Fair Values

9 Months Ended

Sep. 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 September 30, 2024
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities	$	59,122	$	49,130	$	—	$	—	$	108,252
Other sovereign government obligations	32,916		13,712		109		—		46,737
State and municipal securities	—		2,658		13		—		2,671
MABS	—		1,434		441		—		1,875
Loans and lending commitments2	—		7,302		1,584		—		8,886
Corporate and other debt	—		37,487		1,726		—		39,213
Corporate equities3,5	106,910		1,284		194		—		108,388
Derivative and other contracts:
Interest rate	2,904		130,161		447		—		133,512
Credit	—		10,115		389		—		10,504
Foreign exchange	118		81,209		305		—		81,632
Equity	1,869		90,559		682		—		93,110
Commodity and other	1,661		13,239		2,281		—		17,181
Netting1	(5,185)		(253,149)		(770)		(39,608)		(298,712)
Total derivative and other contracts	1,367		72,134		3,334		(39,608)		37,227
Investments4,5	930		962		810		—		2,702
Physical commodities	—		603		—		—		603
Total trading assets4	201,245		186,706		8,211		(39,608)		356,554
Investment securities—AFS	67,986		29,842		—		—		97,828
Total assets at fair value	$	269,231	$	216,548	$	8,211	$	(39,608)	$	454,382

	At September 30, 2024
$ in millions	Level 1		Level 2		Level 3		Netting1		Total
Liabilities at fair value
Deposits	$	—	$	7,326	$	1	$	—	$	7,327
Trading liabilities:
U.S. Treasury and agency securities	24,264		22		—		—		24,286
Other sovereign government obligations	24,765		4,258		2		—		29,025
Corporate and other debt	—		13,199		43		—		13,242
Corporate equities3	52,315		724		27		—		53,066
Derivative and other contracts:
Interest rate	2,771		117,046		447		—		120,264
Credit	—		10,683		275		—		10,958
Foreign exchange	287		79,411		210		—		79,908
Equity	2,478		104,267		1,450		—		108,195
Commodity and other	1,705		12,055		1,257		—		15,017
Netting1	(5,185)		(253,149)		(770)		(42,619)		(301,723)
Total derivative and other contracts	2,056		70,313		2,869		(42,619)		32,619
Total trading liabilities	103,400		88,516		2,941		(42,619)		152,238
Securities sold under agreements to repurchase	—		543		453		—		996
Other secured financings	—		13,980		147		—		14,127
Borrowings	—		106,076		1,471		—		107,547
Total liabilities at fair value	$	103,400	$	216,441	$	5,013	$	(42,619)	$	282,235

	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 September 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 September 30, 2024		At December 31, 2023
Commercial Real Estate	$	766	$	422
Residential Real Estate	2,562		2,909
Securities-based lending and Other loans	5,558		4,857
Total	$	8,886	$	8,188

Unsettled Fair Value of Futures Contracts1

$ in millions	At September 30, 2024		At December 31, 2023
Customer and other receivables (payables), net	$	2,183	$	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 September 30,				Nine Months Ended September 30,
$ in millions	2024		2023		2024		2023
U.S. Treasury and agency securities
Beginning balance	$	—	$	—	$	—	$	17
Sales	—		—		—		(10)
Net transfers	—		—		—		(7)
Ending balance	$	—	$	—	$	—	$	—
Unrealized gains (losses)	$	—	$	—	$	—	$	—
Other sovereign government obligations
Beginning balance	$	74	$	128	$	94	$	169
Realized and unrealized gains (losses)	3		—		1		6
Purchases	14		17		48		18
Sales	(27)		(30)		(74)		(112)
Net transfers	45		(21)		40		13
Ending balance	$	109	$	94	$	109	$	94
Unrealized gains (losses)	$	(2)	$	1	$	(2)	$	1
State and municipal securities
Beginning balance	$	—	$	40	$	34	$	145
Realized and unrealized gains (losses)	—		(3)		—		(2)
Purchases	—		147		—		255
Sales	—		(20)		(29)		(218)
Net transfers	13		(52)		8		(68)
Ending balance	$	13	$	112	$	13	$	112
Unrealized gains (losses)	$	—	$	(3)	$	—	$	(3)
MABS
Beginning balance	$	423	$	486	$	489	$	416
Realized and unrealized gains (losses)	10		(1)		27		13
Purchases	43		88		140		149
Sales	(58)		(33)		(243)		(79)
Settlements	—		—		—		50
Net transfers	23		(4)		28		(13)
Ending balance	$	441	$	536	$	441	$	536
Unrealized gains (losses)	$	15	$	4	$	9	$	5
Loans and lending commitments
Beginning balance	$	2,176	$	2,400	$	2,066	$	2,017
Realized and unrealized gains (losses)	29		(6)		19		(91)
Purchases and originations	130		997		681		1,569
Sales	(648)		(539)		(917)		(686)
Settlements	(4)		(666)		(174)		(717)
Net transfers	(99)		(147)		(91)		(53)
Ending balance	$	1,584	$	2,039	$	1,584	$	2,039
Unrealized gains (losses)	$	(1)	$	(6)	$	(2)	$	(91)

