Borrowings and Other Secured Financings

9 Months Ended

Sep. 30, 2019

Borrowings



$ in millions	At September 30, 2019		At December 31, 2018
Original maturities of one year or less	$	1,297	$	1,545
Original maturities greater than one year
Senior	$	181,668	$	178,027
Subordinated	10,694		10,090
Total	$	192,362	$	188,117
Total borrowings	$	193,659	$	189,662
Weighted average stated maturity, in years¹	6.9		6.5


1.	Only includes borrowings with original maturities greater than one year.

Other Secured Financings



$ in millions	At September 30, 2019		At December 31, 2018
Original maturities:
Greater than one year	$	4,476	$	6,772
One year or less	4,089		2,036
Failed sales	1,271		658
Total	$	9,836	$	9,466

Other secured financings include the liabilities related to certain ELNs, transfers of financial assets that are accounted for as financings rather than sales, pledged commodities, consolidated VIEs where the Firm is deemed to be the primary beneficiary and other secured borrowings. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 12 for further information on other secured financings related to VIEs and securitization activities.

For transfers that fail to meet the accounting criteria for a sale, the Firm continues to recognize the assets in Trading assets at fair value, and the Firm recognizes the associated liabilities in Other secured financings at fair value in the balance sheets.

The assets transferred to certain unconsolidated VIEs in transactions accounted for as failed sales cannot be removed unilaterally by the Firm and are not generally available to the Firm. The related liabilities are also non-recourse to the Firm. In certain other failed sale transactions, the Firm has the right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement.