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Collateralized Transactions

9 Months Ended

Sep. 30, 2019

Collateralized Agreements [Abstract]

Offsetting of Certain Collateralized Transactions



	At September 30, 2019
$ in millions	Gross Amounts		Amounts Offset			Net Amounts Presented		Amounts Not Offset¹			Net Amounts
Assets
Securities purchased under agreements to resell	$	263,485	$	(170,118	)	$	93,367	$	(91,505	)	$	1,862
Securities borrowed	142,723		(10,322		)	132,401		(126,161		)	6,240
Liabilities
Securities sold under agreements to repurchase	$	229,626	$	(170,164	)	$	59,462	$	(42,091	)	$	17,371
Securities loaned	19,967		(10,276		)	9,691		(9,660		)	31
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell											$	1,390
Securities borrowed											1,578
Securities sold under agreements to repurchase											15,695
Securities loaned											20



	At December 31, 2018
$ in millions	Gross Amounts		Amounts Offset			Net Amounts Presented		Amounts Not Offset¹			Net Amounts
Assets
Securities purchased under agreements to resell	$	262,976	$	(164,454	)	$	98,522	$	(95,610	)	$	2,912
Securities borrowed	134,711		(18,398		)	116,313		(112,551		)	3,762
Liabilities
Securities sold under agreements to repurchase	$	214,213	$	(164,454	)	$	49,759	$	(41,095	)	$	8,664
Securities loaned	30,306		(18,398		)	11,908		(11,677		)	231
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell											$	2,579
Securities borrowed											724
Securities sold under agreements to repurchase											6,762
Securities loaned											191


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 Note 6 to the financial statements in the 2018 Form 10-K. For information related to offsetting of derivatives, see Note 4.

Gross Secured Financing Balances by Remaining Contractual Maturity



	At September 30, 2019
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	78,896	$	74,832	$	31,794	$	44,104	$	229,626
Securities loaned	9,780		4,540		611		5,036		19,967
Total included in the offsetting disclosure	$	88,676	$	79,372	$	32,405	$	49,140	$	249,593
Trading liabilities— Obligation to return securities received as collateral	21,440		—		—		—		21,440
Total	$	110,116	$	79,372	$	32,405	$	49,140	$	271,033



	At December 31, 2018
$ in millions	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	56,503	$	93,427	$	35,692	$	28,591	$	214,213
Securities loaned	18,397		3,609		1,985		6,315		30,306
Total included in the offsetting disclosure	$	74,900	$	97,036	$	37,677	$	34,906	$	244,519
Trading liabilities— Obligation to return securities received as collateral	17,594		—		—		—		17,594
Total	$	92,494	$	97,036	$	37,677	$	34,906	$	262,113

Gross Secured Financing Balances by Class of Collateral Pledged



$ in millions	At September 30, 2019		At December 31, 2018
Securities sold under agreements to repurchase
U.S. Treasury and agency securities	$	81,642	$	68,487
State and municipal securities	1,164		925
Other sovereign government obligations	117,949		120,432
ABS	2,338		3,017
Corporate and other debt	7,718		8,719
Corporate equities	18,279		12,079
Other	536		554
Total	$	229,626	$	214,213
Securities loaned
Other sovereign government obligations	$	10,667	$	19,021
Corporate equities	9,242		10,800
Other	58		485
Total	$	19,967	$	30,306
Total included in the offsetting disclosure	$	249,593	$	244,519
Trading liabilities—Obligation to return securities received as collateral
Corporate equities	$	21,432	$	17,594
Other	8		—
Total	$	21,440	$	17,594
Total	$	271,033	$	262,113

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



$ in millions	At September 30, 2019		At December 31, 2018
Trading assets	$	38,325	$	39,430
Loans (gross of allowance for loan losses)	300		—
Total	$	38,625	$	39,430

The Firm pledges its trading assets and loans 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 sheets.

Fair Value of Collateral Received with Right to Sell or Repledge



$ in millions	At September 30, 2019		At December 31, 2018
Collateral received with right to sell or repledge	$	724,356	$	639,610
Collateral that was sold or repledged¹	577,354		487,983


1.	Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.

Restricted Cash and Segregated Securities



$ in millions	At September 30, 2019		At December 31, 2018
Restricted cash	$	30,739	$	35,356
Segregated securities¹	24,838		26,877
Total	$	55,577	$	62,233


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 sheets.

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 these securities held as collateral and use the securities to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or for delivery to counterparties to cover short positions.

Customer Margin Lending

The Firm provides margin lending arrangements which allow customers to borrow against the value of qualifying securities. Receivables under margin lending arrangements are included within Customer and other receivables in the balance sheets. Under these agreements and transactions, the Firm receives collateral, including U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Customer receivables generated from margin lending activities 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 6 to the financial statements in the 2018 Form 10-K.

The Firm has additional secured liabilities. For a further discussion of other secured financings, see Notes 10 and 12.

$ in millions

At
September 30,
2019

At
December 31,
2018

Customer receivables representing margin loans