Interest Income and Interest Expense

6 Months Ended

Jun. 30, 2024

Interest Income (Expense), Operating [Abstract]

Interest Income and Interest Expense

Interest Income and Interest Expense

	Three Months Ended June 30,				Six Months Ended June 30,
$ in millions	2024		2023		2024		2023
Interest income
Cash and cash equivalents1	$	733	$	810	$	1,636	1,553
Investment securities	1,277		850		2,474		1,868
Loans	3,483		3,045		6,787		5,855
Securities purchased under agreements to resell2	3,011		1,829		5,542		3,306
Securities borrowed3	1,358		1,370		2,735		2,541
Trading assets, net of Trading liabilities	1,531		934		2,913		1,851
Customer receivables and Other1, 4	2,136		2,075		4,372		3,919
Total interest income	$	13,529	$	10,913	$	26,459	$	20,893
Interest expense
Deposits	$	2,551	$	1,946	$	5,026	$	3,521
Borrowings	3,327		2,770		6,551		5,274
Securities sold under agreements to repurchase5	2,723		1,452		5,127		2,669
Securities loaned6	269		203		493		367
Customer payables and Other4, 7	2,592		2,532		5,399		4,706
Total interest expense	$	11,462	$	8,903	$	22,596	$	16,537
Net interest	$	2,067	$	2,010	$	3,863	$	4,356

1.In the fourth quarter of 2023, interest bearing Cash and cash equivalents and related interest were presented separately for the first time. The prior period amounts for Customer receivables and Other have been disaggregated to exclude Cash and cash equivalents to align with the current presentation.

2.Includes interest paid on Securities purchased under agreements to resell.

3.Includes fees paid on Securities borrowed.

4.Certain prior period amounts have been adjusted to conform with the current period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $1,135 million and $2,025 million for the three months and six months ended, June 30, 2023, respectively. There was no change to net interest income for the Institutional Securities segment. See Note 2 for additional information.

5.Includes interest received on Securities sold under agreements to repurchase.

6.Includes fees received on Securities loaned.

7.Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.

Interest income and Interest expense are classified in the income statement based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense.

Accrued Interest

$ in millions	At June 30, 2024		At December 31, 2023
Customer and other receivables	$	5,375	$	4,206
Customer and other payables	5,337		4,360