Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 25, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'GOLDMAN SACHS GROUP INC | ' |
Entity Central Index Key | '0000886982 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 440,579,936 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Investment banking | $1,781 | $1,552 | $3,560 | $3,120 |
Investment management | 1,378 | 1,267 | 2,876 | 2,517 |
Commissions and fees | 786 | 873 | 1,658 | 1,702 |
Market making | 2,185 | 2,692 | 4,824 | 6,129 |
Other principal transactions | 1,995 | 1,402 | 3,498 | 3,483 |
Total non-interest revenues | 8,125 | 7,786 | 16,416 | 16,951 |
Interest income | 2,579 | 2,663 | 5,173 | 5,271 |
Interest expense | 1,579 | 1,837 | 3,136 | 3,520 |
Net interest income | 1,000 | 826 | 2,037 | 1,751 |
Net revenues, including net interest income | 9,125 | 8,612 | 18,453 | 18,702 |
Operating expenses | ' | ' | ' | ' |
Compensation and benefits | 3,924 | 3,703 | 7,935 | 8,042 |
Brokerage, clearing, exchange and distribution fees | 613 | 613 | 1,208 | 1,174 |
Market development | 141 | 140 | 279 | 281 |
Communications and technology | 186 | 182 | 386 | 370 |
Depreciation and amortization | 294 | 266 | 684 | 568 |
Occupancy | 205 | 210 | 415 | 428 |
Professional fees | 224 | 218 | 436 | 464 |
Insurance reserves | ' | 49 | ' | 176 |
Other expenses | 717 | 586 | 1,268 | 1,181 |
Total non-compensation expenses | 2,380 | 2,264 | 4,676 | 4,642 |
Total operating expenses | 6,304 | 5,967 | 12,611 | 12,684 |
Pre-tax earnings | 2,821 | 2,645 | 5,842 | 6,018 |
Provision for taxes | 784 | 714 | 1,772 | 1,827 |
Net earnings | 2,037 | 1,931 | 4,070 | 4,191 |
Preferred stock dividends | 84 | 70 | 168 | 142 |
Net earnings applicable to common shareholders | $1,953 | $1,861 | $3,902 | $4,049 |
Earnings per common share | ' | ' | ' | ' |
Basic | $4.21 | $3.92 | $8.36 | $8.45 |
Diluted | $4.10 | $3.70 | $8.13 | $7.99 |
Dividends declared per common share | $0.55 | $0.50 | $1.10 | $1 |
Average common shares outstanding | ' | ' | ' | ' |
Basic | 461.7 | 473.2 | 465.1 | 477.5 |
Diluted | 475.9 | 503.5 | 480.1 | 506.6 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $2,037 | $1,931 | $4,070 | $4,191 |
Other comprehensive income/(loss) adjustments, net of tax: | ' | ' | ' | ' |
Currency translation | -30 | -30 | -59 | -56 |
Pension and postretirement liabilities | -6 | -3 | -14 | -7 |
Available-for-sale securities | ' | -342 | ' | -327 |
Cash flow hedges | 1 | ' | 2 | ' |
Other comprehensive loss | -35 | -375 | -71 | -390 |
Comprehensive income | $2,002 | $1,556 | $3,999 | $3,801 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Financial Condition (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $56,983 | $61,133 |
Cash and securities segregated for regulatory and other purposes (includes $23,947 and $31,937 at fair value as of June 2014 and December 2013, respectively) | 40,668 | 49,671 |
Collateralized agreements: | ' | ' |
Securities purchased under agreements to resell and federal funds sold (includes $108,504 and $161,297 at fair value as of June 2014 and December 2013, respectively) | 109,103 | 161,732 |
Securities borrowed (includes $51,971 and $60,384 at fair value as of June 2014 and December 2013, respectively) | 164,719 | 164,566 |
Receivables from: | ' | ' |
Brokers, dealers and clearing organizations | 28,233 | 23,840 |
Customers and counterparties (includes $7,010 and $7,416 at fair value as of June 2014 and December 2013, respectively) | 91,011 | 88,935 |
Financial instruments owned, at fair value (includes $72,244 and $62,348 pledged as collateral as of June 2014 and December 2013, respectively) | 345,806 | 339,121 |
Other assets (includes $18 at fair value as of December 2013) | 23,391 | 22,509 |
Total assets | 859,914 | 911,507 |
Liabilities and shareholders' equity | ' | ' |
Deposits (includes $10,134 and $7,255 at fair value as of June 2014 and December 2013, respectively) | 73,750 | 70,807 |
Collateralized financings: | ' | ' |
Securities sold under agreements to repurchase, at fair value | 106,966 | 164,782 |
Securities loaned (includes $1,529 and $973 at fair value as of June 2014 and December 2013, respectively) | 9,440 | 18,745 |
Other secured financings (includes $23,846 and $23,591 at fair value as of June 2014 and December 2013, respectively) | 25,178 | 24,814 |
Payables to: | ' | ' |
Brokers, dealers and clearing organizations | 12,263 | 5,349 |
Customers and counterparties | 199,253 | 199,416 |
Financial instruments sold, but not yet purchased, at fair value | 124,162 | 127,426 |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings (includes $17,617 and $19,067 at fair value as of June 2014 and December 2013, respectively) | 45,755 | 44,692 |
Unsecured long-term borrowings (includes $14,703 and $11,691 at fair value as of June 2014 and December 2013, respectively) | 167,019 | 160,965 |
Other liabilities and accrued expenses (includes $488 and $388 at fair value as of June 2014 and December 2013, respectively) | 14,499 | 16,044 |
Total liabilities | 778,285 | 833,040 |
Commitments, contingencies and guarantees | ' | ' |
Shareholders' equity | ' | ' |
Preferred stock, par value $0.01 per share; aggregate liquidation preference of $9,200 and $7,200 as of June 2014 and December 2013, respectively | 9,200 | 7,200 |
Common stock, par value $0.01 per share; 4,000,000,000 shares authorized, 849,565,423 and 837,219,068 shares issued as of June 2014 and December 2013, respectively, and 440,734,836 and 446,359,012 shares outstanding as of June 2014 and December 2013, respectively | 8 | 8 |
Restricted stock units and employee stock options | 3,709 | 3,839 |
Nonvoting common stock, par value $0.01 per share; 200,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 49,942 | 48,998 |
Retained earnings | 75,340 | 71,961 |
Accumulated other comprehensive loss | -595 | -524 |
Stock held in treasury, at cost, par value $0.01 per share; 408,830,589 and 390,860,058 shares as of June 2014 and December 2013, respectively | -55,975 | -53,015 |
Total shareholders' equity | 81,629 | 78,467 |
Total liabilities and shareholders' equity | $859,914 | $911,507 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Securities segregated for regulatory and other purposes | $23,947 | $31,937 |
Securities purchased under agreements to resell and federal funds sold at fair value | 108,504 | 161,297 |
Securities borrowed at fair value | 51,971 | 60,384 |
Receivables from customers and counterparties at fair value | 7,010 | 7,416 |
Financial instruments owned, at fair value pledged as collateral | 72,244 | 62,348 |
Other assets at fair value | ' | 18 |
Deposits at fair value | 10,134 | 7,255 |
Securities loaned at fair value | 1,529 | 973 |
Other secured financings at fair value | 23,846 | 23,591 |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value | 17,617 | 19,067 |
Unsecured long-term borrowings at fair value | 14,703 | 11,691 |
Other liabilities and accrued expenses at fair value | 488 | 388 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, liquidation preference | $9,200 | $7,200 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued | 849,565,423 | 837,219,068 |
Common stock, shares outstanding | 440,734,836 | 446,359,012 |
Nonvoting common stock, par value | $0.01 | $0.01 |
Nonvoting common stock, shares authorized | 200,000,000 | 200,000,000 |
Treasury stock, par value | $0.01 | $0.01 |
Treasury stock, shares | 408,830,589 | 390,860,058 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Restricted Stock Units and Employee Stock Options [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Stock Held in Treasury, at Cost [Member] |
In Millions | ||||||||
Balance at Dec. 31, 2012 | ' | $6,200 | $8 | $3,298 | $48,030 | $65,223 | ($193) | ($46,850) |
Delivery of common stock underlying share-based awards | ' | ' | ' | ' | 1,483 | ' | ' | ' |
Issuance and amortization of restricted stock units and employee stock options | ' | ' | ' | 2,017 | ' | ' | ' | ' |
Net earnings | ' | ' | ' | ' | ' | 8,040 | ' | ' |
Repurchased | ' | ' | ' | ' | ' | ' | ' | -6,175 |
Issued | ' | 1,000 | ' | ' | ' | ' | ' | ' |
Other comprehensive loss | -331 | ' | ' | ' | ' | ' | -331 | ' |
Cancellation of restricted stock units and employee stock options in satisfaction of withholding tax requirements | ' | ' | ' | ' | -599 | ' | ' | ' |
Delivery of common stock underlying restricted stock units | ' | ' | ' | -1,378 | ' | ' | ' | ' |
Dividends and dividend equivalents declared on common stock and restricted stock units | ' | ' | ' | ' | ' | -988 | ' | ' |
Reissued | ' | ' | ' | ' | ' | ' | ' | 40 |
Preferred stock issuance costs | ' | ' | ' | ' | -9 | ' | ' | ' |
Forfeiture of restricted stock units and employee stock options | ' | ' | ' | -79 | ' | ' | ' | ' |
Dividends declared on preferred stock | ' | ' | ' | ' | ' | -314 | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | -30 |
Excess net tax benefit related to share-based awards | ' | ' | ' | ' | 94 | ' | ' | ' |
Exercise of employee stock options | ' | ' | ' | -19 | ' | ' | ' | ' |
Cash settlement of share-based compensation | ' | ' | ' | ' | -1 | ' | ' | ' |
Balance at Dec. 31, 2013 | 78,467 | 7,200 | 8 | 3,839 | 48,998 | 71,961 | -524 | -53,015 |
Delivery of common stock underlying share-based awards | ' | ' | ' | ' | 1,919 | ' | ' | ' |
Issuance and amortization of restricted stock units and employee stock options | ' | ' | ' | 1,734 | ' | ' | ' | ' |
Net earnings | 4,070 | ' | ' | ' | ' | 4,070 | ' | ' |
Repurchased | -2,970 | ' | ' | ' | ' | ' | ' | -2,969 |
Issued | ' | 2,000 | ' | ' | ' | ' | ' | ' |
Other comprehensive loss | -71 | ' | ' | ' | ' | ' | -71 | ' |
Cancellation of restricted stock units and employee stock options in satisfaction of withholding tax requirements | ' | ' | ' | ' | -1,503 | ' | ' | ' |
Delivery of common stock underlying restricted stock units | ' | ' | ' | -1,633 | ' | ' | ' | ' |
Dividends and dividend equivalents declared on common stock and restricted stock units | ' | ' | ' | ' | ' | -523 | ' | ' |
Reissued | ' | ' | ' | ' | ' | ' | ' | 40 |
Preferred stock issuance costs | ' | ' | ' | ' | -20 | ' | ' | ' |
Forfeiture of restricted stock units and employee stock options | ' | ' | ' | -32 | ' | ' | ' | ' |
Dividends declared on preferred stock | -168 | ' | ' | ' | ' | -168 | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | -31 |
Excess net tax benefit related to share-based awards | ' | ' | ' | ' | 549 | ' | ' | ' |
Exercise of employee stock options | ' | ' | ' | -199 | ' | ' | ' | ' |
Cash settlement of share-based compensation | ' | ' | ' | ' | -1 | ' | ' | ' |
Balance at Jun. 30, 2014 | $81,629 | $9,200 | $8 | $3,709 | $49,942 | $75,340 | ($595) | ($55,975) |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net earnings | $4,070 | $4,191 |
Adjustments to reconcile net earnings to net cash provided by/(used for) operating activities | ' | ' |
Depreciation and amortization | 684 | 568 |
Share-based compensation | 1,775 | 1,669 |
Changes in operating assets and liabilities | ' | ' |
Cash and securities segregated for regulatory and other purposes | 9,003 | -2,399 |
Receivables and payables, net | 6,772 | 10,066 |
Collateralized transactions (excluding other secured financings), net | -14,645 | -56,114 |
Financial instruments owned, at fair value | -4,531 | 36,071 |
Financial instruments sold, but not yet purchased, at fair value | -3,279 | 18,792 |
Other, net | -3,541 | -7,210 |
Net cash provided by/(used for) operating activities | -3,692 | 5,634 |
Cash flows from investing activities | ' | ' |
Purchase of property, leasehold improvements and equipment | -353 | -329 |
Proceeds from sales of property, leasehold improvements and equipment | 10 | 33 |
Business acquisitions, net of cash acquired | -449 | -446 |
Proceeds from sales of investments | 469 | 1,521 |
Purchase of available-for-sale securities | ' | -738 |
Proceeds from sales of available-for-sale securities | ' | 817 |
Loans held for investment, net | -6,490 | -2,518 |
Net cash used for investing activities | -6,813 | -1,660 |
Cash flows from financing activities | ' | ' |
Unsecured short-term borrowings, net | 1,077 | 622 |
Other secured financings (short-term), net | 1,141 | -3,764 |
Proceeds from issuance of other secured financings (long-term) | 3,413 | 2,641 |
Repayment of other secured financings (long-term), including the current portion | -4,840 | -1,466 |
Proceeds from issuance of unsecured long-term borrowings | 19,804 | 18,502 |
Repayment of unsecured long-term borrowings, including the current portion | -15,320 | -18,152 |
Purchase of trust preferred securities | -1,362 | ' |
Derivative contracts with a financing element, net | 574 | 761 |
Deposits, net | 2,943 | -729 |
Common stock repurchased | -2,969 | -3,125 |
Dividends and dividend equivalents paid on common stock, preferred stock and restricted stock units | -691 | -631 |
Proceeds from issuance of preferred stock, net of issuance costs | 1,980 | 991 |
Proceeds from issuance of common stock, including stock option exercises | 56 | 34 |
Excess tax benefit related to share-based compensation | 550 | 71 |
Cash settlement of share-based compensation | -1 | ' |
Net cash provided by/(used for) financing activities | 6,355 | -4,245 |
Net decrease in cash and cash equivalents | -4,150 | -271 |
Cash and cash equivalents, beginning of year | 61,133 | 72,669 |
Cash and cash equivalents, end of period | $56,983 | $72,398 |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
SUPPLEMENTAL DISCLOSURES: | ' | ' |
Cash payments for interest, net of capitalized interest | $3,260,000,000 | $3,330,000,000 |
Cash payments for income taxes, net of refunds | 2,060,000,000 | 2,610,000,000 |
Non-cash activities: | ' | ' |
Senior guaranteed trust securities held by the firm exchanged with the firm's junior subordinated debt securities held by the Trust | 175,000,000 | ' |
Firm's Junior subordinated debt securities held by the Trust exchanged with senior guaranteed trust securities held by the firm | $175,000,000 | ' |
Description_of_Business
Description of Business | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Description of Business | ' |
Note 1. | |
Description of Business | |
