Collateralized Transactions

6 Months Ended

Jun. 30, 2024

Collateralized Agreements [Abstract]

Offsetting of Certain Collateralized Transactions


	At June 30, 2024
$ in millions	Gross Amounts		Amounts Offset		Balance Sheet Net Amounts		Amounts Not Offset1		Net Amounts
Assets
Securities purchased under agreements to resell	$	330,717	$	(211,807)	$	118,910	$	(115,646)	$	3,264
Securities borrowed	157,216		(34,507)		122,709		(118,221)		4,488
Liabilities
Securities sold under agreements to repurchase	$	277,484	$	(211,807)	$	65,677	$	(61,102)	$	4,575
Securities loaned	51,585		(34,507)		17,078		(17,059)		19
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell									$	2,753
Securities borrowed									486
Securities sold under agreements to repurchase									3,047
Securities loaned									2


	At December 31, 2023
$ in millions	Gross Amounts		Amounts Offset		Balance Sheet Net Amounts		Amounts Not Offset1		Net Amounts
Assets
Securities purchased under agreements to resell	$	300,242	$	(189,502)	$	110,740	$	(108,893)	$	1,847
Securities borrowed	142,453		(21,362)		121,091		(115,969)		5,122
Liabilities
Securities sold under agreements to repurchase	$	252,153	$	(189,502)	$	62,651	$	(58,357)	$	4,294
Securities loaned	36,419		(21,362)		15,057		(15,046)		11
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell									$	1,741
Securities borrowed									607
Securities sold under agreements to repurchase									3,014
Securities loaned									2

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 Notes 2 and 8 to the financial statements in the 2023 Form 10-K. For information related to offsetting of derivatives, see Note 6.

Gross Secured Financing Balances by Remaining Contractual Maturity


	At June 30, 2024
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	132,518	$	83,661	$	24,790	$	36,515	$	277,484
Securities loaned	35,874		—		314		15,397		51,585
Total included in the offsetting disclosure	$	168,392	$	83,661	$	25,104	$	51,912	$	329,069
Trading liabilities— Obligation to return securities received as collateral	11,983		—		—		—		11,983
Total	$	180,375	$	83,661	$	25,104	$	51,912	$	341,052


	At December 31, 2023
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	80,376	$	114,826	$	25,510	$	31,441	$	252,153
Securities loaned	21,508		1,345		709		12,857		36,419
Total included in the offsetting disclosure	$	101,884	$	116,171	$	26,219	$	44,298	$	288,572
Trading liabilities— Obligation to return securities received as collateral	13,528		—		—		—		13,528
Total	$	115,412	$	116,171	$	26,219	$	44,298	$	302,100

Gross Secured Financing Balances by Class of Collateral Pledged


$ in millions	At June 30, 2024		At December 31, 2023
Securities sold under agreements to repurchase
U.S. Treasury and agency securities	$	101,261	$	98,377
Other sovereign government obligations	148,643		122,342
Corporate equities	15,348		18,144
Other	12,232		13,290
Total	$	277,484	$	252,153
Securities loaned
Other sovereign government obligations	$	124	$	1,379
Corporate equities	50,686		34,434
Other	775		606
Total	$	51,585	$	36,419
Total included in the offsetting disclosure	$	329,069	$	288,572
Trading liabilities—Obligation to return securities received as collateral
Corporate equities	$	11,972	$	13,502
Other	11		26
Total	$	11,983	$	13,528
Total	$	341,052	$	302,100

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


$ in millions	At June 30, 2024		At December 31, 2023
Trading assets	$	38,110	$	37,522

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, 2024		At December 31, 2023
Collateral received with right to sell or repledge	$	834,763	$	735,830
Collateral that was sold or repledged1	638,941		553,386

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, 2024		At December 31, 2023
Segregated securities1	$	28,808	$	20,670

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, 2024		At December 31, 2023
Margin and other lending	$	54,572	$	45,644

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 8 to the financial statements in the 2023 Form 10-K.

Also included in the amounts in the previous table is non-purpose securities-based lending on 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. Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $1,473 million at June 30, 2024 and $3,472 million at December 31, 2023.