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Offsetting Arrangements (Tables)
 12 Months Ended
Dec. 31, 2023
Offsetting [Abstract]  
Offsetting Assets The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:
Assets:December 31, 2023
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts
$19,694 $(10,496)$9,198 $— $9,198 
Interest rate contracts(6)
13 — 13 — 13 
Cash collateral and securities netting
NA(3,904)(3,904)(1,069)(4,973)
Total derivatives
19,707 (14,400)5,307 (1,069)4,238 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
230,384 (200,561)29,823 (28,016)1,807 
Total derivatives and other financial instruments$250,091 $(214,961)$35,130 $(29,085)$6,045 
Assets:December 31, 2022
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts
$26,186 $(15,224)$10,962 $— $10,962 
Interest rate contracts(6)
— — — — — 
Cash collateral and securities netting
NA(3,298)(3,298)(1,717)(5,015)
Total derivatives
26,186 (18,522)7,664 (1,717)5,947 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
125,797 (104,093)21,704 (20,960)744 
Total derivatives and other financial instruments$151,983 $(122,615)$29,368 $(22,677)$6,691 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities in connection with our securities borrowing transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $29.82 billion as of December 31, 2023 were $6.69 billion of resale agreements and $23.13 billion of collateral provided related to securities borrowing. Included in the $21.70 billion as of December 31, 2022 were $5.21 billion of resale agreements and $16.49 billion of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to Note 12 for additional information with respect to principal securities finance transactions.
(8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
Offsetting Liabilities
The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated:
Liabilities:December 31, 2023
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$19,416 $(10,496)$8,920 $— $8,920 
Interest rate contracts(6)
4 — 4 — 4 
Other derivative contracts182 — 182 — 182 
Cash collateral and securities nettingNA(1,413)(1,413)(633)(2,046)
Total derivatives19,602 (11,909)7,693 (633)7,060 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
214,362 (200,561)13,801 (13,306)495 
Total derivatives and other financial instruments$233,964 $(212,470)$21,494 $(13,939)$7,555 
Liabilities:December 31, 2022
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$25,749 $(15,224)$10,525 $— $10,525 
Interest rate contracts(6)
1 — 1 — 1 
Other derivative contracts216 — 216 — 216 
Cash collateral and securities nettingNA(2,727)(2,727)(908)(3,635)
Total derivatives25,966 (17,951)8,015 (908)7,107 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
111,653 (104,093)7,560 (6,433)1,127 
Total derivatives and other financial instruments$137,619 $(122,044)$15,575 $(7,341)$8,234 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities provided in connection with our securities lending transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $13.80 billion as of December 31, 2023 were $1.87 billion of repurchase agreements and $11.93 billion of collateral received related to securities lending transactions. Included in the $7.56 billion as of December 31, 2022 were $1.18 billion of repurchase agreements and $6.38 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 12 for additional information with respect to principal securities finance transactions.
(8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
Securities Sold and Securities Loaned Under Repurchase Agreements
The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements as of the periods indicated:
As of December 31, 2023As of December 31, 2022
(In millions)Overnight and ContinuousUp to 30 Days30-90 DaysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30-90 DaysGreater than 90 DaysTotal
Repurchase agreements:
U.S. Treasury and agency securities$196,212 $— $185 $1,360 $197,757 $100,899 $— $200 $— $101,099 
Non-US sovereign debt— — — — — 702 — — — 702 
Total196,212 — 185 1,360 197,757 101,601 — 200 — 101,801 
Securities lending transactions:
US Treasury and agency securities6 — — — 6 44 — — — 44 
Corporate debt securities278 — 3 — 281 67 — — — 67 
Equity securities7,128 20 13 2,291 9,452 4,509 — — 1,606 6,115 
Other(1)
6,866 — — — 6,866 3,626 — — — 3,626 
Total14,278 20 16 2,291 16,605 8,246 — — 1,606 9,852 
Gross amount of recognized liabilities for repurchase agreements and securities lending$210,490 $20 $201 $3,651 $214,362 $109,847 $— $200 $1,606 $111,653 
(1) Represents a security interest in underlying client assets related to our prime services business, which assets clients have allowed us to transfer and re-pledge.