Fair Values

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Values

Fair Values

Recurring Fair Value Measurements    

Assets and Liabilities Measured at Fair Value on a Recurring Basis

	At June 30, 2024
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities	$	55,809	$	50,739	$	—	$	—	$	106,548
Other sovereign government obligations	33,634		9,237		74		—		42,945
State and municipal securities	—		2,712		—		—		2,712
MABS	—		1,806		423		—		2,229
Loans and lending commitments2	—		7,273		2,176		—		9,449
Corporate and other debt	—		36,889		1,925		—		38,814
Corporate equities3,5	105,247		1,308		217		—		106,772
Derivative and other contracts:
Interest rate	2,415		133,091		572		—		136,078
Credit	—		8,804		386		—		9,190
Foreign exchange	50		79,109		—		—		79,159
Equity	1,080		74,519		622		—		76,221
Commodity and other	1,917		11,578		2,717		—		16,212
Netting1	(4,816)		(232,020)		(792)		(40,627)		(278,255)
Total derivative and other contracts	646		75,081		3,505		(40,627)		38,605
Investments4,5	998		881		843		—		2,722
Physical commodities	—		575		—		—		575
Total trading assets4	196,334		186,501		9,163		(40,627)		351,371
Investment securities—AFS	62,777		28,461		—		—		91,238
Total assets at fair value	$	259,111	$	214,962	$	9,163	$	(40,627)	$	442,609

	At June 30, 2024
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Liabilities at fair value
Deposits	$	—	$	6,758	$	34	$	—	$	6,792
Trading liabilities:
U.S. Treasury and agency securities	22,448		28		—		—		22,476
Other sovereign government obligations	27,708		1,725		2		—		29,435
Corporate and other debt	—		12,473		12		—		12,485
Corporate equities3	58,013		217		28		—		58,258
Derivative and other contracts:
Interest rate	2,345		123,736		310		—		126,391
Credit	—		9,328		262		—		9,590
Foreign exchange	218		73,141		118		—		73,477
Equity	1,180		89,144		1,677		—		92,001
Commodity and other	1,961		10,934		1,514		—		14,409
Netting1	(4,816)		(232,020)		(792)		(45,877)		(283,505)
Total derivative and other contracts	888		74,263		3,089		(45,877)		32,363
Total trading liabilities	109,057		88,706		3,131		(45,877)		155,017
Securities sold under agreements to repurchase	—		563		449		—		1,012
Other secured financings	—		13,032		91		—		13,123
Borrowings	—		95,079		1,976		—		97,055
Total liabilities at fair value	$	109,057	$	204,138	$	5,681	$	(45,877)	$	272,999

	At December 31, 2023
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities	$	56,459	$	53,741	$	—	$	—	$	110,200
Other sovereign government obligations	22,580		9,946		94		—		32,620
State and municipal securities	—		2,148		34		—		2,182
MABS	—		1,540		489		—		2,029
Loans and lending commitments2	—		6,122		2,066		—		8,188
Corporate and other debt	—		35,833		1,983		—		37,816
Corporate equities3,5	126,772		929		199		—		127,900
Derivative and other contracts:
Interest rate	7,284		140,139		784		—		148,207
Credit	—		10,244		393		—		10,637
Foreign exchange	12		93,218		20		—		93,250
Equity	2,169		55,319		587		—		58,075
Commodity and other	1,608		11,862		2,811		—		16,281
Netting1	(7,643)		(237,497)		(1,082)		(42,915)		(289,137)
Total derivative and other contracts	3,430		73,285		3,513		(42,915)		37,313
Investments4	781		836		949		—		2,566
Physical commodities	—		736		—		—		736
Total trading assets4	210,022		185,116		9,327		(42,915)		361,550
Investment securities—AFS	57,405		30,708		—		—		88,113
Securities purchased under agreements to resell	—		7		—		—		7
Total assets at fair value	$	267,427	$	215,831	$	9,327	$	(42,915)	$	449,670