The Goldman Sachs Group, Inc. (Group Inc.), a Delaware corporation, together with its consolidated subsidiaries (collectively, the firm), is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. | |
The firm reports its activities in the following four business segments: | |
Investment Banking | |
The firm provides a broad range of investment banking 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, risk management, restructurings and spin-offs, and debt and equity underwriting of public offerings and private placements, including domestic and cross-border transactions, as well as derivative transactions directly related to these activities. | |
Institutional Client Services | |
The firm facilitates client transactions and makes markets in fixed income, equity, currency and commodity products, primarily with institutional clients such as corporations, financial institutions, investment funds and governments. The firm also makes markets in and clears client transactions on major stock, options and futures exchanges worldwide and provides financing, securities lending and other prime brokerage services to institutional clients. | |
Investing & Lending | |
The firm invests in and originates loans to provide financing to clients. These investments and loans are typically longer-term in nature. The firm makes investments, some of which are consolidated, directly and indirectly through funds that the firm manages, in debt securities and loans, public and private equity securities and real estate entities. | |
Investment Management | |
The firm provides investment management services and offers investment products (primarily through separately managed accounts and commingled vehicles, such as mutual funds and private investment funds) across all major asset classes to a diverse set of institutional and individual clients. The firm also offers wealth advisory services, including portfolio management and financial counseling, and brokerage and other transaction services to high-net-worth individuals and families. |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Note 2. | |
Basis of Presentation | |
These condensed 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 condensed 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, 2013. References to “the 2013 Form 10-K” are to the firm’s Annual Report on Form 10-K for the year ended December 31, 2013. The condensed consolidated financial information as of December 31, 2013 has been derived from audited consolidated financial statements not included herein. | |
These unaudited condensed 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. | |
All references to June 2014, March 2014, December 2013 and June 2013 refer to the firm’s periods ended, or the dates, as the context requires, June 30, 2014, March 31, 2014, December 31, 2013 and June 30, 2013, respectively. Any reference to a future year refers to a year ending on December 31 of that year. Certain reclassifications have been made to previously reported amounts to conform to the current presentation. |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Accounting Policies [Abstract] | ' | ||||
Significant Accounting Policies | ' | ||||
Note 3. | |||||
Significant Accounting Policies | |||||
The firm’s significant accounting policies include when and how to measure the fair value of assets and liabilities, accounting for goodwill and identifiable intangible assets, and when to consolidate an entity. See Notes 5 through 8 for policies on fair value measurements, Note 13 for policies on goodwill and identifiable intangible assets, and below and Note 11 for policies on consolidation accounting. All other significant accounting policies are either discussed below or included in the following footnotes: | |||||
Financial Instruments Owned, at Fair Value | Note 4 | ||||
and Financial Instruments Sold, But Not Yet | |||||
Purchased, at Fair Value | |||||
Fair Value Measurements | Note 5 | ||||
Cash Instruments | Note 6 | ||||
Derivatives and Hedging Activities | Note 7 | ||||
Fair Value Option | Note 8 | ||||
Collateralized Agreements and Financings | Note 9 | ||||
Securitization Activities | Note 10 | ||||
Variable Interest Entities | Note 11 | ||||
Other Assets | Note 12 | ||||
Goodwill and Identifiable Intangible Assets | Note 13 | ||||
Deposits | Note 14 | ||||
Short-Term Borrowings | Note 15 | ||||
Long-Term Borrowings | Note 16 | ||||
Other Liabilities and Accrued Expenses | 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 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 11 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 accounted for either (i) under the equity method of accounting or (ii) 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 general, the firm accounts for investments acquired after the fair value option became available, at fair value. 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 12 for further information about equity-method investments. | |||||
Investment Funds. The firm has formed numerous 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 included in “Financial instruments owned, at fair value.” See Notes 6, 18 and 22 for further information about investments in funds. | |||||
Use of Estimates | |||||
Preparation of these condensed consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, accounting for goodwill and identifiable intangible assets, discretionary compensation accruals and the provisions for losses that may arise from litigation, regulatory proceedings and tax audits. These estimates and assumptions are based on the best available information but actual results could be materially different. | |||||
Revenue Recognition | |||||
Financial Assets and Financial Liabilities at Fair Value. Financial instruments owned, at fair value and Financial instruments sold, but not yet purchased, at fair value are recorded 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 other financial assets and financial 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” for positions in Institutional Client Services and “Other principal transactions” for positions in Investing & Lending. See Notes 5 through 8 for further information about fair value measurements. | |||||
Investment Banking. Fees from financial advisory assignments and underwriting revenues are recognized in earnings when the services related to the underlying transaction are completed under the terms of the assignment. Expenses associated with such transactions are deferred until the related revenue is recognized or the assignment is otherwise concluded. Expenses associated with financial advisory assignments are recorded as non-compensation expenses, net of client reimbursements. Underwriting revenues are presented net of related expenses. | |||||
Investment Management. The firm earns management fees and incentive fees for investment management services. 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 commitments and are received quarterly, semi-annually or annually, depending on the fund. All management fees are recognized over the period that the related service is provided. 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 12-month period or over the life of a fund. Fees that are based on performance over a 12-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 are recognized only when all material contingencies have been resolved. Management and incentive fee revenues are included in “Investment management” revenues. | |||||
The firm makes payments to brokers and advisors related to the placement of the firm’s investment funds. These payments are computed based on either a percentage of the management fee or the investment fund’s net asset value. Where the firm is principal to the arrangement, such costs are recorded on a gross basis and included in “Brokerage, clearing, exchange and distribution fees,” and where the firm is agent to the arrangement, such costs are recorded on a net basis in “Investment management” revenues. | |||||
Commissions and Fees. The firm earns “Commissions and fees” from executing and clearing client transactions on stock, options and futures markets. Commissions and fees are recognized on the day the trade is executed. | |||||
Transfers of Assets | |||||
Transfers of assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of assets accounted for as sales, any related gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred assets are measured at fair value. For transfers of assets that are not accounted for as sales, the assets remain in “Financial instruments owned, at fair value” and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Note 9 for further information about transfers of assets accounted for as collateralized financings and Note 10 for further information about transfers of 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. As of June 2014 and December 2013, “Cash and cash equivalents” included $6.26 billion and $4.14 billion, respectively, of cash and due from banks, and $50.72 billion and $56.99 billion, respectively, of interest-bearing deposits with banks. | |||||
Receivables from Customers and Counterparties | |||||
Receivables from customers and counterparties generally relate to collateralized transactions. Such receivables are primarily comprised of customer margin loans, certain transfers of assets accounted for as secured loans rather than purchases at fair value, collateral posted in connection with certain derivative transactions, and loans held for investment. Certain of the firm’s receivables from customers and counterparties are accounted for at fair value under the fair value option, with changes in fair value generally included in “Market making” revenues. Receivables from customers and counterparties not accounted for at fair value, including loans held for investment, are accounted for at amortized cost net of estimated uncollectible amounts. Interest on receivables from customers and counterparties is recognized over the life of the transaction and included in “Interest income.” See Note 8 for further information about receivables from customers and counterparties. | |||||
Receivables from and Payables to Brokers, Dealers and Clearing Organizations | |||||
Receivables from and payables to brokers, dealers and clearing organizations are accounted for at cost plus accrued interest, which generally approximates fair value. While these receivables and payables are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these receivables and payables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of June 2014 and December 2013. | |||||
Payables to Customers and Counterparties | |||||
Payables to customers and counterparties primarily consist of customer credit balances related to the firm’s prime brokerage activities. Payables to customers and counterparties are accounted for at cost plus accrued interest, which generally approximates fair value. While these payables are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these payables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of June 2014 and December 2013. | |||||
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 condensed consolidated statements of financial condition when a legal right of setoff exists under an enforceable netting agreement. Resale and repurchase agreements and securities borrowed and loaned transactions with the same term and currency are presented on a net-by-counterparty basis in the condensed consolidated statements of financial condition when such transactions meet certain settlement criteria and are subject to netting agreements. | |||||
In the condensed consolidated statements of financial condition, derivatives are reported net of cash collateral received and posted under enforceable credit support agreements, when transacted under an enforceable netting agreement. In the condensed consolidated statements of financial condition, 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 9 for further information about collateral received and pledged, including rights to deliver or repledge collateral. See Notes 7 and 9 for further information about offsetting. | |||||
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. Expected forfeitures are included in determining share-based employee compensation expense. | |||||
The firm pays cash dividend equivalents on outstanding restricted stock units (RSUs). Dividend equivalents paid on RSUs are generally charged to retained earnings. Dividend equivalents paid on RSUs expected to be forfeited are included in compensation expense. The firm accounts for the tax benefit related to dividend equivalents paid on RSUs as an increase to additional paid-in capital. | |||||
The firm generally issues new shares of common stock upon delivery of share-based awards. In certain cases, primarily related to conflicted employment (as outlined in the applicable award agreements), the firm may cash settle share-based compensation awards accounted for as equity instruments. For these awards, whose terms allow for cash settlement, 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. | |||||
Foreign Currency Translation | |||||
Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the date of the condensed consolidated statements of financial condition 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 condensed consolidated statements of comprehensive income. | |||||
Recent Accounting Developments | |||||
Investment Companies (ASC 946). In June 2013, the FASB issued ASU No. 2013-08, “Financial Services — Investment Companies (Topic 946) — Amendments to the Scope, Measurement, and Disclosure Requirements.” ASU No. 2013-08 clarifies the approach to be used for determining whether an entity is an investment company and provides new measurement and disclosure requirements. ASU No. 2013-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. Adoption of ASU No. 2013-08 on January 1, 2014 did not affect the firm’s financial condition, results of operations, or cash flows. | |||||
Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (ASC 815). In July 2013, the FASB issued ASU No. 2013-10, “Derivatives and Hedging (Topic 815) — Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.” ASU No. 2013-10 permits the use of the Fed Funds Effective Swap Rate (OIS) as a U.S. benchmark interest rate for hedge accounting purposes. The ASU also removes the restriction on using different benchmark rates for similar hedges. ASU No. 2013-10 was effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013 and adoption did not materially affect the firm’s financial condition, results of operations, or cash flows. | |||||