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2024		2023		2024		2023
Corporate and other debt
Beginning balance	$	1,925	$	2,223	$	1,983	$	2,096
Realized and unrealized gains (losses)	9		108		44		231
Purchases and originations	423		346		834		561
Sales	(496)		(465)		(980)		(618)
Settlements	(73)		(6)		(85)		(6)
Net transfers	(62)		257		(70)		199
Ending balance	$	1,726	$	2,463	$	1,726	$	2,463
Unrealized gains (losses)	$	6	$	113	$	101	$	239
Corporate equities
Beginning balance	$	217	$	166	$	199	$	116
Realized and unrealized gains (losses)	(24)		(29)		(93)		(64)
Purchases	26		32		65		101
Sales	(29)		(34)		(58)		(38)
Net transfers	4		60		81		80
Ending balance	$	194	$	195	$	194	$	195
Unrealized gains (losses)	$	(11)	$	(25)	$	(17)	$	(36)
Investments
Beginning balance	$	843	$	968	$	949	$	923
Realized and unrealized gains (losses)	53		17		63		24
Purchases	18		6		42		153
Sales	(101)		(76)		(241)		(183)
Net transfers	(3)		19		(3)		17
Ending balance	$	810	$	934	$	810	$	934
Unrealized gains (losses)	$	24	$	19	$	6	$	17
Investment securities—AFS
Beginning balance	$	—	$	—	$	—	$	35
Realized and unrealized gains (losses)	—		(5)		—		(4)
Net transfers	—		40		—		4
Ending balance	$	—	$	35	$	—	$	35
Unrealized gains (losses)	$	—	$	(5)	$	—	$	(4)
Net derivatives: Interest rate
Beginning balance	$	262	$	49	$	(73)	$	(151)
Realized and unrealized gains (losses)	(120)		49		(103)		(318)
Purchases	20		26		27		57
Issuances	(6)		(7)		(14)		(63)
Settlements	(77)		(110)		(18)		329
Net transfers	(79)		(256)		181		(103)
Ending balance	$	—	$	(249)	$	—	$	(249)
Unrealized gains (losses)	$	(114)	$	7	$	(65)	$	(94)

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2024		2023		2024		2023
Net derivatives: Credit
Beginning balance	$	124	$	96	$	96	$	110
Realized and unrealized gains (losses)	108		9		(42)		(12)
Settlements	(116)		(7)		39		(7)
Net transfers	(2)		(8)		21		(1)
Ending balance	$	114	$	90	$	114	$	90
Unrealized gains (losses)	$	108	$	8	$	(21)	$	4
Net derivatives: Foreign exchange
Beginning balance	$	(118)	$	28	$	(365)	$	66
Realized and unrealized gains (losses)	51		(13)		57		(53)
Settlements	117		16		264		(68)
Net transfers	45		(160)		139		(74)
Ending balance	$	95	$	(129)	$	95	$	(129)
Unrealized gains (losses)	$	51	$	(16)	$	61	$	(51)
Net derivatives: Equity
Beginning balance	$	(1,055)	$	(775)	$	(1,102)	$	(736)
Realized and unrealized gains (losses)	(123)		195		125		192
Purchases	54		38		186		157
Issuances	(161)		(166)		(473)		(492)
Settlements	265		252		337		229
Net transfers	252		(326)		159		(132)
Ending balance	$	(768)	$	(782)	$	(768)	$	(782)
Unrealized gains (losses)	$	(155)	$	160	$	11	$	93
Net derivatives: Commodity and other
Beginning balance	$	1,203	$	1,416	$	1,290	$	1,083
Realized and unrealized gains (losses)	223		(7)		789		549
Purchases	70		7		126		70
Issuances	(23)		(9)		(37)		(80)
Settlements	(398)		(92)		(909)		(313)
Net transfers	(51)		(34)		(235)		(28)
Ending balance	$	1,024	$	1,281	$	1,024	$	1,281
Unrealized gains (losses)	$	(58)	$	(142)	$	(48)	$	216
Deposits
Beginning balance	$	34	$	36	$	33	$	20
Realized and unrealized losses (gains)	—		(1)		—		(1)
Purchases	—		6		—		26
Net transfers	(33)		(25)		(32)		(29)
Ending balance	$	1	$	16	$	1	$	16
Unrealized losses (gains)	$	—	$	(1)	$	—	$	(1)
Nonderivative trading liabilities
Beginning balance	$	42	$	89	$	60	$	74
Realized and unrealized losses (gains)	6		(4)		(17)		(12)
Purchases	(44)		(29)		(50)		(49)
Sales	25		23		78		77
Settlements	—		—		(1)		—
Net transfers	43		15		2		4
Ending balance	$	72	$	94	$	72	$	94
Unrealized losses (gains)	$	9	$	(2)	$	(6)	$	(11)

