Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 21, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-14965 | |
Entity Registrant Name | The Goldman Sachs Group, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-4019460 | |
Entity Address, Address Line One | 200 West Street | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10282 | |
City Area Code | 212 | |
Local Phone Number | 902-1000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 332,448,083 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Entity Central Index Key | 0000886982 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Common stock, par value $.01 per share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $.01 per share | |
Trading Symbol | GS | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | |
Trading Symbol | GS PrA | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | |
Trading Symbol | GS PrC | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | |
Trading Symbol | GS PrD | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing 1/1,000th Interest in a Share of 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | |
Trading Symbol | GS PrJ | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | |
Trading Symbol | GS PrK | |
Security Exchange Name | NYSE | |
5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II | |
Trading Symbol | GS/43PE | |
Security Exchange Name | NYSE | |
Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III | |
Trading Symbol | GS/43PF | |
Security Exchange Name | NYSE | |
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp. | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Medium-Term Notes | |
Trading Symbol | GS/31B | |
Security Exchange Name | NYSE | |
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp. | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Medium-Term Notes | |
Trading Symbol | GS/31X | |
Security Exchange Name | NYSE |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | ||
Investment banking | $ 1,578 | $ 2,144 |
Investment management | 2,289 | 2,070 |
Commissions and fees | 1,088 | 1,003 |
Market making | 5,433 | 6,029 |
Other principal transactions | 55 | (140) |
Total non-interest revenues | 10,443 | 11,106 |
Interest income | 14,938 | 3,212 |
Interest expense | 13,157 | 1,385 |
Net interest income | 1,781 | 1,827 |
Total net revenues | 12,224 | 12,933 |
Provision for credit losses | (171) | 561 |
Operating expenses | ||
Compensation and benefits | 4,090 | 4,083 |
Transaction based | 1,405 | 1,244 |
Market development | 172 | 162 |
Communications and technology | 466 | 424 |
Depreciation and amortization | 970 | 492 |
Occupancy | 265 | 251 |
Professional fees | 383 | 437 |
Other expenses | 651 | 623 |
Total operating expenses | 8,402 | 7,716 |
Pre-tax earnings/(loss) | 3,993 | 4,656 |
Provision for taxes | 759 | 717 |
Net earnings | 3,234 | 3,939 |
Preferred stock dividends | 147 | 108 |
Net earnings applicable to common shareholders | $ 3,087 | $ 3,831 |
Earnings per common share | ||
Basic (in dollars per share) | $ 8.87 | $ 10.87 |
Diluted (in dollars per share) | $ 8.79 | $ 10.76 |
Average common shares | ||
Basic (in shares) | 346.6 | 351.2 |
Diluted (in shares) | 351.3 | 355.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 3,234 | $ 3,939 |
Other comprehensive income/(loss) adjustments, net of tax: | ||
Currency translation | (31) | (15) |
Debt valuation adjustment | (1) | 740 |
Pension and postretirement liabilities | 14 | 13 |
Available-for-sale securities | 427 | (1,354) |
Other comprehensive income/(loss) | 409 | (616) |
Comprehensive income | $ 3,643 | $ 3,323 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 229,327 | $ 241,825 |
Collateralized agreements: | ||
Securities purchased under agreements to resell (at fair value) | 202,151 | 225,117 |
Securities borrowed (includes $40,599 and $38,578 at fair value) | 203,177 | 189,041 |
Customer and other receivables (includes $23 and $25 at fair value) | 144,633 | 135,448 |
Trading assets (at fair value and includes $81,927 and $40,143 pledged as collateral) | 407,395 | 301,245 |
Investments (includes $77,241 and $78,201 at fair value, and $10,223 and $9,818 pledged as collateral) | 131,790 | 130,629 |
Loans (net of allowance of $5,032 and $5,543, and includes $7,506 and $7,655 at fair value) | 178,074 | 179,286 |
Other assets (includes $252 and $145 at fair value) | 41,802 | 39,208 |
Total assets | 1,538,349 | 1,441,799 |
Liabilities and shareholders’ equity | ||
Deposits (includes $18,530 and $15,746 at fair value) | 375,531 | 386,665 |
Collateralized financings: | ||
Securities sold under agreements to repurchase (at fair value) | 197,387 | 110,349 |
Securities loaned (includes $5,726 and $4,372 at fair value) | 46,319 | 30,727 |
Other secured financings (includes $17,402 and $12,756 at fair value) | 18,511 | 13,946 |
Customer and other payables | 266,301 | 262,045 |
Trading liabilities (at fair value) | 194,132 | 191,324 |
Unsecured short-term borrowings (includes $43,115 and $39,731 at fair value) | 64,603 | 60,961 |
Unsecured long-term borrowings (includes $74,888 and $73,147 at fair value) | 240,794 | 247,138 |
Other liabilities (includes $241 and $159 at fair value) | 17,262 | 21,455 |
Total liabilities | 1,420,840 | 1,324,610 |
Commitments, contingencies and guarantees | ||
Shareholders’ equity | ||
Preferred stock; aggregate liquidation preference of $10,703 and $10,703 | 10,703 | 10,703 |
Common stock; 922,693,186 and 917,815,030 shares issued, and 332,884,318 and 334,918,639 shares outstanding | 9 | 9 |
Share-based awards | 4,823 | 5,696 |
Nonvoting common stock; no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 60,143 | 59,050 |
Retained earnings | 141,591 | 139,372 |
Accumulated other comprehensive loss | (2,601) | (3,010) |
Stock held in treasury, at cost; 589,808,870 and 582,896,393 shares | (97,159) | (94,631) |
Total shareholders’ equity | 117,509 | 117,189 |
Total liabilities and shareholders’ equity | $ 1,538,349 | $ 1,441,799 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Securities borrowed at fair value | $ 40,599 | $ 38,578 |
Customer and other receivables at fair value | 23 | 25 |
Trading assets, at fair value pledged as collateral | 81,927 | 40,143 |
Investment at fair value | 77,241 | 78,201 |
Investment pledged as collateral | 10,223 | 9,818 |
Loans, allowance | 5,032 | 5,543 |
Loans at fair value | 7,506 | 7,655 |
Other assets at fair value | 252 | 145 |
Deposits at fair value | 18,530 | 15,746 |
Securities loaned at fair value | 5,726 | 4,372 |
Other secured financings at fair value | 17,402 | 12,756 |
Unsecured short-term borrowings at fair value | 43,115 | 39,731 |
Unsecured long-term borrowings at fair value | 74,888 | 73,147 |
Other liabilities at fair value | 241 | 159 |
Preferred stock, liquidation preference | $ 10,703 | $ 10,703 |
Common stock, shares issued (in shares) | 922,693,186 | 917,815,030 |
Common stock, shares outstanding (in shares) | 332,884,318 | 334,918,639 |
Stock held in treasury (in shares) | 589,808,870 | 582,896,393 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred stock | Common stock | Share-based awards | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Stock held in treasury, at cost |
Beginning balance at Dec. 31, 2021 | $ 10,703 | $ 9 | $ 4,211 | $ 56,396 | $ 131,811 | $ (2,068) | $ (91,136) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issued | 0 | 0 | ||||||
Issuance and amortization of share-based awards | 3,110 | |||||||
Delivery of common stock underlying share-based awards | (2,341) | 2,341 | ||||||
Forfeiture of share-based awards | (15) | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (1,527) | |||||||
Issuance of common stock in connection with acquisition | 1,730 | |||||||
Other | (2) | |||||||
Net earnings | $ 3,939 | 3,939 | ||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (711) | |||||||
Dividends declared on preferred stock | (108) | (108) | ||||||
Other comprehensive income/(loss) | (616) | (616) | ||||||
Repurchased | (500) | (500) | ||||||
Reissued | 18 | |||||||
Other | (5) | |||||||
Ending balance at Mar. 31, 2022 | 115,239 | 10,703 | 9 | 4,965 | 58,938 | 134,931 | (2,684) | (91,623) |
Beginning balance at Dec. 31, 2022 | 117,189 | 10,703 | 9 | 5,696 | 59,050 | 139,372 | (3,010) | (94,631) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issued | 0 | 0 | ||||||
Issuance and amortization of share-based awards | 1,523 | |||||||
Delivery of common stock underlying share-based awards | (2,377) | 2,372 | ||||||
Forfeiture of share-based awards | (19) | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (1,279) | |||||||
Issuance of common stock in connection with acquisition | 0 | |||||||
Other | 0 | |||||||
Net earnings | 3,234 | 3,234 | ||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (868) | |||||||
Dividends declared on preferred stock | (147) | (147) | ||||||
Other comprehensive income/(loss) | 409 | 409 | ||||||
Repurchased | (2,546) | (2,546) | ||||||
Reissued | 28 | |||||||
Other | (10) | |||||||
Ending balance at Mar. 31, 2023 | $ 117,509 | $ 10,703 | $ 9 | $ 4,823 | $ 60,143 | $ 141,591 | $ (2,601) | $ (97,159) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net earnings | $ 3,234 | $ 3,939 |
Adjustments to reconcile net earnings to net cash provided by/(used for) operating activities | ||
Depreciation and amortization | 970 | 492 |
Share-based compensation | 1,541 | 3,128 |
Provision for credit losses | (171) | 561 |
Changes in operating assets and liabilities: | ||
Customer and other receivables and payables, net | (4,930) | 26,755 |
Collateralized transactions (excluding other secured financings), net | 111,460 | (72,986) |
Trading assets | (100,066) | (28,163) |
Trading liabilities | 2,172 | 50,794 |
Loans held for sale, net | 1,236 | 2,702 |
Other, net | (6,042) | (6,756) |
Net cash provided by/(used for) operating activities | 9,404 | (19,534) |
Cash flows from investing activities | ||
Purchase of property, leasehold improvements and equipment | (597) | (953) |
Proceeds from sales of property, leasehold improvements and equipment | 417 | 428 |
Net cash used for business acquisitions | 0 | (13) |
Purchase of investments | (10,461) | (8,780) |
Proceeds from sales and paydowns of investments | 8,166 | 2,369 |
Loans (excluding loans held for sale), net | 497 | (10,072) |
Net cash used for investing activities | (1,978) | (17,021) |
Cash flows from financing activities | ||
Unsecured short-term borrowings, net | 3,648 | 7,085 |
Other secured financings (short-term), net | 4,230 | 1,659 |
Proceeds from issuance of other secured financings (long-term) | 854 | 358 |
Repayment of other secured financings (long-term), including the current portion | (745) | (1,717) |
Proceeds from issuance of unsecured long-term borrowings | 8,022 | 37,113 |
Repayment of unsecured long-term borrowings, including the current portion | (21,266) | (14,483) |
Derivative contracts with a financing element, net | 636 | 953 |
Deposits, net | (11,442) | 24,606 |
Common stock repurchased | (2,546) | (500) |
Settlement of share-based awards in satisfaction of withholding tax requirements | (1,279) | (1,531) |
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (1,013) | (815) |
Other financing, net | 357 | 373 |
Net cash provided by/(used for) financing activities | (20,544) | 53,101 |
Effect of exchange rate changes on cash and cash equivalents | 620 | (3,418) |
Net increase/(decrease) in cash and cash equivalents | (12,498) | 13,128 |
Cash and cash equivalents, beginning balance | 241,825 | 261,036 |
Cash and cash equivalents, ending balance | 229,327 | 274,164 |
Supplemental disclosures: | ||
Cash payments for interest, net of capitalized interest | 13,082 | 1,299 |
Cash payments for income taxes, net | $ 459 | $ 435 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, together with its consolidated subsidiaries (collectively, the firm), is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. The firm manages and reports its activities in the following three business segments: Global Banking & Markets The firm provides a broad range of services to a diverse group of corporations, financial institutions, investment funds and governments. Services include strategic advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings and spin-offs, and equity and debt underwriting of public offerings and private placements. The firm facilitates client transactions and makes markets in fixed income, equity, currency and commodity products. In addition, the firm makes markets in and clears institutional client transactions on major stock, options and futures exchanges worldwide and provides prime brokerage and other equities financing activities, including securities lending, margin lending and swaps. The firm also provides lending to corporate clients, including through relationship lending and acquisition financing, and secured lending, through structured credit and asset-backed lending. In addition, the firm provides financing through securities purchased under agreements to resell (resale agreements) and provides securities-based loans to individuals. The firm also makes equity and debt investments related to Global Banking & Markets activities. Asset & Wealth Management The firm manages assets and offers investment products across all major asset classes to a diverse set of clients, both institutional and individuals, including through a network of third-party distributors around the world. The firm also provides investing and wealth advisory solutions, including financial planning and counseling, and executing brokerage transactions for wealth management clients. The firm issues loans to wealth management clients, accepts deposits through its consumer banking digital platform, Marcus by Goldman Sachs (Marcus), and through its private bank, and provides investing services through Marcus Invest to U.S. customers. The firm has also issued unsecured loans to consumers through Marcus and has started a process to cease offering new loans. The firm completed a partial sale of this portfolio in the first quarter of 2023 and intends to sell the remaining portfolio. The firm makes equity investments, which include investing activities related to public and private equity investments in corporate, real estate and infrastructure assets, as well as investments through consolidated investment entities, substantially all of which are engaged in real estate investment activities. The firm also invests in debt instruments and engages in lending activities to middle-market clients, and provides financing for real estate and other assets. Platform Solutions |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of Group Inc. and all other entities in which the firm has a controlling financial interest. Intercompany transactions and balances have been eliminated. These consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the firm’s Annual Report on Form 10-K for the year ended December 31, 2022. References to “the 2022 Form 10-K” are to the firm’s Annual Report on Form 10-K for the year ended December 31, 2022. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. These unaudited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The firm’s significant accounting policies include when and how to measure the fair value of assets and liabilities, measuring the allowance for credit losses on loans and lending commitments accounted for at amortized cost, and when to consolidate an entity. See Note 4 for policies on fair value measurements, Note 9 for policies on the allowance for credit losses, and below and Note 17 for policies on consolidation accounting. All other significant accounting policies are either described below or included in the following footnotes: Fair Value Measurements Note 4 Fair Value Hierarchy Note 5 Trading Assets and Liabilities Note 6 Derivatives and Hedging Activities Note 7 Investments Note 8 Loans Note 9 Fair Value Option Note 10 Collateralized Agreements and Financings Note 11 Other Assets Note 12 Deposits Note 13 Unsecured Borrowings Note 14 Other Liabilities Note 15 Securitization Activities Note 16 Variable Interest Entities Note 17 Commitments, Contingencies and Guarantees Note 18 Shareholders’ Equity Note 19 Regulation and Capital Adequacy Note 20 Earnings Per Common Share Note 21 Transactions with Affiliated Funds Note 22 Interest Income and Interest Expense Note 23 Income Taxes Note 24 Business Segments Note 25 Credit Concentrations Note 26 Legal Proceedings Note 27 Consolidation The firm consolidates entities in which the firm has a controlling financial interest. The firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE). Voting Interest Entities. Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the firm has a controlling majority voting interest in a voting interest entity, the entity is consolidated. Variable Interest Entities. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The firm has a controlling financial interest in a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 17 for further information about VIEs. Equity-Method Investments. When the firm does not have a controlling financial interest in an entity but can exert significant influence over the entity’s operating and financial policies, the investment is generally accounted for at fair value by electing the fair value option available under U.S. GAAP. Significant influence generally exists when the firm owns 20% to 50% of the entity’s common stock or in-substance common stock. In certain cases, the firm applies the equity method of accounting to new investments that are strategic in nature or closely related to the firm’s principal business activities, when the firm has a significant degree of involvement in the cash flows or operations of the investee or when cost-benefit considerations are less significant. See Note 8 for further information about equity-method investments. Investment Funds. The firm has formed investment funds with third-party investors. These funds are typically organized as limited partnerships or limited liability companies for which the firm acts as general partner or manager. Generally, the firm does not hold a majority of the economic interests in these funds. These funds are usually voting interest entities and generally are not consolidated because third-party investors typically have rights to terminate the funds or to remove the firm as general partner or manager. Investments in these funds are generally measured at net asset value (NAV) and are included in investments. See Notes 8, 18 and 22 for further information about investments in funds. Use of Estimates Preparation of these consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, the allowance for credit losses on loans and lending commitments accounted for at amortized cost, discretionary compensation accruals, accounting for goodwill and identifiable intangible assets, provisions for losses that may arise from litigation and regulatory proceedings (including governmental investigations), and accounting for income taxes. These estimates and assumptions are based on the best available information, but actual results could be materially different. Revenue Recognition Financial Assets and Liabilities at Fair Value. Trading assets and liabilities and certain investments are carried at fair value either under the fair value option or in accordance with other U.S. GAAP. In addition, the firm has elected to account for certain of its loans and other financial assets and liabilities at fair value by electing the fair value option. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. Fair value gains or losses are generally included in market making or other principal transactions. See Note 4 for further information about fair value measurements. Revenue from Contracts with Clients. The firm recognizes revenue earned from contracts with clients for services, such as investment banking, investment management, and execution and clearing (contracts with clients), when the performance obligations related to the underlying transaction are completed. Revenues from contracts with clients represent approximately 45% of total non-interest revenues for the three months ended March 2023 (including approximately 85% of investment banking revenues, approximately 95% of investment management revenues and all commissions and fees), and approximately 40% of total non-interest revenues for the three months ended March 2022 (including approximately 80% of investment banking revenues, approximately 95% of investment management revenues and all commissions and fees). See Note 25 for information about net revenues by business segment. Investment Banking Advisory. Fees from financial advisory assignments are recognized in revenues when the services related to the underlying transaction are completed under the terms of the assignment. Non-refundable deposits and milestone payments in connection with financial advisory assignments are recognized in revenues upon completion of the underlying transaction or when the assignment is otherwise concluded. Expenses associated with financial advisory assignments are recognized when incurred and are included in transaction based expenses. Client reimbursements for such expenses are included in investment banking revenues. Underwriting. Fees from underwriting assignments are recognized in revenues upon completion of the underlying transaction based on the terms of the assignment. Expenses associated with underwriting assignments are generally deferred until the related revenue is recognized or the assignment is otherwise concluded. Such expenses are included in transaction based expenses for completed assignments. Investment Management The firm earns management fees and incentive fees for investment management services, which are included in investment management revenues. The firm makes payments to brokers and advisors related to the placement of the firm’s investment funds (distribution fees), which are included in transaction based expenses. Management Fees. Management fees for mutual funds are calculated as a percentage of daily net asset value and are received monthly. Management fees for hedge funds and separately managed accounts are calculated as a percentage of month-end net asset value and are generally received quarterly. Management fees for private equity funds are calculated as a percentage of monthly invested capital or committed capital and are received quarterly, semi-annually or annually, depending on the fund. Management fees are recognized over time in the period the services are provided. Distribution fees paid by the firm are calculated based on either a percentage of the management fee, the investment fund’s net asset value or the committed capital. Such fees are included in transaction based expenses. Incentive Fees. Incentive fees are calculated as a percentage of a fund’s or separately managed account’s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a twelve-month period or over the life of a fund. Fees that are based on performance over a twelve-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund. Incentive fees earned from a fund or separately managed account are recognized when it is probable that a significant reversal of such fees will not occur, which is generally when such fees are no longer subject to fluctuations in the market value of investments held by the fund or separately managed account. Therefore, incentive fees recognized during the period may relate to performance obligations satisfied in previous periods. Commissions and Fees The firm earns substantially all commissions and fees from executing and clearing client transactions on stock, options and futures markets, as well as over-the-counter (OTC) transactions. Commissions and fees are recognized on the day the trade is executed. The firm also provides third-party research services to clients in connection with certain soft-dollar arrangements. Third-party research costs incurred by the firm in connection with such arrangements are presented net within commissions and fees. Remaining Performance Obligations Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The firm’s remaining performance obligations are generally related to its financial advisory assignments and certain investment management activities. Revenues associated with remaining performance obligations relating to financial advisory assignments cannot be determined until the outcome of the transaction. For the firm’s investment management activities, where fees are calculated based on the net asset value of the fund or separately managed account, future revenues associated with such remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of investments held by the fund or separately managed account. The firm is able to determine the future revenues associated with management fees calculated based on committed capital. As of March 2023, substantially all future net revenues associated with such remaining performance obligations will be recognized through 2030. Annual revenues associated with such performance obligations average less than $300 million through 2030. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of financial assets accounted for as sales, any gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred financial assets are initially recognized at fair value. For transfers of financial assets that are not accounted for as sales, the assets are generally included in trading assets and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Note 11 for further information about transfers of financial assets accounted for as collateralized financings and Note 16 for further information about transfers of financial assets accounted for as sales. Cash and Cash Equivalents The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. Cash and cash equivalents included cash and due from banks of $8.20 billion as of March 2023 and $7.87 billion as of December 2022. Cash and cash equivalents also included interest-bearing deposits with banks of $221.13 billion as of March 2023 and $233.96 billion as of December 2022. The firm segregates cash for regulatory and other purposes related to client activity. Cash and cash equivalents segregated for regulatory and other purposes were $20.08 billion as of March 2023 and $16.94 billion as of December 2022. In addition, the firm segregates securities for regulatory and other purposes related to client activity. See Note 11 for further information about segregated securities. Customer and Other Receivables Customer and other receivables included receivables from customers and counterparties of $76.68 billion as of March 2023 and $67.88 billion as of December 2022, and receivables from brokers, dealers and clearing organizations of $67.95 billion as of March 2023 and $67.57 billion as of December 2022. Such receivables primarily consist of collateral posted in connection with certain derivative transactions, customer margin loans and receivables resulting from unsettled transactions. Substantially all of these receivables are accounted for at amortized cost net of any allowance for credit losses, which generally approximates fair value. As these receivables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these receivables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both March 2023 and December 2022. See Note 10 for further information about customer and other receivables accounted for at fair value under the fair value option. Interest on customer and other receivables is recognized over the life of the transaction and included in interest income. Customer and other receivables includes receivables from contracts with clients and contract assets. Contract assets represent the firm’s right to receive consideration for services provided in connection with its contracts with clients for which collection is conditional and not merely subject to the passage of time. The firm’s receivables from contracts with clients were $3.15 billion as of March 2023 and $3.01 billion as of December 2022. As of both March 2023 and December 2022, contract assets were not material. Customer and Other Payables Customer and other payables included payables to customers and counterparties of $243.37 billion as of March 2023 and $238.12 billion as of December 2022, and payables to brokers, dealers and clearing organizations of $22.93 billion as of March 2023 and $23.93 billion as of December 2022. Such payables primarily consist of customer credit balances related to the firm’s prime brokerage activities. Customer and other payables are accounted for at cost plus accrued interest, which generally approximates fair value. As these payables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these payables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both March 2023 and December 2022. Interest on customer and other payables is recognized over the life of the transaction and included in interest expense. Offsetting Assets and Liabilities To reduce credit exposures on derivatives and securities financing transactions, the firm may enter into master netting agreements or similar arrangements (collectively, netting agreements) with counterparties that permit it to offset receivables and payables with such counterparties. A netting agreement is a contract with a counterparty that permits net settlement of multiple transactions with that counterparty, including upon the exercise of termination rights by a non-defaulting party. Upon exercise of such termination rights, all transactions governed by the netting agreement are terminated and a net settlement amount is calculated. In addition, the firm receives and posts cash and securities collateral with respect to its derivatives and securities financing transactions, subject to the terms of the related credit support agreements or similar arrangements (collectively, credit support agreements). An enforceable credit support agreement grants the non-defaulting party exercising termination rights the right to liquidate the collateral and apply the proceeds to any amounts owed. In order to assess enforceability of the firm’s right of setoff under netting and credit support agreements, the firm evaluates various factors, including applicable bankruptcy laws, local statutes and regulatory provisions in the jurisdiction of the parties to the agreement. Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) in the consolidated balance sheets when a legal right of setoff exists under an enforceable netting agreement. Resale agreements and securities sold under agreements to repurchase (repurchase agreements) and securities borrowed and loaned transactions with the same settlement date are presented on a net-by-counterparty basis in the consolidated balance sheets when such transactions meet certain settlement criteria and are subject to netting agreements. In the consolidated balance sheets, derivatives are reported net of cash collateral received and posted under enforceable credit support agreements, when transacted under an enforceable netting agreement. In the consolidated balance sheets, resale and repurchase agreements, and securities borrowed and loaned, are not reported net of the related cash and securities received or posted as collateral. See Note 11 for further information about collateral received and pledged, including rights to deliver or repledge collateral. See Notes 7 and 11 for further information about offsetting assets and liabilities. Share-Based Compensation The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based awards that do not require future service (i.e., vested awards, including awards granted to retirement-eligible employees) are expensed immediately. Share-based awards that require future service are amortized over the relevant service period. Forfeitures are recorded when they occur. Cash dividend equivalents paid on restricted stock units (RSUs) are generally charged to retained earnings. If RSUs that require future service are forfeited, the related dividend equivalents originally charged to retained earnings are reclassified to compensation expense in the period in which forfeiture occurs. The firm generally issues new shares of common stock upon delivery of share-based awards. In limited cases, as outlined in the applicable award agreements, the firm may cash settle share-based compensation awards accounted for as equity instruments. For these awards, additional paid-in capital is adjusted to the extent of the difference between the value of the award at the time of cash settlement and the grant-date value of the award. The tax effects related to the settlement of share-based awards and payments of dividend equivalents are recorded in income tax benefit or expense. Foreign Currency Translation Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the date of the consolidated balance sheets and revenues and expenses are translated at average rates of exchange for the period. Foreign currency remeasurement gains or losses on transactions in nonfunctional currencies are recognized in earnings. Gains or losses on translation of the financial statements of a non-U.S. operation, when the functional currency is other than the U.S. dollar, are included, net of hedges and taxes, in the consolidated statements of comprehensive income. Recent Accounting Developments Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform — Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU, as amended in 2022, provides optional relief from applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. In addition, in January 2021 the FASB issued ASU No. 2021-01, “Reference Rate Reform — Scope,” which clarified the scope of ASC 848 relating to contract modifications. The firm adopted these ASUs upon issuance and elected to apply the relief available to certain modified derivatives. The adoption of these ASUs did not have a material impact on the firm’s consolidated financial statements. Troubled Debt Restructurings and Vintage Disclosures (ASC 326) . In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments — Credit Losses (Topic 326) — Troubled Debt Restructurings and Vintage Disclosures.” This ASU eliminates the recognition and measurement guidance for troubled debt restructurings (TDRs) and requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. This ASU also requires enhanced disclosure for loans that have been charged off. The ASU became effective in January 2023 under a prospective approach. Adoption of this ASU did not have a material impact on the firm’s consolidated financial statements. Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for Platform Users (SAB 121) . In March 2022, the SEC staff issued SAB 121 (SAB 121) — “Accounting for obligations to safeguard crypto-assets an entity holds for platform users.” SAB 121 adds interpretive guidance requiring an entity to recognize a liability on its balance sheet to reflect the obligation to safeguard the crypto-assets held for its platform users, along with a corresponding asset. The firm adopted SAB 121 in June 2022 under a modified retrospective approach and adoption did not have a material impact on the firm’s consolidated financial statements. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASC 820). In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” This ASU clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring its fair value. In addition, the ASU requires specific disclosures related to equity securities that are subject to contractual sale restrictions. The ASU is effective in January 2024 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the firm’s consolidated financial statements. Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (ASC 323). In March 2023, the FASB issued ASU No. 2023-02, “Investments — Equity Method and Joint Ventures (Topic 323) — Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." This ASU expands the proportional amortization method election currently associated with low-income housing tax credits to other qualifying tax credits and requires incremental disclosures for programs in which the proportional amortization method is elected. This ASU is effective in January 2024 under a modified retrospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the firm's consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. The firm measures certain financial assets and liabilities as a portfolio (i.e., based on its net exposure to market and/or credit risks). The best evidence of fair value is a quoted price in an active market. If quoted prices in active markets are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use market-based or independently sourced inputs, including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, commodity prices, credit spreads and funding spreads (i.e., the spread or difference between the interest rate at which a borrower could finance a given financial instrument relative to a benchmark interest rate). U.S. GAAP has a three-level hierarchy for disclosure of fair value measurements. This hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in this hierarchy is based on the lowest level of input that is significant to its fair value measurement. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio’s net risk exposure to that input. The fair value hierarchy is as follows: Level 1. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities. Level 2. Inputs to valuation techniques are observable, either directly or indirectly. Level 3. One or more inputs to valuation techniques are significant and unobservable. The fair values for substantially all of the firm’s financial assets and liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the fair value hierarchy. Certain level 2 and level 3 financial assets and liabilities may require valuation adjustments that a market participant would require to arrive at fair value for factors, such as counterparty and the firm’s credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence. The table below presents financial assets and liabilities carried at fair value. As of March December $ in millions 2023 2022 Total level 1 financial assets $ 287,682 $ 194,698 Total level 2 financial assets 473,062 485,134 Total level 3 financial assets 25,797 26,048 Investments in funds at NAV 3,020 2,941 Counterparty and cash collateral netting (54,394) (57,855) Total financial assets at fair value $ 735,167 $ 650,966 Total assets $ 1,538,349 $ 1,441,799 Total level 3 financial assets divided by: Total assets 1.7 % 1.8 % Total financial assets at fair value 3.5 % 4.0 % Total level 1 financial liabilities $ 123,781 $ 119,578 Total level 2 financial liabilities 443,461 353,060 Total level 3 financial liabilities 23,825 22,830 Counterparty and cash collateral netting (39,646) (47,884) Total financial liabilities at fair value $ 551,421 $ 447,584 Total liabilities $ 1,420,840 $ 1,324,610 Total level 3 financial liabilities divided by: Total liabilities 1.7 % 1.7% Total financial liabilities at fair value 4.3 % 5.1% In the table above: • Counterparty netting among positions classified in the same level is included in that level. • Counterparty and cash collateral netting represents the impact on derivatives of netting across levels. The table below presents a summary of level 3 financial assets. As of March December $ in millions 2023 2022 Trading assets: Trading cash instruments $ 1,558 $ 1,734 Derivatives 5,115 5,461 Investments 17,233 16,942 Loans 1,787 1,837 Other assets 104 74 Total $ 25,797 $ 26,048 Level 3 financial assets as of March 2023 were essentially unchanged compared with December 2022. See Note 5 for further information about level 3 financial assets (including information about unrealized gains and losses related to level 3 financial assets and transfers in and out of level 3). The valuation techniques and nature of significant inputs used to determine the fair value of the firm’s financial instruments are described below. See Note 5 for further information about significant unobservable inputs used to value level 3 financial instruments. Valuation Techniques and Significant Inputs for Trading Cash Instruments, Investments and Loans Level 1. Level 1 instruments include U.S. government obligations, most non-U.S. government obligations, certain agency obligations, certain corporate debt instruments, certain money market instruments and actively traded listed equities. These instruments are valued using quoted prices for identical unrestricted instruments in active markets. The firm defines active markets for equity instruments based on the average daily trading volume both in absolute terms and relative to the market capitalization for the instrument. The firm defines active markets for debt instruments based on both the average daily trading volume and the number of days with trading activity. Level 2. Level 2 instruments include certain non-U.S. government obligations, most agency obligations, most mortgage-backed loans and securities, most corporate debt instruments, most state and municipal obligations, most money market instruments, most other debt obligations, restricted or less liquid listed equities, certain private equities, commodities and certain lending commitments. Valuations of level 2 instruments can be verified to quoted prices, recent trading activity for identical or similar instruments, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or executable) and the relationship of recent market activity to the prices provided from alternative pricing sources. Valuation adjustments are typically made to level 2 instruments (i) if the instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence. Level 3. Level 3 instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales. Valuation techniques of level 3 instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 instrument are described below: Loans and Securities Backed by Commercial Real Estate Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single property or a portfolio of properties, and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include: • Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices, such as the CMBX (an index that tracks the performance of commercial mortgage bonds); • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral and capitalization rates. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and • Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of any loan forbearances and other unobservable inputs (e.g., prepayment speeds). Loans and Securities Backed by Residential Real Estate Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: • Market yields implied by transactions of similar or related assets; • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines, related costs and subsequent recoveries; and • Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines. Corporate Debt Instruments Corporate debt instruments includes corporate loans, debt securities and convertible debentures. Significant inputs for corporate debt instruments are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same or similar issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices, such as the CDX (an index that tracks the performance of corporate credit); • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; • Duration; and • Market and transaction multiples for corporate debt instruments with convertibility or participation options. Equity Securities Equity securities consists of private equities. Recent third-party completed or pending transactions (e.g., merger proposals, debt restructurings, tender offers) are considered the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate: • Industry multiples (primarily EBITDA and revenue multiples) and public comparables; • Transactions in similar instruments; • Discounted cash flow techniques; and • Third-party appraisals. The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include: • Market and transaction multiples; • Discount rates and capitalization rates; and • For equity securities with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration. Other Trading Cash Instruments, Investments and Loans The significant inputs to the valuation of other instruments, such as non-U.S. government and agency obligations, state and municipal obligations, and other loans and debt obligations are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices; • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; and • Duration. Valuation Techniques and Significant Inputs for Derivatives The firm’s level 2 and level 3 derivatives are valued using derivative pricing models (e.g., discounted cash flow models, correlation models and models that incorporate option pricing methodologies, such as Monte Carlo simulations). Price transparency of derivatives can generally be characterized by product type, as described below. • Interest Rate. In general, the key inputs used to value interest rate derivatives are transparent, even for most long-dated contracts. Interest rate swaps and options denominated in the currencies of leading industrialized nations are characterized by high trading volumes and tight bid/offer spreads. Interest rate derivatives that reference indices, such as an inflation index, or the shape of the yield curve (e.g., 10-year swap rate vs. 2-year swap rate) are more complex, but the key inputs are generally observable. • Credit. Price transparency for credit default swaps, including both single names and baskets of credits, varies by market and underlying reference entity or obligation. Credit default swaps that reference indices, large corporates and major sovereigns generally exhibit the most price transparency. For credit default swaps with other underliers, price transparency varies based on credit rating, the cost of borrowing the underlying reference obligations, and the availability of the underlying reference obligations for delivery upon the default of the issuer. Credit default swaps that reference loans, asset-backed securities and emerging market debt instruments tend to have less price transparency than those that reference corporate bonds. In addition, more complex credit derivatives, such as those sensitive to the correlation between two or more underlying reference obligations, generally have less price transparency. • Currency. Prices for currency derivatives based on the exchange rates of leading industrialized nations, including those with longer tenors, are generally transparent. The primary difference between the price transparency of developed and emerging market currency derivatives is that emerging markets tend to be only observable for contracts with shorter tenors. • Commodity. Commodity derivatives include transactions referenced to energy (e.g., oil, natural gas and electricity), metals (e.g., precious and base) and soft commodities (e.g., agricultural). Price transparency varies based on the underlying commodity, delivery location, tenor and product quality (e.g., diesel fuel compared to unleaded gasoline). In general, price transparency for commodity derivatives is greater for contracts with shorter tenors and contracts that are more closely aligned with major and/or benchmark commodity indices. • Equity. Price transparency for equity derivatives varies by market and underlier. Options on indices and the common stock of corporates included in major equity indices exhibit the most price transparency. Equity derivatives generally have observable market prices, except for contracts with long tenors or reference prices that differ significantly from current market prices. More complex equity derivatives, such as those sensitive to the correlation between two or more individual stocks, generally have less price transparency. Liquidity is essential to the observability of all product types. If transaction volumes decline, previously transparent prices and other inputs may become unobservable. Conversely, even highly structured products may at times have trading volumes large enough to provide observability of prices and other inputs. Level 1. Level 1 derivatives include short-term contracts for future delivery of securities when the underlying security is a level 1 instrument, and exchange-traded derivatives if they are actively traded and are valued at their quoted market price. Level 2. Level 2 derivatives include OTC derivatives for which all significant valuation inputs are corroborated by market evidence and exchange-traded derivatives that are not actively traded and/or that are valued using models that calibrate to market-clearing levels of OTC derivatives. The selection of a particular model to value a derivative depends on the contractual terms of and specific risks inherent in the instrument, as well as the availability of pricing information in the market. For derivatives that trade in liquid markets, model selection does not involve significant management judgment because outputs of models can be calibrated to market-clearing levels. Valuation models require a variety of inputs, such as contractual terms, market prices, yield curves, discount rates (including those derived from interest rates on collateral received and posted as specified in credit support agreements for collateralized derivatives), credit curves, measures of volatility, prepayment rates, loss severity rates and correlations of such inputs. Significant inputs to the valuations of level 2 derivatives can be verified to market transactions, broker or dealer quotations or other alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or executable) and the relationship of recent market activity to the prices provided from alternative pricing sources. Level 3 . Level 3 derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs. The significant unobservable inputs used to value the firm’s level 3 derivatives are described below. • For level 3 interest rate and currency derivatives, significant unobservable inputs include correlations of certain currencies and interest rates (e.g., the correlation between Euro inflation and Euro interest rates) and specific interest rate and currency volatilities. • For level 3 credit derivatives, significant unobservable inputs include illiquid credit spreads and upfront credit points, which are unique to specific reference obligations and reference entities, and recovery rates. • For level 3 commodity derivatives, significant unobservable inputs include volatilities for options with strike prices that differ significantly from current market prices and prices or spreads for certain products for which the product quality or physical location of the commodity is not aligned with benchmark indices. • For level 3 equity derivatives, significant unobservable inputs generally include equity volatility inputs for options that are long-dated and/or have strike prices that differ significantly from current market prices. In addition, the valuation of certain structured trades requires the use of level 3 correlation inputs, such as the correlation of the price performance of two or more individual stocks or the correlation of the price performance for a basket of stocks to another asset class, such as commodities. Subsequent to the initial valuation of a level 3 derivative, the firm updates the level 1 and level 2 inputs to reflect observable market changes and any resulting gains and losses are classified in level 3. Level 3 inputs are changed when corroborated by evidence, such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. See Note 5 for further information about significant unobservable inputs used in the valuation of level 3 derivatives. Valuation Adjustments. Valuation adjustments are integral to determining the fair value of derivative portfolios and are used to adjust the mid-market valuations produced by derivative pricing models to the exit price valuation. These adjustments incorporate bid/offer spreads, the cost of liquidity, and credit and funding valuation adjustments, which account for the credit and funding risk inherent in the uncollateralized portion of derivative portfolios. The firm also makes funding valuation adjustments to collateralized derivatives where the terms of the agreement do not permit the firm to deliver or repledge collateral received. Market-based inputs are generally used when calibrating valuation adjustments to market-clearing levels. In addition, for derivatives that include significant unobservable inputs, the firm makes model or exit price adjustments to account for the valuation uncertainty present in the transaction. Valuation Techniques and Significant Inputs for Other Financial Assets and Liabilities at Fair Value In addition to trading cash instruments, derivatives, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value under the fair value option. Such instruments include resale and repurchase agreements; certain securities borrowed and loaned transactions; certain customer and other receivables, including certain margin loans; certain time deposits, including structured certificates of deposit, which are hybrid financial instruments; substantially all other secured financings, including transfers of assets accounted for as financings; certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; and certain other assets and liabilities. These instruments are generally valued based on discounted cash flow techniques, which incorporate inputs with reasonable levels of price transparency, and are generally classified in level 2 because the inputs are observable. Valuation adjustments may be made for liquidity and for counterparty and the firm’s credit quality. The significant inputs used to value the firm’s other financial assets and liabilities are described below. Resale and Repurchase Agreements and Securities Borrowed and Loaned. The significant inputs to the valuation of resale and repurchase agreements and securities borrowed and loaned are funding spreads, the amount and timing of expected future cash flows and interest rates. Customer and Other Receivables. The significant inputs to the valuation of receivables are interest rates, the amount and timing of expected future cash flows and funding spreads. Deposits. The significant inputs to the valuation of time deposits are interest rates and the amount and timing of future cash flows. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 13 for further information about deposits. Other Secured Financings. The significant inputs to the valuation of other secured financings are the amount and timing of expected future cash flows, interest rates, funding spreads and the fair value of the collateral delivered by the firm (determined using the amount and timing of expected future cash flows, market prices, market yields and recovery assumptions). See Note 11 for further information about other secured financings. Unsecured Short- and Long-Term Borrowings. The significant inputs to the valuation of unsecured short- and long-term borrowings are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm and commodity prices for prepaid commodity transactions. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 14 for further information about borrowings. Other Assets and Liabilities. The significant inputs to the valuation of other assets and liabilities are the amount and timing of expected future cash flows, interest rates, market yields, volatility and correlation inputs. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives. Fair Value Hierarchy Financial assets and liabilities at fair value includes trading cash instruments, derivatives, and certain investments, loans and other financial assets and liabilities at fair value. Trading Cash Instruments Fair Value by Level. The table below presents trading cash instruments by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of March 2023 Assets Government and agency obligations: U.S. $ 80,692 $ 42,932 $ – $ 123,624 Non-U.S. 42,324 20,295 95 62,714 Loans and securities backed by: Commercial real estate – 1,527 84 1,611 Residential real estate – 9,490 94 9,584 Corporate debt instruments 336 33,191 1,010 34,537 State and municipal obligations – 143 12 155 Other debt obligations 70 3,403 149 3,622 Equity securities 113,634 2,078 111 115,823 Commodities – 5,602 3 5,605 Total $ 237,056 $ 118,661 $ 1,558 $ 357,275 Liabilities Government and agency obligations: U.S. $ (24,307) $ (7) $ (1) $ (24,315) Non-U.S. (38,896) (2,558) – (41,454) Loans and securities backed by: Commercial real estate – (29) – (29) Residential real estate – (1) (1) (2) Corporate debt instruments (65) (15,075) (38) (15,178) Other debt obligations – (20) – (20) Equity securities (60,446) (588) (5) (61,039) Commodities – (53) – (53) Total $ (123,714) $ (18,331) $ (45) $ (142,090) As of December 2022 Assets Government and agency obligations: U.S. $ 75,598 $ 31,783 $ – $ 107,381 Non-U.S. 22,794 15,238 67 38,099 Loans and securities backed by: Commercial real estate – 1,135 66 1,201 Residential real estate – 9,706 88 9,794 Corporate debt instruments 249 27,555 1,238 29,042 State and municipal obligations – 707 20 727 Other debt obligations 27 2,349 153 2,529 Equity securities 44,909 2,141 100 47,150 Commodities – 5,907 2 5,909 Total $ 143,577 $ 96,521 $ 1,734 $ 241,832 Liabilities Government and agency obligations: U.S. $ (23,339) $ (36) $ – $ (23,375) Non-U.S. (28,537) (2,172) – (30,709) Loans and securities backed by: Commercial real estate – (30) – (30) Residential real estate – (16) – (16) Corporate debt instruments (64) (14,217) (61) (14,342) Other debt obligations – (35) (2) (37) Equity securities (67,591) (488) (1) (68,080) Total $ (119,531) $ (16,994) $ (64) $ (136,589) Trading cash instruments consists of instruments held in connection with the firm’s market-making or risk management activities. These instruments are carried at fair value and the related fair value gains and losses are recognized in the consolidated statements of earnings. In the table above: • Assets are shown as positive amounts and liabilities are shown as negative amounts. • Corporate debt instruments includes corporate loans, debt securities, convertible debentures, prepaid commodity transactions and transfers of assets accounted for as secured loans rather than purchases. • Other debt obligations includes other asset-backed securities and money market instruments. • Equity securities includes public equities and exchange-traded funds. See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of trading cash instruments. Significant Unobservable Inputs. The table below presents the amount of level 3 assets, and ranges and weighted averages of significant unobservable inputs used to value level 3 trading cash instrument assets. As of March 2023 As of December 2022 $ in millions Amount or Range Weighted Average Amount or Range Weighted Average Loans and securities backed by real estate Level 3 assets $ 178 $ 154 Yield 3.5% to 43.5% 14.0 % 3.0% to 36.0% 14.2 % Recovery rate 35.8% to 76.0% 52.6 % 35.8% to 76.1% 54.7 % Cumulative loss rate N/A N/A 3.7% to 29.9% 10.4 % Duration (years) 0.8 to 13.2 4.1 0.9 to 12.3 4.6 Corporate debt instruments Level 3 assets $ 1,010 $ 1,238 Yield 3.2% to 39.0% 8.8 % 1.1% to 34.3% 6.9 % Recovery rate 3.0% to 85.0% 47.0 % 11.5% to 77.0% 48.0 % Duration (years) 0.2 to 18.8 3.9 0.3 to 20.3 4.5 Other Level 3 assets $ 370 $ 342 Yield 3.5% to 44.3% 9.4 % 2.8% to 47.8% 10.0 % Multiples 3.3x to 5.2x 4.5x 3.3x to 4.5x 4.3x Duration (years) 1.9 to 14.9 5.9 1.2 to 14.4 6.1 In the table above: • Other includes government and agency obligations, state and municipal obligations, other debt obligations, equity securities and commodities. • Ranges represent the significant unobservable inputs that were used in the valuation of each type of trading cash instrument. • Weighted averages are calculated by weighting each input by the relative fair value of the trading cash instruments. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one trading cash instrument. For example, the highest recovery rate for corporate debt instruments is appropriate for valuing a specific corporate debt instrument, but may not be appropriate for valuing any other corporate debt instrument. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 trading cash instruments. • Increases in yield, duration or cumulative loss rate used in the valuation of level 3 trading cash instruments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both March 2023 and December 2022. Due to the distinctive nature of each level 3 trading cash instrument, the interrelationship of inputs is not necessarily uniform within each product type. • Trading cash instruments are valued using discounted cash flows. • Cumulative loss rate was not significant to the valuation of level 3 loans and securities backed by real estate as of March 2023. Level 3 Rollforward. The table below presents a summary of the changes in fair value for level 3 trading cash instruments. Three Months $ in millions 2023 2022 Assets Beginning balance $ 1,734 $ 1,889 Net realized gains/(losses) 13 53 Net unrealized gains/(losses) 25 (1,485) Purchases 181 793 Sales (175) (267) Settlements (169) (96) Transfers into level 3 238 1,324 Transfers out of level 3 (289) (290) Ending balance $ 1,558 $ 1,921 Liabilities Beginning balance $ (64) $ (104) Net realized gains/(losses) 2 (1) Net unrealized gains/(losses) (9) 52 Purchases 46 130 Sales (28) (63) Settlements 13 2 Transfers into level 3 (11) (124) Transfers out of level 3 6 16 Ending balance $ (45) $ (92) In the table above: • Changes in fair value are presented for all trading cash instruments that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to trading cash instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a trading cash instrument was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 trading cash instrument assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 trading cash instrument liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • Level 3 trading cash instruments are frequently economically hedged with level 1 and level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1 or level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by product type, for assets included in the summary table above. Three Months $ in millions 2023 2022 Loans and securities backed by re |
Fair Value Hierarchy
Fair Value Hierarchy | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy | Fair Value Measurements The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. The firm measures certain financial assets and liabilities as a portfolio (i.e., based on its net exposure to market and/or credit risks). The best evidence of fair value is a quoted price in an active market. If quoted prices in active markets are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use market-based or independently sourced inputs, including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, commodity prices, credit spreads and funding spreads (i.e., the spread or difference between the interest rate at which a borrower could finance a given financial instrument relative to a benchmark interest rate). U.S. GAAP has a three-level hierarchy for disclosure of fair value measurements. This hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in this hierarchy is based on the lowest level of input that is significant to its fair value measurement. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio’s net risk exposure to that input. The fair value hierarchy is as follows: Level 1. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities. Level 2. Inputs to valuation techniques are observable, either directly or indirectly. Level 3. One or more inputs to valuation techniques are significant and unobservable. The fair values for substantially all of the firm’s financial assets and liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the fair value hierarchy. Certain level 2 and level 3 financial assets and liabilities may require valuation adjustments that a market participant would require to arrive at fair value for factors, such as counterparty and the firm’s credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence. The table below presents financial assets and liabilities carried at fair value. As of March December $ in millions 2023 2022 Total level 1 financial assets $ 287,682 $ 194,698 Total level 2 financial assets 473,062 485,134 Total level 3 financial assets 25,797 26,048 Investments in funds at NAV 3,020 2,941 Counterparty and cash collateral netting (54,394) (57,855) Total financial assets at fair value $ 735,167 $ 650,966 Total assets $ 1,538,349 $ 1,441,799 Total level 3 financial assets divided by: Total assets 1.7 % 1.8 % Total financial assets at fair value 3.5 % 4.0 % Total level 1 financial liabilities $ 123,781 $ 119,578 Total level 2 financial liabilities 443,461 353,060 Total level 3 financial liabilities 23,825 22,830 Counterparty and cash collateral netting (39,646) (47,884) Total financial liabilities at fair value $ 551,421 $ 447,584 Total liabilities $ 1,420,840 $ 1,324,610 Total level 3 financial liabilities divided by: Total liabilities 1.7 % 1.7% Total financial liabilities at fair value 4.3 % 5.1% In the table above: • Counterparty netting among positions classified in the same level is included in that level. • Counterparty and cash collateral netting represents the impact on derivatives of netting across levels. The table below presents a summary of level 3 financial assets. As of March December $ in millions 2023 2022 Trading assets: Trading cash instruments $ 1,558 $ 1,734 Derivatives 5,115 5,461 Investments 17,233 16,942 Loans 1,787 1,837 Other assets 104 74 Total $ 25,797 $ 26,048 Level 3 financial assets as of March 2023 were essentially unchanged compared with December 2022. See Note 5 for further information about level 3 financial assets (including information about unrealized gains and losses related to level 3 financial assets and transfers in and out of level 3). The valuation techniques and nature of significant inputs used to determine the fair value of the firm’s financial instruments are described below. See Note 5 for further information about significant unobservable inputs used to value level 3 financial instruments. Valuation Techniques and Significant Inputs for Trading Cash Instruments, Investments and Loans Level 1. Level 1 instruments include U.S. government obligations, most non-U.S. government obligations, certain agency obligations, certain corporate debt instruments, certain money market instruments and actively traded listed equities. These instruments are valued using quoted prices for identical unrestricted instruments in active markets. The firm defines active markets for equity instruments based on the average daily trading volume both in absolute terms and relative to the market capitalization for the instrument. The firm defines active markets for debt instruments based on both the average daily trading volume and the number of days with trading activity. Level 2. Level 2 instruments include certain non-U.S. government obligations, most agency obligations, most mortgage-backed loans and securities, most corporate debt instruments, most state and municipal obligations, most money market instruments, most other debt obligations, restricted or less liquid listed equities, certain private equities, commodities and certain lending commitments. Valuations of level 2 instruments can be verified to quoted prices, recent trading activity for identical or similar instruments, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or executable) and the relationship of recent market activity to the prices provided from alternative pricing sources. Valuation adjustments are typically made to level 2 instruments (i) if the instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence. Level 3. Level 3 instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales. Valuation techniques of level 3 instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 instrument are described below: Loans and Securities Backed by Commercial Real Estate Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single property or a portfolio of properties, and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include: • Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices, such as the CMBX (an index that tracks the performance of commercial mortgage bonds); • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral and capitalization rates. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and • Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of any loan forbearances and other unobservable inputs (e.g., prepayment speeds). Loans and Securities Backed by Residential Real Estate Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: • Market yields implied by transactions of similar or related assets; • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines, related costs and subsequent recoveries; and • Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines. Corporate Debt Instruments Corporate debt instruments includes corporate loans, debt securities and convertible debentures. Significant inputs for corporate debt instruments are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same or similar issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices, such as the CDX (an index that tracks the performance of corporate credit); • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; • Duration; and • Market and transaction multiples for corporate debt instruments with convertibility or participation options. Equity Securities Equity securities consists of private equities. Recent third-party completed or pending transactions (e.g., merger proposals, debt restructurings, tender offers) are considered the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate: • Industry multiples (primarily EBITDA and revenue multiples) and public comparables; • Transactions in similar instruments; • Discounted cash flow techniques; and • Third-party appraisals. The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include: • Market and transaction multiples; • Discount rates and capitalization rates; and • For equity securities with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration. Other Trading Cash Instruments, Investments and Loans The significant inputs to the valuation of other instruments, such as non-U.S. government and agency obligations, state and municipal obligations, and other loans and debt obligations are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices; • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; and • Duration. Valuation Techniques and Significant Inputs for Derivatives The firm’s level 2 and level 3 derivatives are valued using derivative pricing models (e.g., discounted cash flow models, correlation models and models that incorporate option pricing methodologies, such as Monte Carlo simulations). Price transparency of derivatives can generally be characterized by product type, as described below. • Interest Rate. In general, the key inputs used to value interest rate derivatives are transparent, even for most long-dated contracts. Interest rate swaps and options denominated in the currencies of leading industrialized nations are characterized by high trading volumes and tight bid/offer spreads. Interest rate derivatives that reference indices, such as an inflation index, or the shape of the yield curve (e.g., 10-year swap rate vs. 2-year swap rate) are more complex, but the key inputs are generally observable. • Credit. Price transparency for credit default swaps, including both single names and baskets of credits, varies by market and underlying reference entity or obligation. Credit default swaps that reference indices, large corporates and major sovereigns generally exhibit the most price transparency. For credit default swaps with other underliers, price transparency varies based on credit rating, the cost of borrowing the underlying reference obligations, and the availability of the underlying reference obligations for delivery upon the default of the issuer. Credit default swaps that reference loans, asset-backed securities and emerging market debt instruments tend to have less price transparency than those that reference corporate bonds. In addition, more complex credit derivatives, such as those sensitive to the correlation between two or more underlying reference obligations, generally have less price transparency. • Currency. Prices for currency derivatives based on the exchange rates of leading industrialized nations, including those with longer tenors, are generally transparent. The primary difference between the price transparency of developed and emerging market currency derivatives is that emerging markets tend to be only observable for contracts with shorter tenors. • Commodity. Commodity derivatives include transactions referenced to energy (e.g., oil, natural gas and electricity), metals (e.g., precious and base) and soft commodities (e.g., agricultural). Price transparency varies based on the underlying commodity, delivery location, tenor and product quality (e.g., diesel fuel compared to unleaded gasoline). In general, price transparency for commodity derivatives is greater for contracts with shorter tenors and contracts that are more closely aligned with major and/or benchmark commodity indices. • Equity. Price transparency for equity derivatives varies by market and underlier. Options on indices and the common stock of corporates included in major equity indices exhibit the most price transparency. Equity derivatives generally have observable market prices, except for contracts with long tenors or reference prices that differ significantly from current market prices. More complex equity derivatives, such as those sensitive to the correlation between two or more individual stocks, generally have less price transparency. Liquidity is essential to the observability of all product types. If transaction volumes decline, previously transparent prices and other inputs may become unobservable. Conversely, even highly structured products may at times have trading volumes large enough to provide observability of prices and other inputs. Level 1. Level 1 derivatives include short-term contracts for future delivery of securities when the underlying security is a level 1 instrument, and exchange-traded derivatives if they are actively traded and are valued at their quoted market price. Level 2. Level 2 derivatives include OTC derivatives for which all significant valuation inputs are corroborated by market evidence and exchange-traded derivatives that are not actively traded and/or that are valued using models that calibrate to market-clearing levels of OTC derivatives. The selection of a particular model to value a derivative depends on the contractual terms of and specific risks inherent in the instrument, as well as the availability of pricing information in the market. For derivatives that trade in liquid markets, model selection does not involve significant management judgment because outputs of models can be calibrated to market-clearing levels. Valuation models require a variety of inputs, such as contractual terms, market prices, yield curves, discount rates (including those derived from interest rates on collateral received and posted as specified in credit support agreements for collateralized derivatives), credit curves, measures of volatility, prepayment rates, loss severity rates and correlations of such inputs. Significant inputs to the valuations of level 2 derivatives can be verified to market transactions, broker or dealer quotations or other alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or executable) and the relationship of recent market activity to the prices provided from alternative pricing sources. Level 3 . Level 3 derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs. The significant unobservable inputs used to value the firm’s level 3 derivatives are described below. • For level 3 interest rate and currency derivatives, significant unobservable inputs include correlations of certain currencies and interest rates (e.g., the correlation between Euro inflation and Euro interest rates) and specific interest rate and currency volatilities. • For level 3 credit derivatives, significant unobservable inputs include illiquid credit spreads and upfront credit points, which are unique to specific reference obligations and reference entities, and recovery rates. • For level 3 commodity derivatives, significant unobservable inputs include volatilities for options with strike prices that differ significantly from current market prices and prices or spreads for certain products for which the product quality or physical location of the commodity is not aligned with benchmark indices. • For level 3 equity derivatives, significant unobservable inputs generally include equity volatility inputs for options that are long-dated and/or have strike prices that differ significantly from current market prices. In addition, the valuation of certain structured trades requires the use of level 3 correlation inputs, such as the correlation of the price performance of two or more individual stocks or the correlation of the price performance for a basket of stocks to another asset class, such as commodities. Subsequent to the initial valuation of a level 3 derivative, the firm updates the level 1 and level 2 inputs to reflect observable market changes and any resulting gains and losses are classified in level 3. Level 3 inputs are changed when corroborated by evidence, such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. See Note 5 for further information about significant unobservable inputs used in the valuation of level 3 derivatives. Valuation Adjustments. Valuation adjustments are integral to determining the fair value of derivative portfolios and are used to adjust the mid-market valuations produced by derivative pricing models to the exit price valuation. These adjustments incorporate bid/offer spreads, the cost of liquidity, and credit and funding valuation adjustments, which account for the credit and funding risk inherent in the uncollateralized portion of derivative portfolios. The firm also makes funding valuation adjustments to collateralized derivatives where the terms of the agreement do not permit the firm to deliver or repledge collateral received. Market-based inputs are generally used when calibrating valuation adjustments to market-clearing levels. In addition, for derivatives that include significant unobservable inputs, the firm makes model or exit price adjustments to account for the valuation uncertainty present in the transaction. Valuation Techniques and Significant Inputs for Other Financial Assets and Liabilities at Fair Value In addition to trading cash instruments, derivatives, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value under the fair value option. Such instruments include resale and repurchase agreements; certain securities borrowed and loaned transactions; certain customer and other receivables, including certain margin loans; certain time deposits, including structured certificates of deposit, which are hybrid financial instruments; substantially all other secured financings, including transfers of assets accounted for as financings; certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; and certain other assets and liabilities. These instruments are generally valued based on discounted cash flow techniques, which incorporate inputs with reasonable levels of price transparency, and are generally classified in level 2 because the inputs are observable. Valuation adjustments may be made for liquidity and for counterparty and the firm’s credit quality. The significant inputs used to value the firm’s other financial assets and liabilities are described below. Resale and Repurchase Agreements and Securities Borrowed and Loaned. The significant inputs to the valuation of resale and repurchase agreements and securities borrowed and loaned are funding spreads, the amount and timing of expected future cash flows and interest rates. Customer and Other Receivables. The significant inputs to the valuation of receivables are interest rates, the amount and timing of expected future cash flows and funding spreads. Deposits. The significant inputs to the valuation of time deposits are interest rates and the amount and timing of future cash flows. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 13 for further information about deposits. Other Secured Financings. The significant inputs to the valuation of other secured financings are the amount and timing of expected future cash flows, interest rates, funding spreads and the fair value of the collateral delivered by the firm (determined using the amount and timing of expected future cash flows, market prices, market yields and recovery assumptions). See Note 11 for further information about other secured financings. Unsecured Short- and Long-Term Borrowings. The significant inputs to the valuation of unsecured short- and long-term borrowings are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm and commodity prices for prepaid commodity transactions. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 14 for further information about borrowings. Other Assets and Liabilities. The significant inputs to the valuation of other assets and liabilities are the amount and timing of expected future cash flows, interest rates, market yields, volatility and correlation inputs. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives. Fair Value Hierarchy Financial assets and liabilities at fair value includes trading cash instruments, derivatives, and certain investments, loans and other financial assets and liabilities at fair value. Trading Cash Instruments Fair Value by Level. The table below presents trading cash instruments by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of March 2023 Assets Government and agency obligations: U.S. $ 80,692 $ 42,932 $ – $ 123,624 Non-U.S. 42,324 20,295 95 62,714 Loans and securities backed by: Commercial real estate – 1,527 84 1,611 Residential real estate – 9,490 94 9,584 Corporate debt instruments 336 33,191 1,010 34,537 State and municipal obligations – 143 12 155 Other debt obligations 70 3,403 149 3,622 Equity securities 113,634 2,078 111 115,823 Commodities – 5,602 3 5,605 Total $ 237,056 $ 118,661 $ 1,558 $ 357,275 Liabilities Government and agency obligations: U.S. $ (24,307) $ (7) $ (1) $ (24,315) Non-U.S. (38,896) (2,558) – (41,454) Loans and securities backed by: Commercial real estate – (29) – (29) Residential real estate – (1) (1) (2) Corporate debt instruments (65) (15,075) (38) (15,178) Other debt obligations – (20) – (20) Equity securities (60,446) (588) (5) (61,039) Commodities – (53) – (53) Total $ (123,714) $ (18,331) $ (45) $ (142,090) As of December 2022 Assets Government and agency obligations: U.S. $ 75,598 $ 31,783 $ – $ 107,381 Non-U.S. 22,794 15,238 67 38,099 Loans and securities backed by: Commercial real estate – 1,135 66 1,201 Residential real estate – 9,706 88 9,794 Corporate debt instruments 249 27,555 1,238 29,042 State and municipal obligations – 707 20 727 Other debt obligations 27 2,349 153 2,529 Equity securities 44,909 2,141 100 47,150 Commodities – 5,907 2 5,909 Total $ 143,577 $ 96,521 $ 1,734 $ 241,832 Liabilities Government and agency obligations: U.S. $ (23,339) $ (36) $ – $ (23,375) Non-U.S. (28,537) (2,172) – (30,709) Loans and securities backed by: Commercial real estate – (30) – (30) Residential real estate – (16) – (16) Corporate debt instruments (64) (14,217) (61) (14,342) Other debt obligations – (35) (2) (37) Equity securities (67,591) (488) (1) (68,080) Total $ (119,531) $ (16,994) $ (64) $ (136,589) Trading cash instruments consists of instruments held in connection with the firm’s market-making or risk management activities. These instruments are carried at fair value and the related fair value gains and losses are recognized in the consolidated statements of earnings. In the table above: • Assets are shown as positive amounts and liabilities are shown as negative amounts. • Corporate debt instruments includes corporate loans, debt securities, convertible debentures, prepaid commodity transactions and transfers of assets accounted for as secured loans rather than purchases. • Other debt obligations includes other asset-backed securities and money market instruments. • Equity securities includes public equities and exchange-traded funds. See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of trading cash instruments. Significant Unobservable Inputs. The table below presents the amount of level 3 assets, and ranges and weighted averages of significant unobservable inputs used to value level 3 trading cash instrument assets. As of March 2023 As of December 2022 $ in millions Amount or Range Weighted Average Amount or Range Weighted Average Loans and securities backed by real estate Level 3 assets $ 178 $ 154 Yield 3.5% to 43.5% 14.0 % 3.0% to 36.0% 14.2 % Recovery rate 35.8% to 76.0% 52.6 % 35.8% to 76.1% 54.7 % Cumulative loss rate N/A N/A 3.7% to 29.9% 10.4 % Duration (years) 0.8 to 13.2 4.1 0.9 to 12.3 4.6 Corporate debt instruments Level 3 assets $ 1,010 $ 1,238 Yield 3.2% to 39.0% 8.8 % 1.1% to 34.3% 6.9 % Recovery rate 3.0% to 85.0% 47.0 % 11.5% to 77.0% 48.0 % Duration (years) 0.2 to 18.8 3.9 0.3 to 20.3 4.5 Other Level 3 assets $ 370 $ 342 Yield 3.5% to 44.3% 9.4 % 2.8% to 47.8% 10.0 % Multiples 3.3x to 5.2x 4.5x 3.3x to 4.5x 4.3x Duration (years) 1.9 to 14.9 5.9 1.2 to 14.4 6.1 In the table above: • Other includes government and agency obligations, state and municipal obligations, other debt obligations, equity securities and commodities. • Ranges represent the significant unobservable inputs that were used in the valuation of each type of trading cash instrument. • Weighted averages are calculated by weighting each input by the relative fair value of the trading cash instruments. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one trading cash instrument. For example, the highest recovery rate for corporate debt instruments is appropriate for valuing a specific corporate debt instrument, but may not be appropriate for valuing any other corporate debt instrument. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 trading cash instruments. • Increases in yield, duration or cumulative loss rate used in the valuation of level 3 trading cash instruments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both March 2023 and December 2022. Due to the distinctive nature of each level 3 trading cash instrument, the interrelationship of inputs is not necessarily uniform within each product type. • Trading cash instruments are valued using discounted cash flows. • Cumulative loss rate was not significant to the valuation of level 3 loans and securities backed by real estate as of March 2023. Level 3 Rollforward. The table below presents a summary of the changes in fair value for level 3 trading cash instruments. Three Months $ in millions 2023 2022 Assets Beginning balance $ 1,734 $ 1,889 Net realized gains/(losses) 13 53 Net unrealized gains/(losses) 25 (1,485) Purchases 181 793 Sales (175) (267) Settlements (169) (96) Transfers into level 3 238 1,324 Transfers out of level 3 (289) (290) Ending balance $ 1,558 $ 1,921 Liabilities Beginning balance $ (64) $ (104) Net realized gains/(losses) 2 (1) Net unrealized gains/(losses) (9) 52 Purchases 46 130 Sales (28) (63) Settlements 13 2 Transfers into level 3 (11) (124) Transfers out of level 3 6 16 Ending balance $ (45) $ (92) In the table above: • Changes in fair value are presented for all trading cash instruments that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to trading cash instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a trading cash instrument was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 trading cash instrument assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 trading cash instrument liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • Level 3 trading cash instruments are frequently economically hedged with level 1 and level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1 or level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by product type, for assets included in the summary table above. Three Months $ in millions 2023 2022 Loans and securities backed by re |
Trading Assets and Liabilities
Trading Assets and Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Trading Assets and Liabilities [Abstract] | |