Revenue from Contracts with Customers (ASC 606). In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU No. 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The ASU also provides guidance on accounting for certain contract costs, and requires new disclosures. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The firm is still evaluating the effect of the ASU on its financial condition, results of operations, and cash flows. | |||||
Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (ASC 860). In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU No. 2014-11 changes the accounting for repurchase- and resale-to-maturity agreements by requiring that such agreements be recognized as financing arrangements, and requires that a transfer of a financial asset and a repurchase agreement entered into contemporaneously be accounted for separately. ASU No. 2014-11 also requires additional disclosures about certain transferred financial assets accounted for as sales and certain securities financing transactions. The accounting changes and additional disclosures about certain transferred financial assets accounted for as sales are effective for the first interim and annual reporting periods beginning after December 15, 2014. The additional disclosures for securities financing transactions are required for annual reporting periods beginning after December 15, 2014 and for interim reporting periods beginning after March 15, 2015. Early adoption is not permitted. Adoption of ASU No. 2014-11 is not expected to materially affect the firm’s financial condition, results of operations, or cash flows. | |||||
Financial_Instruments_Owned_at
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value | ' | ||||||||||||||||||
Note 4. | |||||||||||||||||||
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value | |||||||||||||||||||
Financial instruments owned, at fair value and financial instruments sold, but not yet purchased, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP. See Note 8 for further information about other financial assets and financial liabilities accounted for at fair value primarily under the fair value option. The table below presents the firm’s financial instruments owned, at fair value, including those pledged as collateral, and financial instruments sold, but not yet purchased, at fair value. | |||||||||||||||||||
As of June 2014 | As of December 2013 | ||||||||||||||||||
in millions | Financial | Financial | Financial | Financial | |||||||||||||||
Instruments | Instruments | Instruments | Instruments | ||||||||||||||||
Owned | Sold, But | Owned | Sold, But | ||||||||||||||||
Not Yet | Not Yet | ||||||||||||||||||
Purchased | Purchased | ||||||||||||||||||
Commercial paper, certificates of deposit, time deposits and other | $ 6,537 | $ — | $ 8,608 | $ — | |||||||||||||||
money market instruments | |||||||||||||||||||
U.S. government and federal agency obligations | 75,648 | 15,734 | 71,072 | 20,920 | |||||||||||||||
Non-U.S. government and agency obligations | 44,787 | 24,786 | 40,944 | 26,999 | |||||||||||||||
Mortgage and other asset-backed loans and securities: | |||||||||||||||||||
Loans and securities backed by commercial real estate | 6,374 | 21 | 6,596 | 1 | |||||||||||||||
Loans and securities backed by residential real estate | 9,857 | 1 | 9,025 | 2 | |||||||||||||||
Bank loans and bridge loans | 18,731 | 732 | 1 | 17,400 | 925 | 1 | |||||||||||||
Corporate debt securities | 23,459 | 5,505 | 17,412 | 5,253 | |||||||||||||||
State and municipal obligations | 1,406 | — | 1,476 | 51 | |||||||||||||||
Other debt obligations | 3,645 | 31 | 3,129 | 4 | |||||||||||||||
Equities and convertible debentures | 97,462 | 29,331 | 101,024 | 22,583 | |||||||||||||||
Commodities | 4,057 | 1,826 | 4,556 | 966 | |||||||||||||||
Subtotal | 291,963 | 77,967 | 281,242 | 77,704 | |||||||||||||||
Derivatives | 53,843 | 46,195 | 57,879 | 49,722 | |||||||||||||||
Total | $345,806 | $124,162 | $339,121 | $127,426 | |||||||||||||||
1 | Primarily relates to the fair value of unfunded lending commitments for which the fair value option was elected. | ||||||||||||||||||
Gains and Losses from Market Making and Other Principal Transactions | |||||||||||||||||||
The table below presents “Market making” revenues by major product type, as well as “Other principal transactions” revenues. These gains/(losses) are primarily related to the firm’s financial instruments owned, at fair value and financial instruments sold, but not yet purchased, at fair value, including both derivative and non-derivative financial instruments. These gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense. | |||||||||||||||||||
The gains/(losses) in the table below 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 cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts. | |||||||||||||||||||
in millions | Three Months | Six Months | |||||||||||||||||
Product Type | Ended June | Ended June | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rates | $ (176 | ) | $ 131 | $ (456 | ) | $(1,033 | ) | ||||||||||||
Credit | 1,022 | (5 | ) | 2,202 | 1,454 | ||||||||||||||
Currencies | 561 | 851 | 856 | 3,360 | |||||||||||||||
Equities | 544 | 767 | 1,227 | 1,269 | |||||||||||||||
Commodities | 234 | 261 | 995 | 649 | |||||||||||||||
Other | — | 687 | 2 | — | 430 | 2 | |||||||||||||
Market making | 2,185 | 2,692 | 4,824 | 6,129 | |||||||||||||||
Other principal transactions 1 | 1,995 | 1,402 | 3,498 | 3,483 | |||||||||||||||
Total | $4,180 | $4,094 | $8,322 | $ 9,612 | |||||||||||||||
1 | Other principal transactions are included in the firm’s Investing & Lending segment. See Note 25 for net revenues, including net interest income, by product type for Investing & Lending, as well as the amount of net interest income included in Investing & Lending. The “Other” category in Note 25 relates to the firm’s consolidated investment entities, and primarily includes commodities-related net revenues. | ||||||||||||||||||
2 | Includes gains on insurance liabilities related to the firm’s European insurance business, which were offset by losses on the related hedges in other product types. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
Note 5. | |||||||||||||
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 financial 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 parameters as 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 fair value hierarchy for disclosure of fair value measurements. The fair value 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 the fair value hierarchy is based on the lowest level of input that is significant to its fair value measurement. | |||||||||||||
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 financial 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 financial liabilities may require appropriate 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. | |||||||||||||
See Notes 6, 7 and 8 for further information about fair value measurements of cash instruments, derivatives and other financial assets and financial liabilities accounted for at fair value primarily under the fair value option (including information about significant unrealized gains and losses related to level 3 financial assets and financial liabilities, and transfers in and out of level 3), respectively. | |||||||||||||
The table below presents financial assets and financial liabilities accounted for at fair value under the fair value option or in accordance with other U.S. GAAP. In the table below, counterparty and cash collateral netting represents the impact on derivatives of netting across levels of the fair value hierarchy. Netting among positions classified in the same level is included in that level. | |||||||||||||
As of | |||||||||||||
$ in millions | June | March | December | ||||||||||
2014 | 2014 | 2013 | |||||||||||
Total level 1 financial assets | $153,025 | $153,199 | $156,030 | ||||||||||
Total level 2 financial assets | 441,295 | 484,573 | 499,480 | ||||||||||
Total level 3 financial assets | 39,760 | 40,923 | 40,013 | ||||||||||
Counterparty and cash collateral netting | (96,842 | ) | (92,834 | ) | (95,350 | ) | |||||||
Total financial assets at fair value | $537,238 | $585,861 | $600,173 | ||||||||||
Total assets 1 | $859,914 | $915,665 | $911,507 | ||||||||||
Total level 3 financial assets as a percentage of Total assets | 4.60% | 4.50% | 4.40% | ||||||||||
Total level 3 financial assets as a percentage of Total financial assets at fair value | 7.40% | 7.00% | 6.70% | ||||||||||
Total level 1 financial liabilities | $ 67,579 | $ 71,973 | $ 68,412 | ||||||||||
Total level 2 financial liabilities | 247,288 | 273,929 | 300,583 | ||||||||||
Total level 3 financial liabilities | 12,389 | 13,208 | 12,046 | ||||||||||
Counterparty and cash collateral netting | (27,811 | ) | (25,415 | ) | (25,868 | ) | |||||||
Total financial liabilities at fair value | $299,445 | $333,695 | $355,173 | ||||||||||
Total level 3 financial liabilities as a percentage of Total financial liabilities at fair value | 4.10% | 4.00% | 3.40% | ||||||||||
1 | Includes approximately $837 billion, $892 billion and $890 billion as of June 2014, March 2014 and December 2013, respectively, that is carried at fair value or at amounts that generally approximate fair value. | ||||||||||||
Level 3 financial assets as of June 2014 decreased compared with March 2014, primarily reflecting a decrease in bank loans and bridge loans and derivative assets. The decrease in bank loans and bridge loans primarily reflected settlements and sales, partially offset by purchases, realized gains and net transfers from level 2. The decrease in derivative assets primarily reflected a decline in credit derivative assets, principally due to settlements and unrealized losses. | |||||||||||||
Level 3 financial assets as of June 2014 were essentially unchanged compared with December 2013. |
Cash_Instruments
Cash Instruments | 6 Months Ended | ||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Cash Instruments | ' | ||||||||||||||||||||||||||||||||||||
Note 6. | |||||||||||||||||||||||||||||||||||||
Cash Instruments | |||||||||||||||||||||||||||||||||||||
Cash instruments include U.S. government and federal agency obligations, non-U.S. government and agency obligations, bank loans and bridge loans, corporate debt securities, equities and convertible debentures, and other non-derivative financial instruments owned and financial instruments sold, but not yet purchased. See below for the types of cash instruments included in each level of the fair value hierarchy and the valuation techniques and significant inputs used to determine their fair values. See Note 5 for an overview of the firm’s fair value measurement policies. | |||||||||||||||||||||||||||||||||||||
Level 1 Cash Instruments | |||||||||||||||||||||||||||||||||||||
Level 1 cash instruments include U.S. government obligations and most non-U.S. government obligations, actively traded listed equities, certain government agency obligations and money market instruments. 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 Cash Instruments | |||||||||||||||||||||||||||||||||||||
Level 2 cash instruments include commercial paper, certificates of deposit, time deposits, most government agency obligations, certain non-U.S. government obligations, most corporate debt securities, commodities, certain mortgage-backed loans and securities, certain bank loans and bridge loans, restricted or less liquid listed equities, most state and municipal obligations and certain lending commitments. | |||||||||||||||||||||||||||||||||||||
Valuations of level 2 cash 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 firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. | |||||||||||||||||||||||||||||||||||||
Valuation adjustments are typically made to level 2 cash instruments (i) if the cash 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 Cash Instruments | |||||||||||||||||||||||||||||||||||||
Level 3 cash instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 cash 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 of financial assets. | |||||||||||||||||||||||||||||||||||||
Valuation Techniques and Significant Inputs | |||||||||||||||||||||||||||||||||||||
The table below presents the valuation techniques and the nature of significant inputs. These valuation techniques and significant inputs are generally used to determine the fair values of each type of level 3 cash instrument. | |||||||||||||||||||||||||||||||||||||
Level 3 Cash Instruments | Valuation Techniques and Significant Inputs | ||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | Valuation techniques vary by instrument, but are generally based on discounted cash flow techniques. | ||||||||||||||||||||||||||||||||||||
Ÿ Collateralized by a single commercial real estate property or a portfolio of properties | Significant inputs are generally determined based on relative value analyses and include: | ||||||||||||||||||||||||||||||||||||
Ÿ May include tranches of varying levels of subordination | Ÿ Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral and the basis, or price difference, to such prices | ||||||||||||||||||||||||||||||||||||
Ÿ 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) | |||||||||||||||||||||||||||||||||||||
Ÿ 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, capitalization rates and multiples. 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 | |||||||||||||||||||||||||||||||||||||
Ÿ Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of other unobservable inputs (e.g., prepayment speeds) | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | Valuation techniques vary by instrument, but are generally based on discounted cash flow techniques. | ||||||||||||||||||||||||||||||||||||
Ÿ Collateralized by portfolios of residential real estate | Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: | ||||||||||||||||||||||||||||||||||||