	Three Months Ended September 30,				Nine Months Ended September 30,
$ in millions	2024		2023		2024		2023
Securities sold under agreements to repurchase
Beginning balance	$	449	$	454	$	449	$	512
Realized and unrealized losses (gains)	4		4		4		11
Issuances	—		—		—		1
Settlements	—		—		—		(9)
Net transfers	—		—		—		(57)
Ending balance	$	453	$	458	$	453	$	458
Unrealized losses (gains)	$	3	$	4	$	4	$	11
Other secured financings
Beginning balance	$	91	$	90	$	92	$	91
Realized and unrealized losses (gains)	1		(1)		(4)		2
Issuances	57		15		94		59
Settlements	(16)		(6)		(58)		(54)
Net transfers	14		—		23		—
Ending balance	$	147	$	98	$	147	$	98
Unrealized losses (gains)	$	1	$	(1)	$	(4)	$	2
Borrowings
Beginning balance	$	1,976	$	1,787	$	1,878	$	1,587
Realized and unrealized losses (gains)	86		18		90		83
Issuances	95		342		412		626
Settlements	(105)		(182)		(212)		(355)
Net transfers	(581)		(437)		(697)		(413)
Ending balance	$	1,471	$	1,528	$	1,471	$	1,528
Unrealized losses (gains)	$	109	$	18	$	115	$	48
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA	(1)		(4)		—		10

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 September 30, 2024		At December 31, 2023
Assets at Fair Value on a Recurring Basis
Other sovereign government obligations	$	109	$	94
Comparable pricing:
Bond price	70 to 100 points (80 points)		61 to 110 points (87 points)
MABS	$	441	$	489
Comparable pricing:
Bond price	1 to 88 points (59 points)		0 to 88 points (61 points)
Loans and lending commitments	$	1,584	$	2,066
Margin loan model:
Margin loan rate	1% to 4% (3%)		2% to 4% (3%)
Comparable pricing:
Loan price	83 to 101 points (97 points)		85 to 102 points (98 points)
Corporate and other debt	$	1,726	$	1,983
Comparable pricing:
Bond price	29 to 128 points (82 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	$	194	$	199
Comparable pricing:
Equity price	100%		100%
Investments	$	810	$	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	21 times		22 times
Comparable pricing:
Equity price	24% to 100% (84%)		24% to 100% (86%)
Net derivative and other contracts:
Interest rate	$	0	$	(73)
Option model:
IR volatility skew	66% to 89% (74% / 73%)		70% to 100% (81% / 93%)
IR curve correlation	30% to 99% (83% / 87%)		49% to 99% (77% / 79%)
Bond volatility	77% to 188% (91% / 88%)		79% to 85% (82% / 85%)
Inflation volatility	29% to 69% (44% / 40%)		27% to 70% (43% / 39%)
Credit	$	114	$	96
Credit default swap model:
Cash-synthetic    basis	7 points		7 points
Bond price	0 to 90 points (42 points)		0 to 92 points (46 points)
Credit spread	10 to 366 bps (93 bps)		10 to 404 bps (94 bps)
Funding spread	13 to 590 bps (81 bps)		18 to 590 bps (67 bps)