Trading Assets and Liabilities | Trading Assets and Liabilities Trading assets and liabilities include trading cash instruments and derivatives held in connection with the firm’s market-making or risk management activities. These assets and liabilities are carried at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are generally recognized in the consolidated statements of earnings. The table below presents a summary of trading assets and liabilities. Trading Trading $ in millions Assets Liabilities As of March 2023 Trading cash instruments $ 357,275 $ 142,090 Derivatives 50,120 52,042 Total $ 407,395 $ 194,132 As of December 2022 Trading cash instruments $ 241,832 $ 136,589 Derivatives 59,413 54,735 Total $ 301,245 $ 191,324 See Note 5 for further information about trading cash instruments and Note 7 for further information about derivatives. Gains and Losses from Market Making The table below presents market making revenues by major product type. Three Months $ in millions 2023 2022 Interest rates $ 2,382 $ (1,861) Credit 347 715 Currencies 363 4,154 Equities 1,478 2,053 Commodities 863 968 Total $ 5,433 $ 6,029 In the table above: • Gains/(losses) include both realized and unrealized gains and losses. Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense. • Gains/(losses) included in market making are primarily related to the firm’s trading assets and liabilities, including both derivative and non-derivative financial instruments. • Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s trading cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Derivative Activities Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. Derivatives may be traded on an exchange (exchange-traded) or they may be privately negotiated contracts, which are usually referred to as OTC derivatives. Certain of the firm’s OTC derivatives are cleared and settled through central clearing counterparties (OTC-cleared), while others are bilateral contracts between two counterparties (bilateral OTC). Market Making. As a market maker, the firm enters into derivative transactions to provide liquidity to clients and to facilitate the transfer and hedging of their risks. In this role, the firm typically acts as principal and is required to commit capital to provide execution, and maintains market-making positions in response to, or in anticipation of, client demand. Risk Management. The firm also enters into derivatives to actively manage risk exposures that arise from its market-making and investing and financing activities. The firm’s holdings and exposures are hedged, in many cases, on either a portfolio or risk-specific basis, as opposed to an instrument-by-instrument basis. The offsetting impact of this economic hedging is reflected in the same business segment as the related revenues. In addition, the firm may enter into derivatives designated as hedges under U.S. GAAP. These derivatives are used to manage interest rate exposure of certain fixed-rate unsecured borrowings and deposits and certain U.S. government securities classified as available-for-sale, foreign exchange risk of certain available-for-sale securities and the net investment in certain non-U.S. operations. The firm enters into various types of derivatives, including: • Futures and Forwards. Contracts that commit counterparties to purchase or sell financial instruments, commodities or currencies in the future. • Swaps. Contracts that require counterparties to exchange cash flows, such as currency or interest payment streams. The amounts exchanged are based on the specific terms of the contract with reference to specified rates, financial instruments, commodities, currencies or indices. • Options. Contracts in which the option purchaser has the right, but not the obligation, to purchase from or sell to the option writer financial instruments, commodities or currencies within a defined time period for a specified price. Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of setoff exists under an enforceable netting agreement (counterparty netting). Derivatives are accounted for at fair value, net of cash collateral received or posted under enforceable credit support agreements (cash collateral netting). Derivative assets are included in trading assets trading liabilities Realized and unrealized gains and losses The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated balance sheets, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP. As of March 2023 As of December 2022 $ in millions Derivative Derivative Derivative Derivative Not accounted for as hedges Exchange-traded $ 786 $ 1,465 $ 675 $ 1,385 OTC-cleared 74,363 72,647 74,297 72,979 Bilateral OTC 182,432 160,326 195,052 174,687 Total interest rates 257,581 234,438 270,024 249,051 OTC-cleared 1,879 2,163 1,516 1,802 Bilateral OTC 11,823 10,508 10,751 9,478 Total credit 13,702 12,671 12,267 11,280 Exchange-traded 490 17 1,041 22 OTC-cleared 443 432 520 589 Bilateral OTC 84,660 88,807 102,301 111,276 Total currencies 85,593 89,256 103,862 111,887 Exchange-traded 7,393 7,711 9,225 9,542 OTC-cleared 488 547 698 838 Bilateral OTC 18,973 16,131 30,017 22,745 Total commodities 26,854 24,389 39,940 33,125 Exchange-traded 26,442 29,690 26,302 26,607 OTC-cleared 37 42 685 19 Bilateral OTC 26,106 33,054 23,574 30,157 Total equities 52,585 62,786 50,561 56,783 Subtotal 436,315 423,540 476,654 462,126 Accounted for as hedges OTC-cleared – 1 – – Bilateral OTC 362 7 335 11 Total interest rates 362 8 335 11 OTC-cleared 13 52 29 29 Bilateral OTC 10 274 53 256 Total currencies 23 326 82 285 Subtotal 385 334 417 296 Total gross fair value $ 436,700 $ 423,874 $ 477,071 $ 462,422 Offset in the consolidated balance sheets Exchange-traded $ (28,553) $ (28,553) $ (31,229) $ (31,229) OTC-cleared (75,264) (75,264) (75,349) (75,349) Bilateral OTC (229,422) (229,422) (254,304) (254,304) Counterparty netting (333,239) (333,239) (360,882) (360,882) OTC-cleared (1,476) (336) (1,388) (406) Bilateral OTC (51,865) (38,257) (55,388) (46,399) Cash collateral netting (53,341) (38,593) (56,776) (46,805) Total amounts offset $ (386,580) $ (371,832) $ (417,658) $ (407,687) Included in the consolidated balance sheets Exchange-traded $ 6,558 $ 10,330 $ 6,014 $ 6,327 OTC-cleared 483 284 1,008 501 Bilateral OTC 43,079 41,428 52,391 47,907 Total $ 50,120 $ 52,042 $ 59,413 $ 54,735 Not offset in the consolidated balance sheets Cash collateral $ (164) $ (1,888) $ (298) $ (1,887) Securities collateral (14,182) (3,928) (15,229) (4,329) Total $ 35,774 $ 46,226 $ 43,886 $ 48,519 Notional Amounts as of March December $ in millions 2023 2022 Not accounted for as hedges Exchange-traded $ 4,526,836 $ 4,241,937 OTC-cleared 18,148,914 13,104,682 Bilateral OTC 12,193,042 11,137,127 Total interest rates 34,868,792 28,483,746 Exchange-traded 573 369 OTC-cleared 572,969 529,543 Bilateral OTC 699,801 577,542 Total credit 1,273,343 1,107,454 Exchange-traded 14,512 9,012 OTC-cleared 188,813 150,561 Bilateral OTC 6,481,803 5,304,069 Total currencies 6,685,128 5,463,642 Exchange-traded 367,057 341,526 OTC-cleared 3,155 3,188 Bilateral OTC 229,414 255,208 Total commodities 599,626 599,922 Exchange-traded 1,477,372 1,107,659 OTC-cleared 750 1,639 Bilateral OTC 1,108,062 1,026,736 Total equities 2,586,184 2,136,034 Subtotal 46,013,073 37,790,798 Accounted for as hedges OTC-cleared 237,712 257,739 Bilateral OTC 3,080 3,156 Total interest rates 240,792 260,895 OTC-cleared 1,557 2,048 Bilateral OTC 8,431 7,701 Total currencies 9,988 9,749 Subtotal 250,780 270,644 Total notional amounts $ 46,263,853 $ 38,061,442 In the tables above: • Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses. • Total gross fair value of derivatives included derivative assets of $7.94 billion as of March 2023 and $10.08 billion as of December 2022, a nd derivative liabilities of $13.71 billion as of March 2023 and $12.71 billion as of December 2022, which are not subject to an enforceable netting agreement or are subject to a netting agreement that the firm has not yet determined to be enforceable. OTC Derivatives The table below presents OTC derivative assets and liabilities by tenor and major product type. $ in millions Less than 1 - 5 Greater than 5 Years Total As of March 2023 Assets Interest rates $ 6,621 $ 15,909 $ 49,591 $ 72,121 Credit 1,047 2,492 2,545 6,084 Currencies 8,478 7,182 6,588 22,248 Commodities 6,379 3,897 2,063 12,339 Equities 5,470 3,713 1,552 10,735 Counterparty netting in tenors (2,873) (2,703) (3,771) (9,347) Subtotal $ 25,122 $ 30,490 $ 58,568 $ 114,180 Cross-tenor counterparty netting (17,277) Cash collateral netting (53,341) Total OTC derivative assets $ 43,562 Liabilities Interest rates $ 7,797 $ 19,635 $ 20,512 $ 47,944 Credit 892 2,788 1,373 5,053 Currencies 12,456 6,757 7,476 26,689 Commodities 3,913 4,123 1,519 9,555 Equities 6,320 8,396 2,972 17,688 Counterparty netting in tenors (2,873) (2,703) (3,771) (9,347) Subtotal $ 28,505 $ 38,996 $ 30,081 $ 97,582 Cross-tenor counterparty netting (17,277) Cash collateral netting (38,593) Total OTC derivative liabilities $ 41,712 As of December 2022 Assets Interest rates $ 5,509 $ 16,963 $ 53,943 $ 76,415 Credit 921 2,622 2,142 5,685 Currencies 12,284 7,819 7,085 27,188 Commodities 10,525 7,513 2,574 20,612 Equities 5,346 4,007 1,782 11,135 Counterparty netting in tenors (2,661) (3,942) (4,830) (11,433) Subtotal $ 31,924 $ 34,982 $ 62,696 $ 129,602 Cross-tenor counterparty netting (19,427) Cash collateral netting (56,776) Total OTC derivative assets $ 53,399 Liabilities Interest rates $ 9,351 $ 23,589 $ 21,467 $ 54,407 Credit 993 2,635 1,071 4,699 Currencies 18,987 8,736 8,712 36,435 Commodities 6,400 6,135 945 13,480 Equities 7,629 7,249 2,174 17,052 Counterparty netting in tenors (2,661) (3,942) (4,830) (11,433) Subtotal $ 40,699 $ 44,402 $ 29,539 $ 114,640 Cross-tenor counterparty netting (19,427) Cash collateral netting (46,805) Total OTC derivative liabilities $ 48,408 In the table above: • Tenor is based on remaining contractual maturity. • Counterparty netting within the same product type and tenor category is included within such product type and tenor category. • Counterparty netting across product types within the same tenor category is included in counterparty netting in tenors. Where the counterparty netting is across tenor categories, the netting is included in cross-tenor counterparty netting. See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of derivatives, and Note 5 for information about derivatives within the fair value hierarchy. Credit Derivatives The firm enters into a broad array of credit derivatives to facilitate client transactions and to manage the credit risk associated with market-making and investing and financing activities. Credit derivatives are actively managed based on the firm’s net risk position. Credit derivatives are generally individually negotiated contracts and can have various settlement and payment conventions. Credit events include failure to pay, bankruptcy, acceleration of indebtedness, restructuring, repudiation and dissolution of the reference entity. The firm enters into the following types of credit derivatives: • Credit Default Swaps. Single-name credit default swaps protect the buyer against the loss of principal on one or more bonds, loans or mortgages (reference obligations) in the event the issuer of the reference obligations suffers a credit event. The buyer of protection pays an initial or periodic premium to the seller and receives protection for the period of the contract. If there is no credit event, as defined in the contract, the seller of protection makes no payments to the buyer. If a credit event occurs, the seller of protection is required to make a payment to the buyer, calculated according to the terms of the contract. • Credit Options. In a credit option, the option writer assumes the obligation to purchase or sell a reference obligation at a specified price or credit spread. The option purchaser buys the right, but does not assume the obligation, to sell the reference obligation to, or purchase it from, the option writer. The payments on credit options depend either on a particular credit spread or the price of the reference obligation. • Credit Indices, Baskets and Tranches. Credit derivatives may reference a basket of single-name credit default swaps or a broad-based index. If a credit event occurs in one of the underlying reference obligations, the protection seller pays the protection buyer. The payment is typically a pro-rata portion of the transaction’s total notional amount based on the underlying defaulted reference obligation. In certain transactions, the credit risk of a basket or index is separated into various portions (tranches), each having different levels of subordination. The most junior tranches cover initial defaults and once losses exceed the notional amount of these junior tranches, any excess loss is covered by the next most senior tranche. • Total Return Swaps. A total return swap transfers the risks relating to economic performance of a reference obligation from the protection buyer to the protection seller. Typically, the protection buyer receives a floating rate of interest and protection against any reduction in fair value of the reference obligation, and the protection seller receives the cash flows associated with the reference obligation, plus any increase in the fair value of the reference obligation. The firm economically hedges its exposure to written credit derivatives primarily by entering into offsetting purchased credit derivatives with identical underliers. Substantially all of the firm’s purchased credit derivative transactions are with financial institutions and are subject to stringent collateral thresholds. In addition, upon the occurrence of a specified trigger event, the firm may take possession of the reference obligations underlying a particular written credit derivative, and consequently may, upon liquidation of the reference obligations, recover amounts on the underlying reference obligations in the event of default. As of March 2023, written credit derivatives had a total gross notional amount of $608.59 billion and purchased credit derivatives had a total gross notional amount of $664.76 billion, for total net notional purchased protection of $56.17 billion. As of December 2022, written credit derivatives had a total gross notional amount of $528.31 billion and purchased credit derivatives had a total gross notional amount of $579.14 billion, for total net notional purchased protection of $50.83 billion. The firm’s written and purchased credit derivatives primarily consist of credit default swaps. The table below presents information about credit derivatives. Credit Spread on Underlier (basis points) $ in millions 0 - 250 251 - 501 - Greater Total As of March 2023 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $ 137,418 $ 21,730 $ 1,135 $ 4,028 $ 164,311 1 - 5 years 316,727 24,826 11,672 9,306 362,531 Greater than 5 years 70,615 6,647 3,621 861 81,744 Total $ 524,760 $ 53,203 $ 16,428 $ 14,195 $ 608,586 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $ 435,885 $ 35,422 $ 14,239 $ 12,398 $ 497,944 Other $ 145,416 $ 16,493 $ 2,419 $ 2,485 $ 166,813 Fair Value of Written Credit Derivatives Asset $ 6,423 $ 559 $ 192 $ 106 $ 7,280 Liability 801 1,047 1,037 3,001 5,886 Net asset/(liability) $ 5,622 $ (488) $ (845) $ (2,895) $ 1,394 As of December 2022 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $ 108,703 $ 12,166 $ 1,879 $ 4,135 $ 126,883 1 - 5 years 306,484 28,188 13,724 9,092 357,488 Greater than 5 years 39,302 2,916 1,416 305 43,939 Total $ 454,489 $ 43,270 $ 17,019 $ 13,532 $ 528,310 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $ 372,360 $ 33,149 $ 14,817 $ 11,757 $ 432,083 Other $ 128,828 $ 13,211 $ 2,615 $ 2,407 $ 147,061 Fair Value of Written Credit Derivatives Asset $ 5,405 $ 460 $ 132 $ 84 $ 6,081 Liability 681 1,081 1,027 2,673 5,462 Net asset/(liability) $ 4,724 $ (621) $ (895) $ (2,589) $ 619 In the table above: • Fair values exclude the effects of both netting of receivable balances with payable balances under enforceable netting agreements, and netting of cash received or posted under enforceable credit support agreements, and therefore are not representative of the firm’s credit exposure. • Tenor is based on remaining contractual maturity. • The credit spread on the underlier, together with the tenor of the contract, are indicators of payment/performance risk. The firm is less likely to pay or otherwise be required to perform where the credit spread and the tenor are lower. • Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underliers. • Other purchased credit derivatives represent the notional amount of all other purchased credit derivatives not included in offsetting. Impact of Credit and Funding Spreads on Derivatives The firm realizes gains or losses on its derivative contracts. These gains or losses include credit valuation adjustments (CVA) relating to uncollateralized derivative assets and liabilities, which represent the gains or losses (including hedges) attributable to the impact of changes in credit exposure, counterparty credit spreads, liability funding spreads (which include the firm’s own credit), probability of default and assumed recovery. These gains or losses also include funding valuation adjustments (FVA) relating to uncollateralized derivative assets, which represent the gains or losses (including hedges) attributable to the impact of changes in expected funding exposures and funding spreads. The table below presents information about CVA and FVA. Three Months $ in millions 2023 2022 CVA, net of hedges $ (99) $ 83 FVA, net of hedges 14 (269) Total $ (85) $ (186) Bifurcated Embedded Derivatives The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings. As of March December $ in millions 2023 2022 Fair value of assets $ 334 $ 288 Fair value of liabilities (236) (392) Net asset/(liability) $ 98 $ (104) Notional amount $ 7,905 $ 8,892 In the table above, derivatives that have been bifurcated from their related borrowings are recorded at fair value and primarily consist of interest rate, equity and commodity products. These derivatives are included in unsecured short- and long-term borrowings, as well as other secured financings, with the related borrowings. Derivatives with Credit-Related Contingent Features Certain of the firm’s derivatives have been transacted under bilateral agreements with counterparties who may require the firm to post collateral or terminate the transactions based on changes in the firm’s credit ratings. The firm assesses the impact of these bilateral agreements by determining the collateral or termination payments that would occur assuming a downgrade by all rating agencies. A downgrade by any one rating agency, depending on the agency’s relative ratings of the firm at the time of the downgrade, may have an impact which is comparable to the impact of a downgrade by all rating agencies. The table below presents information about net derivative liabilities under bilateral agreements (excluding collateral posted), the fair value of collateral posted and additional collateral or termination payments that could have been called by counterparties in the event of a one- or two-notch downgrade in the firm’s credit ratings. As of March December $ in millions 2023 2022 Net derivative liabilities under bilateral agreements $ 25,842 $ 33,059 Collateral posted $ 20,844 $ 27,657 Additional collateral or termination payments: One-notch downgrade $ 315 $ 343 Two-notch downgrade $ 1,075 $ 1,115 Hedge Accounting The firm applies hedge accounting for (i) interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long- and short-term borrowings, certain fixed-rate certificates of deposit and certain U.S. government securities classified as available-for-sale, (ii) foreign currency forward contracts used to manage the foreign exchange risk of certain securities classified as available-for-sale and (iii) foreign currency forward contracts and foreign currency-denominated debt used to manage foreign exchange risk on the firm’s net investment in certain non-U.S. operations. To qualify for hedge accounting, the hedging instrument must be highly effective at reducing the risk from the exposure being hedged. Additionally, the firm must formally document the hedging relationship at inception and assess the hedging relationship at least on a quarterly basis to ensure the hedging instrument continues to be highly effective over the life of the hedging relationship. Fair Value Hedges The firm designates interest rate swaps as fair value hedges of certain fixed-rate unsecured long- and short-term debt and fixed-rate certificates of deposit and, beginning in the second quarter of 2022, of certain U.S. government securities classified as available-for-sale. These interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate (e.g., London Interbank Offered Rate (LIBOR), Secured Overnight Financing Rate (SOFR) or Overnight Index Swap Rate), effectively converting a substantial portion of these fixed-rate financial instruments into floating-rate financial instruments. The firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of these hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged (i.e., interest rate risk). An interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% or greater and a slope between 80% and 125%. For qualifying interest rate fair value hedges, gains or losses on derivatives are included in interest income/expense. The change in fair value of the hedged items attributable to the risk being hedged is reported as an adjustment to its carrying value (hedging adjustment) and is also included in interest income/expense. When a derivative is no longer designated as a hedge, any remaining difference between the carrying value and par value of the hedged item is amortized in interest income/expense over the remaining life of the hedged item using the effective interest method. See Note 23 for further information about interest income and interest expense. The table below presents the gains/(losses) from interest rate derivatives accounted for as hedges and the related hedged items. Three Months $ in millions 2023 2022 Investments Interest rate hedges $ (90) $ – Hedged investments 86 – Gains/(losses) $ (4) $ – Borrowings and deposits Interest rate hedges $ 2,712 $ (8,742) Hedged borrowings and deposits (2,847) 8,695 Gains/(losses) $ (135) $ (47) The table below presents the carrying value of investments, deposits and unsecured borrowings that are designated in an interest rate hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values. $ in millions Carrying Cumulative As of March 2023 Assets Investments $ 11,443 $ (224) Liabilities Deposits $ 5,143 $ (210) Unsecured short-term borrowings $ 8,926 $ (195) Unsecured long-term borrowings $ 140,374 $ (12,155) As of December 2022 Assets Investments $ 10,804 $ (350) Liabilities Deposits $ 6,311 $ (280) Unsecured short-term borrowings $ 7,295 $ (47) Unsecured long-term borrowings $ 151,215 $ (15,134) In the table above: • Cumulative hedging adjustment included $4.96 billion as of March 2023 and $5.09 billion as of December 2022 of hedging adjustments from prior hedging relationships that were de-designated and substantially all were related to unsecured long-term borrowings. • The amortized cost of investments was $12.17 billion as of March 2023 and $11.49 billion as of December 2022. In addition, cumulative hedging adjustments for items no longer designated in a hedging relationship were $41 million as of March 2023 and $111 million as of December 2022 and were primarily related to unsecured long-term borrowings. The firm designates foreign currency forward contracts as fair value hedges of the foreign exchange risk of non-U.S. government securities classified as available-for-sale. See Note 8 for information about the amortized cost and fair value of such securities. The effectiveness of such hedges is assessed based on changes in spot rates. The gains/(losses) on the hedges (relating to both spot and forward points) and the foreign exchange gains/(losses) on the related available-for-sale securities are included in market making and were not material for both the three months ended March 2023 and March 2022. Net Investment Hedges The firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investments in certain non-U.S. operations through the use of foreign currency forward contracts and foreign currency-denominated debt. For foreign currency forward contracts designated as hedges, the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts (i.e., based on changes in forward rates). For foreign currency-denominated debt designated as a hedge, the effectiveness of the hedge is assessed based on changes in spot rates. For qualifying net investment hedges, all gains or losses on the hedging instruments are included in currency translation. The table below presents the gains/(losses) from net investment hedging. Three Months $ in millions 2023 2022 Hedges: Foreign currency forward contract $ (117) $ 109 Foreign currency-denominated debt $ (231) $ 168 Gains or losses on individual net investments in non-U.S. operations are reclassified from accumulated other comprehensive income/(loss) to other principal transactions in the consolidated statements of earnings when such net investments are sold or substantially liquidated. The gross and net gains and losses on hedges and the related net investments in non-U.S. operations reclassified to earnings from accumulated other comprehensive income/(loss) were not material for both the three months ended March 2023 and March 2022. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Fair Value Disclosure [Abstract] | |
Investments | Investments Investments includes debt instruments and equity securities that are accounted for at fair value and are generally held by the firm in connection with its long-term investing activities. In addition, investments includes debt securities classified as available-for-sale and held-to-maturity that are generally held in connection with the firm’s asset-liability management activities. Investments also consists of equity securities that are accounted for under the equity method. The table below presents information about investments. As of March December $ in millions 2023 2022 Equity securities, at fair value $ 14,599 $ 14,892 Debt instruments, at fair value 14,007 14,075 Available-for-sale securities, at fair value 48,635 49,234 Investments, at fair value 77,241 78,201 Held-to-maturity securities 53,809 51,662 Equity method investments 740 766 Total investments $ 131,790 $ 130,629 See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of investments, and Note 5 for information about investments within the fair value hierarchy. Equity Securities and Debt Instruments, at Fair Value Equity securities and debt instruments, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are recognized in the consolidated statements of earnings. Equity Securities, at Fair Value. Equity securities, at fair value consists of the firm’s public and private equity investments in corporate and real estate entities. The table below presents information about equity securities, at fair value. As of March December $ in millions 2023 2022 Equity securities, at fair value $ 14,599 $ 14,892 Equity Type Public equity 13 % 13 % Private equity 87 % 87 % Total 100 % 100 % Asset Class Corporate 72 % 71 % Real estate 28 % 29 % Total 100 % 100 % In the table above: • Equity securities, at fair value included investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $5.13 billion as of March 2023 and $5.35 billion as of December 2022. Gains/(losses) recognized as a result of changes in the fair value of equity securities for which the fair value option was elected were $(105) million for the three months ended March 2023 and $(187) million for the three months ended March 2022. These gains/(losses) are included in other principal transactions. • Equity securities, at fair value included $1.28 billion as of March 2023 and $1.30 billion as of December 2022 of investments in funds that are measured at NAV. Debt Instruments, at Fair Value. Debt instruments, at fair value primarily includes mezzanine, senior and distressed debt. The table below presents information about debt instruments, at fair value. As of March December $ in millions 2023 2022 Corporate debt securities $ 10,041 $ 10,098 Securities backed by real estate 1,020 1,003 Money market instruments 874 1,005 Other 2,072 1,969 Total $ 14,007 $ 14,075 In the table above: • Substantially all of the firm's money market instruments consist of time deposits. • Other included $1.74 billion as of March 2023 and $1.64 billion as of December 2022 of investments in credit funds that are measured at NAV. Investments in Funds at Net Asset Value Per Share. Equity securities and debt instruments, at fair value include investments in funds that are measured at NAV of the investment fund. The firm uses NAV to measure the fair value of fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value. Substantially all of the firm’s investments in funds at NAV consist of investments in firm-sponsored private equity, credit, real estate and hedge funds where the firm co-invests with third-party investors. Private equity funds primarily invest in a broad range of industries worldwide, including leveraged buyouts, recapitalizations, growth investments and distressed investments. Credit funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for leveraged and management buyout transactions, recapitalizations, financings, refinancings, acquisitions and restructurings for private equity firms, private family companies and corporate issuers. Real estate funds invest globally, primarily in real estate companies, loan portfolios, debt recapitalizations and property. Private equity, credit and real estate funds are closed-end funds in which the firm’s investments are generally not eligible for redemption. Distributions will be received from these funds as the underlying assets are liquidated or distributed, the timing of which is uncertain. The firm also invests in hedge funds, primarily multi-disciplinary hedge funds that employ a fundamental bottom-up investment approach across various asset classes and strategies. The firm’s investments in hedge funds primarily include interests where the underlying assets are illiquid in nature, and proceeds from redemptions will not be received until the underlying assets are liquidated or distributed, the timing of which is uncertain. The firm's investments in funds at NAV includes investments in “covered funds” as defined in the Volcker Rule of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). To achieve conformance with the covered fund provisions of the Volcker Rule by July 2022, the firm restructured certain legacy “illiquid funds” (as defined by the Volcker Rule) to be non-covered funds as liquidating trusts. However, based on recent interpretations of the covered fund provisions of the Volcker Rule, the firm was required to seek an additional extension from the Board of Governors of the Federal Reserve System (FRB) to bring these funds into conformance. The FRB granted the firm an additional extension to July 2023. If the firm does not conform such funds by July 2023, the firm will be required to sell such interests. If that occurs, the firm may receive a value for its interests that is less than the then carrying value as there could be a limited secondary market for these investments and the firm may be unable to sell them in orderly transactions. As of March 2023, the amount by which the firm’s investment in such funds would need to be reduced in order to achieve conformance was approximately $100 million (net of the firm’s pro rata share of cash in the funds). The table below presents the fair value of investments in funds at NAV and the related unfunded commitments. $ in millions Fair Value of Investments Unfunded Commitments As of March 2023 Private equity funds $ 818 $ 618 Credit funds 1,742 293 Hedge funds 65 – Real estate funds 395 138 Total $ 3,020 $ 1,049 As of December 2022 Private equity funds $ 815 $ 647 Credit funds 1,645 303 Hedge funds 68 – Real estate funds 413 138 Total $ 2,941 $ 1,088 Available-for-Sale Securities Available-for-sale securities are accounted for at fair value, and the related unrealized fair value gains and losses are included in accumulated other comprehensive income/(loss) unless designated in a fair value hedging relationship. See Note 7 for information about available-for-sale securities that are designated in a hedging relationship. The table below presents information about available-for-sale securities by tenor. $ in millions Amortized Cost Fair Value Weighted Average Yield As of March 2023 Less than 1 year $ 14,698 $ 14,267 0.38 % 1 year to 5 years 33,650 31,586 0.80 % 5 years to 10 years 547 504 1.86 % Total U.S. government obligations 48,895 46,357 0.68 % 1 year to 5 years 1,590 1,351 0.10 % 5 years to 10 years 1,096 927 0.84 % Total non-U.S. government obligations 2,686 2,278 0.40 % Total available-for-sale securities $ 51,581 $ 48,635 0.67 % As of December 2022 Less than 1 year $ 8,103 $ 7,861 0.37 % 1 year to 5 years 41,479 38,706 0.74 % 5 years to 10 years 538 488 1.86 % Total U.S. government obligations 50,120 47,055 0.69 % 1 year to 5 years 10 10 0.27 % 5 years to 10 years 2,616 2,169 0.40 % Total non-U.S. government obligations 2,626 2,179 0.40 % Total available-for-sale securities $ 52,746 $ 49,234 0.68 % In the table above: • Available-for-sale securities were classified in level 1 of the fair value hierarchy as of both March 2023 and December 2022. • The weighted average yield for available-for-sale securities is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the fair value of each security. • The gross unrealized gains included in accumulated other comprehensive income/(loss) were not material and the gross unrealized losses included in accumulated other comprehensive income/(loss) were $2.95 billion as of March 2023 and primarily related to U.S. government obligations in a continuous unrealized loss position for more than a year. The gross unrealized gains included in accumulated other comprehensive income/(loss) were not material and the gross unrealized losses included in accumulated other comprehensive income/(loss) were $3.52 billion as of December 2022 and primarily related to U.S. government obligations in a continuous unrealized loss position for more than a year. Net unrealized gains/(losses) included in other comprehensive income/(loss) were $566 million ($427 million, net of tax) for the three months ended March 2023 and $(1.80) billion ($(1.35) billion, net of tax) for the three months ended March 2022. • If the fair value of available-for-sale securities is less than amortized cost, such securities are considered impaired. If the firm has the intent to sell the debt security, or if it is more likely than not that the firm will be required to sell the debt security before recovery of its amortized cost, the difference between the amortized cost (net of allowance, if any) and the fair value of the securities is recognized as an impairment loss in earnings. The firm did not record any such impairment losses during either the three months ended March 2023 or March 2022. Impaired available-for-sale debt securities that the firm has the intent and ability to hold are reviewed to determine if an allowance for credit losses should be recorded. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings and severity of the unrealized losses. The firm did not record any provision for credit losses on such securities during either the three months ended March 2023 or March 2022. The table below presents gross realized gains and the proceeds from the sales of available-for-sale securities. Three Months $ in millions 2023 2022 Gross realized gains $ 6 $ – Gross realized losses – – Gains/(losses) $ 6 $ – Proceeds from sales $ 2,452 $ 1 In the table above, the specific identification method is used to determine realized gains on available-for-sale securities. Such amounts were reclassified from accumulated other comprehensive income/(loss) to other principal transactions in the consolidated statements of earnings. Held-to-Maturity Securities Held-to-maturity securities are accounted for at amortized cost. The table below presents information about held-to-maturity securities by type and tenor. $ in millions Amortized Cost Fair Value Weighted Average Yield As of March 2023 Less than 1 year $ 6,685 $ 6,572 2.39 % 1 year to 5 years 45,452 44,710 3.15 % 5 years to 10 years 1,433 1,400 3.19 % Total U.S. government obligations 53,570 52,682 3.06 % 5 years to 10 years 3 2 6.60 % Greater than 10 years 236 234 3.15 % Total securities backed by real estate 239 236 3.21 % Total held-to-maturity securities $ 53,809 $ 52,918 3.06 % As of December 2022 Less than 1 year $ 5,319 $ 5,282 2.98 % 1 year to 5 years 45,154 43,852 3.00 % 5 years to 10 years 1,026 966 2.89 % Total U.S. government obligations 51,499 50,100 2.99 % 5 years to 10 years 2 2 5.63 % Greater than 10 years 161 158 3.18 % Total securities backed by real estate 163 160 3.24 % Total held-to-maturity securities $ 51,662 $ 50,260 2.99 % In the table above: • Substantially all of the securities backed by real estate consist of securities backed by residential real estate. • As these securities are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these securities been included in the firm’s fair value hierarchy, U.S. government obligations would have been classified in level 1 and securities backed by real estate would have been primarily classified in level 2 of the fair value hierarchy as of both March 2023 and December 2022. • The weighted average yield for held-to-maturity securities is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the amortized cost of each security. • The gross unrealized gains were $154 million as of March 2023 and were not material as of December 2022. The gross unrealized losses were $1.05 billion as of March 2023 and $1.44 billion as of December 2022. • Held-to-maturity securities are reviewed to determine if an allowance for credit losses should be recorded in the consolidated statements of earnings. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings, historical credit losses and sovereign guarantees. Provision for credit losses on such securities was not material during either the three months ended March 2023 or March 2022. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loans | Loans Loans includes (i) loans held for investment that are accounted for at amortized cost net of allowance for loan losses or at fair value under the fair value option and (ii) loans held for sale that are accounted for at the lower of cost or fair value. Interest on loans is recognized over the life of the loan and is recorded on an accrual basis. The table below presents information about loans. $ in millions Amortized Fair Value Held For Sale Total As of March 2023 Loan Type Corporate $ 37,206 $ 1,040 $ 1,612 $ 39,858 Commercial real estate 26,447 999 1,244 28,690 Residential real estate 18,099 4,389 2 22,490 Securities-based 15,934 – – 15,934 Other collateralized 51,879 778 210 52,867 Consumer: Installment 3,280 – 2,489 5,769 Credit cards 15,563 – – 15,563 Other 1,328 300 307 1,935 Total loans, gross 169,736 7,506 5,864 183,106 Allowance for loan losses (5,032) – – (5,032) Total loans $ 164,704 $ 7,506 $ 5,864 $ 178,074 As of December 2022 Loan Type Corporate $ 36,822 $ 996 $ 2,317 $ 40,135 Commercial real estate 26,222 1,146 1,511 28,879 Residential real estate 18,523 4,511 1 23,035 Securities-based 16,671 – – 16,671 Other collateralized 50,473 716 513 51,702 Consumer: Installment 6,326 – – 6,326 Credit cards 15,820 – – 15,820 Other 1,723 286 252 2,261 Total loans, gross 172,580 7,655 4,594 184,829 Allowance for loan losses (5,543) – – (5,543) Total loans $ 167,037 $ 7,655 $ 4,594 $ 179,286 In the table above: • Loans held for investment that are accounted for at amortized cost include net deferred fees and costs, and unamortized premiums and discounts, which are amortized over the life of the loan. These amounts were less than 1% of loans accounted for at amortized cost as of both March 2023 and December 2022. • During the first quarter of 2023, the firm sold $1.0 billion of Marcus loans and transferred the remaining $2.88 billion of the Marcus loans portfolio to held for sale. As a result, the firm incurred a loss of approximately $470 million in net revenues, which was largely offset by a related reserve reduction of approximately $440 million in provision for credit losses. • Substantially all loans had floating interest rates as of both March 2023 and December 2022. The following is a description of the loan types in the table above: • Corporate. Corporate loans includes term loans, revolving lines of credit, letter of credit facilities and bridge loans, and are principally used for operating and general corporate purposes, or in connection with acquisitions. Corporate loans are secured (typically by a senior lien on the assets of the borrower) or unsecured, depending on the loan purpose, the risk profile of the borrower and other factors. • Commercial Real Estate. Commercial real estate loans includes originated loans that are directly or indirectly secured by hotels, retail stores, multifamily housing complexes and commercial and industrial properties. Commercial real estate loans also includes loans extended to clients who warehouse assets that are directly or indirectly backed by commercial real estate. In addition, commercial real estate includes loans purchased by the firm. • Residential Real Estate. Residential real estate loans primarily includes loans extended to wealth management clients and to clients who warehouse assets that are directly or indirectly secured by residential real estate. In addition, residential real estate includes loans purchased by the firm. • Securities-Based. Securities-based loans includes loans that are secured by stocks, bonds, mutual funds, and exchange-traded funds. These loans are primarily extended to the firm's wealth management clients and used for purposes other than purchasing, carrying or trading margin stocks. Securities-based loans require borrowers to post additional collateral based on changes in the underlying collateral's fair value. • Other Collateralized. Other collateralized loans includes loans that are backed by specific collateral (other than securities and real estate). Such loans are extended to clients who warehouse assets that are directly or indirectly secured by corporate loans, consumer loans and other assets. Other collateralized loans also includes loans to investment funds (managed by third parties) that are collateralized by capital commitments of the funds' investors or assets held by the fund, as well as other secured loans extended to the firm's wealth management clients. • Installment. Installment loans are unsecured loans originated by the firm. • Credit Cards. Credit card loans are loans made pursuant to revolving lines of credit issued to consumers by the firm. • Other. Other loans includes unsecured loans extended to wealth management clients and unsecured consumer and credit card loans purchased by the firm. See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of loans, and Note 5 for information about loans within the fair value hierarchy. Credit Quality Risk Assessment. The firm’s risk assessment process includes evaluating the credit quality of its loans by the firm’s independent risk oversight and control function. For corporate loans and a majority of securities-based, real estate, other collateralized and other loans, the firm performs credit analyses which incorporate initial and ongoing evaluations of the capacity and willingness of a borrower to meet its financial obligations. These credit evaluations are performed on an annual basis or more frequently if deemed necessary as a result of events or changes in circumstances. The firm determines an internal credit rating for the borrower by considering the results of the credit evaluations and assumptions with respect to the nature of and outlook for the borrower’s industry and the economic environment. Beginning in the first quarter of 2023, the firm also takes into consideration collateral received or other credit support arrangements when determining an internal credit rating on collateralized loans, as management believes that this methodology better reflects the credit quality of the underlying loans. In the table below, prior period amounts have been conformed to reflect the current methodology. The impact to December 2022 was an increase in loans classified as investment-grade and a decrease in loans classified as non-investment-grade of $25.0 billion in real estate (warehouse loans) and other collateralized loans. For consumer loans and for loans that are not assigned an internal credit rating, the firm reviews certain key metrics, including, but not limited to, the Fair Isaac Corporation (FICO) credit scores, delinquency status, collateral value and other risk factors. The table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans. $ in millions Investment-Grade Non-Investment- Grade Other Metrics/Unrated Total As of March 2023 Accounting Method Amortized cost $ 88,707 $ 56,412 $ 24,617 $ 169,736 Fair value 2,242 2,745 2,519 7,506 Held for sale 299 2,996 2,569 5,864 Total $ 91,248 $ 62,153 $ 29,705 $ 183,106 Loan Type Corporate $ 10,241 $ 29,617 $ – $ 39,858 Real estate: Commercial 12,251 16,312 127 28,690 Residential 11,200 6,466 4,824 22,490 Securities-based 12,276 679 2,979 15,934 Other collateralized 44,536 8,196 135 52,867 Consumer: Installment – – 5,769 5,769 Credit cards – – 15,563 15,563 Other 744 883 308 1,935 Total $ 91,248 $ 62,153 $ 29,705 $ 183,106 Secured 90 % 91 % 27 % 80 % Unsecured 10 % 9 % 73 % 20 % Total 100 % 100 % 100 % 100 % As of December 2022 Accounting Method Amortized cost $ 88,497 $ 55,122 $ 28,961 $ 172,580 Fair value 2,116 2,968 2,571 7,655 Held for sale 557 3,991 46 4,594 Total $ 91,170 $ 62,081 $ 31,578 $ 184,829 Loan Type Corporate $ 10,200 $ 29,935 $ – $ 40,135 Real estate: Commercial 11,922 16,822 135 28,879 Residential 11,994 5,670 5,371 23,035 Securities-based 12,901 764 3,006 16,671 Other collateralized 43,093 8,291 318 51,702 Consumer: Installment – – 6,326 6,326 Credit cards – – 15,820 15,820 Other 1,060 599 602 2,261 Total $ 91,170 $ 62,081 $ 31,578 $ 184,829 Secured 89 % 90 % 27 % 79 % Unsecured 11 % 10 % 73 % 21 % Total 100 % 100 % 100 % 100 % In the table above: • Substantially all residential real estate, securities-based, other collateralized and other loans included in the other metrics/unrated category consists of loans where the firm uses other key metrics to assess the borrower’s credit quality, such as loan-to-value ratio, delinquency status, collateral value, expected cash flows, FICO credit score (which measures a borrower’s creditworthiness by considering factors such as payment and credit history) and other risk factors. • For installment and credit card loans included in the other metrics/unrated category, the evaluation of credit quality incorporates the borrower’s FICO credit score. FICO credit scores are periodically refreshed by the firm to assess the updated creditworthiness of the borrower. See “Vintage” below for information about installment and credit card loans by FICO credit scores. The firm also assigns a regulatory risk rating to its loans based on the definitions provided by the U.S. federal bank regulatory agencies. Total loans included 91% of loans as of March 2023 and 93% of loans as of December 2022 that were rated pass/non-criticized. Vintage. The tables below present gross loans accounted for at amortized cost (excluding installment and credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans. As of March 2023 $ in millions Investment- Non-Investment- Other Metrics/ Total 2023 $ 280 $ 301 $ – $ 581 2022 2,543 3,681 – 6,224 2021 1,485 4,210 – 5,695 2020 518 2,558 – 3,076 2019 192 2,695 – 2,887 2018 or earlier 440 4,049 – 4,489 Revolving 4,593 9,661 – 14,254 Corporate 10,051 27,155 – 37,206 2023 91 62 – 153 2022 861 3,819 55 4,735 2021 923 3,532 – 4,455 2020 422 1,555 – 1,977 2019 339 1,409 – 1,748 2018 or earlier 1,350 1,088 11 2,449 Revolving 7,915 3,015 – 10,930 Commercial real estate 11,901 14,480 66 26,447 2023 219 115 133 467 2022 1,499 1,043 1,101 3,643 2021 986 1,341 1,169 3,496 2020 6 30 63 99 2019 7 36 61 104 2018 or earlier 21 244 64 329 Revolving 7,407 2,554 – 9,961 Residential real estate 10,145 5,363 2,591 18,099 2022 5 – – 5 2019 8 – – 8 2018 or earlier 275 22 – 297 Revolving 11,988 657 2,979 15,624 Securities-based 12,276 679 2,979 15,934 2023 1,406 364 – 1,770 2022 4,160 794 48 5,002 2021 3,291 1,058 32 4,381 2020 1,867 374 35 2,276 2019 481 57 11 549 2018 or earlier 762 236 7 1,005 Revolving 31,667 5,229 – 36,896 Other collateralized 43,634 8,112 133 51,879 2023 11 20 – 31 2022 17 96 – 113 2021 17 160 – 177 2020 – 270 – 270 2019 – 8 – 8 2018 or earlier – – 5 5 Revolving 655 69 – 724 Other 700 623 5 1,328 Total $ 88,707 $ 56,412 $ 5,774 $ 150,893 Percentage of total 59 % 37 % 4 % 100 % As of December 2022 $ in millions Investment- Non-Investment- Other Metrics/ Total 2022 $ 2,607 $ 4,042 $ 2 $ 6,651 2021 1,669 4,273 – 5,942 2020 684 2,595 – 3,279 2019 209 2,779 – 2,988 2018 759 1,911 – 2,670 2017 or earlier 508 2,329 – 2,837 Revolving 3,709 8,746 – 12,455 Corporate 10,145 26,675 2 36,822 2022 805 3,900 2 4,707 2021 771 3,460 – 4,231 2020 407 1,740 – 2,147 2019 480 1,267 – 1,747 2018 212 469 – 681 2017 or earlier 1,238 797 11 2,046 Revolving 7,660 3,003 – 10,663 Commercial real estate 11,573 14,636 13 26,222 2022 1,493 833 1,307 3,633 2021 1,263 888 1,357 3,508 2020 8 6 89 103 2019 7 – 99 106 2018 10 50 138 198 2017 or earlier 31 10 142 183 Revolving 8,065 2,727 – 10,792 Residential real estate 10,877 4,514 3,132 18,523 2022 5 – – 5 2018 1 – – 1 2017 or earlier – 291 – 291 Revolving 12,895 473 3,006 16,374 Securities-based 12,901 764 3,006 16,671 2022 4,556 751 113 5,420 2021 3,339 1,098 146 4,583 2020 1,871 701 36 2,608 2019 523 79 12 614 2018 545 108 6 659 2017 or earlier 487 108 – 595 Revolving 30,669 5,323 2 35,994 Other collateralized 41,990 8,168 315 50,473 2022 44 105 – 149 2021 17 162 – 179 2020 – 29 262 291 2019 – 10 – 10 2017 or earlier – – 5 5 Revolving 950 59 80 1,089 Other 1,011 365 347 1,723 Total $ 88,497 $ 55,122 $ 6,815 $ 150,434 Percentage of total 59 % 37 % 4 % 100 % In the tables above, revolving loans which converted to term loans were $485 million as of March 2023 and $725 million as of December 2022, and primarily included other collateralized loans. The table below presents gross installment loans by refreshed FICO credit scores and origination year and gross credit card loans by refreshed FICO credit scores. $ in millions Greater than or Less than 660 Total As of March 2023 2023 $ 1,037 $ 48 $ 1,085 2022 1,995 155 2,150 2021 19 15 34 2020 2 3 5 2019 1 3 4 2018 or earlier – 2 2 Installment 3,054 226 3,280 Credit cards 10,290 5,273 15,563 Total $ 13,344 $ 5,499 $ 18,843 Percentage of total: Installment 93 % 7 % 100 % Credit cards 66 % 34 % 100 % Total 71 % 29 % 100 % As of December 2022 2022 $ 4,349 $ 242 $ 4,591 2021 1,080 109 1,189 2020 251 23 274 2019 160 23 183 2018 70 13 83 2017 or earlier 5 1 6 Installment 5,915 411 6,326 Credit cards 10,762 5,058 15,820 Total $ 16,677 $ 5,469 $ 22,146 Percentage of total: Installment 94 % 6 % 100 % Credit cards 68 % 32 % 100 % Total 75 % 25 % 100 % In the table above, credit card loans consist of revolving lines of credit. Credit Concentrations. The table below presents the concentration of gross loans by region. $ in millions Carrying Americas EMEA Asia Total As of March 2023 Corporate $ 39,858 61 % 30 % 9 % 100 % Commercial real estate 28,690 79 % 16 % 5 % 100 % Residential real estate 22,490 95 % 4 % 1 % 100 % Securities-based 15,934 83 % 16 % 1 % 100 % Other collateralized 52,867 86 % 12 % 2 % 100 % Consumer: Installment 5,769 100 % – – 100 % Credit cards 15,563 100 % – – 100 % Other 1,935 90 % 10 % – 100 % Total $ 183,106 82 % 15 % 3 % 100 % As of December 2022 Corporate $ 40,135 57 % 34 % 9 % 100 % Commercial real estate 28,879 79 % 16 % 5 % 100 % Residential real estate 23,035 96 % 3 % 1 % 100 % Securities-based 16,671 83 % 15 % 2 % 100 % Other collateralized 51,702 86 % 12 % 2 % 100 % Consumer: Installment 6,326 100 % – – 100 % Credit cards 15,820 100 % – – 100 % Other 2,261 89 % 11 % – 100 % Total $ 184,829 81 % 15 % 4 % 100 % In the table above: • EMEA represents Europe, Middle East and Africa. • The top five industry concentrations for corporate loans as of March 2023 were 26% for technology, media & telecommunications, 18% for diversified industrials, 12% for real estate, 11% for healthcare and 10% for consumer & retail. • The top five industry concentrations for corporate loans as of December 2022 were 26% for technology, media & telecommunications, 18% for diversified industrials, 11% for real estate, 10% for healthcare and 10% for consumer & retail. Nonaccrual, Past Due and Modified Loans. Loans accounted for at amortized cost (other than credit card loans) are placed on nonaccrual status when it is probable that the firm will not collect all principal and interest due under the contractual terms, regardless of the delinquency status or if a loan is past due for 90 days or more, unless the loan is both well collateralized and in the process of collection. At that time, all accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis to the extent the loan balance is deemed collectible. Otherwise, all cash received is used to reduce the outstanding loan balance. A loan is considered past due when a principal or interest payment has not been made according to its contractual terms. Credit card loans are not placed on nonaccrual status and accrue interest until the loan is paid in full or is charged off. The table below presents information about past due loans. $ in millions 30-89 days 90 days Total As of March 2023 Corporate $ – $ 58 $ 58 Commercial real estate 66 432 498 Residential real estate 2 6 8 Securities-based 22 – 22 Other collateralized 92 6 98 Consumer: Installment 54 19 73 Credit cards 295 308 603 Other 16 5 21 Total $ 547 $ 834 $ 1,381 Total divided by gross loans at amortized cost 0.8 % As of December 2022 Corporate $ – $ 92 $ 92 Commercial real estate 47 362 409 Residential real estate 4 6 10 Securities-based 1 – 1 Other collateralized 10 5 15 Consumer: Installment 46 17 63 Credit cards 291 265 556 Other 17 5 22 Total $ 416 $ 752 $ 1,168 Total divided by gross loans at amortized cost 0.7 % The table below presents information about nonaccrual loans. As of March December $ in millions 2023 2022 Corporate $ 1,738 $ 1,432 Commercial real estate 1,575 1,079 Residential real estate 66 93 Other collateralized 107 65 Other 26 – Installment 21 41 Total $ 3,533 $ 2,710 Total divided by gross loans at amortized cost 2.1 % 1.6 % In the table above: • Nonaccrual loans included $605 million as of March 2023 and $483 million as of December 2022 of loans that were 30 days or more past due. • Loans that were 90 days or more past due and still accruing were not material as of both March 2023 and December 2022. • Allowance for loan losses as a percentage of total nonaccrual loans was 142.4% as of March 2023 and 204.5% as of December 2022. In certain circumstances, the firm may modify the original terms of a loan agreement by granting a concession to a borrower experiencing financial difficulty, typically in the form of a modification of loan covenants, but may also include forbearance of interest or principal, payment extensions or interest rate reductions. These modifications, to the extent significant, were considered TDRs as of December 2022. In January 2023, the firm adopted ASU No. 2022-02, which eliminated the recognition and measurement guidance for TDRs and requires enhanced disclosures for certain loan modifications. As of December 2022, loans modified in a TDR were $231 million and commitments related to such loans were not material. Substantially all of such loans modified in a TDR were related to corporate and commercial real estate loans. During the three months ended March 2023, the firm provided loan modifications (in the form of term extensions) to borrowers experiencing financial difficulty. The carrying value of such loans was $337 million as of March 2023 and commitments related to such loans were not material. Substantially all of such loan modifications were related to corporate and commercial real estate loans. The impact of these modifications was not material for the three months ended March 2023. Allowance for Credit Losses The firm’s allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at amortized cost. Loans and lending commitments accounted for at fair value or accounted for at the lower of cost or fair value are not subject to an allowance for credit losses. To determine the allowance for credit losses, the firm classifies its loans and lending commitments accounted for at amortized cost into wholesale and consumer portfolios. These portfolios represent the level at which the firm has developed and documented its methodology to determine the allowance for credit losses. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and on an asset-specific basis for loans that do not share similar risk characteristics. The allowance for credit losses takes into account the weighted average of a range of forecasts of future economic conditions over the expected life of the loan and lending commitments. The expected life of each loan or lending commitment is determined based on the contractual term adjusted for extension options or demand features, or is modeled in the case of revolving credit card loans. The forecasts include baseline, favorable and adverse economic scenarios over a three-year period. For loans with expected lives beyond three years, the model reverts to historical loss information based on a non-linear modeled approach. The forecasted economic scenarios consider a number of risk factors relevant to the wholesale and consumer portfolios described below. The firm applies judgment in weighing individual scenarios each quarter based on a variety of factors, including the firm’s internally derived economic outlook, market consensus, recent macroeconomic conditions and industry trends. The allowance for credit losses also includes qualitative components which allow management to reflect the uncertain nature of economic forecasting, capture uncertainty regarding model inputs, and account for model imprecision and concentration risk. Management’s estimate of credit losses entails judgment about the expected life of the loan and loan collectability at the reporting dates, and there are uncertainties inherent in those judgments. The allowance for credit losses is subject to a governance process that involves review and approval by senior management within the firm’s independent risk oversight and control functions. Personnel within the firm’s independent risk oversight and control functions are responsible for forecasting the economic variables that underlie the economic scenarios that are used in the modeling of expected credit losses. While management uses the best information available to determine this estimate, future adjustments to the allowance may be necessary based on, among other things, changes in the economic environment or variances between actual results and the original assumptions used. The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio. As of March 2023 December 2022 $ in millions Loans Lending Commitments Loans Lending Commitments Wholesale Corporate $ 37,206 $ 135,509 $ 36,822 $ 137,149 Commercial real estate 26,447 3,295 26,222 3,692 Residential real estate 18,099 2,001 18,523 3,089 Securities-based 15,934 718 16,671 508 Other collateralized 51,879 12,982 50,473 13,209 Other 1,328 1,015 1,723 944 Consumer Installment 3,280 2,271 6,326 1,882 Credit cards 15,563 66,373 15,820 62,216 Total $ 169,736 $ 224,164 $ 172,580 $ 222,689 In the table above, wholesale loans included $3.51 billion as of March 2023 and $2.67 billion as of December 2022 of nonaccrual loans for which the allowance for credit losses was measured on an asset-specific basis. The allowance for credit losses on these loans was $647 million as of March 2023 and $535 million as of December 2022. These loans included $692 million as of March 2023 and $384 million as of December 2022 of loans which did not require a reserve as the loan was deemed to be recoverable. See Note 18 for further information about lending commitments. The following is a description of the methodology used to calculate the allowance for credit losses: Wholesale. The allowance for credit losses for wholesale loans and lending commitments that exhibit similar risk characteristics is measured using a modeled approach. These models determine the probability of default and loss given default based on various risk factors, including internal credit ratings, industry default and loss data, expected life, macroeconomic indicators, the borrower’s capacity to meet its financial obligations, the borrower’s country of risk and industry, loan seniority and collateral type. For lending commitments, the methodology also considers the probability of drawdowns or funding. In addition, for loans backed by real estate, risk factors include the loan-to-value ratio, debt service ratio and home price index. The most significant inputs to the forecast model for wholesale loans and lending commitments include unemployment rates, GDP, credit spreads, commercial and industrial delinquency rates, short- and long-term interest rates, and oil prices. The allowance for loan losses for wholesale loans that do not share similar risk characteristics, such as nonaccrual loans, is calculated using the present value of expected future cash flows discounted at the loan’s effective rate, the observable market price of the loan or the fair value of the collateral. Wholesale loans are charged off against the allowance for loan losses when deemed to be uncollectible. Consumer. The allowance for credit losses for consumer loans that exhibit similar risk characteristics is calculated using a modeled approach which classifies consumer loans into pools based on borrower-related and exposure-related characteristics that differentiate a pool’s risk characteristics from other pools. The factors considered in determining a pool are generally consistent with the risk characteristics used for internal credit risk measurement and management and include key metrics, such as FICO credit scores, delinquency status, loan vintage and macroeconomic indicators. The most significant inputs to the forecast model for consumer loans include unemployment rates and delinquency rates. The expected life of revolving credit card loans is determined by modeling expected future draws and the timing and amount of repayments allocated to the funded balance. The firm also recognizes an allowance for credit losses on commitments to acquire loans and commitments extended in connection with point-of-sale financing. However, no allowance for credit losses is recognized on credit card lending commitments as they are cancellable by the firm. Installment loans are charged off when they are 120 days past due. Credit card loans are charged off when they are 180 days past due. Allowance for Credit Losses Rollforward The table below presents information about the allowance for credit losses. $ in millions Wholesale Consumer Total Three Months Ended March 2023 Allowance for loan losses Beginning balance $ 2,562 $ 2,981 $ 5,543 Charge-offs (25) (271) (296) Recoveries 14 24 38 Net (charge-offs)/recoveries (11) (247) (258) Provision 8 (257) (249) Other (4) – (4) Ending balance $ 2,555 $ 2,477 $ 5,032 Allowance ratio 1.7 % 13.1 % 3.0 % Net charge-off ratio – 4.6 % 0.6 % Allowance for losses on lending commitments Beginning balance $ 711 $ 63 $ 774 Provision (16) (9) (25) Other (2) – (2) Ending balance $ 693 $ 54 $ 747 Three Months Ended March 2022 Allowance for loan losses Beginning balance $ 2,135 $ 1,438 $ 3,573 Charge-offs (98) (87) (185) Recoveries 12 19 31 Net (charge-offs)/recoveries (86) (68) (154) Provision 257 416 673 Other (6) – (6) Ending balance $ 2,300 $ 1,786 $ 4,086 Allowance ratio 1.7 % 12.2 % 2.7 % Net charge-off ratio 0.3 % 2.1 % 0.4 % Allowance for losses on lending commitments Beginning balance $ 589 $ 187 $ 776 Provision 73 (185) (112) Ending balance $ 662 $ 2 $ 664 In the table above: • Other primarily represented the reduction to the allowance related to loans and lending commitments transferred to held for sale. • The allowance ratio is calculated by dividing the allowance for loan losses by gross loans accounted for at amortized cost. • The net charge-off ratio is calculated by dividing annualized net (charge-offs)/recoveries by average gross loans accounted for at amortized cost. Forecast Model Inputs as of March 2023 When modeling expected credit losses, the firm employs a weighted, multi-scenario forecast, which includes baseline, adverse and favorable economic scenarios. As of March 2023, this multi-scenario forecast was weighted towards the baseline and adverse economic scenarios. The table below presents the forecasted U.S. unemployment and U.S. GDP growth rates used in the baseline economic scenario of the forecast model. As of March 2023 U.S. unemployment rate Forecast for the quarter ended: June 2023 3.6 % December 2023 4.1 % June 2024 4.5 % Growth in U.S. GDP Forecast for the year: 2023 1.2 % 2024 0.9 % 2025 1.7 % The adverse economic scenario of the forecast model reflects a global recession in 2023 and a more aggressive tightening of monetary policy by central banks, resulting in an economic contraction and rising unemployment rates. In this scenario, the U.S. unemployment rate peaks at approximately 7.4% during the second quarter of 2024 and the maximum decline in the quarterly U.S. GDP relative to the first quarter of 2023 is approximately 2.7%, which occurs during the first quarter of 2024. In the table above: • U.S. unemployment rate represents the rate forecasted as of the respective quarter-end. • Growth in U.S. GDP represents the year-over-year growth rate forecasted for the respective years. • While the U.S. unemployment and U.S. GDP growth rates are significant inputs to the forecast model, the model contemplates a variety of other inputs across a range of scenarios to provide a forecast of future economic conditions. Given the complex nature of the forecasting process, no single economic variable can be viewed in isolation and independently of other inputs. Allowance for Credit Losses Commentary Three Months Ended March 2023. The allowance for credit losses decreased by $538 million during the three months ended March 2023, reflecting a reserve reduction of approximately $440 million associated with the sale of Marcus loans and transfer of the remaining Marcus loans portfolio to held for sale and reserve releases based on actual repayment experience, partially offset by growth in the firm's consumer point-of-sale loans portfolio. Charge-offs for the three months ended March 2023 for wholesale loans were not material and charge-offs for consumer loans were primarily related to credit cards. Three Months Ended March 2022. The allowance for credit losses increased by $401 million during the three months ended March 2022. The provision for credit losses reflected growth in the firm’s lending portfolios (primarily in credit cards) and the impact of macroeconomic and geopolitical concerns. In addition, the provision for credit losses for wholesale loans was impacted by asset-specific provisions primarily related to borrowers in the real estate and consumer & retail industries. Charge-offs for the three months ended March 2022 for wholesale loans were primarily related to corporate loans and charge-offs for consumer loans were primarily related to credit cards. Estimated Fair Value The table below presents the estimated fair value of loans that are not accounted for at fair value and in what level of the fair value hierarchy they would have been classified if they had been included in the firm’s fair value hierarchy. Carrying Value Estimated Fair Value $ in millions Level 2 Level 3 Total As of March 2023 Amortized cost $ 164,704 $ 86,265 $ 80,182 $ 166,447 Held for sale $ 5,864 $ 1,905 $ 3,978 $ 5,883 As of December 2022 Amortized cost $ 167,037 $ 85,921 $ 83,121 $ 169,042 Held for sale $ 4,594 $ 2,592 $ 2,014 $ 4,606 See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of loans, and Note 5 for information about loans within the fair value hierarchy. |
Fair Value Option
Fair Value Option | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Fair Value Option Other Financial Assets and Liabilities at Fair Value In addition to trading assets and liabilities, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value, substantially all under the fair value option. The primary reasons for electing the fair value option are to: • Reflect economic events in earnings on a timely basis; • Mitigate volatility in earnings from using different measurement attributes (e.g., transfers of financial assets accounted for as financings are recorded at fair value, whereas the related secured financing would be recorded on an accrual basis absent electing the fair value option); and • Address simplification and cost-benefit considerations (e.g., accounting for hybrid financial instruments at fair value in their entirety versus bifurcation of embedded derivatives and hedge accounting for debt hosts). Hybrid financial instruments are instruments that contain bifurcatable embedded derivatives and do not require settlement by physical delivery of nonfinancial assets (e.g., physical commodities). If the firm elects to bifurcate the embedded derivative from the associated debt, the derivative is accounted for at fair value and the host contract is accounted for at amortized cost, adjusted for the effective portion of any fair value hedges. If the firm does not elect to bifurcate, the entire hybrid financial instrument is accounted for at fair value under the fair value option. Other financial assets and liabilities accounted for at fair value under the fair value option include: • Resale and repurchase agreements; • Certain securities borrowed and loaned transactions; • Certain customer and other receivables and certain other assets and liabilities; • Certain time deposits (deposits with no stated maturity are not eligible for a fair value option election), including structured certificates of deposit, which are hybrid financial instruments; • Substantially all other secured financings, including transfers of assets accounted for as financings; and • Certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments. See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of other financial assets and liabilities, and Note 5 for information about other financial assets and liabilities within the fair value hierarchy. Gains and Losses on Other Financial Assets and Liabilities Accounted for at Fair Value Under the Fair Value Option The table below presents the gains and losses recognized in earnings as a result of the election to apply the fair value option to certain financial assets and liabilities. Three Months $ in millions 2023 2022 Unsecured short-term borrowings $ (1,761) $ 1,705 Unsecured long-term borrowings (2,307) 2,547 Other (141) 330 Total $ (4,209) $ 4,582 In the table above: • Gains/(losses) were substantially all included in market making. • Gains/(losses) exclude contractual interest, which is included in interest income and interest expense, for all instruments other than hybrid financial instruments. See Note 23 for further information about interest income and interest expense. • Gains/(losses) included in unsecured short- and long-term borrowings were substantially all related to the embedded derivative component of hybrid financial instruments. These gains and losses would have been recognized under other U.S. GAAP even if the firm had not elected to account for the entire hybrid financial instrument at fair value. • Gains/(losses) included in other were substantially all related to resale and repurchase agreements, deposits, other secured financings and other liabilities. • Other financial assets and liabilities at fair value are frequently economically hedged with trading assets and liabilities. Accordingly, gains or losses on such other financial assets and liabilities can be partially offset by gains or losses on trading assets and liabilities. As a result, gains or losses on other financial assets and liabilities do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. See Note 8 for information about gains/(losses) on equity securities and Note 9 for information about gains/(losses) on loans which are accounted for at fair value under the fair value option. Gains/(losses) on trading assets and liabilities accounted for at fair value under the fair value option are included in market making. See Note 6 for further information about gains/(losses) from market making. Long-Term Debt Instruments The aggregate contractual principal amount of long-term other secured financings, for which the fair value option was elected, exceeded the related fair value by $181 million as of March 2023. The related amount was not material as of December 2022. The aggregate contractual principal amount of unsecured long-term borrowings, for which the fair value option was elected, exceeded the related fair value by $4.74 billion as of March 2023 and $5.03 billion as of December 2022. These debt instruments include both principal-protected and non-principal-protected long-term borrowings. Debt Valuation Adjustment The firm calculates the fair value of financial liabilities for which the fair value option is elected by discounting future cash flows at a rate which incorporates the firm’s credit spreads. The table below presents information about the net debt valuation adjustment (DVA) gains/(losses) on financial liabilities for which the fair value option was elected. Three Months $ in millions 2023 2022 Pre-tax DVA $ (1) $ 993 After-tax DVA $ (1) $ 740 In the table above: • After-tax DVA is included in debt valuation adjustment in the consolidated statements of comprehensive income. • The gains/(losses) reclassified to market making in the consolidated statements of earnings from accumulated other comprehensive income/(loss) upon extinguishment of such financial liabilities were not material for both the three months ended March 2023 and March 2022. Loans and Lending Commitments The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans (included in trading assets and loans in the consolidated balance sheets) for which the fair value option was elected. As of March December $ in millions 2023 2022 Performing loans Aggregate contractual principal in excess of fair value $ 1,928 $ 2,645 Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value $ 2,887 $ 3,331 Aggregate fair value $ 2,369 $ 2,633 In the table above, the aggregate contractual principal amount of loans on nonaccrual status and/or more than 90 days past due (which excludes loans carried at zero fair value and considered uncollectible) exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below the contractual principal amounts. The fair value of unfunded lending commitments for which the fair value option was elected was a liability of $16 million as of March 2023 and $22 million as of December 2022, and the related total contractual amount of these lending commitments was $215 million as of March 2023 and $307 million as of December 2022. See Note 18 for further information about lending commitments. Impact of Credit Spreads on Loans and Lending Commitments |
Collateralized Agreements and F
Collateralized Agreements and Financings | 3 Months Ended |
Mar. 31, 2023 | |
Collateralized Agreements And Financings [Abstract] | |
Collateralized Agreements and Financings | Collateralized Agreements and Financings Collateralized agreements are resale agreements and securities borrowed. Collateralized financings are repurchase agreements, securities loaned and other secured financings. The firm enters into these transactions in order to, among other things, facilitate client activities, invest excess cash, acquire securities to cover short positions and finance certain firm activities. Collateralized agreements and financings with the same settlement date are presented on a net-by-counterparty basis when such transactions meet certain settlement criteria and are subject to netting agreements. Interest on collateralized agreements, which is included in interest income, and collateralized financings, which is included in interest expense, is recognized over the life of the transaction. See Note 23 for further information about interest income and interest expense. Resale and Repurchase Agreements A resale agreement is a transaction in which the firm purchases financial instruments from a seller, typically in exchange for cash, and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date. A repurchase agreement is a transaction in which the firm sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date. Even though repurchase and resale agreements (including “repos- and reverses-to-maturity”) involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold before or at the maturity of the agreement. The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and agency, and investment-grade sovereign obligations. The firm receives financial instruments purchased under resale agreements and makes delivery of financial instruments sold under repurchase agreements. To mitigate credit exposure, the firm monitors the market value of these financial instruments on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the financial instruments, as appropriate. For resale agreements, the firm typically requires collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated balance sheets. Securities Borrowed and Loaned Transactions In a securities borrowed transaction, the firm borrows securities from a counterparty in exchange for cash or securities. When the firm returns the securities, the counterparty returns the cash or securities. Interest is generally paid periodically over the life of the transaction. In a securities loaned transaction, the firm lends securities to a counterparty in exchange for cash or securities. When the counterparty returns the securities, the firm returns the cash or securities posted as collateral. Interest is generally paid periodically over the life of the transaction. The firm receives securities borrowed and makes delivery of securities loaned. To mitigate credit exposure, the firm monitors the market value of these securities on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the securities, as appropriate. For securities borrowed transactions, the firm typically requires collateral with a fair value approximately equal to the carrying value of the securities borrowed transaction. Securities borrowed and loaned within FICC financing are recorded at fair value under the fair value option. See Note 5 for further information about securities borrowed and loaned accounted for at fair value. Substantially all of the securities borrowed and loaned within Equities financing are recorded based on the amount of cash collateral advanced or received plus accrued interest. The firm also reviews such securities borrowed to determine if an allowance for credit losses should be recorded by taking into consideration the fair value of collateral received. As these agreements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates. Therefore, the carrying value of such agreements approximates fair value. As these agreements are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these agreements been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both March 2023 and December 2022. Offsetting Arrangements The table below presents resale and repurchase agreements and securities borrowed and loaned transactions included in the consolidated balance sheets, as well as the amounts not offset in the consolidated balance sheets. Assets Liabilities $ in millions Resale agreements Securities borrowed Repurchase agreements Securities loaned As of March 2023 Included in the consolidated balance sheets Gross carrying value $ 281,953 $ 203,830 $ 277,189 $ 46,972 Counterparty netting (79,802) (653) (79,802) (653) Total 202,151 203,177 197,387 46,319 Amounts not offset Counterparty netting (22,899) (6,480) (22,899) (6,480) Collateral (167,725) (189,121) (172,373) (39,042) Total $ 11,527 $ 7,576 $ 2,115 $ 797 As of December 2022 Included in the consolidated balance sheets Gross carrying value $ 334,042 $ 199,623 $ 219,274 $ 41,309 Counterparty netting (108,925) (10,582) (108,925) (10,582) Total 225,117 189,041 110,349 30,727 Amounts not offset Counterparty netting (15,350) (4,576) (15,350) (4,576) Collateral (204,843) (171,997) (92,997) (25,578) Total $ 4,924 $ 12,468 $ 2,002 $ 573 In the table above: • Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Amounts not offset includes counterparty netting that does not meet the criteria for netting under U.S. GAAP and the fair value of collateral received or posted subject to enforceable credit support agreements. • Resale agreements and repurchase agreements are carried at fair value under the fair value option. See Note 4 for further information about the valuation techniques and significant inputs used to determine fair value. • Securities borrowed included in the consolidated balance sheets of $40.60 billion as of March 2023 and $38.58 billion as of December 2022, and securities loaned of $5.73 billion as of March 2023 and $4.37 billion as of December 2022 were at fair value under the fair value option. See Note 5 for further information about securities borrowed and securities loaned accounted for at fair value. Gross Carrying Value of Repurchase Agreements and Securities Loaned The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged. $ in millions Repurchase agreements Securities loaned As of March 2023 Money market instruments $ 1,116 $ – U.S. government and agency obligations 156,350 210 Non-U.S. government and agency obligations 88,963 789 Securities backed by commercial real estate 528 23 Securities backed by residential real estate 1,249 1 Corporate debt securities 16,930 459 State and municipal obligations 35 – Other debt obligations 249 8 Equity securities 11,769 45,482 Total $ 277,189 $ 46,972 As of December 2022 Money market instruments $ 10 $ – U.S. government and agency obligations 112,825 55 Non-U.S. government and agency obligations 87,828 594 Securities backed by commercial real estate 172 – Securities backed by residential real estate 466 – Corporate debt securities 11,398 295 State and municipal obligations 143 – Other debt obligations 108 – Equity securities 6,324 40,365 Total $ 219,274 $ 41,309 The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity. As of March 2023 $ in millions Repurchase agreements Securities loaned No stated maturity and overnight $ 125,201 $ 32,180 2 - 30 days 71,999 434 31 - 90 days 26,718 1,144 91 days - 1 year 45,044 8,208 Greater than 1 year 8,227 5,006 Total $ 277,189 $ 46,972 In the table above: • Repurchase agreements and securities loaned that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Repurchase agreements and securities loaned that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable. Other Secured Financings In addition to repurchase agreements and securities loaned transactions, the firm funds certain assets through the use of other secured financings and pledges financial instruments and other assets as collateral in these transactions. These other secured financings include: • Liabilities of consolidated VIEs; • Transfers of assets accounted for as financings rather than sales (e.g., pledged commodities, bank loans and mortgage whole loans); and • Other structured financing arrangements. Other secured financings included nonrecourse arrangements. Nonrecourse other secured financings were $7.99 billion as of March 2023 and $7.94 billion as of December 2022. The firm has elected to apply the fair value option to substantially all other secured financings because the use of fair value eliminates non-economic volatility in earnings that would arise from using different measurement attributes. See Note 10 for further information about other secured financings that are accounted for at fair value. Other secured financings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, which generally approximates fair value. As these financings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these financings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 3 as of both March 2023 and December 2022. The table below presents information about other secured financings. $ in millions U.S. Non-U.S. Dollar Total As of March 2023 Other secured financings (short-term): At fair value $ 7,809 $ 2,870 $ 10,679 At amortized cost 409 391 800 Other secured financings (long-term): At fair value 3,575 3,148 6,723 At amortized cost 309 – 309 Total other secured financings $ 12,102 $ 6,409 $ 18,511 Other secured financings collateralized by: Financial instruments $ 7,815 $ 5,364 $ 13,179 Other assets $ 4,287 $ 1,045 $ 5,332 As of December 2022 Other secured financings (short-term): At fair value $ 3,478 $ 2,963 $ 6,441 At amortized cost 398 – 398 Other secured financings (long-term): At fair value 3,793 2,522 6,315 At amortized cost 395 397 792 Total other secured financings $ 8,064 $ 5,882 $ 13,946 Other secured financings collateralized by: Financial instruments $ 3,817 $ 4,895 $ 8,712 Other assets $ 4,247 $ 987 $ 5,234 In the table above: • Short-term other secured financings includes financings maturing within one year of the financial statement date and financings that are redeemable within one year of the financial statement date at the option of the holder. • U.S. dollar-denominated short-term other secured financings at amortized cost had a weighted average interest rate of 5.51% as of March 2023 and 5.56% as of December 2022. These rates include the effect of hedging activities. • Non-U.S. dollar-denominated short-term other secured financings at amortized cost had a weighted average interest rate of 0.45% as of March 2023. This rate includes the effect of hedging activities. • U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 3.49% as of March 2023 and 3.54% as of December 2022. These rates include the effect of hedging activities. • Non-U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 0.45% as of December 2022. This rate includes the effect of hedging activities. • Total other secured financings included $1.94 billion as of March 2023 and $1.69 billion as of December 2022 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets, primarily included in trading assets, of $1.90 billion as of March 2023 and $1.64 billion as of December 2022. • Other secured financings collateralized by financial instruments included $11.59 billion as of March 2023 and $7.49 billion as of December 2022 of other secured financings collateralized by trading assets, investments and loans, and included $1.59 billion as of March 2023 and $1.22 billion as of December 2022 of other secured financings collateralized by financial instruments received as collateral and repledged. The table below presents other secured financings by maturity. As of $ in millions March 2023 Other secured financings (short-term) $ 11,479 Other secured financings (long-term): 2024 2,046 2025 1,279 2026 994 2027 167 2028 844 2029 - thereafter 1,702 Total other secured financings (long-term) 7,032 Total other secured financings $ 18,511 In the table above: • Long-term other secured financings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Long-term other secured financings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable. Collateral Received and Pledged The firm receives cash and securities (e.g., U.S. government and agency obligations, other sovereign and corporate obligations, as well as equity securities) as collateral, primarily in connection with resale agreements, securities borrowed, derivative transactions and customer margin loans. The firm obtains cash and securities as collateral on an upfront or contingent basis for derivative instruments and collateralized agreements to reduce its credit exposure to individual counterparties. In many cases, the firm is permitted to deliver or repledge financial instruments received as collateral when entering into repurchase agreements and securities loaned transactions, primarily in connection with secured client financing activities. The firm is also permitted to deliver or repledge these financial instruments in connection with other secured financings, collateralized derivative transactions and firm or customer settlement requirements. The firm also pledges certain trading assets in connection with repurchase agreements, securities loaned transactions and other secured financings, and other assets (substantially all real estate and cash) in connection with other secured financings to counterparties who may or may not have the right to deliver or repledge them. The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged. As of March December $ in millions 2023 2022 Collateral available to be delivered or repledged $ 956,347 $ 971,699 Collateral that was delivered or repledged $ 809,466 $ 797,919 The table below presents information about assets pledged. As of March December $ in millions 2023 2022 Pledged to counterparties that had the right to deliver or repledge Trading assets $ 81,927 $ 40,143 Investments $ 10,223 $ 9,818 Pledged to counterparties that did not have the right to deliver or repledge Trading assets $ 123,009 $ 70,912 Investments $ 11,837 $ 1,726 Loans $ 8,847 $ 6,600 Other assets $ 7,390 $ 7,525 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2023 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The table below presents other assets by type. As of March December $ in millions 2023 2022 Property, leasehold improvements and equipment $ 16,461 $ 17,074 Goodwill 6,439 6,374 Identifiable intangible assets 1,965 2,009 Operating lease right-of-use assets 2,148 2,172 Income tax-related assets 6,794 7,012 Miscellaneous receivables and other 7,995 4,567 Total $ 41,802 $ 39,208 Property, Leasehold Improvements and Equipment Property, leasehold improvements and equipment is net of accumulated depreciation and amortization of $12.88 billion as of March 2023 and $12.19 billion as of December 2022. Property, leasehold improvements and equipment included $7.02 billion as of March 2023 and $7.17 billion as of December 2022 that the firm uses in connection with its operations, and $77 million as of March 2023 and $89 million as of December 2022 of foreclosed real estate primarily related to distressed loans that were purchased by the firm. The remainder is held by investment entities, including VIEs, consolidated by the firm. Substantially all property and equipment is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years. The firm tests property, leasehold improvements and equipment for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. During the three months ended March 2023, the firm had impairments of approximately $355 million related to consolidated real estate investments and approximately $35 million related to capitalized software. Substantially all of these impairments were included within Asset & Wealth Management. There were no material impairments during the three months ended March 2022. Goodwill Goodwill is the cost of acquired companies in excess of the fair value of net assets, including identifiable intangible assets, at the acquisition date. The table below presents the carrying value of goodwill by reporting unit. As of March December $ in millions 2023 2022 Global Banking & Markets: Investment banking $ 267 $ 267 FICC 269 269 Equities 2,647 2,647 Asset & Wealth Management: Asset management 1,398 1,385 Wealth management 1,340 1,310 Platform Solutions: Consumer platforms 504 482 Transaction banking and other 14 14 Total $ 6,439 $ 6,374 In the table above: • The increase in goodwill from December 2022 to March 2023 was primarily attributable to an updated purchase price allocation related to the GreenSky acquisition. • During 2022, goodwill increased by $2.09 billion, substantially all in connection with the acquisitions of GreenSky and NN Investment Partners (NNIP). Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment. The quantitative goodwill test compares the estimated fair value of each reporting unit with its carrying value (including goodwill and identifiable intangible assets). If the reporting unit’s estimated fair value exceeds its carrying value, goodwill is not impaired. An impairment is recognized if the estimated fair value of a reporting unit is less than its carrying value. In the fourth quarter of 2022, goodwill was tested for impairment using a quantitative test. The estimated fair value of each of the reporting units exceeded its respective carrying value, and therefore, goodwill was not impaired. The estimated fair value of each reporting unit was based on valuation techniques the firm believes market participants would use to value these reporting units. Estimated fair values are generally derived from utilizing a relative value technique, which applies observable price-to-earnings multiples or price-to-book multiples of comparable competitors to the reporting units’ net earnings or net book value, or a discounted cash flow valuation approach, for reporting units with businesses in early stages of development. The carrying value of each reporting unit reflects an allocation of total shareholders’ equity and represents the estimated amount of total shareholders’ equity required to support the activities of the reporting unit under currently applicable regulatory capital requirements. Based on the evaluation of relevant factors during the first quarter of 2023, including stress in the banking sector, the firm determined it was more likely than not that the estimated fair value of each of the reporting units exceeded its respective carrying value as of March 2023. Identifiable Intangible Assets The table below presents identifiable intangible assets by type. As of March December $ in millions 2023 2022 Customer lists and merchant relationships Gross carrying value $ 3,237 $ 3,225 Accumulated amortization (1,321) (1,275) Net carrying value 1,916 1,950 Acquired leases and other Gross carrying value 481 486 Accumulated amortization (432) (427) Net carrying value 49 59 Total gross carrying value 3,718 3,711 Total accumulated amortization (1,753) (1,702) Total net carrying value $ 1,965 $ 2,009 The firm did not acquire any identifiable intangible assets during the three months ended March 2023. The firm acquired approximately $1.79 billion of identifiable intangible assets (with a weighted average amortization period of 13 years) during 2022, substantially all in connection with the acquisitions of GreenSky and NNIP. Substantially all of these identifiable intangible assets consisted of customer lists and merchant relationships. Substantially all of the firm’s identifiable intangible assets have finite useful lives and are amortized over their estimated useful lives generally using the straight-line method. The tables below present information about the amortization of identifiable intangible assets. Three Months $ in millions 2023 2022 Amortization $ 52 $ 19 As of $ in millions March 2023 Estimated future amortization Remainder of 2023 $ 150 2024 $ 188 2025 $ 171 2026 $ 164 2027 $ 163 2028 $ 162 The firm tests identifiable intangible assets for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. There were no material impairments during either the three months ended March 2023 or March 2022. Operating Lease Right-of-Use Assets The firm enters into operating leases for real estate, office equipment and other assets, substantially all of which are used in connection with its operations. For leases longer than one year, the firm recognizes a right-of-use asset representing the right to use the underlying asset for the lease term, and a lease liability representing the liability to make payments. The lease term is generally determined based on the contractual maturity of the lease. For leases where the firm has the option to terminate or extend the lease, an assessment of the likelihood of exercising the option is incorporated into the determination of the lease term. Such assessment is initially performed at the inception of the lease and is updated if events occur that impact the original assessment. An operating lease right-of-use asset is initially determined based on the operating lease liability, adjusted for initial direct costs, lease incentives and amounts paid at or prior to lease commencement. This amount is then amortized over the lease term. Right-of-use assets and operating lease liabilities recognized (in non-cash transactions for leases entered into or assumed) by the firm were $38 million for the three months ended March 2023 and $67 million for the three months ended March 2022. See Note 15 for information about operating lease liabilities. For leases where the firm will derive no economic benefit from leased space that it has vacated or where the firm has shortened the term of a lease when space is no longer needed, the firm will record an impairment or accelerated amortization of right-of-use assets. There were no material impairments or accelerated amortizations during either the three months ended March 2023 or March 2022. Miscellaneous Receivables and Other Miscellaneous receivables and other included: • A term deposit with First Republic Bank of approximately $2.4 billion as of March 2023. This deposit is accounted for at cost, net of an allowance for credit losses. • Investments in qualified affordable housing projects of $1.30 billion as of March 2023 and $793 million as of December 2022. The firm accounts for these investments using the proportional amortization method such that the investment is amortized in proportion to the income tax credits received on such investments. The amortization of investments and the related income tax credit are recorded as a component of the provision for taxes. The impact of the amortization and the related tax credits was not material for both the three months ended March 2023 and March 2022. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
Deposits | Deposits The table below presents the types and sources of deposits. $ in millions Savings and Time Total As of March 2023 Private bank and consumer $ 185,793 $ 32,939 $ 218,732 Brokered certificates of deposit – 29,804 29,804 Deposit sweep programs 39,117 – 39,117 Transaction banking 67,972 3,344 71,316 Other 1,052 15,510 16,562 Total $ 293,934 $ 81,597 $ 375,531 As of December 2022 Private bank and consumer $ 192,713 $ 33,046 $ 225,759 Brokered certificates of deposit – 32,624 32,624 Deposit sweep programs 44,819 – 44,819 Transaction banking 65,155 5,069 70,224 Other 808 12,431 13,239 Total $ 303,495 $ 83,170 $ 386,665 In the table above: • Substantially all deposits are interest-bearing. • Savings and demand accounts consist of money market deposit accounts, negotiable order of withdrawal accounts and demand deposit accounts that have no stated maturity or expiration date. • Time deposits included $18.53 billion as of March 2023 and $15.75 billion as of December 2022 of deposits accounted for at fair value under the fair value option. See Note 10 for further information about deposits accounted for at fair value. • Time deposits had a weighted average maturity of approximately 0.9 years as of both March 2023 and December 2022. • Deposit sweep programs include long-term contractual agreements with U.S. broker-dealers who sweep client cash to FDIC-insured deposits. • Transaction banking deposits consists of deposits that the firm raised through its cash management services business for corporate and other institutional clients. • Other deposits represent deposits from institutional clients. • Deposits insured by the FDIC were $185.15 billion as of March 2023 and $184.88 billion as of December 2022. • Deposits insured by non-U.S. insurance programs were $24.67 billion as of March 2023 and $31.74 billion as of December 2022. The decline in insured deposits from December 2022 reflected a change in an insurance program that became effective in January 2023, which reduced the population of deposit accounts eligible for insurance coverage and lowered the applicable insurance limits. The table below presents the location of deposits. As of March December $ in millions 2023 2022 U.S. offices $ 297,425 $ 313,598 Non-U.S. offices 78,106 73,067 Total $ 375,531 $ 386,665 In the table above, U.S. deposits were held at Goldman Sachs Bank USA (GS Bank USA) and substantially all non-U.S. deposits were held at Goldman Sachs International Bank (GSIB) and Goldman Sachs Bank Europe SE (GSBE). The table below presents maturities of time deposits held in U.S. and non-U.S. offices. As of March 2023 $ in millions U.S. Non-U.S. Total Remainder of 2023 $ 28,834 $ 18,695 $ 47,529 2024 20,350 3,312 23,662 2025 4,034 223 4,257 2026 2,598 276 2,874 2027 1,224 192 1,416 2028 598 182 780 2029 - thereafter 892 187 1,079 Total $ 58,530 $ 23,067 $ 81,597 |
Unsecured Borrowings
