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Derivative Instruments and Hedging Activities
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Fair Values of Derivative Contracts
 Assets at June 30, 2024
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$3 $— $— $3 
Foreign exchange138 66 — 204 
Total141 66 — 207 
Not designated as accounting hedges
Economic hedges of loans
Credit— 43 — 43 
Other derivatives
Interest rate119,039 16,808 228 136,075 
Credit5,513 3,634 — 9,147 
Foreign exchange75,928 2,957 70 78,955 
Equity24,099 — 52,122 76,221 
Commodity and other13,569 — 2,643 16,212 
Total238,148 23,442 55,063 316,653 
Total gross derivatives$238,289 $23,508 $55,063 $316,860 
Amounts offset
Counterparty netting(165,846)(20,798)(51,776)(238,420)
Cash collateral netting(38,098)(1,737)— (39,835)
Total in Trading assets$34,345 $973 $3,287 $38,605 
Amounts not offset1
Financial instruments collateral(18,113)— — (18,113)
Net amounts$16,232 $973 $3,287 $20,492 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$2,581 
 Liabilities at June 30, 2024
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$513 $1 $— $514 
Foreign exchange15 16 — 31 
Total528 17 — 545 
Not designated as accounting hedges
Economic hedges of loans
Credit54 762 — 816 
Other derivatives
Interest rate110,719 14,912 246 125,877 
Credit5,412 3,362 — 8,774 
Foreign exchange70,296 2,923 227 73,446 
Equity40,693 — 51,308 92,001 
Commodity and other11,603 — 2,806 14,409 
Total238,777 21,959 54,587 315,323 
Total gross derivatives$239,305 $21,976 $54,587 $315,868 
Amounts offset
Counterparty netting(165,846)(20,798)(51,776)(238,420)
Cash collateral netting(44,244)(841)— (45,085)
Total in Trading liabilities$29,215 $337 $2,811 $32,363 
Amounts not offset1
Financial instruments collateral(4,474)— (308)(4,782)
Net amounts$24,741 $337 $2,503 $27,581 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable5,426 
 Assets at December 31, 2023
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$25 $— $— $25 
Foreign exchange5 5 — 10 
Total30 5 — 35 
Not designated as accounting hedges
Economic hedges of loans
Credit2 27 — 29 
Other derivatives
Interest rate127,414 19,914 854 148,182 
Credit5,712 4,896 — 10,608 
Foreign exchange90,654 2,570 16 93,240 
Equity20,338 — 37,737 58,075 
Commodity and other13,928 — 2,353 16,281 
Total258,048 27,407 40,960 326,415 
Total gross derivatives$258,078 $27,412 $40,960 $326,450 
Amounts offset
Counterparty netting(184,553)(23,851)(38,510)(246,914)
Cash collateral netting(39,493)(2,730)— (42,223)
Total in Trading assets$34,032 $831 $2,450 $37,313 
Amounts not offset1
Financial instruments collateral(15,690)— — (15,690)
Net amounts$18,342 $831 $2,450 $21,623 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$2,641 
 Liabilities at December 31, 2023
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$467 $— $— $467 
Foreign exchange414 43 — 457 
Total881 43 — 924 
Not designated as accounting hedges
Economic hedges of loans
Credit43 702 — 745 
Other derivatives
Interest rate120,604 17,179 590 138,373 
Credit5,920 4,427 — 10,347 
Foreign exchange87,104 2,694 106 89,904 
Equity31,545 — 37,349 68,894 
Commodity and other12,237 — 2,830 15,067 
Total257,453 25,002 40,875 323,330 
Total gross derivatives$258,334 $25,045 $40,875 $324,254 
Amounts offset
Counterparty netting(184,553)(23,851)(38,510)(246,914)
Cash collateral netting(41,082)(983)— (42,065)
Total in Trading liabilities$32,699 $211 $2,365 $35,275 
Amounts not offset1
Financial instruments collateral(6,864)(8)(37)(6,909)
Net amounts$25,835 $203 $2,328 $28,366 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$5,911 
1.Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other netting criteria are not met in accordance with applicable offsetting accounting guidance.