	At December 31, 2023
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Liabilities at fair value
Deposits	$	—	$	6,439	$	33	$	—	$	6,472
Trading liabilities:
U.S. Treasury and agency securities	27,708		16		—		—		27,724
Other sovereign government obligations	26,829		3,955		6		—		30,790
Corporate and other debt	—		10,560		9		—		10,569
Corporate equities3	46,809		300		45		—		47,154
Derivative and other contracts:
Interest rate	8,000		129,983		857		—		138,840
Credit	—		10,795		297		—		11,092
Foreign exchange	96		89,880		385		—		90,361
Equity	2,411		64,794		1,689		—		68,894
Commodity and other	1,642		11,904		1,521		—		15,067
Netting1	(7,643)		(237,497)		(1,082)		(42,757)		(288,979)
Total derivative and other contracts	4,506		69,859		3,667		(42,757)		35,275
Total trading liabilities	105,852		84,690		3,727		(42,757)		151,512
Securities sold under agreements to repurchase	—		571		449		—		1,020
Other secured financings	—		9,807		92		—		9,899
Borrowings	—		92,022		1,878		—		93,900
Total liabilities at fair value	$	105,852	$	193,529	$	6,179	$	(42,757)	$	262,803

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.

5.At June 30, 2024 and December 31, 2023, the Firm's Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date.

Detail of Loans and Lending Commitments at Fair Value

$ in millions	At June 30, 2024		At December 31, 2023
Commercial Real Estate	$	411	$	422
Residential Real Estate	3,313		2,909
Securities-based lending and Other loans	5,725		4,857
Total	$	9,449	$	8,188

Unsettled Fair Value of Futures Contracts1

$ in millions	At June 30, 2024		At December 31, 2023
Customer and other receivables (payables), net	$	1,638	$	1,062

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.

For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 4 to the financial statements in the 2023 Form 10-K. During the current quarter,

there were no significant revisions made to the Firm’s valuation techniques.

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

	Three Months Ended June 30,				Six Months Ended June 30,
$ in millions	2024		2023		2024		2023
U.S. Treasury and agency securities
Beginning balance	$	—	$	1	$	—	$	17
Sales	—		(1)		—		(17)
Ending balance	$	—	$	—	$	—	$	—
Unrealized gains (losses)	$	—	$	—	$	—	$	—
Other sovereign government obligations
Beginning balance	$	64	$	196	$	94	$	169
Realized and unrealized gains (losses)	—		3		(3)		6
Purchases	23		6		27		29
Sales	(30)		(44)		(49)		(73)
Net transfers	17		(33)		5		(3)
Ending balance	$	74	$	128	$	74	$	128
Unrealized gains (losses)	$	—	$	—	$	—	$	4
State and municipal securities
Beginning balance	$	102	$	3	$	34	$	145
Realized and unrealized gains (losses)	—		1		—		3
Purchases	—		45		2		50
Sales	—		(100)		(33)		(130)
Net transfers	(102)		91		(3)		(28)
Ending balance	$	—	$	40	$	—	$	40
Unrealized gains (losses)	$	—	$	1	$	—	$	3
MABS
Beginning balance	$	457	$	454	$	489	$	416
Realized and unrealized gains (losses)	10		7		17		15
Purchases	56		42		118		177
Sales	(118)		(44)		(154)		(160)
Net transfers	18		27		(47)		38
Ending balance	$	423	$	486	$	423	$	486
Unrealized gains (losses)	$	(3)	$	7	$	(2)	$	14
Loans and lending commitments
Beginning balance	$	1,895	$	2,057	$	2,066	$	2,017
Realized and unrealized gains (losses)	6		(34)		(2)		(70)
Purchases and originations	1,022		656		1,382		924
Sales	(709)		(256)		(1,022)		(290)
Settlements	(38)		(177)		(160)		(236)
Net transfers	—		154		(88)		55
Ending balance	$	2,176	$	2,400	$	2,176	$	2,400
Unrealized gains (losses)	$	(2)	$	(57)	$	(15)	$	(86)