Unsecured Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Unsecured Borrowings | Unsecured Borrowings The table below presents information about unsecured borrowings. As of March December $ in millions 2023 2022 Unsecured short-term borrowings $ 64,603 $ 60,961 Unsecured long-term borrowings 240,794 247,138 Total $ 305,397 $ 308,099 Unsecured Short-Term Borrowings Unsecured short-term borrowings includes the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder. The firm accounts for certain hybrid financial instruments at fair value under the fair value option. See Note 10 for further information about unsecured short-term borrowings that are accounted for at fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its unsecured short-term borrowings not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of unsecured short-term borrowings that are not recorded at fair value generally approximates fair value due to the short-term nature of the obligations. As these unsecured short-term borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both March 2023 and December 2022. The table below presents information about unsecured short-term borrowings. As of March December $ in millions 2023 2022 Current portion of unsecured long-term borrowings $ 37,069 $ 38,635 Hybrid financial instruments 21,664 18,383 Commercial paper 3,207 1,718 Other unsecured short-term borrowings 2,663 2,225 Total unsecured short-term borrowings $ 64,603 $ 60,961 Weighted average interest rate 4.04 % 3.71 % In the table above, the weighted average interest rates for these borrowings include the effect of hedging activities and exclude unsecured short-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities. Unsecured Long-Term Borrowings The table below presents information about unsecured long-term borrowings. $ in millions U.S. Dollar Non-U.S. Total As of March 2023 Fixed-rate obligations $ 113,785 $ 39,003 $ 152,788 Floating-rate obligations 53,672 34,334 88,006 Total $ 167,457 $ 73,337 $ 240,794 As of December 2022 Fixed-rate obligations $ 118,986 $ 38,538 $ 157,524 Floating-rate obligations 55,689 33,925 89,614 Total $ 174,675 $ 72,463 $ 247,138 In the table above: • Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2063. • Floating-rate obligations includes equity-linked, credit-linked and indexed instruments. Floating interest rates are generally based on Euro Interbank Offered Rate, SOFR or USD LIBOR. • U.S. dollar-denominated debt had interest rates ranging from 0.66% to 6.75% (with a weighted average rate of 3.56%) as of March 2023 and 0.66% to 6.75% (with a weighted average rate of 3.51%) as of December 2022. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. • Non-U.S. dollar-denominated debt had interest rates ranging from 0.13% to 7.25% (with a weighted average rate of 1.88%) as of March 2023 and 0.13% to 7.25% (with a weighted average rate of 1.85%) as of December 2022. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. The table below presents unsecured long-term borrowings by maturity. As of $ in millions March 2023 2024 $ 35,683 2025 36,981 2026 22,578 2027 33,206 2028 21,446 2029 - thereafter 90,900 Total $ 240,794 In the table above: • Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included in unsecured short-term borrowings. • Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable. • Unsecured long-term borrowings included $(12.09) billion of adjustments to the carrying value of certain unsecured long-term borrowings resulting from the application of hedge accounting by year of maturity as follows: $(227) million in 2024, $(1.04) billion in 2025, $(683) million in 2026, $(1.33) billion in 2027, $(1.38) billion in 2028 and $(7.43) billion in 2029 and thereafter. The firm designates certain derivatives as fair value hedges to convert a portion of fixed-rate unsecured long-term borrowings not accounted for at fair value into floating-rate obligations. See Note 7 for further information about hedging activities. The table below presents unsecured long-term borrowings, after giving effect to such hedging activities. As of March December $ in millions 2023 2022 Fixed-rate obligations: At fair value $ 7,416 $ 6,147 At amortized cost 10,826 6,065 Floating-rate obligations: At fair value 67,472 67,000 At amortized cost 155,080 167,926 Total $ 240,794 $ 247,138 In the table above, the aggregate amounts of unsecured long-term borrowings had weighted average interest rates of 5.46% (2.94% related to fixed-rate obligations and 5.62% related to floating-rate obligations) as of March 2023 and 4.97% (4.08% related to fixed-rate obligations and 5.00% related to floating-rate obligations) as of December 2022. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. The carrying value of unsecured long-term borrowings for which the firm did not elect the fair value option was $165.91 billion as of March 2023 and $173.99 billion as of December 2022. The estimated fair value of such unsecured long-term borrowings was $165.75 billion as of March 2023 and $173.70 billion as of December 2022. As these borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both March 2023 and December 2022. Subordinated Borrowings Unsecured long-term borrowings includes subordinated debt and junior subordinated debt. Subordinated debt that matures within one year is included in unsecured short-term borrowings. Junior subordinated debt is junior in right of payment to other subordinated borrowings, which are junior to senior borrowings. Long-term subordinated debt had maturities ranging from 2025 to 2045 as of both March 2023 and December 2022. The table below presents information about subordinated borrowings. $ in millions Par Carrying Rate As of March 2023 Subordinated debt $ 12,243 $ 12,229 7.14 % Junior subordinated debt 968 1,081 5.36 % Total $ 13,211 $ 13,310 7.01 % As of December 2022 Subordinated debt $ 12,261 $ 11,882 6.40 % Junior subordinated debt 968 1,054 4.86 % Total $ 13,229 $ 12,936 6.29 % In the table above, the rate is the weighted average interest rate for these borrowings (excluding borrowings accounted for at fair value under the fair value option), including the effect of fair value hedges used to convert fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities. Junior Subordinated Debt In 2004, Group Inc. issued $2.84 billion of junior subordinated debt to Goldman Sachs Capital I, a Delaware statutory trust. Goldman Sachs Capital I issued $2.75 billion of guaranteed preferred beneficial interests (Trust Preferred securities) to third parties and $85 million of common beneficial interests to Group Inc. As of both March 2023 and December 2022, the outstanding par amount of junior subordinated debt held by Goldman Sachs Capital I was $968 million and the outstanding par amount of Trust Preferred securities and common beneficial interests issued by Goldman Sachs Capital I was $939 million and $29 million, respectively. Goldman Sachs Capital I is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes. |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities The table below presents other liabilities by type. As of March December $ in millions 2023 2022 Compensation and benefits $ 3,688 $ 7,225 Income tax-related liabilities 2,681 2,669 Operating lease liabilities 2,129 2,154 Noncontrolling interests 621 649 Employee interests in consolidated funds 20 25 Accrued expenses and other 8,123 8,733 Total $ 17,262 $ 21,455 Operating Lease Liabilities For leases longer than one year, the firm recognizes a right-of-use asset representing the right to use the underlying asset for the lease term, and a lease liability representing the liability to make payments. See Note 12 for information about operating lease right-of-use assets. The table below presents information about operating lease liabilities. $ in millions Operating As of March 2023 Remainder of 2023 $ 241 2024 348 2025 289 2026 243 2027 209 2028 - thereafter 1,446 Total undiscounted lease payments 2,776 Imputed interest (647) Total operating lease liabilities $ 2,129 Weighted average remaining lease term 13 years Weighted average discount rate 3.73 % As of December 2022 2023 $ 325 2024 334 2025 283 2026 236 2027 203 2028 - thereafter 1,424 Total undiscounted lease payments 2,805 Imputed interest (651) Total operating lease liabilities $ 2,154 Weighted average remaining lease term 13 years Weighted average discount rate 3.66 % In the table above, the weighted average discount rate represents the firm’s incremental borrowing rate as of January 2019 for operating leases existing on the date of adoption of ASU No. 2016-02, “Leases (Topic 842),” and at the lease inception date for leases entered into subsequent to the adoption of this ASU. Operating lease costs were $119 million for the three months ended March 2023 and $120 million for the three months ended March 2022. Variable lease costs, which are included in operating lease costs, were not material for both the three months ended March 2023 and March 2022. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for both the three months ended March 2023 and March 2022. Lease payments relating to operating lease arrangements that were signed but had not yet commenced were $1.46 billion as of March 2023. Accrued Expenses and Other Accrued expenses and other included: • There were no liabilities that were classified as held for sale as of both March 2023 and December 2022. See Note 12 for further information about assets held for sale. • Contract liabilities, which represent consideration received by the firm in connection with its contracts with clients prior to providing the service, were $130 million as of March 2023 and $113 million as of December 2022. |
Securitization Activities
Securitization Activities | 3 Months Ended |
Mar. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Securitization Activities | Securitization Activities The firm securitizes residential and commercial mortgages, corporate bonds, loans and other types of financial assets by selling these assets to securitization vehicles (e.g., trusts, corporate entities and limited liability companies) or through a resecuritization. The firm acts as underwriter of the beneficial interests that are sold to investors. The firm’s residential mortgage securitizations are primarily in connection with government agency securitizations. The firm accounts for a securitization as a sale when it has relinquished control over the transferred financial assets. Prior to securitization, the firm generally accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets. Net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors. The firm generally receives cash in exchange for the transferred assets but may also have continuing involvement with the transferred financial assets, including ownership of beneficial interests in securitized financial assets, primarily in the form of debt instruments. The firm may also purchase senior or subordinated securities issued by securitization vehicles (which are typically VIEs) in connection with secondary market-making activities. The primary risks included in beneficial interests and other interests from the firm’s continuing involvement with securitization vehicles are the performance of the underlying collateral, the position of the firm’s investment in the capital structure of the securitization vehicle and the market yield for the security. Interests accounted for at fair value are primarily classified in level 2 of the fair value hierarchy. Interests not accounted for at fair value are carried at amounts that approximate fair value. See Note 4 for further information about fair value measurements. The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement as of the end of the period. Three Months $ in millions 2023 2022 Residential mortgages $ 7,496 $ 11,730 Commercial mortgages 604 6,221 Other financial assets 464 2,021 Total financial assets securitized $ 8,564 $ 19,972 Retained interests cash flows $ 102 $ 193 The firm securitized assets of $44 million during the three months ended March 2023 and $200 million during the three months ended March 2022, in a non-cash exchange for loans and investments. The table below presents information about nonconsolidated securitization entities to which the firm sold assets and had continuing involvement as of the end of the period. $ in millions Outstanding Retained Purchased As of March 2023 U.S. government agency-issued CMOs $ 38,378 $ 1,877 $ – Other residential mortgage-backed 28,938 1,289 117 Other commercial mortgage-backed 59,680 1,340 101 Corporate debt and other asset-backed 8,587 381 50 Total $ 135,583 $ 4,887 $ 268 As of December 2022 U.S. government agency-issued CMOs $ 38,617 $ 1,835 $ – Other residential mortgage-backed 27,075 1,461 117 Other commercial mortgage-backed 59,688 1,349 82 Corporate debt and other asset-backed 8,750 398 46 Total $ 134,130 $ 5,043 $ 245 In the table above: • CMOs represents collateralized mortgage obligations. • The outstanding principal amount is presented for the purpose of providing information about the size of the securitization entities and is not representative of the firm’s risk of loss. • The firm’s risk of loss from retained or purchased interests is limited to the carrying value of these interests. • Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests. • Substantially all of the total outstanding principal amount and total retained interests relate to securitizations during 2018 and thereafter. • The fair value of retained interests was $4.87 billion as of March 2023 and $5.03 billion as of December 2022. In addition to the interests in the table above, the firm had other continuing involvement in the form of derivative transactions and commitments with certain nonconsolidated VIEs. The carrying value of these derivatives and commitments was a net asset of $96 million as of March 2023 and $72 million as of December 2022, and the notional amount of these derivatives and commitments was $1.89 billion as of March 2023 and $1.90 billion as of December 2022. The notional amounts of these derivatives and commitments are included in maximum exposure to loss in the nonconsolidated VIE table in Note 17. Additionally, the firm has provided seller financing of approximately $830 million in connection with the sale of $1.0 billion of Marcus loans. The table below presents information about the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests. As of March December $ in millions 2023 2022 Fair value of retained interests $ 4,502 $ 4,644 Weighted average life (years) 7.1 6.6 Constant prepayment rate 7.7% 7.7% Impact of 10% adverse change $ (40) $ (27) Impact of 20% adverse change $ (73) $ (48) Discount rate 8.4% 9.5% Impact of 10% adverse change $ (136) $ (138) Impact of 20% adverse change $ (259) $ (266) In the table above: • Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests. • Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear. • The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above. • The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value. • The discount rate for retained interests that relate to U.S. government agency-issued CMOs does not include any credit loss. Expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities A variable interest in a VIE is an investment (e.g., debt or equity) or other interest (e.g., derivatives or loans and lending commitments) that will absorb portions of the VIE’s expected losses and/or receive portions of the VIE’s expected residual returns. The firm’s variable interests in VIEs include senior and subordinated debt; loans and lending commitments; limited and general partnership interests; preferred and common equity; derivatives that may include foreign currency, equity and/or credit risk; guarantees; and certain of the fees the firm receives from investment funds. Certain interest rate, foreign currency and credit derivatives the firm enters into with VIEs are not variable interests because they create, rather than absorb, risk. VIEs generally finance the purchase of assets by issuing debt and equity securities that are either collateralized by or indexed to the assets held by the VIE. The debt and equity securities issued by a VIE may include tranches of varying levels of subordination. The firm’s involvement with VIEs includes securitization of financial assets, as described in Note 16, and investments in and loans to other types of VIEs, as described below. See Note 3 for the firm’s consolidation policies, including the definition of a VIE. VIE Consolidation Analysis The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The firm determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: • Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; • Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; • The VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; • The VIE’s capital structure; • The terms between the VIE and its variable interest holders and other parties involved with the VIE; and • Related-party relationships. The firm reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. The firm reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. VIE Activities The firm is principally involved with VIEs through the following business activities: Mortgage-Backed VIEs. The firm sells residential and commercial mortgage loans and securities to mortgage-backed VIEs and may retain beneficial interests in the assets sold to these VIEs. The firm purchases and sells beneficial interests issued by mortgage-backed VIEs in connection with market-making activities. In addition, the firm may enter into derivatives with certain of these VIEs, primarily interest rate swaps, which are typically not variable interests. The firm generally enters into derivatives with other counterparties to mitigate its risk. Real Estate, Credit- and Power-Related and Other Investing VIEs. The firm purchases equity and debt securities issued by and makes loans to VIEs that hold real estate, performing and nonperforming debt, distressed loans, power-related assets and equity securities. The firm generally does not sell assets to, or enter into derivatives with, these VIEs. Corporate Debt and Other Asset-Backed VIEs. The firm structures VIEs that issue notes to clients, purchases and sells beneficial interests issued by corporate debt and other asset-backed VIEs in connection with market-making activities, and makes loans to VIEs that warehouse corporate debt. Certain of these VIEs synthetically create the exposure for the beneficial interests they issue by entering into credit derivatives with the firm, rather than purchasing the underlying assets. In addition, the firm may enter into derivatives, such as total return swaps, with certain corporate debt and other asset-backed VIEs, under which the firm pays the VIE a return due to the beneficial interest holders and receives the return on the collateral owned by the VIE. The collateral owned by these VIEs is primarily other asset-backed loans and securities. The firm may be removed as the total return swap counterparty and may enter into derivatives with other counterparties to mitigate its risk related to these swaps. The firm may sell assets to the corporate debt and other asset-backed VIEs it structures. Principal-Protected Note VIEs. The firm structures VIEs that issue principal-protected notes to clients. These VIEs own portfolios of assets, principally with exposure to hedge funds. Substantially all of the principal protection on the notes issued by these VIEs is provided by the asset portfolio rebalancing that is required under the terms of the notes. The firm enters into total return swaps with these VIEs under which the firm pays the VIE the return due to the principal-protected note holders and receives the return on the assets owned by the VIE. The firm may enter into derivatives with other counterparties to mitigate its risk. The firm also obtains funding through these VIEs. Investments in Funds. The firm makes equity investments in certain investment fund VIEs it manages and is entitled to receive fees from these VIEs. The firm has generally not sold assets to, or entered into derivatives with, these VIEs. Nonconsolidated VIEs The table below presents a summary of the nonconsolidated VIEs in which the firm holds variable interests. As of March December $ in millions 2023 2022 Total nonconsolidated VIEs Assets in VIEs $ 191,778 $ 181,697 Carrying value of variable interests — assets $ 13,441 $ 12,325 Carrying value of variable interests — liabilities $ 1,051 $ 659 Maximum exposure to loss: Retained interests $ 4,887 $ 5,043 Purchased interests 993 861 Commitments and guarantees 3,106 3,087 Derivatives 8,764 8,802 Debt and equity 7,171 6,026 Total $ 24,921 $ 23,819 In the table above: • The nature of the firm’s variable interests is described in the rows under maximum exposure to loss. • The firm’s exposure to the obligations of VIEs is generally limited to its interests in these entities. In certain instances, the firm provides guarantees, including derivative guarantees, to VIEs or holders of variable interests in VIEs. • The maximum exposure to loss excludes the benefit of offsetting financial instruments that are held to mitigate the risks associated with these variable interests. • The maximum exposure to loss from retained interests, purchased interests, and debt and equity is the carrying value of these interests. • The maximum exposure to loss from commitments and guarantees, and derivatives is the notional amount, which does not represent anticipated losses and has not been reduced by unrealized losses. As a result, the maximum exposure to loss exceeds liabilities recorded for commitments and guarantees, and derivatives. The table below presents information, by principal business activity, for nonconsolidated VIEs included in the summary table above. As of March December $ in millions 2023 2022 Mortgage-backed Assets in VIEs $ 128,774 $ 127,290 Carrying value of variable interests — assets $ 4,860 $ 4,977 Maximum exposure to loss: Retained interests $ 4,506 $ 4,645 Purchased interests 354 332 Commitments and guarantees 44 64 Derivatives 2 2 Total $ 4,906 $ 5,043 Real estate, credit- and power-related and other investing Assets in VIEs $ 37,318 $ 29,193 Carrying value of variable interests — assets $ 4,722 $ 4,415 Carrying value of variable interests — liabilities $ 376 $ 2 Maximum exposure to loss: Commitments and guarantees $ 2,796 $ 2,679 Debt and equity 4,720 4,414 Total $ 7,516 $ 7,093 Corporate debt and other asset-backed Assets in VIEs $ 20,655 $ 19,428 Carrying value of variable interests — assets $ 3,745 $ 2,817 Carrying value of variable interests — liabilities $ 675 $ 657 Maximum exposure to loss: Retained interests $ 381 $ 398 Purchased interests 639 529 Commitments and guarantees 111 190 Derivatives 8,762 8,800 Debt and equity 2,337 1,496 Total $ 12,230 $ 11,413 Investments in funds Assets in VIEs $ 5,031 $ 5,786 Carrying value of variable interests — assets $ 114 $ 116 Maximum exposure to loss: Commitments and guarantees $ 155 $ 154 Debt and equity 114 116 Total $ 269 $ 270 As of both March 2023 and December 2022, the carrying values of the firm’s variable interests in nonconsolidated VIEs are included in the consolidated balance sheets as follows: • Mortgage-backed: Assets primarily included in trading assets and loans. • Real estate, credit- and power-related and other investing: Assets primarily included in investments and loans, and liabilities included in trading liabilities and other liabilities. • Corporate debt and other asset-backed: Assets included in loans and trading assets, and liabilities included in trading liabilities. • Investments in funds: Assets included in investments. Consolidated VIEs The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in consolidated VIEs. As of March December $ in millions 2023 2022 Total consolidated VIEs Assets Cash and cash equivalents $ 335 $ 348 Customer and other receivables 13 7 Trading assets 94 103 Investments 90 101 Loans 997 1,177 Other assets 332 336 Total $ 1,861 $ 2,072 Liabilities Other secured financings $ 957 $ 952 Customer and other payables 2 51 Trading liabilities – 9 Unsecured short-term borrowings 60 58 Unsecured long-term borrowings 17 16 Other liabilities 114 112 Total $ 1,150 $ 1,198 In the table above: • Assets and liabilities are presented net of intercompany eliminations and exclude the benefit of offsetting financial instruments that are held to mitigate the risks associated with the firm’s variable interests. • VIEs in which the firm holds a majority voting interest are excluded if (i) the VIE meets the definition of a business and (ii) the VIE’s assets can be used for purposes other than the settlement of its obligations. • Substantially all assets can only be used to settle obligations of the VIE. The table below presents information, by principal business activity, for consolidated VIEs included in the summary table above. As of March December $ in millions 2023 2022 Real estate, credit-related and other investing Assets Cash and cash equivalents $ 320 $ 339 Customer and other receivables 13 7 Trading assets 32 42 Investments 90 101 Loans 997 1,177 Other assets 332 336 Total $ 1,784 $ 2,002 Liabilities Other secured financings $ 163 $ 170 Customer and other payables 2 51 Trading liabilities – 9 Other liabilities 114 112 Total $ 279 $ 342 Corporate debt and other asset-backed Assets Cash and cash equivalents $ 15 $ 9 Trading assets 21 20 Total $ 36 $ 29 Liabilities Other secured financings $ 482 $ 482 Total $ 482 $ 482 Principal-protected notes Assets Trading assets $ 41 $ 41 Total $ 41 $ 41 Liabilities Other secured financings $ 312 $ 300 Unsecured short-term borrowings 60 58 Unsecured long-term borrowings 17 16 Total $ 389 $ 374 In the table above: • The majority of the assets in principal-protected notes VIEs are intercompany and are eliminated in consolidation. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees Commitments The table below presents commitments by type. As of March December $ in millions 2023 2022 Commitment Type Commercial lending: Investment-grade $ 96,058 $ 100,438 Non-investment-grade 56,014 53,486 Warehouse financing 7,757 9,116 Consumer 68,644 64,098 Total lending 228,473 227,138 Risk participations 9,238 9,173 Collateralized agreement 126,351 105,301 Collateralized financing 37,190 22,532 Investment 7,459 7,705 Other 8,033 9,690 Total commitments $ 416,744 $ 381,539 The table below presents commitments by expiration. As of March 2023 Remainder 2024 - 2026 - 2028 - $ in millions of 2023 2025 2027 Thereafter Commitment Type Commercial lending: Investment-grade $ 10,376 $ 24,016 $ 52,067 $ 9,599 Non-investment-grade 3,774 16,696 27,174 8,370 Warehouse financing 1,705 4,895 1,054 103 Consumer 68,383 261 – – Total lending 84,238 45,868 80,295 18,072 Risk participations 2,575 3,320 3,087 256 Collateralized agreement 125,110 1,241 – – Collateralized financing 36,412 778 – – Investment 1,152 1,258 2,298 2,751 Other 7,445 352 – 236 Total commitments $ 256,932 $ 52,817 $ 85,680 $ 21,315 In the table above, beginning in the first quarter of 2023, the firm made certain changes to its methodology for determining internal credit ratings. See Note 9 for further information about these changes. Prior period amounts have been conformed to reflect the current methodology. The impact to December 2022 was an increase in commercial lending commitments classified as investment-grade and a decrease in commercial lending commitments classified as non-investment-grade of $2.78 billion. Lending Commitments The firm’s commercial and warehouse financing lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing. These commitments are presented net of amounts syndicated to third parties. The total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate portions of these commitments. In addition, commitments can expire unused or be reduced or cancelled at the counterparty’s request. The firm also provides credit to consumers by issuing credit card lines and through commitments to provide unsecured installment loans. The table below presents information about lending commitments. As of March December $ in millions 2023 2022 Held for investment $ 224,164 $ 222,689 Held for sale 3,313 3,355 At fair value 996 1,094 Total $ 228,473 $ 227,138 In the table above: • Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $954 million (including allowance for credit losses of $747 million) as of March 2023 and $1.01 billion (including allowance for credit losses of $774 million) as of December 2022. The estimated fair value of such lending commitments was a liability of $5.81 billion as of March 2023 and $5.95 billion as of December 2022. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $2.79 billion as of March 2023 and $3.11 billion as of December 2022 would have been classified in level 2, and $3.02 billion as of March 2023 and $2.84 billion as of December 2022 would have been classified in level 3. • Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $75 million as of March 2023 and $88 million as of December 2022. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 3 as of both March 2023 and December 2022. • Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions. Commercial Lending. The firm’s commercial lending commitments were primarily extended to investment-grade corporate borrowers. Such commitments primarily included $129.97 billion as of March 2023 and $127.60 billion as of December 2022, related to relationship lending activities (principally used for operating and general corporate purposes), and $4.73 billion as of March 2023 and $7.71 billion as of December 2022, related to other investment banking activities (generally extended for contingent acquisition financing and are often intended to be short-term in nature, as borrowers often seek to replace them with other funding sources). The firm also extends lending commitments in connection with other types of corporate lending, commercial real estate financing and other collateralized lending. See Note 9 for further information about funded loans. To mitigate the credit risk associated with the firm’s commercial lending activities, the firm obtains credit protection on certain loans and lending commitments through credit default swaps, both single-name and index-based contracts, and through the issuance of credit-linked notes. Warehouse Financing. The firm provides financing to clients who warehouse financial assets. These arrangements are collateralized by the warehoused assets, primarily consisting of residential real estate, consumer and corporate loans. Consumer. The firm’s consumer lending commitments includes: • Credit card lines issued by the firm to consumers were $66.37 billion as of March 2023 and $62.22 billion as of December 2022. These credit card lines are cancellable by the firm. • Commitments to provide unsecured installment loans to consumers were $2.27 billion as of March 2023 and $1.88 billion as of December 2022. Risk Participations The firm also risk participates certain of its commercial lending commitments to other financial institutions. In the event of a risk participant’s default, the firm will be responsible to fund the borrower. Collateralized Agreement Commitments/ Collateralized Financing Commitments Collateralized agreement commitments includes forward starting resale and securities borrowing agreements, and collateralized financing commitments includes forward starting repurchase and secured lending agreements that settle at a future date, generally within three business days. Collateralized agreement commitments also includes transactions where the firm has entered into commitments to provide contingent financing to its clients and counterparties through resale agreements. The firm’s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused. Investment Commitments Investment commitments includes commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages. Investment commitments included $1.31 billion as of March 2023 and $1.29 billion as of December 2022, related to commitments to invest in funds managed by the firm. If these commitments are called, they would be funded at market value on the date of investment. Contingencies Legal Proceedings. See Note 27 for information about legal proceedings. Guarantees The table below presents derivatives that meet the definition of a guarantee, securities lending and clearing guarantees and certain other financial guarantees. $ in millions Derivatives Securities Other As of March 2023 Carrying Value of Net Liability $ 6,367 $ – $ 402 Maximum Payout/Notional Amount by Period of Expiration Remainder of 2023 $ 108,381 $ 25,270 $ 1,056 2024 - 2025 152,538 – 3,314 2026 - 2027 23,009 – 2,572 2028 - thereafter 29,841 – 237 Total $ 313,769 $ 25,270 $ 7,179 As of December 2022 Carrying Value of Net Liability $ 7,485 $ – $ 395 Maximum Payout/Notional Amount by Period of Expiration 2023 $ 110,599 $ 20,970 $ 1,634 2024 - 2025 133,090 – 3,308 2026 - 2027 20,252 – 1,837 2028 - thereafter 27,518 – 93 Total $ 291,459 $ 20,970 $ 6,872 In the table above: • The maximum payout is based on the notional amount of the contract and does not represent anticipated losses. • Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments. • The carrying value for derivatives included derivative assets of $501 million as of March 2023 and $578 million as of December 2022, and derivative liabilities of $6.87 billion as of March 2023 and $8.06 billion as of December 2022. Derivative Guarantees. The firm enters into various derivatives that meet the definition of a guarantee under U.S. GAAP, including written equity and commodity put options, written currency contracts and interest rate caps, floors and swaptions. These derivatives are risk managed together with derivatives that do not meet the definition of a guarantee, and therefore the amounts in the table above do not reflect the firm’s overall risk related to derivative activities. Disclosures about derivatives are not required if they may be cash settled and the firm has no basis to conclude it is probable that the counterparties held the underlying instruments at the inception of the contract. The firm has concluded that these conditions have been met for certain large, internationally active commercial and investment bank counterparties, central clearing counterparties, hedge funds and certain other counterparties. Accordingly, the firm has not included such contracts in the table above. See Note 7 for information about credit derivatives that meet the definition of a guarantee, which are not included in the table above. Derivatives are accounted for at fair value and therefore the carrying value is considered the best indication of payment/performance risk for individual contracts. However, the carrying values in the table above exclude the effect of counterparty and cash collateral netting. Securities Lending and Clearing Guarantees . Securities lending and clearing guarantees include the indemnifications and guarantees that the firm provides in its capacity as an agency lender and in its capacity as a sponsoring member of the Fixed Income Clearing Corporation. As an agency lender, the firm indemnifies most of its securities lending customers against losses incurred in the event that borrowers do not return securities and the collateral held is insufficient to cover the market value of the securities borrowed. The maximum payout of such indemnifications was $16.56 billion as of March 2023 and $12.23 billion as of December 2022. Collateral held by the lenders in connection with securities lending indemnifications was $17.11 billion as of March 2023 and $12.62 billion as of December 2022. Because the contractual nature of these arrangements requires the firm to obtain collateral with a market value that exceeds the value of the securities lent to the borrower, there is minimal performance risk associated with these indemnifications. As a sponsoring member of the Government Securities Division of the Fixed Income Clearing Corporation, the firm guarantees the performance of its sponsored member clients to the Fixed Income Clearing Corporation in connection with certain resale and repurchase agreements. To minimize potential losses on such guarantees, the firm obtains a security interest in the collateral that the sponsored client placed with the Fixed Income Clearing Corporation. Therefore, the risk of loss on such guarantees is minimal. The maximum payout on this guarantee was $8.71 billion as of March 2023 and $8.74 billion as of December 2022. The related collateral held was $8.73 billion as of March 2023 and $8.70 billion as of December 2022. Other Financial Guarantees . In the ordinary course of business, the firm provides other financial guarantees of the obligations of third parties (e.g., standby letters of credit and other guarantees to enable clients to complete transactions and fund-related guarantees). These guarantees represent obligations to make payments to beneficiaries if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Other financial guarantees also include a guarantee that the firm has provided to the Government of Malaysia that it will receive, by August 2025, at least $1.4 billion in assets and proceeds from assets seized by governmental authorities around the world related to 1Malaysia Development Berhad, a sovereign wealth fund in Malaysia (1MDB). In connection with this guarantee, the firm is also required to make a one-time interim payment of $250 million towards the $1.4 billion if the Government of Malaysia has not received at least $500 million in assets and proceeds by August 2022. The firm considers semi-annual reports and other communications from Malaysia in evaluating the progress of Malaysia’s recovery efforts. The firm and the Government of Malaysia disagree about and, following an extension of the contractual dispute resolution period, continue to discuss whether the Government of Malaysia did, in fact, recover at least $500 million as of August 2022 and whether any interim payment was due. If the parties are unable to resolve this dispute, it would be settled by arbitration. Any amounts paid by the firm would, in any event, be subject to reimbursement in the event the assets and proceeds received by the Government of Malaysia through August 18, 2028 exceed $1.4 billion. See Note 27 for further information about matters related to 1MDB. Guarantees of Securities Issued by Trusts. The firm has established trusts, including Goldman Sachs Capital I, Goldman Sachs Capital II and Goldman Sachs Capital III (the Trusts), and other entities, for the limited purpose of issuing securities to third parties, lending the proceeds to the firm and entering into contractual arrangements with the firm and third parties related to this purpose. The firm does not consolidate these entities. See Notes 14 and 19 for further information about the transactions involving the Trusts. The firm effectively provides for the full and unconditional guarantee of the securities issued by these entities. Timely payment by the firm of amounts due to these entities under the guarantee, borrowing, preferred stock and related contractual arrangements will be sufficient to cover payments due on the securities issued by these entities. No subsidiary of Group Inc. guarantees the securities of the Trusts. Management believes that it is unlikely that any circumstances will occur, such as nonperformance on the part of paying agents or other service providers, that would make it necessary for the firm to make payments related to these entities other than those required under the terms of the guarantee, borrowing, preferred stock and related contractual arrangements and in connection with certain expenses incurred by these entities. Indemnities and Guarantees of Service Providers. In the ordinary course of business, the firm indemnifies and guarantees certain service providers, such as clearing and custody agents, trustees and administrators, against specified potential losses in connection with their acting as an agent of, or providing services to, the firm or its affiliates. The firm may also be liable to some clients or other parties for losses arising from its custodial role or caused by acts or omissions of third-party service providers, including sub-custodians and third-party brokers. In certain cases, the firm has the right to seek indemnification from these third-party service providers for certain relevant losses incurred by the firm. In addition, the firm is a member of payment, clearing and settlement networks, as well as securities exchanges around the world that may require the firm to meet the obligations of such networks and exchanges in the event of member defaults and other loss scenarios. In connection with the firm’s prime brokerage and clearing businesses, the firm agrees to clear and settle transactions entered into by clients with other brokerage firms. The firm’s obligations in respect of such transactions are secured by the assets in the client’s account and proceeds received from the transactions cleared and settled by the firm on behalf of the client. In connection with joint venture investments, the firm may issue loan guarantees under which it may be liable in the event of fraud, misappropriation, environmental liabilities and other matters involving the borrower. The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these guarantees and indemnifications have been recognized in the consolidated balance sheets as of both March 2023 and December 2022. Other Representations, Warranties and Indemnifications. The firm provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. The firm may also provide indemnifications protecting against changes in or adverse application of certain U.S. tax laws in connection with ordinary-course transactions, such as securities issuances, borrowings or derivatives. In addition, the firm may provide indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld, due either to a change in or an adverse application of certain non-U.S. tax laws. These indemnifications generally are standard contractual terms and are entered into in the ordinary course of business. Generally, there are no stated or notional amounts included in these indemnifications, and the contingencies triggering the obligation to indemnify are not expected to occur. The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these arrangements have been recognized in the consolidated balance sheets as of both March 2023 and December 2022. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Common Equity As of both March 2023 and December 2022, the firm had 4.00 billion authorized shares of common stock and 200 million authorized shares of nonvoting common stock, each with a par value of $0.01 per share. The firm’s share repurchase program is intended to help maintain the appropriate level of common equity. The share repurchase program is effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 and accelerated share repurchases), the amounts and timing of which are determined primarily by the firm’s current and projected capital position, and capital deployment opportunities, but which may also be influenced by general market conditions and the prevailing price and trading volumes of the firm’s common stock. The table below presents information about common stock repurchases. Three Months in millions, except per share amounts 2023 2022 Common share repurchases 7.1 1.4 Average cost per share $ 359.77 $ 363.53 Total cost of common share repurchases $ 2,546 $ 500 Pursuant to the terms of certain share-based compensation plans, employees may remit shares to the firm or the firm may cancel share-based awards to satisfy statutory employee tax withholding requirements. Under these plans, during the three months ended March 2023, 499 shares were remitted with a total value of $0.2 million and the firm cancelled 3.7 million share-based awards with a total value of $1.28 billion. The table below presents common stock dividends declared. Three Months 2023 2022 Dividends declared per common share $ 2.50 $ 2.00 On April 14, 2023, the Board of Directors of Group Inc. (Board) declared a dividend of $2.50 per common share to be paid on June 29, 2023 to common shareholders of record on June 1, 2023. Preferred Equity The tables below present information about the perpetual preferred stock issued and outstanding as of March 2023. Series Shares Shares Shares Depositary Shares A 50,000 30,000 29,999 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 7,667 7,667 N.A. F 5,000 1,615 1,615 N.A. J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 O 26,000 26,000 26,000 25 P 66,000 60,000 60,000 25 Q 20,000 20,000 20,000 25 R 24,000 24,000 24,000 25 S 14,000 14,000 14,000 25 T 27,000 27,000 27,000 25 U 30,000 30,000 30,000 25 V 30,000 30,000 30,000 25 Total 472,700 400,282 400,280 Series Earliest Redemption Date Liquidation Redemption Value ($ in millions) A Currently redeemable $ 25,000 $ 750 C Currently redeemable $ 25,000 200 D Currently redeemable $ 25,000 1,350 E Currently redeemable $ 100,000 767 F Currently redeemable $ 100,000 161 J May 10, 2023 $ 25,000 1,000 K May 10, 2024 $ 25,000 700 O November 10, 2026 $ 25,000 650 P Currently redeemable $ 25,000 1,500 Q August 10, 2024 $ 25,000 500 R February 10, 2025 $ 25,000 600 S February 10, 2025 $ 25,000 350 T May 10, 2026 $ 25,000 675 U August 10, 2026 $ 25,000 750 V November 10, 2026 $ 25,000 750 Total $ 10,703 In the tables above: • All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares. • The earliest redemption date represents the date on which each share of non-cumulative preferred stock is redeemable at the firm’s option. • Prior to redeeming preferred stock, the firm must receive approval from the FRB. • The redemption price per share for Series A through F and Series Q through V Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series J through P Preferred Stock is the liquidation preference plus accrued and unpaid dividends. • All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation. • The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period. • Series E and Series F Preferred Stock are held by Goldman Sachs Capital II and Goldman Sachs Capital III, respectively. These trusts are Delaware statutory trusts sponsored by the firm and wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes. The table below presents the dividend rates of perpetual preferred stock as of March 2023. Series Per Annum Dividend Rate A 3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly C 3 month LIBOR + 0.75%, with floor of 4.00%, payable quarterly D 3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly E 3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly F 3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly J 5.50% to, but excluding, May 10, 2023; K 6.375% to, but excluding, May 10, 2024; O 5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter P 3 month LIBOR + 2.874%, payable quarterly Q 5.50%, payable semi-annually, from issuance date to, but excluding, August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter R 4.95%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter S 4.40%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter T 3.80%, payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter U 3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter V 4.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter In the table above, dividends on each series of preferred stock are payable in arrears for the periods specified. The table below presents preferred stock dividends declared. 2023 2022 Series per share $ in millions per share $ in millions Three Months Ended March A $ 341.29 $ 10 $ 239.58 $ 7 C $ 341.29 3 $ 255.56 2 D $ 336.18 18 $ 255.56 14 E $ 1,382.02 10 $ 1,000.00 7 F $ 1,382.64 2 $ 1,000.00 2 J $ 343.75 14 $ 343.75 14 K $ 398.44 11 $ 398.44 11 P $ 476.99 28 $ – – Q $ 687.50 14 $ 687.50 14 R $ 618.75 15 $ 618.75 15 S $ 550.00 8 $ 550.00 8 U $ 456.25 14 $ 486.67 14 Total $ 147 $ 108 On April 4, 2023, Group Inc. declared dividends of $346.69 per share of Series A Preferred Stock, $346.69 per share of Series C Preferred Stock, $341.74 per share of Series D Preferred Stock, $343.75 per share of Series J Preferred Stock, $398.44 per share of Series K Preferred Stock, $662.50 per share of Series O Preferred Stock, $477.96 per share of Series P Preferred Stock, $475.00 per share of Series T Preferred Stock and $515.63 per share of Series V Preferred Stock to be paid on May 10, 2023 to preferred shareholders of record on April 25, 2023. In addition, the firm declared dividends of $1,464.32 per share of Series E Preferred Stock and $1,464.95 per share of Series F Preferred Stock to be paid on June 1, 2023 to preferred shareholders of record on May 17, 2023. Accumulated Other Comprehensive Income/(Loss) The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type. $ in millions Beginning Other Ending Three Months Ended March 2023 Currency translation $ (785) $ (31) $ (816) Debt valuation adjustment 892 (1) 891 Pension and postretirement liabilities (499) 14 (485) Available-for-sale securities (2,618) 427 (2,191) Total $ (3,010) $ 409 $ (2,601) Three Months Ended March 2022 Currency translation $ (738) $ (15) $ (753) Debt valuation adjustment (511) 740 229 Pension and postretirement liabilities (327) 13 (314) Available-for-sale securities (492) (1,354) (1,846) Total $ (2,068) $ (616) $ (2,684) |
Regulation and Capital Adequacy
Regulation and Capital Adequacy | 3 Months Ended |
Mar. 31, 2023 | |
Regulation And Capital Adequacy [Abstract] | |
Regulation and Capital Adequacy | Regulation and Capital Adequacy The FRB is the primary regulator of Group Inc., a bank holding company under the U.S. Bank Holding Company Act of 1956 and a financial holding company under amendments to this Act. The firm is subject to consolidated regulatory capital requirements which are calculated in accordance with the regulations of the FRB (Capital Framework). The capital requirements are expressed as risk-based capital and leverage ratios that compare measures of regulatory capital to risk-weighted assets (RWAs), average assets and off-balance sheet exposures. Failure to comply with these capital requirements would result in restrictions being imposed by the firm’s regulators and could limit the firm’s ability to repurchase shares, pay dividends and make certain discretionary compensation payments. The firm’s capital levels are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Furthermore, certain of the firm’s subsidiaries are subject to separate regulations and capital requirements. Capital Framework The regulations under the Capital Framework are largely based on the Basel Committee on Banking Supervision’s (Basel Committee) capital framework for strengthening international capital standards (Basel III) and also implement certain provisions of the Dodd-Frank Act. Under the Capital Framework, the firm is an “Advanced approaches” banking organization and has been designated as a global systemically important bank (G-SIB). The Capital Framework includes the minimum risk-based capital and the capital conservation buffer requirements. The buffer must consist entirely of capital that qualifies as Common Equity Tier 1 (CET1) capital. The firm calculates its CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. Each of the ratios calculated under the Standardized and Advanced Capital Rules must meet its respective capital requirements. Under the Capital Framework, the firm is also subject to leverage requirements which consist of a minimum Tier 1 leverage ratio and a minimum supplementary leverage ratio (SLR), as well as the SLR buffer. Consolidated Regulatory Capital Requirements Risk-Based Capital Ratios. The table below presents the risk-based capital requirements. Standardized Advanced As of March 2023 CET1 capital ratio 13.8 % 10.0 % Tier 1 capital ratio 15.3 % 11.5 % Total capital ratio 17.3 % 13.5 % As of December 2022 CET1 capital ratio 13.3 % 9.5 % Tier 1 capital ratio 14.8 % 11.0 % Total capital ratio 16.8 % 13.0 % In the table above: • Under both the Standardized and Advanced Capital Rules, the CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements, consisting of the G-SIB surcharge (Method 2) of 3.0% as of March 2023 and 2.5% as of December 2022 and the countercyclical capital buffer, which the FRB has set to zero percent. In addition, the capital conservation buffer requirements include the stress capital buffer of 6.3% under the Standardized Capital Rules and a buffer of 2.5% under the Advanced Capital Rules. • The G-SIB surcharge is updated annually based on financial data from the prior year and is generally applicable for the following year. The G-SIB surcharge is calculated using two methodologies, the higher of which is reflected in the firm’s risk-based capital requirements. The first calculation (Method 1) is based on the Basel Committee’s methodology which, among other factors, relies upon measures of the size, activity and complexity of each G-SIB. The second calculation (Method 2) uses similar inputs but includes a measure of reliance on short-term wholesale funding. The table below presents information about risk-based capital ratios. $ in millions Standardized Advanced As of March 2023 CET1 capital $ 98,060 $ 98,060 Tier 1 capital $ 108,563 $ 108,563 Tier 2 capital $ 15,516 $ 11,699 Total capital $ 124,079 $ 120,262 RWAs $ 660,787 $ 677,658 CET1 capital ratio 14.8 % 14.5 % Tier 1 capital ratio 16.4 % 16.0 % Total capital ratio 18.8 % 17.7 % As of December 2022 CET1 capital $ 98,050 $ 98,050 Tier 1 capital $ 108,552 $ 108,552 Tier 2 capital $ 15,958 $ 12,115 Total capital $ 124,510 $ 120,667 RWAs $ 653,419 $ 679,450 CET1 capital ratio 15.0 % 14.4 % Tier 1 capital ratio 16.6 % 16.0 % Total capital ratio 19.1 % 17.8 % Leverage Ratios. The table below presents the leverage requirements. Requirements Tier 1 leverage ratio 4.0 % SLR 5.0 % In the table above, the SLR requirement of 5% includes a minimum of 3% and a 2% buffer applicable to G-SIBs. The table below presents information about leverage ratios. For the Three Months Ended or as of March December $ in millions 2023 2022 Tier 1 capital $ 108,563 $ 108,552 Average total assets $ 1,510,619 $ 1,500,225 Deductions from Tier 1 capital (8,331) (8,259) Average adjusted total assets 1,502,288 1,491,966 Off-balance sheet and other exposures 373,304 375,392 Total leverage exposure $ 1,875,592 $ 1,867,358 Tier 1 leverage ratio 7.2 % 7.3% SLR 5.8 % 5.8% In the table above: • Average total assets represents the average daily assets for the quarter adjusted for the impact of Current Expected Credit Losses (CECL) transition. • Off-balance sheet and other exposures primarily includes the monthly average of off-balance sheet exposures, consisting of derivatives, securities financing transactions, commitments and guarantees. • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. Risk-Based Capital. The table below presents information about risk-based capital. As of March December $ in millions 2023 2022 Common shareholders’ equity $ 106,806 $ 106,486 Impact of CECL transition 553 829 Deduction for goodwill (5,739) (5,674) Deduction for identifiable intangible assets (1,720) (1,770) Other adjustments (1,840) (1,821) CET1 capital 98,060 98,050 Preferred stock 10,703 10,703 Deduction for investments in covered funds (198) (199) Other adjustments (2) (2) Tier 1 capital $ 108,563 $ 108,552 Standardized Tier 2 and Total capital Tier 1 capital $ 108,563 $ 108,552 Qualifying subordinated debt 10,401 10,637 Allowance for credit losses 5,122 5,331 Other adjustments (7) (10) Standardized Tier 2 capital 15,516 15,958 Standardized Total capital $ 124,079 $ 124,510 Advanced Tier 2 and Total capital Tier 1 capital $ 108,563 $ 108,552 Standardized Tier 2 capital 15,516 15,958 Allowance for credit losses (5,122) (5,331) Other adjustments 1,305 1,488 Advanced Tier 2 capital 11,699 12,115 Advanced Total capital $ 120,262 $ 120,667 In the table above: • Beginning in January 2022, the firm started to phase in the estimated reduction to regulatory capital as a result of adopting the CECL model. The total amount of reduction to be phased in from January 1, 2022 through January 1, 2025 (at 25% per year) was $1.11 billion, of which $553 million had been phased in as of March 2023. The total amount to be phased in includes the impact of adopting CECL as of January 1, 2020, as well as 25% of the increase in the allowance for credit losses from January 1, 2020 through December 31, 2021. The impact of CECL transition reflects the remaining amount of reduction to be phased in as of both March 2023 and December 2022. • Deduction for goodwill was net of deferred tax liabilities of $700 million as of both March 2023 and December 2022. • Deduction for identifiable intangible assets was net of deferred tax liabilities of $245 million as of March 2023 and $239 million as of December 2022. • Deduction for investments in covered funds represents the firm’s aggregate investments in applicable covered funds. See Note 8 for further information about the Volcker Rule. • Other adjustments within CET1 capital and Tier 1 capital primarily include credit valuation adjustments on derivative liabilities, the overfunded portion of the firm’s defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, debt valuation adjustments and other required credit risk-based deductions. Other adjustments within Advanced Tier 2 capital include eligible credit reserves. • Qualifying subordinated debt is subordinated debt issued by Group Inc. with an original maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced upon reaching a remaining maturity of five years. See Note 14 for further information about the firm’s subordinated debt. The table below presents changes in CET1 capital, Tier 1 capital and Tier 2 capital. $ in millions Standardized Advanced Three Months Ended March 2023 CET1 capital Beginning balance $ 98,050 $ 98,050 Change in: Common shareholders’ equity 320 320 Impact of CECL transition (276) (276) Deduction for goodwill (65) (65) Deduction for identifiable intangible assets 50 50 Other adjustments (19) (19) Ending balance $ 98,060 $ 98,060 Tier 1 capital Beginning balance $ 108,552 $ 108,552 Change in: CET1 capital 10 10 Deduction for investments in covered funds 1 1 Ending balance 108,563 108,563 Tier 2 capital Beginning balance 15,958 12,115 Change in: Qualifying subordinated debt (236) (236) Allowance for credit losses (209) – Other adjustments 3 (180) Ending balance 15,516 11,699 Total capital $ 124,079 $ 120,262 RWAs. RWAs are calculated in accordance with both the Standardized and Advanced Capital Rules. Credit Risk Credit RWAs are calculated based on measures of exposure, which are then risk weighted under the Standardized and Advanced Capital Rules: • The Standardized Capital Rules apply prescribed risk-weights, which depend largely on the type of counterparty. The exposure measures for derivatives and securities financing transactions are based on specific formulas which take certain factors into consideration. • Under the Advanced Capital Rules, the firm computes risk-weights for wholesale and retail credit exposures in accordance with the Advanced Internal Ratings-Based approach. The exposure measures for derivatives and securities financing transactions are computed utilizing internal models. • For both Standardized and Advanced credit RWAs, the risk-weights for securitizations and equities are based on specific required formulaic approaches. Market Risk RWAs for market risk in accordance with the Standardized and Advanced Capital Rules are generally consistent. Market RWAs are calculated based on measures of exposure which include the following: • Value-at-Risk (VaR) is the potential loss in value of trading assets and liabilities, as well as certain investments, loans, and other financial assets and liabilities accounted for at fair value, due to adverse market movements over a defined time horizon with a specified confidence level. For both risk management purposes and regulatory capital calculations, the firm uses a single VaR model which captures risks, including those related to interest rates, equity prices, currency rates and commodity prices. However, VaR used for risk management purposes differs from VaR used for regulatory capital requirements (regulatory VaR) due to differences in time horizons, confidence levels and the scope of positions on which VaR is calculated. For risk management purposes, a 95% one-day VaR is used, whereas for regulatory capital requirements, a 99% 10-day VaR is used to determine Market RWAs and a 99% one-day VaR is used to determine regulatory VaR exceptions. In addition, the daily net revenues used to determine risk management VaR exceptions (i.e., comparing the daily net revenues to the VaR measure calculated as of the end of the prior business day) include intraday activity, whereas the Capital Framework requires that intraday activity be excluded from daily net revenues when calculating regulatory VaR exceptions. Intraday activity includes bid/offer net revenues, which are more likely than not to be positive by their nature. As a result, there may be differences in the number of VaR exceptions and the amount of daily net revenues calculated for regulatory VaR compared to the amounts calculated for risk management VaR. The firm’s positional losses observed on a single day exceeded its 99% one-day regulatory VaR on one occasion during both the three months ended March 2023 and the year ended 2022. There was no change in the firm’s VaR multiplier used to calculate Market RWAs; • Stressed VaR is the potential loss in value of trading assets and liabilities, as well as certain investments, loans, and other financial assets and liabilities accounted for at fair value, during a period of significant market stress; • Incremental risk is the potential loss in value of non-securitized positions due to the default or credit migration of issuers of financial instruments over a one-year time horizon; • Comprehensive risk is the potential loss in value, due to price risk and defaults, within the firm’s credit correlation positions; and • Specific risk is the risk of loss on a position that could result from factors other than broad market movements, including event risk, default risk and idiosyncratic risk. The standardized measurement method is used to determine specific risk RWAs, by applying supervisory defined risk-weighting factors after applicable netting is performed. Operational Risk Operational RWAs are only required to be included under the Advanced Capital Rules. The firm utilizes an internal risk-based model to quantify Operational RWAs. The table below presents information about RWAs. $ in millions Standardized Advanced As of March 2023 Credit RWAs Derivatives $ 143,448 $ 104,601 Commitments, guarantees and loans 245,097 194,594 Securities financing transactions 81,283 20,253 Equity investments 31,513 34,050 Other 79,615 105,979 Total Credit RWAs 580,956 459,477 Market RWAs Regulatory VaR 18,167 18,167 Stressed VaR 37,845 37,845 Incremental risk 4,468 4,468 Comprehensive risk 3,205 3,205 Specific risk 16,146 16,146 Total Market RWAs 79,831 79,831 Total Operational RWAs – 138,350 Total RWAs $ 660,787 $ 677,658 As of December 2022 Credit RWAs Derivatives $ 142,696 $ 111,344 Commitments, guarantees and loans 247,026 198,508 Securities financing transactions 73,189 21,659 Equity investments 30,899 33,451 Other 76,335 96,351 Total Credit RWAs 570,145 461,313 Market RWAs Regulatory VaR 18,981 18,981 Stressed VaR 37,833 37,833 Incremental risk 6,470 6,470 Comprehensive risk 3,641 3,641 Specific risk 16,349 16,349 Total Market RWAs 83,274 83,274 Total Operational RWAs – 134,863 Total RWAs $ 653,419 $ 679,450 In the table above: • Securities financing transactions represents resale and repurchase agreements and securities borrowed and loaned transactions. • Other includes receivables, certain debt securities, cash and cash equivalents, and other assets. The table below presents changes in RWAs. $ in millions Standardized Advanced Three Months Ended March 2023 RWAs Beginning balance $ 653,419 $ 679,450 Credit RWAs Change in: Derivatives 752 (6,743) Commitments, guarantees and loans (1,929) (3,914) Securities financing transactions 8,094 (1,406) Equity investments 614 599 Other 3,280 9,628 Change in Credit RWAs 10,811 (1,836) Market RWAs Change in: Regulatory VaR (814) (814) Stressed VaR 12 12 Incremental risk (2,002) (2,002) Comprehensive risk (436) (436) Specific risk (203) (203) Change in Market RWAs (3,443) (3,443) Change in Operational RWAs – 3,487 Ending balance $ 660,787 $ 677,658 RWAs Rollforward Commentary Three Months Ended March 2023. Standardized Credit RWAs as of March 2023 increased by $10.81 billion compared with December 2022, primarily reflecting an increase in securities financing transactions (principally due to increased funding exposures) and an increase in other credit RWAs (principally due to an increase in other assets and customer and other receivables). Standardized Market RWAs as of March 2023 decreased by $3.44 billion compared with December 2022, primarily reflecting a decrease in incremental risk (principally due to reduced exposures). Advanced Credit RWAs as of March 2023 decreased by $1.84 billion compared with December 2022, primarily reflecting a decrease in derivatives (principally due to reduced counterparty credit risk) and a decrease in commitments, guarantees, and loans (principally due to reduced lending activity). These decreases were partially offset by an increase in other credit RWAs (principally due to an increase in other assets and customer and other receivables). Advanced Market RWAs as of March 2023 decreased by $3.44 billion compared with December 2022, primarily reflecting a decrease in incremental risk (principally due to reduced exposures). Advanced Operational RWAs as of March 2023 increased by $3.49 billion compared with December 2022, reflecting increased frequency of loss events estimated by the firm's risk-based model. Bank Subsidiaries GS Bank USA. GS Bank USA is the firm’s primary U.S. bank subsidiary. GS Bank USA is a New York State-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the FRB, the FDIC, the New York State Department of Financial Services (NYDFS) and the Consumer Financial Protection Bureau, and is subject to regulatory capital requirements that are calculated under the Capital Framework. GS Bank USA is an Advanced approaches banking organization under the Capital Framework. The deposits of GS Bank USA are insured by the FDIC to the extent provided by law. The Capital Framework includes the minimum risk-based capital and the capital conservation buffer requirements (consisting of a 2.5% buffer and the countercyclical capital buffer). The buffer must consist entirely of capital that qualifies as CET1 capital. In addition, the Capital Framework includes the leverage ratio requirement. GS Bank USA is required to calculate the CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. The lower of each risk-based capital ratio under the Standardized and Advanced Capital Rules is the ratio against which GS Bank USA’s compliance with its risk-based capital requirements is assessed. In addition, under the regulatory framework for prompt corrective action applicable to GS Bank USA, in order to meet the quantitative requirements for a “well-capitalized” depository institution, GS Bank USA must also meet the “well-capitalized” requirements in the table below. GS Bank USA’s capital levels and prompt corrective action classification are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Failure to comply with the capital requirements, including a breach of the buffers described below, would result in restrictions being imposed by the regulators. The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements. Requirements “Well-capitalized” Risk-based capital requirements CET1 capital ratio 7.0 % 6.5 % Tier 1 capital ratio 8.5 % 8.0 % Total capital ratio 10.5 % 10.0 % Leverage requirements Tier 1 leverage ratio 4.0 % 5.0 % SLR 3.0 % 6.0 % In the table above: • The CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements consisting of a 2.5% buffer and the countercyclical capital buffer, which the FRB has set to zero percent. • The “well-capitalized” requirements are the binding requirements for leverage ratios. The table below presents information about GS Bank USA’s risk-based capital ratios. $ in millions Standardized Advanced As of March 2023 CET1 capital $ 48,646 $ 48,646 Tier 1 capital $ 48,646 $ 48,646 Tier 2 capital $ 6,070 $ 3,226 Total capital $ 54,716 $ 51,872 RWAs $ 357,721 $ 275,916 CET1 capital ratio 13.6 % 17.6 % Tier 1 capital ratio 13.6 % 17.6 % Total capital ratio 15.3 % 18.8 % As of December 2022 CET1 capital $ 46,845 $ 46,845 Tier 1 capital $ 46,845 $ 46,845 Tier 2 capital $ 8,042 $ 5,382 Total capital $ 54,887 $ 52,227 RWAs $ 357,112 $ 275,451 CET1 capital ratio 13.1 % 17.0 % Tier 1 capital ratio 13.1 % 17.0 % Total capital ratio 15.4 % 19.0 % In the table above: • The lower of the Standardized or Advanced ratio is the ratio against which GS Bank USA’s compliance with the capital requirements is assessed under the risk-based Capital Rules, and therefore, the Standardized ratios applied to GS Bank USA as of both March 2023 and December 2022. • Beginning in January 2022, GS Bank USA started to phase in the estimated reduction to regulatory capital as a result of adopting the CECL model at 25% per year through January 2025. The total amount to be phased in includes the impact of adopting CECL as of January 1, 2020, as well as 25% of the increase in the allowance for credit losses from January 1, 2020 through December 31, 2021. • The Standardized and Advanced CET1 and Tier 1 capital ratios increased from December 2022 to March 2023, reflecting an increase in capital, principally due to net earnings. The Standardized and Advanced Total capital ratios were essentially unchanged from December 2022 to March 2023. The table below presents information about GS Bank USA’s leverage ratios. For the Three Months Ended or as of March December $ in millions 2023 2022 Tier 1 capital $ 48,646 $ 46,845 Average adjusted total assets $ 497,584 $ 499,108 Total leverage exposure $ 669,529 $ 671,215 Tier 1 leverage ratio 9.8 % 9.4 % SLR 7.3 % 7.0 % In the table above: • Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital and the impact of CECL transition. • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. The FRB requires that GS Bank USA maintain cash reserves with the Federal Reserve. As of both March 2023 and December 2022, the reserve requirement ratio was zero percent. See Note 26 for further information about cash deposits held by the firm at the Federal Reserve. GS Bank USA is a registered swap dealer with the CFTC and a registered security-based swap dealer with the SEC. As of both March 2023 and December 2022, GS Bank USA was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers. GSIB. GSIB is the firm’s U.K. bank subsidiary regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). GSIB is subject to the U.K. capital framework, which is largely based on Basel III. The eligible retail deposits of GSIB are covered by the U.K. Financial Services Compensation Scheme to the extent provided by law. The table below presents GSIB’s risk-based capital requirements. As of March December 2023 2022 Risk-based capital requirements CET1 capital ratio 9.7 % 9.7 % Tier 1 capital ratio 12.0 % 11.9 % Total capital ratio 15.0 % 14.9 % The table below presents information about GSIB’s risk-based capital ratios. As of March December $ in millions 2023 2022 Risk-based capital and risk-weighted assets CET1 capital $ 3,592 $ 3,395 Tier 1 capital $ 3,592 $ 3,395 Tier 2 capital $ 826 $ 828 Total capital $ 4,418 $ 4,223 RWAs $ 15,944 $ 15,766 Risk-based capital ratios CET1 capital ratio 22.5 % 21.5 % Tier 1 capital ratio 22.5 % 21.5 % Total capital ratio 27.7 % 26.8 % In the table above, the risk-based capital ratios as of March 2023 reflected profits after foreseeable charges that are still subject to audit by GSIB’s external auditors and approval by GSIB’s Board of Directors for inclusion in risk-based capital. These profits contributed approximately 120 basis points to the CET1 capital ratio as of March 2023. The table below presents GSIB's leverage ratio requirement which became effective in January 2023 and the leverage ratio. As of March 2023 Leverage ratio requirement 3.45 % Leverage ratio 6.4 % In the table above, the leverage ratio as of March 2023 reflected profits after foreseeable charges that are still subject to audit by GSIB’s external auditors and approval by GSIB’s Board of Directors for inclusion in risk-based capital. These profits contributed approximately 34 basis points to the leverage ratio as of March 2023. GSIB is subject to minimum reserve requirements at central banks in certain of the jurisdictions in which it operates. As of both March 2023 and December 2022, GSIB was in compliance with these requirements. GSBE. GSBE is the firm’s German bank subsidiary supervised by the European Central Bank, BaFin and Deutsche Bundesbank. GSBE is a non-U.S. banking subsidiary of GS Bank USA and is also subject to standalone regulatory capital requirements noted below. GSBE is subject to the capital requirements prescribed in the amended E.U. Capital Requirements Directive (CRD) and E.U. Capital Requirements Regulation (CRR), which are largely based on Basel III. The deposits of GSBE are covered by the German statutory deposit protection program to the extent provided by law. In addition, GSBE has elected to participate in the German voluntary deposit protection program which provides insurance for certain eligible deposits not covered by the German statutory deposit program. The table below presents GSBE’s risk-based capital requirements. As of March December 2023 2022 Risk-based capital requirements CET1 capital ratio 9.6 % 9.2 % Tier 1 capital ratio 11.7 % 11.3 % Total capital ratio 14.5 % 14.0 % The table below presents information about GSBE’s risk-based capital ratios. As of March December $ in millions 2023 2022 Risk-based capital and risk-weighted assets CET1 capital $ 13,474 $ 9,536 Tier 1 capital $ 13,474 $ 9,536 Tier 2 capital $ 22 $ 21 Total capital $ 13,496 $ 9,557 RWAs $ 31,319 $ 30,154 Risk-based capital ratios CET1 capital ratio 43.0 % 31.6% Tier 1 capital ratio 43.0 % 31.6% Total capital ratio 43.1 % 31.7% In the table above, the risk-based capital ratios as of March 2023 reflected profits after foreseeable charges that are still subject to audit by GSBE’s external auditors and approval by GSBE’s shareholder (GS Bank USA) for inclusion in risk-based capital. These profits contributed approximately 123 basis points to the CET1 capital ratio as of March 2023. The table below presents GSBE’s leverage ratio requirement and leverage ratio. As of March December 2023 2022 Leverage ratio requirement 3.0 % 3.0 % Leverage ratio 11.4 % 10.6 % In the table above, the leverage ratio as of March 2023 reflected profits after foreseeable charges that are still subject to audit by GSBE’s external auditors and approval by GSBE’s shareholder (GS Bank USA) for inclusion in risk-based capital. These profits contributed approximately 65 basis points to the leverage ratio as of March 2023. GSBE is subject to minimum reserve requirements at central banks in certain of the jurisdictions in which it operates. As of both March 2023 and December 2022, GSBE was in compliance with these requirements. GSBE is a registered swap dealer with the CFTC and a registered security-based swap dealer with the SEC. As of both March 2023 and December 2022, GSBE was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers. Restrictions on Payments Group Inc. may be limited in its ability to access capital held at certain subsidiaries as a result of regulatory, tax or other constraints. These limitations include provisions of applicable law and regulations and other regulatory restrictions that limit the ability of those subsidiaries to declare and pay dividends without prior regulatory approval. For example, the amount of dividends that may be paid by GS Bank USA are limited to the lesser of the amounts calculated under a recent earnings test and an undivided profits test. As a result of dividends paid in connection with the acquisition of GSBE in July 2021, GS Bank USA cannot currently declare any additional dividends without prior regulatory approval. In addition, subsidiaries not subject to separate regulatory capital requirements may hold capital to satisfy local tax and legal guidelines, rating agency requirements (for entities with assigned credit ratings) or internal policies, including policies concerning the minimum amount of capital a subsidiary should hold based on its underlying level of risk. Group Inc.’s equity investment in subsidiaries was $135.33 billion as of March 2023 and $134.59 billion as of December 2022, of which Group Inc. was required to maintain $89.01 billion as of March 2023 and $82.52 billion as of December 2022, of minimum equity capital in its regulated subsidiaries in order to satisfy the regulatory requirements of such subsidiaries. Group Inc.’s capital invested in certain non-U.S. dollar functional currency subsidiaries is exposed to foreign exchange risk, substantially all of which is managed through a combination of non-U.S. dollar-denominated debt and derivatives. See Note 7 for information about the firm’s net investment hedges used to hedge this risk. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share (EPS) is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and RSUs for which the delivery of the underlying common stock is not subject to satisfaction of future service, performance or market conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service, performance or market conditions. The table below presents information about basic and diluted EPS. Three Months in millions, except per share amounts 2023 2022 Net earnings to common $ 3,087 $ 3,831 Weighted average basic shares 346.6 351.2 Effect of dilutive RSUs 4.7 4.7 Weighted average diluted shares 351.3 355.9 Basic EPS $ 8.87 $ 10.87 Diluted EPS $ 8.79 $ 10.76 In the table above: • Net earnings to common represents net earnings applicable to common shareholders, which is calculated as net earnings less preferred stock dividends. • Unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities under the two-class method. Distributed earnings allocated to these securities reduce net earnings to common to calculate EPS under this method. The impact of applying this methodology was a reduction in basic EPS of $0.04 for both the three months ended March 2023 and March 2022. |
Transactions with Affiliated Fu
Transactions with Affiliated Funds | 3 Months Ended |
Mar. 31, 2023 | |
Transactions With Affiliated Funds [Abstract] | |
Transactions with Affiliated Funds | Transactions with Affiliated Funds The firm has formed nonconsolidated investment funds with third-party investors. As the firm generally acts as the investment manager for these funds, it is entitled to receive management fees and, in certain cases, advisory fees or incentive fees from these funds. Additionally, the firm invests alongside the third-party investors in certain funds. The tables below present information about affiliated funds. Three Months $ in millions 2023 2022 Fees earned from funds $ 1,165 $ 962 As of March December $ in millions 2023 2022 Fees receivable from funds $ 1,319 $ 1,175 Aggregate carrying value of interests in funds $ 3,943 $ 3,801 The firm has waived, and may waive in the future, certain management fees on selected money market funds to enhance the yield for investors in such funds. Management fees waived were $8 million for the three months ended March 2023 and $88 million for the three months ended March 2022. In accordance with the Volcker Rule, the firm does not provide financial support to covered funds. However, in the ordinary course of business, the firm may choose to provide voluntary financial support to funds that are not subject to the Volcker Rule, although any such support is not expected to be material to the results of operations of the firm. Except for the fee waivers noted above, the firm did not provide any additional financial support to its affiliated funds during either the three months ended March 2023 or March 2022. |
Interest Income and Interest Ex
Interest Income and Interest Expense | 3 Months Ended |
Mar. 31, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Interest Income and Interest Expense | Interest Income and Interest Expense Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates. The table below presents sources of interest income and interest expense. Three Months $ in millions 2023 2022 Deposits with banks $ 2,470 $ 8 Collateralized agreements 3,389 (202) Trading assets 1,824 1,090 Investments 817 381 Loans 3,458 1,550 Other interest 2,980 385 Total interest income 14,938 3,212 Deposits 3,495 370 Collateralized financings 2,360 11 Trading liabilities 598 432 Short-term borrowings 216 77 Long-term borrowings 2,650 754 Other interest 3,838 (259) Total interest expense 13,157 1,385 Net interest income $ 1,781 $ 1,827 In the table above: • Collateralized agreements includes rebates paid and interest income on securities borrowed. • Loans excludes interest on loans held for sale that are accounted for at the lower of cost or fair value. Such interest is included within other interest. • Other interest income includes interest income on customer debit balances, other interest-earning assets and loans held for sale that are accounted for at the lower of cost or fair value. • Collateralized financings consists of repurchase agreements and securities loaned. • Short- and long-term borrowings include both secured and unsecured borrowings. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for Income Taxes Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. The firm reports interest expense related to income tax matters in provision for taxes and income tax penalties in other expenses. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized and primarily relate to the ability to utilize losses in various tax jurisdictions. Tax assets are included in other assets and tax liabilities are included in other liabilities. Unrecognized Tax Benefits The firm recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. Regulatory Tax Examinations The firm is subject to examination by the U.S. Internal Revenue Service (IRS) and other taxing authorities in jurisdictions where the firm has significant business operations, such as the United Kingdom, Japan, Hong Kong and various states, such as New York. The tax years under examination vary by jurisdiction. The firm does not expect completion of these audits to have a material impact on the firm’s financial condition, but it may be material to operating results for a particular period, depending, in part, on the operating results for that period. The table below presents the earliest tax years that remain subject to examination by major jurisdiction. As of Jurisdiction March 2023 U.S. Federal 2011 New York State and City 2015 United Kingdom 2017 Japan 2016 Hong Kong 2016 The firm has been accepted into the Compliance Assurance Process program by the IRS for each of the tax years from 2013 through 2023. This program allows the firm to work with the IRS to identify and resolve potential U.S. federal tax issues before the filing of tax returns. All issues for the 2011 through 2018 tax years have been resolved and completion is pending final review by the Joint Committee on Taxation. All issues for the 2019 and 2020 tax years have been resolved and will be effectively settled pending administrative completion by the IRS. Final completion of tax years 2011 through 2020 will not have a material impact on the effective tax rate. The 2021 tax year remains subject to post-filing review. New York State and City examinations of 2015 through 2018 commenced during 2021. All years, including and subsequent to the years in the table above, remain open to examination by the taxing authorities. The firm believes that the liability for unrecognized tax benefits it has established is adequate in relation to the potential for additional assessments. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The firm manages and reports its activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. See Note 1 for information about the firm’s business segments. Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm, as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of the firm’s business may be significantly affected by the performance of the firm’s other business segments. The firm allocates assets (including allocations of global core liquid assets and cash, secured client financing and other assets), revenues and expenses among the three business segments. Due to the integrated nature of these segments, estimates and judgments are made in allocating certain assets, revenues and expenses. The allocation process is based on the manner in which management currently views the performance of the segments. The allocation of common shareholders’ equity and preferred stock dividends to each segment is based on the estimated amount of equity required to support the activities of the segment under relevant regulatory capital requirements. Net earnings for each segment is calculated by applying the firmwide tax rate to each segment’s pre-tax earnings. Management believes that this allocation provides a reasonable representation of each segment’s contribution to consolidated net earnings to common, return on average common equity and total assets. Transactions between segments are based on specific criteria or approximate third-party rates. Segment Results The table below presents a summary of the firm’s segment results. Three Months $ in millions 2023 2022 Global Banking & Markets Non-interest revenues $ 8,097 $ 9,364 Net interest income 347 698 Total net revenues 8,444 10,062 Provision for credit losses 129 191 Operating expenses 4,629 4,973 Pre-tax earnings $ 3,686 $ 4,898 Net earnings $ 2,986 $ 4,144 Net earnings to common $ 2,876 $ 4,064 Average common equity $ 69,497 $ 67,941 Return on average common equity 16.6 % 23.9 % Asset & Wealth Management Non-interest revenues $ 2,330 $ 1,801 Net interest income 886 802 Total net revenues 3,216 2,603 Provision for credit losses (565) 203 Operating expenses 3,168 2,409 Pre-tax earnings/(loss) $ 613 $ (9) Net earnings/(loss) $ 496 $ (8) Net earnings/(loss) to common $ 464 $ (34) Average common equity $ 32,684 $ 31,150 Return on average common equity 5.7 % (0.4) % Platform Solutions Non-interest revenues $ 16 $ (59) Net interest income 548 327 Total net revenues 564 268 Provision for credit losses 265 167 Operating expenses 605 334 Pre-tax earnings/(loss) $ (306) $ (233) Net earnings/(loss) $ (248) $ (197) Net earnings/(loss) to common $ (253) $ (199) Average common equity $ 3,935 $ 2,787 Return on average common equity (25.7) % (28.6) % Total Non-interest revenues $ 10,443 $ 11,106 Net interest income 1,781 1,827 Total net revenues 12,224 12,933 Provision for credit losses (171) 561 Operating expenses 8,402 7,716 Pre-tax earnings $ 3,993 $ 4,656 Net earnings $ 3,234 $ 3,939 Net earnings to common $ 3,087 $ 3,831 Average common equity $ 106,116 $ 101,878 Return on average common equity 11.6 % 15.0 % In the table above: • Revenues and expenses directly associated with each segment are included in determining pre-tax earnings. • Net revenues in the firm’s segments include allocations of interest income and expense to specific positions in relation to the cash generated by, or funding requirements of, such positions. Net interest is included in segment net revenues as it is consistent with how management assesses segment performance. • Expenses not directly associated with specific segments are allocated based on an estimate of support provided to each segment. The table below presents depreciation and amortization expense by segment. Three Months $ in millions 2023 2022 Global Banking & Markets $ 277 $ 258 Asset & Wealth Management 618 208 Platform Solutions 75 26 Total $ 970 $ 492 In the table above, depreciation and amortization expenses in Asset & Wealth Management for the first quarter of 2023 included impairments of approximately $355 million related to consolidated real estate investments. Segment Assets The table below presents assets by segment. As of March December $ in millions 2023 2022 Global Banking & Markets $ 1,278,710 $ 1,169,539 Asset & Wealth Management 200,943 214,970 Platform Solutions 58,696 57,290 Total $ 1,538,349 $ 1,441,799 Geographic Information Due to the highly integrated nature of international financial markets, the firm manages its businesses based on the profitability of the enterprise as a whole. The methodology for allocating profitability to geographic regions is dependent on estimates and management judgment because a significant portion of the firm’s activities require cross-border coordination in order to facilitate the needs of the firm’s clients. Geographic results are generally allocated as follows: • Global Banking & Markets: Investment banking fees and Other: location of the client and investment banking team; FICC intermediation and Equities intermediation: location of the market-making desk; FICC financing and Equities financing: location of the desk. • Asset & Wealth Management (excluding direct-to-consumer business, Equity investments and Debt investments): location of the sales team and/or investments; Direct-to-consumer business: location of the client; Equity investments and Debt investments: location of the investment or investment professional. • Platform Solutions: location of the client. The table below presents total net revenues and pre-tax earnings by geographic region. $ in millions 2023 2022 Three Months Ended March Americas $ 7,194 59 % $ 7,334 57 % EMEA 3,584 29 % 3,871 30 % Asia 1,446 12 % 1,728 13 % Total net revenues $ 12,224 100 % $ 12,933 100 % Americas $ 2,019 51 % $ 2,281 49 % EMEA 1,560 39 % 1,805 39 % Asia 414 10 % 570 12 % Total pre-tax earnings $ 3,993 100 % $ 4,656 100 % In the table above: • Substantially all of the amounts in Americas were attributable to the U.S. |
Credit Concentrations