Ÿ May include tranches of varying levels of subordination | Ÿ Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral | ||||||||||||||||||||||||||||||||||||
Ÿ Market yields implied by transactions of similar or related assets | |||||||||||||||||||||||||||||||||||||
Ÿ Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines and related costs | |||||||||||||||||||||||||||||||||||||
Ÿ Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines | |||||||||||||||||||||||||||||||||||||
Bank loans and bridge loans | Valuation techniques vary by instrument, but are generally based on discounted cash flow techniques. | ||||||||||||||||||||||||||||||||||||
Significant inputs 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: | |||||||||||||||||||||||||||||||||||||
Ÿ Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices such as CDX and LCDX (indices that track the performance of corporate credit and loans, respectively) | |||||||||||||||||||||||||||||||||||||
Ÿ Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related cash instrument, the cost of borrowing the underlying reference obligation | |||||||||||||||||||||||||||||||||||||
Ÿ Duration | |||||||||||||||||||||||||||||||||||||
Non-U.S. government and | Valuation techniques vary by instrument, but are generally based on discounted cash flow techniques. | ||||||||||||||||||||||||||||||||||||
agency obligations | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||||
State and municipal obligations | Significant inputs 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: | ||||||||||||||||||||||||||||||||||||
Other debt obligations | Ÿ Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices such as CDX, LCDX and MCDX (an index that tracks the performance of municipal obligations) | ||||||||||||||||||||||||||||||||||||
Ÿ Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related cash instrument, the cost of borrowing the underlying reference obligation | |||||||||||||||||||||||||||||||||||||
Ÿ Duration | |||||||||||||||||||||||||||||||||||||
Equities and convertible debentures (including private equity investments and investments in real estate entities) | Recent third-party completed or pending transactions (e.g., merger proposals, tender offers, debt restructurings) are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate: | ||||||||||||||||||||||||||||||||||||
Ÿ Industry multiples (primarily EBITDA multiples) and public comparables | |||||||||||||||||||||||||||||||||||||
Ÿ Transactions in similar instruments | |||||||||||||||||||||||||||||||||||||
Ÿ Discounted cash flow techniques | |||||||||||||||||||||||||||||||||||||
Ÿ Third-party appraisals | |||||||||||||||||||||||||||||||||||||
Ÿ Net asset value per share (NAV) | |||||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||
Ÿ Market and transaction multiples | |||||||||||||||||||||||||||||||||||||
Ÿ Discount rates, long-term growth rates, earnings compound annual growth rates and capitalization rates | |||||||||||||||||||||||||||||||||||||
Ÿ For equity instruments with debt-like features: market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration | |||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||
The tables below present the ranges of significant unobservable inputs used to value the firm’s level 3 cash instruments. These ranges represent the significant unobservable inputs that were used in the valuation of each type of cash instrument. Weighted averages in the tables below are calculated by weighting each input by the relative fair value of the respective financial 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 cash instrument. For example, the highest multiple presented in the tables below for private equity investments is appropriate for valuing a specific private equity investment but may not be appropriate for valuing any other private equity investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the firm’s level 3 cash instruments. | |||||||||||||||||||||||||||||||||||||
Level 3 Cash Instruments | Level 3 Assets | Valuation Techniques and | Range of Significant Unobservable | ||||||||||||||||||||||||||||||||||
as of June 2014 | Significant Unobservable Inputs | Inputs (Weighted Average) | |||||||||||||||||||||||||||||||||||
(in millions) | as of June 2014 | ||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | $2,620 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Ÿ Collateralized by a single commercial real estate property or a portfolio of properties | |||||||||||||||||||||||||||||||||||||
Ÿ Yield | 3.5% to 20.0% (10.0%) | ||||||||||||||||||||||||||||||||||||
Ÿ May include tranches of varying levels of subordination | |||||||||||||||||||||||||||||||||||||
Ÿ Recovery rate | 24.6% to 97.4% (70.8%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 0.2 to 5.3 (2.2) | ||||||||||||||||||||||||||||||||||||
Ÿ Basis | (2) points to 18 points (4 points) | ||||||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | $2,039 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Ÿ Collateralized by portfolios of residential real estate | |||||||||||||||||||||||||||||||||||||
Ÿ Yield | 2.9% to 17.5% (9.1%) | ||||||||||||||||||||||||||||||||||||
Ÿ May include tranches of varying levels of subordination | |||||||||||||||||||||||||||||||||||||
Ÿ Cumulative loss rate | 8.0% to 89.6% (25.4%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 1.2 to 10.5 (3.1) | ||||||||||||||||||||||||||||||||||||
Bank loans and bridge loans | $8,947 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Ÿ Yield | 1.6% to 23.4% (8.2%) | ||||||||||||||||||||||||||||||||||||
Ÿ Recovery rate | 34.7% to 87.1% (60.5%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 0.4 to 4.5 (1.7) | ||||||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | $3,181 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||||
State and municipal obligations | |||||||||||||||||||||||||||||||||||||
Other debt obligations | Ÿ Yield | 1.0% to 24.0% (8.5%) | |||||||||||||||||||||||||||||||||||
Ÿ Recovery rate | 0.0% to 70.0% (63.2%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 1.0 to 16.7 (4.5) | ||||||||||||||||||||||||||||||||||||
Equities and convertible debentures | $16,259 1 | Comparable multiples: | |||||||||||||||||||||||||||||||||||
(including private equity investments and investments in real estate entities) | |||||||||||||||||||||||||||||||||||||
Ÿ Multiples | 0.8x to 19.0x (6.6x) | ||||||||||||||||||||||||||||||||||||
Discounted cash flows: | |||||||||||||||||||||||||||||||||||||
Ÿ Discount rate/yield | 5.5% to 25.0% (14.6%) | ||||||||||||||||||||||||||||||||||||
Ÿ Long-term growth rate/compound annual growth rate | (3.5)% to 20.0% (7.1%) | ||||||||||||||||||||||||||||||||||||
Ÿ Capitalization rate | 5.1% to 12.1% (7.2%) | ||||||||||||||||||||||||||||||||||||
1 | The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. | ||||||||||||||||||||||||||||||||||||
Level 3 Cash Instruments | Level 3 Assets | Valuation Techniques and Significant Unobservable Inputs | Range of Significant Unobservable Inputs (Weighted Average) | ||||||||||||||||||||||||||||||||||
as of December 2013 | as of December 2013 | ||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | $2,692 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Ÿ Collateralized by a single commercial real estate property or a portfolio of properties | |||||||||||||||||||||||||||||||||||||
Ÿ Yield | 2.7% to 29.1% (10.1%) | ||||||||||||||||||||||||||||||||||||
Ÿ May include tranches of varying levels of subordination | |||||||||||||||||||||||||||||||||||||
Ÿ Recovery rate | 26.2% to 88.1% (74.4%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 0.6 to 5.7 (2.0) | ||||||||||||||||||||||||||||||||||||
Ÿ Basis | (9) points to 20 points (5 points) | ||||||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | |||||||||||||||||||||||||||||||||||||
$1,961 | Discounted cash flows: | ||||||||||||||||||||||||||||||||||||
Ÿ Collateralized by portfolios of residential real estate | |||||||||||||||||||||||||||||||||||||
Ÿ Yield | 2.6% to 25.8% (10.1%) | ||||||||||||||||||||||||||||||||||||
Ÿ May include tranches of varying levels of subordination | |||||||||||||||||||||||||||||||||||||
Ÿ Cumulative loss rate | 9.8% to 56.6% (24.9%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 1.4 to 16.7 (3.6) | ||||||||||||||||||||||||||||||||||||
Bank loans and bridge loans | $9,324 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Ÿ Yield | 1.0% to 39.6% (9.3%) | ||||||||||||||||||||||||||||||||||||
Ÿ Recovery rate | 40.0% to 85.0% (54.9%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 0.5 to 5.3 (2.1) | ||||||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | $3,977 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||||
State and municipal obligations | |||||||||||||||||||||||||||||||||||||
Ÿ Yield | 1.5% to 40.2% (8.9%) | ||||||||||||||||||||||||||||||||||||
Other debt obligations | |||||||||||||||||||||||||||||||||||||
Ÿ Recovery rate | 0.0% to 70.0% (61.9%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 0.6 to 16.1 (4.2) | ||||||||||||||||||||||||||||||||||||
Equities and convertible debentures | $14,685 1 | Comparable multiples: | |||||||||||||||||||||||||||||||||||
(including private equity investments and investments in real estate entities) | |||||||||||||||||||||||||||||||||||||
Ÿ Multiples | 0.6x to 18.8x (6.9x) | ||||||||||||||||||||||||||||||||||||
Discounted cash flows: | |||||||||||||||||||||||||||||||||||||
Ÿ Discount rate/yield | 6.0% to 29.1% (14.6%) | ||||||||||||||||||||||||||||||||||||
Ÿ Long-term growth rate/compound annual growth rate | 1.0% to 19.0% (8.1%) | ||||||||||||||||||||||||||||||||||||
Ÿ Capitalization rate | 4.6% to 11.3% (7.1%) | ||||||||||||||||||||||||||||||||||||
1 | The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. | ||||||||||||||||||||||||||||||||||||
Increases in yield, discount rate, capitalization rate, duration or cumulative loss rate used in the valuation of the firm’s level 3 cash instruments would result in a lower fair value measurement, while increases in recovery rate, basis, multiples, long-term growth rate or compound annual growth rate would result in a higher fair value measurement. Due to the distinctive nature of each of the firm’s level 3 cash instruments, the interrelationship of inputs is not necessarily uniform within each product type. | |||||||||||||||||||||||||||||||||||||
Fair Value of Cash Instruments by Level | |||||||||||||||||||||||||||||||||||||
The tables below present, by level within the fair value hierarchy, cash instrument assets and liabilities, at fair value. Cash instrument assets and liabilities are included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” respectively. | |||||||||||||||||||||||||||||||||||||
Cash Instrument Assets at Fair Value as of June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Commercial paper, certificates of deposit, time deposits and other money market instruments | $ 183 | $ 6,354 | $ — | $ 6,537 | |||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 29,912 | 45,736 | — | 75,648 | |||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | 34,522 | 10,212 | 53 | 44,787 | |||||||||||||||||||||||||||||||||
Mortgage and other asset-backed loans and securities 1: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | — | 3,754 | 2,620 | 6,374 | |||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | — | 7,818 | 2,039 | 9,857 | |||||||||||||||||||||||||||||||||
Bank loans and bridge loans | — | 9,784 | 8,947 | 18,731 | |||||||||||||||||||||||||||||||||
Corporate debt securities 2 | 272 | 20,857 | 2,330 | 23,459 | |||||||||||||||||||||||||||||||||
State and municipal obligations | — | 1,237 | 169 | 1,406 | |||||||||||||||||||||||||||||||||
Other debt obligations 2 | — | 3,016 | 629 | 3,645 | |||||||||||||||||||||||||||||||||
Equities and convertible debentures | 70,611 | 10,592 | 16,259 | 3 | 97,462 | ||||||||||||||||||||||||||||||||
Commodities | — | 4,057 | — | 4,057 | |||||||||||||||||||||||||||||||||
Total | $135,500 | $123,417 | $33,046 | $291,963 | |||||||||||||||||||||||||||||||||
Cash Instrument Liabilities at Fair Value as of June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | $ 15,616 | $ 118 | $ — | $ 15,734 | |||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | 22,997 | 1,789 | — | 24,786 | |||||||||||||||||||||||||||||||||
Mortgage and other asset-backed loans and securities: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | — | 14 | 7 | 21 | |||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||
Bank loans and bridge loans | — | 554 | 178 | 732 | |||||||||||||||||||||||||||||||||
Corporate debt securities | 10 | 5,492 | 3 | 5,505 | |||||||||||||||||||||||||||||||||
Other debt obligations | — | 29 | 2 | 31 | |||||||||||||||||||||||||||||||||
Equities and convertible debentures | 28,901 | 423 | 7 | 29,331 | |||||||||||||||||||||||||||||||||
Commodities | — | 1,826 | — | 1,826 | |||||||||||||||||||||||||||||||||
Total | $ 67,524 | $ 10,246 | $ 197 | $ 77,967 | |||||||||||||||||||||||||||||||||
1 | Includes $317 million and $570 million of collateralized debt obligations (CDOs) backed by real estate in level 2 and level 3, respectively. | ||||||||||||||||||||||||||||||||||||
2 | Includes $364 million and $1.05 billion of CDOs and collateralized loan obligations (CLOs) backed by corporate obligations in level 2 and level 3, respectively. | ||||||||||||||||||||||||||||||||||||
3 | Includes $14.41 billion of private equity investments, $1.43 billion of investments in real estate entities and $416 million of convertible debentures. | ||||||||||||||||||||||||||||||||||||
Cash Instrument Assets at Fair Value as of December 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Commercial paper, certificates of deposit, time deposits and other money market instruments | $ 216 | $ 8,392 | $ — | $ 8,608 | |||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 29,582 | 41,490 | — | 71,072 | |||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | 29,451 | 11,453 | 40 | 40,944 | |||||||||||||||||||||||||||||||||
Mortgage and other asset-backed loans and securities 1: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | — | 3,904 | 2,692 | 6,596 | |||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | — | 7,064 | 1,961 | 9,025 | |||||||||||||||||||||||||||||||||
