	145	$	214	$	145	$	214
Unrealized gains (losses)	$	(60)	$	4	$	(65)	$	(5)
Investments
Beginning balance	$	1,027	$	978	$	1,125	$	828
Realized and unrealized gains (losses)	(140)		18		(275)		58
Purchases	6		59		52		150
Sales	(18)		(23)		(33)		(46)
Net transfers	(2)		(251)		4		(209)
Ending balance	$	873	$	781	$	873	$	781
Unrealized gains (losses)	$	(136)	$	13	$	(267)	$	39
Investment securities —AFS
Beginning balance	$	38	$	—	$	—	$	2,804
Realized and unrealized gains (losses)	(2)		—		(2)		(4)
Sales	—		—		—		(203)
Net transfers3	—		—		38		(2,597)
Ending balance	$	36	$	—	$	36	$	—
Unrealized gains (losses)	$	(2)	$	—	$	(2)	$	—
Net derivatives: Interest rate
Beginning balance	$	(102)	$	668	$	708	$	682
Realized and unrealized gains (losses)	(200)		70		(482)		(223)
Purchases	—		22		—		48
Issuances	—		(9)		—		(41)
Settlements	122		18		(38)		101
Net transfers	3		27		(365)		229
Ending balance	$	(177)	$	796	$	(177)	$	796
Unrealized gains (losses)	$	(120)	$	165	$	(201)	$	(168)

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2022		2021		2022		2021
Net derivatives: Credit
Beginning balance	$	190	$	(203)	$	98	$	49
Realized and unrealized gains (losses)	3		59		91		(2)
Purchases	—		12		3		23
Issuances	—		(19)		(1)		(44)
Settlements	(78)		102		(59)		16
Net transfers	7		15		(10)		(76)
Ending balance	$	122	$	(34)	$	122	$	(34)
Unrealized gains (losses)	$	7	$	(26)	$	83	$	—
Net derivatives: Foreign exchange
Beginning balance	$	(331)	$	33	$	52	$	61
Realized and unrealized gains (losses)	38		32		(18)		41
Purchases	—		12		—		19
Issuances	—		(15)		—		(21)
Settlements	73		46		47		(45)
Net transfers	395		(11)		94		42
Ending balance	$	175	$	97	$	175	$	97
Unrealized gains (losses)	$	44	$	29	$	18	$	73
Net derivatives: Equity
Beginning balance	$	(530)	$	(837)	$	(945)	$	(2,231)
Realized and unrealized gains (losses)	1		(45)		275		366
Purchases	48		24		167		69
Issuances	(92)		(122)		(253)		(362)
Settlements	68		(3)		379		(196)
Net transfers2	49		(17)		(79)		1,354
Ending balance	$	(456)	$	(1,000)	$	(456)	$	(1,000)
Unrealized gains (losses)	$	(3)	$	(96)	$	399	$	(57)
Net derivatives: Commodity and other
Beginning balance	$	1,344	$	1,430	$	1,529	$	1,709
Realized and unrealized gains (losses)	238		(167)		546		43
Purchases	2		44		107		324
Issuances	(7)		(31)		(97)		(137)
Settlements	69		(97)		(247)		(371)
Net transfers	155		130		(37)		(259)
Ending balance	$	1,801	$	1,309	$	1,801	$	1,309
Unrealized gains (losses)	$	72	$	(96)	$	25	$	(243)
Deposits
Beginning balance	$	19	$	86	$	67	$	126
Realized and unrealized losses (gains)	—		(1)		—		1
Issuances	2		—		2		—
Settlements	(1)		(4)		(3)		(12)
Net transfers	(13)		(19)		(59)		(53)
Ending balance	$	7	$	62	$	7	$	62
Unrealized losses (gains)	$	—	$	(1)	$	—	$	1
Nonderivative trading liabilities
Beginning balance	$	104	$	59	$	61	$	79
Realized and unrealized losses (gains)	(8)		(11)		(41)		(20)
Purchases	(20)		(16)		(39)		(88)
Sales	16		11		88		83
Net transfers	(2)		(1)		21		(12)
Ending balance	$	90	$	42	$	90	$	42
Unrealized losses (gains)	$	(8)	$	(11)	$	(41)	$	1