Credit Concentrations | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Credit Concentrations | Credit Concentrations The firm’s concentrations of credit risk arise from its market-making, client facilitation, investing, underwriting, lending and collateralized transactions, and cash management activities, and may be impacted by changes in economic, industry or political factors. These activities expose the firm to many different industries and counterparties, and may also subject the firm to a concentration of credit risk to a particular central bank, counterparty, borrower or issuer, including sovereign issuers, or to a particular clearinghouse or exchange. The firm seeks to mitigate credit risk by actively monitoring exposures and obtaining collateral from counterparties as deemed appropriate. The firm measures and monitors its credit exposure based on amounts owed to the firm after taking into account risk mitigants that the firm considers when determining credit risk. Such risk mitigants include netting and collateral arrangements and economic hedges, such as credit derivatives, futures and forward contracts. Netting and collateral agreements permit the firm to offset receivables and payables with such counterparties and/or enable the firm to obtain collateral on an upfront or contingent basis. The table below presents the credit concentrations included in trading cash instruments and investments. As of March December $ in millions 2023 2022 U.S. government and agency obligations $ 223,551 $ 205,935 Percentage of total assets 14.5 % 14.3 % Non-U.S. government and agency obligations $ 65,062 $ 40,334 Percentage of total assets 4.2 % 2.8 % In addition, the firm had $191.59 billion as of March 2023 and $208.53 billion as of December 2022 of cash deposits held at central banks (included in cash and cash equivalents), of which $101.31 billion as of March 2023 and $165.77 billion as of December 2022 was held at the Federal Reserve. As of both March 2023 and December 2022, the firm did not have credit exposure to any other counterparty that exceeded 2% of total assets. Collateral obtained by the firm related to derivative assets is principally cash and is held by the firm or a third-party custodian. Collateral obtained by the firm related to resale agreements and securities borrowed transactions is primarily U.S. government and agency obligations and non-U.S. government and agency obligations. See Note 11 for further information about collateralized agreements and financings. The table below presents U.S. government and agency obligations and non-U.S. government and agency obligations that collateralize resale agreements and securities borrowed transactions. As of March December $ in millions 2023 2022 U.S. government and agency obligations $ 121,309 $ 164,897 Non-U.S. government and agency obligations $ 97,065 $ 76,456 In the table above: • Non-U.S. government and agency obligations primarily consists of securities issued by the governments of the U.K., Japan, Germany and France. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings The firm is involved in a number of judicial, regulatory and arbitration proceedings (including those described below) concerning matters arising in connection with the conduct of the firm’s businesses. Many of these proceedings are in early stages, and many of these cases seek an indeterminate amount of damages. Under ASC 450, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight.” Thus, references to the upper end of the range of reasonably possible loss for cases in which the firm is able to estimate a range of reasonably possible loss mean the upper end of the range of loss for cases for which the firm believes the risk of loss is more than slight. With respect to matters described below for which management has been able to estimate a range of reasonably possible loss where (i) actual or potential plaintiffs have claimed an amount of money damages, (ii) the firm is being, or threatened to be, sued by purchasers in a securities offering and is not being indemnified by a party that the firm believes will pay the full amount of any judgment, or (iii) the purchasers are demanding that the firm repurchase securities, management has estimated the upper end of the range of reasonably possible loss based on (a) in the case of (i), the amount of money damages claimed, (b) in the case of (ii), the difference between the initial sales price of the securities that the firm sold in such offering and the estimated lowest subsequent price of such securities prior to the action being commenced and (c) in the case of (iii), the price that purchasers paid for the securities less the estimated value, if any, as of March 2023 of the relevant securities, in each of cases (i), (ii) and (iii), taking into account any other factors believed to be relevant to the particular matter or matters of that type. As of the date hereof, the firm has estimated the upper end of the range of reasonably possible aggregate loss for such matters and for any other matters described below where management has been able to estimate a range of reasonably possible aggregate loss to be approximately $2.5 billion in excess of the aggregate reserves for such matters. Management is generally unable to estimate a range of reasonably possible loss for matters other than those included in the estimate above, including where (i) actual or potential plaintiffs have not claimed an amount of money damages, except in those instances where management can otherwise determine an appropriate amount, (ii) matters are in early stages, (iii) matters relate to regulatory investigations or reviews, except in those instances where management can otherwise determine an appropriate amount, (iv) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (v) there is uncertainty as to the outcome of pending appeals or motions, (vi) there are significant factual issues to be resolved, and/or (vii) there are novel legal issues presented. For example, the firm’s potential liabilities with respect to the investigations and reviews described below in “Regulatory Investigations and Reviews and Related Litigation” generally are not included in management’s estimate of reasonably possible loss. However, management does not believe, based on currently available information, that the outcomes of such other matters will have a material adverse effect on the firm’s financial condition, though the outcomes could be material to the firm’s operating results for any particular period, depending, in part, upon the operating results for such period. 1MDB-Related Matters Between 2012 and 2013, subsidiaries of the firm acted as arrangers or purchasers of approximately $6.5 billion of debt securities of 1MDB. On November 1, 2018, the U.S. Department of Justice (DOJ) unsealed a criminal information and guilty plea by Tim Leissner, a former participating managing director of the firm, and an indictment against Ng Chong Hwa, a former managing director of the firm. On August 28, 2018, Leissner was adjudicated guilty by the U.S. District Court for the Eastern District of New York of conspiring to launder money and to violate the U.S. Foreign Corrupt Practices Act’s (FCPA) anti-bribery and internal accounting controls provisions. Ng was charged with conspiring to launder money and to violate the FCPA’s anti-bribery and internal accounting controls provisions, and on April 8, 2022, Ng was found guilty on all counts following a trial. On August 18, 2020, the firm announced that it entered into a settlement agreement with the Government of Malaysia to resolve the criminal and regulatory proceedings in Malaysia involving the firm, which includes a guarantee that the Government of Malaysia receives at least $1.4 billion in assets and proceeds from assets seized by governmental authorities around the world related to 1MDB. See Note 18 for further information about this guarantee. On October 22, 2020, the firm announced that it reached settlements of governmental and regulatory investigations relating to 1MDB with the DOJ, the SEC, the FRB, the NYDFS, the FCA, the PRA, the Singapore Attorney General’s Chambers, the Singapore Commercial Affairs Department, the Monetary Authority of Singapore and the Hong Kong Securities and Futures Commission. Group Inc. entered into a three-year deferred prosecution agreement with the DOJ, in which a charge against the firm, one count of conspiracy to violate the FCPA, was filed and will later be dismissed if the firm abides by the terms of the agreement. In addition, GS Malaysia pleaded guilty to one count of conspiracy to violate the FCPA, and was sentenced on June 9, 2021. In May 2021, the U.S. Department of Labor granted the firm a five-year exemption to maintain its status as a qualified professional asset manager (QPAM). On December 20, 2018, a putative securities class action lawsuit was filed in the U.S. District Court for the Southern District of New York against Group Inc. and certain former officers of the firm alleging violations of the anti-fraud provisions of the Exchange Act with respect to Group Inc.’s disclosures and public statements concerning 1MDB and seeking unspecified damages. The plaintiff filed the second amended complaint on October 28, 2019. On June 28, 2021, the court dismissed the claims against one of the individual defendants but denied the defendants’ motion to dismiss with respect to the firm and the remaining individual defendants. On November 12, 2021, the plaintiff moved for class certification. On January 13, 2023, the plaintiff moved for leave to file a third amended complaint. Mortgage-Related Matters Beginning in April 2010, a number of purported securities law class actions were filed in the U.S. District Court for the Southern District of New York challenging the adequacy of Group Inc.’s public disclosure of, among other things, the firm’s activities in the collateralized debt obligation market, and the firm’s conflict of interest management. The consolidated amended complaint filed on July 25, 2011, which named as defendants Group Inc. and certain current and former officers and employees of Group Inc. and its affiliates, generally alleges violations of Sections 10(b) and 20(a) of the Exchange Act and seeks monetary damages. The defendants have moved for summary judgment. On April 7, 2020, the U.S. Court of Appeals for the Second Circuit affirmed the district court’s August 14, 2018 grant of class certification. On June 21, 2021, the United States Supreme Court vacated the judgment of the Second Circuit and remanded the case for further proceedings, and on August 26, 2021, the Second Circuit vacated the district court’s grant of class certification and remanded the case for further proceedings. On December 8, 2021, the district court granted the plaintiffs’ motion for class certification. On March 9, 2022, the Second Circuit granted defendants’ petition seeking interlocutory review of the district court’s grant of class certification. Complaints were filed in the U.S. District Court for the Southern District of New York on July 25, 2019 and May 29, 2020 against Goldman Sachs Mortgage Company and GS Mortgage Securities Corp. by U.S. Bank National Association, as trustee for two residential mortgage-backed securitization trusts that issued $1.7 billion of securities. The complaints generally allege that mortgage loans in the trusts failed to conform to applicable representations and warranties and seek specific performance or, alternatively, compensatory damages and other relief. On November 23, 2020, the court granted in part and denied in part defendants’ motion to dismiss the complaint in the first action and denied defendants’ motion to dismiss the complaint in the second action. On January 14, 2021, amended complaints were filed in both actions. Currencies-Related Litigation GS&Co. and Group Inc. are among the defendants named in an action filed in the U.S. District Court for the Southern District of New York on November 7, 2018, and GSI, GSIB, Goldman Sachs Group UK Limited and GS Bank USA are among the defendants in an action filed in the High Court of England and Wales on November 11, 2020 and subsequently transferred to the U.K. Competition Appeal Tribunal, in each case by certain direct purchasers of foreign exchange instruments that opted out of a class settlement reached with, among others, GS&Co. and Group Inc. The third amended complaint in the U.S. district court action, filed on August 3, 2020, generally alleges that the defendants violated federal antitrust law and state common law in connection with an alleged conspiracy to manipulate the foreign currency exchange markets and seeks declaratory and injunctive relief, as well as unspecified amounts of compensatory, punitive, treble and other damages. The claim in the English action is for breaches of English and E.U. competition rules from 2003 to 2013 and alleges manipulation of foreign exchange rates and bid/offer spreads, the exchange of commercially sensitive information among defendants and collusive trading. On March 29, 2023, the parties entered into settlements to resolve these actions. GS&Co. is among the defendants named in a putative class action filed in the U.S. District Court for the Southern District of New York on August 4, 2021. The amended complaint, filed on January 6, 2022, generally asserts claims under federal antitrust law and state common law in connection with an alleged conspiracy among the defendants to manipulate auctions for foreign exchange transactions on an electronic trading platform, as well as claims under the Racketeer Influenced and Corrupt Organizations Act. The complaint seeks declaratory and injunctive relief, as well as unspecified amounts of treble and other damages. On March 18, 2022, the defendants moved to dismiss the amended complaint. Banco Espirito Santo S.A. and Oak Finance Beginning in February 2015, GSI commenced actions against Novo Banco S.A. (Novo Banco) in the English Commercial Court and the Bank of Portugal (BoP) in Portuguese Administrative Court in response to BoP’s decisions in December 2014, September 2015 and December 2015 to reverse an earlier transfer to Novo Banco of an $835 million facility agreement (the Facility), structured by GSI, between Oak Finance Luxembourg S.A. (Oak Finance), a special purpose vehicle formed in connection with the Facility, and Banco Espirito Santo S.A. (BES) prior to the failure of BES. In July 2018, the English Supreme Court found that the English courts will not have jurisdiction over GSI’s action unless and until the Portuguese Administrative Court finds against BoP in GSI’s parallel action. In July 2018, the Liquidation Committee for BES issued a decision seeking to claw back from GSI $54 million paid to GSI and $50 million allegedly paid to Oak Finance in connection with the Facility, alleging that GSI acted in bad faith in extending the Facility, including because GSI allegedly knew that BES was at risk of imminent failure. In October 2018, GSI commenced an action in Lisbon Commercial Court challenging the Liquidation Committee’s decision and has since also issued a claim against the Portuguese State seeking compensation for losses of approximately $222 million related to the failure of BES, together with a contingent claim for the $104 million sought by the Liquidation Committee. On April 11, 2023, GSI commenced administrative proceedings against the BoP, seeking the nullification of the BoP’s September 2015 and December 2015 decisions on new grounds . Financial Advisory Services Group Inc. and certain of its affiliates are from time to time parties to various civil litigation and arbitration proceedings and other disputes with clients and third parties relating to the firm’s financial advisory activities. These claims generally seek, among other things, compensatory damages and, in some cases, punitive damages, and in certain cases allege that the firm did not appropriately disclose or deal with conflicts of interest. Archegos-Related Matters GS&Co. is among the underwriters named as defendants in a putative securities class action filed on August 13, 2021 in New York Supreme Court, County of New York, relating to ViacomCBS Inc.’s (ViacomCBS) March 2021 public offerings of $1.7 billion of common stock and $1.0 billion of preferred stock. In addition to the underwriters, the defendants include ViacomCBS and certain of its officers and directors. GS&Co. underwrote 646,154 shares of common stock representing an aggregate offering price of approximately $55 million and 323,077 shares of preferred stock representing an aggregate offering price of approximately $32 million. The complaint asserts claims under the federal securities laws and alleges that the offering documents contained material misstatements and omissions, including, among other things, that the offering documents failed to disclose that Archegos Capital Management, LP (Archegos) had substantial exposure to ViacomCBS, including through total return swaps to which certain of the underwriters, including GS&Co., were allegedly counterparties, and that such underwriters failed to disclose their exposure to Archegos. On December 21, 2021, the plaintiffs filed a corrected amended complaint. The complaint seeks rescission and compensatory damages in unspecified amounts. On January 4, 2022, the plaintiffs moved for class certification. On February 6, 2023, the court dismissed the claims against ViacomCBS and the individual defendants, but denied the defendants’ motions to dismiss with respect to GS&Co. and the other underwriter defendants. On February 15, 2023, the underwriter defendants appealed the court’s denial of the motion to dismiss. On March 10, 2023, the plaintiffs appealed the court’s dismissal of the claims against ViacomCBS and the individual defendants. On April 18, 2023, the plaintiffs moved for class certification. Group Inc. is also a defendant in putative securities class actions filed beginning in October 2021 and consolidated in the U.S. District Court for the Southern District of New York. The complaints allege that Group Inc., along with another financial institution, sold shares in Baidu Inc. (Baidu), Discovery Inc. (Discovery), GSX Techedu Inc. (Gaotu), iQIYI Inc. (iQIYI), Tencent Music Entertainment Group (Tencent), ViacomCBS, and Vipshop Holdings Ltd. (Vipshop) based on material nonpublic information regarding the liquidation of Archegos’ position in Baidu, Discovery, Gaotu, iQIYI, Tencent, ViacomCBS and Vipshop, respectively. The complaints generally assert violations of Sections 10(b), 20A and 20(a) of the Exchange Act and seek unspecified damages. On June 13, 2022, the plaintiffs in the class actions filed amended complaints. On March 31, 2023, the court granted the defendants' motions to dismiss the amended complaints without prejudice. On January 24, 2022, the firm received a demand from an alleged shareholder under Section 220 of the Delaware General Corporation Law for books and records relating to, among other things, the firm’s involvement with Archegos and the firm’s controls with respect to insider trading. Silicon Valley Bank Matters GS&Co. is among the underwriters named as defendants in a putative securities class action filed on April 7, 2023 in the U.S. District Court for the Northern District of California relating to SVB Financial Group’s (“SVBFG”) January 2021 public offerings of $500 million principal amount of senior notes and $750 million of depositary shares representing interests in preferred stock, March 2021 public offering of approximately $1.2 billion of common stock, May 2021 public offerings of $1.0 billion of depositary shares representing interests in preferred stock and $500 million principal amount of senior notes, August 2021 public offering of approximately $1.3 billion of common stock, and April 2022 public offering of $800 million aggregate principal amount of senior notes, among other public offerings of securities. In addition to the underwriters, the defendants include certain of SVBFG’s officers and directors and its auditor. GS&Co. underwrote an aggregate of 831,250 depositary shares representing an aggregate offering price of approximately $831 million, an aggregate of 3,266,108 shares of common stock representing an aggregate offering price of approximately $1.8 billion and senior notes representing an aggregate price to the public of approximately $727 million. The complaint asserts claims under the federal securities laws and alleges that the offering documents contained material misstatements and omissions. The complaint seeks compensatory damages in unspecified amounts. On March 17, 2023, SVBFG filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. The firm is also cooperating with and providing information to various governmental bodies in connection with their investigations and inquiries into SVBFG and its affiliates (collectively “SVB”), including the firm’s business with SVB in or around March 2023, when SVB engaged the firm to assist with a proposed capital raise and SVB sold the firm a portfolio of securities. Underwriting Litigation Firm affiliates are among the defendants in a number of proceedings in connection with securities offerings. In these proceedings, including those described below, the plaintiffs assert class action or individual claims under federal and state securities laws and in some cases other applicable laws, allege that the offering documents for the securities that they purchased contained material misstatements and omissions, and generally seek compensatory and rescissory damages in unspecified amounts, as well as rescission. Certain of these proceedings involve additional allegations. Uber Technologies, Inc. GS&Co. is among the underwriters named as defendants in several putative securities class actions filed beginning in September 2019 in California Superior Court, County of San Francisco and the U.S. District Court for the Northern District of California, relating to Uber Technologies, Inc.’s (Uber) $8.1 billion May 2019 initial public offering. In addition to the underwriters, the defendants include Uber and certain of its officers and directors. GS&Co. underwrote 35,864,408 shares of common stock representing an aggregate offering price of approximately $1.6 billion. On November 16, 2020, the court in the state court action granted defendants’ motion to dismiss the consolidated amended complaint filed on February 11, 2020, and on December 16, 2020, plaintiffs appealed. On August 7, 2020, defendants’ motion to dismiss the district court action was denied. On September 25, 2020, the plaintiffs in the district court action moved for class certification. On December 5, 2020, the plaintiffs in the state court action filed a complaint in the district court, which was consolidated with the existing district court action on January 25, 2021. On May 14, 2021, the plaintiffs filed a second amended complaint in the district court, purporting to add the plaintiffs from the state court action as additional class representatives. On October 1, 2021, defendants’ motion to dismiss the additional class representatives from the second amended complaint was denied, and on July 26, 2022, the district court granted the plaintiffs’ motion for class certification. On February 27, 2023, the U.S. Court of Appeals for the Ninth Circuit denied the defendants’ petition seeking interlocutory review of the district court’s grant of class certification. GoHealth, Inc . GS&Co. is among the underwriters named as defendants in putative securities class actions filed beginning on September 21, 2020 and consolidated in the U.S. District Court for the Northern District of Illinois relating to GoHealth, Inc.’s (GoHealth) $914 million July 2020 initial public offering. In addition to the underwriters, the defendants include GoHealth, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote 11,540,550 shares of common stock representing an aggregate offering price of approximately $242 million. On February 25, 2021, the plaintiffs filed a consolidated complaint. On April 5, 2022, the defendants’ motion to dismiss the consolidated complaint was denied. On September 23, 2022, the plaintiffs moved for class certification. Array Technologies, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on May 14, 2021 in the U.S. District Court for the Southern District of New York relating to Array Technologies, Inc.’s (Array) $1.2 billion October 2020 initial public offering of common stock, $1.3 billion December 2020 offering of common stock and $993 million March 2021 offering of common stock. In addition to the underwriters, the defendants include Array and certain of its officers and directors. GS&Co. underwrote an aggregate of 31,912,213 shares of common stock in the three offerings representing an aggregate offering price of approximately $877 million. On December 7, 2021, the plaintiffs filed an amended consolidated complaint. On October 17, 2022, the defendants moved to dismiss the amended consolidated complaint. ContextLogic Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions filed beginning on May 17, 2021 and consolidated in the U.S. District Court for the Northern District of California, relating to ContextLogic Inc.’s (ContextLogic) $1.1 billion December 2020 initial public offering of common stock. In addition to the underwriters, the defendants include ContextLogic and certain of its officers and directors. GS&Co. underwrote 16,169,000 shares of common stock representing an aggregate offering price of approximately $388 million. On July 15, 2022, the plaintiffs filed a consolidated amended complaint, and on March 10, 2023, the court granted the defendants’ motion to dismiss the consolidated amended complaint with leave to amend. On April 10, 2023, the plaintiffs filed a second consolidated amended complaint. DiDi Global Inc. Goldman Sachs (Asia) L.L.C. (GS Asia) is among the underwriters named as defendants in putative securities class actions filed beginning on July 6, 2021 in the U.S. District Courts for the Southern District of New York and the Central District of California and New York Supreme Court, County of New York, relating to DiDi Global Inc.’s (DiDi) $4.4 billion June 2021 initial public offering of American Depositary Shares (ADS). In addition to the underwriters, the defendants include DiDi and certain of its officers and directors. GS Asia underwrote 104,554,000 ADS representing an aggregate offering price of approximately $1.5 billion. On September 22, 2021, plaintiffs in the California action voluntarily dismissed their claims without prejudice. On May 5, 2022, plaintiffs in the consolidated federal action filed a second consolidated amended complaint, which includes allegations of violations of Sections 10(b) and 20A of the Exchange Act against the underwriter defendants. On June 3, 2022, the defendants moved to dismiss the second consolidated amended complaint. Vroom Inc. GS&Co. is among the underwriters named as defendants in an amended complaint for a putative securities class action filed on October 4, 2021 in the U.S. District Court for the Southern District of New York relating to Vroom Inc.’s (Vroom) approximately $589 million September 2020 public offering of common stock. In addition to the underwriters, the defendants include Vroom and certain of its officers and directors. GS&Co. underwrote 3,886,819 shares of common stock representing an aggregate offering price of approximately $212 million. On December 20, 2021, the defendants served a motion to dismiss the consolidated complaint. Zymergen Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on August 4, 2021 in the U.S. District Court for the Northern District of California relating to Zymergen Inc.’s (Zymergen) $575 million April 2021 initial public offering of common stock. In addition to the underwriters, the defendants include Zymergen and certain of its officers and directors. GS&Co. underwrote 5,750,345 shares of common stock representing an aggregate offering price of approximately $178 million. On February 24, 2022, the plaintiffs filed an amended complaint, and on November 29, 2022, the court granted in part and denied in part the defendants' motion to dismiss the amended complaint, denying dismissal of the claims for violations of Section 11 of the Securities Act. On April 6, 2023, the plaintiffs moved for class certification. Waterdrop Inc. GS Asia is among the underwriters named as defendants in a putative securities class action filed on September 14, 2021 in the U.S. District Court for the Southern District of New York relating to Waterdrop Inc.’s (Waterdrop) $360 million May 2021 initial public offering of ADS. In addition to the underwriters, the defendants include Waterdrop and certain of its officers and directors. GS Asia underwrote 15,300,000 ADS representing an aggregate offering price of approximately $184 million. On February 21, 2022, the plaintiffs filed an amended complaint, and on February 3, 2023, the court granted the defendants' motion to dismiss the amended complaint. On March 6, 2023, plaintiffs appealed to the U.S. Court of Appeals for the Second Circuit. Sea Limited. GS Asia is among the underwriters named as defendants in putative securities class actions filed on February 11, 2022 and June 17, 2022, respectively, in New York Supreme Court, County of New York, relating to Sea Limited’s approximately $4.0 billion September 2021 public offering of ADS and approximately $2.9 billion September 2021 public offering of convertible senior notes, respectively. In addition to the underwriters, the defendants include Sea Limited, certain of its officers and directors and certain of its shareholders. GS Asia underwrote 8,222,500 ADS representing an aggregate offering price of approximately $2.6 billion and convertible senior notes representing an aggregate offering price of approximately $1.9 billion. On August 3, 2022, the actions were consolidated, and on August 9, 2022, the plaintiffs filed a consolidated amended complaint. The defendants had previously moved to dismiss the action on July 15, 2022, with the parties stipulating that the motion would apply to the consolidated amended complaint. Rivian Automotive Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions filed on March 7, 2022 and February 28, 2023 in the U.S. District Court for the Central District of California and in the Superior Court of the State of California, County of Orange, respectively, relating to Rivian Automotive Inc.’s (Rivian) approximately $13.7 billion November 2021 initial public offering. In addition to the underwriters, the defendants include Rivian and certain of its officers and directors. GS&Co. underwrote 44,733,050 shares of common stock representing an aggregate offering price of approximately $3.5 billion. On March 2, 2023, the plaintiffs in the federal court action filed an amended consolidated complaint, and on March 16, 2023, the defendants moved to dismiss the amended consolidated complaint. On April 6, 2023, the defendants in the state court action moved to dismiss the complaint. Natera Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions in New York Supreme Court, County of New York and the U.S. District Court for the Western District of Texas filed on March 10, 2022 and October 7, 2022, respectively, relating to Natera Inc.’s (Natera) approximately $585 million July 2021 public offering of common stock. In addition to the underwriters, the defendants include Natera and certain of its officers and directors. GS&Co. underwrote 1,449,000 shares of common stock representing an aggregate offering price of approximately $164 million. On July 15, 2022, the parties in the state court action filed a stipulation and proposed order approving the discontinuance of the action without prejudice. On December 16, 2022, the defendants moved to dismiss the amended complaint in the federal action. Robinhood Markets, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on December 17, 2021 in the U.S. District Court for the Northern District of California relating to Robinhood Markets, Inc.’s (Robinhood) approximately $2.2 billion July 2021 initial public offering. In addition to the underwriters, the defendants include Robinhood and certain of its officers and directors. GS&Co. underwrote 18,039,706 shares of common stock representing an aggregate offering price of approximately $686 million. On February 10, 2023, the court granted the defendants' motion to dismiss the complaint with leave to amend, and on March 13, 2023, the plaintiffs filed a second amended complaint. ON24, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on November 3, 2021 in the U.S. District Court for the Northern District of California relating to ON24, Inc.’s (ON24) approximately $492 million February 2021 initial public offering of common stock. In addition to the underwriters, the defendants include ON24 and certain of its officers and directors, including a director who was a Managing Director of GS&Co. at the time of the initial public offering. GS&Co. underwrote 3,616,785 shares of common stock representing an aggregate offering price of approximately $181 million. On March 18, 2022, the plaintiffs filed a consolidated complaint. On May 2, 2022, the defendants moved to dismiss the consolidated complaint. Riskified Ltd. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on May 2, 2022 in the U.S. District Court for the Southern District of New York relating to Riskified Ltd.’s (Riskified) approximately $423 million July 2021 initial public offering. In addition to the underwriters, the defendants include Riskified and certain of its officers and directors. GS&Co. underwrote 6,981,128 shares of common stock representing an aggregate offering price of approximately $147 million. On November 28, 2022, the plaintiffs filed a second amended complaint, and on January 20, 2023, the defendants moved to dismiss the second amended complaint. Oscar Health, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on May 12, 2022 in the U.S. District Court for the Southern District of New York relating to Oscar Health, Inc.’s (Oscar Health) approximately $1.4 billion March 2021 initial public offering. In addition to the underwriters, the defendants include Oscar Health and certain of its officers and directors. GS&Co. underwrote 12,760,633 shares of common stock representing an aggregate offering price of approximately $498 million. On December 5, 2022, the plaintiffs filed an amended complaint. On April 4, 2023, the defendants moved to dismiss the amended complaint. Oak Street Health, Inc. GS&Co. is among the underwriters named as defendants in an amended complaint for a putative securities class action filed on May 25, 2022 in the U.S. District Court for the Northern District of Illinois relating to Oak Street Health, Inc.’s (Oak Street) $377 million August 2020 initial public offering, $298 million De |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
Consolidation | Consolidation The firm consolidates entities in which the firm has a controlling financial interest. The firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE). Voting Interest Entities. Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the firm has a controlling majority voting interest in a voting interest entity, the entity is consolidated. Variable Interest Entities. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The firm has a controlling financial interest in a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 17 for further information about VIEs. Equity-Method Investments. When the firm does not have a controlling financial interest in an entity but can exert significant influence over the entity’s operating and financial policies, the investment is generally accounted for at fair value by electing the fair value option available under U.S. GAAP. Significant influence generally exists when the firm owns 20% to 50% of the entity’s common stock or in-substance common stock. In certain cases, the firm applies the equity method of accounting to new investments that are strategic in nature or closely related to the firm’s principal business activities, when the firm has a significant degree of involvement in the cash flows or operations of the investee or when cost-benefit considerations are less significant. See Note 8 for further information about equity-method investments. |
Use of Estimates | Use of Estimates Preparation of these consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, the allowance for credit losses on loans and lending commitments accounted for at amortized cost, discretionary compensation accruals, accounting for goodwill and identifiable intangible assets, provisions for losses that may arise from litigation and regulatory proceedings (including governmental investigations), and accounting for income taxes. These estimates and assumptions are based on the best available information, but actual results could be materially different. |
Revenue Recognition | Revenue Recognition Financial Assets and Liabilities at Fair Value. Trading assets and liabilities and certain investments are carried at fair value either under the fair value option or in accordance with other U.S. GAAP. In addition, the firm has elected to account for certain of its loans and other financial assets and liabilities at fair value by electing the fair value option. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. Fair value gains or losses are generally included in market making or other principal transactions. See Note 4 for further information about fair value measurements. Revenue from Contracts with Clients. The firm recognizes revenue earned from contracts with clients for services, such as investment banking, investment management, and execution and clearing (contracts with clients), when the performance obligations related to the underlying transaction are completed. Revenues from contracts with clients represent approximately 45% of total non-interest revenues for the three months ended March 2023 (including approximately 85% of investment banking revenues, approximately 95% of investment management revenues and all commissions and fees), and approximately 40% of total non-interest revenues for the three months ended March 2022 (including approximately 80% of investment banking revenues, approximately 95% of investment management revenues and all commissions and fees). See Note 25 for information about net revenues by business segment. Investment Banking Advisory. Fees from financial advisory assignments are recognized in revenues when the services related to the underlying transaction are completed under the terms of the assignment. Non-refundable deposits and milestone payments in connection with financial advisory assignments are recognized in revenues upon completion of the underlying transaction or when the assignment is otherwise concluded. Expenses associated with financial advisory assignments are recognized when incurred and are included in transaction based expenses. Client reimbursements for such expenses are included in investment banking revenues. Underwriting. Fees from underwriting assignments are recognized in revenues upon completion of the underlying transaction based on the terms of the assignment. Expenses associated with underwriting assignments are generally deferred until the related revenue is recognized or the assignment is otherwise concluded. Such expenses are included in transaction based expenses for completed assignments. Investment Management The firm earns management fees and incentive fees for investment management services, which are included in investment management revenues. The firm makes payments to brokers and advisors related to the placement of the firm’s investment funds (distribution fees), which are included in transaction based expenses. Management Fees. Management fees for mutual funds are calculated as a percentage of daily net asset value and are received monthly. Management fees for hedge funds and separately managed accounts are calculated as a percentage of month-end net asset value and are generally received quarterly. Management fees for private equity funds are calculated as a percentage of monthly invested capital or committed capital and are received quarterly, semi-annually or annually, depending on the fund. Management fees are recognized over time in the period the services are provided. Distribution fees paid by the firm are calculated based on either a percentage of the management fee, the investment fund’s net asset value or the committed capital. Such fees are included in transaction based expenses. Incentive Fees. Incentive fees are calculated as a percentage of a fund’s or separately managed account’s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a twelve-month period or over the life of a fund. Fees that are based on performance over a twelve-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund. Incentive fees earned from a fund or separately managed account are recognized when it is probable that a significant reversal of such fees will not occur, which is generally when such fees are no longer subject to fluctuations in the market value of investments held by the fund or separately managed account. Therefore, incentive fees recognized during the period may relate to performance obligations satisfied in previous periods. Commissions and Fees The firm earns substantially all commissions and fees from executing and clearing client transactions on stock, options and futures markets, as well as over-the-counter (OTC) transactions. Commissions and fees are recognized on the day the trade is executed. The firm also provides third-party research services to clients in connection with certain soft-dollar arrangements. Third-party research costs incurred by the firm in connection with such arrangements are presented net within commissions and fees. Remaining Performance Obligations Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The firm’s remaining performance obligations are generally related to its financial advisory assignments and certain investment management activities. Revenues associated with remaining performance obligations relating to financial advisory assignments cannot be determined until the outcome of the transaction. For the firm’s investment management activities, where fees are calculated based on the net asset value of the fund or separately managed account, future revenues associated with such remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of investments held by the fund or separately managed account. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of financial assets accounted for as sales, any gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred financial assets are initially recognized at fair value. For transfers of financial assets that are not accounted for as sales, the assets are generally included in trading assets and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Note 11 for further information about transfers of financial assets accounted for as collateralized financings and Note 16 for further information about transfers of financial assets accounted for as sales. |
Cash and Cash Equivalents | Cash and Cash Equivalents The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. Cash and cash equivalents included cash and due from banks of $8.20 billion as of March 2023 and $7.87 billion as of December 2022. Cash and cash equivalents also included interest-bearing deposits with banks of $221.13 billion as of March 2023 and $233.96 billion as of December 2022. |
Customer and Other Receivables | Customer and Other Receivables Customer and other receivables included receivables from customers and counterparties of $76.68 billion as of March 2023 and $67.88 billion as of December 2022, and receivables from brokers, dealers and clearing organizations of $67.95 billion as of March 2023 and $67.57 billion as of December 2022. Such receivables primarily consist of collateral posted in connection with certain derivative transactions, customer margin loans and receivables resulting from unsettled transactions. Substantially all of these receivables are accounted for at amortized cost net of any allowance for credit losses, which generally approximates fair value. As these receivables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these receivables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both March 2023 and December 2022. See Note 10 for further information about customer and other receivables accounted for at fair value under the fair value option. Interest on customer and other receivables is recognized over the life of the transaction and included in interest income. |
Customer and Other Payables | Customer and Other Payables |
Offsetting Assets and Liabilities | Offsetting Assets and Liabilities To reduce credit exposures on derivatives and securities financing transactions, the firm may enter into master netting agreements or similar arrangements (collectively, netting agreements) with counterparties that permit it to offset receivables and payables with such counterparties. A netting agreement is a contract with a counterparty that permits net settlement of multiple transactions with that counterparty, including upon the exercise of termination rights by a non-defaulting party. Upon exercise of such termination rights, all transactions governed by the netting agreement are terminated and a net settlement amount is calculated. In addition, the firm receives and posts cash and securities collateral with respect to its derivatives and securities financing transactions, subject to the terms of the related credit support agreements or similar arrangements (collectively, credit support agreements). An enforceable credit support agreement grants the non-defaulting party exercising termination rights the right to liquidate the collateral and apply the proceeds to any amounts owed. In order to assess enforceability of the firm’s right of setoff under netting and credit support agreements, the firm evaluates various factors, including applicable bankruptcy laws, local statutes and regulatory provisions in the jurisdiction of the parties to the agreement. Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) in the consolidated balance sheets when a legal right of setoff exists under an enforceable netting agreement. Resale agreements and securities sold under agreements to repurchase (repurchase agreements) and securities borrowed and loaned transactions with the same settlement date are presented on a net-by-counterparty basis in the consolidated balance sheets when such transactions meet certain settlement criteria and are subject to netting agreements. |
Employee Incentive Plans | Share-Based Compensation The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based awards that do not require future service (i.e., vested awards, including awards granted to retirement-eligible employees) are expensed immediately. Share-based awards that require future service are amortized over the relevant service period. Forfeitures are recorded when they occur. Cash dividend equivalents paid on restricted stock units (RSUs) are generally charged to retained earnings. If RSUs that require future service are forfeited, the related dividend equivalents originally charged to retained earnings are reclassified to compensation expense in the period in which forfeiture occurs. The firm generally issues new shares of common stock upon delivery of share-based awards. In limited cases, as outlined in the applicable award agreements, the firm may cash settle share-based compensation awards accounted for as equity instruments. For these awards, additional paid-in capital is adjusted to the extent of the difference between the value of the award at the time of cash settlement and the grant-date value of the award. The tax effects related to the settlement of share-based awards and payments of dividend equivalents are recorded in income tax benefit or expense. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the date of the consolidated balance sheets and revenues and expenses are translated at average rates of exchange for the period. Foreign currency remeasurement gains or losses on transactions in nonfunctional currencies are recognized in earnings. Gains or losses on translation of the financial statements of a non-U.S. operation, when the functional currency is other than the U.S. dollar, are included, net of hedges and taxes, in the consolidated statements of comprehensive income. |
Recent Accounting Developments | Recent Accounting Developments Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform — Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU, as amended in 2022, provides optional relief from applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. In addition, in January 2021 the FASB issued ASU No. 2021-01, “Reference Rate Reform — Scope,” which clarified the scope of ASC 848 relating to contract modifications. The firm adopted these ASUs upon issuance and elected to apply the relief available to certain modified derivatives. The adoption of these ASUs did not have a material impact on the firm’s consolidated financial statements. Troubled Debt Restructurings and Vintage Disclosures (ASC 326) . In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments — Credit Losses (Topic 326) — Troubled Debt Restructurings and Vintage Disclosures.” This ASU eliminates the recognition and measurement guidance for troubled debt restructurings (TDRs) and requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. This ASU also requires enhanced disclosure for loans that have been charged off. The ASU became effective in January 2023 under a prospective approach. Adoption of this ASU did not have a material impact on the firm’s consolidated financial statements. Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for Platform Users (SAB 121) . In March 2022, the SEC staff issued SAB 121 (SAB 121) — “Accounting for obligations to safeguard crypto-assets an entity holds for platform users.” SAB 121 adds interpretive guidance requiring an entity to recognize a liability on its balance sheet to reflect the obligation to safeguard the crypto-assets held for its platform users, along with a corresponding asset. The firm adopted SAB 121 in June 2022 under a modified retrospective approach and adoption did not have a material impact on the firm’s consolidated financial statements. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASC 820). In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” This ASU clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring its fair value. In addition, the ASU requires specific disclosures related to equity securities that are subject to contractual sale restrictions. The ASU is effective in January 2024 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the firm’s consolidated financial statements. Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (ASC 323). In March 2023, the FASB issued ASU No. 2023-02, “Investments — Equity Method and Joint Ventures (Topic 323) — Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." This ASU expands the proportional amortization method election currently associated with low-income housing tax credits to other qualifying tax credits and requires incremental disclosures for programs in which the proportional amortization method is elected. This ASU is effective in January 2024 under a modified retrospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the firm's consolidated financial statements. |
Fair Value Measurements | Fair Value Measurements The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. The firm measures certain financial assets and liabilities as a portfolio (i.e., based on its net exposure to market and/or credit risks). The best evidence of fair value is a quoted price in an active market. If quoted prices in active markets are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use market-based or independently sourced inputs, including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, commodity prices, credit spreads and funding spreads (i.e., the spread or difference between the interest rate at which a borrower could finance a given financial instrument relative to a benchmark interest rate). U.S. GAAP has a three-level hierarchy for disclosure of fair value measurements. This hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in this hierarchy is based on the lowest level of input that is significant to its fair value measurement. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio’s net risk exposure to that input. The fair value hierarchy is as follows: Level 1. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities. Level 2. Inputs to valuation techniques are observable, either directly or indirectly. Level 3. One or more inputs to valuation techniques are significant and unobservable. The fair values for substantially all of the firm’s financial assets and liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the fair value hierarchy. Certain level 2 and level 3 financial assets and liabilities may require valuation adjustments that a market participant would require to arrive at fair value for factors, such as counterparty and the firm’s credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence. Valuation Techniques and Significant Inputs for Trading Cash Instruments, Investments and Loans Level 1. Level 1 instruments include U.S. government obligations, most non-U.S. government obligations, certain agency obligations, certain corporate debt instruments, certain money market instruments and actively traded listed equities. These instruments are valued using quoted prices for identical unrestricted instruments in active markets. The firm defines active markets for equity instruments based on the average daily trading volume both in absolute terms and relative to the market capitalization for the instrument. The firm defines active markets for debt instruments based on both the average daily trading volume and the number of days with trading activity. Level 2. Level 2 instruments include certain non-U.S. government obligations, most agency obligations, most mortgage-backed loans and securities, most corporate debt instruments, most state and municipal obligations, most money market instruments, most other debt obligations, restricted or less liquid listed equities, certain private equities, commodities and certain lending commitments. Valuations of level 2 instruments can be verified to quoted prices, recent trading activity for identical or similar instruments, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or executable) and the relationship of recent market activity to the prices provided from alternative pricing sources. Valuation adjustments are typically made to level 2 instruments (i) if the instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence. Level 3. Level 3 instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales. Valuation techniques of level 3 instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 instrument are described below: Loans and Securities Backed by Commercial Real Estate Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single property or a portfolio of properties, and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include: • Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices, such as the CMBX (an index that tracks the performance of commercial mortgage bonds); • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral and capitalization rates. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and • Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of any loan forbearances and other unobservable inputs (e.g., prepayment speeds). Loans and Securities Backed by Residential Real Estate Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: • Market yields implied by transactions of similar or related assets; • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines, related costs and subsequent recoveries; and • Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines. Corporate Debt Instruments Corporate debt instruments includes corporate loans, debt securities and convertible debentures. Significant inputs for corporate debt instruments are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same or similar issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices, such as the CDX (an index that tracks the performance of corporate credit); • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; • Duration; and • Market and transaction multiples for corporate debt instruments with convertibility or participation options. Equity Securities Equity securities consists of private equities. Recent third-party completed or pending transactions (e.g., merger proposals, debt restructurings, tender offers) are considered the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate: • Industry multiples (primarily EBITDA and revenue multiples) and public comparables; • Transactions in similar instruments; • Discounted cash flow techniques; and • Third-party appraisals. The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include: • Market and transaction multiples; • Discount rates and capitalization rates; and • For equity securities with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration. Other Trading Cash Instruments, Investments and Loans The significant inputs to the valuation of other instruments, such as non-U.S. government and agency obligations, state and municipal obligations, and other loans and debt obligations are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices; • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; and • Duration. Valuation Techniques and Significant Inputs for Derivatives The firm’s level 2 and level 3 derivatives are valued using derivative pricing models (e.g., discounted cash flow models, correlation models and models that incorporate option pricing methodologies, such as Monte Carlo simulations). Price transparency of derivatives can generally be characterized by product type, as described below. • Interest Rate. In general, the key inputs used to value interest rate derivatives are transparent, even for most long-dated contracts. Interest rate swaps and options denominated in the currencies of leading industrialized nations are characterized by high trading volumes and tight bid/offer spreads. Interest rate derivatives that reference indices, such as an inflation index, or the shape of the yield curve (e.g., 10-year swap rate vs. 2-year swap rate) are more complex, but the key inputs are generally observable. • Credit. Price transparency for credit default swaps, including both single names and baskets of credits, varies by market and underlying reference entity or obligation. Credit default swaps that reference indices, large corporates and major sovereigns generally exhibit the most price transparency. For credit default swaps with other underliers, price transparency varies based on credit rating, the cost of borrowing the underlying reference obligations, and the availability of the underlying reference obligations for delivery upon the default of the issuer. Credit default swaps that reference loans, asset-backed securities and emerging market debt instruments tend to have less price transparency than those that reference corporate bonds. In addition, more complex credit derivatives, such as those sensitive to the correlation between two or more underlying reference obligations, generally have less price transparency. • Currency. Prices for currency derivatives based on the exchange rates of leading industrialized nations, including those with longer tenors, are generally transparent. The primary difference between the price transparency of developed and emerging market currency derivatives is that emerging markets tend to be only observable for contracts with shorter tenors. • Commodity. Commodity derivatives include transactions referenced to energy (e.g., oil, natural gas and electricity), metals (e.g., precious and base) and soft commodities (e.g., agricultural). Price transparency varies based on the underlying commodity, delivery location, tenor and product quality (e.g., diesel fuel compared to unleaded gasoline). In general, price transparency for commodity derivatives is greater for contracts with shorter tenors and contracts that are more closely aligned with major and/or benchmark commodity indices. • Equity. Price transparency for equity derivatives varies by market and underlier. Options on indices and the common stock of corporates included in major equity indices exhibit the most price transparency. Equity derivatives generally have observable market prices, except for contracts with long tenors or reference prices that differ significantly from current market prices. More complex equity derivatives, such as those sensitive to the correlation between two or more individual stocks, generally have less price transparency. Liquidity is essential to the observability of all product types. If transaction volumes decline, previously transparent prices and other inputs may become unobservable. Conversely, even highly structured products may at times have trading volumes large enough to provide observability of prices and other inputs. Level 1. Level 1 derivatives include short-term contracts for future delivery of securities when the underlying security is a level 1 instrument, and exchange-traded derivatives if they are actively traded and are valued at their quoted market price. Level 2. Level 2 derivatives include OTC derivatives for which all significant valuation inputs are corroborated by market evidence and exchange-traded derivatives that are not actively traded and/or that are valued using models that calibrate to market-clearing levels of OTC derivatives. The selection of a particular model to value a derivative depends on the contractual terms of and specific risks inherent in the instrument, as well as the availability of pricing information in the market. For derivatives that trade in liquid markets, model selection does not involve significant management judgment because outputs of models can be calibrated to market-clearing levels. Valuation models require a variety of inputs, such as contractual terms, market prices, yield curves, discount rates (including those derived from interest rates on collateral received and posted as specified in credit support agreements for collateralized derivatives), credit curves, measures of volatility, prepayment rates, loss severity rates and correlations of such inputs. Significant inputs to the valuations of level 2 derivatives can be verified to market transactions, broker or dealer quotations or other alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or executable) and the relationship of recent market activity to the prices provided from alternative pricing sources. Level 3 . Level 3 derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs. The significant unobservable inputs used to value the firm’s level 3 derivatives are described below. • For level 3 interest rate and currency derivatives, significant unobservable inputs include correlations of certain currencies and interest rates (e.g., the correlation between Euro inflation and Euro interest rates) and specific interest rate and currency volatilities. • For level 3 credit derivatives, significant unobservable inputs include illiquid credit spreads and upfront credit points, which are unique to specific reference obligations and reference entities, and recovery rates. • For level 3 commodity derivatives, significant unobservable inputs include volatilities for options with strike prices that differ significantly from current market prices and prices or spreads for certain products for which the product quality or physical location of the commodity is not aligned with benchmark indices. • For level 3 equity derivatives, significant unobservable inputs generally include equity volatility inputs for options that are long-dated and/or have strike prices that differ significantly from current market prices. In addition, the valuation of certain structured trades requires the use of level 3 correlation inputs, such as the correlation of the price performance of two or more individual stocks or the correlation of the price performance for a basket of stocks to another asset class, such as commodities. Subsequent to the initial valuation of a level 3 derivative, the firm updates the level 1 and level 2 inputs to reflect observable market changes and any resulting gains and losses are classified in level 3. Level 3 inputs are changed when corroborated by evidence, such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. See Note 5 for further information about significant unobservable inputs used in the valuation of level 3 derivatives. Valuation Adjustments. Valuation adjustments are integral to determining the fair value of derivative portfolios and are used to adjust the mid-market valuations produced by derivative pricing models to the exit price valuation. These adjustments incorporate bid/offer spreads, the cost of liquidity, and credit and funding valuation adjustments, which account for the credit and funding risk inherent in the uncollateralized portion of derivative portfolios. The firm also makes funding valuation adjustments to collateralized derivatives where the terms of the agreement do not permit the firm to deliver or repledge collateral received. Market-based inputs are generally used when calibrating valuation adjustments to market-clearing levels. In addition, for derivatives that include significant unobservable inputs, the firm makes model or exit price adjustments to account for the valuation uncertainty present in the transaction. Valuation Techniques and Significant Inputs for Other Financial Assets and Liabilities at Fair Value In addition to trading cash instruments, derivatives, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value under the fair value option. Such instruments include resale and repurchase agreements; certain securities borrowed and loaned transactions; certain customer and other receivables, including certain margin loans; certain time deposits, including structured certificates of deposit, which are hybrid financial instruments; substantially all other secured financings, including transfers of assets accounted for as financings; certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; and certain other assets and liabilities. These instruments are generally valued based on discounted cash flow techniques, which incorporate inputs with reasonable levels of price transparency, and are generally classified in level 2 because the inputs are observable. Valuation adjustments may be made for liquidity and for counterparty and the firm’s credit quality. The significant inputs used to value the firm’s other financial assets and liabilities are described below. Resale and Repurchase Agreements and Securities Borrowed and Loaned. The significant inputs to the valuation of resale and repurchase agreements and securities borrowed and loaned are funding spreads, the amount and timing of expected future cash flows and interest rates. Customer and Other Receivables. The significant inputs to the valuation of receivables are interest rates, the amount and timing of expected future cash flows and funding spreads. Deposits. The significant inputs to the valuation of time deposits are interest rates and the amount and timing of future cash flows. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 13 for further information about deposits. Other Secured Financings. The significant inputs to the valuation of other secured financings are the amount and timing of expected future cash flows, interest rates, funding spreads and the fair value of the collateral delivered by the firm (determined using the amount and timing of expected future cash flows, market prices, market yields and recovery assumptions). See Note 11 for further information about other secured financings. Unsecured Short- and Long-Term Borrowings. The significant inputs to the valuation of unsecured short- and long-term borrowings are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm and commodity prices for prepaid commodity transactions. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 14 for further information about borrowings. Other Assets and Liabilities. |
Fair Value Hierarchy | Fair Value HierarchyFinancial assets and liabilities at fair value includes trading cash instruments, derivatives, and certain investments, loans and other financial assets and liabilities at fair value. |
Trading Cash Instruments | Trading cash instruments consists of instruments held in connection with the firm’s market-making or risk management activities. These instruments are carried at fair value and the related fair value gains and losses are recognized in the consolidated statements of earnings. |
Derivatives | Range of Significant Unobservable Inputs. The following provides information about the ranges of significant unobservable inputs used to value the firm’s level 3 derivative instruments: • Correlation. Ranges for correlation cover a variety of underliers both within one product type (e.g., equity index and equity single stock names) and across product types (e.g., correlation of an interest rate and a currency), as well as across regions. Generally, cross-product type correlation inputs are used to value more complex instruments and are lower than correlation inputs on assets within the same derivative product type. • Volatility. Ranges for volatility cover numerous underliers across a variety of markets, maturities and strike prices. For example, volatility of equity indices is generally lower than volatility of single stocks. • Credit spreads, upfront credit points and recovery rates. The ranges for credit spreads, upfront credit points and recovery rates cover a variety of underliers (index and single names), regions, sectors, maturities and credit qualities (high-yield and investment-grade). The broad range of this population gives rise to the width of the ranges of significant unobservable inputs. • Commodity prices and spreads. The ranges for commodity prices and spreads cover variability in products, maturities and delivery locations. Sensitivity of Fair Value Measurement to Changes in Significant Unobservable Inputs. The following is a description of the directional sensitivity of the firm’s level 3 fair value measurements to changes in significant unobservable inputs, in isolation, as of each period-end: • Correlation. In general, for contracts where the holder benefits from the convergence of the underlying asset or index prices (e.g., interest rates, credit spreads, foreign exchange rates, inflation rates and equity prices), an increase in correlation results in a higher fair value measurement. • Volatility. In general, for purchased options, an increase in volatility results in a higher fair value measurement. • Credit spreads, upfront credit points and recovery rates. In general, the fair value of purchased credit protection increases as credit spreads or upfront credit points increase or recovery rates decrease. Credit spreads, upfront credit points and recovery rates are strongly related to distinctive risk factors of the underlying reference obligations, which include reference entity-specific factors, such as leverage, volatility and industry, market-based risk factors, such as borrowing costs or liquidity of the underlying reference obligation, and macroeconomic conditions. • Commodity prices and spreads. In general, for contracts where the holder is receiving a commodity, an increase in the spread (price difference from a benchmark index due to differences in quality or delivery location) or price results in a higher fair value measurement. |
Deposits, Unsecured Borrowings and Other Assets and Liabilities | Deposits, Unsecured Borrowings and Other Assets and Liabilities. Substantially all of the firm’s deposits, unsecured short- and long-term borrowings, and other assets and liabilities that are classified in level 3 are hybrid financial instruments. As the significant unobservable inputs used to value hybrid financial instruments primarily relate to the embedded derivative component of these deposits, unsecured borrowings and other assets and liabilities, these unobservable inputs are incorporated in the firm’s derivative disclosures. See Note 12 for further information about other assets, Note 13 for further information about deposits, Note 14 for further information about unsecured borrowings and Note 15 for further information about other liabilities. |
Trading Assets and Liabilities | Trading Assets and Liabilities Trading assets and liabilities include trading cash instruments and derivatives held in connection with the firm’s market-making or risk management activities. These assets and liabilities are carried at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are generally recognized in the consolidated statements of earnings. |
Derivative Activities | Derivative Activities Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. Derivatives may be traded on an exchange (exchange-traded) or they may be privately negotiated contracts, which are usually referred to as OTC derivatives. Certain of the firm’s OTC derivatives are cleared and settled through central clearing counterparties (OTC-cleared), while others are bilateral contracts between two counterparties (bilateral OTC). Market Making. As a market maker, the firm enters into derivative transactions to provide liquidity to clients and to facilitate the transfer and hedging of their risks. In this role, the firm typically acts as principal and is required to commit capital to provide execution, and maintains market-making positions in response to, or in anticipation of, client demand. Risk Management. The firm also enters into derivatives to actively manage risk exposures that arise from its market-making and investing and financing activities. The firm’s holdings and exposures are hedged, in many cases, on either a portfolio or risk-specific basis, as opposed to an instrument-by-instrument basis. The offsetting impact of this economic hedging is reflected in the same business segment as the related revenues. In addition, the firm may enter into derivatives designated as hedges under U.S. GAAP. These derivatives are used to manage interest rate exposure of certain fixed-rate unsecured borrowings and deposits and certain U.S. government securities classified as available-for-sale, foreign exchange risk of certain available-for-sale securities and the net investment in certain non-U.S. operations. The firm enters into various types of derivatives, including: • Futures and Forwards. Contracts that commit counterparties to purchase or sell financial instruments, commodities or currencies in the future. • Swaps. Contracts that require counterparties to exchange cash flows, such as currency or interest payment streams. The amounts exchanged are based on the specific terms of the contract with reference to specified rates, financial instruments, commodities, currencies or indices. • Options. Contracts in which the option purchaser has the right, but not the obligation, to purchase from or sell to the option writer financial instruments, commodities or currencies within a defined time period for a specified price. trading assets trading liabilities Realized and unrealized gains and losses |
Credit Derivatives | Credit Derivatives The firm enters into a broad array of credit derivatives to facilitate client transactions and to manage the credit risk associated with market-making and investing and financing activities. Credit derivatives are actively managed based on the firm’s net risk position. Credit derivatives are generally individually negotiated contracts and can have various settlement and payment conventions. Credit events include failure to pay, bankruptcy, acceleration of indebtedness, restructuring, repudiation and dissolution of the reference entity. The firm enters into the following types of credit derivatives: • Credit Default Swaps. Single-name credit default swaps protect the buyer against the loss of principal on one or more bonds, loans or mortgages (reference obligations) in the event the issuer of the reference obligations suffers a credit event. The buyer of protection pays an initial or periodic premium to the seller and receives protection for the period of the contract. If there is no credit event, as defined in the contract, the seller of protection makes no payments to the buyer. If a credit event occurs, the seller of protection is required to make a payment to the buyer, calculated according to the terms of the contract. • Credit Options. In a credit option, the option writer assumes the obligation to purchase or sell a reference obligation at a specified price or credit spread. The option purchaser buys the right, but does not assume the obligation, to sell the reference obligation to, or purchase it from, the option writer. The payments on credit options depend either on a particular credit spread or the price of the reference obligation. • Credit Indices, Baskets and Tranches. Credit derivatives may reference a basket of single-name credit default swaps or a broad-based index. If a credit event occurs in one of the underlying reference obligations, the protection seller pays the protection buyer. The payment is typically a pro-rata portion of the transaction’s total notional amount based on the underlying defaulted reference obligation. In certain transactions, the credit risk of a basket or index is separated into various portions (tranches), each having different levels of subordination. The most junior tranches cover initial defaults and once losses exceed the notional amount of these junior tranches, any excess loss is covered by the next most senior tranche. • Total Return Swaps. A total return swap transfers the risks relating to economic performance of a reference obligation from the protection buyer to the protection seller. Typically, the protection buyer receives a floating rate of interest and protection against any reduction in fair value of the reference obligation, and the protection seller receives the cash flows associated with the reference obligation, plus any increase in the fair value of the reference obligation. The firm economically hedges its exposure to written credit derivatives primarily by entering into offsetting purchased credit derivatives with identical underliers. Substantially all of the firm’s purchased credit derivative transactions are with financial institutions and are subject to stringent collateral thresholds. In addition, upon the occurrence of a specified trigger event, the firm may take possession of the reference obligations underlying a particular written credit derivative, and consequently may, upon liquidation of the reference obligations, recover amounts on the underlying reference obligations in the event of default. Impact of Credit and Funding Spreads on Derivatives The firm realizes gains or losses on its derivative contracts. These gains or losses include credit valuation adjustments (CVA) relating to uncollateralized derivative assets and liabilities, which represent the gains or losses (including hedges) attributable to the impact of changes in credit exposure, counterparty credit spreads, liability funding spreads (which include the firm’s own credit), probability of default and assumed recovery. These gains or losses also include funding valuation adjustments (FVA) relating to uncollateralized derivative assets, which represent the gains or losses (including hedges) attributable to the impact of changes in expected funding exposures and funding spreads. Derivatives with Credit-Related Contingent Features |
Hedge Accounting | Hedge Accounting The firm applies hedge accounting for (i) interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long- and short-term borrowings, certain fixed-rate certificates of deposit and certain U.S. government securities classified as available-for-sale, (ii) foreign currency forward contracts used to manage the foreign exchange risk of certain securities classified as available-for-sale and (iii) foreign currency forward contracts and foreign currency-denominated debt used to manage foreign exchange risk on the firm’s net investment in certain non-U.S. operations. To qualify for hedge accounting, the hedging instrument must be highly effective at reducing the risk from the exposure being hedged. Additionally, the firm must formally document the hedging relationship at inception and assess the hedging relationship at least on a quarterly basis to ensure the hedging instrument continues to be highly effective over the life of the hedging relationship. Fair Value Hedges The firm designates interest rate swaps as fair value hedges of certain fixed-rate unsecured long- and short-term debt and fixed-rate certificates of deposit and, beginning in the second quarter of 2022, of certain U.S. government securities classified as available-for-sale. These interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate (e.g., London Interbank Offered Rate (LIBOR), Secured Overnight Financing Rate (SOFR) or Overnight Index Swap Rate), effectively converting a substantial portion of these fixed-rate financial instruments into floating-rate financial instruments. The firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of these hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged (i.e., interest rate risk). An interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% or greater and a slope between 80% and 125%. The firm designates foreign currency forward contracts as fair value hedges of the foreign exchange risk of non-U.S. government securities classified as available-for-sale. See Note 8 for information about the amortized cost and fair value of such securities. The effectiveness of such hedges is assessed based on changes in spot rates. The gains/(losses) on the hedges (relating to both spot and forward points) and the foreign exchange gains/(losses) on the related available-for-sale securities are included in market making and were not material for both the three months ended March 2023 and March 2022. Net Investment Hedges The firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investments in certain non-U.S. operations through the use of foreign currency forward contracts and foreign currency-denominated debt. For foreign currency forward contracts designated as hedges, the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts (i.e., based on changes in forward rates). For foreign currency-denominated debt designated as a hedge, the effectiveness of the hedge is assessed based on changes in spot rates. For qualifying net investment hedges, all gains or losses on the hedging instruments are included in currency translation. |
Investments | Investments Investments includes debt instruments and equity securities that are accounted for at fair value and are generally held by the firm in connection with its long-term investing activities. In addition, investments includes debt securities classified as available-for-sale and held-to-maturity that are generally held in connection with the firm’s asset-liability management activities. Investments also consists of equity securities that are accounted for under the equity method. Equity Securities and Debt Instruments, at Fair Value Equity securities and debt instruments, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are recognized in the consolidated statements of earnings. Equity Securities, at Fair Value. Equity securities, at fair value consists of the firm’s public and private equity investments in corporate and real estate entities. Investments in Funds at Net Asset Value Per Share. Equity securities and debt instruments, at fair value include investments in funds that are measured at NAV of the investment fund. The firm uses NAV to measure the fair value of fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value. Substantially all of the firm’s investments in funds at NAV consist of investments in firm-sponsored private equity, credit, real estate and hedge funds where the firm co-invests with third-party investors. Private equity funds primarily invest in a broad range of industries worldwide, including leveraged buyouts, recapitalizations, growth investments and distressed investments. Credit funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for leveraged and management buyout transactions, recapitalizations, financings, refinancings, acquisitions and restructurings for private equity firms, private family companies and corporate issuers. Real estate funds invest globally, primarily in real estate companies, loan portfolios, debt recapitalizations and property. Private equity, credit and real estate funds are closed-end funds in which the firm’s investments are generally not eligible for redemption. Distributions will be received from these funds as the underlying assets are liquidated or distributed, the timing of which is uncertain. The firm also invests in hedge funds, primarily multi-disciplinary hedge funds that employ a fundamental bottom-up investment approach across various asset classes and strategies. The firm’s investments in hedge funds primarily include interests where the underlying assets are illiquid in nature, and proceeds from redemptions will not be received until the underlying assets are liquidated or distributed, the timing of which is uncertain. Available-for-Sale Securities Available-for-sale securities are accounted for at fair value, and the related unrealized fair value gains and losses are included in accumulated other comprehensive income/(loss) unless designated in a fair value hedging relationship. See Note 7 for information about available-for-sale securities that are designated in a hedging relationship. |
Held to Maturity Securities | Held-to-maturity securities are reviewed to determine if an allowance for credit losses should be recorded in the consolidated statements of earnings. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings, historical credit losses and sovereign guarantees. Provision for credit losses on such securities was not material during either the three months ended March 2023 or March 2022. |
Loans | Loans Loans includes (i) loans held for investment that are accounted for at amortized cost net of allowance for loan losses or at fair value under the fair value option and (ii) loans held for sale that are accounted for at the lower of cost or fair value. Interest on loans is recognized over the life of the loan and is recorded on an accrual basis. The following is a description of the loan types in the table above: • Corporate. Corporate loans includes term loans, revolving lines of credit, letter of credit facilities and bridge loans, and are principally used for operating and general corporate purposes, or in connection with acquisitions. Corporate loans are secured (typically by a senior lien on the assets of the borrower) or unsecured, depending on the loan purpose, the risk profile of the borrower and other factors. • Commercial Real Estate. Commercial real estate loans includes originated loans that are directly or indirectly secured by hotels, retail stores, multifamily housing complexes and commercial and industrial properties. Commercial real estate loans also includes loans extended to clients who warehouse assets that are directly or indirectly backed by commercial real estate. In addition, commercial real estate includes loans purchased by the firm. • Residential Real Estate. Residential real estate loans primarily includes loans extended to wealth management clients and to clients who warehouse assets that are directly or indirectly secured by residential real estate. In addition, residential real estate includes loans purchased by the firm. • Securities-Based. Securities-based loans includes loans that are secured by stocks, bonds, mutual funds, and exchange-traded funds. These loans are primarily extended to the firm's wealth management clients and used for purposes other than purchasing, carrying or trading margin stocks. Securities-based loans require borrowers to post additional collateral based on changes in the underlying collateral's fair value. • Other Collateralized. Other collateralized loans includes loans that are backed by specific collateral (other than securities and real estate). Such loans are extended to clients who warehouse assets that are directly or indirectly secured by corporate loans, consumer loans and other assets. Other collateralized loans also includes loans to investment funds (managed by third parties) that are collateralized by capital commitments of the funds' investors or assets held by the fund, as well as other secured loans extended to the firm's wealth management clients. • Installment. Installment loans are unsecured loans originated by the firm. • Credit Cards. Credit card loans are loans made pursuant to revolving lines of credit issued to consumers by the firm. • Other. Other loans includes unsecured loans extended to wealth management clients and unsecured consumer and credit card loans purchased by the firm. Credit Quality Risk Assessment. The firm’s risk assessment process includes evaluating the credit quality of its loans by the firm’s independent risk oversight and control function. For corporate loans and a majority of securities-based, real estate, other collateralized and other loans, the firm performs credit analyses which incorporate initial and ongoing evaluations of the capacity and willingness of a borrower to meet its financial obligations. These credit evaluations are performed on an annual basis or more frequently if deemed necessary as a result of events or changes in circumstances. The firm determines an internal credit rating for the borrower by considering the results of the credit evaluations and assumptions with respect to the nature of and outlook for the borrower’s industry and the economic environment. Beginning in the first quarter of 2023, the firm also takes into consideration collateral received or other credit support arrangements when determining an internal credit rating on collateralized loans, as management believes that this methodology better reflects the credit quality of the underlying loans. In the table below, prior period amounts have been conformed to reflect the current methodology. The impact to December 2022 was an increase in loans classified as investment-grade and a decrease in loans classified as non-investment-grade of $25.0 billion in real estate (warehouse loans) and other collateralized loans. For consumer loans and for loans that are not assigned an internal credit rating, the firm reviews certain key metrics, including, but not limited to, the Fair Isaac Corporation (FICO) credit scores, delinquency status, collateral value and other risk factors. Nonaccrual, Past Due and Modified Loans. Loans accounted for at amortized cost (other than credit card loans) are placed on nonaccrual status when it is probable that the firm will not collect all principal and interest due under the contractual terms, regardless of the delinquency status or if a loan is past due for 90 days or more, unless the loan is both well collateralized and in the process of collection. At that time, all accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis to the extent the loan balance is deemed collectible. Otherwise, all cash received is used to reduce the outstanding loan balance. A loan is considered past due when a principal or interest payment has not been made according to its contractual terms. Credit card loans are not placed on nonaccrual status and accrue interest until the loan is paid in full or is charged off. Allowance for Credit Losses The firm’s allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at amortized cost. Loans and lending commitments accounted for at fair value or accounted for at the lower of cost or fair value are not subject to an allowance for credit losses. To determine the allowance for credit losses, the firm classifies its loans and lending commitments accounted for at amortized cost into wholesale and consumer portfolios. These portfolios represent the level at which the firm has developed and documented its methodology to determine the allowance for credit losses. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and on an asset-specific basis for loans that do not share similar risk characteristics. The allowance for credit losses takes into account the weighted average of a range of forecasts of future economic conditions over the expected life of the loan and lending commitments. The expected life of each loan or lending commitment is determined based on the contractual term adjusted for extension options or demand features, or is modeled in the case of revolving credit card loans. The forecasts include baseline, favorable and adverse economic scenarios over a three-year period. For loans with expected lives beyond three years, the model reverts to historical loss information based on a non-linear modeled approach. The forecasted economic scenarios consider a number of risk factors relevant to the wholesale and consumer portfolios described below. The firm applies judgment in weighing individual scenarios each quarter based on a variety of factors, including the firm’s internally derived economic outlook, market consensus, recent macroeconomic conditions and industry trends. The allowance for credit losses also includes qualitative components which allow management to reflect the uncertain nature of economic forecasting, capture uncertainty regarding model inputs, and account for model imprecision and concentration risk. The following is a description of the methodology used to calculate the allowance for credit losses: Wholesale. The allowance for credit losses for wholesale loans and lending commitments that exhibit similar risk characteristics is measured using a modeled approach. These models determine the probability of default and loss given default based on various risk factors, including internal credit ratings, industry default and loss data, expected life, macroeconomic indicators, the borrower’s capacity to meet its financial obligations, the borrower’s country of risk and industry, loan seniority and collateral type. For lending commitments, the methodology also considers the probability of drawdowns or funding. In addition, for loans backed by real estate, risk factors include the loan-to-value ratio, debt service ratio and home price index. The most significant inputs to the forecast model for wholesale loans and lending commitments include unemployment rates, GDP, credit spreads, commercial and industrial delinquency rates, short- and long-term interest rates, and oil prices. The allowance for loan losses for wholesale loans that do not share similar risk characteristics, such as nonaccrual loans, is calculated using the present value of expected future cash flows discounted at the loan’s effective rate, the observable market price of the loan or the fair value of the collateral. Wholesale loans are charged off against the allowance for loan losses when deemed to be uncollectible. Consumer. The allowance for credit losses for consumer loans that exhibit similar risk characteristics is calculated using a modeled approach which classifies consumer loans into pools based on borrower-related and exposure-related characteristics that differentiate a pool’s risk characteristics from other pools. The factors considered in determining a pool are generally consistent with the risk characteristics used for internal credit risk measurement and management and include key metrics, such as FICO credit scores, delinquency status, loan vintage and macroeconomic indicators. The most significant inputs to the forecast model for consumer loans include unemployment rates and delinquency rates. The expected life of revolving credit card loans is determined by modeling expected future draws and the timing and amount of repayments allocated to the funded balance. The firm also recognizes an allowance for credit losses on commitments to acquire loans and commitments extended in connection with point-of-sale financing. However, no allowance for credit losses is recognized on credit card lending commitments as they are cancellable by the firm. Installment loans are charged off when they are 120 days past due. Credit card loans are charged off when they are 180 days past due. Forecast Model Inputs as of March 2023 When modeling expected credit losses, the firm employs a weighted, multi-scenario forecast, which includes baseline, adverse and favorable economic scenarios. As of March 2023, this multi-scenario forecast was weighted towards the baseline and adverse economic scenarios. |
Fair Value Option | Fair Value Option Other Financial Assets and Liabilities at Fair Value In addition to trading assets and liabilities, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value, substantially all under the fair value option. The primary reasons for electing the fair value option are to: • Reflect economic events in earnings on a timely basis; • Mitigate volatility in earnings from using different measurement attributes (e.g., transfers of financial assets accounted for as financings are recorded at fair value, whereas the related secured financing would be recorded on an accrual basis absent electing the fair value option); and • Address simplification and cost-benefit considerations (e.g., accounting for hybrid financial instruments at fair value in their entirety versus bifurcation of embedded derivatives and hedge accounting for debt hosts). Hybrid financial instruments are instruments that contain bifurcatable embedded derivatives and do not require settlement by physical delivery of nonfinancial assets (e.g., physical commodities). If the firm elects to bifurcate the embedded derivative from the associated debt, the derivative is accounted for at fair value and the host contract is accounted for at amortized cost, adjusted for the effective portion of any fair value hedges. If the firm does not elect to bifurcate, the entire hybrid financial instrument is accounted for at fair value under the fair value option. Other financial assets and liabilities accounted for at fair value under the fair value option include: • Resale and repurchase agreements; • Certain securities borrowed and loaned transactions; • Certain customer and other receivables and certain other assets and liabilities; • Certain time deposits (deposits with no stated maturity are not eligible for a fair value option election), including structured certificates of deposit, which are hybrid financial instruments; • Substantially all other secured financings, including transfers of assets accounted for as financings; and • Certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments. Debt Valuation Adjustment The firm calculates the fair value of financial liabilities for which the fair value option is elected by discounting future cash flows at a rate which incorporates the firm’s credit spreads. |
Collateralized Agreements and Financings | Collateralized Agreements and Financings Collateralized agreements are resale agreements and securities borrowed. Collateralized financings are repurchase agreements, securities loaned and other secured financings. The firm enters into these transactions in order to, among other things, facilitate client activities, invest excess cash, acquire securities to cover short positions and finance certain firm activities. Collateralized agreements and financings with the same settlement date are presented on a net-by-counterparty basis when such transactions meet certain settlement criteria and are subject to netting agreements. Interest on collateralized agreements, which is included in interest income, and collateralized financings, which is included in interest expense, is recognized over the life of the transaction. See Note 23 for further information about interest income and interest expense. Resale and Repurchase Agreements A resale agreement is a transaction in which the firm purchases financial instruments from a seller, typically in exchange for cash, and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date. A repurchase agreement is a transaction in which the firm sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date. Even though repurchase and resale agreements (including “repos- and reverses-to-maturity”) involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold before or at the maturity of the agreement. The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and agency, and investment-grade sovereign obligations. The firm receives financial instruments purchased under resale agreements and makes delivery of financial instruments sold under repurchase agreements. To mitigate credit exposure, the firm monitors the market value of these financial instruments on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the financial instruments, as appropriate. For resale agreements, the firm typically requires collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated balance sheets. Securities Borrowed and Loaned Transactions In a securities borrowed transaction, the firm borrows securities from a counterparty in exchange for cash or securities. When the firm returns the securities, the counterparty returns the cash or securities. Interest is generally paid periodically over the life of the transaction. In a securities loaned transaction, the firm lends securities to a counterparty in exchange for cash or securities. When the counterparty returns the securities, the firm returns the cash or securities posted as collateral. Interest is generally paid periodically over the life of the transaction. The firm receives securities borrowed and makes delivery of securities loaned. To mitigate credit exposure, the firm monitors the market value of these securities on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the securities, as appropriate. For securities borrowed transactions, the firm typically requires collateral with a fair value approximately equal to the carrying value of the securities borrowed transaction. Securities borrowed and loaned within FICC financing are recorded at fair value under the fair value option. See Note 5 for further information about securities borrowed and loaned accounted for at fair value. Substantially all of the securities borrowed and loaned within Equities financing are recorded based on the amount of cash collateral advanced or received plus accrued interest. The firm also reviews such securities borrowed to determine if an allowance for credit losses should be recorded by taking into consideration the fair value of collateral received. As these agreements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates. Therefore, the carrying value of such agreements approximates fair value. As these agreements are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these agreements been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both March 2023 and December 2022. Other Secured Financings In addition to repurchase agreements and securities loaned transactions, the firm funds certain assets through the use of other secured financings and pledges financial instruments and other assets as collateral in these transactions. These other secured financings include: • Liabilities of consolidated VIEs; • Transfers of assets accounted for as financings rather than sales (e.g., pledged commodities, bank loans and mortgage whole loans); and • Other structured financing arrangements. The firm has elected to apply the fair value option to substantially all other secured financings because the use of fair value eliminates non-economic volatility in earnings that would arise from using different measurement attributes. See Note 10 for further information about other secured financings that are accounted for at fair value. Other secured financings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, which generally approximates fair value. As these financings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these financings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 3 as of both March 2023 and December 2022. Collateral Received and Pledged The firm receives cash and securities (e.g., U.S. government and agency obligations, other sovereign and corporate obligations, as well as equity securities) as collateral, primarily in connection with resale agreements, securities borrowed, derivative transactions and customer margin loans. The firm obtains cash and securities as collateral on an upfront or contingent basis for derivative instruments and collateralized agreements to reduce its credit exposure to individual counterparties. In many cases, the firm is permitted to deliver or repledge financial instruments received as collateral when entering into repurchase agreements and securities loaned transactions, primarily in connection with secured client financing activities. The firm is also permitted to deliver or repledge these financial instruments in connection with other secured financings, collateralized derivative transactions and firm or customer settlement requirements. |
Property, Leasehold Improvements and Equipment | Property, Leasehold Improvements and Equipment Substantially all property and equipment is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years. |
Impairments | The firm tests property, leasehold improvements and equipment for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. |
Goodwill | Goodwill |