Bank loans and bridge loans | — | 8,076 | 9,324 | 17,400 | |||||||||||||||||||||||||||||||||
Corporate debt securities 2 | 240 | 14,299 | 2,873 | 17,412 | |||||||||||||||||||||||||||||||||
State and municipal obligations | — | 1,219 | 257 | 1,476 | |||||||||||||||||||||||||||||||||
Other debt obligations 2 | — | 2,322 | 807 | 3,129 | |||||||||||||||||||||||||||||||||
Equities and convertible debentures | 76,945 | 9,394 | 14,685 | 3 | 101,024 | ||||||||||||||||||||||||||||||||
Commodities | — | 4,556 | — | 4,556 | |||||||||||||||||||||||||||||||||
Total | $136,434 | $112,169 | $32,639 | $281,242 | |||||||||||||||||||||||||||||||||
Cash Instrument Liabilities at Fair Value as of December 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | $ 20,871 | $ 49 | $ — | $ 20,920 | |||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | 25,325 | 1,674 | — | 26,999 | |||||||||||||||||||||||||||||||||
Mortgage and other asset-backed loans and securities: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | — | 2 | — | 2 | |||||||||||||||||||||||||||||||||
Bank loans and bridge loans | — | 641 | 284 | 925 | |||||||||||||||||||||||||||||||||
Corporate debt securities | 10 | 5,241 | 2 | 5,253 | |||||||||||||||||||||||||||||||||
State and municipal obligations | — | 50 | 1 | 51 | |||||||||||||||||||||||||||||||||
Other debt obligations | — | 3 | 1 | 4 | |||||||||||||||||||||||||||||||||
Equities and convertible debentures | 22,107 | 468 | 8 | 22,583 | |||||||||||||||||||||||||||||||||
Commodities | — | 966 | — | 966 | |||||||||||||||||||||||||||||||||
Total | $ 68,313 | $ 9,094 | $ 297 | $ 77,704 | |||||||||||||||||||||||||||||||||
1 | Includes $295 million and $411 million of CDOs backed by real estate in level 2 and level 3, respectively. | ||||||||||||||||||||||||||||||||||||
2 | Includes $451 million and $1.62 billion of CDOs and CLOs backed by corporate obligations in level 2 and level 3, respectively. | ||||||||||||||||||||||||||||||||||||
3 | Includes $12.82 billion of private equity investments, $1.37 billion of investments in real estate entities and $491 million of convertible debentures. | ||||||||||||||||||||||||||||||||||||
Transfers Between Levels of the Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||
Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. During the three months ended June 2014, transfers into level 2 from level 1 of cash instruments were $552 million, including $346 million of public equity securities and $206 million of U.S. government and federal agency obligations primarily due to decreased market activity in these instruments. During the three months ended June 2014, transfers into level 1 from level 2 of cash instruments were $7 million, reflecting transfers of public equity securities due to increased market activity in these instruments. During the three months ended June 2013, transfers into level 2 from level 1 of cash instruments were $51 million, primarily including transfers of public equity securities of $48 million due to decreased market activity in these instruments. During the three months ended June 2013, transfers into level 1 from level 2 of cash instruments were $105 million, reflecting transfers of public equity securities, primarily due to increased market activity in these instruments. | |||||||||||||||||||||||||||||||||||||
During the six months ended June 2014, transfers into level 2 from level 1 of cash instruments were $67 million, including $49 million of public equity securities and $18 million of U.S. government and federal agency obligations primarily due to decreased market activity in these instruments. During the six months ended June 2014, transfers into level 1 from level 2 of cash instruments were $81 million, reflecting transfers of public equity securities, due to increased market activity in these instruments. During the six months ended June 2013, transfers into level 2 from level 1 of cash instruments were $5 million, reflecting transfers of public equity securities due to decreased market activity in these instruments. During the six months ended June 2013, transfers into level 1 from level 2 of cash instruments were $77 million, reflecting transfers of public equity securities, primarily reflecting increased market activity in these instruments. | |||||||||||||||||||||||||||||||||||||
See level 3 rollforward below for information about transfers between level 2 and level 3. | |||||||||||||||||||||||||||||||||||||
Level 3 Rollforward | |||||||||||||||||||||||||||||||||||||
If a cash instrument asset or liability was transferred to level 3 during a reporting period, its entire gain or loss for the period is included in level 3. | |||||||||||||||||||||||||||||||||||||
Level 3 cash instruments are frequently economically hedged with level 1 and level 2 cash instruments and/or level 1, level 2 or level 3 derivatives. Accordingly, gains or losses that are reported in level 3 can be partially offset by gains or losses attributable to level 1 or level 2 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 tables below present changes in fair value for all cash instrument assets and liabilities categorized as level 3 as of the end of the period. Purchases in the tables below include both originations and secondary market purchases. | |||||||||||||||||||||||||||||||||||||
Level 3 Cash Instrument Assets at Fair Value for the Three Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | $ 45 | $ 1 | $ 1 | $ 9 | $ (1 | ) | $ (2 | ) | $ — | $ — | $ 53 | ||||||||||||||||||||||||||
Mortgage and other asset-backed loans and securities: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | 2,626 | 31 | 90 | 114 | (155 | ) | (304 | ) | 417 | (199 | ) | 2,620 | |||||||||||||||||||||||||
Loans and securities backed by residential real estate | 2,065 | 34 | 90 | 149 | (194 | ) | (3 | ) | 27 | (129 | ) | 2,039 | |||||||||||||||||||||||||
Bank loans and bridge loans | 9,687 | 130 | 116 | 798 | (272 | ) | (1,641 | ) | 990 | (861 | ) | 8,947 | |||||||||||||||||||||||||
Corporate debt securities | 2,632 | 86 | 34 | 211 | (666 | ) | (177 | ) | 401 | (191 | ) | 2,330 | |||||||||||||||||||||||||
State and municipal obligations | 242 | 1 | 2 | 28 | (41 | ) | — | 1 | (64 | ) | 169 | ||||||||||||||||||||||||||
Other debt obligations | 640 | 5 | 32 | 53 | (51 | ) | (25 | ) | 41 | (66 | ) | 629 | |||||||||||||||||||||||||
Equities and convertible debentures | 15,807 | 76 | 939 | 590 | (606 | ) | (328 | ) | 796 | (1,015 | ) | 16,259 | |||||||||||||||||||||||||
Total | $33,744 | $364 | 1 | $1,304 | 1 | $1,952 | $(1,986 | ) | $(2,480 | ) | $2,673 | $(2,525 | ) | $33,046 | |||||||||||||||||||||||
Level 3 Cash Instrument Liabilities at Fair Value for the Three Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
Beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Total | $ 204 | $ (6 | ) | $ (9 | ) | $ (49 | ) | $ 51 | $ 11 | $ 15 | $ (20 | ) | $ 197 | ||||||||||||||||||||||||
1 | The aggregate amounts include gains of approximately $232 million, $1.11 billion and $326 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. | ||||||||||||||||||||||||||||||||||||
The net unrealized gain on level 3 cash instruments of $1.31 billion (reflecting $1.30 billion on cash instrument assets and $9 million on cash instrument liabilities) for the three months ended June 2014 primarily consisted of gains on private equity investments principally driven by company-specific events and strong corporate performance. | |||||||||||||||||||||||||||||||||||||
Transfers into level 3 during the three months ended June 2014 primarily reflected transfers of certain bank loans and bridge loans and private equity investments from level 2 principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments. | |||||||||||||||||||||||||||||||||||||
Transfers out of level 3 during the three months ended June 2014 primarily reflected transfers of certain private equity investments and bank loans and bridge loans to level 2 principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. | |||||||||||||||||||||||||||||||||||||
Level 3 Cash Instrument Assets at Fair Value for the Six Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | $ 40 | $ 1 | $ — | $ 22 | $ (18 | ) | $ (1 | ) | $ 9 | $ — | $ 53 | ||||||||||||||||||||||||||
Mortgage and other asset-backed loans and securities: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | 2,692 | 66 | 165 | 366 | (259 | ) | (461 | ) | 404 | (353 | ) | 2,620 | |||||||||||||||||||||||||
Loans and securities backed by residential real estate | 1,961 | 68 | 132 | 252 | (177 | ) | (178 | ) | 199 | (218 | ) | 2,039 | |||||||||||||||||||||||||
Bank loans and bridge loans | 9,324 | 244 | 236 | 2,250 | (855 | ) | (2,213 | ) | 651 | (690 | ) | 8,947 | |||||||||||||||||||||||||
Corporate debt securities | 2,873 | 155 | 66 | 629 | (713 | ) | (405 | ) | 100 | (375 | ) | 2,330 | |||||||||||||||||||||||||
State and municipal obligations | 257 | 2 | 4 | 34 | (82 | ) | (2 | ) | 1 | (45 | ) | 169 | |||||||||||||||||||||||||
Other debt obligations | 807 | 15 | 38 | 122 | (160 | ) | (76 | ) | 38 | (155 | ) | 629 | |||||||||||||||||||||||||
Equities and convertible debentures | 14,685 | 102 | 1,262 | 1,886 | (1,025 | ) | (597 | ) | 1,515 | (1,569 | ) | 16,259 | |||||||||||||||||||||||||
Total | $32,639 | $653 | 1 | $1,903 | 1 | $5,561 | $(3,289 | ) | $(3,933 | ) | $2,917 | $(3,405 | ) | $33,046 | |||||||||||||||||||||||
Level 3 Cash Instrument Liabilities at Fair Value for the Six Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
Beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Total | $ 297 | $ (6 | ) | $ (70 | ) | $ (110 | ) | $ 71 | $ 11 | $ 5 | $ (1 | ) | $ 197 | ||||||||||||||||||||||||
1 | The aggregate amounts include gains of approximately $400 million, $1.56 billion and $597 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. | ||||||||||||||||||||||||||||||||||||
The net unrealized gain on level 3 cash instruments of $1.97 billion (reflecting $1.90 billion on cash instrument assets and $70 million on cash instrument liabilities) for the six months ended June 2014 primarily consisted of gains on private equity investments and bank loans and bridge loans, principally driven by company-specific events and strong corporate performance. | |||||||||||||||||||||||||||||||||||||
Transfers into level 3 during the six months ended June 2014 primarily reflected transfers of certain private equity investments and bank loans and bridge loans from level 2 principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments. | |||||||||||||||||||||||||||||||||||||
Transfers out of level 3 during the six months ended June 2014 primarily reflected transfers of certain private equity investments and bank loans and bridge loans to level 2 principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. | |||||||||||||||||||||||||||||||||||||
Level 3 Cash Instrument Assets at Fair Value for the Three Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Non-U.S. government and | $ 47 | $ 2 | $ 3 | $ 42 | $ (95 | ) | $ — | $ 92 | $ (1 | ) | $ 90 | ||||||||||||||||||||||||||
agency obligations | |||||||||||||||||||||||||||||||||||||
Mortgage and other asset-backed | |||||||||||||||||||||||||||||||||||||
loans and securities: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | 3,164 | 44 | 75 | 216 | (431 | ) | (258 | ) | 305 | (146 | ) | 2,969 | |||||||||||||||||||||||||
Loans and securities backed by | 1,683 | 30 | 61 | 223 | (163 | ) | (156 | ) | 106 | (46 | ) | 1,738 | |||||||||||||||||||||||||
residential real estate | |||||||||||||||||||||||||||||||||||||
Bank loans and bridge loans | 11,688 | 160 | 180 | 1,530 | (1,217 | ) | (1,780 | ) | 518 | (1,082 | ) | 9,997 | |||||||||||||||||||||||||
Corporate debt securities | 2,442 | 63 | 58 | 365 | (364 | ) | (90 | ) | 187 | (169 | ) | 2,492 | |||||||||||||||||||||||||
State and municipal obligations | 334 | 2 | 3 | 58 | (162 | ) | — | 93 | (6 | ) | 322 | ||||||||||||||||||||||||||
Other debt obligations | 855 | 9 | (3 | ) | 183 | (92 | ) | (132 | ) | 260 | (204 | ) | 876 | ||||||||||||||||||||||||
Equities and convertible debentures | 15,224 | 42 | 346 | 740 | (178 | ) | (330 | ) | 349 | (776 | ) | 15,417 | |||||||||||||||||||||||||
Total | $35,437 | $352 | 1 | $723 | 1 | $3,357 | $(2,702 | ) | $(2,746 | ) | $1,910 | $(2,430 | ) | $33,901 | |||||||||||||||||||||||
Level 3 Cash Instrument Liabilities at Fair Value for the Three Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Total | $ 441 | $ 14 | $ — | $ (210 | ) | $ 89 | $ 3 | $ 75 | $ (27 | ) | $ 385 | ||||||||||||||||||||||||||
1 | The aggregate amounts include gains of approximately $241 million, $612 million and $222 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. | ||||||||||||||||||||||||||||||||||||
The net unrealized gain on level 3 cash instrument assets of $723 million for the three months ended June 2013 primarily consisted of gains on private equity investments, primarily driven by company-specific events and strong corporate performance, and bank loans and bridge loans, primarily driven by company-specific events. | |||||||||||||||||||||||||||||||||||||
Transfers into level 3 during the three months ended June 2013 primarily reflected transfers from level 2 of certain bank loans and bridge loans, private equity investments and investment in real estate entities, loans and securities backed by commercial real estate, and other debt obligations due to a lack of market transactions in these instruments. | |||||||||||||||||||||||||||||||||||||
Transfers out of level 3 during the three months ended June 2013 primarily reflected transfers of certain bank loans and bridge loans and private equity investments to level 2, principally due to increased transparency of market prices as a result of market transactions in these instruments, and transfers related to the firm’s European insurance business of certain level 3 “bank loans and bridge loans” within cash instruments to level 3 “other assets” within other financial assets at fair value, as this business was classified as held for sale during the period. | |||||||||||||||||||||||||||||||||||||