	Three Months Ended June 30,				Six Months Ended June 30,
$ in millions	2024		2023		2024		2023
Corporate and other debt
Beginning balance	$	2,042	$	2,243	$	1,983	$	2,096
Realized and unrealized gains (losses)	(143)		(43)		9		41
Purchases and originations	904		134		1,164		330
Sales	(830)		(239)		(997)		(401)
Settlements	—		—		(11)		—
Net transfers	(48)		128		(223)		157
Ending balance	$	1,925	$	2,223	$	1,925	$	2,223
Unrealized gains (losses)	$	(24)	$	(31)	$	45	$	77
Corporate equities
Beginning balance	$	268	$	144	$	199	$	116
Realized and unrealized gains (losses)	(6)		(24)		(70)		(24)
Purchases	115		18		256		35
Sales	(164)		(22)		(168)		(30)
Net transfers	4		50		—		69
Ending balance	$	217	$	166	$	217	$	166
Unrealized gains (losses)	$	—	$	(21)	$	(6)	$	(17)
Investments
Beginning balance	$	970	$	955	$	949	$	923
Realized and unrealized gains (losses)	(9)		(11)		11		8
Purchases	9		100		24		147
Sales	(139)		(84)		(142)		(107)
Net transfers	12		8		1		(3)
Ending balance	$	843	$	968	$	843	$	968
Unrealized gains (losses)	$	(13)	$	(16)	$	(18)	$	(2)
Investment securities—AFS
Beginning balance	$	—	$	—	$	—	$	35
Realized and unrealized gains (losses)	—		—		—		1
Net transfers	—		—		—		(36)
Ending balance	$	—	$	—	$	—	$	—
Unrealized gains (losses)	$	—	$	—	$	—	$	—
Net derivatives: Interest rate
Beginning balance	$	48	$	(217)	$	(73)	$	(151)
Realized and unrealized gains (losses)	32		116		156		(174)
Purchases	31		2		43		8
Issuances	(28)		(6)		(37)		(4)
Settlements	55		32		(84)		282
Net transfers	124		122		257		88
Ending balance	$	262	$	49	$	262	$	49
Unrealized gains (losses)	$	47	$	(30)	$	64	$	8

	Three Months Ended June 30,				Six Months Ended June 30,
$ in millions	2024		2023		2024		2023
Net derivatives: Credit
Beginning balance	$	127	$	48	$	96	$	110
Realized and unrealized gains (losses)	6		40		(6)		7
Settlements	4		(6)		28		(19)
Net transfers	(13)		14		6		(2)
Ending balance	$	124	$	96	$	124	$	96
Unrealized gains (losses)	$	12	$	47	$	(3)	$	11
Net derivatives: Foreign exchange
Beginning balance	$	20	$	66	$	(365)	$	66
Realized and unrealized gains (losses)	288		18		224		(40)
Issuances	—		—		—		(2)
Settlements	(335)		19		(44)		38
Net transfers	(91)		(75)		67		(34)
Ending balance	$	(118)	$	28	$	(118)	$	28
Unrealized gains (losses)	$	128	$	25	$	91	$	(32)
Net derivatives: Equity
Beginning balance	$	(989)	$	(777)	$	(1,102)	$	(736)
Realized and unrealized gains (losses)	250		(100)		655		(50)
Purchases	141		57		204		99
Issuances	(351)		(208)		(547)		(320)
Settlements	(153)		68		(78)		97
Net transfers	47		185		(187)		135
Ending balance	$	(1,055)	$	(775)	$	(1,055)	$	(775)
Unrealized gains (losses)	$	198	$	(102)	$	629	$	(115)
Net derivatives: Commodity and other
Beginning balance	$	1,210	$	1,599	$	1,290	$	1,083
Realized and unrealized gains (losses)	375		195		718		604
Purchases	202		1		269		36
Issuances	(106)		(7)		(116)		(27)
Settlements	(434)		(126)		(695)		(205)
Net transfers	(44)		(246)		(263)		(75)
Ending balance	$	1,203	$	1,416	$	1,203	$	1,416
Unrealized gains (losses)	$	(7)	$	39	$	26	$	287
Deposits
Beginning balance	$	51	$	29	$	33	$	20
Realized and unrealized losses (gains)	(1)		14		(1)		19
Issuances	2		—		3		—
Settlements	(2)		—		(1)		—
Net transfers	(16)		(7)		—		(3)
Ending balance	$	34	$	36	$	34	$	36
Unrealized losses (gains)	$	(1)	$	—	$	(1)	$	—
Nonderivative trading liabilities
Beginning balance	$	73	$	160	$	60	$	74
Realized and unrealized losses (gains)	(25)		—		(22)		(12)
Purchases	(38)		(82)		(58)		(127)
Sales	48		24		61		120
Net transfers	(16)		(13)		1		34
Ending balance	$	42	$	89	$	42	$	89
Unrealized losses (gains)	$	—	$	(1)	$	—	$	(12)