Goodwill Impairment | Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment. The quantitative goodwill test compares the estimated fair value of each reporting unit with its carrying value (including goodwill and identifiable intangible assets). If the reporting unit’s estimated fair value exceeds its carrying value, goodwill is not impaired. An impairment is recognized if the estimated fair value of a reporting unit is less than its carrying value. In the fourth quarter of 2022, goodwill was tested for impairment using a quantitative test. The estimated fair value of each of the reporting units exceeded its respective carrying value, and therefore, goodwill was not impaired. The estimated fair value of each reporting unit was based on valuation techniques the firm believes market participants would use to value these reporting units. Estimated fair values are generally derived from utilizing a relative value technique, which applies observable price-to-earnings multiples or price-to-book multiples of comparable competitors to the reporting units’ net earnings or net book value, or a discounted cash flow valuation approach, for reporting units with businesses in early stages of development. The carrying value of each reporting unit reflects an allocation of total shareholders’ equity and represents the estimated amount of total shareholders’ equity required to support the activities of the reporting unit under currently applicable regulatory capital requirements. Based on the evaluation of relevant factors during the first quarter of 2023, including stress in the banking sector, the firm determined it was more likely than not that the estimated fair value of each of the reporting units exceeded its respective carrying value as of March 2023. |
Identifiable Intangible Assets | Substantially all of the firm’s identifiable intangible assets have finite useful lives and are amortized over their estimated useful lives generally using the straight-line method. The firm tests identifiable intangible assets for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. |
Operating Lease Right-of-Use Assets and Operating Lease Liabilities | Operating Lease Right-of-Use Assets The firm enters into operating leases for real estate, office equipment and other assets, substantially all of which are used in connection with its operations. For leases longer than one year, the firm recognizes a right-of-use asset representing the right to use the underlying asset for the lease term, and a lease liability representing the liability to make payments. The lease term is generally determined based on the contractual maturity of the lease. For leases where the firm has the option to terminate or extend the lease, an assessment of the likelihood of exercising the option is incorporated into the determination of the lease term. Such assessment is initially performed at the inception of the lease and is updated if events occur that impact the original assessment. |
Savings and Demand Deposits | The firm’s savings and demand deposits are recorded based on the amount of cash received plus accrued interest, which approximates fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its time deposits not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of time deposits not accounted for at fair value approximated fair value as of both March 2023 and December 2022. As these savings and demand deposits and time deposits are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these deposits been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both March 2023 and December 2022. |
Unsecured Short-Term Borrowings and Subordinated Borrowings | Unsecured Short-Term Borrowings Unsecured short-term borrowings includes the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder. Junior Subordinated Debt In 2004, Group Inc. issued $2.84 billion of junior subordinated debt to Goldman Sachs Capital I, a Delaware statutory trust. Goldman Sachs Capital I issued $2.75 billion of guaranteed preferred beneficial interests (Trust Preferred securities) to third parties and $85 million of common beneficial interests to Group Inc. As of both March 2023 and December 2022, the outstanding par amount of junior subordinated debt held by Goldman Sachs Capital I was $968 million and the outstanding par amount of Trust Preferred securities and common beneficial interests issued by Goldman Sachs Capital I was $939 million and $29 million, respectively. Goldman Sachs Capital I is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes. |
Securitization Activities | Securitization Activities The firm securitizes residential and commercial mortgages, corporate bonds, loans and other types of financial assets by selling these assets to securitization vehicles (e.g., trusts, corporate entities and limited liability companies) or through a resecuritization. The firm acts as underwriter of the beneficial interests that are sold to investors. The firm’s residential mortgage securitizations are primarily in connection with government agency securitizations. The firm accounts for a securitization as a sale when it has relinquished control over the transferred financial assets. Prior to securitization, the firm generally accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets. Net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors. |
VIE Consolidation Analysis | Variable Interest Entities A variable interest in a VIE is an investment (e.g., debt or equity) or other interest (e.g., derivatives or loans and lending commitments) that will absorb portions of the VIE’s expected losses and/or receive portions of the VIE’s expected residual returns. The firm’s variable interests in VIEs include senior and subordinated debt; loans and lending commitments; limited and general partnership interests; preferred and common equity; derivatives that may include foreign currency, equity and/or credit risk; guarantees; and certain of the fees the firm receives from investment funds. Certain interest rate, foreign currency and credit derivatives the firm enters into with VIEs are not variable interests because they create, rather than absorb, risk. VIEs generally finance the purchase of assets by issuing debt and equity securities that are either collateralized by or indexed to the assets held by the VIE. The debt and equity securities issued by a VIE may include tranches of varying levels of subordination. The firm’s involvement with VIEs includes securitization of financial assets, as described in Note 16, and investments in and loans to other types of VIEs, as described below. See Note 3 for the firm’s consolidation policies, including the definition of a VIE. VIE Consolidation Analysis The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The firm determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: • Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; • Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; • The VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; • The VIE’s capital structure; • The terms between the VIE and its variable interest holders and other parties involved with the VIE; and • Related-party relationships. The firm reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. The firm reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. VIE Activities The firm is principally involved with VIEs through the following business activities: Mortgage-Backed VIEs. The firm sells residential and commercial mortgage loans and securities to mortgage-backed VIEs and may retain beneficial interests in the assets sold to these VIEs. The firm purchases and sells beneficial interests issued by mortgage-backed VIEs in connection with market-making activities. In addition, the firm may enter into derivatives with certain of these VIEs, primarily interest rate swaps, which are typically not variable interests. The firm generally enters into derivatives with other counterparties to mitigate its risk. Real Estate, Credit- and Power-Related and Other Investing VIEs. The firm purchases equity and debt securities issued by and makes loans to VIEs that hold real estate, performing and nonperforming debt, distressed loans, power-related assets and equity securities. The firm generally does not sell assets to, or enter into derivatives with, these VIEs. Corporate Debt and Other Asset-Backed VIEs. The firm structures VIEs that issue notes to clients, purchases and sells beneficial interests issued by corporate debt and other asset-backed VIEs in connection with market-making activities, and makes loans to VIEs that warehouse corporate debt. Certain of these VIEs synthetically create the exposure for the beneficial interests they issue by entering into credit derivatives with the firm, rather than purchasing the underlying assets. In addition, the firm may enter into derivatives, such as total return swaps, with certain corporate debt and other asset-backed VIEs, under which the firm pays the VIE a return due to the beneficial interest holders and receives the return on the collateral owned by the VIE. The collateral owned by these VIEs is primarily other asset-backed loans and securities. The firm may be removed as the total return swap counterparty and may enter into derivatives with other counterparties to mitigate its risk related to these swaps. The firm may sell assets to the corporate debt and other asset-backed VIEs it structures. Principal-Protected Note VIEs. The firm structures VIEs that issue principal-protected notes to clients. These VIEs own portfolios of assets, principally with exposure to hedge funds. Substantially all of the principal protection on the notes issued by these VIEs is provided by the asset portfolio rebalancing that is required under the terms of the notes. The firm enters into total return swaps with these VIEs under which the firm pays the VIE the return due to the principal-protected note holders and receives the return on the assets owned by the VIE. The firm may enter into derivatives with other counterparties to mitigate its risk. The firm also obtains funding through these VIEs. |
Lending Commitments | Lending Commitments The firm’s commercial and warehouse financing lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing. These commitments are presented net of amounts syndicated to third parties. The total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate portions of these commitments. In addition, commitments can expire unused or be reduced or cancelled at the counterparty’s request. The firm also provides credit to consumers by issuing credit card lines and through commitments to provide unsecured installment loans. To mitigate the credit risk associated with the firm’s commercial lending activities, the firm obtains credit protection on certain loans and lending commitments through credit default swaps, both single-name and index-based contracts, and through the issuance of credit-linked notes. Warehouse Financing. The firm provides financing to clients who warehouse financial assets. These arrangements are collateralized by the warehoused assets, primarily consisting of residential real estate, consumer and corporate loans. Risk Participations The firm also risk participates certain of its commercial lending commitments to other financial institutions. In the event of a risk participant’s default, the firm will be responsible to fund the borrower. Collateralized Agreement Commitments/ Collateralized Financing Commitments |
Derivative Guarantees | Derivative Guarantees. The firm enters into various derivatives that meet the definition of a guarantee under U.S. GAAP, including written equity and commodity put options, written currency contracts and interest rate caps, floors and swaptions. These derivatives are risk managed together with derivatives that do not meet the definition of a guarantee, and therefore the amounts in the table above do not reflect the firm’s overall risk related to derivative activities. Disclosures about derivatives are not required if they may be cash settled and the firm has no basis to conclude it is probable that the counterparties held the underlying instruments at the inception of the contract. The firm has concluded that these conditions have been met for certain large, internationally active commercial and investment bank counterparties, central clearing counterparties, hedge funds and certain other counterparties. Accordingly, the firm has not included such contracts in the table above. See Note 7 for information about credit derivatives that meet the definition of a guarantee, which are not included in the table above. |
Securities Lending and Clearing Guarantees | Securities Lending and Clearing Guarantees . Securities lending and clearing guarantees include the indemnifications and guarantees that the firm provides in its capacity as an agency lender and in its capacity as a sponsoring member of the Fixed Income Clearing Corporation. |
Other Guarantees | Other Financial Guarantees. In the ordinary course of business, the firm provides other financial guarantees of the obligations of third parties (e.g., standby letters of credit and other guarantees to enable clients to complete transactions and fund-related guarantees). These guarantees represent obligations to make payments to beneficiaries if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Guarantees of Securities Issued by Trusts. The firm has established trusts, including Goldman Sachs Capital I, Goldman Sachs Capital II and Goldman Sachs Capital III (the Trusts), and other entities, for the limited purpose of issuing securities to third parties, lending the proceeds to the firm and entering into contractual arrangements with the firm and third parties related to this purpose. The firm does not consolidate these entities. See Notes 14 and 19 for further information about the transactions involving the Trusts. The firm effectively provides for the full and unconditional guarantee of the securities issued by these entities. Timely payment by the firm of amounts due to these entities under the guarantee, borrowing, preferred stock and related contractual arrangements will be sufficient to cover payments due on the securities issued by these entities. No subsidiary of Group Inc. guarantees the securities of the Trusts. Management believes that it is unlikely that any circumstances will occur, such as nonperformance on the part of paying agents or other service providers, that would make it necessary for the firm to make payments related to these entities other than those required under the terms of the guarantee, borrowing, preferred stock and related contractual arrangements and in connection with certain expenses incurred by these entities. Indemnities and Guarantees of Service Providers. In the ordinary course of business, the firm indemnifies and guarantees certain service providers, such as clearing and custody agents, trustees and administrators, against specified potential losses in connection with their acting as an agent of, or providing services to, the firm or its affiliates. The firm may also be liable to some clients or other parties for losses arising from its custodial role or caused by acts or omissions of third-party service providers, including sub-custodians and third-party brokers. In certain cases, the firm has the right to seek indemnification from these third-party service providers for certain relevant losses incurred by the firm. In addition, the firm is a member of payment, clearing and settlement networks, as well as securities exchanges around the world that may require the firm to meet the obligations of such networks and exchanges in the event of member defaults and other loss scenarios. In connection with the firm’s prime brokerage and clearing businesses, the firm agrees to clear and settle transactions entered into by clients with other brokerage firms. The firm’s obligations in respect of such transactions are secured by the assets in the client’s account and proceeds received from the transactions cleared and settled by the firm on behalf of the client. In connection with joint venture investments, the firm may issue loan guarantees under which it may be liable in the event of fraud, misappropriation, environmental liabilities and other matters involving the borrower. The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these guarantees and indemnifications have been recognized in the consolidated balance sheets as of both March 2023 and December 2022. Other Representations, Warranties and Indemnifications. The firm provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. The firm may also provide indemnifications protecting against changes in or adverse application of certain U.S. tax laws in connection with ordinary-course transactions, such as securities issuances, borrowings or derivatives. In addition, the firm may provide indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld, due either to a change in or an adverse application of certain non-U.S. tax laws. These indemnifications generally are standard contractual terms and are entered into in the ordinary course of business. Generally, there are no stated or notional amounts included in these indemnifications, and the contingencies triggering the obligation to indemnify are not expected to occur. The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these arrangements have been recognized in the consolidated balance sheets as of both March 2023 and December 2022. |
Shareholders' Equity | Common EquityThe firm’s share repurchase program is intended to help maintain the appropriate level of common equity. The share repurchase program is effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 and accelerated share repurchases), the amounts and timing of which are determined primarily by the firm’s current and projected capital position, and capital deployment opportunities, but which may also be influenced by general market conditions and the prevailing price and trading volumes of the firm’s common stock. Pursuant to the terms of certain share-based compensation plans, employees may remit shares to the firm or the firm may cancel share-based awards to satisfy statutory employee tax withholding requirements. |
Regulation and Capital Adequacy | Regulation and Capital Adequacy The FRB is the primary regulator of Group Inc., a bank holding company under the U.S. Bank Holding Company Act of 1956 and a financial holding company under amendments to this Act. The firm is subject to consolidated regulatory capital requirements which are calculated in accordance with the regulations of the FRB (Capital Framework). The capital requirements are expressed as risk-based capital and leverage ratios that compare measures of regulatory capital to risk-weighted assets (RWAs), average assets and off-balance sheet exposures. Failure to comply with these capital requirements would result in restrictions being imposed by the firm’s regulators and could limit the firm’s ability to repurchase shares, pay dividends and make certain discretionary compensation payments. The firm’s capital levels are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Furthermore, certain of the firm’s subsidiaries are subject to separate regulations and capital requirements. Capital Framework The regulations under the Capital Framework are largely based on the Basel Committee on Banking Supervision’s (Basel Committee) capital framework for strengthening international capital standards (Basel III) and also implement certain provisions of the Dodd-Frank Act. Under the Capital Framework, the firm is an “Advanced approaches” banking organization and has been designated as a global systemically important bank (G-SIB). The Capital Framework includes the minimum risk-based capital and the capital conservation buffer requirements. The buffer must consist entirely of capital that qualifies as Common Equity Tier 1 (CET1) capital. The firm calculates its CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. Each of the ratios calculated under the Standardized and Advanced Capital Rules must meet its respective capital requirements. Under the Capital Framework, the firm is also subject to leverage requirements which consist of a minimum Tier 1 leverage ratio and a minimum supplementary leverage ratio (SLR), as well as the SLR buffer. RWAs. RWAs are calculated in accordance with both the Standardized and Advanced Capital Rules. Credit Risk Credit RWAs are calculated based on measures of exposure, which are then risk weighted under the Standardized and Advanced Capital Rules: • The Standardized Capital Rules apply prescribed risk-weights, which depend largely on the type of counterparty. The exposure measures for derivatives and securities financing transactions are based on specific formulas which take certain factors into consideration. • Under the Advanced Capital Rules, the firm computes risk-weights for wholesale and retail credit exposures in accordance with the Advanced Internal Ratings-Based approach. The exposure measures for derivatives and securities financing transactions are computed utilizing internal models. • For both Standardized and Advanced credit RWAs, the risk-weights for securitizations and equities are based on specific required formulaic approaches. Market Risk RWAs for market risk in accordance with the Standardized and Advanced Capital Rules are generally consistent. Market RWAs are calculated based on measures of exposure which include the following: • Value-at-Risk (VaR) is the potential loss in value of trading assets and liabilities, as well as certain investments, loans, and other financial assets and liabilities accounted for at fair value, due to adverse market movements over a defined time horizon with a specified confidence level. For both risk management purposes and regulatory capital calculations, the firm uses a single VaR model which captures risks, including those related to interest rates, equity prices, currency rates and commodity prices. However, VaR used for risk management purposes differs from VaR used for regulatory capital requirements (regulatory VaR) due to differences in time horizons, confidence levels and the scope of positions on which VaR is calculated. For risk management purposes, a 95% one-day VaR is used, whereas for regulatory capital requirements, a 99% 10-day VaR is used to determine Market RWAs and a 99% one-day VaR is used to determine regulatory VaR exceptions. In addition, the daily net revenues used to determine risk management VaR exceptions (i.e., comparing the daily net revenues to the VaR measure calculated as of the end of the prior business day) include intraday activity, whereas the Capital Framework requires that intraday activity be excluded from daily net revenues when calculating regulatory VaR exceptions. Intraday activity includes bid/offer net revenues, which are more likely than not to be positive by their nature. As a result, there may be differences in the number of VaR exceptions and the amount of daily net revenues calculated for regulatory VaR compared to the amounts calculated for risk management VaR. The firm’s positional losses observed on a single day exceeded its 99% one-day regulatory VaR on one occasion during both the three months ended March 2023 and the year ended 2022. There was no change in the firm’s VaR multiplier used to calculate Market RWAs; • Stressed VaR is the potential loss in value of trading assets and liabilities, as well as certain investments, loans, and other financial assets and liabilities accounted for at fair value, during a period of significant market stress; • Incremental risk is the potential loss in value of non-securitized positions due to the default or credit migration of issuers of financial instruments over a one-year time horizon; • Comprehensive risk is the potential loss in value, due to price risk and defaults, within the firm’s credit correlation positions; and • Specific risk is the risk of loss on a position that could result from factors other than broad market movements, including event risk, default risk and idiosyncratic risk. The standardized measurement method is used to determine specific risk RWAs, by applying supervisory defined risk-weighting factors after applicable netting is performed. Bank Subsidiaries GS Bank USA. GS Bank USA is the firm’s primary U.S. bank subsidiary. GS Bank USA is a New York State-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the FRB, the FDIC, the New York State Department of Financial Services (NYDFS) and the Consumer Financial Protection Bureau, and is subject to regulatory capital requirements that are calculated under the Capital Framework. GS Bank USA is an Advanced approaches banking organization under the Capital Framework. The deposits of GS Bank USA are insured by the FDIC to the extent provided by law. The Capital Framework includes the minimum risk-based capital and the capital conservation buffer requirements (consisting of a 2.5% buffer and the countercyclical capital buffer). The buffer must consist entirely of capital that qualifies as CET1 capital. In addition, the Capital Framework includes the leverage ratio requirement. GS Bank USA is required to calculate the CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. The lower of each risk-based capital ratio under the Standardized and Advanced Capital Rules is the ratio against which GS Bank USA’s compliance with its risk-based capital requirements is assessed. In addition, under the regulatory framework for prompt corrective action applicable to GS Bank USA, in order to meet the quantitative requirements for a “well-capitalized” depository institution, GS Bank USA must also meet the “well-capitalized” requirements in the table below. GS Bank USA’s capital levels and prompt corrective action classification are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Failure to comply with the capital requirements, including a breach of the buffers described below, would result in restrictions being imposed by the regulators. GSIB. GSIB is the firm’s U.K. bank subsidiary regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). GSIB is subject to the U.K. capital framework, which is largely based on Basel III. The eligible retail deposits of GSIB are covered by the U.K. Financial Services Compensation Scheme to the extent provided by law. GSIB is subject to minimum reserve requirements at central banks in certain of the jurisdictions in which it operates. As of both March 2023 and December 2022, GSIB was in compliance with these requirements. GSBE. GSBE is the firm’s German bank subsidiary supervised by the European Central Bank, BaFin and Deutsche Bundesbank. GSBE is a non-U.S. banking subsidiary of GS Bank USA and is also subject to standalone regulatory capital requirements noted below. GSBE is subject to the capital requirements prescribed in the amended E.U. Capital Requirements Directive (CRD) and E.U. Capital Requirements Regulation (CRR), which are largely based on Basel III. The deposits of GSBE are covered by the German statutory deposit protection program to the extent provided by law. In addition, GSBE has elected to participate in the German voluntary deposit protection program which provides insurance for certain eligible deposits not covered by the German statutory deposit program. Restrictions on Payments Group Inc. may be limited in its ability to access capital held at certain subsidiaries as a result of regulatory, tax or other constraints. These limitations include provisions of applicable law and regulations and other regulatory restrictions that limit the ability of those subsidiaries to declare and pay dividends without prior regulatory approval. For example, the amount of dividends that may be paid by GS Bank USA are limited to the lesser of the amounts calculated under a recent earnings test and an undivided profits test. As a result of dividends paid in connection with the acquisition of GSBE in July 2021, GS Bank USA cannot currently declare any additional dividends without prior regulatory approval. In addition, subsidiaries not subject to separate regulatory capital requirements may hold capital to satisfy local tax and legal guidelines, rating agency requirements (for entities with assigned credit ratings) or internal policies, including policies concerning the minimum amount of capital a subsidiary should hold based on its underlying level of risk. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share (EPS) is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and RSUs for which the delivery of the underlying common stock is not subject to satisfaction of future service, performance or market conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service, performance or market conditions. |
Interest Income and Interest Expense | Interest Income and Interest Expense Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates. |
Income Taxes | Income Taxes Provision for Income Taxes Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. The firm reports interest expense related to income tax matters in provision for taxes and income tax penalties in other expenses. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized and primarily relate to the ability to utilize losses in various tax jurisdictions. Tax assets are included in other assets and tax liabilities are included in other liabilities. Unrecognized Tax Benefits The firm recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. Regulatory Tax Examinations |
Business Segments | Business Segments The firm manages and reports its activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. See Note 1 for information about the firm’s business segments. Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm, as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of the firm’s business may be significantly affected by the performance of the firm’s other business segments. The firm allocates assets (including allocations of global core liquid assets and cash, secured client financing and other assets), revenues and expenses among the three business segments. Due to the integrated nature of these segments, estimates and judgments are made in allocating certain assets, revenues and expenses. The allocation process is based on the manner in which management currently views the performance of the segments. The allocation of common shareholders’ equity and preferred stock dividends to each segment is based on the estimated amount of equity required to support the activities of the segment under relevant regulatory capital requirements. Net earnings for each segment is calculated by applying the firmwide tax rate to each segment’s pre-tax earnings. Management believes that this allocation provides a reasonable representation of each segment’s contribution to consolidated net earnings to common, return on average common equity and total assets. Transactions between segments are based on specific criteria or approximate third-party rates. Geographic Information Due to the highly integrated nature of international financial markets, the firm manages its businesses based on the profitability of the enterprise as a whole. The methodology for allocating profitability to geographic regions is dependent on estimates and management judgment because a significant portion of the firm’s activities require cross-border coordination in order to facilitate the needs of the firm’s clients. Geographic results are generally allocated as follows: • Global Banking & Markets: Investment banking fees and Other: location of the client and investment banking team; FICC intermediation and Equities intermediation: location of the market-making desk; FICC financing and Equities financing: location of the desk. • Asset & Wealth Management (excluding direct-to-consumer business, Equity investments and Debt investments): location of the sales team and/or investments; Direct-to-consumer business: location of the client; Equity investments and Debt investments: location of the investment or investment professional. |
Credit Concetrations | Credit Concentrations The firm’s concentrations of credit risk arise from its market-making, client facilitation, investing, underwriting, lending and collateralized transactions, and cash management activities, and may be impacted by changes in economic, industry or political factors. These activities expose the firm to many different industries and counterparties, and may also subject the firm to a concentration of credit risk to a particular central bank, counterparty, borrower or issuer, including sovereign issuers, or to a particular clearinghouse or exchange. The firm seeks to mitigate credit risk by actively monitoring exposures and obtaining collateral from counterparties as deemed appropriate. |
Legal Proceedings | Legal Proceedings The firm is involved in a number of judicial, regulatory and arbitration proceedings (including those described below) concerning matters arising in connection with the conduct of the firm’s businesses. Many of these proceedings are in early stages, and many of these cases seek an indeterminate amount of damages. Under ASC 450, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight.” Thus, references to the upper end of the range of reasonably possible loss for cases in which the firm is able to estimate a range of reasonably possible loss mean the upper end of the range of loss for cases for which the firm believes the risk of loss is more than slight. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | All other significant accounting policies are either described below or included in the following footnotes: Fair Value Measurements Note 4 Fair Value Hierarchy Note 5 Trading Assets and Liabilities Note 6 Derivatives and Hedging Activities Note 7 Investments Note 8 Loans Note 9 Fair Value Option Note 10 Collateralized Agreements and Financings Note 11 Other Assets Note 12 Deposits Note 13 Unsecured Borrowings Note 14 Other Liabilities Note 15 Securitization Activities Note 16 Variable Interest Entities Note 17 Commitments, Contingencies and Guarantees Note 18 Shareholders’ Equity Note 19 Regulation and Capital Adequacy Note 20 Earnings Per Common Share Note 21 Transactions with Affiliated Funds Note 22 Interest Income and Interest Expense Note 23 Income Taxes Note 24 Business Segments Note 25 Credit Concentrations Note 26 Legal Proceedings Note 27 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Carried at Fair Value | The table below presents financial assets and liabilities carried at fair value. As of March December $ in millions 2023 2022 Total level 1 financial assets $ 287,682 $ 194,698 Total level 2 financial assets 473,062 485,134 Total level 3 financial assets 25,797 26,048 Investments in funds at NAV 3,020 2,941 Counterparty and cash collateral netting (54,394) (57,855) Total financial assets at fair value $ 735,167 $ 650,966 Total assets $ 1,538,349 $ 1,441,799 Total level 3 financial assets divided by: Total assets 1.7 % 1.8 % Total financial assets at fair value 3.5 % 4.0 % Total level 1 financial liabilities $ 123,781 $ 119,578 Total level 2 financial liabilities 443,461 353,060 Total level 3 financial liabilities 23,825 22,830 Counterparty and cash collateral netting (39,646) (47,884) Total financial liabilities at fair value $ 551,421 $ 447,584 Total liabilities $ 1,420,840 $ 1,324,610 Total level 3 financial liabilities divided by: Total liabilities 1.7 % 1.7% Total financial liabilities at fair value 4.3 % 5.1% In the table above: • Counterparty netting among positions classified in the same level is included in that level. • Counterparty and cash collateral netting represents the impact on derivatives of netting across levels. |
Summary of Level 3 Financial Assets | The table below presents a summary of level 3 financial assets. As of March December $ in millions 2023 2022 Trading assets: Trading cash instruments $ 1,558 $ 1,734 Derivatives 5,115 5,461 Investments 17,233 16,942 Loans 1,787 1,837 Other assets 104 74 Total $ 25,797 $ 26,048 As of March 2023 As of December 2022 $ in millions Amount or Range Weighted Amount or Range Weighted Corporate debt securities Level 3 assets $ 7,448 $ 7,003 Yield 5.0% to 24.5% 12.2 % 5.0% to 21.8% 11.6 % Recovery rate 8.6% to 58.9% 33.4 % 10.0% to 70.0% 55.5 % Duration (years) 1.0 to 7.3 3.5 1.3 to 5.7 3.3 Multiples 1.7x to 69.4x 8.3x 1.8x to 83.4x 8.3x Securities backed by real estate Level 3 assets $ 839 $ 827 Yield 8.0% to 20.3% 13.7 % 8.0% to 20.3% 14.6 % Duration (years) 1.9 to 4.2 4.2 0.6 to 4.2 4.1 Other debt obligations Level 3 assets $ 251 $ 256 Yield 7.3% to 8.6% 7.9 % 5.2% to 8.4% 7.4 % Equity securities Level 3 assets $ 8,695 $ 8,856 Multiples 0.4x to 32.5x 8.4x 0.5x to 34.3x 8.3x Discount rate/yield 5.0% to 38.5% 14.7 % 5.4% to 38.5% 14.6 % Capitalization rate 4.0% to 10.8% 5.4 % 4.0% to 10.8% 5.4 % In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. • Weighted averages are calculated by weighting each input by the relative fair value of the investment. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one investment. For example, the highest multiple for private equity securities is appropriate for valuing a specific private equity security but may not be appropriate for valuing any other private equity security. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 investments. • Increases in yield, discount rate, capitalization rate or duration used in the valuation of level 3 investments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both March 2023 and December 2022. Due to the distinctive nature of each level 3 investment, the interrelationship of inputs is not necessarily uniform within each product type. • Corporate debt securities, securities backed by real estate and other debt obligations are valued using discounted cash flows, and equity securities are valued using market comparables and discounted cash flows. |
Fair Value Hierarchy (Tables)
Fair Value Hierarchy (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Trading Cash Instruments by Level | The table below presents trading cash instruments by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of March 2023 Assets Government and agency obligations: U.S. $ 80,692 $ 42,932 $ – $ 123,624 Non-U.S. 42,324 20,295 95 62,714 Loans and securities backed by: Commercial real estate – 1,527 84 1,611 Residential real estate – 9,490 94 9,584 Corporate debt instruments 336 33,191 1,010 34,537 State and municipal obligations – 143 12 155 Other debt obligations 70 3,403 149 3,622 Equity securities 113,634 2,078 111 115,823 Commodities – 5,602 3 5,605 Total $ 237,056 $ 118,661 $ 1,558 $ 357,275 Liabilities Government and agency obligations: U.S. $ (24,307) $ (7) $ (1) $ (24,315) Non-U.S. (38,896) (2,558) – (41,454) Loans and securities backed by: Commercial real estate – (29) – (29) Residential real estate – (1) (1) (2) Corporate debt instruments (65) (15,075) (38) (15,178) Other debt obligations – (20) – (20) Equity securities (60,446) (588) (5) (61,039) Commodities – (53) – (53) Total $ (123,714) $ (18,331) $ (45) $ (142,090) As of December 2022 Assets Government and agency obligations: U.S. $ 75,598 $ 31,783 $ – $ 107,381 Non-U.S. 22,794 15,238 67 38,099 Loans and securities backed by: Commercial real estate – 1,135 66 1,201 Residential real estate – 9,706 88 9,794 Corporate debt instruments 249 27,555 1,238 29,042 State and municipal obligations – 707 20 727 Other debt obligations 27 2,349 153 2,529 Equity securities 44,909 2,141 100 47,150 Commodities – 5,907 2 5,909 Total $ 143,577 $ 96,521 $ 1,734 $ 241,832 Liabilities Government and agency obligations: U.S. $ (23,339) $ (36) $ – $ (23,375) Non-U.S. (28,537) (2,172) – (30,709) Loans and securities backed by: Commercial real estate – (30) – (30) Residential real estate – (16) – (16) Corporate debt instruments (64) (14,217) (61) (14,342) Other debt obligations – (35) (2) (37) Equity securities (67,591) (488) (1) (68,080) Total $ (119,531) $ (16,994) $ (64) $ (136,589) Trading cash instruments consists of instruments held in connection with the firm’s market-making or risk management activities. These instruments are carried at fair value and the related fair value gains and losses are recognized in the consolidated statements of earnings. In the table above: • Assets are shown as positive amounts and liabilities are shown as negative amounts. • Corporate debt instruments includes corporate loans, debt securities, convertible debentures, prepaid commodity transactions and transfers of assets accounted for as secured loans rather than purchases. • Other debt obligations includes other asset-backed securities and money market instruments. |
Schedule of Level 3 Assets, and Ranges and Weighted Averages of Significant Unobservable Inputs | The table below presents the amount of level 3 assets, and ranges and weighted averages of significant unobservable inputs used to value level 3 trading cash instrument assets. As of March 2023 As of December 2022 $ in millions Amount or Range Weighted Average Amount or Range Weighted Average Loans and securities backed by real estate Level 3 assets $ 178 $ 154 Yield 3.5% to 43.5% 14.0 % 3.0% to 36.0% 14.2 % Recovery rate 35.8% to 76.0% 52.6 % 35.8% to 76.1% 54.7 % Cumulative loss rate N/A N/A 3.7% to 29.9% 10.4 % Duration (years) 0.8 to 13.2 4.1 0.9 to 12.3 4.6 Corporate debt instruments Level 3 assets $ 1,010 $ 1,238 Yield 3.2% to 39.0% 8.8 % 1.1% to 34.3% 6.9 % Recovery rate 3.0% to 85.0% 47.0 % 11.5% to 77.0% 48.0 % Duration (years) 0.2 to 18.8 3.9 0.3 to 20.3 4.5 Other Level 3 assets $ 370 $ 342 Yield 3.5% to 44.3% 9.4 % 2.8% to 47.8% 10.0 % Multiples 3.3x to 5.2x 4.5x 3.3x to 4.5x 4.3x Duration (years) 1.9 to 14.9 5.9 1.2 to 14.4 6.1 In the table above: • Other includes government and agency obligations, state and municipal obligations, other debt obligations, equity securities and commodities. • Ranges represent the significant unobservable inputs that were used in the valuation of each type of trading cash instrument. • Weighted averages are calculated by weighting each input by the relative fair value of the trading cash instruments. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one trading cash instrument. For example, the highest recovery rate for corporate debt instruments is appropriate for valuing a specific corporate debt instrument, but may not be appropriate for valuing any other corporate debt instrument. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 trading cash instruments. • Increases in yield, duration or cumulative loss rate used in the valuation of level 3 trading cash instruments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both March 2023 and December 2022. Due to the distinctive nature of each level 3 trading cash instrument, the interrelationship of inputs is not necessarily uniform within each product type. • Trading cash instruments are valued using discounted cash flows. • Cumulative loss rate was not significant to the valuation of level 3 loans and securities backed by real estate as of March 2023. |
Summary of Changes in Fair Value for Level 3 Trading Cash Instruments | The table below presents a summary of the changes in fair value for level 3 trading cash instruments. Three Months $ in millions 2023 2022 Assets Beginning balance $ 1,734 $ 1,889 Net realized gains/(losses) 13 53 Net unrealized gains/(losses) 25 (1,485) Purchases 181 793 Sales (175) (267) Settlements (169) (96) Transfers into level 3 238 1,324 Transfers out of level 3 (289) (290) Ending balance $ 1,558 $ 1,921 Liabilities Beginning balance $ (64) $ (104) Net realized gains/(losses) 2 (1) Net unrealized gains/(losses) (9) 52 Purchases 46 130 Sales (28) (63) Settlements 13 2 Transfers into level 3 (11) (124) Transfers out of level 3 6 16 Ending balance $ (45) $ (92) In the table above: • Changes in fair value are presented for all trading cash instruments that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to trading cash instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a trading cash instrument was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 trading cash instrument assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 trading cash instrument liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • Level 3 trading cash instruments are frequently economically hedged with level 1 and level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1 or level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by product type, for assets included in the summary table above. Three Months $ in millions 2023 2022 Loans and securities backed by real estate Beginning balance $ 154 $ 289 Net realized gains/(losses) 3 4 Net unrealized gains/(losses) 3 1 Purchases 52 17 Sales (21) (40) Settlements (6) (8) Transfers into level 3 14 9 Transfers out of level 3 (21) (118) Ending balance $ 178 $ 154 Corporate debt instruments Beginning balance $ 1,238 $ 1,318 Net realized gains/(losses) 2 43 Net unrealized gains/(losses) 13 (10) Purchases 94 221 Sales (111) (200) Settlements (150) (81) Transfers into level 3 175 280 Transfers out of level 3 (251) (136) Ending balance $ 1,010 $ 1,435 Other Beginning balance $ 342 $ 282 Net realized gains/(losses) 8 6 Net unrealized gains/(losses) 9 (1,476) Purchases 35 555 Sales (43) (27) Settlements (13) (7) Transfers into level 3 49 1,035 Transfers out of level 3 (17) (36) Ending balance $ 370 $ 332 |
Fair Value of Derivatives by Level | The table below presents derivatives on a gross basis by level and product type, as well as the impact of netting. $ in millions Level 1 Level 2 Level 3 Total As of March 2023 Assets Interest rates $ 11 $ 257,192 $ 740 $ 257,943 Credit – 10,852 2,850 13,702 Currencies – 85,238 378 85,616 Commodities – 25,430 1,424 26,854 Equities 251 51,704 630 52,585 Gross fair value 262 430,416 6,022 436,700 Counterparty netting in levels – (331,279) (907) (332,186) Subtotal $ 262 $ 99,137 $ 5,115 $ 104,514 Cross-level counterparty netting (1,053) Cash collateral netting (53,341) Net fair value $ 50,120 Liabilities Interest rates $ (8) $ (233,322) $ (1,116) $ (234,446) Credit – (11,344) (1,327) (12,671) Currencies – (89,386) (196) (89,582) Commodities – (23,853) (536) (24,389) Equities (59) (61,453) (1,274) (62,786) Gross fair value (67) (419,358) (4,449) (423,874) Counterparty netting in levels – 331,279 907 332,186 Subtotal $ (67) $ (88,079) $ (3,542) $ (91,688) Cross-level counterparty netting 1,053 Cash collateral netting 38,593 Net fair value $ (52,042) As of December 2022 Assets Interest rates $ 69 $ 269,590 $ 700 $ 270,359 Credit – 9,690 2,577 12,267 Currencies – 103,450 494 103,944 Commodities – 38,331 1,609 39,940 Equities 113 49,481 967 50,561 Gross fair value 182 470,542 6,347 477,071 Counterparty netting in levels – (358,917) (886) (359,803) Subtotal $ 182 $ 111,625 $ 5,461 $ 117,268 Cross-level counterparty netting (1,079) Cash collateral netting (56,776) Net fair value $ 59,413 Liabilities Interest rates $ (32) $ (247,871) $ (1,159) $ (249,062) Credit – (10,163) (1,117) (11,280) Currencies – (111,840) (332) (112,172) Commodities – (32,435) (690) (33,125) Equities (15) (55,240) (1,528) (56,783) Gross fair value (47) (457,549) (4,826) (462,422) Counterparty netting in levels – 358,917 886 359,803 Subtotal $ (47) $ (98,632) $ (3,940) $ (102,619) Cross-level counterparty netting 1,079 Cash collateral netting 46,805 Net fair value $ (54,735) In the table above: • Gross fair values exclude the effects of both counterparty netting and collateral netting, and therefore are not representative of the firm’s exposure. • Counterparty netting is reflected in each level to the extent that receivable and payable balances are netted within the same level and is included in counterparty netting in levels. Where the counterparty netting is across levels, the netting is included in cross-level counterparty netting. |
Significant Unobservable Inputs Used to Value Level 3 Derivatives | The table below presents the amount of level 3 derivative assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value level 3 derivatives. As of March 2023 As of December 2022 $ in millions, except inputs Amount or Range Average/ Median Amount or Range Average/ Median Interest rates, net $ (376) $ (459) Correlation (10)% to 81% 61%/78% (10)% to 81% 61%/60% Volatility (bps) 31 to 101 60/55 31 to 101 60/57 Credit, net $ 1,523 $ 1,460 Credit spreads (bps) 5 to 960 153/117 5 to 935 149/116 Upfront credit points (1) to 100 27/12 (1) to 100 29/18 Recovery rates 20% to 80% 43%/40% 20% to 50% 40%/40% Currencies, net $ 182 $ 162 Correlation 20% to 71% 40%/43% 20% to 71% 40%/23% Volatility 18% to 19% 18%/18% 20% to 21% 20%/20% Commodities, net $ 888 $ 919 Volatility 33% to 119% 51%/45% 20% to 118% 50%/46% Natural gas spread $(1.86) to $1.35 $(0.23)/ $(0.20) $(3.21) to $5.85 $(0.20)/ $(0.27) Oil spread $(3.09) to $33.89 $16.94/ $21.03 $12.68 to $48.92 $20.42/ $20.36 Electricity price $3.10 to $270.20 $43.23/ $36.91 $3.00 to $329.28 $47.19/ $39.69 Equities, net $ (644) $ (561) Correlation (70)% to 99% 65%/68% (75)% to 100% 66%/75% Volatility 4% to 121% 15%/15% 2% to 74% 13%/7% In the table above: • Assets are shown as positive amounts and liabilities are shown as negative amounts. • Ranges represent the significant unobservable inputs that were used in the valuation of each type of derivative. • Averages represent the arithmetic average of the inputs and are not weighted by the relative fair value or notional amount of the respective financial instruments. An average greater than the median indicates that the majority of inputs are below the average. For example, the difference between the average and the median for credit spreads indicates that the majority of the inputs fall in the lower end of the range. • The ranges, averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative. For example, the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 derivatives. • Interest rates, currencies and equities derivatives are valued using option pricing models, credit derivatives are valued using option pricing, correlation and discounted cash flow models, and commodities derivatives are valued using option pricing and discounted cash flow models. • The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flow models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. • Correlation within currencies and equities includes cross-product type correlation. • Natural gas spread represents the spread per million British thermal units of natural gas. • Oil spread represents the spread per barrel of oil and refined products. • Electricity price represents the price per megawatt hour of electricity. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a summary of the changes in fair value for level 3 derivatives. Three Months $ in millions 2023 2022 Total level 3 derivatives, net Beginning balance $ 1,521 $ 440 Net realized gains/(losses) 147 307 Net unrealized gains/(losses) (3) 1,248 Purchases 219 73 Sales (424) (1,025) Settlements 335 41 Transfers into level 3 (98) (114) Transfers out of level 3 (124) (55) Ending balance $ 1,573 $ 915 In the table above: • Changes in fair value are presented for all derivative assets and liabilities that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a derivative was transferred into level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • Positive amounts for transfers into level 3 and negative amounts for transfers out of level 3 represent net transfers of derivative assets. Negative amounts for transfers into level 3 and positive amounts for transfers out of level 3 represent net transfers of derivative liabilities. • A derivative with level 1 and/or level 2 inputs is classified in level 3 in its entirety if it has at least one significant level 3 input. • If there is one significant level 3 input, the entire gain or loss from adjusting only observable inputs (i.e., level 1 and level 2 inputs) is classified in level 3. • Gains or losses that have been classified in level 3 resulting from changes in level 1 or level 2 inputs are frequently offset by gains or losses attributable to level 1 or level 2 derivatives and/or level 1, level 2 and level 3 trading cash instruments. As a result, gains/(losses) included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by product type, for derivatives included in the summary table above. Three Months $ in millions 2023 2022 Interest rates, net Beginning balance $ (459) $ 183 Net realized gains/(losses) (37) 84 Net unrealized gains/(losses) 263 242 Purchases 101 12 Sales (219) (146) Settlements 126 61 Transfers into level 3 (55) 5 Transfers out of level 3 (96) (118) Ending balance $ (376) $ 323 Credit, net Beginning balance $ 1,460 $ 1,854 Net realized gains/(losses) 5 20 Net unrealized gains/(losses) 22 (13) Purchases 57 6 Sales (9) (19) Settlements (32) 9 Transfers into level 3 3 – Transfers out of level 3 17 (23) Ending balance $ 1,523 $ 1,834 Currencies, net Beginning balance $ 162 $ (147) Net realized gains/(losses) 33 2 Net unrealized gains/(losses) (11) 16 Purchases 2 – Sales (2) – Settlements (20) 20 Transfers into level 3 1 – Transfers out of level 3 17 (26) Ending balance $ 182 $ (135) Commodities, net Beginning balance $ 919 $ 438 Net realized gains/(losses) (15) (17) Net unrealized gains/(losses) (5) 485 Purchases 2 3 Sales (37) (27) Settlements 95 (34) Transfers into level 3 (21) 53 Transfers out of level 3 (50) (73) Ending balance $ 888 $ 828 Equities, net Beginning balance $ (561) $ (1,888) Net realized gains/(losses) 161 218 Net unrealized gains/(losses) (272) 518 Purchases 57 52 Sales (157) (833) Settlements 166 (15) Transfers into level 3 (26) (172) Transfers out of level 3 (12) 185 Ending balance $ (644) $ (1,935) |
Investments Accounted for at Fair Value | The table below presents investments accounted for at fair value by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of March 2023 Government and agency obligations: U.S. $ 46,357 $ – $ – $ 46,357 Non-U.S. 2,269 79 – 2,348 Corporate debt securities 152 2,441 7,448 10,041 Securities backed by real estate – 181 839 1,020 Money market instruments 48 826 – 874 Other debt obligations – – 251 251 Equity securities 1,538 3,097 8,695 13,330 Subtotal $ 50,364 $ 6,624 $ 17,233 $ 74,221 Investments in funds at NAV 3,020 Total investments $ 77,241 As of December 2022 Government and agency obligations: U.S. $ 47,055 $ – $ – $ 47,055 Non-U.S. 2,169 66 – 2,235 Corporate debt securities 145 2,950 7,003 10,098 Securities backed by real estate – 176 827 1,003 Money market instruments 48 957 – 1,005 Other debt obligations – 3 256 259 Equity securities 1,522 3,227 8,856 13,605 Subtotal $ 50,939 $ 7,379 $ 16,942 $ 75,260 Investments in funds at NAV 2,941 Total investments $ 78,201 |
Summary of Level 3 Financial Assets | The table below presents a summary of level 3 financial assets. As of March December $ in millions 2023 2022 Trading assets: Trading cash instruments $ 1,558 $ 1,734 Derivatives 5,115 5,461 Investments 17,233 16,942 Loans 1,787 1,837 Other assets 104 74 Total $ 25,797 $ 26,048 As of March 2023 As of December 2022 $ in millions Amount or Range Weighted Amount or Range Weighted Corporate debt securities Level 3 assets $ 7,448 $ 7,003 Yield 5.0% to 24.5% 12.2 % 5.0% to 21.8% 11.6 % Recovery rate 8.6% to 58.9% 33.4 % 10.0% to 70.0% 55.5 % Duration (years) 1.0 to 7.3 3.5 1.3 to 5.7 3.3 Multiples 1.7x to 69.4x 8.3x 1.8x to 83.4x 8.3x Securities backed by real estate Level 3 assets $ 839 $ 827 Yield 8.0% to 20.3% 13.7 % 8.0% to 20.3% 14.6 % Duration (years) 1.9 to 4.2 4.2 0.6 to 4.2 4.1 Other debt obligations Level 3 assets $ 251 $ 256 Yield 7.3% to 8.6% 7.9 % 5.2% to 8.4% 7.4 % Equity securities Level 3 assets $ 8,695 $ 8,856 Multiples 0.4x to 32.5x 8.4x 0.5x to 34.3x 8.3x Discount rate/yield 5.0% to 38.5% 14.7 % 5.4% to 38.5% 14.6 % Capitalization rate 4.0% to 10.8% 5.4 % 4.0% to 10.8% 5.4 % In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. • Weighted averages are calculated by weighting each input by the relative fair value of the investment. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one investment. For example, the highest multiple for private equity securities is appropriate for valuing a specific private equity security but may not be appropriate for valuing any other private equity security. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 investments. • Increases in yield, discount rate, capitalization rate or duration used in the valuation of level 3 investments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both March 2023 and December 2022. Due to the distinctive nature of each level 3 investment, the interrelationship of inputs is not necessarily uniform within each product type. • Corporate debt securities, securities backed by real estate and other debt obligations are valued using discounted cash flows, and equity securities are valued using market comparables and discounted cash flows. |
Summary of Changes in Fair Value for Level 3 Loans | The table below presents a summary of the changes in fair value for level 3 investments. Three Months $ in millions 2023 2022 Beginning balance $ 16,942 $ 13,902 Net realized gains/(losses) 102 66 Net unrealized gains/(losses) (76) (1,116) Purchases 213 277 Sales (236) (87) Settlements (356) (594) Transfers into level 3 860 2,087 Transfers out of level 3 (216) (367) Ending balance $ 17,233 $ 14,168 In the table above: • Changes in fair value are presented for all investments that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to investments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If an investment was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 investments, increases are shown as positive amounts, while decreases are shown as negative amounts. The table below presents information, by product type, for investments included in the summary table above. Three Months $ in millions 2023 2022 Corporate debt securities Beginning balance $ 7,003 $ 4,527 Net realized gains/(losses) 94 32 Net unrealized gains/(losses) 46 28 Purchases 111 100 Sales (74) (1) Settlements (267) (419) Transfers into level 3 617 422 Transfers out of level 3 (82) (44) Ending balance $ 7,448 $ 4,645 Securities backed by real estate Beginning balance $ 827 $ 1,078 Net realized gains/(losses) 8 9 Net unrealized gains/(losses) (3) (152) Purchases 21 30 Sales – (9) Settlements (14) (41) Transfers into level 3 – 145 Ending balance $ 839 $ 1,060 Other debt obligations Beginning balance $ 256 $ 382 Net realized gains/(losses) 1 3 Net unrealized gains/(losses) 4 (3) Purchases 1 21 Sales – (9) Settlements (11) (72) Ending balance $ 251 $ 322 Equity securities Beginning balance $ 8,856 $ 7,915 Net realized gains/(losses) (1) 22 Net unrealized gains/(losses) (123) (989) Purchases 80 126 Sales (162) (68) Settlements (64) (62) Transfers into level 3 243 1,520 Transfers out of level 3 (134) (323) Ending balance $ 8,695 $ 8,141 Three Months $ in millions 2023 2022 Beginning balance $ 1,837 $ 2,354 Net realized gains/(losses) 19 57 Net unrealized gains/(losses) 3 (82) Purchases 33 129 Sales (5) – Settlements (100) (203) Transfers into level 3 – 279 Transfers out of level 3 – (43) Ending balance $ 1,787 $ 2,491 In the table above: • Changes in fair value are presented for loans that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to loans that were still held at period-end. • Purchases includes originations and secondary purchases. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a loan was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. The table below presents information, by loan type, for loans included in the summary table above. Three Months $ in millions 2023 2022 Corporate Beginning balance $ 637 $ 672 Net realized gains/(losses) 10 9 Net unrealized gains/(losses) (1) (30) Purchases 32 42 Sales (5) – Settlements (27) (48) Transfers into level 3 – 145 Transfers out of level 3 – (8) Ending balance $ 646 $ 782 Real estate Beginning balance $ 785 $ 1,188 Net realized gains/(losses) 5 36 Net unrealized gains/(losses) (5) (42) Purchases 1 53 Settlements (64) (124) Transfers into level 3 – 29 Transfers out of level 3 – (6) Ending balance $ 722 $ 1,134 Other collateralized Beginning balance $ 140 $ 229 Net realized gains/(losses) 1 1 Net unrealized gains/(losses) 1 – Settlements (1) (4) Transfers into level 3 – 39 Transfers out of level 3 – (28) Ending balance $ 141 $ 237 Other Beginning balance $ 275 $ 265 Net realized gains/(losses) 3 11 Net unrealized gains/(losses) 8 (10) Purchases – 34 Settlements (8) (27) Transfers into level 3 – 66 Transfers out of level 3 – (1) Ending balance $ 278 $ 338 |
Fair Value of Loans Held for Investment by Level | The table below presents loans held for investment accounted for at fair value under the fair value option by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of March 2023 Loan Type Corporate $ – $ 394 $ 646 $ 1,040 Real estate: Commercial – 346 653 999 Residential – 4,320 69 4,389 Other collateralized – 637 141 778 Other – 22 278 300 Total $ – $ 5,719 $ 1,787 $ 7,506 As of December 2022 Loan Type Corporate $ – $ 359 $ 637 $ 996 Real estate: Commercial – 435 711 1,146 Residential – 4,437 74 4,511 Other collateralized – 576 140 716 Other – 11 275 286 Total $ – $ 5,818 $ 1,837 $ 7,655 |
Summary of Weighted Average of Significant Observable Inputs | The table below presents the amount of level 3 loans, and ranges and weighted averages of significant unobservable inputs used to value such loans. As of March 2023 As of December 2022 $ in millions Amount or Range Weighted Amount or Range Weighted Corporate Level 3 assets $ 646 $ 637 Yield 4.0% to 26.9% 10.1 % 4.1% to 26.9% 9.6 % Recovery rate 2.0% to 95.0% 57.9 % 23.1% to 95.0% 66.0 % Duration (years) 1.4 to 4.9 2.1 1.6 to 3.3 2.6 Real estate Level 3 assets $ 722 $ 785 Yield 3.0% to 27.0% 14.6 % 3.0% to 27.0% 16.1 % Recovery rate 4.0% to 62.0% 53.2 % 3.6% to 66.2% 54.4 % Duration (years) 0.4 to 6.4 3.0 0.6 to 6.7 2.5 Other collateralized Level 3 assets $ 141 $ 140 Yield 5.9% to 13.3% 8.0 % 5.8% to 12.7% 7.7 % Duration (years) 2.3 to 2.7 2.4 2.5 to 2.9 2.7 Other Level 3 assets $ 278 $ 275 Yield 8.9% to 10.0% 9.8 % 9.4% to 10.0% 9.9 % Duration (years) 0.3 to 2.9 2.5 N/A N/A In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of loan. • Weighted averages are calculated by weighting each input by the relative fair value of the loan. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one loan. For example, the highest yield for real estate loans is appropriate for valuing a specific real estate loan but may not be appropriate for valuing any other real estate loan. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 loans. • Increases in yield or duration used in the valuation of level 3 loans would have resulted in a lower fair value measurement, while increases in recovery rate would have resulted in a higher fair value measurement as of both March 2023 and December 2022. Due to the distinctive nature of each level 3 loan, the interrelationship of inputs is not necessarily uniform within each product type. • Loans are valued using discounted cash flows. • The significant unobservable inputs for duration related to other loans as of December 2022 did not have a range (and there was no weighted average) as it related to a purchased portfolio of revolving loans with a single duration. |
Financial Assets and Financial Liabilities by Level | The table below presents, by level within the fair value hierarchy, other financial assets and liabilities at fair value, substantially all of which are accounted for at fair value under the fair value option. $ in millions Level 1 Level 2 Level 3 Total As of March 2023 Assets Resale agreements $ – $ 202,151 $ – $ 202,151 Securities borrowed – 40,599 – 40,599 Customer and other receivables – 23 – 23 Other assets – 148 104 252 Total $ – $ 242,921 $ 104 $ 243,025 Liabilities Deposits $ – $ (15,893) $ (2,637) $ (18,530) Repurchase agreements – (197,387) – (197,387) Securities loaned – (5,726) – (5,726) Other secured financings – (15,566) (1,836) (17,402) Unsecured borrowings: Short-term – (38,601) (4,514) (43,115) Long-term – (63,728) (11,160) (74,888) Other liabilities – (150) (91) (241) Total $ – $ (337,051) $ (20,238) $ (357,289) As of December 2022 Assets Resale agreements $ – $ 225,117 $ – $ 225,117 Securities borrowed – 38,578 – 38,578 Customer and other receivables – 25 – 25 Other assets – 71 74 145 Total $ – $ 263,791 $ 74 $ 263,865 Liabilities Deposits $ – $ (13,003) $ (2,743) $ (15,746) Repurchase agreements – (110,349) – (110,349) Securities loaned – (4,372) – (4,372) Other secured financings – (10,914) (1,842) (12,756) Unsecured borrowings: Short-term – (35,641) (4,090) (39,731) Long-term – (63,081) (10,066) (73,147) Other liabilities – (74) (85) (159) Total $ – $ (237,434) $ (18,826) $ (256,260) |
Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 other financial assets and liabilities accounted for at fair value. Three Months $ in millions 2023 2022 Assets Beginning balance $ 74 $ – Net unrealized gains/(losses) 30 – Ending balance $ 104 $ – Liabilities Beginning balance $ (18,826) $ (23,567) Net realized gains/(losses) (94) (166) Net unrealized gains/(losses) (821) 2,075 Issuances (2,251) (5,175) Settlements 2,522 3,801 Transfers into level 3 (1,391) (1,907) Transfers out of level 3 623 1,311 Ending balance $ (20,238) $ (23,628) In the table above: • Changes in fair value are presented for all other financial assets and liabilities that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to other financial assets and liabilities that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a financial instrument was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 other financial assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 other financial liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • Level 3 other financial assets and liabilities are frequently economically hedged with trading assets and liabilities. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1, 2 or 3 trading assets and liabilities. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by the consolidated balance sheet line items, for liabilities included in the summary table above. Three Months $ in millions 2023 2022 Deposits Beginning balance $ (2,743) $ (3,613) Net realized gains/(losses) 1 (5) Net unrealized gains/(losses) (8) 145 Issuances (119) (183) Settlements 224 379 Transfers into level 3 (6) (8) Transfers out of level 3 14 41 Ending balance $ (2,637) $ (3,244) Other secured financings Beginning balance $ (1,842) $ (2,566) Net realized gains/(losses) (7) (3) Net unrealized gains/(losses) (32) 12 Issuances (98) (39) Settlements 187 104 Transfers into level 3 (121) (190) Transfers out of level 3 77 93 Ending balance $ (1,836) $ (2,589) Unsecured short-term borrowings Beginning balance $ (4,090) $ (7,829) Net realized gains/(losses) (57) (76) Net unrealized gains/(losses) (298) 546 Issuances (1,473) (2,880) Settlements 1,216 2,684 Transfers into level 3 (132) (395) Transfers out of level 3 320 922 Ending balance $ (4,514) $ (7,028) Unsecured long-term borrowings Beginning balance $ (10,066) $ (9,413) Net realized gains/(losses) (31) (82) Net unrealized gains/(losses) (477) 1,323 Issuances (561) (2,073) Settlements 895 634 Transfers into level 3 (1,132) (1,314) Transfers out of level 3 212 255 Ending balance $ (11,160) $ (10,670) Other liabilities Beginning balance $ (85) $ (146) Net unrealized gains/(losses) (6) 49 Ending balance $ (91) $ (97) |
Trading Assets and Liabilities
Trading Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Trading Assets and Liabilities [Abstract] | |
Summary of Trading Assets and Liabilities | The table below presents a summary of trading assets and liabilities. Trading Trading $ in millions Assets Liabilities As of March 2023 Trading cash instruments $ 357,275 $ 142,090 Derivatives 50,120 52,042 Total $ 407,395 $ 194,132 As of December 2022 Trading cash instruments $ 241,832 $ 136,589 Derivatives 59,413 54,735 Total $ 301,245 $ 191,324 |
Summary of Market Making Revenues by Major Product Type | The table below presents market making revenues by major product type. Three Months $ in millions 2023 2022 Interest rates $ 2,382 $ (1,861) Credit 347 715 Currencies 363 4,154 Equities 1,478 2,053 Commodities 863 968 Total $ 5,433 $ 6,029 In the table above: • Gains/(losses) include both realized and unrealized gains and losses. Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense. • Gains/(losses) included in market making are primarily related to the firm’s trading assets and liabilities, including both derivative and non-derivative financial instruments. • Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s trading cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivatives on a Gross Basis | The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated balance sheets, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP. As of March 2023 As of December 2022 $ in millions Derivative Derivative Derivative Derivative Not accounted for as hedges Exchange-traded $ 786 $ 1,465 $ 675 $ 1,385 OTC-cleared 74,363 72,647 74,297 72,979 Bilateral OTC 182,432 160,326 195,052 174,687 Total interest rates 257,581 234,438 270,024 249,051 OTC-cleared 1,879 2,163 1,516 1,802 Bilateral OTC 11,823 10,508 10,751 9,478 Total credit 13,702 12,671 12,267 11,280 Exchange-traded 490 17 1,041 22 OTC-cleared 443 432 520 589 Bilateral OTC 84,660 88,807 102,301 111,276 Total currencies 85,593 89,256 103,862 111,887 Exchange-traded 7,393 7,711 9,225 9,542 OTC-cleared 488 547 698 838 Bilateral OTC 18,973 16,131 30,017 22,745 Total commodities 26,854 24,389 39,940 33,125 Exchange-traded 26,442 29,690 26,302 26,607 OTC-cleared 37 42 685 19 Bilateral OTC 26,106 33,054 23,574 30,157 Total equities 52,585 62,786 50,561 56,783 Subtotal 436,315 423,540 476,654 462,126 Accounted for as hedges OTC-cleared – 1 – – Bilateral OTC 362 7 335 11 Total interest rates 362 8 335 11 OTC-cleared 13 52 29 29 Bilateral OTC 10 274 53 256 Total currencies 23 326 82 285 Subtotal 385 334 417 296 Total gross fair value $ 436,700 $ 423,874 $ 477,071 $ 462,422 Offset in the consolidated balance sheets Exchange-traded $ (28,553) $ (28,553) $ (31,229) $ (31,229) OTC-cleared (75,264) (75,264) (75,349) (75,349) Bilateral OTC (229,422) (229,422) (254,304) (254,304) Counterparty netting (333,239) (333,239) (360,882) (360,882) OTC-cleared (1,476) (336) (1,388) (406) Bilateral OTC (51,865) (38,257) (55,388) (46,399) Cash collateral netting (53,341) (38,593) (56,776) (46,805) Total amounts offset $ (386,580) $ (371,832) $ (417,658) $ (407,687) Included in the consolidated balance sheets Exchange-traded $ 6,558 $ 10,330 $ 6,014 $ 6,327 OTC-cleared 483 284 1,008 501 Bilateral OTC 43,079 41,428 52,391 47,907 Total $ 50,120 $ 52,042 $ 59,413 $ 54,735 Not offset in the consolidated balance sheets Cash collateral $ (164) $ (1,888) $ (298) $ (1,887) Securities collateral (14,182) (3,928) (15,229) (4,329) Total $ 35,774 $ 46,226 $ 43,886 $ 48,519 Notional Amounts as of March December $ in millions 2023 2022 Not accounted for as hedges Exchange-traded $ 4,526,836 $ 4,241,937 OTC-cleared 18,148,914 13,104,682 Bilateral OTC 12,193,042 11,137,127 Total interest rates 34,868,792 28,483,746 Exchange-traded 573 369 OTC-cleared 572,969 529,543 Bilateral OTC 699,801 577,542 Total credit 1,273,343 1,107,454 Exchange-traded 14,512 9,012 OTC-cleared 188,813 150,561 Bilateral OTC 6,481,803 5,304,069 Total currencies 6,685,128 5,463,642 Exchange-traded 367,057 341,526 OTC-cleared 3,155 3,188 Bilateral OTC 229,414 255,208 Total commodities 599,626 599,922 Exchange-traded 1,477,372 1,107,659 OTC-cleared 750 1,639 Bilateral OTC 1,108,062 1,026,736 Total equities 2,586,184 2,136,034 Subtotal 46,013,073 37,790,798 Accounted for as hedges OTC-cleared 237,712 257,739 Bilateral OTC 3,080 3,156 Total interest rates 240,792 260,895 OTC-cleared 1,557 2,048 Bilateral OTC 8,431 7,701 Total currencies 9,988 9,749 Subtotal 250,780 270,644 Total notional amounts $ 46,263,853 $ 38,061,442 In the tables above: • Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses. • Total gross fair value of derivatives included derivative assets of $7.94 billion as of March 2023 and $10.08 billion as of December 2022, a nd |
OTC Derivatives by Tenor and Major Product Type | The table below presents OTC derivative assets and liabilities by tenor and major product type. $ in millions Less than 1 - 5 Greater than 5 Years Total As of March 2023 Assets Interest rates $ 6,621 $ 15,909 $ 49,591 $ 72,121 Credit 1,047 2,492 2,545 6,084 Currencies 8,478 7,182 6,588 22,248 Commodities 6,379 3,897 2,063 12,339 Equities 5,470 3,713 1,552 10,735 Counterparty netting in tenors (2,873) (2,703) (3,771) (9,347) Subtotal $ 25,122 $ 30,490 $ 58,568 $ 114,180 Cross-tenor counterparty netting (17,277) Cash collateral netting (53,341) Total OTC derivative assets $ 43,562 Liabilities Interest rates $ 7,797 $ 19,635 $ 20,512 $ 47,944 Credit 892 2,788 1,373 5,053 Currencies 12,456 6,757 7,476 26,689 Commodities 3,913 4,123 1,519 9,555 Equities 6,320 8,396 2,972 17,688 Counterparty netting in tenors (2,873) (2,703) (3,771) (9,347) Subtotal $ 28,505 $ 38,996 $ 30,081 $ 97,582 Cross-tenor counterparty netting (17,277) Cash collateral netting (38,593) Total OTC derivative liabilities $ 41,712 As of December 2022 Assets Interest rates $ 5,509 $ 16,963 $ 53,943 $ 76,415 Credit 921 2,622 2,142 5,685 Currencies 12,284 7,819 7,085 27,188 Commodities 10,525 7,513 2,574 20,612 Equities 5,346 4,007 1,782 11,135 Counterparty netting in tenors (2,661) (3,942) (4,830) (11,433) Subtotal $ 31,924 $ 34,982 $ 62,696 $ 129,602 Cross-tenor counterparty netting (19,427) Cash collateral netting (56,776) Total OTC derivative assets $ 53,399 Liabilities Interest rates $ 9,351 $ 23,589 $ 21,467 $ 54,407 Credit 993 2,635 1,071 4,699 Currencies 18,987 8,736 8,712 36,435 Commodities 6,400 6,135 945 13,480 Equities 7,629 7,249 2,174 17,052 Counterparty netting in tenors (2,661) (3,942) (4,830) (11,433) Subtotal $ 40,699 $ 44,402 $ 29,539 $ 114,640 Cross-tenor counterparty netting (19,427) Cash collateral netting (46,805) Total OTC derivative liabilities $ 48,408 In the table above: • Tenor is based on remaining contractual maturity. • Counterparty netting within the same product type and tenor category is included within such product type and tenor category. |
Credit Derivatives | The table below presents information about credit derivatives. Credit Spread on Underlier (basis points) $ in millions 0 - 250 251 - 501 - Greater Total As of March 2023 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $ 137,418 $ 21,730 $ 1,135 $ 4,028 $ 164,311 1 - 5 years 316,727 24,826 11,672 9,306 362,531 Greater than 5 years 70,615 6,647 3,621 861 81,744 Total $ 524,760 $ 53,203 $ 16,428 $ 14,195 $ 608,586 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $ 435,885 $ 35,422 $ 14,239 $ 12,398 $ 497,944 Other $ 145,416 $ 16,493 $ 2,419 $ 2,485 $ 166,813 Fair Value of Written Credit Derivatives Asset $ 6,423 $ 559 $ 192 $ 106 $ 7,280 Liability 801 1,047 1,037 3,001 5,886 Net asset/(liability) $ 5,622 $ (488) $ (845) $ (2,895) $ 1,394 As of December 2022 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $ 108,703 $ 12,166 $ 1,879 $ 4,135 $ 126,883 1 - 5 years 306,484 28,188 13,724 9,092 357,488 Greater than 5 years 39,302 2,916 1,416 305 43,939 Total $ 454,489 $ 43,270 $ 17,019 $ 13,532 $ 528,310 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $ 372,360 $ 33,149 $ 14,817 $ 11,757 $ 432,083 Other $ 128,828 $ 13,211 $ 2,615 $ 2,407 $ 147,061 Fair Value of Written Credit Derivatives Asset $ 5,405 $ 460 $ 132 $ 84 $ 6,081 Liability 681 1,081 1,027 2,673 5,462 Net asset/(liability) $ 4,724 $ (621) $ (895) $ (2,589) $ 619 In the table above: • Fair values exclude the effects of both netting of receivable balances with payable balances under enforceable netting agreements, and netting of cash received or posted under enforceable credit support agreements, and therefore are not representative of the firm’s credit exposure. • Tenor is based on remaining contractual maturity. • The credit spread on the underlier, together with the tenor of the contract, are indicators of payment/performance risk. The firm is less likely to pay or otherwise be required to perform where the credit spread and the tenor are lower. • Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underliers. • Other purchased credit derivatives represent the notional amount of all other purchased credit derivatives not included in offsetting. |
Summary of information About CVA and FVA | The table below presents information about CVA and FVA. Three Months $ in millions 2023 2022 CVA, net of hedges $ (99) $ 83 FVA, net of hedges 14 (269) Total $ (85) $ (186) |
Summary of Derivatives Bifurcated from their Related Borrowings | The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings. As of March December $ in millions 2023 2022 Fair value of assets $ 334 $ 288 Fair value of liabilities (236) (392) Net asset/(liability) $ 98 $ (104) Notional amount $ 7,905 $ 8,892 |
Derivatives with Credit-Related Contingent Features | The table below presents information about net derivative liabilities under bilateral agreements (excluding collateral posted), the fair value of collateral posted and additional collateral or termination payments that could have been called by counterparties in the event of a one- or two-notch downgrade in the firm’s credit ratings. As of March December $ in millions 2023 2022 Net derivative liabilities under bilateral agreements $ 25,842 $ 33,059 Collateral posted $ 20,844 $ 27,657 Additional collateral or termination payments: One-notch downgrade $ 315 $ 343 Two-notch downgrade $ 1,075 $ 1,115 |
Gain (Loss) from Interest Rate Hedges and Related Hedged Items | The table below presents the gains/(losses) from interest rate derivatives accounted for as hedges and the related hedged items. Three Months $ in millions 2023 2022 Investments Interest rate hedges $ (90) $ – Hedged investments 86 – Gains/(losses) $ (4) $ – Borrowings and deposits Interest rate hedges $ 2,712 $ (8,742) Hedged borrowings and deposits (2,847) 8,695 Gains/(losses) $ (135) $ (47) |
Summary of Carrying Amount of Hedged Items and Gains/(Losses) from Net Investment Hedging | The table below presents the carrying value of investments, deposits and unsecured borrowings that are designated in an interest rate hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values. $ in millions Carrying Cumulative As of March 2023 Assets Investments $ 11,443 $ (224) Liabilities Deposits $ 5,143 $ (210) Unsecured short-term borrowings $ 8,926 $ (195) Unsecured long-term borrowings $ 140,374 $ (12,155) As of December 2022 Assets Investments $ 10,804 $ (350) Liabilities Deposits $ 6,311 $ (280) Unsecured short-term borrowings $ 7,295 $ (47) Unsecured long-term borrowings $ 151,215 $ (15,134) In the table above: • Cumulative hedging adjustment included $4.96 billion as of March 2023 and $5.09 billion as of December 2022 of hedging adjustments from prior hedging relationships that were de-designated and substantially all were related to unsecured long-term borrowings. • The amortized cost of investments was $12.17 billion as of March 2023 and $11.49 billion as of December 2022. The table below presents the gains/(losses) from net investment hedging. Three Months $ in millions 2023 2022 Hedges: Foreign currency forward contract $ (117) $ 109 Foreign currency-denominated debt $ (231) $ 168 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Fair Value Disclosure [Abstract] | |
Information about Investments | The table below presents information about investments. As of March December $ in millions 2023 2022 Equity securities, at fair value $ 14,599 $ 14,892 Debt instruments, at fair value 14,007 14,075 Available-for-sale securities, at fair value 48,635 49,234 Investments, at fair value 77,241 78,201 Held-to-maturity securities 53,809 51,662 Equity method investments 740 766 Total investments $ 131,790 $ 130,629 |
Disclosure Of Equity Securities At Fair Value | The table below presents information about equity securities, at fair value. As of March December $ in millions 2023 2022 Equity securities, at fair value $ 14,599 $ 14,892 Equity Type Public equity 13 % 13 % Private equity 87 % 87 % Total 100 % 100 % Asset Class Corporate 72 % 71 % Real estate 28 % 29 % Total 100 % 100 % In the table above: • Equity securities, at fair value included investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $5.13 billion as of March 2023 and $5.35 billion as of December 2022. Gains/(losses) recognized as a result of changes in the fair value of equity securities for which the fair value option was elected were $(105) million for the three months ended March 2023 and $(187) million for the three months ended March 2022. These gains/(losses) are included in other principal transactions. |
Disclosure Of Debt Instruments At Fair Value | The table below presents information about debt instruments, at fair value. As of March December $ in millions 2023 2022 Corporate debt securities $ 10,041 $ 10,098 Securities backed by real estate 1,020 1,003 Money market instruments 874 1,005 Other 2,072 1,969 Total $ 14,007 $ 14,075 In the table above: • Substantially all of the firm's money market instruments consist of time deposits. |
Fair Value of Investments in Funds at NAV and Related Unfunded Commitments | The table below presents the fair value of investments in funds at NAV and the related unfunded commitments. $ in millions Fair Value of Investments Unfunded Commitments As of March 2023 Private equity funds $ 818 $ 618 Credit funds 1,742 293 Hedge funds 65 – Real estate funds 395 138 Total $ 3,020 $ 1,049 As of December 2022 Private equity funds $ 815 $ 647 Credit funds 1,645 303 Hedge funds 68 – Real estate funds 413 138 Total $ 2,941 $ 1,088 |
Summary of Available-for-Sale Securities by Tenor | The table below presents information about available-for-sale securities by tenor. $ in millions Amortized Cost Fair Value Weighted Average Yield As of March 2023 Less than 1 year $ 14,698 $ 14,267 0.38 % 1 year to 5 years 33,650 31,586 0.80 % 5 years to 10 years 547 504 1.86 % Total U.S. government obligations 48,895 46,357 0.68 % 1 year to 5 years 1,590 1,351 0.10 % 5 years to 10 years 1,096 927 0.84 % Total non-U.S. government obligations 2,686 2,278 0.40 % Total available-for-sale securities $ 51,581 $ 48,635 0.67 % As of December 2022 Less than 1 year $ 8,103 $ 7,861 0.37 % 1 year to 5 years 41,479 38,706 0.74 % 5 years to 10 years 538 488 1.86 % Total U.S. government obligations 50,120 47,055 0.69 % 1 year to 5 years 10 10 0.27 % 5 years to 10 years 2,616 2,169 0.40 % Total non-U.S. government obligations 2,626 2,179 0.40 % Total available-for-sale securities $ 52,746 $ 49,234 0.68 % In the table above: • Available-for-sale securities were classified in level 1 of the fair value hierarchy as of both March 2023 and December 2022. • The weighted average yield for available-for-sale securities is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the fair value of each security. • The gross unrealized gains included in accumulated other comprehensive income/(loss) were not material and the gross unrealized losses included in accumulated other comprehensive income/(loss) were $2.95 billion as of March 2023 and primarily related to U.S. government obligations in a continuous unrealized loss position for more than a year. The gross unrealized gains included in accumulated other comprehensive income/(loss) were not material and the gross unrealized losses included in accumulated other comprehensive income/(loss) were $3.52 billion as of December 2022 and primarily related to U.S. government obligations in a continuous unrealized loss position for more than a year. Net unrealized gains/(losses) included in other comprehensive income/(loss) were $566 million ($427 million, net of tax) for the three months ended March 2023 and $(1.80) billion ($(1.35) billion, net of tax) for the three months ended March 2022. |
Summary of Gross Realized Gains and the Proceeds from the Sales of Available-for-Sale Securities | The table below presents gross realized gains and the proceeds from the sales of available-for-sale securities. Three Months $ in millions 2023 2022 Gross realized gains $ 6 $ – Gross realized losses – – Gains/(losses) $ 6 $ – Proceeds from sales $ 2,452 $ 1 In the table above, the specific identification method is used to determine realized gains on available-for-sale securities. Such amounts were reclassified from accumulated other comprehensive income/(loss) to other principal transactions in the consolidated statements of earnings. |
Held-to-maturity Securities by Type and Tenor | The table below presents information about held-to-maturity securities by type and tenor. $ in millions Amortized Cost Fair Value Weighted Average Yield As of March 2023 Less than 1 year $ 6,685 $ 6,572 2.39 % 1 year to 5 years 45,452 44,710 3.15 % 5 years to 10 years 1,433 1,400 3.19 % Total U.S. government obligations 53,570 52,682 3.06 % 5 years to 10 years 3 2 6.60 % Greater than 10 years 236 234 3.15 % Total securities backed by real estate 239 236 3.21 % Total held-to-maturity securities $ 53,809 $ 52,918 3.06 % As of December 2022 Less than 1 year $ 5,319 $ 5,282 2.98 % 1 year to 5 years 45,154 43,852 3.00 % 5 years to 10 years 1,026 966 2.89 % Total U.S. government obligations 51,499 50,100 2.99 % 5 years to 10 years 2 2 5.63 % Greater than 10 years 161 158 3.18 % Total securities backed by real estate 163 160 3.24 % Total held-to-maturity securities $ 51,662 $ 50,260 2.99 % In the table above: • Substantially all of the securities backed by real estate consist of securities backed by residential real estate. • As these securities are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these securities been included in the firm’s fair value hierarchy, U.S. government obligations would have been classified in level 1 and securities backed by real estate would have been primarily classified in level 2 of the fair value hierarchy as of both March 2023 and December 2022. • The weighted average yield for held-to-maturity securities is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the amortized cost of each security. • The gross unrealized gains were $154 million as of March 2023 and were not material as of December 2022. The gross unrealized losses were $1.05 billion as of March 2023 and $1.44 billion as of December 2022. • Held-to-maturity securities are reviewed to determine if an allowance for credit losses should be recorded in the consolidated statements of earnings. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings, historical credit losses and sovereign guarantees. Provision for credit losses on such securities was not material during either the three months ended March 2023 or March 2022. |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Summary of Loans | The table below presents information about loans. $ in millions Amortized Fair Value Held For Sale Total As of March 2023 Loan Type Corporate $ 37,206 $ 1,040 $ 1,612 $ 39,858 Commercial real estate 26,447 999 1,244 28,690 Residential real estate 18,099 4,389 2 22,490 Securities-based 15,934 – – 15,934 Other collateralized 51,879 778 210 52,867 Consumer: Installment 3,280 – 2,489 5,769 Credit cards 15,563 – – 15,563 Other 1,328 300 307 1,935 Total loans, gross 169,736 7,506 5,864 183,106 Allowance for loan losses (5,032) – – (5,032) Total loans $ 164,704 $ 7,506 $ 5,864 $ 178,074 As of December 2022 Loan Type Corporate $ 36,822 $ 996 $ 2,317 $ 40,135 Commercial real estate 26,222 1,146 1,511 28,879 Residential real estate 18,523 4,511 1 23,035 Securities-based 16,671 – – 16,671 Other collateralized 50,473 716 513 51,702 Consumer: Installment 6,326 – – 6,326 Credit cards 15,820 – – 15,820 Other 1,723 286 252 2,261 Total loans, gross 172,580 7,655 4,594 184,829 Allowance for loan losses (5,543) – – (5,543) Total loans $ 167,037 $ 7,655 $ 4,594 $ 179,286 In the table above: • Loans held for investment that are accounted for at amortized cost include net deferred fees and costs, and unamortized premiums and discounts, which are amortized over the life of the loan. These amounts were less than 1% of loans accounted for at amortized cost as of both March 2023 and December 2022. • During the first quarter of 2023, the firm sold $1.0 billion of Marcus loans and transferred the remaining $2.88 billion of the Marcus loans portfolio to held for sale. As a result, the firm incurred a loss of approximately $470 million in net revenues, which was largely offset by a related reserve reduction of approximately $440 million in provision for credit losses. • Substantially all loans had floating interest rates as of both March 2023 and December 2022. |
Summary of Other Loans Receivable | The table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans. $ in millions Investment-Grade Non-Investment- Grade Other Metrics/Unrated Total As of March 2023 Accounting Method Amortized cost $ 88,707 $ 56,412 $ 24,617 $ 169,736 Fair value 2,242 2,745 2,519 7,506 Held for sale 299 2,996 2,569 5,864 Total $ 91,248 $ 62,153 $ 29,705 $ 183,106 Loan Type Corporate $ 10,241 $ 29,617 $ – $ 39,858 Real estate: Commercial 12,251 16,312 127 28,690 Residential 11,200 6,466 4,824 22,490 Securities-based 12,276 679 2,979 15,934 Other collateralized 44,536 8,196 135 52,867 Consumer: Installment – – 5,769 5,769 Credit cards – – 15,563 15,563 Other 744 883 308 1,935 Total $ 91,248 $ 62,153 $ 29,705 $ 183,106 Secured 90 % 91 % 27 % 80 % Unsecured 10 % 9 % 73 % 20 % Total 100 % 100 % 100 % 100 % As of December 2022 Accounting Method Amortized cost $ 88,497 $ 55,122 $ 28,961 $ 172,580 Fair value 2,116 2,968 2,571 7,655 Held for sale 557 3,991 46 4,594 Total $ 91,170 $ 62,081 $ 31,578 $ 184,829 Loan Type Corporate $ 10,200 $ 29,935 $ – $ 40,135 Real estate: Commercial 11,922 16,822 135 28,879 Residential 11,994 5,670 5,371 23,035 Securities-based 12,901 764 3,006 16,671 Other collateralized 43,093 8,291 318 51,702 Consumer: Installment – – 6,326 6,326 Credit cards – – 15,820 15,820 Other 1,060 599 602 2,261 Total $ 91,170 $ 62,081 $ 31,578 $ 184,829 Secured 89 % 90 % 27 % 79 % Unsecured 11 % 10 % 73 % 21 % Total 100 % 100 % 100 % 100 % In the table above: • Substantially all residential real estate, securities-based, other collateralized and other loans included in the other metrics/unrated category consists of loans where the firm uses other key metrics to assess the borrower’s credit quality, such as loan-to-value ratio, delinquency status, collateral value, expected cash flows, FICO credit score (which measures a borrower’s creditworthiness by considering factors such as payment and credit history) and other risk factors. |
Schedule of Credit Quality Indicators for Term Loans by Origination Year | The tables below present gross loans accounted for at amortized cost (excluding installment and credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans. As of March 2023 $ in millions Investment- Non-Investment- Other Metrics/ Total 2023 $ 280 $ 301 $ – $ 581 2022 2,543 3,681 – 6,224 2021 1,485 4,210 – 5,695 2020 518 2,558 – 3,076 2019 192 2,695 – 2,887 2018 or earlier 440 4,049 – 4,489 Revolving 4,593 9,661 – 14,254 Corporate 10,051 27,155 – 37,206 2023 91 62 – 153 2022 861 3,819 55 4,735 2021 923 3,532 – 4,455 2020 422 1,555 – 1,977 2019 339 1,409 – 1,748 2018 or earlier 1,350 1,088 11 2,449 Revolving 7,915 3,015 – 10,930 Commercial real estate 11,901 14,480 66 26,447 2023 219 115 133 467 2022 1,499 1,043 1,101 3,643 2021 986 1,341 1,169 3,496 2020 6 30 63 99 2019 7 36 61 104 2018 or earlier 21 244 64 329 Revolving 7,407 2,554 – 9,961 Residential real estate 10,145 5,363 2,591 18,099 2022 5 – – 5 2019 8 – – 8 2018 or earlier 275 22 – 297 Revolving 11,988 657 2,979 15,624 Securities-based 12,276 679 2,979 15,934 2023 1,406 364 – 1,770 2022 4,160 794 48 5,002 2021 3,291 1,058 32 4,381 2020 1,867 374 35 2,276 2019 481 57 11 549 2018 or earlier 762 236 7 1,005 Revolving 31,667 5,229 – 36,896 Other collateralized 43,634 8,112 133 51,879 2023 11 20 – 31 2022 17 96 – 113 2021 17 160 – 177 2020 – 270 – 270 2019 – 8 – 8 2018 or earlier – – 5 5 Revolving 655 69 – 724 Other 700 623 5 1,328 Total $ 88,707 $ 56,412 $ 5,774 $ 150,893 Percentage of total 59 % 37 % 4 % 100 % As of December 2022 $ in millions Investment- Non-Investment- Other Metrics/ Total 2022 $ 2,607 $ 4,042 $ 2 $ 6,651 2021 1,669 4,273 – 5,942 2020 684 2,595 – 3,279 2019 209 2,779 – 2,988 2018 759 1,911 – 2,670 2017 or earlier 508 2,329 – 2,837 Revolving 3,709 8,746 – 12,455 Corporate 10,145 26,675 2 36,822 2022 805 3,900 2 4,707 2021 771 3,460 – 4,231 2020 407 1,740 – 2,147 2019 480 1,267 – 1,747 2018 212 469 – 681 2017 or earlier 1,238 797 11 2,046 Revolving 7,660 3,003 – 10,663 Commercial real estate 11,573 14,636 13 26,222 2022 1,493 833 1,307 3,633 2021 1,263 888 1,357 3,508 2020 8 6 89 103 2019 7 – 99 106 2018 10 50 138 198 2017 or earlier 31 10 142 183 Revolving 8,065 2,727 – 10,792 Residential real estate 10,877 4,514 3,132 18,523 2022 5 – – 5 2018 1 – – 1 2017 or earlier – 291 – 291 Revolving 12,895 473 3,006 16,374 Securities-based 12,901 764 3,006 16,671 2022 4,556 751 113 5,420 2021 3,339 1,098 146 4,583 2020 1,871 701 36 2,608 2019 523 79 12 614 2018 545 108 6 659 2017 or earlier 487 108 – 595 Revolving 30,669 5,323 2 35,994 Other collateralized 41,990 8,168 315 50,473 2022 44 105 – 149 2021 17 162 – 179 2020 – 29 262 291 2019 – 10 – 10 2017 or earlier – – 5 5 Revolving 950 59 80 1,089 Other 1,011 365 347 1,723 Total $ 88,497 $ 55,122 $ 6,815 $ 150,434 Percentage of total 59 % 37 % 4 % 100 % |
Summary of Consumer Loans by Refreshed FICO Credit Score | The table below presents gross installment loans by refreshed FICO credit scores and origination year and gross credit card loans by refreshed FICO credit scores. $ in millions Greater than or Less than 660 Total As of March 2023 2023 $ 1,037 $ 48 $ 1,085 2022 1,995 155 2,150 2021 19 15 34 2020 2 3 5 2019 1 3 4 2018 or earlier – 2 2 Installment 3,054 226 3,280 Credit cards 10,290 5,273 15,563 Total $ 13,344 $ 5,499 $ 18,843 Percentage of total: Installment 93 % 7 % 100 % Credit cards 66 % 34 % 100 % Total 71 % 29 % 100 % As of December 2022 2022 $ 4,349 $ 242 $ 4,591 2021 1,080 109 1,189 2020 251 23 274 2019 160 23 183 2018 70 13 83 2017 or earlier 5 1 6 Installment 5,915 411 6,326 Credit cards 10,762 5,058 15,820 Total $ 16,677 $ 5,469 $ 22,146 Percentage of total: Installment 94 % 6 % 100 % Credit cards 68 % 32 % 100 % Total 75 % 25 % 100 % |
Summary of Credit Concentration by Region | The table below presents the concentration of gross loans by region. $ in millions Carrying Americas EMEA Asia Total As of March 2023 Corporate $ 39,858 61 % 30 % 9 % 100 % Commercial real estate 28,690 79 % 16 % 5 % 100 % Residential real estate 22,490 95 % 4 % 1 % 100 % Securities-based 15,934 83 % 16 % 1 % 100 % Other collateralized 52,867 86 % 12 % 2 % 100 % Consumer: Installment 5,769 100 % – – 100 % Credit cards 15,563 100 % – – 100 % Other 1,935 90 % 10 % – 100 % Total $ 183,106 82 % 15 % 3 % 100 % As of December 2022 Corporate $ 40,135 57 % 34 % 9 % 100 % Commercial real estate 28,879 79 % 16 % 5 % 100 % Residential real estate 23,035 96 % 3 % 1 % 100 % Securities-based 16,671 83 % 15 % 2 % 100 % Other collateralized 51,702 86 % 12 % 2 % 100 % Consumer: Installment 6,326 100 % – – 100 % Credit cards 15,820 100 % – – 100 % Other 2,261 89 % 11 % – 100 % Total $ 184,829 81 % 15 % 4 % 100 % In the table above: • EMEA represents Europe, Middle East and Africa. • The top five industry concentrations for corporate loans as of March 2023 were 26% for technology, media & telecommunications, 18% for diversified industrials, 12% for real estate, 11% for healthcare and 10% for consumer & retail. |
Summary of Past Due Loans | The table below presents information about past due loans. $ in millions 30-89 days 90 days Total As of March 2023 Corporate $ – $ 58 $ 58 Commercial real estate 66 432 498 Residential real estate 2 6 8 Securities-based 22 – 22 Other collateralized 92 6 98 Consumer: Installment 54 19 73 Credit cards 295 308 603 Other 16 5 21 Total $ 547 $ 834 $ 1,381 Total divided by gross loans at amortized cost 0.8 % As of December 2022 Corporate $ – $ 92 $ 92 Commercial real estate 47 362 409 Residential real estate 4 6 10 Securities-based 1 – 1 Other collateralized 10 5 15 Consumer: Installment 46 17 63 Credit cards 291 265 556 Other 17 5 22 Total $ 416 $ 752 $ 1,168 Total divided by gross loans at amortized cost 0.7 % |
Summary of Nonaccrual Loans | The table below presents information about nonaccrual loans. As of March December $ in millions 2023 2022 Corporate $ 1,738 $ 1,432 Commercial real estate 1,575 1,079 Residential real estate 66 93 Other collateralized 107 65 Other 26 – Installment 21 41 Total $ 3,533 $ 2,710 Total divided by gross loans at amortized cost 2.1 % 1.6 % In the table above: • Nonaccrual loans included $605 million as of March 2023 and $483 million as of December 2022 of loans that were 30 days or more past due. • Loans that were 90 days or more past due and still accruing were not material as of both March 2023 and December 2022. |