Level 3 Cash Instrument Assets at Fair Value for the Six Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Non-U.S. government and | $ 26 | $ 3 | $ 6 | $ 64 | $ (9 | ) | $ (2 | ) | $ 5 | $ (3 | ) | $ 90 | |||||||||||||||||||||||||
agency obligations | |||||||||||||||||||||||||||||||||||||
Mortgage and other asset-backed | |||||||||||||||||||||||||||||||||||||
loans and securities: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | 3,389 | 60 | 132 | 391 | (569 | ) | (624 | ) | 385 | (195 | ) | 2,969 | |||||||||||||||||||||||||
Loans and securities backed by | 1,619 | 65 | 79 | 475 | (365 | ) | (182 | ) | 124 | (77 | ) | 1,738 | |||||||||||||||||||||||||
residential real estate | |||||||||||||||||||||||||||||||||||||
Bank loans and bridge loans | 11,235 | 289 | 220 | 2,669 | (1,163 | ) | (3,007 | ) | 969 | (1,215 | ) | 9,997 | |||||||||||||||||||||||||
Corporate debt securities | 2,821 | 187 | 347 | 502 | (1,183 | ) | (290 | ) | 268 | (160 | ) | 2,492 | |||||||||||||||||||||||||
State and municipal obligations | 619 | 6 | 4 | 118 | (421 | ) | (2 | ) | 6 | (8 | ) | 322 | |||||||||||||||||||||||||
Other debt obligations | 1,185 | 22 | 18 | 423 | (390 | ) | (104 | ) | 160 | (438 | ) | 876 | |||||||||||||||||||||||||
Equities and convertible debentures | 14,855 | 86 | 920 | 968 | (491 | ) | (916 | ) | 1,097 | (1,102 | ) | 15,417 | |||||||||||||||||||||||||
Total | $35,749 | $718 | 1 | $1,726 | 1 | $5,610 | $(4,591 | ) | $(5,127 | ) | $3,014 | $(3,198 | ) | $33,901 | |||||||||||||||||||||||
Level 3 Cash Instrument Liabilities at Fair Value for the Six Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Total | $ 642 | $ 47 | $ — | $ (423 | ) | $ 172 | $ 7 | $ 64 | $ (124 | ) | $ 385 | ||||||||||||||||||||||||||
1 | The aggregate amounts include gains of approximately $662 million, $1.38 billion and $400 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. | ||||||||||||||||||||||||||||||||||||
The net unrealized gain on level 3 cash instrument assets of $1.73 billion for the six months ended June 2013 primarily consisted of gains on private equity investments, primarily driven by company-specific events and strong corporate performance, corporate debt securities, primarily due to tighter credit spreads, and bank loans and bridge loans, primarily driven by company-specific events. | |||||||||||||||||||||||||||||||||||||
Transfers into level 3 during the six months ended June 2013 primarily reflected transfers of certain private equity investments and bank loans and bridge loans from level 2, principally due to a lack of market transactions in these instruments. | |||||||||||||||||||||||||||||||||||||
Transfers out of level 3 during the six months ended June 2013 primarily reflected transfers of certain bank loans and bridge loans, private equity investments and other debt obligations to level 2, principally due to increased transparency of market prices as a result of market transactions in these instruments, and transfers related to the firm’s European insurance business of certain level 3 “bank loans and bridge loans” within cash instruments to level 3 “other assets” within other financial assets at fair value, as this business was classified as held for sale during the period. | |||||||||||||||||||||||||||||||||||||
Investments in Funds That Are Calculated Using Net Asset Value Per Share | |||||||||||||||||||||||||||||||||||||
Cash instruments at fair value include investments in funds that are calculated based on the net asset value per share (NAV) of the investment fund. The firm uses NAV as its measure of fair value for 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 underlying investments at fair value. | |||||||||||||||||||||||||||||||||||||
The firm’s investments in funds that are calculated using NAV primarily 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 in a variety of situations, 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 mid- to large-sized 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. The private equity, credit and real estate funds are primarily 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. | |||||||||||||||||||||||||||||||||||||
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 including long/short equity, credit, convertibles, risk arbitrage, special situations and capital structure arbitrage. These investments in hedge funds are generally redeemable on a quarterly basis with 91 days’ notice, subject to a maximum redemption level of 25% of the firm’s initial investments at any quarter-end; however, these investments also include interests where the underlying assets are illiquid in nature, and proceeds from redemptions will not be distributed until the underlying assets are liquidated. | |||||||||||||||||||||||||||||||||||||
Many of the funds described above are “covered funds” as defined by the Volcker Rule of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) which has a conformance period that ends in July 2015 subject to possible extensions through 2017. | |||||||||||||||||||||||||||||||||||||
The firm continues to manage its existing funds, taking into account the transition periods under the Volcker Rule. | |||||||||||||||||||||||||||||||||||||
In order to be compliant with the Volcker Rule, the firm will be required to reduce most of its interests in the funds in the table below by the prescribed compliance date. To the extent that the underlying investments of particular funds are not sold, the firm may be required to sell its investments in such funds. If that occurs, the firm may receive a value for its investments 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. | |||||||||||||||||||||||||||||||||||||
Since March 2012, the firm has redeemed approximately $2.25 billion of its interests in hedge funds, including approximately $20 million and $60 million during the three and six months ended June 2014, respectively. | |||||||||||||||||||||||||||||||||||||
The tables below present the fair value of the firm’s investments in, and unfunded commitments to, funds that are calculated using NAV. | |||||||||||||||||||||||||||||||||||||
As of June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Fair Value of | Unfunded | |||||||||||||||||||||||||||||||||||
Investments | Commitments | ||||||||||||||||||||||||||||||||||||
Private equity funds | $ 7,510 | $2,351 | |||||||||||||||||||||||||||||||||||
Credit funds | 3,001 | 1,683 | |||||||||||||||||||||||||||||||||||
Hedge funds | 1,461 | — | |||||||||||||||||||||||||||||||||||
Real estate funds | 1,773 | 382 | |||||||||||||||||||||||||||||||||||
Total | $13,745 | $4,416 | |||||||||||||||||||||||||||||||||||
As of December 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Fair Value of | Unfunded | |||||||||||||||||||||||||||||||||||
Investments | Commitments | ||||||||||||||||||||||||||||||||||||
Private equity funds | $ 7,446 | $2,575 | |||||||||||||||||||||||||||||||||||
Credit funds | 3,624 | 2,515 | |||||||||||||||||||||||||||||||||||
Hedge funds | 1,394 | — | |||||||||||||||||||||||||||||||||||
Real estate funds | 1,908 | 471 | |||||||||||||||||||||||||||||||||||
Total | $14,372 | $5,561 | |||||||||||||||||||||||||||||||||||
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | ' | ||||||||||||||||||||||||||||||||||||||||
Note 7. | |||||||||||||||||||||||||||||||||||||||||
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 over-the-counter (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 capacity, the firm typically acts as principal and is consequently required to commit capital to provide execution. As a market maker, it is essential to maintain an inventory of financial instruments sufficient to meet expected client and market demands. | |||||||||||||||||||||||||||||||||||||||||
Risk Management. The firm also enters into derivatives to actively manage risk exposures that arise from its market-making and investing and lending activities in derivative and cash instruments. 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 in certain fixed-rate unsecured long-term and short-term borrowings, and deposits, to manage foreign currency exposure on the net investment in certain non-U.S. operations, and to manage the exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm’s consolidated investments. | |||||||||||||||||||||||||||||||||||||||||
The firm enters into various types of derivatives, including: | |||||||||||||||||||||||||||||||||||||||||
Ÿ | Futures and Forwards. Contracts that commit counterparties to purchase or sell financial instruments, commodities or currencies in the future. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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 and liabilities are included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” respectively. Substantially all gains and losses on derivatives not designated as hedges under ASC 815 are included in “Market making” and “Other principal transactions.” | |||||||||||||||||||||||||||||||||||||||||
The tables below present the fair value of derivatives on a net-by-counterparty basis. | |||||||||||||||||||||||||||||||||||||||||
As of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Derivative | Derivative | |||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||||||||||
Exchange-traded | $ 3,059 | $ 2,666 | |||||||||||||||||||||||||||||||||||||||
OTC | 50,784 | 43,529 | |||||||||||||||||||||||||||||||||||||||
Total | $53,843 | $46,195 | |||||||||||||||||||||||||||||||||||||||
As of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Derivative | Derivative | |||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||||||||||
Exchange-traded | $ 4,277 | $ 6,366 | |||||||||||||||||||||||||||||||||||||||
OTC | 53,602 | 43,356 | |||||||||||||||||||||||||||||||||||||||
Total | $57,879 | $49,722 | |||||||||||||||||||||||||||||||||||||||
The table below presents the fair value and the notional amount of derivative contracts by major product type on a gross basis. Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure. The table below also presents the amounts of counterparty and cash collateral netting in the condensed consolidated statements of financial condition, 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. 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 in the table below. 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. | |||||||||||||||||||||||||||||||||||||||||
As of June 2014 | As of December 2013 | ||||||||||||||||||||||||||||||||||||||||
in millions | Derivative | Derivative | Notional | Derivative | Derivative | Notional | |||||||||||||||||||||||||||||||||||
Assets | Liabilities | Amount | Assets | Liabilities | Amount | ||||||||||||||||||||||||||||||||||||
Derivatives not accounted for as hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rates | $ 626,078 | $ 573,843 | $47,606,176 | $ 641,186 | $ 587,110 | $44,110,483 | |||||||||||||||||||||||||||||||||||
Exchange-traded | 163 | 231 | 3,429,506 | 157 | 271 | 2,366,448 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 232,572 | 216,279 | 28,501,398 | 266,230 | 252,596 | 24,888,301 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 393,343 | 357,333 | 15,675,272 | 374,799 | 334,243 | 16,855,734 | |||||||||||||||||||||||||||||||||||
Credit | 53,990 | 51,338 | 2,754,868 | 60,751 | 56,340 | 2,946,376 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 5,433 | 5,332 | 381,086 | 3,943 | 4,482 | 348,848 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 48,557 | 46,006 | 2,373,782 | 56,808 | 51,858 | 2,597,528 | |||||||||||||||||||||||||||||||||||
Currencies | 59,009 | 51,532 | 5,123,746 | 70,757 | 63,659 | 4,311,971 | |||||||||||||||||||||||||||||||||||
Exchange-traded | 68 | 63 | 14,698 | 98 | 122 | 23,908 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 116 | 125 | 13,404 | 88 | 97 | 11,319 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 58,825 | 51,344 | 5,095,644 | 70,571 | 63,440 | 4,276,744 | |||||||||||||||||||||||||||||||||||
Commodities | 17,711 | 17,515 | 719,827 | 18,007 | 18,228 | 701,101 | |||||||||||||||||||||||||||||||||||
Exchange-traded | 4,863 | 3,790 | 367,968 | 4,323 | 3,661 | 346,057 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 266 | 298 | 3,267 | 11 | 12 | 135 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 12,582 | 13,427 | 348,592 | 13,673 | 14,555 | 354,909 | |||||||||||||||||||||||||||||||||||
Equities | 54,644 | 52,771 | 1,523,954 | 56,719 | 55,472 | 1,406,499 | |||||||||||||||||||||||||||||||||||
Exchange-traded | 9,963 | 10,580 | 551,650 | 10,544 | 13,157 | 534,840 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 10 | 1 | 299 | — | — | — | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 44,671 | 42,190 | 972,005 | 46,175 | 42,315 | 871,659 | |||||||||||||||||||||||||||||||||||
Subtotal | 811,432 | 746,999 | 57,728,571 | 847,420 | 780,809 | 53,476,430 | |||||||||||||||||||||||||||||||||||
Derivatives accounted for as hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rates | 12,609 | 303 | 124,034 | 11,403 | 429 | 132,879 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 4,056 | 26 | 38,365 | 1,327 | 27 | 10,637 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 8,553 | 277 | 85,669 | 10,076 | 402 | 122,242 | |||||||||||||||||||||||||||||||||||
Currencies | 16 | 116 | 9,684 | 74 | 56 | 9,296 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 3 | 14 | 1,442 | 1 | 10 | 869 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 13 | 102 | 8,242 | 73 | 46 | 8,427 | |||||||||||||||||||||||||||||||||||
Commodities | 40 | — | 147 | 36 | — | 335 | |||||||||||||||||||||||||||||||||||
Exchange-traded | — | — | — | — | — | 23 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 40 | — | 147 | 36 | — | 312 | |||||||||||||||||||||||||||||||||||
Subtotal | 12,665 | 419 | 133,865 | 11,513 | 485 | 142,510 | |||||||||||||||||||||||||||||||||||
Gross fair value/notional amount of derivatives | $ 824,097 | 1 | $ 747,418 | 1 | $57,862,436 | $ 858,933 | 1 | $ 781,294 | 1 | $53,618,940 | |||||||||||||||||||||||||||||||
Amounts that have been offset in the condensed consolidated statements of financial condition | |||||||||||||||||||||||||||||||||||||||||
Counterparty netting | (674,863 | ) | (674,863 | ) | (707,411 | ) | (707,411 | ) | |||||||||||||||||||||||||||||||||
Exchange-traded | (11,998 | ) | (11,998 | ) | (10,845 | ) | (10,845 | ) | |||||||||||||||||||||||||||||||||