See Note 4 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables.
Notionals of Derivative Contracts
 Assets at June 30, 2024
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$— $103 $— $103 
Foreign exchange10 2 — 12 
Total10 105 — 115 
Not designated as accounting hedges
Economic hedges of loans
Credit— 1 — 1 
Other derivatives
Interest rate3,947 7,559 454 11,960 
Credit225 138 — 363 
Foreign exchange3,690 204 13 3,907 
Equity609 — 544 1,153 
Commodity and other130 — 84 214 
Total8,601 7,902 1,095 17,598 
Total gross derivatives$8,611 $8,007 $1,095 $17,713 
 Liabilities at June 30, 2024
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$2 $191 $— $193 
Foreign exchange5 2 — 7 
Total7 193 — 200 
Not designated as accounting hedges
Economic hedges of loans
Credit2 22 — 24 
Other derivatives
Interest rate4,231 7,485 423 12,139 
Credit237 122 — 359 
Foreign exchange3,695 198 29 3,922 
Equity695 — 819 1,514 
Commodity and other115 — 95 210 
Total8,975 7,827 1,366 18,168 
Total gross derivatives$8,982 $8,020 $1,366 $18,368 
 Assets at December 31, 2023
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$— $92 $— $92 
Foreign exchange1 1 — 2 
Total1 93 — 94 
Not designated as accounting hedges
Economic hedges of loans
Credit— 1 — 1 
Other derivatives
Interest rate4,153 8,357 560 13,070 
Credit214 176 — 390 
Foreign exchange3,378 165 7 3,550 
Equity528 — 440 968 
Commodity and other142 — 65 207 
Total8,415 8,699 1,072 18,186 
Total gross derivatives$8,416 $8,792 $1,072 $18,280 
 Liabilities at December 31, 2023
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$3 $183 $— $186 
Foreign exchange14 3 — 17 
Total17 186 — 203 
Not designated as accounting hedges
Economic hedges of loans
Credit2 22 — 24 
Other derivatives
Interest rate4,631 8,197 455 13,283 
Credit229 155 — 384 
Foreign exchange3,496 167 33 3,696 
Equity587 — 712 1,299 
Commodity and other101 — 79 180 
Total9,046 8,541 1,279 18,866 
Total gross derivatives$9,063 $8,727 $1,279 $19,069 
The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the
benefit of legally enforceable netting arrangements or risk mitigating transactions.
For a discussion of the Firm’s derivative instruments and hedging activities, see Note 6 to the financial statements in the 2023 Form 10-K.
Gains (Losses) on Accounting Hedges
 Three Months EndedSix Months Ended
June 30,June 30,
$ in millions2024202320242023
Fair value hedges—Recognized in Interest income
Interest rate contracts$19 $569 $591 $198 
Investment Securities—AFS5 (565)(547)(184)
Fair value hedges—Recognized in Interest expense
Interest rate contracts$(24)$(2,349)$(2,151)$(64)
Deposits(18)38 (8)(16)
Borrowings49 2,316 2,158 75 
Net investment hedges—Foreign exchange contracts
Recognized in OCI$285 $95 $655 $6 
Forward points excluded from hedge effectiveness testing—Recognized in Interest income42 63 90 106 
Cash flow hedges—Interest rate contracts1
Recognized in OCI$(13)$(25)$(60)$(18)
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income(12)(2)(23)(3)
Net change in cash flow hedges included within AOCI(1)(23)(37)(15)
1.For the current quarter ended June 30, 2024, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of June 30, 2024, is approximately $(56) million. The maximum length of time over which forecasted cash flows are hedged is 18 months.