Summary of Loans and Lending Commitments Accounted for at Amortized Cost by Portfolio | The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio. As of March 2023 December 2022 $ in millions Loans Lending Commitments Loans Lending Commitments Wholesale Corporate $ 37,206 $ 135,509 $ 36,822 $ 137,149 Commercial real estate 26,447 3,295 26,222 3,692 Residential real estate 18,099 2,001 18,523 3,089 Securities-based 15,934 718 16,671 508 Other collateralized 51,879 12,982 50,473 13,209 Other 1,328 1,015 1,723 944 Consumer Installment 3,280 2,271 6,326 1,882 Credit cards 15,563 66,373 15,820 62,216 Total $ 169,736 $ 224,164 $ 172,580 $ 222,689 In the table above, wholesale loans included $3.51 billion as of March 2023 and $2.67 billion as of December 2022 of nonaccrual loans for which the allowance for credit losses was measured on an asset-specific basis. The allowance for credit losses on these loans was $647 million as of March 2023 and $535 million as of December 2022. These loans included $692 million as of March 2023 and $384 million as of December 2022 of loans which did not require a reserve as the loan was deemed to be recoverable. |
Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments | The table below presents information about the allowance for credit losses. $ in millions Wholesale Consumer Total Three Months Ended March 2023 Allowance for loan losses Beginning balance $ 2,562 $ 2,981 $ 5,543 Charge-offs (25) (271) (296) Recoveries 14 24 38 Net (charge-offs)/recoveries (11) (247) (258) Provision 8 (257) (249) Other (4) – (4) Ending balance $ 2,555 $ 2,477 $ 5,032 Allowance ratio 1.7 % 13.1 % 3.0 % Net charge-off ratio – 4.6 % 0.6 % Allowance for losses on lending commitments Beginning balance $ 711 $ 63 $ 774 Provision (16) (9) (25) Other (2) – (2) Ending balance $ 693 $ 54 $ 747 Three Months Ended March 2022 Allowance for loan losses Beginning balance $ 2,135 $ 1,438 $ 3,573 Charge-offs (98) (87) (185) Recoveries 12 19 31 Net (charge-offs)/recoveries (86) (68) (154) Provision 257 416 673 Other (6) – (6) Ending balance $ 2,300 $ 1,786 $ 4,086 Allowance ratio 1.7 % 12.2 % 2.7 % Net charge-off ratio 0.3 % 2.1 % 0.4 % Allowance for losses on lending commitments Beginning balance $ 589 $ 187 $ 776 Provision 73 (185) (112) Ending balance $ 662 $ 2 $ 664 In the table above: • Other primarily represented the reduction to the allowance related to loans and lending commitments transferred to held for sale. • The allowance ratio is calculated by dividing the allowance for loan losses by gross loans accounted for at amortized cost. |
Schedule of Forecasted Economic Scenarios | The table below presents the forecasted U.S. unemployment and U.S. GDP growth rates used in the baseline economic scenario of the forecast model. As of March 2023 U.S. unemployment rate Forecast for the quarter ended: June 2023 3.6 % December 2023 4.1 % June 2024 4.5 % Growth in U.S. GDP Forecast for the year: 2023 1.2 % 2024 0.9 % 2025 1.7 % The adverse economic scenario of the forecast model reflects a global recession in 2023 and a more aggressive tightening of monetary policy by central banks, resulting in an economic contraction and rising unemployment rates. In this scenario, the U.S. unemployment rate peaks at approximately 7.4% during the second quarter of 2024 and the maximum decline in the quarterly U.S. GDP relative to the first quarter of 2023 is approximately 2.7%, which occurs during the first quarter of 2024. In the table above: • U.S. unemployment rate represents the rate forecasted as of the respective quarter-end. • Growth in U.S. GDP represents the year-over-year growth rate forecasted for the respective years. |
Summary of Estimated Fair Value of Loans and Lending Commitments that are not Accounted for at Fair Value | The table below presents the estimated fair value of loans that are not accounted for at fair value and in what level of the fair value hierarchy they would have been classified if they had been included in the firm’s fair value hierarchy. Carrying Value Estimated Fair Value $ in millions Level 2 Level 3 Total As of March 2023 Amortized cost $ 164,704 $ 86,265 $ 80,182 $ 166,447 Held for sale $ 5,864 $ 1,905 $ 3,978 $ 5,883 As of December 2022 Amortized cost $ 167,037 $ 85,921 $ 83,121 $ 169,042 Held for sale $ 4,594 $ 2,592 $ 2,014 $ 4,606 |
Fair Value Option (Tables)
Fair Value Option (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value | The table below presents the gains and losses recognized in earnings as a result of the election to apply the fair value option to certain financial assets and liabilities. Three Months $ in millions 2023 2022 Unsecured short-term borrowings $ (1,761) $ 1,705 Unsecured long-term borrowings (2,307) 2,547 Other (141) 330 Total $ (4,209) $ 4,582 In the table above: • Gains/(losses) were substantially all included in market making. • Gains/(losses) exclude contractual interest, which is included in interest income and interest expense, for all instruments other than hybrid financial instruments. See Note 23 for further information about interest income and interest expense. • Gains/(losses) included in unsecured short- and long-term borrowings were substantially all related to the embedded derivative component of hybrid financial instruments. These gains and losses would have been recognized under other U.S. GAAP even if the firm had not elected to account for the entire hybrid financial instrument at fair value. • Gains/(losses) included in other were substantially all related to resale and repurchase agreements, deposits, other secured financings and other liabilities. |
Summary of DVA Gains/(Losses) on Financial Liabilities | The table below presents information about the net debt valuation adjustment (DVA) gains/(losses) on financial liabilities for which the fair value option was elected. Three Months $ in millions 2023 2022 Pre-tax DVA $ (1) $ 993 After-tax DVA $ (1) $ 740 In the table above: • After-tax DVA is included in debt valuation adjustment in the consolidated statements of comprehensive income. • The gains/(losses) reclassified to market making in the consolidated statements of earnings from accumulated other comprehensive income/(loss) upon extinguishment of such financial liabilities were not material for both the three months ended March 2023 and March 2022. |
Loans and Lending Commitments | The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans (included in trading assets and loans in the consolidated balance sheets) for which the fair value option was elected. As of March December $ in millions 2023 2022 Performing loans Aggregate contractual principal in excess of fair value $ 1,928 $ 2,645 Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value $ 2,887 $ 3,331 Aggregate fair value $ 2,369 $ 2,633 |
Collateralized Agreements and_2
Collateralized Agreements and Financings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Collateralized Agreements And Financings [Abstract] | |
Offsetting Arrangements | The table below presents resale and repurchase agreements and securities borrowed and loaned transactions included in the consolidated balance sheets, as well as the amounts not offset in the consolidated balance sheets. Assets Liabilities $ in millions Resale agreements Securities borrowed Repurchase agreements Securities loaned As of March 2023 Included in the consolidated balance sheets Gross carrying value $ 281,953 $ 203,830 $ 277,189 $ 46,972 Counterparty netting (79,802) (653) (79,802) (653) Total 202,151 203,177 197,387 46,319 Amounts not offset Counterparty netting (22,899) (6,480) (22,899) (6,480) Collateral (167,725) (189,121) (172,373) (39,042) Total $ 11,527 $ 7,576 $ 2,115 $ 797 As of December 2022 Included in the consolidated balance sheets Gross carrying value $ 334,042 $ 199,623 $ 219,274 $ 41,309 Counterparty netting (108,925) (10,582) (108,925) (10,582) Total 225,117 189,041 110,349 30,727 Amounts not offset Counterparty netting (15,350) (4,576) (15,350) (4,576) Collateral (204,843) (171,997) (92,997) (25,578) Total $ 4,924 $ 12,468 $ 2,002 $ 573 In the table above: • Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Amounts not offset includes counterparty netting that does not meet the criteria for netting under U.S. GAAP and the fair value of collateral received or posted subject to enforceable credit support agreements. • Resale agreements and repurchase agreements are carried at fair value under the fair value option. See Note 4 for further information about the valuation techniques and significant inputs used to determine fair value. • Securities borrowed included in the consolidated balance sheets of $40.60 billion as of March 2023 and $38.58 billion as of December 2022, and securities loaned of $5.73 billion as of March 2023 and $4.37 billion as of December 2022 were at fair value under the fair value option. See Note 5 for further information about securities borrowed and securities loaned accounted for at fair value. |
Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged | The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged. $ in millions Repurchase agreements Securities loaned As of March 2023 Money market instruments $ 1,116 $ – U.S. government and agency obligations 156,350 210 Non-U.S. government and agency obligations 88,963 789 Securities backed by commercial real estate 528 23 Securities backed by residential real estate 1,249 1 Corporate debt securities 16,930 459 State and municipal obligations 35 – Other debt obligations 249 8 Equity securities 11,769 45,482 Total $ 277,189 $ 46,972 As of December 2022 Money market instruments $ 10 $ – U.S. government and agency obligations 112,825 55 Non-U.S. government and agency obligations 87,828 594 Securities backed by commercial real estate 172 – Securities backed by residential real estate 466 – Corporate debt securities 11,398 295 State and municipal obligations 143 – Other debt obligations 108 – Equity securities 6,324 40,365 Total $ 219,274 $ 41,309 |
Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Maturity Date | The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity. As of March 2023 $ in millions Repurchase agreements Securities loaned No stated maturity and overnight $ 125,201 $ 32,180 2 - 30 days 71,999 434 31 - 90 days 26,718 1,144 91 days - 1 year 45,044 8,208 Greater than 1 year 8,227 5,006 Total $ 277,189 $ 46,972 In the table above: • Repurchase agreements and securities loaned that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. |
Other Secured Financings | The table below presents information about other secured financings. $ in millions U.S. Non-U.S. Dollar Total As of March 2023 Other secured financings (short-term): At fair value $ 7,809 $ 2,870 $ 10,679 At amortized cost 409 391 800 Other secured financings (long-term): At fair value 3,575 3,148 6,723 At amortized cost 309 – 309 Total other secured financings $ 12,102 $ 6,409 $ 18,511 Other secured financings collateralized by: Financial instruments $ 7,815 $ 5,364 $ 13,179 Other assets $ 4,287 $ 1,045 $ 5,332 As of December 2022 Other secured financings (short-term): At fair value $ 3,478 $ 2,963 $ 6,441 At amortized cost 398 – 398 Other secured financings (long-term): At fair value 3,793 2,522 6,315 At amortized cost 395 397 792 Total other secured financings $ 8,064 $ 5,882 $ 13,946 Other secured financings collateralized by: Financial instruments $ 3,817 $ 4,895 $ 8,712 Other assets $ 4,247 $ 987 $ 5,234 In the table above: • Short-term other secured financings includes financings maturing within one year of the financial statement date and financings that are redeemable within one year of the financial statement date at the option of the holder. • U.S. dollar-denominated short-term other secured financings at amortized cost had a weighted average interest rate of 5.51% as of March 2023 and 5.56% as of December 2022. These rates include the effect of hedging activities. • Non-U.S. dollar-denominated short-term other secured financings at amortized cost had a weighted average interest rate of 0.45% as of March 2023. This rate includes the effect of hedging activities. • U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 3.49% as of March 2023 and 3.54% as of December 2022. These rates include the effect of hedging activities. • Non-U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 0.45% as of December 2022. This rate includes the effect of hedging activities. • Total other secured financings included $1.94 billion as of March 2023 and $1.69 billion as of December 2022 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets, primarily included in trading assets, of $1.90 billion as of March 2023 and $1.64 billion as of December 2022. |
Other Secured Financings by Maturity Date | The table below presents other secured financings by maturity. As of $ in millions March 2023 Other secured financings (short-term) $ 11,479 Other secured financings (long-term): 2024 2,046 2025 1,279 2026 994 2027 167 2028 844 2029 - thereafter 1,702 Total other secured financings (long-term) 7,032 Total other secured financings $ 18,511 In the table above: • Long-term other secured financings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. |
Financial Instruments Received as Collateral and Repledged | The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged. As of March December $ in millions 2023 2022 Collateral available to be delivered or repledged $ 956,347 $ 971,699 Collateral that was delivered or repledged $ 809,466 $ 797,919 |
Schedule of Assets Pledged as Collateral | The table below presents information about assets pledged. As of March December $ in millions 2023 2022 Pledged to counterparties that had the right to deliver or repledge Trading assets $ 81,927 $ 40,143 Investments $ 10,223 $ 9,818 Pledged to counterparties that did not have the right to deliver or repledge Trading assets $ 123,009 $ 70,912 Investments $ 11,837 $ 1,726 Loans $ 8,847 $ 6,600 Other assets $ 7,390 $ 7,525 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Assets [Abstract] | |
Other Assets | The table below presents other assets by type. As of March December $ in millions 2023 2022 Property, leasehold improvements and equipment $ 16,461 $ 17,074 Goodwill 6,439 6,374 Identifiable intangible assets 1,965 2,009 Operating lease right-of-use assets 2,148 2,172 Income tax-related assets 6,794 7,012 Miscellaneous receivables and other 7,995 4,567 Total $ 41,802 $ 39,208 |
Carrying Value of Goodwill | The table below presents the carrying value of goodwill by reporting unit. As of March December $ in millions 2023 2022 Global Banking & Markets: Investment banking $ 267 $ 267 FICC 269 269 Equities 2,647 2,647 Asset & Wealth Management: Asset management 1,398 1,385 Wealth management 1,340 1,310 Platform Solutions: Consumer platforms 504 482 Transaction banking and other 14 14 Total $ 6,439 $ 6,374 In the table above: • The increase in goodwill from December 2022 to March 2023 was primarily attributable to an updated purchase price allocation related to the GreenSky acquisition. |
Identifiable Intangible Assets by Type | The table below presents identifiable intangible assets by type. As of March December $ in millions 2023 2022 Customer lists and merchant relationships Gross carrying value $ 3,237 $ 3,225 Accumulated amortization (1,321) (1,275) Net carrying value 1,916 1,950 Acquired leases and other Gross carrying value 481 486 Accumulated amortization (432) (427) Net carrying value 49 59 Total gross carrying value 3,718 3,711 Total accumulated amortization (1,753) (1,702) Total net carrying value $ 1,965 $ 2,009 |
Amortization of Identifiable Intangible Assets | The tables below present information about the amortization of identifiable intangible assets. Three Months $ in millions 2023 2022 Amortization $ 52 $ 19 |
Estimated Future Amortization | As of $ in millions March 2023 Estimated future amortization Remainder of 2023 $ 150 2024 $ 188 2025 $ 171 2026 $ 164 2027 $ 163 2028 $ 162 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
Schedule of Types and Sources of Deposits | The table below presents the types and sources of deposits. $ in millions Savings and Time Total As of March 2023 Private bank and consumer $ 185,793 $ 32,939 $ 218,732 Brokered certificates of deposit – 29,804 29,804 Deposit sweep programs 39,117 – 39,117 Transaction banking 67,972 3,344 71,316 Other 1,052 15,510 16,562 Total $ 293,934 $ 81,597 $ 375,531 As of December 2022 Private bank and consumer $ 192,713 $ 33,046 $ 225,759 Brokered certificates of deposit – 32,624 32,624 Deposit sweep programs 44,819 – 44,819 Transaction banking 65,155 5,069 70,224 Other 808 12,431 13,239 Total $ 303,495 $ 83,170 $ 386,665 In the table above: • Substantially all deposits are interest-bearing. • Savings and demand accounts consist of money market deposit accounts, negotiable order of withdrawal accounts and demand deposit accounts that have no stated maturity or expiration date. • Time deposits included $18.53 billion as of March 2023 and $15.75 billion as of December 2022 of deposits accounted for at fair value under the fair value option. See Note 10 for further information about deposits accounted for at fair value. • Time deposits had a weighted average maturity of approximately 0.9 years as of both March 2023 and December 2022. • Deposit sweep programs include long-term contractual agreements with U.S. broker-dealers who sweep client cash to FDIC-insured deposits. • Transaction banking deposits consists of deposits that the firm raised through its cash management services business for corporate and other institutional clients. • Other deposits represent deposits from institutional clients. • Deposits insured by the FDIC were $185.15 billion as of March 2023 and $184.88 billion as of December 2022. • Deposits insured by non-U.S. insurance programs were $24.67 billion as of March 2023 and $31.74 billion as of December 2022. The decline in insured deposits from December 2022 reflected a change in an insurance program that became effective in January 2023, which reduced the population of deposit accounts eligible for insurance coverage and lowered the applicable insurance limits. |
Schedule of Location of Deposits | The table below presents the location of deposits. As of March December $ in millions 2023 2022 U.S. offices $ 297,425 $ 313,598 Non-U.S. offices 78,106 73,067 Total $ 375,531 $ 386,665 |
Schedule of Maturities of Time Deposits | The table below presents maturities of time deposits held in U.S. and non-U.S. offices. As of March 2023 $ in millions U.S. Non-U.S. Total Remainder of 2023 $ 28,834 $ 18,695 $ 47,529 2024 20,350 3,312 23,662 2025 4,034 223 4,257 2026 2,598 276 2,874 2027 1,224 192 1,416 2028 598 182 780 2029 - thereafter 892 187 1,079 Total $ 58,530 $ 23,067 $ 81,597 |
Unsecured Borrowings (Tables)
Unsecured Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Unsecured Borrowings | The table below presents information about unsecured borrowings. As of March December $ in millions 2023 2022 Unsecured short-term borrowings $ 64,603 $ 60,961 Unsecured long-term borrowings 240,794 247,138 Total $ 305,397 $ 308,099 |
Unsecured Short-Term Borrowings | The table below presents information about unsecured short-term borrowings. As of March December $ in millions 2023 2022 Current portion of unsecured long-term borrowings $ 37,069 $ 38,635 Hybrid financial instruments 21,664 18,383 Commercial paper 3,207 1,718 Other unsecured short-term borrowings 2,663 2,225 Total unsecured short-term borrowings $ 64,603 $ 60,961 Weighted average interest rate 4.04 % 3.71 % |
Unsecured Long-Term Borrowings | The table below presents information about unsecured long-term borrowings. $ in millions U.S. Dollar Non-U.S. Total As of March 2023 Fixed-rate obligations $ 113,785 $ 39,003 $ 152,788 Floating-rate obligations 53,672 34,334 88,006 Total $ 167,457 $ 73,337 $ 240,794 As of December 2022 Fixed-rate obligations $ 118,986 $ 38,538 $ 157,524 Floating-rate obligations 55,689 33,925 89,614 Total $ 174,675 $ 72,463 $ 247,138 In the table above: • Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2063. • Floating-rate obligations includes equity-linked, credit-linked and indexed instruments. Floating interest rates are generally based on Euro Interbank Offered Rate, SOFR or USD LIBOR. • U.S. dollar-denominated debt had interest rates ranging from 0.66% to 6.75% (with a weighted average rate of 3.56%) as of March 2023 and 0.66% to 6.75% (with a weighted average rate of 3.51%) as of December 2022. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. |
Unsecured Long-Term Borrowings by Maturity Date | The table below presents unsecured long-term borrowings by maturity. As of $ in millions March 2023 2024 $ 35,683 2025 36,981 2026 22,578 2027 33,206 2028 21,446 2029 - thereafter 90,900 Total $ 240,794 In the table above: • Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included in unsecured short-term borrowings. • Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable. |
Unsecured Long-Term Borrowings after Hedging | The table below presents unsecured long-term borrowings, after giving effect to such hedging activities. As of March December $ in millions 2023 2022 Fixed-rate obligations: At fair value $ 7,416 $ 6,147 At amortized cost 10,826 6,065 Floating-rate obligations: At fair value 67,472 67,000 At amortized cost 155,080 167,926 Total $ 240,794 $ 247,138 |
Subordinated Borrowings | The table below presents information about subordinated borrowings. $ in millions Par Carrying Rate As of March 2023 Subordinated debt $ 12,243 $ 12,229 7.14 % Junior subordinated debt 968 1,081 5.36 % Total $ 13,211 $ 13,310 7.01 % As of December 2022 Subordinated debt $ 12,261 $ 11,882 6.40 % Junior subordinated debt 968 1,054 4.86 % Total $ 13,229 $ 12,936 6.29 % |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Liabilities by Type | The table below presents other liabilities by type. As of March December $ in millions 2023 2022 Compensation and benefits $ 3,688 $ 7,225 Income tax-related liabilities 2,681 2,669 Operating lease liabilities 2,129 2,154 Noncontrolling interests 621 649 Employee interests in consolidated funds 20 25 Accrued expenses and other 8,123 8,733 Total $ 17,262 $ 21,455 |
Information About Operating Lease Liabilities | The table below presents information about operating lease liabilities. $ in millions Operating As of March 2023 Remainder of 2023 $ 241 2024 348 2025 289 2026 243 2027 209 2028 - thereafter 1,446 Total undiscounted lease payments 2,776 Imputed interest (647) Total operating lease liabilities $ 2,129 Weighted average remaining lease term 13 years Weighted average discount rate 3.73 % As of December 2022 2023 $ 325 2024 334 2025 283 2026 236 2027 203 2028 - thereafter 1,424 Total undiscounted lease payments 2,805 Imputed interest (651) Total operating lease liabilities $ 2,154 Weighted average remaining lease term 13 years Weighted average discount rate 3.66 % |
Securitization Activities (Tabl
Securitization Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Amount of Financial Assets Securitized and Cash Flows Received on Retained Interests | The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement as of the end of the period. Three Months $ in millions 2023 2022 Residential mortgages $ 7,496 $ 11,730 Commercial mortgages 604 6,221 Other financial assets 464 2,021 Total financial assets securitized $ 8,564 $ 19,972 Retained interests cash flows $ 102 $ 193 |
Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets | The table below presents information about nonconsolidated securitization entities to which the firm sold assets and had continuing involvement as of the end of the period. $ in millions Outstanding Retained Purchased As of March 2023 U.S. government agency-issued CMOs $ 38,378 $ 1,877 $ – Other residential mortgage-backed 28,938 1,289 117 Other commercial mortgage-backed 59,680 1,340 101 Corporate debt and other asset-backed 8,587 381 50 Total $ 135,583 $ 4,887 $ 268 As of December 2022 U.S. government agency-issued CMOs $ 38,617 $ 1,835 $ – Other residential mortgage-backed 27,075 1,461 117 Other commercial mortgage-backed 59,688 1,349 82 Corporate debt and other asset-backed 8,750 398 46 Total $ 134,130 $ 5,043 $ 245 In the table above: • CMOs represents collateralized mortgage obligations. • The outstanding principal amount is presented for the purpose of providing information about the size of the securitization entities and is not representative of the firm’s risk of loss. • The firm’s risk of loss from retained or purchased interests is limited to the carrying value of these interests. • Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests. • Substantially all of the total outstanding principal amount and total retained interests relate to securitizations during 2018 and thereafter. |
Weighted Average Key Economic Assumptions Used in Measuring Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value to Immediate Adverse Changes | The table below presents information about the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests. As of March December $ in millions 2023 2022 Fair value of retained interests $ 4,502 $ 4,644 Weighted average life (years) 7.1 6.6 Constant prepayment rate 7.7% 7.7% Impact of 10% adverse change $ (40) $ (27) Impact of 20% adverse change $ (73) $ (48) Discount rate 8.4% 9.5% Impact of 10% adverse change $ (136) $ (138) Impact of 20% adverse change $ (259) $ (266) In the table above: • Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests. • Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear. • The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above. • The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Variable Interest Entities [Abstract] | |
Nonconsolidated Variable Interest Entities | The table below presents a summary of the nonconsolidated VIEs in which the firm holds variable interests. As of March December $ in millions 2023 2022 Total nonconsolidated VIEs Assets in VIEs $ 191,778 $ 181,697 Carrying value of variable interests — assets $ 13,441 $ 12,325 Carrying value of variable interests — liabilities $ 1,051 $ 659 Maximum exposure to loss: Retained interests $ 4,887 $ 5,043 Purchased interests 993 861 Commitments and guarantees 3,106 3,087 Derivatives 8,764 8,802 Debt and equity 7,171 6,026 Total $ 24,921 $ 23,819 In the table above: • The nature of the firm’s variable interests is described in the rows under maximum exposure to loss. • The firm’s exposure to the obligations of VIEs is generally limited to its interests in these entities. In certain instances, the firm provides guarantees, including derivative guarantees, to VIEs or holders of variable interests in VIEs. • The maximum exposure to loss excludes the benefit of offsetting financial instruments that are held to mitigate the risks associated with these variable interests. • The maximum exposure to loss from retained interests, purchased interests, and debt and equity is the carrying value of these interests. • The maximum exposure to loss from commitments and guarantees, and derivatives is the notional amount, which does not represent anticipated losses and has not been reduced by unrealized losses. As a result, the maximum exposure to loss exceeds liabilities recorded for commitments and guarantees, and derivatives. The table below presents information, by principal business activity, for nonconsolidated VIEs included in the summary table above. As of March December $ in millions 2023 2022 Mortgage-backed Assets in VIEs $ 128,774 $ 127,290 Carrying value of variable interests — assets $ 4,860 $ 4,977 Maximum exposure to loss: Retained interests $ 4,506 $ 4,645 Purchased interests 354 332 Commitments and guarantees 44 64 Derivatives 2 2 Total $ 4,906 $ 5,043 Real estate, credit- and power-related and other investing Assets in VIEs $ 37,318 $ 29,193 Carrying value of variable interests — assets $ 4,722 $ 4,415 Carrying value of variable interests — liabilities $ 376 $ 2 Maximum exposure to loss: Commitments and guarantees $ 2,796 $ 2,679 Debt and equity 4,720 4,414 Total $ 7,516 $ 7,093 Corporate debt and other asset-backed Assets in VIEs $ 20,655 $ 19,428 Carrying value of variable interests — assets $ 3,745 $ 2,817 Carrying value of variable interests — liabilities $ 675 $ 657 Maximum exposure to loss: Retained interests $ 381 $ 398 Purchased interests 639 529 Commitments and guarantees 111 190 Derivatives 8,762 8,800 Debt and equity 2,337 1,496 Total $ 12,230 $ 11,413 Investments in funds Assets in VIEs $ 5,031 $ 5,786 Carrying value of variable interests — assets $ 114 $ 116 Maximum exposure to loss: Commitments and guarantees $ 155 $ 154 Debt and equity 114 116 Total $ 269 $ 270 |
Consolidated Variable Interest Entities | The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in consolidated VIEs. As of March December $ in millions 2023 2022 Total consolidated VIEs Assets Cash and cash equivalents $ 335 $ 348 Customer and other receivables 13 7 Trading assets 94 103 Investments 90 101 Loans 997 1,177 Other assets 332 336 Total $ 1,861 $ 2,072 Liabilities Other secured financings $ 957 $ 952 Customer and other payables 2 51 Trading liabilities – 9 Unsecured short-term borrowings 60 58 Unsecured long-term borrowings 17 16 Other liabilities 114 112 Total $ 1,150 $ 1,198 In the table above: • Assets and liabilities are presented net of intercompany eliminations and exclude the benefit of offsetting financial instruments that are held to mitigate the risks associated with the firm’s variable interests. • VIEs in which the firm holds a majority voting interest are excluded if (i) the VIE meets the definition of a business and (ii) the VIE’s assets can be used for purposes other than the settlement of its obligations. • Substantially all assets can only be used to settle obligations of the VIE. The table below presents information, by principal business activity, for consolidated VIEs included in the summary table above. As of March December $ in millions 2023 2022 Real estate, credit-related and other investing Assets Cash and cash equivalents $ 320 $ 339 Customer and other receivables 13 7 Trading assets 32 42 Investments 90 101 Loans 997 1,177 Other assets 332 336 Total $ 1,784 $ 2,002 Liabilities Other secured financings $ 163 $ 170 Customer and other payables 2 51 Trading liabilities – 9 Other liabilities 114 112 Total $ 279 $ 342 Corporate debt and other asset-backed Assets Cash and cash equivalents $ 15 $ 9 Trading assets 21 20 Total $ 36 $ 29 Liabilities Other secured financings $ 482 $ 482 Total $ 482 $ 482 Principal-protected notes Assets Trading assets $ 41 $ 41 Total $ 41 $ 41 Liabilities Other secured financings $ 312 $ 300 Unsecured short-term borrowings 60 58 Unsecured long-term borrowings 17 16 Total $ 389 $ 374 In the table above: • The majority of the assets in principal-protected notes VIEs are intercompany and are eliminated in consolidation. |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | The table below presents commitments by type. As of March December $ in millions 2023 2022 Commitment Type Commercial lending: Investment-grade $ 96,058 $ 100,438 Non-investment-grade 56,014 53,486 Warehouse financing 7,757 9,116 Consumer 68,644 64,098 Total lending 228,473 227,138 Risk participations 9,238 9,173 Collateralized agreement 126,351 105,301 Collateralized financing 37,190 22,532 Investment 7,459 7,705 Other 8,033 9,690 Total commitments $ 416,744 $ 381,539 The table below presents commitments by expiration. As of March 2023 Remainder 2024 - 2026 - 2028 - $ in millions of 2023 2025 2027 Thereafter Commitment Type Commercial lending: Investment-grade $ 10,376 $ 24,016 $ 52,067 $ 9,599 Non-investment-grade 3,774 16,696 27,174 8,370 Warehouse financing 1,705 4,895 1,054 103 Consumer 68,383 261 – – Total lending 84,238 45,868 80,295 18,072 Risk participations 2,575 3,320 3,087 256 Collateralized agreement 125,110 1,241 – – Collateralized financing 36,412 778 – – Investment 1,152 1,258 2,298 2,751 Other 7,445 352 – 236 Total commitments $ 256,932 $ 52,817 $ 85,680 $ 21,315 In the table above, beginning in the first quarter of 2023, the firm made certain changes to its methodology for determining internal credit ratings. See Note 9 for further information about these changes. Prior period amounts have been conformed to reflect the current methodology. The impact to December 2022 was an increase in commercial lending commitments classified as investment-grade and a decrease in commercial lending commitments classified as non-investment-grade of $2.78 billion. |
Lending Commitments | The table below presents information about lending commitments. As of March December $ in millions 2023 2022 Held for investment $ 224,164 $ 222,689 Held for sale 3,313 3,355 At fair value 996 1,094 Total $ 228,473 $ 227,138 In the table above: • Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $954 million (including allowance for credit losses of $747 million) as of March 2023 and $1.01 billion (including allowance for credit losses of $774 million) as of December 2022. The estimated fair value of such lending commitments was a liability of $5.81 billion as of March 2023 and $5.95 billion as of December 2022. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $2.79 billion as of March 2023 and $3.11 billion as of December 2022 would have been classified in level 2, and $3.02 billion as of March 2023 and $2.84 billion as of December 2022 would have been classified in level 3. • Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $75 million as of March 2023 and $88 million as of December 2022. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 3 as of both March 2023 and December 2022. |
Guarantees | The table below presents derivatives that meet the definition of a guarantee, securities lending and clearing guarantees and certain other financial guarantees. $ in millions Derivatives Securities Other As of March 2023 Carrying Value of Net Liability $ 6,367 $ – $ 402 Maximum Payout/Notional Amount by Period of Expiration Remainder of 2023 $ 108,381 $ 25,270 $ 1,056 2024 - 2025 152,538 – 3,314 2026 - 2027 23,009 – 2,572 2028 - thereafter 29,841 – 237 Total $ 313,769 $ 25,270 $ 7,179 As of December 2022 Carrying Value of Net Liability $ 7,485 $ – $ 395 Maximum Payout/Notional Amount by Period of Expiration 2023 $ 110,599 $ 20,970 $ 1,634 2024 - 2025 133,090 – 3,308 2026 - 2027 20,252 – 1,837 2028 - thereafter 27,518 – 93 Total $ 291,459 $ 20,970 $ 6,872 In the table above: • The maximum payout is based on the notional amount of the contract and does not represent anticipated losses. • Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Amount of Common Stock Repurchased by the Firm | The table below presents information about common stock repurchases. Three Months in millions, except per share amounts 2023 2022 Common share repurchases 7.1 1.4 Average cost per share $ 359.77 $ 363.53 Total cost of common share repurchases $ 2,546 $ 500 |
Summary of Dividends Declared on Common Stock | The table below presents common stock dividends declared. Three Months 2023 2022 Dividends declared per common share $ 2.50 $ 2.00 |
Summary of Perpetual Preferred Stock Issued and Outstanding | The tables below present information about the perpetual preferred stock issued and outstanding as of March 2023. Series Shares Shares Shares Depositary Shares A 50,000 30,000 29,999 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 7,667 7,667 N.A. F 5,000 1,615 1,615 N.A. J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 O 26,000 26,000 26,000 25 P 66,000 60,000 60,000 25 Q 20,000 20,000 20,000 25 R 24,000 24,000 24,000 25 S 14,000 14,000 14,000 25 T 27,000 27,000 27,000 25 U 30,000 30,000 30,000 25 V 30,000 30,000 30,000 25 Total 472,700 400,282 400,280 Series Earliest Redemption Date Liquidation Redemption Value ($ in millions) A Currently redeemable $ 25,000 $ 750 C Currently redeemable $ 25,000 200 D Currently redeemable $ 25,000 1,350 E Currently redeemable $ 100,000 767 F Currently redeemable $ 100,000 161 J May 10, 2023 $ 25,000 1,000 K May 10, 2024 $ 25,000 700 O November 10, 2026 $ 25,000 650 P Currently redeemable $ 25,000 1,500 Q August 10, 2024 $ 25,000 500 R February 10, 2025 $ 25,000 600 S February 10, 2025 $ 25,000 350 T May 10, 2026 $ 25,000 675 U August 10, 2026 $ 25,000 750 V November 10, 2026 $ 25,000 750 Total $ 10,703 In the tables above: • All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares. • The earliest redemption date represents the date on which each share of non-cumulative preferred stock is redeemable at the firm’s option. • Prior to redeeming preferred stock, the firm must receive approval from the FRB. • The redemption price per share for Series A through F and Series Q through V Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series J through P Preferred Stock is the liquidation preference plus accrued and unpaid dividends. • All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation. • The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period. • Series E and Series F Preferred Stock are held by Goldman Sachs Capital II and Goldman Sachs Capital III, respectively. These trusts are Delaware statutory trusts sponsored by the firm and wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes. |
Summary of Dividend Rates of Perpetual Preferred Stock Issued and Outstanding | The table below presents the dividend rates of perpetual preferred stock as of March 2023. Series Per Annum Dividend Rate A 3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly C 3 month LIBOR + 0.75%, with floor of 4.00%, payable quarterly D 3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly E 3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly F 3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly J 5.50% to, but excluding, May 10, 2023; K 6.375% to, but excluding, May 10, 2024; O 5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter P 3 month LIBOR + 2.874%, payable quarterly Q 5.50%, payable semi-annually, from issuance date to, but excluding, August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter R 4.95%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter S 4.40%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter T 3.80%, payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter U 3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter V 4.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter |
Summary of Preferred Dividends Declared on Preferred Stock Issued | The table below presents preferred stock dividends declared. 2023 2022 Series per share $ in millions per share $ in millions Three Months Ended March A $ 341.29 $ 10 $ 239.58 $ 7 C $ 341.29 3 $ 255.56 2 D $ 336.18 18 $ 255.56 14 E $ 1,382.02 10 $ 1,000.00 7 F $ 1,382.64 2 $ 1,000.00 2 J $ 343.75 14 $ 343.75 14 K $ 398.44 11 $ 398.44 11 P $ 476.99 28 $ – – Q $ 687.50 14 $ 687.50 14 R $ 618.75 15 $ 618.75 15 S $ 550.00 8 $ 550.00 8 U $ 456.25 14 $ 486.67 14 Total $ 147 $ 108 |
Accumulated Other Comprehensive Income/(Loss), Net of Tax | The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type. $ in millions Beginning Other Ending Three Months Ended March 2023 Currency translation $ (785) $ (31) $ (816) Debt valuation adjustment 892 (1) 891 Pension and postretirement liabilities (499) 14 (485) Available-for-sale securities (2,618) 427 (2,191) Total $ (3,010) $ 409 $ (2,601) Three Months Ended March 2022 Currency translation $ (738) $ (15) $ (753) Debt valuation adjustment (511) 740 229 Pension and postretirement liabilities (327) 13 (314) Available-for-sale securities (492) (1,354) (1,846) Total $ (2,068) $ (616) $ (2,684) |
Regulation and Capital Adequa_2
Regulation and Capital Adequacy (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Risk-based Capital and Leverage Requirements | The table below presents the risk-based capital requirements. Standardized Advanced As of March 2023 CET1 capital ratio 13.8 % 10.0 % Tier 1 capital ratio 15.3 % 11.5 % Total capital ratio 17.3 % 13.5 % As of December 2022 CET1 capital ratio 13.3 % 9.5 % Tier 1 capital ratio 14.8 % 11.0 % Total capital ratio 16.8 % 13.0 % In the table above: • Under both the Standardized and Advanced Capital Rules, the CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements, consisting of the G-SIB surcharge (Method 2) of 3.0% as of March 2023 and 2.5% as of December 2022 and the countercyclical capital buffer, which the FRB has set to zero percent. In addition, the capital conservation buffer requirements include the stress capital buffer of 6.3% under the Standardized Capital Rules and a buffer of 2.5% under the Advanced Capital Rules. |
Risk-based Capital Ratios | The table below presents information about risk-based capital ratios. $ in millions Standardized Advanced As of March 2023 CET1 capital $ 98,060 $ 98,060 Tier 1 capital $ 108,563 $ 108,563 Tier 2 capital $ 15,516 $ 11,699 Total capital $ 124,079 $ 120,262 RWAs $ 660,787 $ 677,658 CET1 capital ratio 14.8 % 14.5 % Tier 1 capital ratio 16.4 % 16.0 % Total capital ratio 18.8 % 17.7 % As of December 2022 CET1 capital $ 98,050 $ 98,050 Tier 1 capital $ 108,552 $ 108,552 Tier 2 capital $ 15,958 $ 12,115 Total capital $ 124,510 $ 120,667 RWAs $ 653,419 $ 679,450 CET1 capital ratio 15.0 % 14.4 % Tier 1 capital ratio 16.6 % 16.0 % Total capital ratio 19.1 % 17.8 % |
Leverage Ratio | The table below presents the leverage requirements. Requirements Tier 1 leverage ratio 4.0 % SLR 5.0 % In the table above, the SLR requirement of 5% includes a minimum of 3% and a 2% buffer applicable to G-SIBs. The table below presents information about leverage ratios. For the Three Months Ended or as of March December $ in millions 2023 2022 Tier 1 capital $ 108,563 $ 108,552 Average total assets $ 1,510,619 $ 1,500,225 Deductions from Tier 1 capital (8,331) (8,259) Average adjusted total assets 1,502,288 1,491,966 Off-balance sheet and other exposures 373,304 375,392 Total leverage exposure $ 1,875,592 $ 1,867,358 Tier 1 leverage ratio 7.2 % 7.3% SLR 5.8 % 5.8% In the table above: • Average total assets represents the average daily assets for the quarter adjusted for the impact of Current Expected Credit Losses (CECL) transition. • Off-balance sheet and other exposures primarily includes the monthly average of off-balance sheet exposures, consisting of derivatives, securities financing transactions, commitments and guarantees. • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. |
Changes in CET1, Tier 1 Capital and Tier 2 Capital | The table below presents changes in CET1 capital, Tier 1 capital and Tier 2 capital. $ in millions Standardized Advanced Three Months Ended March 2023 CET1 capital Beginning balance $ 98,050 $ 98,050 Change in: Common shareholders’ equity 320 320 Impact of CECL transition (276) (276) Deduction for goodwill (65) (65) Deduction for identifiable intangible assets 50 50 Other adjustments (19) (19) Ending balance $ 98,060 $ 98,060 Tier 1 capital Beginning balance $ 108,552 $ 108,552 Change in: CET1 capital 10 10 Deduction for investments in covered funds 1 1 Ending balance 108,563 108,563 Tier 2 capital Beginning balance 15,958 12,115 Change in: Qualifying subordinated debt (236) (236) Allowance for credit losses (209) – Other adjustments 3 (180) Ending balance 15,516 11,699 Total capital $ 124,079 $ 120,262 |
Risk-weighted Assets | The table below presents information about RWAs. $ in millions Standardized Advanced As of March 2023 Credit RWAs Derivatives $ 143,448 $ 104,601 Commitments, guarantees and loans 245,097 194,594 Securities financing transactions 81,283 20,253 Equity investments 31,513 34,050 Other 79,615 105,979 Total Credit RWAs 580,956 459,477 Market RWAs Regulatory VaR 18,167 18,167 Stressed VaR 37,845 37,845 Incremental risk 4,468 4,468 Comprehensive risk 3,205 3,205 Specific risk 16,146 16,146 Total Market RWAs 79,831 79,831 Total Operational RWAs – 138,350 Total RWAs $ 660,787 $ 677,658 As of December 2022 Credit RWAs Derivatives $ 142,696 $ 111,344 Commitments, guarantees and loans 247,026 198,508 Securities financing transactions 73,189 21,659 Equity investments 30,899 33,451 Other 76,335 96,351 Total Credit RWAs 570,145 461,313 Market RWAs Regulatory VaR 18,981 18,981 Stressed VaR 37,833 37,833 Incremental risk 6,470 6,470 Comprehensive risk 3,641 3,641 Specific risk 16,349 16,349 Total Market RWAs 83,274 83,274 Total Operational RWAs – 134,863 Total RWAs $ 653,419 $ 679,450 In the table above: • Securities financing transactions represents resale and repurchase agreements and securities borrowed and loaned transactions. |
Changes in Risk-weighted Assets | The table below presents changes in RWAs. $ in millions Standardized Advanced Three Months Ended March 2023 RWAs Beginning balance $ 653,419 $ 679,450 Credit RWAs Change in: Derivatives 752 (6,743) Commitments, guarantees and loans (1,929) (3,914) Securities financing transactions 8,094 (1,406) Equity investments 614 599 Other 3,280 9,628 Change in Credit RWAs 10,811 (1,836) Market RWAs Change in: Regulatory VaR (814) (814) Stressed VaR 12 12 Incremental risk (2,002) (2,002) Comprehensive risk (436) (436) Specific risk (203) (203) Change in Market RWAs (3,443) (3,443) Change in Operational RWAs – 3,487 Ending balance $ 660,787 $ 677,658 |
Minimum Risk-based Capital Under the Standardized and Advanced Capital Rules and the Leverage Ratios and "well-capitalized" Minimum Ratios | The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements. Requirements “Well-capitalized” Risk-based capital requirements CET1 capital ratio 7.0 % 6.5 % Tier 1 capital ratio 8.5 % 8.0 % Total capital ratio 10.5 % 10.0 % Leverage requirements Tier 1 leverage ratio 4.0 % 5.0 % SLR 3.0 % 6.0 % In the table above: • The CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements consisting of a 2.5% buffer and the countercyclical capital buffer, which the FRB has set to zero percent. |
Basel III Advanced Rules | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Risk-based Capital | The table below presents information about risk-based capital. As of March December $ in millions 2023 2022 Common shareholders’ equity $ 106,806 $ 106,486 Impact of CECL transition 553 829 Deduction for goodwill (5,739) (5,674) Deduction for identifiable intangible assets (1,720) (1,770) Other adjustments (1,840) (1,821) CET1 capital 98,060 98,050 Preferred stock 10,703 10,703 Deduction for investments in covered funds (198) (199) Other adjustments (2) (2) Tier 1 capital $ 108,563 $ 108,552 Standardized Tier 2 and Total capital Tier 1 capital $ 108,563 $ 108,552 Qualifying subordinated debt 10,401 10,637 Allowance for credit losses 5,122 5,331 Other adjustments (7) (10) Standardized Tier 2 capital 15,516 15,958 Standardized Total capital $ 124,079 $ 124,510 Advanced Tier 2 and Total capital Tier 1 capital $ 108,563 $ 108,552 Standardized Tier 2 capital 15,516 15,958 Allowance for credit losses (5,122) (5,331) Other adjustments 1,305 1,488 Advanced Tier 2 capital 11,699 12,115 Advanced Total capital $ 120,262 $ 120,667 In the table above: • Beginning in January 2022, the firm started to phase in the estimated reduction to regulatory capital as a result of adopting the CECL model. The total amount of reduction to be phased in from January 1, 2022 through January 1, 2025 (at 25% per year) was $1.11 billion, of which $553 million had been phased in as of March 2023. The total amount to be phased in includes the impact of adopting CECL as of January 1, 2020, as well as 25% of the increase in the allowance for credit losses from January 1, 2020 through December 31, 2021. The impact of CECL transition reflects the remaining amount of reduction to be phased in as of both March 2023 and December 2022. • Deduction for goodwill was net of deferred tax liabilities of $700 million as of both March 2023 and December 2022. • Deduction for identifiable intangible assets was net of deferred tax liabilities of $245 million as of March 2023 and $239 million as of December 2022. • Deduction for investments in covered funds represents the firm’s aggregate investments in applicable covered funds. See Note 8 for further information about the Volcker Rule. • Other adjustments within CET1 capital and Tier 1 capital primarily include credit valuation adjustments on derivative liabilities, the overfunded portion of the firm’s defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, debt valuation adjustments and other required credit risk-based deductions. Other adjustments within Advanced Tier 2 capital include eligible credit reserves. |
Hybrid Capital Rules | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Risk-based Capital | The table below presents information about GS Bank USA’s risk-based capital ratios. $ in millions Standardized Advanced As of March 2023 CET1 capital $ 48,646 $ 48,646 Tier 1 capital $ 48,646 $ 48,646 Tier 2 capital $ 6,070 $ 3,226 Total capital $ 54,716 $ 51,872 RWAs $ 357,721 $ 275,916 CET1 capital ratio 13.6 % 17.6 % Tier 1 capital ratio 13.6 % 17.6 % Total capital ratio 15.3 % 18.8 % As of December 2022 CET1 capital $ 46,845 $ 46,845 Tier 1 capital $ 46,845 $ 46,845 Tier 2 capital $ 8,042 $ 5,382 Total capital $ 54,887 $ 52,227 RWAs $ 357,112 $ 275,451 CET1 capital ratio 13.1 % 17.0 % Tier 1 capital ratio 13.1 % 17.0 % Total capital ratio 15.4 % 19.0 % In the table above: • The lower of the Standardized or Advanced ratio is the ratio against which GS Bank USA’s compliance with the capital requirements is assessed under the risk-based Capital Rules, and therefore, the Standardized ratios applied to GS Bank USA as of both March 2023 and December 2022. • Beginning in January 2022, GS Bank USA started to phase in the estimated reduction to regulatory capital as a result of adopting the CECL model at 25% per year through January 2025. The total amount to be phased in includes the impact of adopting CECL as of January 1, 2020, as well as 25% of the increase in the allowance for credit losses from January 1, 2020 through December 31, 2021. |
GS Bank USA | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Leverage Ratio | The table below presents information about GS Bank USA’s leverage ratios. For the Three Months Ended or as of March December $ in millions 2023 2022 Tier 1 capital $ 48,646 $ 46,845 Average adjusted total assets $ 497,584 $ 499,108 Total leverage exposure $ 669,529 $ 671,215 Tier 1 leverage ratio 9.8 % 9.4 % SLR 7.3 % 7.0 % In the table above: • Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital and the impact of CECL transition. • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. |
GSIB | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Leverage Ratio | The table below presents GSIB's leverage ratio requirement which became effective in January 2023 and the leverage ratio. As of March 2023 Leverage ratio requirement 3.45 % Leverage ratio 6.4 % In the table above, the leverage ratio as of March 2023 reflected profits after foreseeable charges that are still subject to audit by GSIB’s external auditors and approval by GSIB’s Board of Directors for inclusion in risk-based capital. These profits contributed approximately 34 basis points to the leverage ratio as of March 2023. |
Risk-based Capital | The table below presents information about GSIB’s risk-based capital ratios. As of March December $ in millions 2023 2022 Risk-based capital and risk-weighted assets CET1 capital $ 3,592 $ 3,395 Tier 1 capital $ 3,592 $ 3,395 Tier 2 capital $ 826 $ 828 Total capital $ 4,418 $ 4,223 RWAs $ 15,944 $ 15,766 Risk-based capital ratios CET1 capital ratio 22.5 % 21.5 % Tier 1 capital ratio 22.5 % 21.5 % Total capital ratio 27.7 % 26.8 % |
Schedule of Risk Based Capital Requirements | The table below presents GSIB’s risk-based capital requirements. As of March December 2023 2022 Risk-based capital requirements CET1 capital ratio 9.7 % 9.7 % Tier 1 capital ratio 12.0 % 11.9 % Total capital ratio 15.0 % 14.9 % |
GSBE | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Leverage Ratio | The table below presents GSBE’s leverage ratio requirement and leverage ratio. As of March December 2023 2022 Leverage ratio requirement 3.0 % 3.0 % Leverage ratio 11.4 % 10.6 % |
Risk-based Capital | The table below presents information about GSBE’s risk-based capital ratios. As of March December $ in millions 2023 2022 Risk-based capital and risk-weighted assets CET1 capital $ 13,474 $ 9,536 Tier 1 capital $ 13,474 $ 9,536 Tier 2 capital $ 22 $ 21 Total capital $ 13,496 $ 9,557 RWAs $ 31,319 $ 30,154 Risk-based capital ratios CET1 capital ratio 43.0 % 31.6% Tier 1 capital ratio 43.0 % 31.6% Total capital ratio 43.1 % 31.7% |
Schedule of Risk Based Capital Requirements | The table below presents GSBE’s risk-based capital requirements. As of March December 2023 2022 Risk-based capital requirements CET1 capital ratio 9.6 % 9.2 % Tier 1 capital ratio 11.7 % 11.3 % Total capital ratio 14.5 % 14.0 % |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | The table below presents information about basic and diluted EPS. Three Months in millions, except per share amounts 2023 2022 Net earnings to common $ 3,087 $ 3,831 Weighted average basic shares 346.6 351.2 Effect of dilutive RSUs 4.7 4.7 Weighted average diluted shares 351.3 355.9 Basic EPS $ 8.87 $ 10.87 Diluted EPS $ 8.79 $ 10.76 In the table above: • Net earnings to common represents net earnings applicable to common shareholders, which is calculated as net earnings less preferred stock dividends. • Unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities under the two-class method. Distributed earnings allocated to these securities reduce net earnings to common to calculate EPS under this method. The impact of applying this methodology was a reduction in basic EPS of $0.04 for both the three months ended March 2023 and March 2022. |
Transactions with Affiliated _2
Transactions with Affiliated Funds (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Transactions With Affiliated Funds [Abstract] | |
Fees Earned from Affiliated Funds | The tables below present information about affiliated funds. Three Months $ in millions 2023 2022 Fees earned from funds $ 1,165 $ 962 |
Fees Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds | As of March December $ in millions 2023 2022 Fees receivable from funds $ 1,319 $ 1,175 Aggregate carrying value of interests in funds $ 3,943 $ 3,801 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Sources Interest Income and Interest Expense | The table below presents sources of interest income and interest expense. Three Months $ in millions 2023 2022 Deposits with banks $ 2,470 $ 8 Collateralized agreements 3,389 (202) Trading assets 1,824 1,090 Investments 817 381 Loans 3,458 1,550 Other interest 2,980 385 Total interest income 14,938 3,212 Deposits 3,495 370 Collateralized financings 2,360 11 Trading liabilities 598 432 Short-term borrowings 216 77 Long-term borrowings 2,650 754 Other interest 3,838 (259) Total interest expense 13,157 1,385 Net interest income $ 1,781 $ 1,827 In the table above: • Collateralized agreements includes rebates paid and interest income on securities borrowed. • Loans excludes interest on loans held for sale that are accounted for at the lower of cost or fair value. Such interest is included within other interest. • Other interest income includes interest income on customer debit balances, other interest-earning assets and loans held for sale that are accounted for at the lower of cost or fair value. • Collateralized financings consists of repurchase agreements and securities loaned. • Short- and long-term borrowings include both secured and unsecured borrowings. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Earliest Tax Years Subject to Examination by Major Jurisdiction | The table below presents the earliest tax years that remain subject to examination by major jurisdiction. As of Jurisdiction March 2023 U.S. Federal 2011 New York State and City 2015 United Kingdom 2017 Japan 2016 Hong Kong 2016 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Operating Results and Assets By Segment | The table below presents a summary of the firm’s segment results. Three Months $ in millions 2023 2022 Global Banking & Markets Non-interest revenues $ 8,097 $ 9,364 Net interest income 347 698 Total net revenues 8,444 10,062 Provision for credit losses 129 191 Operating expenses 4,629 4,973 Pre-tax earnings $ 3,686 $ 4,898 Net earnings $ 2,986 $ 4,144 Net earnings to common $ 2,876 $ 4,064 Average common equity $ 69,497 $ 67,941 Return on average common equity 16.6 % 23.9 % Asset & Wealth Management Non-interest revenues $ 2,330 $ 1,801 Net interest income 886 802 Total net revenues 3,216 2,603 Provision for credit losses (565) 203 Operating expenses 3,168 2,409 Pre-tax earnings/(loss) $ 613 $ (9) Net earnings/(loss) $ 496 $ (8) Net earnings/(loss) to common $ 464 $ (34) Average common equity $ 32,684 $ 31,150 Return on average common equity 5.7 % (0.4) % Platform Solutions Non-interest revenues $ 16 $ (59) Net interest income 548 327 Total net revenues 564 268 Provision for credit losses 265 167 Operating expenses 605 334 Pre-tax earnings/(loss) $ (306) $ (233) Net earnings/(loss) $ (248) $ (197) Net earnings/(loss) to common $ (253) $ (199) Average common equity $ 3,935 $ 2,787 Return on average common equity (25.7) % (28.6) % Total Non-interest revenues $ 10,443 $ 11,106 Net interest income 1,781 1,827 Total net revenues 12,224 12,933 Provision for credit losses (171) 561 Operating expenses 8,402 7,716 Pre-tax earnings $ 3,993 $ 4,656 Net earnings $ 3,234 $ 3,939 Net earnings to common $ 3,087 $ 3,831 Average common equity $ 106,116 $ 101,878 Return on average common equity 11.6 % 15.0 % In the table above: • Revenues and expenses directly associated with each segment are included in determining pre-tax earnings. • Net revenues in the firm’s segments include allocations of interest income and expense to specific positions in relation to the cash generated by, or funding requirements of, such positions. Net interest is included in segment net revenues as it is consistent with how management assesses segment performance. • Expenses not directly associated with specific segments are allocated based on an estimate of support provided to each segment. The table below presents assets by segment. As of March December $ in millions 2023 2022 Global Banking & Markets $ 1,278,710 $ 1,169,539 Asset & Wealth Management 200,943 214,970 Platform Solutions 58,696 57,290 Total $ 1,538,349 $ 1,441,799 |
Depreciation and Amortization | The table below presents depreciation and amortization expense by segment. Three Months $ in millions 2023 2022 Global Banking & Markets $ 277 $ 258 Asset & Wealth Management 618 208 Platform Solutions 75 26 Total $ 970 $ 492 In the table above, depreciation and amortization expenses in Asset & Wealth Management for the first quarter of 2023 included impairments of approximately $355 million related to consolidated real estate investments. |
Total Net Revenues and Pre-Tax Earnings By Geographic Region | The table below presents total net revenues and pre-tax earnings by geographic region. $ in millions 2023 2022 Three Months Ended March Americas $ 7,194 59 % $ 7,334 57 % EMEA 3,584 29 % 3,871 30 % Asia 1,446 12 % 1,728 13 % Total net revenues $ 12,224 100 % $ 12,933 100 % Americas $ 2,019 51 % $ 2,281 49 % EMEA 1,560 39 % 1,805 39 % Asia 414 10 % 570 12 % Total pre-tax earnings $ 3,993 100 % $ 4,656 100 % In the table above: • Substantially all of the amounts in Americas were attributable to the U.S. |
Credit Concentrations (Tables)
Credit Concentrations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Credit Concentrations Included in Trading Cash Instruments and Investments | The table below presents the credit concentrations included in trading cash instruments and investments. As of March December $ in millions 2023 2022 U.S. government and agency obligations $ 223,551 $ 205,935 Percentage of total assets 14.5 % 14.3 % Non-U.S. government and agency obligations $ 65,062 $ 40,334 Percentage of total assets 4.2 % 2.8 % |
U.S. Government and Agency Obligations and Non-U.S. Government and Agency Obligations that Collateralize Resale Agreements and Securities Borrowed Transactions | The table below presents U.S. government and agency obligations and non-U.S. government and agency obligations that collateralize resale agreements and securities borrowed transactions. As of March December $ in millions 2023 2022 U.S. government and agency obligations $ 121,309 $ 164,897 Non-U.S. government and agency obligations $ 97,065 $ 76,456 In the table above: • Non-U.S. government and agency obligations primarily consists of securities issued by the governments of the U.K., Japan, Germany and France. |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 3 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Summary of Accounting and Financial Policies [Line Items] | |||
Firm's revenues from contracts with clients as a percentage of firm's total non-interest revenues | 45% | 40% | |
Investment Banking revenues from contracts with clients as a percentage of firm's investment banking revenues | 85% | 80% | |
Investment management revenues from contracts with clients as a percentage of firm's investment management revenue | 95% | 95% | |
Cash and cash equivalents due from banks | $ 8,200 | $ 7,870 | |
Interest-bearing deposits with banks | 221,130 | 233,960 | |
Cash segregated for regulatory and other purposes | 20,080 | 16,940 | |
Receivable from customers and counterparties | 76,680 | 67,880 | |
Receivables from brokers, dealers and clearing organizations | 67,950 | 67,570 | |
Firm's receivables from contracts with clients | 3,150 | 3,010 | |
Payables to customers and counterparties | 243,370 | 238,120 | |
Payables to brokers, dealers and clearing organizations | 22,930 | $ 23,930 | |
Maximum | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Annual average revenues associated with known remaining performance obligations | $ 300 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Carried at Fair Value (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | $ 735,167 | $ 650,966 |
Total assets | $ 1,538,349 | $ 1,441,799 |
Total level 3 financial assets divided by total assets | 1.70% | 1.80% |
Total level 3 financial assets divided by total financial assets at fair value | 3.50% | 4% |
Total financial liabilities at fair value | $ 551,421 | $ 447,584 |
Total liabilities | $ 1,420,840 | $ 1,324,610 |
Total level 3 financial liabilities divided by total liabilities | 1.70% | 1.70% |
Total level 3 financial liabilities divided by total financial liabilities at fair value | 4.30% | 5.10% |
Counterparty and cash collateral netting | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | $ (54,394) | $ (57,855) |
Total financial liabilities at fair value | (39,646) | (47,884) |
Investments in funds at NAV | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 3,020 | 2,941 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 287,682 | 194,698 |
Total financial liabilities at fair value | 123,781 | 119,578 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 473,062 | 485,134 |
Total financial liabilities at fair value | 443,461 | 353,060 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 25,797 | 26,048 |
Total financial liabilities at fair value | $ 23,825 | $ 22,830 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Level 3 Financial Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | $ 735,167 | $ 650,966 |
Investment at fair value | 77,241 | 78,201 |
Loans at fair value | 7,506 | 7,655 |
Other assets at fair value | 252 | 145 |
Derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 104,514 | 117,268 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 25,797 | 26,048 |
Loans at fair value | 1,787 | 1,837 |
Other assets at fair value | 104 | 74 |
Level 3 | Trading cash instruments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading cash instrument at fair value | 1,558 | 1,734 |
Level 3 | Derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 5,115 | 5,461 |
Level 3 | Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment at fair value | 17,233 | 16,942 |
Level 3 | Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans at fair value | 1,787 | 1,837 |
Level 3 | Other assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets at fair value | $ 104 | $ 74 |
Fair Value Hierarchy - Schedule
Fair Value Hierarchy - Schedule of Trading Cash Instruments by Level (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Trading cash instruments assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | $ 357,275 | $ 241,832 |
Trading cash instruments assets | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 237,056 | 143,577 |
Trading cash instruments assets | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 118,661 | 96,521 |
Trading cash instruments assets | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 1,558 | 1,734 |
Trading cash instruments assets | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 123,624 | 107,381 |
Trading cash instruments assets | U.S. government and agency obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 80,692 | 75,598 |
Trading cash instruments assets | U.S. government and agency obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 42,932 | 31,783 |
Trading cash instruments assets | U.S. government and agency obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 0 | 0 |
Trading cash instruments assets | Non-U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 62,714 | 38,099 |
Trading cash instruments assets | Non-U.S. government and agency obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 42,324 | 22,794 |
Trading cash instruments assets | Non-U.S. government and agency obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 20,295 | 15,238 |
Trading cash instruments assets | Non-U.S. government and agency obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 95 | 67 |
Trading cash instruments assets | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 1,611 | 1,201 |
Trading cash instruments assets | Commercial real estate | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 0 | 0 |
Trading cash instruments assets | Commercial real estate | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 1,527 | 1,135 |
Trading cash instruments assets | Commercial real estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 84 | 66 |
Trading cash instruments assets | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 9,584 | 9,794 |
Trading cash instruments assets | Residential real estate | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 0 | 0 |
Trading cash instruments assets | Residential real estate | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 9,490 | 9,706 |
Trading cash instruments assets | Residential real estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 94 | 88 |
Trading cash instruments assets | Corporate debt instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 34,537 | 29,042 |
Trading cash instruments assets | Corporate debt instruments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 336 | 249 |
Trading cash instruments assets | Corporate debt instruments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 33,191 | 27,555 |
Trading cash instruments assets | Corporate debt instruments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 1,010 | 1,238 |
Trading cash instruments assets | State and municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 155 | 727 |
Trading cash instruments assets | State and municipal obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 0 | 0 |
Trading cash instruments assets | State and municipal obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 143 | 707 |
Trading cash instruments assets | State and municipal obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 12 | 20 |
Trading cash instruments assets | Other debt obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 3,622 | 2,529 |
Trading cash instruments assets | Other debt obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 70 | 27 |
Trading cash instruments assets | Other debt obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 3,403 | 2,349 |
Trading cash instruments assets | Other debt obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 149 | 153 |
Trading cash instruments assets | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 115,823 | 47,150 |
Trading cash instruments assets | Equity securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 113,634 | 44,909 |
Trading cash instruments assets | Equity securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 2,078 | 2,141 |
Trading cash instruments assets | Equity securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 111 | 100 |
Trading cash instruments assets | Commodities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 5,605 | 5,909 |
Trading cash instruments assets | Commodities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 0 | 0 |
Trading cash instruments assets | Commodities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 5,602 | 5,907 |
Trading cash instruments assets | Commodities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument assets at fair value | 3 | 2 |
Trading cash instruments liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (142,090) | (136,589) |
Trading cash instruments liabilities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (123,714) | (119,531) |
Trading cash instruments liabilities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (18,331) | (16,994) |
Trading cash instruments liabilities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (45) | (64) |
Trading cash instruments liabilities | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (24,315) | (23,375) |
Trading cash instruments liabilities | U.S. government and agency obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (24,307) | (23,339) |
Trading cash instruments liabilities | U.S. government and agency obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (7) | (36) |
Trading cash instruments liabilities | U.S. government and agency obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (1) | 0 |
Trading cash instruments liabilities | Non-U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (41,454) | (30,709) |
Trading cash instruments liabilities | Non-U.S. government and agency obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (38,896) | (28,537) |
Trading cash instruments liabilities | Non-U.S. government and agency obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (2,558) | (2,172) |
Trading cash instruments liabilities | Non-U.S. government and agency obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | 0 | 0 |
Trading cash instruments liabilities | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (29) | (30) |
Trading cash instruments liabilities | Commercial real estate | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | 0 | 0 |
Trading cash instruments liabilities | Commercial real estate | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (29) | (30) |
Trading cash instruments liabilities | Commercial real estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | 0 | 0 |
Trading cash instruments liabilities | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (2) | (16) |
Trading cash instruments liabilities | Residential real estate | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | 0 | 0 |
Trading cash instruments liabilities | Residential real estate | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (1) | (16) |
Trading cash instruments liabilities | Residential real estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (1) | 0 |
Trading cash instruments liabilities | Corporate debt instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (15,178) | (14,342) |
Trading cash instruments liabilities | Corporate debt instruments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (65) | (64) |
Trading cash instruments liabilities | Corporate debt instruments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (15,075) | (14,217) |
Trading cash instruments liabilities | Corporate debt instruments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (38) | (61) |
Trading cash instruments liabilities | Other debt obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (20) | (37) |
Trading cash instruments liabilities | Other debt obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | 0 | 0 |
Trading cash instruments liabilities | Other debt obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (20) | (35) |
Trading cash instruments liabilities | Other debt obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | 0 | (2) |
Trading cash instruments liabilities | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (61,039) | (68,080) |
Trading cash instruments liabilities | Equity securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (60,446) | (67,591) |
Trading cash instruments liabilities | Equity securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (588) | (488) |
Trading cash instruments liabilities | Equity securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (5) | $ (1) |
Trading cash instruments liabilities | Commodities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (53) | |
Trading cash instruments liabilities | Commodities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | 0 | |
Trading cash instruments liabilities | Commodities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | (53) | |
Trading cash instruments liabilities | Commodities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading cash instrument liabilities at fair value | $ 0 |
Fair Value Hierarchy - Schedu_2
Fair Value Hierarchy - Schedule of Level 3 Assets, and Ranges and Weighted Averages of Significant Unobservable Inputs (Detail) $ in Millions | Mar. 31, 2023 USD ($) yr | Dec. 31, 2022 USD ($) yr |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 735,167 | $ 650,966 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | 25,797 | 26,048 |
Level 3 | Loans and securities backed by real estate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 178 | $ 154 |
Level 3 | Loans and securities backed by real estate | Minimum | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.035 | 0.030 |
Level 3 | Loans and securities backed by real estate | Minimum | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.358 | 0.358 |
Level 3 | Loans and securities backed by real estate | Minimum | Cumulative loss rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.037 | |
Level 3 | Loans and securities backed by real estate | Minimum | Duration (years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.8 | 0.9 |
Level 3 | Loans and securities backed by real estate | Maximum | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.435 | 0.360 |
Level 3 | Loans and securities backed by real estate | Maximum | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.760 | 0.761 |
Level 3 | Loans and securities backed by real estate | Maximum | Cumulative loss rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.299 | |
Level 3 | Loans and securities backed by real estate | Maximum | Duration (years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 13.2 | 12.3 |
Level 3 | Loans and securities backed by real estate | Weighted Average | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.140 | 0.142 |
Level 3 | Loans and securities backed by real estate | Weighted Average | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.526 | 0.547 |
Level 3 | Loans and securities backed by real estate | Weighted Average | Cumulative loss rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.104 | |
Level 3 | Loans and securities backed by real estate | Weighted Average | Duration (years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 4.1 | 4.6 |
Level 3 | Corporate debt instruments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 1,010 | $ 1,238 |
Level 3 | Corporate debt instruments | Minimum | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.032 | 0.011 |
Level 3 | Corporate debt instruments | Minimum | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.030 | 0.115 |
Level 3 | Corporate debt instruments | Minimum | Duration (years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.2 | 0.3 |
Level 3 | Corporate debt instruments | Maximum | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.390 | 0.343 |
Level 3 | Corporate debt instruments | Maximum | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.850 | 0.770 |
Level 3 | Corporate debt instruments | Maximum | Duration (years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 18.8 | 20.3 |
Level 3 | Corporate debt instruments | Weighted Average | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.088 | 0.069 |
Level 3 | Corporate debt instruments | Weighted Average | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.470 | 0.480 |
Level 3 | Corporate debt instruments | Weighted Average | Duration (years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 3.9 | 4.5 |
Level 3 | Other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 370 | $ 342 |
Level 3 | Other | Minimum | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.035 | 0.028 |
Level 3 | Other | Minimum | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 3.3 | 3.3 |
Level 3 | Other | Minimum | Duration (years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 1.9 | 1.2 |
Level 3 | Other | Maximum | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.443 | 0.478 |
Level 3 | Other | Maximum | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 5.2 | 4.5 |
Level 3 | Other | Maximum | Duration (years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 14.9 | 14.4 |
Level 3 | Other | Weighted Average | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.094 | 0.100 |
Level 3 | Other | Weighted Average | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 4.5 | 0.043 |
Level 3 | Other | Weighted Average | Duration (years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 5.9 | 6.1 |
Fair Value Hierarchy - Summary
Fair Value Hierarchy - Summary of Changes in Fair Value for Level 3 Trading Cash Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 1,734 | $ 1,889 |
Net realized gains/(losses) | 13 | 53 |
Net unrealized gains/(losses) | 25 | (1,485) |
Purchases | 181 | 793 |
Sales | (175) | (267) |
Settlements | (169) | (96) |
Transfers into level 3 | 238 | 1,324 |
Transfers out of level 3 | (289) | (290) |
Ending balance | 1,558 | 1,921 |
Assets | Loans and securities backed by real estate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 154 | 289 |
Net realized gains/(losses) | 3 | 4 |
Net unrealized gains/(losses) | 3 | 1 |
Purchases | 52 | 17 |
Sales | (21) | (40) |
Settlements | (6) | (8) |
Transfers into level 3 | 14 | 9 |
Transfers out of level 3 | (21) | (118) |
Ending balance | 178 | 154 |
Assets | Corporate debt instruments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,238 | 1,318 |
Net realized gains/(losses) | 2 | 43 |
Net unrealized gains/(losses) | 13 | (10) |
Purchases | 94 | 221 |
Sales | (111) | (200) |
Settlements | (150) | (81) |
Transfers into level 3 | 175 | 280 |
Transfers out of level 3 | (251) | (136) |
Ending balance | 1,010 | 1,435 |
Assets | Other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 342 | 282 |
Net realized gains/(losses) | 8 | 6 |
Net unrealized gains/(losses) | 9 | (1,476) |
Purchases | 35 | 555 |
Sales | (43) | (27) |
Settlements | (13) | (7) |
Transfers into level 3 | 49 | 1,035 |
Transfers out of level 3 | (17) | (36) |
Ending balance | 370 | 332 |
Liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (64) | (104) |
Net realized gains/(losses) | 2 | (1) |
Net unrealized gains/(losses) | (9) | 52 |
Purchases | 46 | 130 |
Sales | (28) | (63) |
Settlements | 13 | 2 |
Transfers into level 3 | (11) | (124) |
Transfers out of level 3 | 6 | 16 |
Ending balance | $ (45) | $ (92) |
Fair Value Hierarchy - Trading
Fair Value Hierarchy - Trading Cash Instruments, Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest income, Market making | Interest income, Market making |
Trading cash instruments, fair value disclosure | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net realized and unrealized gains (losses) on level 3 trading cash instrument assets | $ 38 | $ 1,430 |
Net realized gains / (losses) on assets | 13 | 53 |
Net unrealized gains/(losses) | 25 | 1,490 |
Trading cash instruments, fair value disclosure | Market making | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net realized and unrealized gains (losses) on level 3 trading cash instrument assets | 22 | (1,450) |
Trading cash instruments, fair value disclosure | Interest income | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net realized and unrealized gains (losses) on level 3 trading cash instrument assets | $ 16 | $ 23 |
Fair Value Hierarchy - Fair Val
Fair Value Hierarchy - Fair Value of Derivatives by Level (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Total financial assets at fair value | $ 735,167 | $ 650,966 |
Total financial liabilities at fair value | (551,421) | (447,584) |
Fair value included in financial instruments | (194,132) | (191,324) |
Level 1 | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 287,682 | 194,698 |
Total financial liabilities at fair value | (123,781) | (119,578) |
Level 2 | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 473,062 | 485,134 |
Total financial liabilities at fair value | (443,461) | (353,060) |
Level 3 | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 25,797 | 26,048 |
Total financial liabilities at fair value | (23,825) | (22,830) |
Derivatives | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 104,514 | 117,268 |
Fair value included in financial instruments | 50,120 | 59,413 |
Total financial liabilities at fair value | (91,688) | (102,619) |
Fair value included in financial instruments | (52,042) | (54,735) |
Derivatives | Gross fair value | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 436,700 | 477,071 |
Total financial liabilities at fair value | (423,874) | (462,422) |
Derivatives | Interest rates | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 257,943 | 270,359 |
Total financial liabilities at fair value | (234,446) | (249,062) |
Derivatives | Credit | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 13,702 | 12,267 |
Total financial liabilities at fair value | (12,671) | (11,280) |
Derivatives | Currencies | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 85,616 | 103,944 |
Total financial liabilities at fair value | (89,582) | (112,172) |
Derivatives | Commodities | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 26,854 | 39,940 |
Total financial liabilities at fair value | (24,389) | (33,125) |
Derivatives | Equities | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 52,585 | 50,561 |
Total financial liabilities at fair value | (62,786) | (56,783) |
Derivatives | Counterparty netting in levels | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (332,186) | (359,803) |
Total financial liabilities at fair value | 332,186 | 359,803 |
Derivatives | Cross-level counterparty netting | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (1,053) | (1,079) |
Total financial liabilities at fair value | 1,053 | 1,079 |
Derivatives | Cash collateral netting | ||
Derivative [Line Items] | ||
Cash collateral netting | (53,341) | (56,776) |
Cash collateral netting | 38,593 | 46,805 |
Derivatives | Level 1 | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 262 | 182 |
Total financial liabilities at fair value | (67) | (47) |
Derivatives | Level 1 | Gross fair value | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 262 | 182 |
Total financial liabilities at fair value | (67) | (47) |
Derivatives | Level 1 | Interest rates | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 11 | 69 |
Total financial liabilities at fair value | (8) | (32) |
Derivatives | Level 1 | Credit | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 0 | 0 |
Total financial liabilities at fair value | 0 | 0 |
Derivatives | Level 1 | Currencies | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 0 | 0 |
Total financial liabilities at fair value | 0 | 0 |
Derivatives | Level 1 | Commodities | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 0 | 0 |
Total financial liabilities at fair value | 0 | 0 |
Derivatives | Level 1 | Equities | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 251 | 113 |
Total financial liabilities at fair value | (59) | (15) |
Derivatives | Level 1 | Counterparty netting in levels | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 0 | 0 |
Total financial liabilities at fair value | 0 | 0 |
Derivatives | Level 2 | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 99,137 | 111,625 |
Total financial liabilities at fair value | (88,079) | (98,632) |
Derivatives | Level 2 | Gross fair value | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 430,416 | 470,542 |
Total financial liabilities at fair value | (419,358) | (457,549) |
Derivatives | Level 2 | Interest rates | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 257,192 | 269,590 |
Total financial liabilities at fair value | (233,322) | (247,871) |
Derivatives | Level 2 | Credit | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 10,852 | 9,690 |
Total financial liabilities at fair value | (11,344) | (10,163) |
Derivatives | Level 2 | Currencies | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 85,238 | 103,450 |
Total financial liabilities at fair value | (89,386) | (111,840) |
Derivatives | Level 2 | Commodities | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 25,430 | 38,331 |
Total financial liabilities at fair value | (23,853) | (32,435) |
Derivatives | Level 2 | Equities | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 51,704 | 49,481 |
Total financial liabilities at fair value | (61,453) | (55,240) |
Derivatives | Level 2 | Counterparty netting in levels | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (331,279) | (358,917) |
Total financial liabilities at fair value | 331,279 | 358,917 |
Derivatives | Level 3 | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 5,115 | 5,461 |
Total financial liabilities at fair value | (3,542) | (3,940) |
Derivatives | Level 3 | Gross fair value | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 6,022 | 6,347 |
Total financial liabilities at fair value | (4,449) | (4,826) |
Derivatives | Level 3 | Interest rates | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 740 | 700 |
Total financial liabilities at fair value | (1,116) | (1,159) |
Derivatives | Level 3 | Credit | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 2,850 | 2,577 |
Total financial liabilities at fair value | (1,327) | (1,117) |
Derivatives | Level 3 | Currencies | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 378 | 494 |
Total financial liabilities at fair value | (196) | (332) |
Derivatives | Level 3 | Commodities | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 1,424 | 1,609 |
Total financial liabilities at fair value | (536) | (690) |
Derivatives | Level 3 | Equities | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 630 | 967 |
Total financial liabilities at fair value | (1,274) | (1,528) |
Derivatives | Level 3 | Counterparty netting in levels | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (907) | (886) |
Total financial liabilities at fair value | $ 907 | $ 886 |
Fair Value Hierarchy - Signific
Fair Value Hierarchy - Significant Unobservable Inputs Used to Value Level 3 Derivatives (Detail) $ in Millions | Mar. 31, 2023 USD ($) spread bps | Dec. 31, 2022 USD ($) bps spread | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Fair value of derivative assets (liabilities) | $ | $ 1,573 | $ 1,521 | $ 915 | $ 440 |
Interest rates | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Fair value of derivative assets (liabilities) | $ | (376) | (459) | 323 | 183 |
Credit | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Fair value of derivative assets (liabilities) | $ | 1,523 | 1,460 | 1,834 | 1,854 |
Currencies | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Fair value of derivative assets (liabilities) | $ | 182 | 162 | (135) | (147) |
Commodities | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Fair value of derivative assets (liabilities) | $ | 888 | 919 | 828 | 438 |
Equities | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Fair value of derivative assets (liabilities) | $ | $ (644) | $ (561) | $ (1,935) | $ (1,888) |
Minimum | Interest rates | Level 3 | Correlation | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | (10) | (10) | ||
Minimum | Interest rates | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | bps | 31 | 31 | ||
Minimum | Credit | Level 3 | Credit spreads (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | bps | 5 | 5 | ||
Minimum | Credit | Level 3 | Upfront credit points | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | (1) | (1) | ||
Minimum | Credit | Level 3 | Recovery rates | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 20 | 20 | ||
Minimum | Currencies | Level 3 | Correlation | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 20 | 20 | ||
Minimum | Currencies | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 18 | 20 | ||
Minimum | Commodities | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 33 | 20 | ||
Minimum | Commodities | Electricity | Level 3 | Spread | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 3.10 | 3 | ||
Minimum | Commodities | Natural gas | Level 3 | Spread | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | (1.86) | (3.21) | ||
Minimum | Commodities | Oil | Level 3 | Spread | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | (3.09) | 12.68 | ||
Minimum | Equities | Level 3 | Correlation | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | (70) | (75) | ||
Minimum | Equities | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 4 | 2 | ||
Maximum | Interest rates | Level 3 | Correlation | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 81 | 81 | ||
Maximum | Interest rates | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 101 | 101 | ||
Maximum | Credit | Level 3 | Credit spreads (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | bps | 960 | 935 | ||
Maximum | Credit | Level 3 | Upfront credit points | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 100 | 100 | ||
Maximum | Credit | Level 3 | Recovery rates | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 80 | 50 | ||
Maximum | Currencies | Level 3 | Correlation | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 71 | 71 | ||
Maximum | Currencies | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 19 | 21 | ||
Maximum | Commodities | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 119 | 118 | ||
Maximum | Commodities | Electricity | Level 3 | Spread | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 270.20 | 329.28 | ||
Maximum | Commodities | Natural gas | Level 3 | Spread | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 1.35 | 5.85 | ||
Maximum | Commodities | Oil | Level 3 | Spread | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 33.89 | 48.92 | ||
Maximum | Equities | Level 3 | Correlation | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 99 | 100 | ||
Maximum | Equities | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 121 | 74 | ||
Average | Interest rates | Level 3 | Correlation | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 61 | 61 | ||
Average | Interest rates | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | bps | 60 | 60 | ||
Average | Credit | Level 3 | Credit spreads (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | bps | 153 | 149 | ||
Average | Credit | Level 3 | Upfront credit points | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 27 | 29 | ||
Average | Credit | Level 3 | Recovery rates | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 43 | 40 | ||
Average | Currencies | Level 3 | Correlation | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 40 | 40 | ||
Average | Currencies | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 18 | 20 | ||
Average | Commodities | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 51 | 50 | ||
Average | Commodities | Electricity | Level 3 | Spread | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 43.23 | 47.19 | ||
Average | Commodities | Natural gas | Level 3 | Spread | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | (0.23) | (0.20) | ||
Average | Commodities | Oil | Level 3 | Spread | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 16.94 | 20.42 | ||
Average | Equities | Level 3 | Correlation | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 65 | 66 | ||
Average | Equities | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 15 | 13 | ||
Median | Interest rates | Level 3 | Correlation | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 78 | 60 | ||
Median | Interest rates | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | bps | 55 | 57 | ||
Median | Credit | Level 3 | Credit spreads (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | bps | 117 | 116 | ||
Median | Credit | Level 3 | Upfront credit points | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 12 | 18 | ||
Median | Credit | Level 3 | Recovery rates | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 40 | 40 | ||
Median | Currencies | Level 3 | Correlation | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 43 | 23 | ||
Median | Currencies | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 18 | 20 | ||
Median | Commodities | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 45 | 46 | ||
Median | Commodities | Electricity | Level 3 | Spread | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 36.91 | 39.69 | ||
Median | Commodities | Natural gas | Level 3 | Spread | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | (0.20) | (0.27) | ||
Median | Commodities | Oil | Level 3 | Spread | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 21.03 | 20.36 | ||
Median | Equities | Level 3 | Correlation | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 68 | 75 | ||
Median | Equities | Level 3 | Volatility (bps) | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Significant unobservable inputs | 15 | 7 |
Fair Value Hierarchy - Changes
Fair Value Hierarchy - Changes in Fair Value for Level 3 Derivatives (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 1,521 | $ 440 |
Net realized gains/(losses) | 147 | 307 |
Net unrealized gains/(losses) | (3) | 1,248 |
Purchases | 219 | 73 |
Sales | (424) | (1,025) |
Settlements | 335 | 41 |
Transfers into level 3 | (98) | (114) |
Transfers out of level 3 | (124) | (55) |
Ending balance | 1,573 | 915 |
Interest rates | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | (459) | 183 |
Net realized gains/(losses) | (37) | 84 |
Net unrealized gains/(losses) | 263 | 242 |
Purchases | 101 | 12 |
Sales | (219) | (146) |
Settlements | 126 | 61 |
Transfers into level 3 | (55) | 5 |
Transfers out of level 3 | (96) | (118) |
Ending balance | (376) | 323 |
Credit | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 1,460 | 1,854 |
Net realized gains/(losses) | 5 | 20 |
Net unrealized gains/(losses) | 22 | (13) |
Purchases | 57 | 6 |
Sales | (9) | (19) |
Settlements | (32) | 9 |
Transfers into level 3 | 3 | 0 |
Transfers out of level 3 | 17 | (23) |
Ending balance | 1,523 | 1,834 |
Currencies | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 162 | (147) |
Net realized gains/(losses) | 33 | 2 |
Net unrealized gains/(losses) | (11) | 16 |
Purchases | 2 | 0 |
Sales | (2) | 0 |
Settlements | (20) | 20 |
Transfers into level 3 | 1 | 0 |
Transfers out of level 3 | 17 | (26) |
Ending balance | 182 | (135) |
Commodities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 919 | 438 |
Net realized gains/(losses) | (15) | (17) |
Net unrealized gains/(losses) | (5) | 485 |
Purchases | 2 | 3 |
Sales | (37) | (27) |
Settlements | 95 | (34) |
Transfers into level 3 | (21) | 53 |
Transfers out of level 3 | (50) | (73) |
Ending balance | 888 | 828 |
Equities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | (561) | (1,888) |
Net realized gains/(losses) | 161 | 218 |
Net unrealized gains/(losses) | (272) | 518 |
Purchases | 57 | 52 |
Sales | (157) | (833) |
Settlements | 166 | (15) |
Transfers into level 3 | (26) | (172) |
Transfers out of level 3 | (12) | 185 |
Ending balance | $ (644) | $ (1,935) |
Fair Value Hierarchy - Derivati