OTC-cleared | (220,564 | ) | (220,564 | ) | (254,756 | ) | (254,756 | ) | |||||||||||||||||||||||||||||||||
Bilateral OTC | (442,301 | ) | (442,301 | ) | (441,810 | ) | (441,810 | ) | |||||||||||||||||||||||||||||||||
Cash collateral netting | (95,391 | ) | (26,360 | ) | (93,643 | ) | (24,161 | ) | |||||||||||||||||||||||||||||||||
OTC-cleared | (21,460 | ) | (1,428 | ) | (16,353 | ) | (2,515 | ) | |||||||||||||||||||||||||||||||||
Bilateral OTC | (73,931 | ) | (24,932 | ) | (77,290 | ) | (21,646 | ) | |||||||||||||||||||||||||||||||||
Fair value included in financial instruments owned/financial instruments sold, but not yet purchased | $ 53,843 | $ 46,195 | $ 57,879 | $ 49,722 | |||||||||||||||||||||||||||||||||||||
Amounts that have not been offset in the condensed consolidated statements of financial condition | |||||||||||||||||||||||||||||||||||||||||
Cash collateral received/posted | (692 | ) | (2,166 | ) | (636 | ) | (2,806 | ) | |||||||||||||||||||||||||||||||||
Securities collateral received/posted | (10,951 | ) | (10,331 | ) | (13,225 | ) | (10,521 | ) | |||||||||||||||||||||||||||||||||
Total | $ 42,200 | $ 33,698 | $ 44,018 | $ 36,395 | |||||||||||||||||||||||||||||||||||||
1 | Includes derivative assets and derivative liabilities of $24.49 billion and $23.37 billion, respectively, as of June 2014, and derivative assets and derivative liabilities of $23.18 billion and $23.46 billion, respectively, as of December 2013, 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. | ||||||||||||||||||||||||||||||||||||||||
Valuation Techniques 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. | |||||||||||||||||||||||||||||||||||||||||
Ÿ | Interest Rate. In general, the prices and other inputs used to value interest rate derivatives are transparent, even for 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 prices and other inputs are generally observable. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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 observable for contracts with shorter tenors. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | Commodity. Commodity derivatives include transactions referenced to energy (e.g., oil and natural gas), 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. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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 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. See Note 5 for an overview of the firm’s fair value measurement policies. | |||||||||||||||||||||||||||||||||||||||||
Level 1 Derivatives | |||||||||||||||||||||||||||||||||||||||||
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 Derivatives | |||||||||||||||||||||||||||||||||||||||||
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. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio’s net risk exposure to that input. | |||||||||||||||||||||||||||||||||||||||||
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 firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Derivatives | |||||||||||||||||||||||||||||||||||||||||
Level 3 derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs. | |||||||||||||||||||||||||||||||||||||||||
Ÿ | For the majority of the firm’s interest rate and currency derivatives classified within level 3, 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 volatilities. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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, recovery rates and certain correlations required to value credit and mortgage derivatives (e.g., the likelihood of default of the underlying reference obligation relative to one another). | ||||||||||||||||||||||||||||||||||||||||
Ÿ | For level 3 equity derivatives, significant unobservable inputs generally include equity volatility inputs for options that are very 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. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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. | ||||||||||||||||||||||||||||||||||||||||
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 recorded 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 below 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 appropriate exit price valuation. These adjustments incorporate bid/offer spreads, the cost of liquidity, credit valuation adjustments 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. | |||||||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||||||
The tables below present the ranges of significant unobservable inputs used to value the firm’s level 3 derivatives as well as averages and medians of these inputs. The 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 of the respective financial instruments. An average greater than the median indicates that the majority of inputs are below the average. 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 presented in the tables below 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 presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the firm’s level 3 derivatives. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Derivative | Net Level 3 | Valuation Techniques and | Range of Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||
Product Type | Assets/(Liabilities) | Significant Unobservable Inputs | (Average / Median) as of June 2014 | ||||||||||||||||||||||||||||||||||||||
as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Interest rates | ($129) | Option pricing models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | (16)% to 84% (46% / 60%) | ||||||||||||||||||||||||||||||||||||||||
Volatility | 36 basis points per annum (bpa) to | ||||||||||||||||||||||||||||||||||||||||
165 bpa (107 bpa / 130 bpa) | |||||||||||||||||||||||||||||||||||||||||
Credit | $3,900 1 | Option pricing models, correlation models and discounted cash flows models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | |||||||||||||||||||||||||||||||||||||||||
5% to 95% (62% / 63%) | |||||||||||||||||||||||||||||||||||||||||
Credit spreads | |||||||||||||||||||||||||||||||||||||||||
1 basis points (bps) to 616 bps (124 bps / 84 bps) 3 | |||||||||||||||||||||||||||||||||||||||||
Upfront credit points | |||||||||||||||||||||||||||||||||||||||||
0 points to 99 points (40 points / 35 points) | |||||||||||||||||||||||||||||||||||||||||
Recovery rates | |||||||||||||||||||||||||||||||||||||||||
20% to 90% (47% / 40%) | |||||||||||||||||||||||||||||||||||||||||
Currencies | ($81) | Option pricing models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | 65% to 79% (72% / 72%) | ||||||||||||||||||||||||||||||||||||||||
Commodities | $(7) 1 | Option pricing models and discounted cash flows models: | |||||||||||||||||||||||||||||||||||||||
Volatility | |||||||||||||||||||||||||||||||||||||||||
9% to 43% (21% / 19%) | |||||||||||||||||||||||||||||||||||||||||
Spread per million British Thermal units (MMBTU) of natural gas | |||||||||||||||||||||||||||||||||||||||||
$(2.31) to $4.55 ($(0.08) / $(0.03)) | |||||||||||||||||||||||||||||||||||||||||
Spread per Metric Tonne (MT) of coal | |||||||||||||||||||||||||||||||||||||||||
$(13.38) to $0.50 ($(7.05) / $(10.35)) | |||||||||||||||||||||||||||||||||||||||||
Equities | ($1,499) | Option pricing models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | 25% to 99% (55% / 54%) | ||||||||||||||||||||||||||||||||||||||||
Volatility | 5% to 69% (19% / 19%) | ||||||||||||||||||||||||||||||||||||||||
1 | The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flows models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. | ||||||||||||||||||||||||||||||||||||||||
2 | The range of unobservable inputs for correlation across derivative product types (i.e., cross-asset correlation) was (40)% to 78% (Average: 28% / Median: 34%) as of June 2014. | ||||||||||||||||||||||||||||||||||||||||
3 | The difference between the average and the median for the credit spreads input indicates that the majority of the inputs fall in the lower end of the range. | ||||||||||||||||||||||||||||||||||||||||
Level 3 Derivative | Net Level 3 | Valuation Techniques and | Range of Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||
Product Type | Assets/(Liabilities) | Significant Unobservable Inputs | (Average / Median) as of December 2013 | ||||||||||||||||||||||||||||||||||||||
as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Interest rates | ($86) | Option pricing models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | 22% to 84% (58% / 60%) | ||||||||||||||||||||||||||||||||||||||||
Volatility | 36 bpa to 165 bpa (107 bpa / 112 bpa) | ||||||||||||||||||||||||||||||||||||||||
Credit | $4,176 1 | Option pricing models, correlation models and discounted cash flows models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | |||||||||||||||||||||||||||||||||||||||||
5% to 93% (61% / 61%) | |||||||||||||||||||||||||||||||||||||||||
Credit spreads | |||||||||||||||||||||||||||||||||||||||||
1 bps to 1,395 bps (153 bps / 116 bps) 3 | |||||||||||||||||||||||||||||||||||||||||
Upfront credit points | |||||||||||||||||||||||||||||||||||||||||
0 points to 100 points (46 points / 43 points) | |||||||||||||||||||||||||||||||||||||||||
Recovery rates | |||||||||||||||||||||||||||||||||||||||||
20% to 85% (50% / 40%) | |||||||||||||||||||||||||||||||||||||||||
Currencies | ($200) | Option pricing models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | 65% to 79% (72% / 72%) | ||||||||||||||||||||||||||||||||||||||||
Commodities | $60 1 | Option pricing models and discounted cash flows models: | |||||||||||||||||||||||||||||||||||||||
Volatility | |||||||||||||||||||||||||||||||||||||||||
15% to 52% (23% / 21%) | |||||||||||||||||||||||||||||||||||||||||
Spread per MMBTU of natural gas | |||||||||||||||||||||||||||||||||||||||||
$(1.74) to $5.62 ($(0.11) / $(0.04)) | |||||||||||||||||||||||||||||||||||||||||
Spread per MT of coal | |||||||||||||||||||||||||||||||||||||||||
$(17.00) to $0.50 ($(6.54) / $(5.00)) | |||||||||||||||||||||||||||||||||||||||||
Equities | ($959) | Option pricing models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | 23% to 99% (58% / 59%) | ||||||||||||||||||||||||||||||||||||||||
Volatility | 6% to 63% (20% / 20%) | ||||||||||||||||||||||||||||||||||||||||
1 | The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flows models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. | ||||||||||||||||||||||||||||||||||||||||
2 | The range of unobservable inputs for correlation across derivative product types (i.e., cross-asset correlation) was (42)% to 78% (Average: 25% / Median: 30%) as of December 2013. | ||||||||||||||||||||||||||||||||||||||||
3 | The difference between the average and the median for the credit spreads input indicates that the majority of the inputs fall in the lower end of the range. | ||||||||||||||||||||||||||||||||||||||||
Range of Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||||||
The following provides further information about the ranges of significant unobservable inputs used to value the firm’s level 3 derivative instruments. | |||||||||||||||||||||||||||||||||||||||||
Ÿ | Correlation. Ranges for correlation cover a variety of underliers both within one market (e.g., equity index and equity single stock names) and across markets (e.g., correlation of an interest rate and a foreign exchange rate), as well as across regions. Generally, cross-asset correlation inputs are used to value more complex instruments and are lower than correlation inputs on assets within the same derivative product type. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | Commodity prices and spreads. The ranges for commodity prices and spreads cover variability in products, maturities and locations, as well as peak and off-peak prices. | ||||||||||||||||||||||||||||||||||||||||
Sensitivity of Fair Value Measurement to Changes in Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||||||
The following provides a description of the directional sensitivity of the firm’s level 3 fair value measurements to changes in significant unobservable inputs, in isolation. Due to the distinctive nature of each of the firm’s level 3 derivatives, the interrelationship of inputs is not necessarily uniform within each product type. | |||||||||||||||||||||||||||||||||||||||||
Ÿ | 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. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | Volatility. In general, for purchased options an increase in volatility results in a higher fair value measurement. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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. | ||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives by Level | |||||||||||||||||||||||||||||||||||||||||
The tables below present the fair value of derivatives on a gross basis by level and major product type as well as the impact of netting. The 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 and cash collateral netting.” Where the counterparty netting is across levels, the netting is reflected in “Cross-Level Netting.” | |||||||||||||||||||||||||||||||||||||||||
Derivative Assets at Fair Value as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Cross-Level | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Netting | Netting | ||||||||||||||||||||||||||||||||||||||||
Interest rates | $ 4 | $ 638,313 | $ 370 | $ — | $ — | $ 638,687 | |||||||||||||||||||||||||||||||||||
Credit | — | 46,655 | 7,335 | — | — | 53,990 | |||||||||||||||||||||||||||||||||||
Currencies | — | 58,699 | 326 | — | — | 59,025 | |||||||||||||||||||||||||||||||||||
Commodities | 2 | 17,278 | 471 | — | — | 17,751 | |||||||||||||||||||||||||||||||||||
Equities | 10 | 53,649 | 985 | — | — | 54,644 | |||||||||||||||||||||||||||||||||||
Gross fair value of derivative assets | 16 | 814,594 | 9,487 | — | — | 824,097 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | — | (670,534 | ) | (2,878 | ) | (1,451 | ) | (95,391 | ) | (770,254 | ) | ||||||||||||||||||||||||||||||
Fair value included in financial instruments owned | $16 | $ 144,060 | $ 6,609 | $(1,451 | ) | $(95,391 | ) | $ 53,843 | |||||||||||||||||||||||||||||||||