	Three Months Ended June 30,				Six Months Ended June 30,
$ in millions	2024		2023		2024		2023
Securities sold under agreements to repurchase
Beginning balance	$	460	$	514	$	449	$	512
Realized and unrealized losses (gains)	(11)		(3)		—		7
Issuances	—		—		—		1
Settlements	—		—		—		(9)
Net transfers	—		(57)		—		(57)
Ending balance	$	449	$	454	$	449	$	454
Unrealized losses (gains)	$	(11)	$	(4)	$	—	$	7
Other secured financings
Beginning balance	$	74	$	115	$	92	$	91
Realized and unrealized losses (gains)	—		1		(4)		3
Issuances	31		2		38		43
Settlements	(22)		(28)		(43)		(47)
Net transfers	8		—		8		—
Ending balance	$	91	$	90	$	91	$	90
Unrealized losses (gains)	$	—	$	1	$	(4)	$	3
Borrowings
Beginning balance	$	2,027	$	1,649	$	1,878	$	1,587
Realized and unrealized losses (gains)	(108)		1		(60)		44
Issuances	172		257		267		512
Settlements	(130)		(52)		(150)		(181)
Net transfers	15		(68)		41		(175)
Ending balance	$	1,976	$	1,787	$	1,976	$	1,787
Unrealized losses (gains)	$	(105)	$	(1)	$	(62)	$	26
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA	(9)		11		4		22

Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories.

The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statement.

Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements.

Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

Valuation Techniques and Unobservable Inputs

	Balance / Range (Average1)
$ in millions, except inputs	At June 30, 2024		At December 31, 2023
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations	$	74	$	94
Comparable pricing:
Bond price	70 to 100 points (80 points)		61 to 110 points (87 points)
MABS	$	423	$	489
Comparable pricing:
Bond price	1 to 88 points (59 points)		0 to 88 points (61 points)
Loans and lending commitments	$	2,176	$	2,066
Margin loan model:
Margin loan rate	2% to 4% (3%)		2% to 4% (3%)
Comparable pricing:
Loan price	83 to 101 points (95 points)		85 to 102 points (98 points)
Corporate and other debt	$	1,925	$	1,983
Comparable pricing:
Bond price	29 to 128 points (83 points)		28 to 135 points (82 points)
Discounted cash flow:
Loss given default	54% to 84% (62% / 54%)		54% to 84% (62% / 54%)
Corporate equities	$	217	$	199
Comparable pricing:
Equity price	100%		100%
Investments	$	843	$	949
Discounted cash flow:
WACC	12% to 18% (16%)		16% to 18% (17%)
Exit multiple	9 to 10 times (10 times)		9 to 17 times (15 times)
Market approach:
EBITDA multiple	23 times		22 times
Comparable pricing:
Equity price	24% to 100% (81%)		24% to 100% (86%)
Net derivative and other contracts:
Interest rate	$	262	$	(73)
Option model:
IR volatility skew	74% to 91% (79% / 79%)		70% to 100% (81% / 93%)
IR curve correlation	54% to 98% (82% / 83%)		49% to 99% (77% / 79%)
Bond volatility	N/M		79% to 85% (82% / 85%)
Inflation volatility	31% to 70% (45% / 41%)		27% to 70% (43% / 39%)
Credit	$	124	$	96
Credit default swap model:
Cash-synthetic    basis	7 points		7 points
Bond price	0 to 92 points (46 points)		0 to 92 points (46 points)
Credit spread	10 to 360 bps (86 bps)		10 to 404 bps (94 bps)
Funding spread	18 to 590 bps (110 bps)		18 to 590 bps (67 bps)