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2022		2021		2022		2021
Securities sold under agreements to repurchase
Beginning balance	$	514	$	449	$	651	$	444
Realized and unrealized losses (gains)	5		(1)		(3)		5
Issuances	—		—		9		—
Settlements	(11)		—		(22)		—
Net transfers	—		—		(127)		(1)
Ending balance	$	508	$	448	$	508	$	448
Unrealized losses (gains)	$	5	$	(1)	$	—	$	5
Other secured financings
Beginning balance	$	112	$	401	$	403	$	516
Realized and unrealized losses (gains)	(5)		(17)		(11)		(14)
Issuances	13		14		44		421
Settlements	(7)		(3)		(320)		(500)
Net transfers	—		—		(3)		(28)
Ending balance	$	113	$	395	$	113	$	395
Unrealized losses (gains)	$	(5)	$	(17)	$	(11)	$	(13)
Borrowings
Beginning balance	$	2,325	$	1,975	$	2,157	$	4,374
Realized and unrealized losses (gains)	(185)		(87)		(625)		(37)
Issuances	65		197		230		411
Settlements	(65)		(67)		(263)		(347)
Net transfers2	(203)		38		438		(2,345)
Ending balance	$	1,937	$	2,056	$	1,937	$	2,056
Unrealized losses (gains)	$	(185)	$	(86)	$	(629)	$	(8)
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA	(36)		(4)		(126)		(18)

1.Net transfers in the prior year quarter reflect the transfer 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.

2.Net transfers in the prior year period reflect the transfer in the second quarter of the prior year 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 the prior year period reflect the transfer in the first quarter of the prior year of $2.5 billion of AFS securities from Level 3 to Level 2 due to increased trading activity and observability of pricing inputs.

Schedule of Valuation Techniques and Unobservable Inputs

Valuation Techniques and Unobservable Inputs

	Balance / Range (Average1)
$ in millions, except inputs	At September 30, 2022		At December 31, 2021
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations	$	137	$	211
Comparable pricing:
Bond price	76 to 127 points (92 points)		100 to 140 points (120 points)
State and municipal securities	$	52	$	13
Comparable pricing:
Bond price	78 to 100 points (95 points)		N/M
MABS	$	344	$	344
Comparable pricing:
Bond price	0 to 95 points (68 points)		0 to 86 points (59 points)
Loans and lending commitments	$	2,583	$	3,806
Margin loan model:
Margin loan rate	2% to 4% (3%)		1% to 4% (3%)
Comparable pricing:
Loan price	84 to 101 points (97 points)		89 to 101 points (97 points)
Corporate and other debt	$	1,898	$	1,973
Comparable pricing:
Bond price	52 to 139 points (90 points)		50 to 163 points (99 points)
Discounted cash flow:
Loss given default	54% to 84% (62% / 54%)		54% to 84% (62% / 54%)
Corporate equities	$	145	$	115
Comparable pricing:
Equity price	100%		100%
Investments	$	873	$	1,125
Discounted cash flow:
WACC	15% to 18% (17%)		10% to 16% (15%)
Exit multiple	7 to 17 times (13 times)		8 to 17 times (12 times)
Market approach:
EBITDA multiple	7 to 20 times (9 times)		8 to 25 times (10 times)
Comparable pricing:
Equity price	48% to 100% (85%)		43% to 100% (99%)

	Balance / Range (Average1)
$ in millions, except inputs	At September 30, 2022		At December 31, 2021
Net derivative and other contracts:
Interest rate	$	(177)	$	708
Option model:
IR volatility skew	106% to 126% (113% / 111%)		39% to 79% (64% / 63%)
IR curve correlation	58% to 99% (80% / 80%)		62% to 98% (83% / 84%)
Bond volatility	N/M		5% to 32% (12% / 9%)
Inflation volatility	24% to 62% (44% / 40%)		24% to 65% (44% / 40%)
IR curve	4% to 5% (4% / 4%)		4%
Credit	$	122	$	98
Credit default swap model:
Cash-synthetic basis	7 points		7 points
Bond price	0 to 83 points (43 points)		0 to 83 points (46 points)
Credit spread	10 to 530 bps (129 bps)		14 to 477 bps (68 bps)
Funding spread	18 to 590 bps (86 bps)		15 to 433 bps (55 bps)
Foreign exchange2	$	175	$	52
Option model:
IR - FX correlation	N/M		53% to 56% (55% / 54%)
IR volatility skew	N/M		39% to 79% (64% / 63%)
IR curve	-4% to 71% (21% / 17%)		-1% to 7% (2% / 0%)
Foreign exchange volatility skew	11% to 15% (13% / 13%)		-4% to -2% (-3% / -3%)
Contingency probability	95%		90% to 95% (94% / 95%)
Equity2	$	(456)	$	(945)
Option model:
Equity volatility	5% to 97% (27%)		5% to 99% (24%)
Equity volatility skew	-3% to 0% (-1%)		-4% to 0% (-1%)
Equity correlation	10% to 96% (76%)		5% to 99% (73%)
FX correlation	-85% to 65% (-27%)		-85% to 37% (-42%)
IR correlation	10% to 30% (12%)		13% to 30% (15%)
Commodity and other	$	1,801	$	1,529
Option model:
Forward power price	$2 to $288 ($59) per MWh		$4 to $263 ($39) per MWh
Commodity volatility	8% to 137% (36%)		8% to 385% (22%)
Cross-commodity correlation	70% to 100% (93%)		43% to 100% (94%)
Liabilities Measured at Fair Value on a Recurring Basis
Deposits	$	7	$	67
Option model:
Equity volatility	N/M		7%
Nonderivative trading liabilities —Corporate equities	$	54	$	45
Comparable pricing:
Equity price	100%		100%
Securities sold under agreements to repurchase	$	508	$	651
Discounted cash flow:
Funding spread	62 to 147 bps (114 bps)		112 to 127 bps (120 bps)
Other secured financings	$	113	$	403
Comparable pricing:
Loan price	23 to 101 points (77 points)		30 to 100 points (83 points)