	Balance / Range (Average1)
$ in millions, except inputs	At September 30, 2024		At December 31, 2023
Foreign exchange2	$	95	$	(365)
Option model:
IR curve	4% to 12% (8% / 5%)		-4% to 26% (7% / 5%)
Foreign exchange volatility skew	N/M		-3% to 12% (2% / 0%)
Contingency probability	85% to 95% (89% / 95%)		95%
Equity2	$	(768)	$	(1,102)
Option model:
Equity volatility	10% to 95% (24%)		6% to 97% (23%)
Equity volatility skew	-1% to 0% (0%)		-1% to 0% (0%)
Equity correlation	18% to 94% (55%)		25% to 97% (49%)
FX correlation	-65% to 50% (-21%)		-79% to 40% (-28%)
IR correlation	-25% to 23% (12%)		10% to 30% (15%)
Commodity and other	$	1,024	$	1,290
Option model:
Forward power price	$0 to $193 ($39) per MWh		$0 to $220 ($49) per MWh
Commodity volatility	7% to 135% (35%)		8% to 123% (31%)
Cross-commodity correlation	54% to 100% (95%)		54% to 100% (94%)
Liabilities Measured at Fair Value on a Recurring Basis
Securities sold under agreements to repurchase	$	453	$	449
Discounted cash flow:
Funding spread	11 to 127 bps (49 / 32 bps)		28 to 135 bps (79 bps)
Other secured financings	$	147	$	92
Comparable pricing:
Loan price	23 to 101 points (74 points)		22 to 101 points (76 points)
Borrowings	$	1,471	$	1,878
Option model:
Equity volatility	9% to 65% (24%)		6% to 69% (13%)
Equity volatility skew	-3% to 0% (0%)		-2% to 0% (0%)
Equity correlation	42% to 97% (71%)		41% to 97% (79%)
Equity - FX correlation	-50% to 23% (-18%)		-65% to 40% (-30%)
IR curve correlation	N/M		50% to 89% (71% / 70%)
Credit default swap model:
Credit spread	341 to 519 bps (430 bps)		N/M
Discounted cash flow:
Loss given default	54% to 84% (62% / 54%)		54% to 84% (62% / 54%)
Nonrecurring Fair Value Measurement
Loans	$	5,570	$	4,532
Corporate loan model:
Credit spread	115 to 13,954 bps (1,131 bps)		99 to 1,467 bps (1,015 bps)
Comparable pricing:
Loan price	29 to 100 points (87 points)		25 to 93 points (70 points)
Warehouse model:
Credit spread	122 to 271 bps (186 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 three months ended September 30, 2024, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs.

Net Asset Value Measurements

Fund Interests

	At September 30, 2024				At December 31, 2023
$ in millions	Carrying Value		Commitment		Carrying Value		Commitment
Private equity	$	2,612	$	638	$	2,685	$	720
Real estate	3,060		229		2,765		240
Hedge	72		2		74		3
Total	$	5,744	$	869	$	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 September 30, 2024
$ in millions	Private Equity		Real Estate
Less than 5 years	$	1,094	$	1,867
5-10 years	1,421		1,099
Over 10 years	97		94
Total	$	2,612	$	3,060

Nonrecurring Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

	At September 30, 2024
	Fair Value
$ in millions	Level 2		Level 31		Total
Assets
Loans	$	1,991	$	5,570	$	7,561
Total	$	1,991	$	5,570	$	7,561
Liabilities
Other liabilities and accrued expenses—Lending commitments	$	62	$	60	$	122
Total	$	62	$	60	$	122

	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 September 30,				Nine Months Ended September 30,
$ in millions	2024		2023		2024		2023
Assets
Loans2	$	(136)	$	(35)	$	(190)	$	(117)
Other assets—Other investments3	—		5		(7)		4
Other assets—Premises, equipment and software4	(10)		(2)		(12)		(6)
Other assets—ROU assets5	—		—		—		(10)
Total	$	(146)	$	(32)	$	(209)	$	(129)
Liabilities
Other liabilities and accrued expenses—Lending commitments2	$	(2)	$	7	$	8	$	38
Total	$	(2)	$	7	$	8	$	38

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 discontinued leased properties.

Financial Instruments Not Measured at Fair Value

	At September 30, 2024
	Carrying Value		Fair Value
$ in millions			Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	91,084	$	91,084	$	—	$	—	$	91,084
Investment securities—HTM	62,856		17,292		36,455		1,147		54,894
Securities purchased under agreements to resell	137,352		—		135,629		1,799		137,428
Securities borrowed	132,412		—		132,413		—		132,413
Customer and other receivables	84,207		—		80,049		4,051		84,100
Loans1,2
Held for investment	218,012		—		8,321		205,719		214,040
Held for sale	12,862		—		5,366		7,601		12,967
Other assets	704		—		704		—		704
Financial liabilities
Deposits	$	356,395	$	—	$	356,592	$	—	$	356,592
Securities sold under agreements to repurchase	57,333		—		57,336		—		57,336
Securities loaned	17,455		—		17,455		—		17,455
Other secured financings	4,016		—		4,015		—		4,015
Customer and other payables	216,362		—		216,362		—		216,362
Borrowings	190,633		—		193,720		102		193,822
	Commitment Amount
Lending commitments3	$	169,777	$	—	$	1,180	$	1,038	$	2,218

	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.