Fair Value Hierarchy - Derivatives, Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
Net realized and unrealized gains (losses) on level 3 derivatives | $ 144 | $ 1,560 |
Net realized gains (losses) on derivative assets and liabilities | 147 | 307 |
Net unrealized gains/(losses) | (3) | 1,248 |
Market making | ||
Derivative [Line Items] | ||
Net realized and unrealized gains (losses) on level 3 derivatives | 148 | 1,540 |
Other principal transactions | ||
Derivative [Line Items] | ||
Net realized and unrealized gains (losses) on level 3 derivatives | $ (4) | $ 12 |
Fair Value Hierarchy - Investme
Fair Value Hierarchy - Investments Accounted for at Fair Value (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | $ 77,241 | $ 78,201 |
Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in funds at NAV | 3,020 | 2,941 |
Investment at fair value | 74,221 | 75,260 |
Level 1 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 50,364 | 50,939 |
Level 2 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 6,624 | 7,379 |
Level 3 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 17,233 | 16,942 |
U.S. | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 46,357 | 47,055 |
U.S. | Level 1 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 46,357 | 47,055 |
U.S. | Level 2 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 0 | 0 |
U.S. | Level 3 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 0 | 0 |
Non-U.S. | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 2,348 | 2,235 |
Non-U.S. | Level 1 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 2,269 | 2,169 |
Non-U.S. | Level 2 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 79 | 66 |
Non-U.S. | Level 3 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 0 | 0 |
Corporate debt securities | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 10,041 | 10,098 |
Corporate debt securities | Level 1 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 152 | 145 |
Corporate debt securities | Level 2 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 2,441 | 2,950 |
Corporate debt securities | Level 3 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 7,448 | 7,003 |
Securities backed by real estate | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 1,020 | 1,003 |
Securities backed by real estate | Level 1 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 0 | 0 |
Securities backed by real estate | Level 2 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 181 | 176 |
Securities backed by real estate | Level 3 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 839 | 827 |
Money market instruments | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 874 | 1,005 |
Money market instruments | Level 1 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 48 | 48 |
Money market instruments | Level 2 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 826 | 957 |
Money market instruments | Level 3 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 0 | 0 |
Other debt obligations | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 251 | 259 |
Other debt obligations | Level 1 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 0 | 0 |
Other debt obligations | Level 2 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 0 | 3 |
Other debt obligations | Level 3 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 251 | 256 |
Equity securities | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 13,330 | 13,605 |
Equity securities | Level 1 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 1,538 | 1,522 |
Equity securities | Level 2 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 3,097 | 3,227 |
Equity securities | Level 3 | Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | $ 8,695 | $ 8,856 |
Fair Value Hierarchy - Amount o
Fair Value Hierarchy - Amount of Level 3 Investments and Significant Unobservable Inputs Used to Value Such Investments (Detail) $ in Millions | Mar. 31, 2023 USD ($) yr | Dec. 31, 2022 USD ($) yr |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 735,167 | $ 650,966 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | 25,797 | 26,048 |
Corporate debt securities | Level 3 | Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 7,448 | $ 7,003 |
Corporate debt securities | Level 3 | Yield | Investments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 5% | 5% |
Corporate debt securities | Level 3 | Yield | Investments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 24.50% | 21.80% |
Corporate debt securities | Level 3 | Yield | Investments | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 12.20% | 11.60% |
Corporate debt securities | Level 3 | Recovery rate | Investments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 8.60% | 10% |
Corporate debt securities | Level 3 | Recovery rate | Investments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 58.90% | 70% |
Corporate debt securities | Level 3 | Recovery rate | Investments | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 33.40% | 55.50% |
Corporate debt securities | Level 3 | Duration (years) | Investments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | yr | 1 | 1.3 |
Corporate debt securities | Level 3 | Duration (years) | Investments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | yr | 7.3 | 5.7 |
Corporate debt securities | Level 3 | Duration (years) | Investments | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | yr | 3.5 | 3.3 |
Corporate debt securities | Level 3 | Multiples | Investments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 1.7 | 1.8 |
Corporate debt securities | Level 3 | Multiples | Investments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 69.4 | 83.4 |
Corporate debt securities | Level 3 | Multiples | Investments | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 8.3 | 8.3 |
Securities backed by real estate | Level 3 | Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 839 | $ 827 |
Securities backed by real estate | Level 3 | Yield | Investments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 8% | 8% |
Securities backed by real estate | Level 3 | Yield | Investments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 20.30% | 20.30% |
Securities backed by real estate | Level 3 | Yield | Investments | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 13.70% | 14.60% |
Securities backed by real estate | Level 3 | Duration (years) | Investments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | yr | 1.9 | 0.6 |
Securities backed by real estate | Level 3 | Duration (years) | Investments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | yr | 4.2 | 4.2 |
Securities backed by real estate | Level 3 | Duration (years) | Investments | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | yr | 4.2 | 4.1 |
Other debt obligations | Level 3 | Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 251 | $ 256 |
Other debt obligations | Level 3 | Yield | Investments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 7.30% | 5.20% |
Other debt obligations | Level 3 | Yield | Investments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 8.60% | 8.40% |
Other debt obligations | Level 3 | Yield | Investments | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 7.90% | 7.40% |
Equity securities | Level 3 | Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 8,695 | $ 8,856 |
Equity securities | Level 3 | Multiples | Investments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.4 | 0.5 |
Equity securities | Level 3 | Multiples | Investments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 32.5 | 34.3 |
Equity securities | Level 3 | Multiples | Investments | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 8.4 | 8.3 |
Equity securities | Level 3 | Discount rate/yield | Investments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 5% | 5.40% |
Equity securities | Level 3 | Discount rate/yield | Investments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 38.50% | 38.50% |
Equity securities | Level 3 | Discount rate/yield | Investments | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 14.70% | 14.60% |
Equity securities | Level 3 | Capitalization rate | Investments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 4% | 4% |
Equity securities | Level 3 | Capitalization rate | Investments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 10.80% | 10.80% |
Equity securities | Level 3 | Capitalization rate | Investments | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Percentage of investments, measurement input | 5.40% | 5.40% |
Fair Value Hierarchy - Summar_2
Fair Value Hierarchy - Summary of Changes in Fair Value for Level 3 Investments (Detail) - Investments - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 16,942 | $ 13,902 |
Net realized gains/(losses) | 102 | 66 |
Net unrealized gains/(losses) | (76) | (1,116) |
Purchases | 213 | 277 |
Sales | (236) | (87) |
Settlements | (356) | (594) |
Transfers into level 3 | 860 | 2,087 |
Transfers out of level 3 | (216) | (367) |
Ending balance | 17,233 | 14,168 |
Corporate debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 7,003 | 4,527 |
Net realized gains/(losses) | 94 | 32 |
Net unrealized gains/(losses) | 46 | 28 |
Purchases | 111 | 100 |
Sales | (74) | (1) |
Settlements | (267) | (419) |
Transfers into level 3 | 617 | 422 |
Transfers out of level 3 | (82) | (44) |
Ending balance | 7,448 | 4,645 |
Securities backed by real estate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 827 | 1,078 |
Net realized gains/(losses) | 8 | 9 |
Net unrealized gains/(losses) | (3) | (152) |
Purchases | 21 | 30 |
Sales | 0 | (9) |
Settlements | (14) | (41) |
Transfers into level 3 | 0 | 145 |
Ending balance | 839 | 1,060 |
Other debt obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 256 | 382 |
Net realized gains/(losses) | 1 | 3 |
Net unrealized gains/(losses) | 4 | (3) |
Purchases | 1 | 21 |
Sales | 0 | (9) |
Settlements | (11) | (72) |
Ending balance | 251 | 322 |
Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 8,856 | 7,915 |
Net realized gains/(losses) | (1) | 22 |
Net unrealized gains/(losses) | (123) | (989) |
Purchases | 80 | 126 |
Sales | (162) | (68) |
Settlements | (64) | (62) |
Transfers into level 3 | 243 | 1,520 |
Transfers out of level 3 | (134) | (323) |
Ending balance | $ 8,695 | $ 8,141 |
Fair Value Hierarchy - Invest_2
Fair Value Hierarchy - Investments, Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net realized gains/(losses) | $ 22 | $ 25 |
Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net realized gains/(losses) | 102 | 66 |
Net unrealized gains/(losses) | (76) | (1,116) |
Investments | Operating income (loss) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net realized gains/(losses) | (133) | (1,110) |
Investments | Interest income | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net realized gains/(losses) | 159 | 61 |
Investments | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net realized gains/(losses) | $ 26 | $ 1,050 |
Fair Value Hierarchy - Loans, A
Fair Value Hierarchy - Loans, Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value option gains/(losses) | $ (4,209) | $ 4,582 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest income, Other principal transactions | Interest income, Other principal transactions |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest income, Other principal transactions | Interest income, Other principal transactions |
Other principal transactions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value option gains/(losses) | $ 76 | $ (116) |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net realized gains/(losses) | 22 | 25 |
Level 3 | Loans Non-trading | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net realized gains/(losses) | 19 | 57 |
Net unrealized gains/(losses) | 3 | (82) |
Level 3 | Other principal transactions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net realized gains/(losses) | 8 | (38) |
Level 3 | Interest income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net realized gains/(losses) | $ 14 | $ 13 |
Fair Value Hierarchy - Fair V_2
Fair Value Hierarchy - Fair Value of Loans Held for Investment by Level (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | $ 7,506 | $ 7,655 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 5,719 | 5,818 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 1,787 | 1,837 |
Corporate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 1,040 | 996 |
Corporate | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 0 | 0 |
Corporate | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 394 | 359 |
Corporate | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 646 | 637 |
Commercial real estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 999 | 1,146 |
Commercial real estate | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 0 | 0 |
Commercial real estate | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 346 | 435 |
Commercial real estate | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 653 | 711 |
Residential real estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 4,389 | 4,511 |
Residential real estate | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 0 | 0 |
Residential real estate | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 4,320 | 4,437 |
Residential real estate | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 69 | 74 |
Other collateralized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 778 | 716 |
Other collateralized | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 0 | 0 |
Other collateralized | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 637 | 576 |
Other collateralized | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 141 | 140 |
Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 300 | 286 |
Other | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 0 | 0 |
Other | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | 22 | 11 |
Other | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total loans, gross, Fair Value | $ 278 | $ 275 |
Fair Value Hierarchy - Summar_3
Fair Value Hierarchy - Summary of Weighted Average of Significant Unobservable Inputs, Loans (Detail) $ in Millions | Mar. 31, 2023 USD ($) yr | Dec. 31, 2022 USD ($) yr |
Loans at fair value | $ | $ 7,506 | $ 7,655 |
Level 3 | ||
Loans at fair value | $ | 1,787 | 1,837 |
Corporate | ||
Loans at fair value | $ | 1,040 | 996 |
Corporate | Level 3 | ||
Loans at fair value | $ | 646 | 637 |
Real estate | Level 3 | ||
Loans at fair value | $ | 722 | 785 |
Other collateralized | ||
Loans at fair value | $ | 778 | 716 |
Other collateralized | Level 3 | ||
Loans at fair value | $ | 141 | 140 |
Other | ||
Loans at fair value | $ | 300 | 286 |
Other | Level 3 | ||
Loans at fair value | $ | $ 278 | $ 275 |
Minimum | Yield | Corporate | Level 3 | ||
Measurement input | 0.040 | 0.041 |
Minimum | Yield | Real estate | Level 3 | ||
Measurement input | 0.030 | 0.030 |
Minimum | Yield | Other collateralized | Level 3 | ||
Measurement input | 0.059 | 0.058 |
Minimum | Yield | Other | Level 3 | ||
Measurement input | 0.089 | 0.094 |
Minimum | Recovery rate | Corporate | Level 3 | ||
Measurement input | 0.020 | 0.231 |
Minimum | Recovery rate | Real estate | Level 3 | ||
Measurement input | 0.040 | 0.036 |
Minimum | Duration (years) | Corporate | Level 3 | ||
Measurement input | 1.4 | 1.6 |
Minimum | Duration (years) | Real estate | Level 3 | ||
Measurement input | 0.4 | 0.6 |
Minimum | Duration (years) | Other collateralized | Level 3 | ||
Measurement input | 2.3 | 2.5 |
Minimum | Duration (years) | Other | Level 3 | ||
Measurement input | 0.3 | |
Maximum | Yield | Corporate | Level 3 | ||
Measurement input | 0.269 | 0.269 |
Maximum | Yield | Real estate | Level 3 | ||
Measurement input | 0.270 | 0.270 |
Maximum | Yield | Other collateralized | Level 3 | ||
Measurement input | 0.133 | 0.127 |
Maximum | Yield | Other | Level 3 | ||
Measurement input | 0.100 | 0.100 |
Maximum | Recovery rate | Corporate | Level 3 | ||
Measurement input | 0.950 | 0.950 |
Maximum | Recovery rate | Real estate | Level 3 | ||
Measurement input | 0.620 | 0.662 |
Maximum | Duration (years) | Corporate | Level 3 | ||
Measurement input | 4.9 | 3.3 |
Maximum | Duration (years) | Real estate | Level 3 | ||
Measurement input | 6.4 | 6.7 |
Maximum | Duration (years) | Other collateralized | Level 3 | ||
Measurement input | 2.7 | 2.9 |
Maximum | Duration (years) | Other | Level 3 | ||
Measurement input | 2.9 | |
Weighted Average | Yield | Corporate | Level 3 | ||
Measurement input | 0.101 | 0.096 |
Weighted Average | Yield | Real estate | Level 3 | ||
Measurement input | 0.146 | 0.161 |
Weighted Average | Yield | Other collateralized | Level 3 | ||
Measurement input | 0.080 | 0.077 |
Weighted Average | Yield | Other | Level 3 | ||
Measurement input | 0.098 | 0.099 |
Weighted Average | Recovery rate | Corporate | Level 3 | ||
Measurement input | 0.579 | 0.660 |
Weighted Average | Recovery rate | Real estate | Level 3 | ||
Measurement input | 0.532 | 0.544 |
Weighted Average | Duration (years) | Corporate | Level 3 | ||
Measurement input | 2.1 | 2.6 |
Weighted Average | Duration (years) | Real estate | Level 3 | ||
Measurement input | 3 | 2.5 |
Weighted Average | Duration (years) | Other collateralized | Level 3 | ||
Measurement input | 2.4 | 2.7 |
Weighted Average | Duration (years) | Other | Level 3 | ||
Measurement input | 2.5 |
Fair Value Hierarchy - Summar_4
Fair Value Hierarchy - Summary of Changes in Fair Value for Level 3 Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Loans Receivable | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 1,837 | $ 2,354 |
Net realized gains/(losses) | 19 | 57 |
Net unrealized gains/(losses) | 3 | (82) |
Purchases | 33 | 129 |
Sales | (5) | 0 |
Settlements | (100) | (203) |
Transfers into level 3 | 0 | 279 |
Transfers out of level 3 | 0 | (43) |
Ending balance | 1,787 | 2,491 |
Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 637 | 672 |
Net realized gains/(losses) | 10 | 9 |
Net unrealized gains/(losses) | (1) | (30) |
Purchases | 32 | 42 |
Sales | (5) | 0 |
Settlements | (27) | (48) |
Transfers into level 3 | 0 | 145 |
Transfers out of level 3 | 0 | (8) |
Ending balance | 646 | 782 |
Real estate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 785 | 1,188 |
Net realized gains/(losses) | 5 | 36 |
Net unrealized gains/(losses) | (5) | (42) |
Purchases | 1 | 53 |
Settlements | (64) | (124) |
Transfers into level 3 | 0 | 29 |
Transfers out of level 3 | 0 | (6) |
Ending balance | 722 | 1,134 |
Other collateralized | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 140 | 229 |
Net realized gains/(losses) | 1 | 1 |
Net unrealized gains/(losses) | 1 | 0 |
Settlements | (1) | (4) |
Transfers into level 3 | 0 | 39 |
Transfers out of level 3 | 0 | (28) |
Ending balance | 141 | 237 |
Other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 275 | 265 |
Net realized gains/(losses) | 3 | 11 |
Net unrealized gains/(losses) | 8 | (10) |
Purchases | 0 | 34 |
Settlements | (8) | (27) |
Transfers into level 3 | 0 | 66 |
Transfers out of level 3 | 0 | (1) |
Ending balance | $ 278 | $ 338 |
Fair Value Hierarchy - Financia
Fair Value Hierarchy - Financial Assets and Financial Liabilities by Level (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Resale agreements | $ 202,151 | $ 225,117 |
Securities borrowed | 40,599 | 38,578 |
Customer and other receivables | 23 | 25 |
Other assets | 252 | 145 |
Total financial assets at fair value | 243,025 | 263,865 |
Deposits | (18,530) | (15,746) |
Repurchase agreements | (197,387) | (110,349) |
Securities loaned | (5,726) | (4,372) |
Other secured financings | (17,402) | (12,756) |
Unsecured borrowings: Short-term | (43,115) | (39,731) |
Unsecured borrowings: Long-term | (74,888) | (73,147) |
Other liabilities | (241) | (159) |
Total financial liabilities at fair value | (357,289) | (256,260) |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Resale agreements | 0 | 0 |
Securities borrowed | 0 | 0 |
Customer and other receivables | 0 | 0 |
Other assets | 0 | 0 |
Total financial assets at fair value | 0 | 0 |
Deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Securities loaned | 0 | 0 |
Other secured financings | 0 | 0 |
Unsecured borrowings: Short-term | 0 | 0 |
Unsecured borrowings: Long-term | 0 | 0 |
Other liabilities | 0 | 0 |
Total financial liabilities at fair value | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Resale agreements | 202,151 | 225,117 |
Securities borrowed | 40,599 | 38,578 |
Customer and other receivables | 23 | 25 |
Other assets | 148 | 71 |
Total financial assets at fair value | 242,921 | 263,791 |
Deposits | (15,893) | (13,003) |
Repurchase agreements | (197,387) | (110,349) |
Securities loaned | (5,726) | (4,372) |
Other secured financings | (15,566) | (10,914) |
Unsecured borrowings: Short-term | (38,601) | (35,641) |
Unsecured borrowings: Long-term | (63,728) | (63,081) |
Other liabilities | (150) | (74) |
Total financial liabilities at fair value | (337,051) | (237,434) |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Resale agreements | 0 | 0 |
Securities borrowed | 0 | 0 |
Customer and other receivables | 0 | 0 |
Other assets | 104 | 74 |
Total financial assets at fair value | 104 | 74 |
Deposits | (2,637) | (2,743) |
Repurchase agreements | 0 | 0 |
Securities loaned | 0 | 0 |
Other secured financings | (1,836) | (1,842) |
Unsecured borrowings: Short-term | (4,514) | (4,090) |
Unsecured borrowings: Long-term | (11,160) | (10,066) |
Other liabilities | (91) | (85) |
Total financial liabilities at fair value | $ (20,238) | $ (18,826) |
Fair Value Hierarchy - Fair V_3
Fair Value Hierarchy - Fair Value Option, Additional Information (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 USD ($) yr | Mar. 31, 2022 USD ($) | Dec. 31, 2022 yr | |
Other Financial Liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net realized and unrealized gains/(losses) on liabilities | $ (915) | $ 1,910 | |
Net realized gains/(losses) | (94) | (166) | |
Net unrealized gains/(losses) | (821) | 2,075 | |
Net realized gains/(losses) included in earnings | (94) | (166) | |
Other Financial Liabilities | Debt valuation adjustment | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net realized gains/(losses) included in comprehensive income | 48 | 257 | |
Other Financial Liabilities | Market making | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net realized gains/(losses) included in earnings | (939) | 1,630 | |
Other Financial Liabilities | Other principal transactions | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net realized gains/(losses) included in earnings | (15) | 29 | |
Other Financial Liabilities | Interest expense | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net realized gains/(losses) included in earnings | (9) | (3) | |
Other secured financings | Other Financial Liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net unrealized gains/(losses) | (32) | 12 | |
Net realized gains/(losses) included in earnings | $ (7) | $ (3) | |
Minimum | Level 3 | Other secured financings | Yield | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Other secured financing measurement input | 0.059 | 0.045 | |
Minimum | Level 3 | Other secured financings | Duration (years) | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Other secured financing measurement input | yr | 0.4 | 0.6 | |
Maximum | Level 3 | Other secured financings | Yield | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Other secured financing measurement input | 0.104 | 0.094 | |
Maximum | Level 3 | Other secured financings | Duration (years) | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Other secured financing measurement input | yr | 6.3 | 5.1 | |
Weighted Average | Level 3 | Other secured financings | Yield | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Other secured financing measurement input | 0.074 | 0.059 | |
Weighted Average | Level 3 | Other secured financings | Duration (years) | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Other secured financing measurement input | yr | 2.8 | 2.2 |
Fair Value Hierarchy - Level 3
Fair Value Hierarchy - Level 3 Rollforward (Detail) - Other Financial Liabilities - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 74 | $ 0 |
Net unrealized gains/(losses) | 30 | 0 |
Ending balance | 104 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (18,826) | (23,567) |
Net realized gains/(losses) | (94) | (166) |
Net unrealized gains/(losses) | (821) | 2,075 |
Issuances | (2,251) | (5,175) |
Settlements | 2,522 | 3,801 |
Transfers into level 3 | (1,391) | (1,907) |
Transfers out of level 3 | 623 | 1,311 |
Ending balance | (20,238) | (23,628) |
Deposits | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (2,743) | (3,613) |
Net realized gains/(losses) | 1 | (5) |
Net unrealized gains/(losses) | (8) | 145 |
Issuances | (119) | (183) |
Settlements | 224 | 379 |
Transfers into level 3 | (6) | (8) |
Transfers out of level 3 | 14 | 41 |
Ending balance | (2,637) | (3,244) |
Other secured financings | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (1,842) | (2,566) |
Net realized gains/(losses) | (7) | (3) |
Net unrealized gains/(losses) | (32) | 12 |
Issuances | (98) | (39) |
Settlements | 187 | 104 |
Transfers into level 3 | (121) | (190) |
Transfers out of level 3 | 77 | 93 |
Ending balance | (1,836) | (2,589) |
Unsecured short-term borrowings | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (4,090) | (7,829) |
Net realized gains/(losses) | (57) | (76) |
Net unrealized gains/(losses) | (298) | 546 |
Issuances | (1,473) | (2,880) |
Settlements | 1,216 | 2,684 |
Transfers into level 3 | (132) | (395) |
Transfers out of level 3 | 320 | 922 |
Ending balance | (4,514) | (7,028) |
Unsecured long-term borrowings | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (10,066) | (9,413) |
Net realized gains/(losses) | (31) | (82) |
Net unrealized gains/(losses) | (477) | 1,323 |
Issuances | (561) | (2,073) |
Settlements | 895 | 634 |
Transfers into level 3 | (1,132) | (1,314) |
Transfers out of level 3 | 212 | 255 |
Ending balance | (11,160) | (10,670) |
Other liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (85) | (146) |
Net unrealized gains/(losses) | (6) | 49 |
Ending balance | $ (91) | $ (97) |
Trading Assets and Liabilitie_2
Trading Assets and Liabilities - Summary of Trading Assets and Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Trading assets | $ 407,395 | $ 301,245 |
Trading liabilities | 194,132 | 191,324 |
Trading cash instruments | ||
Trading Cash Instruments | 357,275 | 241,832 |
Trading liabilities | 142,090 | 136,589 |
Derivatives | ||
Trading Assets at Fair Value | 50,120 | 59,413 |
Trading liabilities | $ 52,042 | $ 54,735 |
Trading Assets and Liabilitie_3
Trading Assets and Liabilities - Summary of Market Making Revenues by Major Product Type (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Trading activity, gains and losses, net [Line Items] | ||
Market making | $ 5,433 | $ 6,029 |
Interest rates | ||
Trading activity, gains and losses, net [Line Items] | ||
Market making | 2,382 | (1,861) |
Credit | ||
Trading activity, gains and losses, net [Line Items] | ||
Market making | 347 | 715 |
Currencies | ||
Trading activity, gains and losses, net [Line Items] | ||
Market making | 363 | 4,154 |
Equities | ||
Trading activity, gains and losses, net [Line Items] | ||
Market making | 1,478 | 2,053 |
Commodities | ||
Trading activity, gains and losses, net [Line Items] | ||
Market making | $ 863 | $ 968 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative [Line Items] | |||
Gross fair value of derivatives included in derivative assets | $ 7,940 | $ 10,080 | |
Gross fair value of derivatives included in derivative liabilities | 13,710 | 12,710 | |
Notional amount | 46,263,853 | 38,061,442 | |
Net notional purchased protection | 56,170 | 50,830 | |
Foreign currency denominated debt designated as hedges | $ 26,310 | $ 21,460 | |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Trading assets (at fair value and includes $81,927 and $40,143 pledged as collateral) | Trading assets (at fair value and includes $81,927 and $40,143 pledged as collateral) | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Trading assets (at fair value and includes $81,927 and $40,143 pledged as collateral) | ||
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Trading liabilities | Trading liabilities | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Trading liabilities | Trading liabilities | |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Market making, Other principal transactions | Market making, Other principal transactions | |
Other principal transactions | |||
Derivative [Line Items] | |||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Market making, Other principal transactions | Market making, Other principal transactions | |
Market making | |||
Derivative [Line Items] | |||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Market making, Other principal transactions | Market making, Other principal transactions | |
Written Credit Derivative | |||
Derivative [Line Items] | |||
Notional amount | $ 608,590 | $ 528,310 | |
Purchased Credit Derivative | |||
Derivative [Line Items] | |||
Notional amount | 664,760 | 579,140 | |
Accounted for as hedges | |||
Derivative [Line Items] | |||
Notional amount | 250,780 | 270,644 | |
Amortized cost of investments | 12,170 | 11,490 | |
Unsecured long-term borrowings | Accounted for as hedges | |||
Derivative [Line Items] | |||
Cumulative hedging adjustments for items no longer designated in a hedging relationship | 41 | 111 | |
Cumulative hedging adjustment | $ 4,960 | $ 5,090 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Fair Value of Derivatives on a Gross Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative assets, before offset | $ 436,700 | $ 477,071 |
Derivative liabilities, before offset | 423,874 | 462,422 |
Derivative assets, offset amounts | (386,580) | (417,658) |
Derivative liabilities, offset amounts | (371,832) | (407,687) |
Derivative Assets | 50,120 | 59,413 |
Derivative Liabilities | 52,042 | 54,735 |
Cash collateral received | (164) | (298) |
Cash collateral posted | (1,888) | (1,887) |
Securities collateral received | (14,182) | (15,229) |
Securities collateral posted | (3,928) | (4,329) |
Total | 35,774 | 43,886 |
Total | 46,226 | 48,519 |
Notional amount | 46,263,853 | 38,061,442 |
Counterparty netting | ||
Derivative [Line Items] | ||
Derivative assets, offset amounts | (333,239) | (360,882) |
Derivative liabilities, offset amounts | (333,239) | (360,882) |
Cash collateral netting | ||
Derivative [Line Items] | ||
Derivative assets, offset amounts | (53,341) | (56,776) |
Derivative liabilities, offset amounts | (38,593) | (46,805) |
Not accounted for as hedges | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 436,315 | 476,654 |
Derivative liabilities, before offset | 423,540 | 462,126 |
Notional amount | 46,013,073 | 37,790,798 |
Not accounted for as hedges | Interest rates | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 257,581 | 270,024 |
Derivative liabilities, before offset | 234,438 | 249,051 |
Notional amount | 34,868,792 | 28,483,746 |
Not accounted for as hedges | Credit | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 13,702 | 12,267 |
Derivative liabilities, before offset | 12,671 | 11,280 |
Notional amount | 1,273,343 | 1,107,454 |
Not accounted for as hedges | Currencies | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 85,593 | 103,862 |
Derivative liabilities, before offset | 89,256 | 111,887 |
Notional amount | 6,685,128 | 5,463,642 |
Not accounted for as hedges | Commodities | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 26,854 | 39,940 |
Derivative liabilities, before offset | 24,389 | 33,125 |
Notional amount | 599,626 | 599,922 |
Not accounted for as hedges | Equities | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 52,585 | 50,561 |
Derivative liabilities, before offset | 62,786 | 56,783 |
Notional amount | 2,586,184 | 2,136,034 |
Accounted for as hedges | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 385 | 417 |
Derivative liabilities, before offset | 334 | 296 |
Notional amount | 250,780 | 270,644 |
Accounted for as hedges | Interest rates | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 362 | 335 |
Derivative liabilities, before offset | 8 | 11 |
Notional amount | 240,792 | 260,895 |
Accounted for as hedges | Currencies | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 23 | 82 |
Derivative liabilities, before offset | 326 | 285 |
Notional amount | 9,988 | 9,749 |
Exchange-traded | ||
Derivative [Line Items] | ||
Derivative Assets | 6,558 | 6,014 |
Derivative Liabilities | 10,330 | 6,327 |
Exchange-traded | Counterparty netting | ||
Derivative [Line Items] | ||
Derivative assets, offset amounts | (28,553) | (31,229) |
Derivative liabilities, offset amounts | (28,553) | (31,229) |
Exchange-traded | Not accounted for as hedges | Interest rates | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 786 | 675 |
Derivative liabilities, before offset | 1,465 | 1,385 |
Notional amount | 4,526,836 | 4,241,937 |
Exchange-traded | Not accounted for as hedges | Credit | ||
Derivative [Line Items] | ||
Notional amount | 573 | 369 |
Exchange-traded | Not accounted for as hedges | Currencies | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 490 | 1,041 |
Derivative liabilities, before offset | 17 | 22 |
Notional amount | 14,512 | 9,012 |
Exchange-traded | Not accounted for as hedges | Commodities | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 7,393 | 9,225 |
Derivative liabilities, before offset | 7,711 | 9,542 |
Notional amount | 367,057 | 341,526 |
Exchange-traded | Not accounted for as hedges | Equities | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 26,442 | 26,302 |
Derivative liabilities, before offset | 29,690 | 26,607 |
Notional amount | 1,477,372 | 1,107,659 |
OTC-cleared | ||
Derivative [Line Items] | ||
Derivative Assets | 483 | 1,008 |
Derivative Liabilities | 284 | 501 |
OTC-cleared | Counterparty netting | ||
Derivative [Line Items] | ||
Derivative assets, offset amounts | (75,264) | (75,349) |
Derivative liabilities, offset amounts | (75,264) | (75,349) |
OTC-cleared | Cash collateral netting | ||
Derivative [Line Items] | ||
Derivative assets, offset amounts | (1,476) | (1,388) |
Derivative liabilities, offset amounts | (336) | (406) |
OTC-cleared | Not accounted for as hedges | Interest rates | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 74,363 | 74,297 |
Derivative liabilities, before offset | 72,647 | 72,979 |
Notional amount | 18,148,914 | 13,104,682 |
OTC-cleared | Not accounted for as hedges | Credit | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 1,879 | 1,516 |
Derivative liabilities, before offset | 2,163 | 1,802 |
Notional amount | 572,969 | 529,543 |
OTC-cleared | Not accounted for as hedges | Currencies | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 443 | 520 |
Derivative liabilities, before offset | 432 | 589 |
Notional amount | 188,813 | 150,561 |
OTC-cleared | Not accounted for as hedges | Commodities | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 488 | 698 |
Derivative liabilities, before offset | 547 | 838 |
Notional amount | 3,155 | 3,188 |
OTC-cleared | Not accounted for as hedges | Equities | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 37 | 685 |
Derivative liabilities, before offset | 42 | 19 |
Notional amount | 750 | 1,639 |
OTC-cleared | Accounted for as hedges | Interest rates | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 0 | 0 |
Derivative liabilities, before offset | 1 | 0 |
Notional amount | 237,712 | 257,739 |
OTC-cleared | Accounted for as hedges | Currencies | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 13 | 29 |
Derivative liabilities, before offset | 52 | 29 |
Notional amount | 1,557 | 2,048 |
Bilateral OTC | ||
Derivative [Line Items] | ||
Derivative Assets | 43,079 | 52,391 |
Derivative Liabilities | 41,428 | 47,907 |
Bilateral OTC | Counterparty netting | ||
Derivative [Line Items] | ||
Derivative assets, offset amounts | (229,422) | (254,304) |
Derivative liabilities, offset amounts | (229,422) | (254,304) |
Bilateral OTC | Cash collateral netting | ||
Derivative [Line Items] | ||
Derivative assets, offset amounts | (51,865) | (55,388) |
Derivative liabilities, offset amounts | (38,257) | (46,399) |
Bilateral OTC | Not accounted for as hedges | Interest rates | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 182,432 | 195,052 |
Derivative liabilities, before offset | 160,326 | 174,687 |
Notional amount | 12,193,042 | 11,137,127 |
Bilateral OTC | Not accounted for as hedges | Credit | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 11,823 | 10,751 |
Derivative liabilities, before offset | 10,508 | 9,478 |
Notional amount | 699,801 | 577,542 |
Bilateral OTC | Not accounted for as hedges | Currencies | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 84,660 | 102,301 |
Derivative liabilities, before offset | 88,807 | 111,276 |
Notional amount | 6,481,803 | 5,304,069 |
Bilateral OTC | Not accounted for as hedges | Commodities | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 18,973 | 30,017 |
Derivative liabilities, before offset | 16,131 | 22,745 |
Notional amount | 229,414 | 255,208 |
Bilateral OTC | Not accounted for as hedges | Equities | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 26,106 | 23,574 |
Derivative liabilities, before offset | 33,054 | 30,157 |
Notional amount | 1,108,062 | 1,026,736 |
Bilateral OTC | Accounted for as hedges | Interest rates | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 362 | 335 |
Derivative liabilities, before offset | 7 | 11 |
Notional amount | 3,080 | 3,156 |
Bilateral OTC | Accounted for as hedges | Currencies | ||
Derivative [Line Items] | ||
Derivative assets, before offset | 10 | 53 |
Derivative liabilities, before offset | 274 | 256 |
Notional amount | $ 8,431 | $ 7,701 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - OTC Derivatives by Tenor and Major Product Type (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative Assets | $ 50,120 | $ 59,413 |
Derivative Liabilities | 52,042 | 54,735 |
OTC | ||
Derivative [Line Items] | ||
Derivative Assets | 114,180 | 129,602 |
Derivative Liabilities | 97,582 | 114,640 |
OTC | Interest rates | ||
Derivative [Line Items] | ||
Derivative Assets | 72,121 | 76,415 |
Derivative Liabilities | 47,944 | 54,407 |
OTC | Credit | ||
Derivative [Line Items] | ||
Derivative Assets | 6,084 | 5,685 |
Derivative Liabilities | 5,053 | 4,699 |
OTC | Currencies | ||
Derivative [Line Items] | ||
Derivative Assets | 22,248 | 27,188 |
Derivative Liabilities | 26,689 | 36,435 |
OTC | Commodities | ||
Derivative [Line Items] | ||
Derivative Assets | 12,339 | 20,612 |
Derivative Liabilities | 9,555 | 13,480 |
OTC | Equities | ||
Derivative [Line Items] | ||
Derivative Assets | 10,735 | 11,135 |
Derivative Liabilities | 17,688 | 17,052 |
OTC | Counterparty netting in tenors | ||
Derivative [Line Items] | ||
Derivative Assets | (9,347) | (11,433) |
Derivative Liabilities | (9,347) | (11,433) |
OTC | Cross-tenor counterparty netting | ||
Derivative [Line Items] | ||
Derivative Assets | (17,277) | (19,427) |
Derivative Liabilities | (17,277) | (19,427) |
OTC | Cash collateral netting | ||
Derivative [Line Items] | ||
Cash collateral netting | (53,341) | (56,776) |
Cash collateral netting | (38,593) | (46,805) |
OTC | Counterparty and cash collateral netting | ||
Derivative [Line Items] | ||
Derivative Assets | 43,562 | 53,399 |
Derivative Liabilities | 41,712 | 48,408 |
Less than 1 Year | OTC | ||
Derivative [Line Items] | ||
Derivative Assets | 25,122 | 31,924 |
Derivative Liabilities | 28,505 | 40,699 |
Less than 1 Year | OTC | Interest rates | ||
Derivative [Line Items] | ||
Derivative Assets | 6,621 | 5,509 |
Derivative Liabilities | 7,797 | 9,351 |
Less than 1 Year | OTC | Credit | ||
Derivative [Line Items] | ||
Derivative Assets | 1,047 | 921 |
Derivative Liabilities | 892 | 993 |
Less than 1 Year | OTC | Currencies | ||
Derivative [Line Items] | ||
Derivative Assets | 8,478 | 12,284 |
Derivative Liabilities | 12,456 | 18,987 |
Less than 1 Year | OTC | Commodities | ||
Derivative [Line Items] | ||
Derivative Assets | 6,379 | 10,525 |
Derivative Liabilities | 3,913 | 6,400 |
Less than 1 Year | OTC | Equities | ||
Derivative [Line Items] | ||
Derivative Assets | 5,470 | 5,346 |
Derivative Liabilities | 6,320 | 7,629 |
Less than 1 Year | OTC | Counterparty netting in tenors | ||
Derivative [Line Items] | ||
Derivative Assets | (2,873) | (2,661) |
Derivative Liabilities | (2,873) | (2,661) |
1 - 5 Years | OTC | ||
Derivative [Line Items] | ||
Derivative Assets | 30,490 | 34,982 |
Derivative Liabilities | 38,996 | 44,402 |
1 - 5 Years | OTC | Interest rates | ||
Derivative [Line Items] | ||
Derivative Assets | 15,909 | 16,963 |
Derivative Liabilities | 19,635 | 23,589 |
1 - 5 Years | OTC | Credit | ||
Derivative [Line Items] | ||
Derivative Assets | 2,492 | 2,622 |
Derivative Liabilities | 2,788 | 2,635 |
1 - 5 Years | OTC | Currencies | ||
Derivative [Line Items] | ||
Derivative Assets | 7,182 | 7,819 |
Derivative Liabilities | 6,757 | 8,736 |
1 - 5 Years | OTC | Commodities | ||
Derivative [Line Items] | ||
Derivative Assets | 3,897 | 7,513 |
Derivative Liabilities | 4,123 | 6,135 |
1 - 5 Years | OTC | Equities | ||
Derivative [Line Items] | ||
Derivative Assets | 3,713 | 4,007 |
Derivative Liabilities | 8,396 | 7,249 |
1 - 5 Years | OTC | Counterparty netting in tenors | ||
Derivative [Line Items] | ||
Derivative Assets | (2,703) | (3,942) |
Derivative Liabilities | (2,703) | (3,942) |
Greater than 5 Years | OTC | ||
Derivative [Line Items] | ||
Derivative Assets | 58,568 | 62,696 |
Derivative Liabilities | 30,081 | 29,539 |
Greater than 5 Years | OTC | Interest rates | ||
Derivative [Line Items] | ||
Derivative Assets | 49,591 | 53,943 |
Derivative Liabilities | 20,512 | 21,467 |
Greater than 5 Years | OTC | Credit | ||
Derivative [Line Items] | ||
Derivative Assets | 2,545 | 2,142 |
Derivative Liabilities | 1,373 | 1,071 |
Greater than 5 Years | OTC | Currencies | ||
Derivative [Line Items] | ||
Derivative Assets | 6,588 | 7,085 |
Derivative Liabilities | 7,476 | 8,712 |
Greater than 5 Years | OTC | Commodities | ||
Derivative [Line Items] | ||
Derivative Assets | 2,063 | 2,574 |
Derivative Liabilities | 1,519 | 945 |
Greater than 5 Years | OTC | Equities | ||
Derivative [Line Items] | ||
Derivative Assets | 1,552 | 1,782 |
Derivative Liabilities | 2,972 | 2,174 |
Greater than 5 Years | OTC | Counterparty netting in tenors | ||
Derivative [Line Items] | ||
Derivative Assets | (3,771) | (4,830) |
Derivative Liabilities | $ (3,771) | $ (4,830) |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Credit Derivatives (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | $ 608,586 | $ 528,310 |
Offsetting | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 497,944 | 432,083 |
Other | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 166,813 | 147,061 |
Less than 1 Year | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 164,311 | 126,883 |
1 - 5 Years | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 362,531 | 357,488 |
Greater than 5 Years | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 81,744 | 43,939 |
Written Credit Derivative | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 7,280 | 6,081 |
Fair Value Liability of Written Credit Derivatives | 5,886 | 5,462 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 1,394 | 619 |
0 - 250 | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 524,760 | 454,489 |
0 - 250 | Offsetting | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 435,885 | 372,360 |
0 - 250 | Other | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 145,416 | 128,828 |
0 - 250 | Less than 1 Year | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 137,418 | 108,703 |
0 - 250 | 1 - 5 Years | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 316,727 | 306,484 |
0 - 250 | Greater than 5 Years | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 70,615 | 39,302 |
0 - 250 | Written Credit Derivative | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 6,423 | 5,405 |
Fair Value Liability of Written Credit Derivatives | 801 | 681 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 5,622 | 4,724 |
251 - 500 | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 53,203 | 43,270 |
251 - 500 | Offsetting | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 35,422 | 33,149 |
251 - 500 | Other | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 16,493 | 13,211 |
251 - 500 | Less than 1 Year | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 21,730 | 12,166 |
251 - 500 | 1 - 5 Years | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 24,826 | 28,188 |
251 - 500 | Greater than 5 Years | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 6,647 | 2,916 |
251 - 500 | Written Credit Derivative | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 559 | 460 |
Fair Value Liability of Written Credit Derivatives | 1,047 | 1,081 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (488) | (621) |
501 - 1,000 | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 16,428 | 17,019 |
501 - 1,000 | Offsetting | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 14,239 | 14,817 |
501 - 1,000 | Other | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 2,419 | 2,615 |
501 - 1,000 | Less than 1 Year | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 1,135 | 1,879 |
501 - 1,000 | 1 - 5 Years | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 11,672 | 13,724 |
501 - 1,000 | Greater than 5 Years | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 3,621 | 1,416 |
501 - 1,000 | Written Credit Derivative | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 192 | 132 |
Fair Value Liability of Written Credit Derivatives | 1,037 | 1,027 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (845) | (895) |
Greater than 1,000 | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 14,195 | 13,532 |
Greater than 1,000 | Offsetting | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 12,398 | 11,757 |
Greater than 1,000 | Other | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 2,485 | 2,407 |
Greater than 1,000 | Less than 1 Year | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 4,028 | 4,135 |
Greater than 1,000 | 1 - 5 Years | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 9,306 | 9,092 |
Greater than 1,000 | Greater than 5 Years | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | 861 | 305 |
Greater than 1,000 | Written Credit Derivative | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 106 | 84 |
Fair Value Liability of Written Credit Derivatives | 3,001 | 2,673 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | $ (2,895) | $ (2,589) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Summary of Information About CVA and FVA (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
CVA, net of hedges | $ (99) | $ 83 |
FVA, net of hedges | 14 | (269) |
Total | $ (85) | $ (186) |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - Summary of Derivatives Bifurcated from their Related Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Fair value of assets | $ 334 | $ 288 |
Fair value of liabilities | (236) | (392) |
Net asset/(liability) | 98 | (104) |
Notional amount | 46,263,853 | 38,061,442 |
Embedded Derivatives Classified In Debt | ||
Derivative [Line Items] | ||
Notional amount | $ 7,905 | $ 8,892 |
Derivatives and Hedging Activ_9
Derivatives and Hedging Activities - Derivatives with Credit-Related Contingent Features (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Net derivative liabilities under bilateral agreements | $ 25,842 | $ 33,059 |
Collateral posted | 20,844 | 27,657 |
One-notch downgrade | ||
Derivative [Line Items] | ||
Additional collateral or termination payments: | 315 | 343 |
Two-notch downgrade | ||
Derivative [Line Items] | ||
Additional collateral or termination payments: | $ 1,075 | $ 1,115 |
Derivatives and Hedging Acti_10
Derivatives and Hedging Activities - Gain (Loss) from Interest Rate Hedges and Related Hedged Items (Detail) - Fair Value Hedging - Accounted for as hedges - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
Gains/(losses) on Investments | $ (4) | $ 0 |
Gains/(losses) on Borrowings and deposits | (135) | (47) |
Interest rates | ||
Derivative [Line Items] | ||
Gains/(losses) on Investments | (90) | 0 |
Gains/(losses) on Borrowings and deposits | 2,712 | (8,742) |
Hedged investments | ||
Derivative [Line Items] | ||
Gains/(losses) on Investments | 86 | 0 |
Hedged borrowings and deposits | ||
Derivative [Line Items] | ||
Gains/(losses) on Borrowings and deposits | $ (2,847) | $ 8,695 |
Derivatives and Hedging Acti_11
Derivatives and Hedging Activities - Carrying Amount of Hedged Items Currently Designated in a Hedging Relationship and Related Cumulative Hedging Adjustment (Detail) - Accounted for as hedges - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Investments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Value | $ 11,443 | $ 10,804 |
Cumulative Hedging Adjustment | (224) | (350) |
Deposits | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Value | 5,143 | 6,311 |
Cumulative Hedging Adjustment | (210) | (280) |
Unsecured short-term borrowings | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Value | 8,926 | 7,295 |
Cumulative Hedging Adjustment | (195) | (47) |
Unsecured long-term borrowings | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Value | 140,374 | 151,215 |
Cumulative Hedging Adjustment | $ (12,155) | $ (15,134) |
Derivatives and Hedging Acti_12
Derivatives and Hedging Activities - Gains/(Losses) from Net Investment Hedging (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
Foreign currency-denominated debt | $ (231) | $ 168 |
Currencies | Net Investment Hedging | ||
Derivative [Line Items] | ||
Foreign currency forward contract | $ (117) | $ 109 |
Investments - Information about
Investments - Information about Investments (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Fair Value Disclosure [Abstract] | ||
Equity securities, at fair value | $ 14,599 | $ 14,892 |
Debt instruments, at fair value | 14,007 | 14,075 |
Available-for-sale securities, at fair value | 48,635 | 49,234 |
Investments, at fair value | 77,241 | 78,201 |
Held-to-maturity securities | 53,809 | 51,662 |
Equity method investments | 740 | 766 |
Total investments | $ 131,790 | $ 130,629 |
Investments - Equity Securities
Investments - Equity Securities At Fair Value (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities, at fair value | $ 14,599 | $ 14,892 |
Corporate and Real estate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Percentage of investment in equity securities | 100% | 100% |
Corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Percentage of investment in equity securities | 72% | 71% |
Real estate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Percentage of investment in equity securities | 28% | 29% |
Public and Private equity | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Percentage of investment in equity securities | 100% | 100% |
Public equity | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Percentage of investment in equity securities | 13% | 13% |
Private equity | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Percentage of investment in equity securities | 87% | 87% |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Investments in credit funds measured at NAV | $ 77,241 | $ 78,201 | |
Gross unrealized gain included in accumulated other comprehensive gain/(loss) | 0 | 0 | |
Gross unrealized loss included in accumulated other comprehensive gain/(loss) | 2,950 | 3,520 | |
Net unrealized losses included in other comprehensive income/(loss) after tax | 427 | $ (1,354) | |
Held-to-maturity securities, gross unrealized gains | 154 | 0 | |
Held-to-maturity securities, gross unrealized losses | 1,050 | 1,440 | |
Available-for-sale Securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Net unrealized losses included in other comprehensive income/(loss before tax | 566 | (1,800) | |
Net unrealized losses included in other comprehensive income/(loss) after tax | 427 | (1,350) | |
Equity securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity method investment | 5,130 | 5,350 | |
Fair value option | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Gains/(losses) recognized on equity securities | (105) | $ (187) | |
Investments in funds at NAV | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Investments in funds at NAV | 1,280 | 1,300 | |
Investments in credit funds measured at NAV | 1,740 | $ 1,640 | |
Covered funds | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Investments in Volcker covered funds | $ 100 |
Investments - Debt Instruments
Investments - Debt Instruments At Fair Value (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, at fair value | $ 14,007 | $ 14,075 |
Corporate debt securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, at fair value | 10,041 | 10,098 |
Securities backed by real estate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, at fair value | 1,020 | 1,003 |
Money market instruments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, at fair value | 874 | 1,005 |
Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, at fair value | $ 2,072 | $ 1,969 |
Investments - Fair Value of Inv
Investments - Fair Value of Investments in Funds at NAV and Related Unfunded Commitments (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Cash instruments, assets | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | $ 3,020 | $ 2,941 |
Cash instruments, liabilities | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 1,049 | 1,088 |
Private equity funds | Cash instruments, assets | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 818 | 815 |
Private equity funds | Cash instruments, liabilities | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 618 | 647 |
Credit funds | Cash instruments, assets | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 1,742 | 1,645 |
Credit funds | Cash instruments, liabilities | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 293 | 303 |
Hedge funds | Cash instruments, assets | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 65 | 68 |
Hedge funds | Cash instruments, liabilities | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Real estate funds | Cash instruments, assets | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 395 | 413 |
Real estate funds | Cash instruments, liabilities | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 138 | $ 138 |
Investments - Available-for-Sal
Investments - Available-for-Sale Securities by Tenor (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 51,581 | $ 52,746 |
Fair Value | $ 48,635 | $ 49,234 |
Weighted Average Yield | 0.67% | 0.68% |
U.S. | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 48,895 | $ 50,120 |
Fair Value | $ 46,357 | $ 47,055 |
Weighted Average Yield | 0.68% | 0.69% |
Non-U.S. | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 2,686 | $ 2,626 |
Fair Value | $ 2,278 | $ 2,179 |
Weighted Average Yield | 0.40% | 0.40% |
Less than 1 year | U.S. | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 14,698 | $ 8,103 |
Fair Value | $ 14,267 | $ 7,861 |
Weighted Average Yield | 0.38% | 0.37% |
1 year to 5 years | U.S. | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 33,650 | $ 41,479 |
Fair Value | $ 31,586 | $ 38,706 |
Weighted Average Yield | 0.80% | 0.74% |
1 year to 5 years | Non-U.S. | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,590 | $ 10 |
Fair Value | $ 1,351 | $ 10 |
Weighted Average Yield | 0.10% | 0.27% |
5 years to 10 years | U.S. | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 547 | $ 538 |
Fair Value | $ 504 | $ 488 |
Weighted Average Yield | 1.86% | 1.86% |
5 years to 10 years | Non-U.S. | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,096 | $ 2,616 |
Fair Value | $ 927 | $ 2,169 |
Weighted Average Yield | 0.84% | 0.40% |
Investments - Summary of Gross
Investments - Summary of Gross Realized Gains and the Proceeds from the Sales of Available-for-Sale Securities (Detail) - Available-for-sale Securities - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross realized gains | $ 6 | $ 0 |
Gross realized losses | 0 | 0 |
Gains/(losses) | 6 | 0 |
Proceeds from sales | $ 2,452 | $ 1 |
Investments - Held-to-maturity
Investments - Held-to-maturity Securities by Type and Tenor (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 53,809 | $ 51,662 |
Fair Value | $ 52,918 | $ 50,260 |
Weighted Average Yield | 3.06% | 2.99% |
U.S. government obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 53,570 | $ 51,499 |
Fair Value | $ 52,682 | $ 50,100 |
Weighted Average Yield | 3.06% | 2.99% |
U.S. government obligations | Less than 1 year | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 6,685 | $ 5,319 |
Fair Value | $ 6,572 | $ 5,282 |
Weighted Average Yield | 2.39% | 2.98% |
U.S. government obligations | 1 year to 5 years | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 45,452 | $ 45,154 |
Fair Value | $ 44,710 | $ 43,852 |
Weighted Average Yield | 3.15% | 3% |
U.S. government obligations | 5 years to 10 years | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,433 | $ 1,026 |
Fair Value | $ 1,400 | $ 966 |
Weighted Average Yield | 3.19% | 2.89% |
Securities backed by real estate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 239 | $ 163 |
Fair Value | $ 236 | $ 160 |
Weighted Average Yield | 3.21% | 3.24% |
Securities backed by real estate | 5 years to 10 years | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 3 | $ 2 |
Fair Value | $ 2 | $ 2 |
Weighted Average Yield | 6.60% | 5.63% |
Securities backed by real estate | Greater than 10 years | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 236 | $ 161 |
Fair Value | $ 234 | $ 158 |
Weighted Average Yield | 3.15% | 3.18% |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Loans Receivable [Line Items] | ||||
Total loans, gross | $ 183,106 | $ 184,829 | ||
Allowance for loan losses | (5,032) | (5,543) | $ (4,086) | $ (3,573) |
Total loans | 178,074 | 179,286 | ||
Total loans, gross, Fair Value | 7,506 | 7,655 | ||
Amortized Cost | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 169,736 | 172,580 | ||
Allowance for loan losses | (5,032) | (5,543) | ||
Total loans | 164,704 | 167,037 | ||
Fair Value | ||||
Loans Receivable [Line Items] | ||||
Allowance for loan losses | 0 | 0 | ||
Total loans | 7,506 | 7,655 | ||
Total loans, gross, Fair Value | 7,506 | 7,655 | ||
Held For Sale | ||||
Loans Receivable [Line Items] | ||||
Allowance for loan losses | 0 | 0 | ||
Total loans | 5,864 | 4,594 | ||
Total loans, gross, Held For Sale | 5,864 | 4,594 | ||
Corporate | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 39,858 | 40,135 | ||
Total loans, gross, Fair Value | 1,040 | 996 | ||
Corporate | Amortized Cost | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 37,206 | 36,822 | ||
Corporate | Fair Value | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Fair Value | 1,040 | 996 | ||
Corporate | Held For Sale | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Held For Sale | 1,612 | 2,317 | ||
Commercial real estate | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 28,690 | 28,879 | ||
Total loans, gross, Fair Value | 999 | 1,146 | ||
Commercial real estate | Amortized Cost | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 26,447 | 26,222 | ||
Commercial real estate | Fair Value | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Fair Value | 999 | 1,146 | ||
Commercial real estate | Held For Sale | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Held For Sale | 1,244 | 1,511 | ||
Residential real estate | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 22,490 | 23,035 | ||
Total loans, gross, Fair Value | 4,389 | 4,511 | ||
Residential real estate | Amortized Cost | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 18,099 | 18,523 | ||
Residential real estate | Fair Value | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Fair Value | 4,389 | 4,511 | ||
Residential real estate | Held For Sale | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Held For Sale | 2 | 1 | ||
Securities-based | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 15,934 | 16,671 | ||
Securities-based | Amortized Cost | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 15,934 | 16,671 | ||
Securities-based | Fair Value | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Fair Value | 0 | 0 | ||
Securities-based | Held For Sale | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Held For Sale | 0 | 0 | ||
Other collateralized | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 52,867 | 51,702 | ||
Total loans, gross, Fair Value | 778 | 716 | ||
Other collateralized | Amortized Cost | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 51,879 | 50,473 | ||
Other collateralized | Fair Value | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Fair Value | 778 | 716 | ||
Other collateralized | Held For Sale | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Held For Sale | 210 | 513 | ||
Installment | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 5,769 | 6,326 | ||
Loans sold | 1,000 | |||
Loans transferred to held for sale | 2,880 | |||
Loss on loans sold | 470 | |||
Reduction to provision for credit losses | 440 | |||
Installment | Amortized Cost | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 3,280 | 6,326 | ||
Installment | Fair Value | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Fair Value | 0 | 0 | ||
Installment | Held For Sale | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Held For Sale | 2,489 | 0 | ||
Credit cards | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 15,563 | 15,820 | ||
Credit cards | Amortized Cost | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 15,563 | 15,820 | ||
Credit cards | Fair Value | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Fair Value | 0 | 0 | ||
Credit cards | Held For Sale | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Held For Sale | 0 | 0 | ||
Other | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 1,935 | 2,261 | ||
Total loans, gross, Fair Value | 300 | 286 | ||
Other | Amortized Cost | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross | 1,328 | 1,723 | ||
Other | Fair Value | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Fair Value | 300 | 286 | ||
Other | Held For Sale | ||||
Loans Receivable [Line Items] | ||||
Total loans, gross, Held For Sale | $ 307 | $ 252 |
Loans - Summary of Concentratio
Loans - Summary of Concentration of Secured and Unsecured Loans (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | $ 184,829 | $ 183,106 | $ 184,829 |
Loans at fair value | 7,655 | $ 7,506 | $ 7,655 |
Concentration risk percentage | 100% | 100% | |
Corporate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 40,135 | $ 39,858 | $ 40,135 |
Loans at fair value | 996 | $ 1,040 | $ 996 |
Concentration risk percentage | 100% | 100% | |
Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 28,879 | $ 28,690 | $ 28,879 |
Loans at fair value | 1,146 | $ 999 | $ 1,146 |
Concentration risk percentage | 100% | 100% | |
Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 23,035 | $ 22,490 | $ 23,035 |
Loans at fair value | 4,511 | $ 4,389 | $ 4,511 |
Concentration risk percentage | 100% | 100% | |
Securities-based | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 16,671 | $ 15,934 | $ 16,671 |
Concentration risk percentage | 100% | 100% | |
Other collateralized | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 51,702 | $ 52,867 | $ 51,702 |
Loans at fair value | 716 | $ 778 | $ 716 |
Concentration risk percentage | 100% | 100% | |
Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 6,326 | $ 5,769 | $ 6,326 |
Concentration risk percentage | 100% | 100% | |
Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 15,820 | $ 15,563 | $ 15,820 |
Concentration risk percentage | 100% | 100% | |
Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 2,261 | $ 1,935 | $ 2,261 |
Loans at fair value | 286 | $ 300 | $ 286 |
Concentration risk percentage | 100% | 100% | |
Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 184,829 | $ 183,106 | $ 184,829 |
Internally rated loans | Corporate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 40,135 | 39,858 | 40,135 |
Internally rated loans | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 28,879 | 28,690 | 28,879 |
Internally rated loans | Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 23,035 | 22,490 | 23,035 |
Internally rated loans | Securities-based | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 16,671 | 15,934 | 16,671 |
Internally rated loans | Other collateralized | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 51,702 | 52,867 | 51,702 |
Internally rated loans | Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 6,326 | 5,769 | 6,326 |
Internally rated loans | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 15,820 | 15,563 | 15,820 |
Internally rated loans | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 2,261 | 1,935 | 2,261 |
Amortized Cost | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 172,580 | 169,736 | 172,580 |
Amortized Cost | Corporate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 36,822 | 37,206 | 36,822 |
Amortized Cost | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 26,222 | 26,447 | 26,222 |
Amortized Cost | Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 18,523 | 18,099 | 18,523 |
Amortized Cost | Securities-based | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 16,671 | 15,934 | 16,671 |
Amortized Cost | Other collateralized | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 50,473 | 51,879 | 50,473 |
Amortized Cost | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 15,820 | 15,563 | 15,820 |
Amortized Cost | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 1,723 | 1,328 | 1,723 |
Amortized Cost | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 172,580 | 169,736 | 172,580 |
Fair Value | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans at fair value | 7,655 | 7,506 | 7,655 |
Fair Value | Corporate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans at fair value | 996 | 1,040 | 996 |
Fair Value | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans at fair value | 1,146 | 999 | 1,146 |
Fair Value | Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans at fair value | 4,511 | 4,389 | 4,511 |
Fair Value | Securities-based | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans at fair value | 0 | 0 | 0 |
Fair Value | Other collateralized | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans at fair value | 716 | 778 | 716 |
Fair Value | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans at fair value | 0 | 0 | 0 |
Fair Value | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans at fair value | 286 | 300 | 286 |
Fair Value | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans at fair value | 7,655 | 7,506 | 7,655 |
Held For Sale | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 4,594 | 5,864 | 4,594 |
Held For Sale | Corporate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 2,317 | 1,612 | 2,317 |
Held For Sale | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 1,511 | 1,244 | 1,511 |
Held For Sale | Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 1 | 2 | 1 |
Held For Sale | Securities-based | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 0 | 0 | 0 |
Held For Sale | Other collateralized | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 513 | 210 | 513 |
Held For Sale | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 0 | 0 | 0 |
Held For Sale | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 252 | 307 | 252 |
Held For Sale | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 4,594 | $ 5,864 | $ 4,594 |
Investment-Grade | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Increase in loans classified as investment grade | 25,000 | ||
Loans Receivable | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Concentration risk percentage | 100% | 100% | |
Loans Receivable | Secured | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Concentration risk percentage | 80% | 79% | |
Loans Receivable | Unsecured | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Concentration risk percentage | 20% | 21% | |
Loans Receivable | Investment-Grade | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 91,170 | $ 91,248 | $ 91,170 |
Concentration risk percentage | 100% | 100% | |
Loans Receivable | Investment-Grade | Internally rated loans | Corporate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 10,200 | $ 10,241 | $ 10,200 |
Loans Receivable | Investment-Grade | Internally rated loans | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 11,922 | 12,251 | 11,922 |
Loans Receivable | Investment-Grade | Internally rated loans | Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 11,994 | 11,200 | 11,994 |
Loans Receivable | Investment-Grade | Internally rated loans | Securities-based | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 12,901 | 12,276 | 12,901 |
Loans Receivable | Investment-Grade | Internally rated loans | Other collateralized | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 43,093 | 44,536 | 43,093 |
Loans Receivable | Investment-Grade | Internally rated loans | Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 0 | 0 | 0 |
Loans Receivable | Investment-Grade | Internally rated loans | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 0 | 0 | 0 |
Loans Receivable | Investment-Grade | Internally rated loans | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 1,060 | $ 744 | $ 1,060 |
Loans Receivable | Investment-Grade | Secured | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Concentration risk percentage | 90% | 89% | |
Loans Receivable | Investment-Grade | Unsecured | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Concentration risk percentage | 10% | 11% | |
Loans Receivable | Investment-Grade | Amortized Cost | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 88,497 | $ 88,707 | $ 88,497 |
Loans Receivable | Investment-Grade | Fair Value | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans at fair value | 2,116 | 2,242 | 2,116 |
Loans Receivable | Investment-Grade | Held For Sale | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 557 | 299 | 557 |
Loans Receivable | Non-Investment- Grade | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 62,081 | $ 62,153 | $ 62,081 |
Concentration risk percentage | 100% | 100% | |
Loans Receivable | Non-Investment- Grade | Internally rated loans | Corporate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 29,935 | $ 29,617 | $ 29,935 |
Loans Receivable | Non-Investment- Grade | Internally rated loans | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 16,822 | 16,312 | 16,822 |
Loans Receivable | Non-Investment- Grade | Internally rated loans | Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 5,670 | 6,466 | 5,670 |
Loans Receivable | Non-Investment- Grade | Internally rated loans | Securities-based | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 764 | 679 | 764 |
Loans Receivable | Non-Investment- Grade | Internally rated loans | Other collateralized | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 8,291 | 8,196 | 8,291 |
Loans Receivable | Non-Investment- Grade | Internally rated loans | Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 0 | 0 | 0 |
Loans Receivable | Non-Investment- Grade | Internally rated loans | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 0 | 0 | 0 |
Loans Receivable | Non-Investment- Grade | Internally rated loans | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 599 | $ 883 | $ 599 |
Loans Receivable | Non-Investment- Grade | Secured | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Concentration risk percentage | 91% | 90% | |
Loans Receivable | Non-Investment- Grade | Unsecured | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Concentration risk percentage | 9% | 10% | |
Loans Receivable | Non-Investment- Grade | Amortized Cost | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 55,122 | $ 56,412 | $ 55,122 |
Loans Receivable | Non-Investment- Grade | Fair Value | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans at fair value | 2,968 | 2,745 | 2,968 |
Loans Receivable | Non-Investment- Grade | Held For Sale | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 3,991 | 2,996 | 3,991 |
Loans Receivable | Other Metrics/Unrated | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 31,578 | $ 29,705 | $ 31,578 |
Concentration risk percentage | 100% | 100% | |
Loans Receivable | Other Metrics/Unrated | Internally rated loans | Corporate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 0 | $ 0 | $ 0 |
Loans Receivable | Other Metrics/Unrated | Internally rated loans | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 135 | 127 | 135 |
Loans Receivable | Other Metrics/Unrated | Internally rated loans | Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 5,371 | 4,824 | 5,371 |
Loans Receivable | Other Metrics/Unrated | Internally rated loans | Securities-based | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 3,006 | 2,979 | 3,006 |
Loans Receivable | Other Metrics/Unrated | Internally rated loans | Other collateralized | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 318 | 135 | 318 |
Loans Receivable | Other Metrics/Unrated | Internally rated loans | Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 6,326 | 5,769 | 6,326 |
Loans Receivable | Other Metrics/Unrated | Internally rated loans | Credit cards | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 15,820 | 15,563 | 15,820 |
Loans Receivable | Other Metrics/Unrated | Internally rated loans | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 602 | $ 308 | $ 602 |
Loans Receivable | Other Metrics/Unrated | Secured | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Concentration risk percentage | 27% | 27% | |
Loans Receivable | Other Metrics/Unrated | Unsecured | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Concentration risk percentage | 73% | 73% | |
Loans Receivable | Other Metrics/Unrated | Amortized Cost | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, gross | 28,961 | $ 24,617 | $ 28,961 |
Loans Receivable | Other Metrics/Unrated | Fair Value | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans at fair value | 2,571 | 2,519 | 2,571 |
Loans Receivable | Other Metrics/Unrated | Held For Sale | Internally rated loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | $ 46 | $ 2,569 | $ 46 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Loans Receivable [Line Items] | |||
Percentage of loans that were rated pass/non-criticized | 91% | 93% | |
Increase (decrease) in allowance for credit losses | $ (538) | $ 401 | |
Installment | |||
Loans Receivable [Line Items] | |||
Reduction to provision for credit losses | $ (440) |
Loans - Schedule of Credit Qual
Loans - Schedule of Credit Quality Indicators for Term Loans by Origination Year (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 183,106 | $ 184,829 |
Percentage of total | 100% | 100% |
All Classes except Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 150,893 | $ 150,434 |
Corporate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 39,858 | 40,135 |
Financing receivable revolving converted to term loan | $ 485 | $ 725 |
Investment-Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total | 59% | 59% |
Investment-Grade | All Classes except Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 88,707 | $ 88,497 |
Non-Investment- Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total | 37% | 37% |
Non-Investment- Grade | All Classes except Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 56,412 | $ 55,122 |
Other Metrics/ Unrated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total | 4% | 4% |
Other Metrics/ Unrated | All Classes except Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 5,774 | $ 6,815 |
Corporate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 581 | 6,651 |
Year two | 6,224 | 5,942 |
Year three | 5,695 | 3,279 |
Year four | 3,076 | 2,988 |
Year five | 2,887 | 2,670 |
More than five years | 4,489 | 2,837 |
Revolving | 14,254 | 12,455 |
Total | 37,206 | 36,822 |
Corporate | Investment-Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 280 | 2,607 |
Year two | 2,543 | 1,669 |
Year three | 1,485 | 684 |
Year four | 518 | 209 |
Year five | 192 | 759 |
More than five years | 440 | 508 |
Revolving | 4,593 | 3,709 |
Total | 10,051 | 10,145 |
Corporate | Non-Investment- Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 301 | 4,042 |
Year two | 3,681 | 4,273 |
Year three | 4,210 | 2,595 |
Year four | 2,558 | 2,779 |
Year five | 2,695 | 1,911 |
More than five years | 4,049 | 2,329 |
Revolving | 9,661 | 8,746 |
Total | 27,155 | 26,675 |
Corporate | Other Metrics/ Unrated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 0 | 2 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 2 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 153 | 4,707 |
Year two | 4,735 | 4,231 |
Year three | 4,455 | 2,147 |
Year four | 1,977 | 1,747 |
Year five | 1,748 | 681 |
More than five years | 2,449 | 2,046 |
Revolving | 10,930 | 10,663 |
Total | 26,447 | 26,222 |
Commercial real estate | Investment-Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 91 | 805 |
Year two | 861 | 771 |
Year three | 923 | 407 |
Year four | 422 | 480 |
Year five | 339 | 212 |
More than five years | 1,350 | 1,238 |
Revolving | 7,915 | 7,660 |
Total | 11,901 | 11,573 |
Commercial real estate | Non-Investment- Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 62 | 3,900 |
Year two | 3,819 | 3,460 |
Year three | 3,532 | 1,740 |
Year four | 1,555 | 1,267 |
Year five | 1,409 | 469 |
More than five years | 1,088 | 797 |
Revolving | 3,015 | 3,003 |
Total | 14,480 | 14,636 |
Commercial real estate | Other Metrics/ Unrated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 0 | 2 |
Year two | 55 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 11 | 11 |
Revolving | 0 | 0 |
Total | 66 | 13 |
Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 467 | 3,633 |
Year two | 3,643 | 3,508 |
Year three | 3,496 | 103 |
Year four | 99 | 106 |
Year five | 104 | 198 |
More than five years | 329 | 183 |
Revolving | 9,961 | 10,792 |
Total | 18,099 | 18,523 |
Residential real estate | Investment-Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 219 | 1,493 |
Year two | 1,499 | 1,263 |
Year three | 986 | 8 |
Year four | 6 | 7 |
Year five | 7 | 10 |
More than five years | 21 | 31 |
Revolving | 7,407 | 8,065 |
Total | 10,145 | 10,877 |
Residential real estate | Non-Investment- Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 115 | 833 |
Year two | 1,043 | 888 |
Year three | 1,341 | 6 |
Year four | 30 | 0 |
Year five | 36 | 50 |
More than five years | 244 | 10 |
Revolving | 2,554 | 2,727 |
Total | 5,363 | 4,514 |
Residential real estate | Other Metrics/ Unrated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 133 | 1,307 |
Year two | 1,101 | 1,357 |
Year three | 1,169 | 89 |
Year four | 63 | 99 |
Year five | 61 | 138 |
More than five years | 64 | 142 |
Revolving | 0 | 0 |
Total | 2,591 | 3,132 |
Securities-based | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 5 | |
Year two | 5 | |
Year five | 8 | 1 |
More than five years | 297 | 291 |
Revolving | 15,624 | 16,374 |
Total | 15,934 | 16,671 |
Securities-based | Investment-Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 5 | |
Year two | 5 | |
Year five | 8 | 1 |
More than five years | 275 | 0 |
Revolving | 11,988 | 12,895 |
Total | 12,276 | 12,901 |
Securities-based | Non-Investment- Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 0 | |
Year two | 0 | |
Year five | 0 | 0 |
More than five years | 22 | 291 |
Revolving | 657 | 473 |
Total | 679 | 764 |
Securities-based | Other Metrics/ Unrated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 0 | |
Year two | 0 | |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 2,979 | 3,006 |
Total | 2,979 | 3,006 |
Other collateralized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 1,770 | 5,420 |
Year two | 5,002 | 4,583 |
Year three | 4,381 | 2,608 |
Year four | 2,276 | 614 |
Year five | 549 | 659 |
More than five years | 1,005 | 595 |
Revolving | 36,896 | 35,994 |
Total | 51,879 | 50,473 |
Other collateralized | Investment-Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 1,406 | 4,556 |
Year two | 4,160 | 3,339 |
Year three | 3,291 | 1,871 |
Year four | 1,867 | 523 |
Year five | 481 | 545 |
More than five years | 762 | 487 |
Revolving | 31,667 | 30,669 |
Total | 43,634 | 41,990 |
Other collateralized | Non-Investment- Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 364 | 751 |
Year two | 794 | 1,098 |
Year three | 1,058 | 701 |
Year four | 374 | 79 |
Year five | 57 | 108 |
More than five years | 236 | 108 |
Revolving | 5,229 | 5,323 |
Total | 8,112 | 8,168 |
Other collateralized | Other Metrics/ Unrated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 0 | 113 |
Year two | 48 | 146 |
Year three | 32 | 36 |
Year four | 35 | 12 |
Year five | 11 | 6 |
More than five years | 7 | 0 |
Revolving | 0 | 2 |
Total | 133 | 315 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 31 | 149 |
Year two | 113 | 179 |
Year three | 177 | 291 |
Year four | 270 | 10 |
Year five | 8 | |
More than five years | 5 | 5 |
Revolving | 724 | 1,089 |
Total | 1,328 | 1,723 |
Other | Investment-Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 11 | 44 |
Year two | 17 | 17 |
Year three | 17 | 0 |
Year four | 0 | 0 |
Year five | 0 | |
More than five years | 0 | 0 |
Revolving | 655 | 950 |
Total | 700 | 1,011 |
Other | Non-Investment- Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 20 | 105 |
Year two | 96 | 162 |
Year three | 160 | 29 |
Year four | 270 | 10 |
Year five | 8 | |
More than five years | 0 | 0 |
Revolving | 69 | 59 |
Total | 623 | 365 |
Other | Other Metrics/ Unrated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 262 |
Year four | 0 | 0 |
Year five | 0 | |
More than five years | 5 | 5 |
Revolving | 0 | 80 |
Total | $ 5 | $ 347 |
Loans - Summary of Consumer Loa
Loans - Summary of Consumer Loans by Refreshed FICO Credit Score (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 183,106 | $ 184,829 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100% | 100% |
FICO | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 18,843 | $ 22,146 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100% | 100% |
Installment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 5,769 | $ 6,326 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100% | 100% |
Installment | FICO | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | $ 1,085 | $ 4,591 |
Year two | 2,150 | 1,189 |
Year three | 34 | 274 |
Year four | 5 | 183 |
Year five | 4 | 83 |
More than five years | 2 | 6 |
Total | $ 3,280 | $ 6,326 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100% | 100% |
Credit cards | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 15,563 | $ 15,820 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100% | 100% |
Credit cards | FICO | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 15,563 | $ 15,820 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100% | 100% |
Greater than or equal to 660 | FICO | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 13,344 | $ 16,677 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 71% | 75% |
Greater than or equal to 660 | Installment | FICO | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | $ 1,037 | $ 4,349 |
Year two | 1,995 | 1,080 |
Year three | 19 | 251 |
Year four | 2 | 160 |
Year five | 1 | 70 |
More than five years | 0 | 5 |
Total | $ 3,054 | $ 5,915 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 93% | 94% |
Greater than or equal to 660 | Credit cards | FICO | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 10,290 | $ 10,762 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 66% | 68% |
Less than 660 | FICO | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 5,499 | $ 5,469 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 29% | 25% |
Less than 660 | Installment | FICO | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Year one | $ 48 | $ 242 |
Year two | 155 | 109 |
Year three | 15 | 23 |
Year four | 3 | 23 |
Year five | 3 | 13 |
More than five years | 2 | 1 |
Total | $ 226 | $ 411 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 7% | 6% |
Less than 660 | Credit cards | FICO | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 5,273 | $ 5,058 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 34% | 32% |
Loans - Summary of Credit Conce
Loans - Summary of Credit Concentration by Region (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Product Information [Line Items] | ||
Carrying Value | $ 183,106 | $ 184,829 |
Concentration risk percentage | 100% | 100% |
Americas | ||
Product Information [Line Items] | ||
Concentration risk percentage | 82% | 81% |
EMEA | ||
Product Information [Line Items] | ||
Concentration risk percentage | 15% | 15% |
Asia | ||
Product Information [Line Items] | ||
Concentration risk percentage | 3% | 4% |
Corporate | ||
Product Information [Line Items] | ||
Carrying Value | $ 39,858 | $ 40,135 |
Concentration risk percentage | 100% | 100% |
Corporate | Americas | ||
Product Information [Line Items] | ||
Concentration risk percentage | 61% | 57% |
Corporate | EMEA | ||
Product Information [Line Items] | ||
Concentration risk percentage | 30% | 34% |
Corporate | Asia | ||
Product Information [Line Items] | ||
Concentration risk percentage | 9% | 9% |
Commercial real estate | ||
Product Information [Line Items] | ||
Carrying Value | $ 28,690 | $ 28,879 |
Concentration risk percentage | 100% | 100% |
Commercial real estate | Americas | ||
Product Information [Line Items] | ||
Concentration risk percentage | 79% | 79% |
Commercial real estate | EMEA | ||
Product Information [Line Items] | ||
Concentration risk percentage | 16% | 16% |
Commercial real estate | Asia | ||
Product Information [Line Items] | ||
Concentration risk percentage | 5% | 5% |
Residential real estate | ||
Product Information [Line Items] | ||
Carrying Value | $ 22,490 | $ 23,035 |
Concentration risk percentage | 100% | 100% |
Residential real estate | Americas | ||
Product Information [Line Items] | ||
Concentration risk percentage | 95% | 96% |
Residential real estate | EMEA | ||
Product Information [Line Items] | ||
Concentration risk percentage | 4% | 3% |
Residential real estate | Asia | ||
Product Information [Line Items] | ||
Concentration risk percentage | 1% | 1% |
Securities-based | ||
Product Information [Line Items] | ||
Carrying Value | $ 15,934 | $ 16,671 |
Concentration risk percentage | 100% | 100% |
Securities-based | Americas | ||
Product Information [Line Items] | ||
Concentration risk percentage | 83% | 83% |
Securities-based | EMEA | ||
Product Information [Line Items] | ||
Concentration risk percentage | 16% | 15% |
Securities-based | Asia | ||
Product Information [Line Items] | ||
Concentration risk percentage | 1% | 2% |
Other collateralized | ||
Product Information [Line Items] | ||
Carrying Value | $ 52,867 | $ 51,702 |
Concentration risk percentage | 100% | 100% |
Other collateralized | Americas | ||
Product Information [Line Items] | ||
Concentration risk percentage | 86% | 86% |
Other collateralized | EMEA | ||
Product Information [Line Items] | ||
Concentration risk percentage | 12% | 12% |
Other collateralized | Asia | ||
Product Information [Line Items] | ||
Concentration risk percentage | 2% | 2% |
Installment | ||
Product Information [Line Items] | ||
Carrying Value | $ 5,769 | $ 6,326 |
Concentration risk percentage | 100% | 100% |
Installment | Americas | ||
Product Information [Line Items] | ||
Concentration risk percentage | 100% | 100% |
Installment | EMEA | ||
Product Information [Line Items] | ||
Concentration risk percentage | 0% | 0% |
Installment | Asia | ||
Product Information [Line Items] | ||
Concentration risk percentage | 0% | 0% |
Credit cards | ||
Product Information [Line Items] | ||
Carrying Value | $ 15,563 | $ 15,820 |
Concentration risk percentage | 100% | 100% |
Credit cards | Americas | ||
Product Information [Line Items] | ||
Concentration risk percentage | 100% | 100% |
Credit cards | EMEA | ||
Product Information [Line Items] | ||
Concentration risk percentage | 0% | 0% |
Credit cards | Asia | ||
Product Information [Line Items] | ||
Concentration risk percentage | 0% | 0% |
Other | ||
Product Information [Line Items] | ||
Carrying Value | $ 1,935 | $ 2,261 |
Concentration risk percentage | 100% | 100% |
Other | Americas | ||
Product Information [Line Items] | ||
Concentration risk percentage | 90% | 89% |
Other | EMEA | ||
Product Information [Line Items] | ||
Concentration risk percentage | 10% | 11% |
Other | Asia | ||
Product Information [Line Items] | ||
Concentration risk percentage | 0% | 0% |
Technology Media Telecommunications | ||
Product Information [Line Items] | ||
Concentration risk percentage | 26% | 26% |
Diversified Industrials | ||
Product Information [Line Items] | ||
Concentration risk percentage | 18% | 18% |
Real estate | ||
Product Information [Line Items] | ||
Concentration risk percentage | 12% | 11% |
Healthcare | ||
Product Information [Line Items] | ||
Concentration risk percentage | 11% | 10% |
Consumer and Retail | ||
Product Information [Line Items] | ||
Concentration risk percentage | 10% | 10% |
Loans - Summary of Past Due Loa
Loans - Summary of Past Due Loans (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | $ 183,106 | $ 184,829 |
Total divided by gross loans at amortized cost | 0.80% | 0.70% |
Corporate | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | $ 39,858 | $ 40,135 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 28,690 | 28,879 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 22,490 | 23,035 |
Securities-based | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 15,934 | 16,671 |
Other collateralized | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 52,867 | 51,702 |
Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 5,769 | 6,326 |
Credit cards | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 15,563 | 15,820 |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 1,935 | 2,261 |
Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 1,381 | 1,168 |
Past due | Corporate | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 58 | 92 |
Past due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 498 | 409 |
Past due | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 8 | 10 |
Past due | Securities-based | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 22 | 1 |
Past due | Other collateralized | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 98 | 15 |
Past due | Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 73 | 63 |
Past due | Credit cards | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 603 | 556 |
Past due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 21 | 22 |
30-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 547 | 416 |
30-89 days | Corporate | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 0 | 0 |
30-89 days | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 66 | 47 |
30-89 days | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 2 | 4 |
30-89 days | Securities-based | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 22 | 1 |
30-89 days | Other collateralized | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 92 | 10 |
30-89 days | Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 54 | 46 |
30-89 days | Credit cards | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 295 | 291 |
30-89 days | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 16 | 17 |
90 days or more | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 834 | 752 |
90 days or more | Corporate | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 58 | 92 |
90 days or more | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 432 | 362 |
90 days or more | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 6 | 6 |
90 days or more | Securities-based | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 0 | 0 |
90 days or more | Other collateralized | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 6 | 5 |
90 days or more | Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 19 | 17 |
90 days or more | Credit cards | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | 308 | 265 |
90 days or more | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Carrying Value | $ 5 | $ 5 |
Loans - Summary of Nonaccrual L
Loans - Summary of Nonaccrual Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | $ 3,533 | $ 2,710 |
Total divided by gross loans at amortized cost | 2.10% | 1.60% |
Nonaccrual loans allowance for loans losses divided by total | 142.40% | 204.50% |
30 days or more past due | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | $ 605 | $ 483 |
Corporate | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 1,738 | 1,432 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 1,575 | 1,079 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 66 | 93 |
Other collateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 107 | 65 |
Other | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 26 | 0 |
Installment | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 21 | 41 |
Wholesale and Consumer Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Loans modified in TDR | $ 231 | |
Corporate and Commercial Real Estate Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Loans modified in period | $ 337 |
Loans - Summary of Loans and Le
Loans - Summary of Loans and Lending Commitments Accounted for at Amortized Cost by Portfolio (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Loans Receivable [Line Items] | ||
Carrying Value | $ 183,106 | $ 184,829 |
Lending Commitments | 224,164 | 222,689 |
Corporate | ||
Loans Receivable [Line Items] | ||
Carrying Value | 39,858 | 40,135 |
Commercial real estate | ||
Loans Receivable [Line Items] | ||
Carrying Value | 28,690 | 28,879 |
Residential real estate | ||
Loans Receivable [Line Items] | ||
Carrying Value | 22,490 | 23,035 |
Securities-based | ||
Loans Receivable [Line Items] | ||
Carrying Value | 15,934 | 16,671 |
Other collateralized | ||
Loans Receivable [Line Items] | ||
Carrying Value | 52,867 | 51,702 |
Other | ||
Loans Receivable [Line Items] | ||
Carrying Value | 1,935 | 2,261 |
Installment | ||
Loans Receivable [Line Items] | ||
Carrying Value | 5,769 | 6,326 |
Credit cards | ||
Loans Receivable [Line Items] | ||
Carrying Value | 15,563 | 15,820 |
Credit card receivables issued to customers | ||
Loans Receivable [Line Items] | ||
Lending Commitments | 66,370 | 62,220 |
Wholesale and Consumer Portfolio Segment | ||
Loans Receivable [Line Items] | ||
Carrying Value | 169,736 | 172,580 |
Lending Commitments | 224,164 | 222,689 |
Wholesale | ||
Loans Receivable [Line Items] | ||
Nonaccrual loans, for which allowance for credit losses was measured | 3,510 | 2,670 |
Nonaccrual loans, allowance for credit losses | 647 | 535 |
Nonaccrual loans, for which no allowance for credit losses required | 692 | 384 |
Wholesale | Corporate | ||
Loans Receivable [Line Items] | ||
Carrying Value | 37,206 | 36,822 |
Lending Commitments | 135,509 | 137,149 |
Wholesale | Commercial real estate | ||
Loans Receivable [Line Items] | ||
Carrying Value | 26,447 | 26,222 |
Lending Commitments | 3,295 | 3,692 |
Wholesale | Residential real estate | ||
Loans Receivable [Line Items] | ||
Carrying Value | 18,099 | 18,523 |
Lending Commitments | 2,001 | 3,089 |
Wholesale | Securities-based | ||
Loans Receivable [Line Items] | ||
Carrying Value | 15,934 | 16,671 |
Lending Commitments | 718 | 508 |
Wholesale | Other collateralized | ||
Loans Receivable [Line Items] | ||
Carrying Value | 51,879 | 50,473 |
Lending Commitments | 12,982 | 13,209 |
Wholesale | Other | ||
Loans Receivable [Line Items] | ||
Carrying Value | 1,328 | 1,723 |
Lending Commitments | 1,015 | 944 |
Consumer | Installment | ||
Loans Receivable [Line Items] | ||
Carrying Value | 3,280 | 6,326 |
Lending Commitments | 2,271 | 1,882 |
Consumer | Credit cards | ||
Loans Receivable [Line Items] | ||
Carrying Value | 15,563 | 15,820 |
Lending Commitments | $ 66,373 | $ 62,216 |
Loans - Summary of Changes in A
Loans - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Allowance for loan losses | ||
Beginning balance | $ 5,543 | $ 3,573 |
Charge-offs | (296) | (185) |
Recoveries | 38 | 31 |