	Balance / Range (Average1)
$ in millions, except inputs	At June 30, 2024		At December 31, 2023
Foreign exchange2	$	(118)	$	(365)
Option model:
IR curve	-1% to 13% (4% / 3%)		-4% to 26% (7% / 5%)
Foreign exchange volatility skew	N/M		-3% to 12% (2% / 0%)
Contingency probability	70% to 95% (87% / 95%)		95%
Equity2	$	(1,055)	$	(1,102)
Option model:
Equity volatility	11% to 93% (25%)		6% to 97% (23%)
Equity volatility skew	-1% to 0% (0%)		-1% to 0% (0%)
Equity correlation	16% to 93% (55%)		25% to 97% (49%)
FX correlation	-60% to 60% (-15%)		-79% to 40% (-28%)
IR correlation	-10% to 5% (2%)		10% to 30% (15%)
Commodity and other	$	1,203	$	1,290
Option model:
Forward power price	$0 to $168 ($49) per MWh		$0 to $220 ($49) per MWh
Commodity volatility	17% to 165% (37%)		8% to 123% (31%)
Cross-commodity correlation	55% to 99% (92%)		54% to 100% (94%)
Liabilities Measured at Fair Value on a Recurring Basis
Securities sold under agreements to repurchase	$	449	$	449
Discounted cash flow:
Funding spread	8 to 136 bps (49 / 39 bps)		28 to 135 bps (79 bps)
Other secured financings	$	91	$	92
Comparable pricing:
Loan price	23 to 100 points (65 points)		22 to 101 points (76 points)
Borrowings	$	1,976	$	1,878
Option model:
Equity volatility	7% to 64% (21%)		6% to 69% (13%)
Equity volatility skew	-1% to 0% (0%)		-2% to 0% (0%)
Equity correlation	17% to 94% (62%)		41% to 97% (79%)
Equity - FX correlation	-60% to 48% (-32%)		-65% to 40% (-30%)
IR curve correlation	68% to 99% (81% / 79%)		50% to 89% (71% / 70%)
Credit default swap model:
Credit spread	363 to 526 bps (445 bps)		N/M
Discounted cash flow:
Loss given default	54% to 84% (62% / 54%)		54% to 84% (62% / 54%)
Nonrecurring Fair Value Measurement
Loans	$	4,855	$	4,532
Corporate loan model:
Credit spread	109 to 9415 bps (1180 bps)		99 to 1467 bps (1015 bps)
Comparable pricing:
Loan price	29 to 88 points (65 points)		25 to 93 points (70 points)
Warehouse model:
Credit spread	119 to 269 bps (163 bps)		115 to 268 bps (185 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).

The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique.

For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 4 to the financial statements in the 2023 Form 10-K. During the current quarter, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs.

Net Asset Value Measurements

Fund Interests

	At June 30, 2024				At December 31, 2023
$ in millions	Carrying Value		Commitment		Carrying Value		Commitment
Private equity	$	2,570	$	648	$	2,685	$	720
Real estate	3,030		226		2,765		240
Hedge	72		3		74		3
Total	$	5,672	$	877	$	5,524	$	963

Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based income in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value.

For a description of the Firm’s investments in private equity funds, real estate funds and hedge funds, which are measured based on NAV, see Note 4 to the financial statements in the 2023 Form 10-K.

See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regarding unrealized carried interest at risk of reversal.