	Balance / Range (Average1)
$ in millions, except inputs	At September 30, 2022		At December 31, 2021
Borrowings	$	1,937	$	2,157
Option model:
Equity volatility	6% to 96% (23%)		7% to 85% (20%)
Equity volatility skew	-1% to 0% (-1%)		-1% to 0% (0%)
Equity correlation	39% to 95% (86%)		41% to 95% (81%)
Equity - FX correlation	-55% to 25% (-17%)		-55% to 25% (-30%)
IR FX Correlation	-17% to 5% (-5% / -5%)		-26% to 8% (-5% / -5%)
IR curve correlation	58% to 85% (75% / 73%)		N/M
IR volatility skew	57% to 93% (69% / 56%)		N/M
Discounted cash flow:
Loss given default	54% to 84% (62% / 54%)		54% to 84% (62% / 54%)
Nonrecurring Fair Value Measurement
Loans	$	3,476	$	1,576
Corporate loan model:
Credit spread	113 to 819 bps (438 bps)		108 to 565 bps (284 bps)
Comparable pricing:
Loan price	36 to 80 points (66 points)		40 to 80 points (61 points)
Warehouse model:
Credit spread	146 to 260 bps (235 bps)		182 to 446 bps (376 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 September 30, 2022				At December 31, 2021
$ in millions	Carrying Value		Commitment		Carrying Value		Commitment
Private equity	$	2,795	$	538	$	2,492	$	615
Real estate	2,316		242		2,064		248
Hedge1	198		2		191		2
Total	$	5,309	$	782	$	4,747	$	865

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 September 30, 2022
$ in millions	Private Equity		Real Estate
Less than 5 years	$	1,035	$	902
5-10 years	1,196		1,380
Over 10 years	564		34
Total	$	2,795	$	2,316

Schedule of Nonrecurring Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

	At September 30, 2022
	Fair Value
$ in millions	Level 2		Level 31		Total
Assets
Loans	$	4,855	$	3,476	$	8,331
Other assets—Other investments	—		5		5
Other assets—ROU assets	5		—		5
Total	$	4,860	$	3,481	$	8,341
Liabilities
Other liabilities and accrued expenses—Lending commitments	$	375	$	144	$	519
Total	$	375	$	144	$	519

	At December 31, 2021
	Fair Value
$ 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

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

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2022		2021		2022		2021
Assets
Loans2	$	(118)	$	(22)	$	(365)	$	(75)
Goodwill	—		—		—		(8)
Intangibles	—		—		—		(3)
Other assets—Other investments3	(2)		(2)		(8)		(55)
Other assets—Premises, equipment and software	(1)		(10)		(3)		(14)
Other assets—ROU assets	(1)		—		(7)		—
Total	$	(122)	$	(34)	$	(383)	$	(155)
Liabilities
Other liabilities and accrued expenses—Lending commitments2	$	(13)	$	(2)	$	(172)	$	34
Total	$	(13)	$	(2)	$	(172)	$	34

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.

Schedule of Financial Instruments Not Measured at Fair Value

Financial Instruments Not Measured at Fair Value

	At September 30, 2022
	Carrying Value		Fair Value
$ in millions			Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	111,696	$	111,696	$	—	$	—	$	111,696
Investment securities—HTM	77,636		27,657		37,721		1,015		66,393
Securities purchased under agreements to resell	111,124		—		108,312		2,680		110,992
Securities borrowed	136,478		—		136,471		—		136,471
Customer and other receivables	83,417		—		79,493		3,558		83,051
Loans1	210,936		—		25,100		178,571		203,671
Other assets	704		—		704		—		704
Financial liabilities
Deposits	$	334,462	$	—	$	334,378	$	—	$	334,378
Securities sold under agreements to repurchase	59,182		—		59,070		—		59,070
Securities loaned	13,097		—		13,096		—		13,096
Other secured financings	3,107		—		3,107		—		3,107
Customer and other payables	229,272		—		229,272		—		229,272
Borrowings	151,635		—		148,105		4		148,109
	Commitment Amount
Lending commitments2	$	135,899	$	—	$	2,065	$	880	$	2,945

	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 commitments2	$	133,519	$	—	$	890	$	470	$	1,360

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 13.