Net (charge-offs)/recoveries | (258) | (154) |
Provision | (249) | 673 |
Other | (4) | (6) |
Ending balance | $ 5,032 | $ 4,086 |
Allowance ratio | 3% | 2.70% |
Net charge-off ratio | 0.60% | 0.40% |
Allowance for losses on lending commitments | ||
Beginning balance | $ 774 | $ 776 |
Provision | (25) | (112) |
Other | (2) | |
Ending balance | 747 | 664 |
Wholesale | ||
Allowance for loan losses | ||
Beginning balance | 2,562 | 2,135 |
Charge-offs | (25) | (98) |
Recoveries | 14 | 12 |
Net (charge-offs)/recoveries | (11) | (86) |
Provision | 8 | 257 |
Other | (4) | (6) |
Ending balance | $ 2,555 | $ 2,300 |
Allowance ratio | 1.70% | 1.70% |
Net charge-off ratio | 0% | 0.30% |
Allowance for losses on lending commitments | ||
Beginning balance | $ 711 | $ 589 |
Provision | (16) | 73 |
Other | (2) | |
Ending balance | 693 | 662 |
Consumer | ||
Allowance for loan losses | ||
Beginning balance | 2,981 | 1,438 |
Charge-offs | (271) | (87) |
Recoveries | 24 | 19 |
Net (charge-offs)/recoveries | (247) | (68) |
Provision | (257) | 416 |
Other | 0 | 0 |
Ending balance | $ 2,477 | $ 1,786 |
Allowance ratio | 13.10% | 12.20% |
Net charge-off ratio | 4.60% | 2.10% |
Allowance for losses on lending commitments | ||
Beginning balance | $ 63 | $ 187 |
Provision | (9) | (185) |
Other | 0 | |
Ending balance | $ 54 | $ 2 |
Loans - Schedule of Forecasted
Loans - Schedule of Forecasted Economic Scenarios (Detail) - Forecast - United States | Dec. 31, 2025 | Dec. 31, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Schedule Of Forecasted Economic Scenarios [Line Items] | ||||||
Maximum estimated unemployment rate | 7.40% | |||||
Maximum decline in gross domestic rate relative to expected rate | 2.70% | |||||
U.S. unemployment rate | ||||||
Schedule Of Forecasted Economic Scenarios [Line Items] | ||||||
Allowance for credit losses forecast model inputs | 4.50% | 4.10% | 3.60% | |||
Growth in U.S. GDP | ||||||
Schedule Of Forecasted Economic Scenarios [Line Items] | ||||||
Allowance for credit losses forecast model inputs | 1.70% | 0.90% | 1.20% |
Loans - Summary of Estimated Fa
Loans - Summary of Estimated Fair Value of Loans and Lending Commitments that are not Accounted for at Fair Value (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans | $ 178,074 | $ 179,286 |
Amortized Cost | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans | 164,704 | 167,037 |
Loans, Estimated Fair Value, Total | 166,447 | 169,042 |
Amortized Cost | Level 2 | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value, Level 2 | 86,265 | 85,921 |
Amortized Cost | Level 3 | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value, Level 3 | 80,182 | 83,121 |
Held For Sale | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans | 5,864 | 4,594 |
Loans held for sale | 5,864 | 4,594 |
Loans held for sale, Estimated Fair Value, Total | 5,883 | 4,606 |
Held For Sale | Level 2 | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans held for sale, Estimated Fair Value, Level 2 | 1,905 | 2,592 |
Held For Sale | Level 3 | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans held for sale, Estimated Fair Value, Level 3 | $ 3,978 | $ 2,014 |
Fair Value Option - Additional
Fair Value Option - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value [Line Items] | |||
Total contractual amount of unfunded commitments for which the fair value option was elected | $ 215 | $ 307 | |
Net gain/(loss) attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected | 8 | $ (2) | |
Secured long term borrowings | |||
Fair Value [Line Items] | |||
Difference between aggregate contractual principal amount of long-term debt instruments for which the fair value option was elected and related fair value | 181 | 0 | |
Unsecured long-term borrowings | |||
Fair Value [Line Items] | |||
Difference between aggregate contractual principal amount of long-term debt instruments for which the fair value option was elected and related fair value | 4,740 | 5,030 | |
Written loan commitment, fair value option | |||
Fair Value [Line Items] | |||
Fair value of unfunded commitments for which the fair value option was elected | $ 16 | $ 22 |
Fair Value Option - Gains and L
Fair Value Option - Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value option gains/(losses) | $ (4,209) | $ 4,582 |
Unsecured short-term borrowings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value option gains/(losses) | (1,761) | 1,705 |
Unsecured long-term borrowings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value option gains/(losses) | (2,307) | 2,547 |
Other | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value option gains/(losses) | $ (141) | $ 330 |
Fair Value Option - Summary of
Fair Value Option - Summary of DVA Gains/(Losses) on Financial Liabilities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
After tax DVA | $ (1) | $ 740 |
Other Financial Liabilities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Pre-tax DVA | (1) | 993 |
After tax DVA | $ (1) | $ 740 |
Fair Value Option - Loans and L
Fair Value Option - Loans and Lending Commitments (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Aggregate contractual principal in excess of fair value | $ 1,928 | $ 2,645 |
Aggregate contractual principal in excess of fair value | 2,887 | 3,331 |
Aggregate fair value | $ 2,369 | $ 2,633 |
Collateralized Agreements and_3
Collateralized Agreements and Financings - Offsetting Arrangements (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Collateralized Agreements And Financings [Abstract] | ||
Resale agreements, Gross carrying value | $ 281,953 | $ 334,042 |
Resale agreements, Counterparty Netting | (79,802) | (108,925) |
Resale agreements | 202,151 | 225,117 |
Resale agreements, Counterparty Netting | (22,899) | (15,350) |
Resale agreements, Collateral | (167,725) | (204,843) |
Resale agreements | 11,527 | 4,924 |
Securities borrowed, Gross carrying value | 203,830 | 199,623 |
Securities borrowed, Counterparty Netting | (653) | (10,582) |
Securities borrowed | 203,177 | 189,041 |
Securities borrowed, Counterparty Netting | (6,480) | (4,576) |
Securities borrowed, Collateral | (189,121) | (171,997) |
Securities borrowed | 7,576 | 12,468 |
Repurchase agreements, Gross carrying value | 277,189 | 219,274 |
Repurchase agreements, Counterparty Netting | (79,802) | (108,925) |
Repurchase agreements | 197,387 | 110,349 |
Repurchase agreements, Counterparty Netting | (22,899) | (15,350) |
Repurchase agreements, Collateral | (172,373) | (92,997) |
Repurchase agreements | 2,115 | 2,002 |
Securities loaned, Gross carrying value | 46,972 | 41,309 |
Securities loaned, Counterparty Netting | (653) | (10,582) |
Securities loaned | 46,319 | 30,727 |
Securities loaned, Counterparty Netting | (6,480) | (4,576) |
Securities loaned, Collateral | (39,042) | (25,578) |
Securities loaned | $ 797 | $ 573 |
Collateralized Agreements and_4
Collateralized Agreements and Financings - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Other Secured Financings [Line Items] | ||
Securities borrowed at fair value | $ 40,599 | $ 38,578 |
Securities loaned at fair value | 5,726 | 4,372 |
Other secured financings | 18,511 | 13,946 |
Transfers of financial assets accounted for as financings included in other secured financings | 1,940 | 1,690 |
Financings collateralized by financial assets | 1,900 | 1,640 |
Other secured financings collateralized by financial instruments | 11,590 | 7,490 |
Other secured financings collateralized by trading assets, investments and loans | 1,590 | 1,220 |
Securities segregated for regulatory and other purposes | 42,980 | 49,600 |
Nonrecourse | ||
Other Secured Financings [Line Items] | ||
Other secured financings | 7,990 | 7,940 |
U.S. Dollar | ||
Other Secured Financings [Line Items] | ||
Other secured financings | $ 12,102 | $ 8,064 |
Weighted average interest rates, short term | 5.51% | 5.56% |
Weighted average interest rates, long term | 3.49% | 3.54% |
Non-U.S. Dollar | ||
Other Secured Financings [Line Items] | ||
Other secured financings | $ 6,409 | $ 5,882 |
Weighted average interest rates, short term | 0.45% | |
Weighted average interest rates, long term | 0.45% |
Collateralized Agreements and_5
Collateralized Agreements and Financings - Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 277,189 | $ 219,274 |
Securities loaned | 46,972 | 41,309 |
Money market instruments | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 1,116 | 10 |
Securities loaned | 0 | 0 |
U.S. government and agency obligations | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 156,350 | 112,825 |
Securities loaned | 210 | 55 |
Non-U.S. government and agency obligations | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 88,963 | 87,828 |
Securities loaned | 789 | 594 |
Securities backed by commercial real estate | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 528 | 172 |
Securities loaned | 23 | 0 |
Securities backed by residential real estate | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 1,249 | 466 |
Securities loaned | 1 | 0 |
Corporate debt securities | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 16,930 | 11,398 |
Securities loaned | 459 | 295 |
State and municipal obligations | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 35 | 143 |
Securities loaned | 0 | 0 |
Other debt obligations | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 249 | 108 |
Securities loaned | 8 | 0 |
Equity securities | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 11,769 | 6,324 |
Securities loaned | $ 45,482 | $ 40,365 |
Collateralized Agreements and_6
Collateralized Agreements and Financings - Schedule of Repurchase Agreements and Securities Loaned by Maturity Date (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 277,189 | $ 219,274 |
Securities loaned | 46,972 | $ 41,309 |
No stated maturity and overnight | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 125,201 | |
Securities loaned | 32,180 | |
2 - 30 days | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 71,999 | |
Securities loaned | 434 | |
31 - 90 days | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 26,718 | |
Securities loaned | 1,144 | |
91 days - 1 year | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 45,044 | |
Securities loaned | 8,208 | |
Greater than 1 year | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 8,227 | |
Securities loaned | $ 5,006 |
Collateralized Agreements and_7
Collateralized Agreements and Financings - Other Secured Financings (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Other Secured Financings [Line Items] | ||
Other secured financings (short-term): At fair value | $ 10,679 | $ 6,441 |
Other secured financings (short-term): At amortized cost | 800 | 398 |
Other secured financings (long-term): At fair value | 6,723 | 6,315 |
Other secured financings (long-term): At amortized cost | 309 | 792 |
Total other secured financings | 18,511 | 13,946 |
Other secured financings collateralized by: Financial instruments | 13,179 | 8,712 |
Other secured financings collateralized by: Other assets | 5,332 | 5,234 |
U.S. Dollar | ||
Other Secured Financings [Line Items] | ||
Other secured financings (short-term): At fair value | 7,809 | 3,478 |
Other secured financings (short-term): At amortized cost | 409 | 398 |
Other secured financings (long-term): At fair value | 3,575 | 3,793 |
Other secured financings (long-term): At amortized cost | 309 | 395 |
Total other secured financings | 12,102 | 8,064 |
Other secured financings collateralized by: Financial instruments | 7,815 | 3,817 |
Other secured financings collateralized by: Other assets | 4,287 | 4,247 |
Non-U.S. Dollar | ||
Other Secured Financings [Line Items] | ||
Other secured financings (short-term): At fair value | 2,870 | 2,963 |
Other secured financings (short-term): At amortized cost | 391 | 0 |
Other secured financings (long-term): At fair value | 3,148 | 2,522 |
Other secured financings (long-term): At amortized cost | 0 | 397 |
Total other secured financings | 6,409 | 5,882 |
Other secured financings collateralized by: Financial instruments | 5,364 | 4,895 |
Other secured financings collateralized by: Other assets | $ 1,045 | $ 987 |
Collateralized Agreements and_8
Collateralized Agreements and Financings - Other Secured Financings by Maturity Date (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Other Secured Financings By Maturity Period [Line Items] | ||
Other secured financings (short-term) | $ 11,479 | |
Total other secured financings (long-term) | 7,032 | |
Total other secured financings | 18,511 | $ 13,946 |
Other secured financings (long-term): | ||
Other Secured Financings By Maturity Period [Line Items] | ||
2024 | 2,046 | |
2025 | 1,279 | |
2026 | 994 | |
2027 | 167 | |
2028 | 844 | |
2029 - thereafter | $ 1,702 |
Collateralized Agreements and_9
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Collateralized Agreements And Financings [Abstract] | ||
Collateral available to be delivered or repledged | $ 956,347 | $ 971,699 |
Collateral that was delivered or repledged | $ 809,466 | $ 797,919 |
Collateralized Agreements an_10
Collateralized Agreements and Financings - Assets Pledged as Collateral (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Offsetting Liabilities [Line Items] | ||
Trading assets | $ 407,395 | $ 301,245 |
Investments | 131,790 | 130,629 |
Loans | 178,074 | 179,286 |
Other assets | 41,802 | 39,208 |
Pledged to counterparties that had the right to deliver or repledge | Repurchase agreements | ||
Offsetting Liabilities [Line Items] | ||
Trading assets | 81,927 | 40,143 |
Investments | 10,223 | 9,818 |
Pledged to counterparties that did not have the right to deliver or repledge | Repurchase agreements | ||
Offsetting Liabilities [Line Items] | ||
Trading assets | 123,009 | 70,912 |
Investments | 11,837 | 1,726 |
Loans | 8,847 | 6,600 |
Other assets | $ 7,390 | $ 7,525 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Property, leasehold improvements and equipment | $ 16,461 | $ 17,074 |
Goodwill | 6,439 | 6,374 |
Identifiable intangible assets | 1,965 | 2,009 |
Operating lease right-of-use assets | 2,148 | 2,172 |
Income tax-related assets | 6,794 | 7,012 |
Miscellaneous receivables and other | 7,995 | 4,567 |
Total | $ 41,802 | $ 39,208 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule Of Other Assets [Line Items] | |||
Accumulated depreciation and amortization | $ 12,880,000,000 | $ 12,190,000,000 | |
Property, leasehold improvements and equipment used for operation | 7,020,000,000 | 7,170,000,000 | |
Foreclosed real estate included in property, leasehold improvements and equipment | $ 77,000,000 | 89,000,000 | |
Amortization period - capitalized costs of software developed or obtained for internal use | 3 years | ||
Term deposit with other bank | $ 2,400,000,000 | ||
Investments in qualified housing projects | 1,300,000,000 | 793,000,000 | |
Assets classified as held for sale | 122,000,000 | 285,000,000 | |
Property, leasehold improvements and equipment | |||
Schedule Of Other Assets [Line Items] | |||
Impairment of property leasehold improvements and equipment | $ 0 | ||
Capitalized software | |||
Schedule Of Other Assets [Line Items] | |||
Impairment of property leasehold improvements and equipment | 35,000,000 | ||
Other | |||
Schedule Of Other Assets [Line Items] | |||
Identifiable intangible assets acquired | 0 | $ 1,790,000,000 | |
Identifiable intangible assets weighted average remaining life in years | 13 years | ||
Operating lease right-of-use assets | |||
Schedule Of Other Assets [Line Items] | |||
Right-of-use assets recognized | 38,000,000 | $ 67,000,000 | |
Asset & Wealth Management | Property, leasehold improvements and equipment | |||
Schedule Of Other Assets [Line Items] | |||
Impairment of property leasehold improvements and equipment | $ 355,000,000 |
Other Assets - Carrying Value o
Other Assets - Carrying Value of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Mar. 31, 2023 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 6,374 | $ 6,439 |
Increase in goodwill during period | 2,090 | |
Investment banking | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 267 | 267 |
FICC | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 269 | 269 |
Equities | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 2,647 | 2,647 |
Asset management | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 1,385 | 1,398 |
Wealth management | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 1,310 | 1,340 |
Consumer platforms | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 482 | 504 |
Transaction banking and other | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 14 | $ 14 |
Other Assets - Identifiable Int
Other Assets - Identifiable Intangible Assets by Type (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 3,718 | $ 3,711 |
Accumulated amortization | (1,753) | (1,702) |
Net carrying value | 1,965 | 2,009 |
Customer lists and merchant relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 3,237 | 3,225 |
Accumulated amortization | (1,321) | (1,275) |
Net carrying value | 1,916 | 1,950 |
Acquired leases and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 481 | 486 |
Accumulated amortization | (432) | (427) |
Net carrying value | $ 49 | $ 59 |
Other Assets - Amortization of
Other Assets - Amortization of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Assets [Abstract] | ||
Amortization | $ 52 | $ 19 |
Other Assets - Estimated Future
Other Assets - Estimated Future Amortization (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Other Assets [Abstract] | |
Remainder of 2023 | $ 150 |
2024 | 188 |
2025 | 171 |
2026 | 164 |
2027 | 163 |
2028 | $ 162 |
Deposits - Types and Sources of
Deposits - Types and Sources of Deposits (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Deposits [Line Items] | ||
Savings and Demand | $ 293,934 | $ 303,495 |
Time | 81,597 | 83,170 |
Total | 375,531 | 386,665 |
Private bank and consumer | ||
Deposits [Line Items] | ||
Savings and Demand | 185,793 | 192,713 |
Time | 32,939 | 33,046 |
Total | 218,732 | 225,759 |
Brokered certificates of deposit | ||
Deposits [Line Items] | ||
Savings and Demand | 0 | 0 |
Time | 29,804 | 32,624 |
Total | 29,804 | 32,624 |
Deposit sweep programs | ||
Deposits [Line Items] | ||
Savings and Demand | 39,117 | 44,819 |
Time | 0 | 0 |
Total | 39,117 | 44,819 |
Transaction banking | ||
Deposits [Line Items] | ||
Savings and Demand | 67,972 | 65,155 |
Time | 3,344 | 5,069 |
Total | 71,316 | 70,224 |
Other | ||
Deposits [Line Items] | ||
Savings and Demand | 1,052 | 808 |
Time | 15,510 | 12,431 |
Total | $ 16,562 | $ 13,239 |
Deposits - Types and Sources _2
Deposits - Types and Sources of Deposits, Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Deposits [Abstract] | ||
Deposits at fair value | $ 18,530 | $ 15,746 |
Weighted average maturity of time deposits | 10 months 24 days | 10 months 24 days |
Deposits insured by the FDIC | $ 185,150 | $ 184,880 |
Deposits insured by non-U.S. Insurance Programs | $ 24,670 | $ 31,740 |
Deposits - Location of Deposits
Deposits - Location of Deposits (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
U.S. offices | $ 297,425 | $ 313,598 |
Non-U.S. offices | 78,106 | 73,067 |
Total | $ 375,531 | $ 386,665 |
Deposits - Maturities of Time D
Deposits - Maturities of Time Deposits (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Time Deposits By Maturity [Line Items] | ||
Remainder of 2023 | $ 47,529 | |
2024 | 23,662 | |
2025 | 4,257 | |
2026 | 2,874 | |
2027 | 1,416 | |
2028 | 780 | |
2029 - thereafter | 1,079 | |
Total | 81,597 | $ 83,170 |
U.S. | ||
Time Deposits By Maturity [Line Items] | ||
Remainder of 2023 | 28,834 | |
2024 | 20,350 | |
2025 | 4,034 | |
2026 | 2,598 | |
2027 | 1,224 | |
2028 | 598 | |
2029 - thereafter | 892 | |
Total | 58,530 | |
Non-U.S. | ||
Time Deposits By Maturity [Line Items] | ||
Remainder of 2023 | 18,695 | |
2024 | 3,312 | |
2025 | 223 | |
2026 | 276 | |
2027 | 192 | |
2028 | 182 | |
2029 - thereafter | 187 | |
Total | $ 23,067 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Deposits [Abstract] | |
Total domestic time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance | $ 12,700 |
Total foreign time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance | $ 22,210 |
Unsecured Borrowings - Schedule
Unsecured Borrowings - Schedule of Unsecured Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Unsecured short-term borrowings | $ 64,603 | $ 60,961 |
Unsecured long-term borrowings | 240,794 | 247,138 |
Total | $ 305,397 | $ 308,099 |
Unsecured Borrowings - Unsecure
Unsecured Borrowings - Unsecured Short-Term Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Current portion of unsecured long-term borrowings | $ 37,069 | $ 38,635 |
Hybrid financial instruments | 21,664 | 18,383 |
Commercial paper | 3,207 | 1,718 |
Other unsecured short-term borrowings | 2,663 | 2,225 |
Total unsecured short-term borrowings | $ 64,603 | $ 60,961 |
Weighted average interest rate | 4.04% | 3.71% |
Unsecured Borrowings - Unsecu_2
Unsecured Borrowings - Unsecured Long-Term Borrowings (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Fixed-rate obligations | $ 152,788 | $ 157,524 |
Floating-rate obligations | 88,006 | 89,614 |
Total | $ 240,794 | 247,138 |
Unsecured long term borrowings, maturities, end of range | 2063 | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Total | $ 240,794 | |
U.S. Dollar | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 113,785 | 118,986 |
Floating-rate obligations | 53,672 | 55,689 |
Total | $ 167,457 | $ 174,675 |
U.S. Dollar | Minimum | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.66% | 0.66% |
U.S. Dollar | Maximum | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.75% | 6.75% |
U.S. Dollar | Weighted Average | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.56% | 3.51% |
Non-U.S. Dollar | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | $ 39,003 | $ 38,538 |
Floating-rate obligations | 34,334 | 33,925 |
Total | $ 73,337 | $ 72,463 |
Non-U.S. Dollar | Minimum | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.13% | 0.13% |
Non-U.S. Dollar | Maximum | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.25% | 7.25% |
Non-U.S. Dollar | Weighted Average | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.88% | 1.85% |
Unsecured Borrowings - Unsecu_3
Unsecured Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total | $ 240,794 | $ 247,138 |
Amount related to interest rate hedges on certain unsecured long-term borrowings | (12,090) | |
2024 | (227) | |
2025 | (1,040) | |
2026 | (683) | |
2027 | (1,330) | |
2028 | (1,380) | |
2029 - thereafter | (7,430) | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
2024 | 35,683 | |
2025 | 36,981 | |
2026 | 22,578 | |
2027 | 33,206 | |
2028 | 21,446 | |
2029 - thereafter | 90,900 | |
Total | $ 240,794 |
Unsecured Borrowings - Unsecu_4
Unsecured Borrowings - Unsecured Long-Term Borrowings after Hedging (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Fixed-rate obligations: At fair value | $ 7,416 | $ 6,147 |
Fixed-rate obligations: At amortized cost | 10,826 | 6,065 |
Floating-rate obligations: At fair value | 67,472 | 67,000 |
Floating-rate obligations: At amortized cost | 155,080 | 167,926 |
Total | $ 240,794 | $ 247,138 |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - total | 5.46% | 4.97% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging fixed rate obligations | 2.94% | 4.08% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging floating rate obligations | 5.62% | 5% |
Unsecured Borrowings - Addition
Unsecured Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2004 | |
Debt Instrument [Line Items] | |||
Unsecured long-term borrowings for which the firm did not elect the fair value option | $ 165,910 | $ 173,990 | |
Fair value of unsecured long-term borrowings | $ 165,750 | $ 173,700 | |
Subordinated debt | Minimum | |||
Debt Instrument [Line Items] | |||
Subordinated debt maturities, range | 2025 | 2025 | |
Subordinated debt | Maximum | |||
Debt Instrument [Line Items] | |||
Subordinated debt maturities, range | 2045 | 2045 | |
Goldman Sachs Capital I | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures issued to Goldman Sachs Capital I (Trust) | $ 2,840 | ||
Guaranteed preferred beneficial interests issued to third parties | 2,750 | ||
Common beneficial interests issued to Group Inc. | $ 85 | ||
Junior subordinated debt, outstanding par amount | $ 968 | $ 968 | |
Trust Preferred Securities, outstanding par amount | 939 | 939 | |
Common beneficial interests, outstanding par amount | $ 29 | $ 29 | |
Interest rate on junior subordinated debt issued to third parties | 6.345% | ||
Maturity date of junior subordinated debt held by certain third parties | Feb. 15, 2034 |
Unsecured Borrowings - Subordin
Unsecured Borrowings - Subordinated Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total subordinated Borrowings, par amount | $ 13,211 | $ 13,229 |
Total subordinated Borrowings | $ 13,310 | $ 12,936 |
Effective weighted average interest rate on subordinated borrowings, after hedging | 7.01% | 6.29% |
Subordinated debt | ||
Debt Instrument [Line Items] | ||
Subordinated debt, par amount | $ 12,243 | $ 12,261 |
Subordinated debt outstanding | $ 12,229 | $ 11,882 |
Effective weighted average interest rate of subordinated debt after hedging | 7.14% | 6.40% |
Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Subordinated debt, par amount | $ 968 | $ 968 |
Junior subordinated debt | $ 1,081 | $ 1,054 |
Effective weighted average interest rate of junior subordinated debt, after hedging | 5.36% | 4.86% |
Other Liabilities - Other Liabi
Other Liabilities - Other Liabilities by Type (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Compensation and benefits | $ 3,688 | $ 7,225 |
Income tax-related liabilities | 2,681 | 2,669 |
Operating lease liabilities | 2,129 | 2,154 |
Noncontrolling interests | 621 | 649 |
Employee interests in consolidated funds | 20 | 25 |
Accrued expenses and other | 8,123 | 8,733 |
Total | $ 17,262 | $ 21,455 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Other Liabilities - Information
Other Liabilities - Information About Operating Lease Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Remainder of year | $ 241 | |
Year 1 | 348 | $ 325 |
Year 2 | 289 | 334 |
Year 3 | 243 | 283 |
Year 4 | 209 | 236 |
Year 5 | 203 | |
Year 5 and thereafter | 1,446 | |
After year 5 | 1,424 | |
Total undiscounted lease payments | 2,776 | 2,805 |
Imputed interest | (647) | (651) |
Total operating lease liabilities | $ 2,129 | $ 2,154 |
Weighted average remaining lease term | 13 years | 13 years |
Weighted average discount rate | 3.73% | 3.66% |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Other Liabilities Disclosure [Line Items] | |||
Operating lease costs | $ 119 | $ 120 | |
Lease payments related to operating lease arrangements not yet commenced | 1,460 | ||
Contract liabilities | 130 | $ 113 | |
Asset management | |||
Other Liabilities Disclosure [Line Items] | |||
Liabilities classified as held for sale related to consolidated investments | $ 0 | $ 0 |
Securitization Activities - Amo
Securitization Activities - Amount of Financial Assets Securitized and Cash Flows Received on Retained Interests (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Transfers and Servicing [Abstract] | ||
Residential mortgages | $ 7,496 | $ 11,730 |
Commercial mortgages | 604 | 6,221 |
Other financial assets | 464 | 2,021 |
Total financial assets securitized | 8,564 | 19,972 |
Retained interests cash flows | $ 102 | $ 193 |
Securitization Activities - Add
Securitization Activities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | |||
Assets securitized in a non-cash exchange for loans and investments | $ 44 | $ 200 | |
Net asset related to other continuing involvement | 96 | $ 72 | |
Notional amount related to other continuing involvement | 1,890 | 1,900 | |
Fair value of retained interests | 4,870 | 5,030 | |
Installment | |||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | |||
Seller financing related to loans sold | 830 | ||
Loans sold | 1,000 | ||
Other retained interests | |||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | |||
Fair value of retained interests | $ 368 | $ 384 | |
Weighted average life (years) | 6 years 10 months 24 days | 6 years 4 months 24 days | |
Maximum exposure to adverse changes in the value of other retained interests | $ 381 | $ 398 |
Securitization Activities - Fir
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding Principal Amount | $ 135,583 | $ 134,130 |
Retained Interests | 4,887 | 5,043 |
Purchased Interests | 268 | 245 |
Fair value of retained interests | 4,870 | 5,030 |
U.S. government agency-issued CMOs | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding Principal Amount | 38,378 | 38,617 |
Retained Interests | 1,877 | 1,835 |
Purchased Interests | 0 | 0 |
Other residential mortgage-backed | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding Principal Amount | 28,938 | 27,075 |
Retained Interests | 1,289 | 1,461 |
Purchased Interests | 117 | 117 |
Other commercial mortgage-backed | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding Principal Amount | 59,680 | 59,688 |
Retained Interests | 1,340 | 1,349 |
Purchased Interests | 101 | 82 |
Corporate debt and other asset-backed | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding Principal Amount | 8,587 | 8,750 |
Retained Interests | 381 | 398 |
Purchased Interests | $ 50 | $ 46 |
Securitization Activities - Wei
Securitization Activities - Weighted Average Key Economic Assumptions Used in Measuring Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value to Immediate Adverse Changes (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Fair value of retained interests | $ 4,870 | $ 5,030 |
Mortgage-backed retained interests | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Fair value of retained interests | $ 4,502 | $ 4,644 |
Weighted average life (years) | 7 years 1 month 6 days | 6 years 7 months 6 days |
Constant prepayment rate | 7.70% | 7.70% |
Impact of 10% adverse change | $ (40) | $ (27) |
Impact of 20% adverse change | $ (73) | $ (48) |
Discount rate | 8.40% | 9.50% |
Impact of 10% adverse change | $ (136) | $ (138) |
Impact of 20% adverse change | $ (259) | $ (266) |
Variable Interest Entities - No
Variable Interest Entities - Nonconsolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Total assets | $ 1,538,349 | $ 1,441,799 |
Total liabilities | 1,420,840 | 1,324,610 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets in VIEs | 191,778 | 181,697 |
Total assets | 13,441 | 12,325 |
Total liabilities | 1,051 | 659 |
Maximum exposure to loss: | 24,921 | 23,819 |
Retained interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 4,887 | 5,043 |
Purchased interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 993 | 861 |
Commitments and guarantees | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 3,106 | 3,087 |
Derivatives | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 8,764 | 8,802 |
Debt and equity | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 7,171 | 6,026 |
Mortgage-backed | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets in VIEs | 128,774 | 127,290 |
Total assets | 4,860 | 4,977 |
Maximum exposure to loss: | 4,906 | 5,043 |
Mortgage-backed | Retained interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 4,506 | 4,645 |
Mortgage-backed | Purchased interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 354 | 332 |
Mortgage-backed | Commitments and guarantees | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 44 | 64 |
Mortgage-backed | Derivatives | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 2 | 2 |
Real estate, credit- and power-related and other investing | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets in VIEs | 37,318 | 29,193 |
Total assets | 4,722 | 4,415 |
Total liabilities | 376 | 2 |
Maximum exposure to loss: | 7,516 | 7,093 |
Real estate, credit- and power-related and other investing | Commitments and guarantees | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 2,796 | 2,679 |
Real estate, credit- and power-related and other investing | Debt and equity | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 4,720 | 4,414 |
Corporate debt and other asset-backed | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets in VIEs | 20,655 | 19,428 |
Total assets | 3,745 | 2,817 |
Total liabilities | 675 | 657 |
Maximum exposure to loss: | 12,230 | 11,413 |
Corporate debt and other asset-backed | Retained interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 381 | 398 |
Corporate debt and other asset-backed | Purchased interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 639 | 529 |
Corporate debt and other asset-backed | Commitments and guarantees | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 111 | 190 |
Corporate debt and other asset-backed | Derivatives | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 8,762 | 8,800 |
Corporate debt and other asset-backed | Debt and equity | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 2,337 | 1,496 |
Investments in funds | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets in VIEs | 5,031 | 5,786 |
Total assets | 114 | 116 |
Maximum exposure to loss: | 269 | 270 |
Investments in funds | Commitments and guarantees | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | 155 | 154 |
Investments in funds | Debt and equity | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss: | $ 114 | $ 116 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 229,327 | $ 241,825 |
Customer and other receivables | 144,633 | 135,448 |
Trading assets | 407,395 | 301,245 |
Investments | 131,790 | 130,629 |
Loans | 178,074 | 179,286 |
Other assets | 41,802 | 39,208 |
Total assets | 1,538,349 | 1,441,799 |
Liabilities | ||
Other secured financings | 18,511 | 13,946 |
Customer and other payables | 266,301 | 262,045 |
Trading liabilities | 194,132 | 191,324 |
Unsecured short-term borrowings | 64,603 | 60,961 |
Unsecured long-term borrowings | 240,794 | 247,138 |
Other liabilities | 17,262 | 21,455 |
Total liabilities | 1,420,840 | 1,324,610 |
Total consolidated VIEs | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 335 | 348 |
Customer and other receivables | 13 | 7 |
Trading assets | 94 | 103 |
Investments | 90 | 101 |
Loans | 997 | 1,177 |
Other assets | 332 | 336 |
Total assets | 1,861 | 2,072 |
Liabilities | ||
Other secured financings | 957 | 952 |
Customer and other payables | 2 | 51 |
Trading liabilities | 0 | 9 |
Unsecured short-term borrowings | 60 | 58 |
Unsecured long-term borrowings | 17 | 16 |
Other liabilities | 114 | 112 |
Total liabilities | 1,150 | 1,198 |
Real estate, credit-related and other investing | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 320 | 339 |
Customer and other receivables | 13 | 7 |
Trading assets | 32 | 42 |
Investments | 90 | 101 |
Loans | 997 | 1,177 |
Other assets | 332 | 336 |
Total assets | 1,784 | 2,002 |
Liabilities | ||
Other secured financings | 163 | 170 |
Customer and other payables | 2 | 51 |
Trading liabilities | 0 | 9 |
Other liabilities | 114 | 112 |
Total liabilities | 279 | 342 |
Corporate debt and other asset-backed | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 15 | 9 |
Trading assets | 21 | 20 |
Total assets | 36 | 29 |
Liabilities | ||
Other secured financings | 482 | 482 |
Total liabilities | 482 | 482 |
Principal-protected notes | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Trading assets | 41 | 41 |
Total assets | 41 | 41 |
Liabilities | ||
Other secured financings | 312 | 300 |
Unsecured short-term borrowings | 60 | 58 |
Unsecured long-term borrowings | 17 | 16 |
Total liabilities | $ 389 | $ 374 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees - Commitments (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Commitment Liabilities [Line Items] | ||
Total lending | $ 228,473 | $ 227,138 |
Risk participations | 9,238 | 9,173 |
Collateralized agreement | 126,351 | 105,301 |
Collateralized financing | 37,190 | 22,532 |
Investment | 7,459 | 7,705 |
Other | 8,033 | 9,690 |
Total commitments | 416,744 | 381,539 |
Year one | ||
Commitment Liabilities [Line Items] | ||
Total lending | 84,238 | |
Risk participations | 2,575 | |
Collateralized agreement | 125,110 | |
Collateralized financing | 36,412 | |
Investment | 1,152 | |
Other | 7,445 | |
Total commitments | 256,932 | |
Years two and three | ||
Commitment Liabilities [Line Items] | ||
Total lending | 45,868 | |
Risk participations | 3,320 | |
Collateralized agreement | 1,241 | |
Collateralized financing | 778 | |
Investment | 1,258 | |
Other | 352 | |
Total commitments | 52,817 | |
2025 - 2026 | ||
Commitment Liabilities [Line Items] | ||
Total lending | 80,295 | |
Risk participations | 3,087 | |
Collateralized agreement | 0 | |
Collateralized financing | 0 | |
Investment | 2,298 | |
Other | 0 | |
Total commitments | 85,680 | |
2027 - Thereafter | ||
Commitment Liabilities [Line Items] | ||
Total lending | 18,072 | |
Risk participations | 256 | |
Collateralized agreement | 0 | |
Collateralized financing | 0 | |
Investment | 2,751 | |
Other | 236 | |
Total commitments | 21,315 | |
Investment-grade commercial lending | ||
Commitment Liabilities [Line Items] | ||
Total lending | 96,058 | 100,438 |
Increase (decrease) in lending commitments | 2,780 | |
Investment-grade commercial lending | Year one | ||
Commitment Liabilities [Line Items] | ||
Total lending | 10,376 | |
Investment-grade commercial lending | Years two and three | ||
Commitment Liabilities [Line Items] | ||
Total lending | 24,016 | |
Investment-grade commercial lending | 2025 - 2026 | ||
Commitment Liabilities [Line Items] | ||
Total lending | 52,067 | |
Investment-grade commercial lending | 2027 - Thereafter | ||
Commitment Liabilities [Line Items] | ||
Total lending | 9,599 | |
Non-investment-grade commercial lending | ||
Commitment Liabilities [Line Items] | ||
Total lending | 56,014 | 53,486 |
Increase (decrease) in lending commitments | (2,780) | |
Non-investment-grade commercial lending | Year one | ||
Commitment Liabilities [Line Items] | ||
Total lending | 3,774 | |
Non-investment-grade commercial lending | Years two and three | ||
Commitment Liabilities [Line Items] | ||
Total lending | 16,696 | |
Non-investment-grade commercial lending | 2025 - 2026 | ||
Commitment Liabilities [Line Items] | ||
Total lending | 27,174 | |
Non-investment-grade commercial lending | 2027 - Thereafter | ||
Commitment Liabilities [Line Items] | ||
Total lending | 8,370 | |
Warehouse financing | ||
Commitment Liabilities [Line Items] | ||
Total lending | 7,757 | 9,116 |
Warehouse financing | Year one | ||
Commitment Liabilities [Line Items] | ||
Total lending | 1,705 | |
Warehouse financing | Years two and three | ||
Commitment Liabilities [Line Items] | ||
Total lending | 4,895 | |
Warehouse financing | 2025 - 2026 | ||
Commitment Liabilities [Line Items] | ||
Total lending | 1,054 | |
Warehouse financing | 2027 - Thereafter | ||
Commitment Liabilities [Line Items] | ||
Total lending | 103 | |
Consumer | ||
Commitment Liabilities [Line Items] | ||
Total lending | 68,644 | $ 64,098 |
Consumer | Year one | ||
Commitment Liabilities [Line Items] | ||
Total lending | 68,383 | |
Consumer | Years two and three | ||
Commitment Liabilities [Line Items] | ||
Total lending | 261 | |
Consumer | 2025 - 2026 | ||
Commitment Liabilities [Line Items] | ||
Total lending | 0 | |
Consumer | 2027 - Thereafter | ||
Commitment Liabilities [Line Items] | ||
Total lending | $ 0 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees - Lending Commitments (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Held for investment | $ 224,164 | $ 222,689 |
Held for sale | 3,313 | 3,355 |
At fair value | 996 | 1,094 |
Total | $ 228,473 | $ 227,138 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Lending commitments allowance | $ 747 | $ 774 | $ 664 | $ 776 |
Estimated fair value of lending commitments liabilities | 5,810 | 5,950 | ||
Carrying value of lending commitments liabilities | 75 | 88 | ||
Commercial lending commitments | 228,473 | 227,138 | ||
Lending Commitments | 224,164 | 222,689 | ||
Commitments related to investments | 8,033 | 9,690 | ||
Commitments to invest in funds managed by the firm | 1,310 | 1,290 | ||
Unsecured Installment Loans | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Commitments related to investments | 2,270 | 1,880 | ||
Credit card receivables issued to customers | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Lending Commitments | 66,370 | 62,220 | ||
Securities Lending Indemnification | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Maximum payout of indemnifications | 16,560 | 12,230 | ||
Collateral held by lenders in connection with securities lending indemnifications | 17,110 | 12,620 | ||
Fixed Income Clearing Guarantees | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Maximum payout of indemnifications | 8,710 | 8,740 | ||
Collateral held by lenders in connection with fixed income clearing guarantees | 8,730 | 8,700 | ||
Amortized Cost | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Carrying value of lending commitments liabilities | 954 | 1,010 | ||
Amortized Cost | Level 2 | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Estimated fair value of lending commitments liabilities | 2,790 | 3,110 | ||
Amortized Cost | Level 3 | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Estimated fair value of lending commitments liabilities | 3,020 | 2,840 | ||
Commercial Lending, Relationship Lending Activities | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Commercial lending commitments | 129,970 | 127,600 | ||
Commercial Lending, Other Investment Banking Activities | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Commercial lending commitments | 4,730 | $ 7,710 | ||
GS Malaysia Development Berhad | Guarantee Obligations | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Agreement in principle to extend a guarantee related to legal and regulatory proceedings | 1,400 | |||
Interim payment | 250 | |||
Assets and proceeds received by counterparty | 500 | |||
Repayments for other financial guarantees | 1,400 | |||
GS Malaysia Development Berhad | Guarantee Obligations | Government of Malaysia | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Assets and proceeds received by counterparty | $ 500 |
Commitments, Contingencies an_6
Commitments, Contingencies and Guarantees - Guarantees (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | $ 6,367 | $ 7,485 |
Maximum Payout/Notional Amount by Period of Expiration | 313,769 | 291,459 |
Carrying value of derivatives included derivative assets | 501 | 578 |
Carrying value of derivatives included derivative liabilities | 6,870 | 8,060 |
Derivatives | Year one | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 108,381 | 110,599 |
Derivatives | Years two and three | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 152,538 | 133,090 |
Derivatives | Years four and five | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 23,009 | 20,252 |
Derivatives | Years six and thereafter | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 29,841 | 27,518 |
Securities lending and clearing | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | 0 | 0 |
Maximum Payout/Notional Amount by Period of Expiration | 25,270 | 20,970 |
Securities lending and clearing | Year one | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 25,270 | 20,970 |
Securities lending and clearing | Years two and three | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 0 | 0 |
Securities lending and clearing | Years four and five | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 0 | 0 |
Securities lending and clearing | Years six and thereafter | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 0 | 0 |
Other financial guarantees | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | 402 | 395 |
Maximum Payout/Notional Amount by Period of Expiration | 7,179 | 6,872 |
Other financial guarantees | Year one | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 1,056 | 1,634 |
Other financial guarantees | Years two and three | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 3,314 | 3,308 |
Other financial guarantees | Years four and five | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 2,572 | 1,837 |
Other financial guarantees | Years six and thereafter | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | $ 237 | $ 93 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Apr. 14, 2023 | Apr. 04, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Equity [Line Items] | |||||
Common stock, shares authorized (in shares) | 4,000,000,000 | 4,000,000,000 | |||
Authorized shares of nonvoting common shares (in shares) | 200,000,000 | 200,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Nonvoting common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Shares remitted by employees to satisfy minimum statutory employee tax withholding (in shares) | 499 | ||||
Total value of shares remitted | $ 0.2 | ||||
Amount of share-based awards cancelled to satisfy minimum statutory employee tax withholding requirements (in shares) | 3,700,000 | ||||
Value of share-based awards cancelled to satisfy minimum statutory employee tax withholding requirements | $ 1,280 | ||||
Dividends declared per common share (in dollars per share) | $ 2.50 | $ 2 | |||
Date of dividends declared on preferred shares | Apr. 04, 2023 | ||||
Subsequent Event | |||||
Equity [Line Items] | |||||
Dividends declared per common share (in dollars per share) | $ 2.50 | ||||
Series A Preferred Stock | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | $ 341.29 | 239.58 | |||
Series A Preferred Stock | Subsequent Event | Group Inc. | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | $ 346.69 | ||||
Series C Preferred Stock | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 341.29 | 255.56 | |||
Series C Preferred Stock | Subsequent Event | Group Inc. | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 346.69 | ||||
Series D Preferred Stock | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 336.18 | 255.56 | |||
Series D Preferred Stock | Subsequent Event | Group Inc. | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 341.74 | ||||
Series J Preferred Stock | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 343.75 | 343.75 | |||
Series J Preferred Stock | Subsequent Event | Group Inc. | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 343.75 | ||||
Series K Preferred Stock | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 398.44 | 398.44 | |||
Series K Preferred Stock | Subsequent Event | Group Inc. | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 398.44 | ||||
Series O Preferred Stock | Subsequent Event | Group Inc. | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 662.50 | ||||
Series P Preferred Stock | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 476.99 | 0 | |||
Series P Preferred Stock | Subsequent Event | Group Inc. | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 477.96 | ||||
Series T Preferred Stock | Subsequent Event | Group Inc. | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 475 | ||||
Series V Preferred Stock | Subsequent Event | Group Inc. | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 515.63 | ||||
Series E Preferred Stock | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 1,382.02 | 1,000 | |||
Series E Preferred Stock | Subsequent Event | Group Inc. | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | 1,464.32 | ||||
Series F Preferred Stock | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | $ 1,382.64 | $ 1,000 | |||
Series F Preferred Stock | Subsequent Event | Group Inc. | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | $ 1,464.95 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Amount of Common Stock Repurchased by the Firm (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||
Common share repurchases (in shares) | 7.1 | 1.4 |
Average cost per share (in dollars per share) | $ 359.77 | $ 363.53 |
Total cost of common share repurchases | $ 2,546 | $ 500 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Dividends Declared on Common Stock (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||
Dividends declared per common share (in dollars per share) | $ 2.50 | $ 2 |
Shareholders' Equity - Summar_3
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Detail) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 472,700 |
Shares Issued (in shares) | 400,282 |
Shares Outstanding (in shares) | 400,280 |
Redemption Value ($ in millions) | $ | $ 10,703 |
Series A Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 50,000 |
Shares Issued (in shares) | 30,000 |
Shares Outstanding (in shares) | 29,999 |
Depositary Shares Per Share (in shares) | 1,000 |
Earliest Redemption Date | Currently redeemable |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 750 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series C Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 25,000 |
Shares Issued (in shares) | 8,000 |
Shares Outstanding (in shares) | 8,000 |
Depositary Shares Per Share (in shares) | 1,000 |
Earliest Redemption Date | Currently redeemable |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 200 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series D Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 60,000 |
Shares Issued (in shares) | 54,000 |
Shares Outstanding (in shares) | 53,999 |
Depositary Shares Per Share (in shares) | 1,000 |
Earliest Redemption Date | Currently redeemable |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 1,350 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series E Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 17,500 |
Shares Issued (in shares) | 7,667 |
Shares Outstanding (in shares) | 7,667 |
Earliest Redemption Date | Currently redeemable |
Liquidation Preference (in dollars per share) | $ / shares | $ 100,000 |
Redemption Value ($ in millions) | $ | $ 767 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series F Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 5,000 |
Shares Issued (in shares) | 1,615 |
Shares Outstanding (in shares) | 1,615 |
Earliest Redemption Date | Currently redeemable |
Liquidation Preference (in dollars per share) | $ / shares | $ 100,000 |
Redemption Value ($ in millions) | $ | $ 161 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series J Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 46,000 |
Shares Issued (in shares) | 40,000 |
Shares Outstanding (in shares) | 40,000 |
Depositary Shares Per Share (in shares) | 1,000 |
Earliest Redemption Date | May 10, 2023 |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 1,000 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series K Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 32,200 |
Shares Issued (in shares) | 28,000 |
Shares Outstanding (in shares) | 28,000 |
Depositary Shares Per Share (in shares) | 1,000 |
Earliest Redemption Date | May 10, 2024 |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 700 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series O Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 26,000 |
Shares Issued (in shares) | 26,000 |
Shares Outstanding (in shares) | 26,000 |
Depositary Shares Per Share (in shares) | 25 |
Earliest Redemption Date | Nov. 10, 2026 |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 650 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series P Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 66,000 |
Shares Issued (in shares) | 60,000 |
Shares Outstanding (in shares) | 60,000 |
Depositary Shares Per Share (in shares) | 25 |
Earliest Redemption Date | Currently redeemable |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 1,500 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series Q Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 20,000 |
Shares Issued (in shares) | 20,000 |
Shares Outstanding (in shares) | 20,000 |
Depositary Shares Per Share (in shares) | 25 |
Earliest Redemption Date | Aug. 10, 2024 |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 500 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series R Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 24,000 |
Shares Issued (in shares) | 24,000 |
Shares Outstanding (in shares) | 24,000 |
Depositary Shares Per Share (in shares) | 25 |
Earliest Redemption Date | Feb. 10, 2025 |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 600 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series S Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 14,000 |
Shares Issued (in shares) | 14,000 |
Shares Outstanding (in shares) | 14,000 |
Depositary Shares Per Share (in shares) | 25 |
Earliest Redemption Date | Feb. 10, 2025 |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 350 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series T Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 27,000 |
Shares Issued (in shares) | 27,000 |
Shares Outstanding (in shares) | 27,000 |
Depositary Shares Per Share (in shares) | 25 |
Earliest Redemption Date | May 10, 2026 |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 675 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series U Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 30,000 |
Shares Issued (in shares) | 30,000 |
Shares Outstanding (in shares) | 30,000 |
Depositary Shares Per Share (in shares) | 25 |
Earliest Redemption Date | Aug. 10, 2026 |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 750 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Series V Preferred Stock | |
Class of Stock [Line Items] | |
Shares Authorized (in shares) | 30,000 |
Shares Issued (in shares) | 30,000 |
Shares Outstanding (in shares) | 30,000 |
Depositary Shares Per Share (in shares) | 25 |
Earliest Redemption Date | Nov. 10, 2026 |
Liquidation Preference (in dollars per share) | $ / shares | $ 25,000 |
Redemption Value ($ in millions) | $ | $ 750 |
Par value on preferred stock (in dollars per share) | $ / shares | $ 0.01 |
Shareholders' Equity - Summar_4
Shareholders' Equity - Summary of Dividend Rates of Perpetual Preferred Stock Issued and Outstanding (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Series A Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly |
Series C Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 3 month LIBOR + 0.75%, with floor of 4.00%, payable quarterly |
Series D Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly |
Series E Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly |
Series F Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly |
Series J Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 5.50% to, but excluding, May 10, 2023; 3 month LIBOR + 3.64% thereafter, payable quarterly |
Series K Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 6.375% to, but excluding, May 10, 2024; 3 month LIBOR + 3.55% thereafter, payable quarterly |
Series O Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 5.30%, payable semi-annually, from issuance date to, but excluding,November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter |
Series P Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 3 month LIBOR + 2.874%, payable quarterly |
Series Q Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 5.50%, payable semi-annually, from issuance date to, but excluding, August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter |
Series R Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 4.95%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter |
Series S Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 4.40%, payable semi-annually, from issuance date to, but excluding,February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter |
Series T Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 3.80%, payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter |
Series U Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter |
Series V Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock dividend rate | 4.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter |
Shareholders' Equity - Summar_5
Shareholders' Equity - Summary of Preferred Dividends Declared on Preferred Stock Issued (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Class of Stock [Line Items] | ||
Total preferred stock dividends declared | $ 147 | $ 108 |
Series A Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 341.29 | $ 239.58 |
Total preferred stock dividends declared | $ 10 | $ 7 |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 341.29 | $ 255.56 |
Total preferred stock dividends declared | $ 3 | $ 2 |
Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 336.18 | $ 255.56 |
Total preferred stock dividends declared | $ 18 | $ 14 |
Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 1,382.02 | $ 1,000 |
Total preferred stock dividends declared | $ 10 | $ 7 |
Series F Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 1,382.64 | $ 1,000 |
Total preferred stock dividends declared | $ 2 | $ 2 |
Series J Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 343.75 | $ 343.75 |
Total preferred stock dividends declared | $ 14 | $ 14 |
Series K Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 398.44 | $ 398.44 |
Total preferred stock dividends declared | $ 11 | $ 11 |
Series P Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 476.99 | $ 0 |
Total preferred stock dividends declared | $ 28 | $ 0 |
Series Q Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 687.50 | $ 687.50 |
Total preferred stock dividends declared | $ 14 | $ 14 |
Series R Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 618.75 | $ 618.75 |
Total preferred stock dividends declared | $ 15 | $ 15 |
Series S Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 550 | $ 550 |
Total preferred stock dividends declared | $ 8 | $ 8 |
Series U Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 456.25 | $ 486.67 |
Total preferred stock dividends declared | $ 14 | $ 14 |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Income/(Loss), Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 117,189 | |
Other comprehensive income/(loss) adjustments, net of tax | 409 | $ (616) |
Ending balance | 117,509 | 115,239 |
Currency translation | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (785) | (738) |
Other comprehensive income/(loss) adjustments, net of tax | (31) | (15) |
Ending balance | (816) | (753) |
Debt valuation adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 892 | (511) |
Other comprehensive income/(loss) adjustments, net of tax | (1) | 740 |
Ending balance | 891 | 229 |
Pension and postretirement liabilities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (499) | (327) |
Other comprehensive income/(loss) adjustments, net of tax | 14 | 13 |
Ending balance | (485) | (314) |
Available-for-sale securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (2,618) | (492) |
Other comprehensive income/(loss) adjustments, net of tax | 427 | (1,354) |
Ending balance | (2,191) | (1,846) |
Accumulated other comprehensive income/(loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (3,010) | (2,068) |
Other comprehensive income/(loss) adjustments, net of tax | 409 | (616) |
Ending balance | $ (2,601) | $ (2,684) |
Regulation and Capital Adequa_3
Regulation and Capital Adequacy - Risk-based Capital and Leverage Requirements (Detail) | Mar. 31, 2023 | Dec. 31, 2022 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum required CET1 ratio applicable to advanced approach banking institutions | 4.50% | 4.50% |
Minimum required Tier 1 capital ratio applicable to advanced approach banking institutions | 6% | 6% |
Minimum required Total capital ratio applicable to advanced approach banking institutions | 8% | 8% |
Global Systemically Important Bank (G-SIB) surcharge | 3% | 2.50% |
Counter-cyclical capital buffer | 0% | 0% |
Standardized | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital ratio | 13.80% | 13.30% |
Tier 1 capital ratio | 0.153 | 0.148 |
Total capital ratio | 0.173 | 0.168 |
Standardized risk based ratios stress capital buffer | 6.30% | 6.30% |
Advanced | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital ratio | 10% | 9.50% |
Tier 1 capital ratio | 0.115 | 0.110 |
Total capital ratio | 0.135 | 0.130 |
Capital conservation buffer | 2.50% | 2.50% |
Regulation and Capital Adequa_4
Regulation and Capital Adequacy - Risk-based Capital Ratios (Detail) $ in Millions | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Standardized | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital | $ 98,060 | $ 98,050 |
Tier 1 capital | 108,563 | 108,552 |
Tier 2 capital | 15,516 | 15,958 |
Total capital | 124,079 | 124,510 |
RWAs | $ 660,787 | $ 653,419 |
CET1 capital ratio | 0.148 | 0.150 |
Tier 1 capital ratio | 0.164 | 0.166 |
Total capital ratio | 0.188 | 0.191 |
Advanced | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital | $ 98,060 | $ 98,050 |
Tier 1 capital | 108,563 | 108,552 |
Tier 2 capital | 11,699 | 12,115 |
Total capital | 120,262 | 120,667 |
RWAs | $ 677,658 | $ 679,450 |
CET1 capital ratio | 0.145 | 0.144 |
Tier 1 capital ratio | 0.160 | 0.160 |
Total capital ratio | 0.177 | 0.178 |
GS Bank USA | Standardized | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital | $ 48,646 | $ 46,845 |
Tier 1 capital | 48,646 | 46,845 |
Tier 2 capital | 6,070 | 8,042 |
Total capital | 54,716 | 54,887 |
RWAs | $ 357,721 | $ 357,112 |
CET1 capital ratio | 0.136 | 0.131 |
Tier 1 capital ratio | 0.136 | 0.131 |
Total capital ratio | 0.153 | 0.154 |
GS Bank USA | Advanced | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital | $ 48,646 | $ 46,845 |
Tier 1 capital | 48,646 | 46,845 |
Tier 2 capital | 3,226 | 5,382 |
Total capital | 51,872 | 52,227 |
RWAs | $ 275,916 | $ 275,451 |
CET1 capital ratio | 0.176 | 0.170 |
Tier 1 capital ratio | 0.176 | 0.170 |
Total capital ratio | 0.188 | 0.190 |
Regulation and Capital Adequa_5
Regulation and Capital Adequacy - Leverage Ratios (Detail) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage ratio | 0.040 | 0.040 |
SLR | 5% | 5% |
Minimum supplementary leverage ratio | 3% | 3% |
Minimum supplementary leverage ratio buffer | 2% | 2% |
Tier 1 capital | $ 108,563 | $ 108,552 |
Average total assets | 1,510,619 | 1,500,225 |
Deductions from Tier 1 capital | (8,331) | (8,259) |
Average adjusted total assets | 1,502,288 | 1,491,966 |
Off-balance sheet and other exposures | 373,304 | 375,392 |
Total leverage exposure | $ 1,875,592 | $ 1,867,358 |
Tier 1 leverage ratio | 7.20% | 7.30% |
SLR | 0.058 | 0.058 |
GS Bank USA | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital | $ 48,646 | $ 46,845 |
Average adjusted total assets | 497,584 | 499,108 |
Total leverage exposure | $ 669,529 | $ 671,215 |
Tier 1 leverage ratio | 9.80% | 9.40% |
SLR | 0.073 | 0.070 |
GSIB | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Profits contributed to leverage ratios | 34 | |
GSIB | Prudential Regulation Authority and Financial Conduct Authority | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage ratio requirement | 3.45% | |
Leverage ratio | 6.40% | |
GSBE | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Profits contributed to leverage ratios | 65 | |
Leverage ratio requirement | 3% | 3% |
Leverage ratio | 11.40% | 10.60% |
Regulation and Capital Adequa_6
Regulation and Capital Adequacy - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Confidence level for risk management VaR | 95% | 95% | |
Time horizon for risk management VaR (in days) | 1 day | 1 day | |
Confidence level for regulatory VaR | 99% | 99% | |
Time horizon for regulatory VaR (in days) | 10 days | 10 days | |
Percent of increase in allowance for credit losses under FRBCECL transition relief | 25% | ||
Equity investment in subsidiaries | $ 135,330 | $ 134,590 | |
Minimum equity capital that is required to be maintained in regulated subsidiaries | $ 89,010 | $ 82,520 | |
GS Bank USA | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Capital conservation buffer | 2.50% | 2.50% | |
Percent of increase in allowance for credit losses under FRBCECL transition relief | 25% | 25% | |
Standardized | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Change in Credit RWAs | $ 10,811 | ||
Change in Market RWAs | (3,443) | ||
Change in Operational RWAs | 0 | ||
Advanced | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Change in Credit RWAs | (1,836) | ||
Change in Market RWAs | (3,443) | ||
Change in Operational RWAs | $ 3,487 | ||
Capital conservation buffer | 2.50% | 2.50% |
Regulation and Capital Adequa_7
Regulation and Capital Adequacy - Risk-based Capital (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Impact of CECL transition | $ 1,110 | ||
Preferred stock | $ 10,703 | $ 10,703 | |
Phase in of reduction to regulatory capital due to CECL adoption | 25% | 25% | |
Phased in amount of reduction to regulatory capital due to CECL adoption | $ 553 | ||
Percent of increase in allowance for credit losses under FRBCECL transition relief | 25% | ||
Deferred tax liabilities associated with goodwill | 700 | $ 700 | |
Deferred tax liabilities associated with identifiable intangible assets | $ 245 | $ 239 | |
Subordinated debt maturity period | 5 years | 5 years | |
Standardized | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common shareholders’ equity | $ 106,806 | $ 106,486 | |
Impact of CECL transition | 553 | 829 | |
Deduction for goodwill | (5,739) | (5,674) | |
Deduction for identifiable intangible assets | (1,720) | (1,770) | |
Other adjustments | (1,840) | (1,821) | |
CET1 capital | 98,060 | 98,050 | |
Preferred stock | 10,703 | 10,703 | |
Deduction for investments in covered funds | (198) | (199) | |
Other adjustments | (2) | (2) | |
Tier 1 capital | 108,563 | 108,552 | |
Qualifying subordinated debt | 10,401 | 10,637 | |
Allowance for credit losses | 5,122 | 5,331 | |
Other adjustments | (7) | (10) | |
Tier 2 capital | 15,516 | 15,958 | |
Total capital | 124,079 | 124,510 | |
Advanced | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | 98,060 | 98,050 | |
Tier 1 capital | 108,563 | 108,552 | |
Standardized Tier 2 capital | 15,516 | 15,958 | |
Allowance for credit losses | (5,122) | (5,331) | |
Other adjustments | 1,305 | 1,488 | |
Tier 2 capital | 11,699 | 12,115 | |
Total capital | $ 120,262 | $ 120,667 |
Regulation and Capital Adequa_8
Regulation and Capital Adequacy - CET1, Tier 1 Capital and Tier 2 Capital (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Tier 2 capital | |||
Allowance for credit losses | $ 538 | $ (401) | |
Standardized | |||
CET1 capital | |||
Beginning balance | 98,050 | ||
Common shareholders’ equity | 320 | ||
Impact of CECL transition | (276) | ||
Deduction for goodwill | (65) | ||
Deduction for identifiable intangible assets | 50 | ||
Other adjustments | (19) | ||
Ending balance | 98,060 | ||
Tier 1 capital | |||
Beginning balance | 108,552 | ||
CET1 capital | 10 | ||
Deduction for investments in covered funds | 1 | ||
Ending balance | 108,563 | ||
Tier 2 capital | |||
Beginning balance | 15,958 | ||
Qualifying subordinated debt | (236) | ||
Allowance for credit losses | (209) | ||
Other adjustments | 3 | ||
Ending balance | 15,516 | ||
Total capital | 124,079 | $ 124,510 | |
Advanced | |||
CET1 capital | |||
Beginning balance | 98,050 | ||
Common shareholders’ equity | 320 | ||
Impact of CECL transition | (276) | ||
Deduction for goodwill | (65) | ||
Deduction for identifiable intangible assets | 50 | ||
Other adjustments | (19) | ||
Ending balance | 98,060 | ||
Tier 1 capital | |||
Beginning balance | 108,552 | ||
CET1 capital | 10 | ||
Deduction for investments in covered funds | 1 | ||
Ending balance | 108,563 | ||
Tier 2 capital | |||
Beginning balance | 12,115 | ||
Qualifying subordinated debt | (236) | ||
Allowance for credit losses | 0 | ||
Other adjustments | (180) | ||
Ending balance | 11,699 | ||
Total capital | $ 120,262 | $ 120,667 |
Regulation and Capital Adequa_9
Regulation and Capital Adequacy - Risk-weighted Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Standardized | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Credit RWAs | $ 580,956 | $ 570,145 |
Total Market RWAs | 79,831 | 83,274 |
Total Operational RWAs | 0 | 0 |
Total RWAs | 660,787 | 653,419 |
Standardized | Regulatory VaR | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Market RWAs | 18,167 | 18,981 |
Standardized | Stressed VaR | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Market RWAs | 37,845 | 37,833 |
Standardized | Incremental risk | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Market RWAs | 4,468 | 6,470 |
Standardized | Comprehensive risk | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Market RWAs | 3,205 | 3,641 |
Standardized | Specific risk | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Market RWAs | 16,146 | 16,349 |
Standardized | Derivatives | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Credit RWAs | 143,448 | 142,696 |
Standardized | Commitments, guarantees and loans | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Credit RWAs | 245,097 | 247,026 |
Standardized | Securities financing transactions | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Credit RWAs | 81,283 | 73,189 |
Standardized | Equity investments | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Credit RWAs | 31,513 | 30,899 |
Standardized | Other | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Credit RWAs | 79,615 | 76,335 |
Advanced | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Credit RWAs | 459,477 | 461,313 |
Total Market RWAs | 79,831 | 83,274 |
Total Operational RWAs | 138,350 | 134,863 |
Total RWAs | 677,658 | 679,450 |
Advanced | Regulatory VaR | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Market RWAs | 18,167 | 18,981 |
Advanced | Stressed VaR | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Market RWAs | 37,845 | 37,833 |
Advanced | Incremental risk | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Market RWAs | 4,468 | 6,470 |
Advanced | Comprehensive risk | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Market RWAs | 3,205 | 3,641 |
Advanced | Specific risk | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Market RWAs | 16,146 | 16,349 |
Advanced | Derivatives | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Credit RWAs | 104,601 | 111,344 |
Advanced | Commitments, guarantees and loans | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Credit RWAs | 194,594 | 198,508 |
Advanced | Securities financing transactions | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Credit RWAs | 20,253 | 21,659 |
Advanced | Equity investments | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Credit RWAs | 34,050 | 33,451 |
Advanced | Other | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Credit RWAs | $ 105,979 | $ 96,351 |
Regulation and Capital Adequ_10
Regulation and Capital Adequacy - Changes in Risk-weighted Assets (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Standardized | |
Changes in RWAs [Roll Forward] | |
Beginning balance | $ 653,419 |
Change in Credit RWAs | 10,811 |
Change in Market RWAs | (3,443) |
Change in Operational RWAs | 0 |
Ending balance | 660,787 |
Standardized | Regulatory VaR | |
Changes in RWAs [Roll Forward] | |
Change in Market RWAs | (814) |
Standardized | Stressed VaR | |
Changes in RWAs [Roll Forward] | |
Change in Market RWAs | 12 |
Standardized | Incremental risk | |
Changes in RWAs [Roll Forward] | |
Change in Market RWAs | (2,002) |
Standardized | Comprehensive risk | |
Changes in RWAs [Roll Forward] | |
Change in Market RWAs | (436) |
Standardized | Specific risk | |
Changes in RWAs [Roll Forward] | |
Change in Market RWAs | (203) |
Standardized | Derivatives | |
Changes in RWAs [Roll Forward] | |
Change in Credit RWAs | 752 |
Standardized | Commitments, guarantees and loans | |
Changes in RWAs [Roll Forward] | |
Change in Credit RWAs | (1,929) |
Standardized | Securities financing transactions | |
Changes in RWAs [Roll Forward] | |
Change in Credit RWAs | 8,094 |
Standardized | Equity investments | |
Changes in RWAs [Roll Forward] | |
Change in Credit RWAs | 614 |
Standardized | Other | |
Changes in RWAs [Roll Forward] | |
Change in Credit RWAs | 3,280 |
Advanced | |
Changes in RWAs [Roll Forward] | |
Beginning balance | 679,450 |
Change in Credit RWAs | (1,836) |
Change in Market RWAs | (3,443) |
Change in Operational RWAs | 3,487 |
Ending balance | 677,658 |
Advanced | Regulatory VaR | |
Changes in RWAs [Roll Forward] | |
Change in Market RWAs | (814) |
Advanced | Stressed VaR | |
Changes in RWAs [Roll Forward] | |
Change in Market RWAs | 12 |
Advanced | Incremental risk | |
Changes in RWAs [Roll Forward] | |
Change in Market RWAs | (2,002) |
Advanced | Comprehensive risk | |
Changes in RWAs [Roll Forward] | |
Change in Market RWAs | (436) |
Advanced | Specific risk | |
Changes in RWAs [Roll Forward] | |
Change in Market RWAs | (203) |
Advanced | Derivatives | |
Changes in RWAs [Roll Forward] | |
Change in Credit RWAs | (6,743) |
Advanced | Commitments, guarantees and loans | |
Changes in RWAs [Roll Forward] | |
Change in Credit RWAs | (3,914) |
Advanced | Securities financing transactions | |
Changes in RWAs [Roll Forward] | |
Change in Credit RWAs | (1,406) |
Advanced | Equity investments | |
Changes in RWAs [Roll Forward] | |
Change in Credit RWAs | 599 |
Advanced | Other | |
Changes in RWAs [Roll Forward] | |
Change in Credit RWAs | $ 9,628 |
Regulation and Capital Adequ_11
Regulation and Capital Adequacy - Risk-based Capital and Leverage Ratios and "Well-capitalized" Requirements (Detail) | Mar. 31, 2023 | Dec. 31, 2022 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum required CET1 ratio applicable to advanced approach banking institutions | 4.50% | 4.50% |
Minimum required Tier 1 capital ratio applicable to advanced approach banking institutions | 6% | 6% |
Minimum required Total capital ratio applicable to advanced approach banking institutions | 8% | 8% |
Counter-cyclical capital buffer | 0% | 0% |
GS Bank USA | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Requirements, CET 1 capital ratio | 7% | 7% |
Requirements, Tier 1 capital ratio | 8.50% | 8.50% |
Requirements, Total capital ratio | 10.50% | 10.50% |
Requirements, Tier 1 leverage ratio | 4% | 4% |
Requirements, SLR | 3% | 3% |
"Well-capitalized" Requirements, CET1 capital ratio | 6.50% | 6.50% |
"Well-capitalized" Requirements, Tier 1 capital ratio | 0.080 | 0.080 |
"Well-capitalized" Requirements, Total capital ratio | 0.100 | 0.100 |
"Well-capitalized" Requirements, Tier 1 leverage ratio | 0.050 | 0.050 |
"Well-capitalized" Requirements, SLR | 6% | 6% |
Minimum required CET1 ratio applicable to advanced approach banking institutions | 4.50% | 4.50% |
Minimum required Tier 1 capital ratio applicable to advanced approach banking institutions | 6% | 6% |
Minimum required Total capital ratio applicable to advanced approach banking institutions | 8% | 8% |
Capital conservation buffer | 2.50% | 2.50% |
Counter-cyclical capital buffer | 0% | 0% |
Regulation and Capital Adequ_12
Regulation and Capital Adequacy - Risk Based Capital Requirements (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
GSIB | ||
Risk-based capital requirements | ||
CET1 capital ratio | 9.70% | 9.70% |
Tier 1 capital ratio | 12% | 11.90% |
Total capital ratio | 15% | 14.90% |
Risk-based capital ratios | ||
Profits contributed to risk based capital ratios | 120 | |
Profits contributed to leverage ratios | 34 | |
GSIB | Prudential Regulation Authority and Financial Conduct Authority | ||
Risk-based capital and risk-weighted assets | ||
CET1 capital | $ 3,592 | $ 3,395 |
Tier 1 capital | 3,592 | 3,395 |
Tier 2 capital | 826 | 828 |
Total capital | 4,418 | 4,223 |
RWAs | $ 15,944 | $ 15,766 |
Risk-based capital ratios | ||
CET1 capital ratio | 0.225 | 0.215 |
Tier 1 capital ratio | 0.225 | 0.215 |
Total capital ratio | 0.277 | 0.268 |
GSBE | ||
Risk-based capital requirements | ||
CET1 capital ratio | 9.60% | 9.20% |
Tier 1 capital ratio, UK | 11.70% | 11.30% |
Total capital ratio, UK | 14.50% | 14% |
Risk-based capital ratios | ||
Profits contributed to risk based capital ratios | 123 | |
Profits contributed to leverage ratios | 65 | |
GSBE | Amended E.U. Capital Requirements Directive and E.U. Capital Requirements Regulation | ||
Risk-based capital and risk-weighted assets | ||
CET1 capital | $ 13,474 | $ 9,536 |
Tier 1 capital | 13,474 | 9,536 |
Tier 2 capital | 22 | 21 |
Total capital | 13,496 | 9,557 |
RWAs | $ 31,319 | $ 30,154 |
Risk-based capital ratios | ||
CET1 capital ratio | 0.430 | 0.316 |
Tier 1 capital ratio | 0.430 | 0.316 |
Total capital ratio | 0.431 | 0.317 |
Earnings Per Common Share - Ear
Earnings Per Common Share - Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net earnings to common | $ 3,087 | $ 3,831 |
Weighted average basic shares (in shares) | 346.6 | 351.2 |
Effect of dilutive RSUs (in shares) | 4.7 | 4.7 |
Weighted average diluted shares (in shares) | 351.3 | 355.9 |
Basic EPS (in dollars per share) | $ 8.87 | $ 10.87 |
Diluted EPS (in dollars per share) | $ 8.79 | $ 10.76 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - $ / shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Reduction per common share due to impact of applying the amended principles to basic earnings per common share | $ 0.04 | $ 0.04 |
Number of antidilutive RSUs | 0.5 | 0.7 |
Transactions with Affiliated _3
Transactions with Affiliated Funds - Fees Earned from Affiliated Funds (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Transactions With Affiliated Funds [Abstract] | ||
Fees earned from funds | $ 1,165 | $ 962 |
Transactions with Affiliated _4
Transactions with Affiliated Funds - Fees Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Transactions With Affiliated Funds [Abstract] | ||
Fees receivable from funds | $ 1,319 | $ 1,175 |
Aggregate carrying value of interests in funds | $ 3,943 | $ 3,801 |
Transactions with Affiliated _5
Transactions with Affiliated Funds - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Transactions With Affiliated Funds [Abstract] | ||
Management fees waived | $ 8 | $ 88 |
Interest Income and Interest _3
Interest Income and Interest Expense - Sources of Interest Income and Interest Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest income and expense | ||
Deposits with banks | $ 2,470 | $ 8 |
Collateralized agreements | 3,389 | (202) |
Trading assets | 1,824 | 1,090 |
Investments | 817 | 381 |
Loans | 3,458 | 1,550 |
Other interest | 2,980 | 385 |
Total interest income | 14,938 | 3,212 |
Deposits | 3,495 | 370 |
Collateralized financings | 2,360 | 11 |
Trading liabilities | 598 | 432 |
Short-term borrowings | 216 | 77 |
Long-term borrowings | 2,650 | 754 |
Other interest | 3,838 | (259) |
Total interest expense | 13,157 | 1,385 |
Net interest income | $ 1,781 | $ 1,827 |
Income Taxes - Earliest Tax Yea
Income Taxes - Earliest Tax Years Subject to Examination by Major Jurisdiction (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
U.S. Federal | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2011 |
New York State and City | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2015 |
United Kingdom | Foreign Tax Authority | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2017 |
Japan | Foreign Tax Authority | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2016 |
Hong Kong | Foreign Tax Authority | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2016 |
Business Segments - Segment Ope
Business Segments - Segment Operating Results (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) Segment | Mar. 31, 2022 USD ($) | |
Segment Reporting [Abstract] | ||
Number of business segments | Segment | 3 | |
Segment Reporting Information [Line Items] | ||
Non-interest revenues | $ 10,443 | $ 11,106 |
Net interest income | 1,781 | 1,827 |
Total net revenues | 12,224 | 12,933 |
Provision for credit losses | (171) | 561 |
Operating expenses | 8,402 | 7,716 |
Pre-tax earnings/(loss) | 3,993 | 4,656 |
Net earnings/(loss) | 3,234 | 3,939 |
Net earnings/(loss) to common | 3,087 | 3,831 |
Average common equity | $ 106,116 | $ 101,878 |
Return on average common equity | 11.60% | 15% |
Global Banking & Markets | ||
Segment Reporting Information [Line Items] | ||
Non-interest revenues | $ 8,097 | $ 9,364 |
Net interest income | 347 | 698 |
Total net revenues | 8,444 | 10,062 |
Provision for credit losses | 129 | 191 |
Operating expenses | 4,629 | 4,973 |
Pre-tax earnings/(loss) | 3,686 | 4,898 |
Net earnings/(loss) | 2,986 | 4,144 |
Net earnings/(loss) to common | 2,876 | 4,064 |
Average common equity | $ 69,497 | $ 67,941 |
Return on average common equity | 16.60% | 23.90% |
Asset & Wealth Management | ||
Segment Reporting Information [Line Items] | ||
Non-interest revenues | $ 2,330 | $ 1,801 |
Net interest income | 886 | 802 |
Total net revenues | 3,216 | 2,603 |
Provision for credit losses | (565) | 203 |
Operating expenses | 3,168 | 2,409 |
Pre-tax earnings/(loss) | 613 | (9) |
Net earnings/(loss) | 496 | (8) |
Net earnings/(loss) to common | 464 | (34) |
Average common equity | $ 32,684 | $ 31,150 |
Return on average common equity | 5.70% | (0.40%) |
Platform Solutions | ||
Segment Reporting Information [Line Items] | ||
Non-interest revenues | $ 16 | $ (59) |
Net interest income | 548 | 327 |
Total net revenues | 564 | 268 |
Provision for credit losses | 265 | 167 |
Operating expenses | 605 | 334 |
Pre-tax earnings/(loss) | (306) | (233) |
Net earnings/(loss) | (248) | (197) |
Net earnings/(loss) to common | (253) | (199) |
Average common equity | $ 3,935 | $ 2,787 |
Return on average common equity | (25.70%) | (28.60%) |
Business Segments - Depreciatio
Business Segments - Depreciation and Amortization (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total | $ 970 | $ 492 |
Global Banking & Markets | ||
Segment Reporting Information [Line Items] | ||
Total | 277 | 258 |
Asset & Wealth Management | ||
Segment Reporting Information [Line Items] | ||
Total | 618 | 208 |
Platform Solutions | ||
Segment Reporting Information [Line Items] | ||
Total | $ 75 | $ 26 |
Business Segments - Assets by S
Business Segments - Assets by Segment (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Total | $ 1,538,349 | $ 1,441,799 |
Global Banking & Markets | ||
Segment Reporting Information [Line Items] | ||
Total | 1,278,710 | 1,169,539 |
Asset & Wealth Management | ||
Segment Reporting Information [Line Items] | ||
Total | 200,943 | 214,970 |
Platform Solutions | ||
Segment Reporting Information [Line Items] | ||
Total | $ 58,696 | $ 57,290 |
Business Segments - Total Net R
Business Segments - Total Net Revenues and Pre-Tax Earnings By Geographic Region (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total net revenues | $ 12,224 | $ 12,933 |
Percentage of total net revenues | 100% | 100% |
Total pre-tax earnings | $ 3,993 | $ 4,656 |
Percentage of total pre-tax earnings | 100% | 100% |
Americas | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | $ 7,194 | $ 7,334 |
Percentage of total net revenues | 59% | 57% |
Total pre-tax earnings | $ 2,019 | $ 2,281 |
Percentage of total pre-tax earnings | 51% | 49% |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | $ 3,584 | $ 3,871 |
Percentage of total net revenues | 29% | 30% |
Total pre-tax earnings | $ 1,560 | $ 1,805 |
Percentage of total pre-tax earnings | 39% | 39% |
Asia | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | $ 1,446 | $ 1,728 |
Percentage of total net revenues | 12% | 13% |
Total pre-tax earnings | $ 414 | $ 570 |
Percentage of total pre-tax earnings | 10% | 12% |
Credit Concentrations - Credit
Credit Concentrations - Credit Concentrations Included in Trading Cash Instruments and Investments (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
U.S. government and agency obligations | ||
Concentration Risk [Line Items] | ||
Concentration risk, credit risk, financial instrument, maximum exposure | $ 223,551 | $ 205,935 |
Concentration risk, credit risk, financial instrument, maximum exposure, as a percentage of total assets | 14.50% | 14.30% |
Non-U.S. government and agency obligations | ||
Concentration Risk [Line Items] | ||
Concentration risk, credit risk, financial instrument, maximum exposure | $ 65,062 | $ 40,334 |
Concentration risk, credit risk, financial instrument, maximum exposure, as a percentage of total assets | 4.20% | 2.80% |
Credit Concentrations - Additio
Credit Concentrations - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Concentration Risk [Line Items] | ||
Cash deposits held at central banks | $ 191,590 | $ 208,530 |
Percentage of credit exposure to any other counterparty | 2% | 2% |
GS Bank USA | ||
Concentration Risk [Line Items] | ||
Cash deposits held at the Federal Reserve Bank of New York | $ 101,310 | $ 165,770 |
Credit Concentrations - U.S. Go
Credit Concentrations - U.S. Government and Agency Obligations and Non-U.S. Government and Agency Obligations that Collateralize Resale Agreements and Securities Borrowed Transactions (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
U.S. government and agency obligations | ||
Concentration Risk [Line Items] | ||
Concentration risk, credit risk, financial instrument, maximum exposure | $ 121,309 | $ 164,897 |
Non-U.S. government and agency obligations | ||
Concentration Risk [Line Items] | ||
Concentration risk, credit risk, financial instrument, maximum exposure | $ 97,065 | $ 76,456 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 18, 2020 | Mar. 31, 2023 | |
Other Commitments [Line Items] | ||
Estimated aggregate amount of reasonably possible losses for legal proceedings | $ 2,500 | |
Mortgage-Related Matters | ||
Other Commitments [Line Items] | ||
Face amount of securitizations claimed for repurchase | 1,700 | |
1Malaysia Development Berhad (1MDB) | Offerings of Debt Securities | ||
Other Commitments [Line Items] | ||
Amount of debt securities cited in connection with investigations, reviews and litigation | 6,500 | |
1Malaysia Development Berhad (1MDB) | Guarantee Obligations | ||
Other Commitments [Line Items] | ||
Agreement to extend a guarantee related to legal and regulatory proceedings | $ 1,400 | |
Banco Espirito Santo S.A. and Oak Finance | Transfer of Facility Agreement | ||
Other Commitments [Line Items] | ||
Loss contingency, amount received | 50 | |
Banco Espirito Santo S.A. and Oak Finance | Transfer of Facility Agreement | GSI | ||
Other Commitments [Line Items] | ||
Debt instrument, face amount | 835 | |
Loss contingency, amount received | 54 | |
Loss contingency, amount sought | 104 | |
Banco Espirito Santo S.A. and Oak Finance and Action in Lisbon Commercial Court | ||
Other Commitments [Line Items] | ||
Loss contingency, amount sought | 222 | |
Archegos-Related Matters | March 2021 Public Offering | Common stock | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 1,700 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 646,154 | |
Aggregate value underwritten by GS&Co. | $ 55 | |
Archegos-Related Matters | March 2021 Public Offering | Preferred stock | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 1,000 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 323,077 | |
Aggregate value underwritten by GS&Co. | $ 32 | |
Silicon Valley Bank Matters | Senior Notes | ||
Other Commitments [Line Items] | ||
Aggregate value underwritten by GS&Co. | $ 727 | |
Silicon Valley Bank Matters | Common stock | ||
Other Commitments [Line Items] | ||
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 3,266,108 | |
Aggregate value underwritten by GS&Co. | $ 1,800 | |
Silicon Valley Bank Matters | Preferred stock | ||
Other Commitments [Line Items] | ||
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 831,250 | |
Aggregate value underwritten by GS&Co. | $ 831 | |
Silicon Valley Bank Matters | March 2021 Public Offering | Common stock | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 1,200 | |
Silicon Valley Bank Matters | January 2021 Public Offering | Senior Notes | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 500 | |
Silicon Valley Bank Matters | January 2021 Public Offering | Preferred stock | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 750 | |
Silicon Valley Bank Matters | May 2021 Public Offering | Senior Notes | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 500 | |
Silicon Valley Bank Matters | May 2021 Public Offering | Preferred stock | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 1,000 | |
Silicon Valley Bank Matters | August 2021 Public Offering | Common stock | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 1,300 | |
Silicon Valley Bank Matters | April 2022 Public Offering | Senior Notes | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 800 | |
Uber Technologies Inc. | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 8,100 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 35,864,408 | |
Aggregate value underwritten by GS&Co. | $ 1,600 | |
GoHealth, Inc. | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 914 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 11,540,550 | |
Aggregate value underwritten by GS&Co. | $ 242 | |
Array Technologies Inc. | ||
Other Commitments [Line Items] | ||
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 31,912,213 | |
Aggregate value underwritten by GS&Co. | $ 877 | |
Array Technologies Inc. | October 2020 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 1,200 | |
Array Technologies Inc. | December 2020 Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 1,300 | |
Array Technologies Inc. | March 2021 Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 993 | |
ContextLogic, Inc. | December 2020 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 1,100 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 16,169,000 | |
Aggregate value underwritten by GS&Co. | $ 388 | |
Didi Global Inc. | June 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 4,400 | |
Number of shares underwritten by Goldman Sachs (Asia) L.L.C. in connection with the offering (in shares) | 104,554,000 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | $ 1,500 | |
Vroom Inc. | September 2020 Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 589 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 3,886,819 | |
Aggregate value underwritten by GS&Co. | $ 212 | |
Zymergen Inc. | April 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 575 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 5,750,345 | |
Aggregate value underwritten by GS&Co. | $ 178 | |
Waterdrop Inc. | May 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 360 | |
Number of shares underwritten by Goldman Sachs (Asia) L.L.C. in connection with the offering (in shares) | 15,300,000 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | $ 184 | |
Sea Limited | September 2021 Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 4,000 | |
Number of shares underwritten by Goldman Sachs (Asia) L.L.C. in connection with the offering (in shares) | 8,222,500 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | $ 2,600 | |
Sea Limited | September 2021 Public Offering | Convertible Senior Notes | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 2,900 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | 1,900 | |
Rivian Automotive Inc. | November 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 13,700 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 44,733,050 | |
Aggregate value underwritten by GS&Co. | $ 3,500 | |
Natera Inc. | July 2021 Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 585 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 1,449,000 | |
Aggregate value underwritten by GS&Co. | $ 164 | |
Robinhood Markets, Inc. | July 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 2,200 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 18,039,706 | |
Aggregate value underwritten by GS&Co. | $ 686 | |
ON24 Inc. | February 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 492 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 3,616,785 | |
Aggregate value underwritten by GS&Co. | $ 181 | |
Riskified Ltd. | July 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 423 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 6,981,128 | |
Aggregate value underwritten by GS&Co. | $ 147 | |
Oscar Health Inc. | March 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 1,400 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 12,760,633 | |
Aggregate value underwritten by GS&Co. | $ 498 | |
Oak Street Health, Inc. | August 2020 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 377 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 4,157,103 | |
Aggregate value underwritten by GS&Co. | $ 87 | |
Oak Street Health, Inc. | December 2020 Secondary Equity Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 298 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 1,503,944 | |
Aggregate value underwritten by GS&Co. | $ 69 | |
Oak Street Health, Inc. | February 2021 Secondary Equity Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 691 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 3,083,098 | |
Aggregate value underwritten by GS&Co. | $ 173 | |
Oak Street Health, Inc. | May 2021 Secondary Equity Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 747 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 3,013,065 | |
Aggregate value underwritten by GS&Co. | $ 187 | |
Reata Pharmaceuticals, Inc. | December 2020 Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 282 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 1,000,000 | |
Aggregate value underwritten by GS&Co. | $ 141 | |
Bright Health Group, Inc. | June 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 924 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 11,297,000 | |
Aggregate value underwritten by GS&Co. | $ 203 | |
17 Education & Technology Group Inc. | December 2020 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 331 | |
Number of shares underwritten by Goldman Sachs (Asia) L.L.C. in connection with the offering (in shares) | 12,604,000 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | $ 132 | |
LifeStance Health Group, Inc. | June 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 828 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 10,580,000 | |
Aggregate value underwritten by GS&Co. | $ 190 | |
MINISO Group Holding Limited | October 2020 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 656 | |
Number of shares underwritten by Goldman Sachs (Asia) L.L.C. in connection with the offering (in shares) | 16,408,093 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | $ 328 | |
Coupang, Inc. | March 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 4,600 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 42,900,000 | |
Aggregate value underwritten by GS&Co. | $ 1,500 | |
Yatsen Holding Limited | November 2020 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 617 | |
Number of shares underwritten by Goldman Sachs (Asia) L.L.C. in connection with the offering (in shares) | 22,912,500 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | $ 241 | |
Rent the Runway, Inc. | October 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 357 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 5,254,304 | |
Aggregate value underwritten by GS&Co. | $ 110 | |
Opendoor Technologies Inc. | February 2021 Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 886 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 10,173,401 | |
Aggregate value underwritten by GS&Co. | $ 275 | |
FIGS, Inc. | May 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 668 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 9,545,073 | |
Aggregate value underwritten by GS&Co. | $ 210 | |
FIGS, Inc. | September 2021 Secondary Equity Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 413 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 3,179,047 | |
Aggregate value underwritten by GS&Co. | $ 128 | |
Silvergate Capital Corporation | January 2021 Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 288 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 1,711,313 | |
Aggregate value underwritten by GS&Co. | $ 108 | |
Silvergate Capital Corporation | December 2021 Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 552 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 1,375,397 | |
Aggregate value underwritten by GS&Co. | $ 199 | |
Centessa Pharmaceuticals plc. | May 2021 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 380 | |
Number of shares underwritten by GS&Co. in connection with the offering (in shares) | 6,072,000 | |
Aggregate value underwritten by GS&Co. | $ 121 | |
iQIYI, Inc. | March 2018 Initial Public Offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 2,400 | |
Number of shares underwritten by Goldman Sachs (Asia) L.L.C. in connection with the offering (in shares) | 69,751,212 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | $ 1,300 |