Fair Value Hedges—Hedged Items 
$ in millionsAt
June 30,
2024 		At
December 31,
2023
Investment Securities—AFS
Amortized cost basis currently or previously hedged$50,820 $47,179 
Basis adjustments included in amortized cost1
$(1,082)$(732)
Deposits
Carrying amount currently or previously hedged
$17,645 $10,569 
Basis adjustments included in carrying amount1
$(23)$(31)
Borrowings
Carrying amount currently or previously hedged
$164,105 $158,659 
Basis adjustments included in carrying amount—Outstanding hedges
$(11,348)$(9,219)
Basis adjustments included in carrying amount—Terminated hedges
$(660)$(671)
1.Hedge accounting basis adjustments are primarily related to outstanding hedges.
Gains (Losses) on Economic Hedges of Loans
 Three Months EndedSix Months Ended
June 30,June 30,
$ in millions2024202320242023
Recognized in Other revenues
Credit contracts1
$(24)$(84)$(147)$(226)
1.Amounts related to hedges of certain held-for-investment and held-for-sale loans.
Net Derivative Liabilities and Collateral Posted
$ in millionsAt
June 30,
2024 		At
December 31,
2023
Net derivative liabilities with credit risk-related contingent features$21,335 $21,957 
Collateral posted14,583 16,389 
The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business.
Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade
$ in millionsAt
June 30,
2024
One-notch downgrade$532 
Two-notch downgrade429 
Bilateral downgrade agreements included in the amounts above1
$840 
1.Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades.
The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by Moody’s Investors Service, Inc., S&P Global Ratings and/or other rating agencies. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers.
Maximum Potential Payout/Notional of Credit Protection Sold1
 Years to Maturity at June 30, 2024
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$18 $29 $38 $10 $95 
Non-investment grade7 15 16 1 39 
Total$25 $44 $54 $11 $134 
Index and basket CDS
Investment grade$9 $19 $78 $2 $108 
Non-investment grade8 16 79 16 119 
Total$17 $35 $157 $18 $227 
Total CDS sold$42 $79 $211 $29 $361 
Other credit contracts— — — 3 3 
Total credit protection sold$42 $79 $211 $32 $364 
CDS protection sold with identical protection purchased$303 
 Years to Maturity at December 31, 2023
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$19 $29 $39 $10 $97 
Non-investment grade7 14 17 1 39 
Total$26 $43 $56 $11 $136 
Index and basket CDS
Investment grade$8 $19 $85 $4 $116 
Non-investment grade8 14 95 17 134 
Total$16 $33 $180 $21 $250 
Total CDS sold$42 $76 $236 $32 $386 
Other credit contracts— — — 3 3 
Total credit protection sold$42 $76 $236 $35 $389 
CDS protection sold with identical protection purchased$330 
Fair Value Asset (Liability) of Credit Protection Sold1
$ in millionsAt
June 30,
2024 		At
December 31,
2023
Single-name CDS
Investment grade$1,876 $1,904 
Non-investment grade395 399 
Total$2,271 $2,303 
Index and basket CDS
Investment grade$1,496 $1,929 
Non-investment grade(604)45 
Total$892 $1,974 
Total CDS sold$3,163 $4,277 
Other credit contracts144 314 
Total credit protection sold$3,307 $4,591 
1.Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.
Protection Purchased with CDS
Notional
$ in billionsAt
June 30,
2024 		At
December 31,
2023
Single name$162 $166 
Index and basket187 213 
Tranched index and basket34 30 
Total$383 $409 
Fair Value Asset (Liability)
$ in millionsAt
June 30,
2024 		At
December 31,
2023
Single name$(2,696)$(2,799)
Index and basket84 (1,208)
Tranched index and basket(1,089)(1,012)
Total$(3,701)$(5,019)
The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions.
The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further
information on credit derivatives and other credit contracts, see Note 6 to the financial statements in the 2023 Form 10-K.