Nonredeemable Funds by Contractual Maturity

	Carrying Value at June 30, 2024
$ in millions	Private Equity		Real Estate
Less than 5 years	$	1,107	$	1,808
5-10 years	1,365		1,152
Over 10 years	98		70
Total	$	2,570	$	3,030

Nonrecurring Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

	At June 30, 2024
	Fair Value
$ in millions	Level 2		Level 31		Total
Assets
Loans	$	2,938	$	4,855	$	7,793
Other assets—Other investments	—		58		58
Total	$	2,938	$	4,913	$	7,851
Liabilities
Other liabilities and accrued expenses—Lending commitments	$	58	$	44	$	102
Total	$	58	$	44	$	102

	At December 31, 2023
	Fair Value
$ in millions	Level 2		Level 31		Total
Assets
Loans	$	4,215	$	4,532	$	8,747
Other assets—Other investments	—		4		4
Other assets—ROU assets	23		—		23
Total	$	4,238	$	4,536	$	8,774
Liabilities
Other liabilities and accrued expenses—Lending commitments	$	110	$	60	$	170
Total	$	110	$	60	$	170

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 June 30,				Six Months Ended June 30,
$ in millions	2024		2023		2024		2023
Assets
Loans2	$	(109)	$	(87)	$	(131)	$	(116)
Other assets—Other investments3	(7)		(1)		(7)		(1)
Other assets—Premises, equipment and software4	(2)		(1)		(2)		(4)
Other assets—ROU assets5	—		(10)		—		(10)
Total	$	(118)	$	(99)	$	(140)	$	(131)
Liabilities
Other liabilities and accrued expenses—Lending commitments2	$	(2)	$	5	$	1	$	30
Total	$	(2)	$	5	$	1	$	30

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 leased properties

Financial Instruments Not Measured at Fair Value

	At June 30, 2024
	Carrying Value		Fair Value
$ in millions			Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	90,160	$	90,160	$	—	$	—	$	90,160
Investment securities—HTM	64,193		17,777		34,957		1,226		53,960
Securities purchased under agreements to resell	118,910		—		117,016		1,902		118,918
Securities borrowed	122,709		—		122,709		—		122,709
Customer and other receivables	82,186		—		78,022		3,952		81,974
Loans1,2
Held for investment	212,964		—		16,802		188,031		204,833
Held for sale	15,283		—		8,025		7,351		15,376
Other assets	704		—		704		—		704
Financial liabilities
Deposits	$	342,098	$	—	$	342,143	$	—	$	342,143
Securities sold under agreements to repurchase	64,665		—		64,645		—		64,645
Securities loaned	17,078		—		17,078		—		17,078
Other secured financings	4,017		—		4,015		—		4,015
Customer and other payables	205,520		—		205,520		—		205,520
Borrowings	178,142		—		180,435		97		180,532
	Commitment Amount
Lending commitments3	$	159,471	$	—	$	1,218	$	813	$	2,031

	At December 31, 2023
	Carrying Value		Fair Value
$ in millions			Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	89,232	$	89,232	$	—	$	—	$	89,232
Investment securities—HTM	66,694		21,937		34,411		1,105		57,453
Securities purchased under agreements to resell	110,733		—		108,099		2,674		110,773
Securities borrowed	121,091		—		121,091		—		121,091
Customer and other receivables	74,337		—		70,110		4,031		74,141
Loans1,2
Held for investment	203,385		—		20,125		176,291		196,416
Held for sale	15,255		—		8,652		6,672		15,324
Other assets	704		—		704		—		704
Financial liabilities
Deposits	$	345,332	$	—	$	345,391	$	—	$	345,391
Securities sold under agreements to repurchase	61,631		—		61,621		—		61,621
Securities loaned	15,057		—		15,055		—		15,055
Other secured financings	2,756		—		2,756		—		2,756
Customer and other payables	208,015		—		208,015		—		208,015
Borrowings	169,832		—		171,009		4		171,013
	Commitment Amount
Lending commitments3	$	149,464	$	—	$	1,338	$	749	$	2,087

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

2.Loans amounts have been disaggregated into HFI and HFS for the first time in the fourth quarter of 2023. Prior period amounts have been revised to match the current period presentation.

3.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13.

The previous tables exclude all non-financial assets and liabilities, such as Goodwill and Intangible assets, and certain financial instruments, such as equity method investments and certain receivables.