Derivative Liabilities at Fair Value as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Cross-Level | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Netting | Netting | ||||||||||||||||||||||||||||||||||||||||
Interest rates | $41 | $ 573,606 | $ 499 | $ — | $ — | $ 574,146 | |||||||||||||||||||||||||||||||||||
Credit | — | 47,903 | 3,435 | — | — | 51,338 | |||||||||||||||||||||||||||||||||||
Currencies | — | 51,241 | 407 | — | — | 51,648 | |||||||||||||||||||||||||||||||||||
Commodities | — | 17,037 | 478 | — | — | 17,515 | |||||||||||||||||||||||||||||||||||
Equities | 14 | 50,273 | 2,484 | — | — | 52,771 | |||||||||||||||||||||||||||||||||||
Gross fair value of derivative liabilities | 55 | 740,060 | 7,303 | — | — | 747,418 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | — | (670,534 | ) | (2,878 | ) | (1,451 | ) | (26,360 | ) | (701,223 | ) | ||||||||||||||||||||||||||||||
Fair value included in financial instruments sold, but not yet purchased | $55 | $ 69,526 | $ 4,425 | $(1,451 | ) | $(26,360 | ) | $ 46,195 | |||||||||||||||||||||||||||||||||
Derivative Assets at Fair Value as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Cross-Level | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Netting | Netting | ||||||||||||||||||||||||||||||||||||||||
Interest rates | $91 | $ 652,104 | $ 394 | $ — | $ — | $ 652,589 | |||||||||||||||||||||||||||||||||||
Credit | — | 52,834 | 7,917 | — | — | 60,751 | |||||||||||||||||||||||||||||||||||
Currencies | — | 70,481 | 350 | — | — | 70,831 | |||||||||||||||||||||||||||||||||||
Commodities | — | 17,517 | 526 | — | — | 18,043 | |||||||||||||||||||||||||||||||||||
Equities | 3 | 55,826 | 890 | — | — | 56,719 | |||||||||||||||||||||||||||||||||||
Gross fair value of derivative assets | 94 | 848,762 | 10,077 | — | — | 858,933 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | — | (702,703 | ) | (3,001 | ) | (1,707 | ) | (93,643 | ) | (801,054 | ) | ||||||||||||||||||||||||||||||
Fair value included in financial instruments owned | $94 | $ 146,059 | $ 7,076 | $(1,707 | ) | $(93,643 | ) | $ 57,879 | |||||||||||||||||||||||||||||||||
Derivative Liabilities at Fair Value as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Cross-Level | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Netting | Netting | ||||||||||||||||||||||||||||||||||||||||
Interest rates | $93 | $ 586,966 | $ 480 | $ — | $ — | $ 587,539 | |||||||||||||||||||||||||||||||||||
Credit | — | 52,599 | 3,741 | — | — | 56,340 | |||||||||||||||||||||||||||||||||||
Currencies | — | 63,165 | 550 | — | — | 63,715 | |||||||||||||||||||||||||||||||||||
Commodities | — | 17,762 | 466 | — | — | 18,228 | |||||||||||||||||||||||||||||||||||
Equities | 6 | 53,617 | 1,849 | — | — | 55,472 | |||||||||||||||||||||||||||||||||||
Gross fair value of derivative liabilities | 99 | 774,109 | 7,086 | — | — | 781,294 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | — | (702,703 | ) | (3,001 | ) | (1,707 | ) | (24,161 | ) | (731,572 | ) | ||||||||||||||||||||||||||||||
Fair value included in financial instruments sold, but not yet purchased | $99 | $ 71,406 | $ 4,085 | $(1,707 | ) | $(24,161 | ) | $ 49,722 | |||||||||||||||||||||||||||||||||
Level 3 Rollforward | |||||||||||||||||||||||||||||||||||||||||
If a derivative was transferred to level 3 during a reporting period, its entire gain or loss for the period is included in level 3. Transfers between levels are reported at the beginning of the reporting period in which they occur. In the tables below, negative amounts for transfers into level 3 and positive amounts for transfers out of level 3 represent net transfers of derivative liabilities. | |||||||||||||||||||||||||||||||||||||||||
Gains and losses on level 3 derivatives should be considered in the context of the following: | |||||||||||||||||||||||||||||||||||||||||
Ÿ | 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. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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 as level 3. | ||||||||||||||||||||||||||||||||||||||||
Ÿ | Gains or losses that have been reported 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 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 tables below present changes in fair value for all derivatives categorized as level 3 as of the end of the period. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Derivative Assets and Liabilities at Fair Value for the Three Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Asset/ | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Asset/ | ||||||||||||||||||||||||||||||||
(liability) | realized | gains/(losses) | into | out of | (liability) | ||||||||||||||||||||||||||||||||||||
balance, | gains/ | relating to | level 3 | level 3 | balance, | ||||||||||||||||||||||||||||||||||||
beginning | (losses) | instruments | end of | ||||||||||||||||||||||||||||||||||||||
of period | still held at | period | |||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Interest rates — net | $ (31 | ) | $(10 | ) | $ (51 | ) | $ 2 | $ (6 | ) | $ 4 | $ (5 | ) | $ (32 | ) | $ (129 | ) | |||||||||||||||||||||||||
Credit — net | 3,958 | 26 | 233 | 122 | (110 | ) | (429 | ) | 195 | (95 | ) | 3,900 | |||||||||||||||||||||||||||||
Currencies — net | (143 | ) | (17 | ) | (36 | ) | 2 | — | 120 | — | (7 | ) | (81 | ) | |||||||||||||||||||||||||||
Commodities — net | 43 | 5 | (42 | ) | — | (9 | ) | (22 | ) | (3 | ) | 21 | (7 | ) | |||||||||||||||||||||||||||
Equities — net | (1,883 | ) | (25 | ) | 1,004 | 144 | (1,110 | ) | 2 | (23 | ) | 392 | (1,499 | ) | |||||||||||||||||||||||||||
Total derivatives — net | $ 1,944 | $(21 | ) 1 | $1,108 | 1 | $270 | $(1,235 | ) | $(325 | ) | $164 | $279 | $ 2,184 | ||||||||||||||||||||||||||||
1 | The aggregate amounts include gains/(losses) of approximately $1.11 billion and $(26) million reported in “Market making” and “Other principal transactions,” respectively. | ||||||||||||||||||||||||||||||||||||||||
The net unrealized gain on level 3 derivatives of $1.11 billion for the three months ended June 2014 principally resulted from changes in observable inputs and was primarily attributable to the impact of an increase in equity prices on certain equity derivatives. | |||||||||||||||||||||||||||||||||||||||||
Transfers into level 3 derivatives during the three months ended June 2014 primarily reflected transfers of certain credit derivative assets from level 2, principally due to unobservable credit spread inputs becoming significant to the valuation of these derivatives and reduced transparency of upfront credit point inputs used to value certain other credit derivatives. | |||||||||||||||||||||||||||||||||||||||||
Transfers out of level 3 derivatives during the three months ended June 2014 primarily reflected transfers of certain equity derivative liabilities to level 2, principally due to unobservable inputs no longer being significant to the valuation of these derivatives and transfers of certain credit derivatives to level 2, principally due to unobservable inputs no longer being significant to the net risk of certain portfolios. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Derivative Assets and Liabilities at Fair Value for the Six Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Asset/ | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Asset/ | ||||||||||||||||||||||||||||||||
(liability) | realized | gains/(losses) | into | out of | (liability) | ||||||||||||||||||||||||||||||||||||
balance, | gains/ | relating to | level 3 | level 3 | balance, | ||||||||||||||||||||||||||||||||||||
beginning | (losses) | instruments | end of | ||||||||||||||||||||||||||||||||||||||
of period | still held at | period | |||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Interest rates — net | $ (86 | ) | $(34 | ) | $ (83 | ) | $ 4 | $ (7 | ) | $ 81 | $ 13 | $ (17 | ) | $ (129 | ) | ||||||||||||||||||||||||||
Credit — net | 4,176 | 69 | 564 | 90 | (122 | ) | (891 | ) | 117 | (103 | ) | 3,900 | |||||||||||||||||||||||||||||
Currencies — net | (200 | ) | (43 | ) | (3 | ) | 6 | (15 | ) | 177 | (2 | ) | (1 | ) | (81 | ) | |||||||||||||||||||||||||
Commodities — net | 60 | 64 | (91 | ) | 10 | (38 | ) | 39 | (12 | ) | (39 | ) | (7 | ) | |||||||||||||||||||||||||||
Equities — net | (959 | ) | (33 | ) | 1,393 | 155 | (2,210 | ) | 217 | (45 | ) | (17 | ) | (1,499 | ) | ||||||||||||||||||||||||||
Total derivatives — net | $2,991 | $ 23 | 1 | $1,780 | 1 | $265 | $(2,392 | ) | $(377 | ) | $ 71 | $(177 | ) | $ 2,184 | |||||||||||||||||||||||||||
1 | The aggregate amounts include gains/(losses) of approximately $1.85 billion and $(49) million reported in “Market making” and “Other principal transactions,” respectively. | ||||||||||||||||||||||||||||||||||||||||
The net unrealized gain on level 3 derivatives of $1.78 billion for the six months ended June 2014 principally resulted from changes in observable inputs and was primarily attributable to the impact of an increase in equity prices on certain equity derivatives. | |||||||||||||||||||||||||||||||||||||||||
Transfers into level 3 derivatives during the six months ended June 2014 primarily reflected transfers from level 2 of certain credit derivative assets, principally due to reduced transparency of upfront credit point inputs used to value these derivatives. | |||||||||||||||||||||||||||||||||||||||||
Transfers out of level 3 derivatives during the six months ended June 2014 primarily reflected transfers of certain credit derivatives to level 2, principally due to unobservable inputs no longer being significant to the net risk of certain portfolios. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Derivative Assets and Liabilities at Fair Value for the Three Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Asset/ | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Asset/ | ||||||||||||||||||||||||||||||||
(liability) | realized | gains/(losses) | into | out of | (liability) | ||||||||||||||||||||||||||||||||||||
balance, | gains/ | relating to | level 3 | level 3 | balance, | ||||||||||||||||||||||||||||||||||||
beginning | (losses) | instruments | end of | ||||||||||||||||||||||||||||||||||||||
of period | still held at | period | |||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Interest rates — net | $ (305 | ) | $ 2 | $ 77 | $ 1 | $ — | $ 5 | $(22 | ) | $ 12 | $ (230 | ) | |||||||||||||||||||||||||||||
Credit — net | 5,882 | 31 | (599 | ) | 109 | (307 | ) | (314 | ) | 77 | (258 | ) | 4,621 | ||||||||||||||||||||||||||||
Currencies — net | (289 | ) | (18 | ) | 96 | 6 | (3 | ) | 156 | 84 | (2 | ) | 30 | ||||||||||||||||||||||||||||
Commodities — net | (27 | ) | 15 | 133 | 14 | (50 | ) | 19 | (80 | ) | 1 | 25 | |||||||||||||||||||||||||||||
Equities — net | (1,135 | ) | 12 | 204 | 130 | (2,290 | ) | 198 | 16 | 260 | (2,605 | ) | |||||||||||||||||||||||||||||
Total derivatives — net | $ 4,126 | $ 42 | 1 | $ (89 | ) 1 | $260 | $(2,650 | ) | $ 64 | $75 | $ 13 | $ 1,841 | |||||||||||||||||||||||||||||
1 | The aggregate amounts include gains/(losses) of approximately $16 million and $(63) million reported in “Market making” and “Other principal transactions,” respectively. | ||||||||||||||||||||||||||||||||||||||||
The net unrealized loss on level 3 derivatives of $89 million for the three months ended June 2013 principally resulted from changes in level 2 inputs and reflected losses on credit derivatives, primarily reflecting the impact of an increase in interest rates, tighter credit spreads and changes in foreign exchange rates. These losses were partially offset by the impact of an increase in equity prices on certain equity derivatives, a decrease in metal prices on certain commodity derivatives, and changes in foreign exchange rates and an increase in interest rates on certain currency derivatives. | |||||||||||||||||||||||||||||||||||||||||
Transfers into level 3 derivatives during the three months ended June 2013 primarily reflected transfers of certain currency derivative assets from level 2, primarily due to unobservable correlation inputs becoming significant to the valuation of these derivatives, transfers of certain credit derivative assets from level 2, primarily due to unobservable inputs becoming significant to the valuation of these derivatives, and transfers of certain commodity derivative liabilities from level 2, principally due to unobservable volatility inputs becoming significant to the valuation of these derivatives. | |||||||||||||||||||||||||||||||||||||||||
Transfers out of level 3 derivatives during the three months ended June 2013 reflected transfers of certain equity derivative liabilities to level 2, principally due to unobservable correlation inputs no longer being significant to the valuation of these derivatives, and transfers of credit derivatives to level 2, principally due to unobservable inputs not being significant to the net risk of certain portfolios. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Derivative Assets and Liabilities at Fair Value for the Six Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Asset/ | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Asset/ | ||||||||||||||||||||||||||||||||
(liability) | realized | gains/(losses) | into | out of | (liability) | ||||||||||||||||||||||||||||||||||||
balance, | gains/ | relating to | level 3 | level 3 | balance, | ||||||||||||||||||||||||||||||||||||
beginning | (losses) | instruments | end of | ||||||||||||||||||||||||||||||||||||||
of period | still held at | period | |||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Interest rates — net | $ (355 | ) | $ (19 | ) | $ 86 | $ 2 | $ — | $ 56 | $ — | $ — | $ (230 | ) | |||||||||||||||||||||||||||||
Credit — net | 6,228 | 10 | (463 | ) | 183 | (362 | ) | (740 | ) | 295 | (530 | ) | 4,621 | ||||||||||||||||||||||||||||
Currencies — net | 35 | (45 | ) | (192 | ) | 6 | (5 | ) | 63 | 162 | 6 | 30 | |||||||||||||||||||||||||||||
Commodities — net | (304 | ) | (5 | ) | 62 | 9 | (2 | ) | 55 | 19 | 191 | 25 | |||||||||||||||||||||||||||||
Equities — net | (1,248 | ) | (86 | ) | 90 | 169 | (2,382 | ) | 943 | (29 | ) | (62 | ) | (2,605 | ) | ||||||||||||||||||||||||||
Total derivatives — net | $ 4,356 | $(145 | ) 1 | $(417 | ) 1 | $369 | $(2,751 | ) | $ 377 | $447 | $(395 | ) | $ 1,841 | ||||||||||||||||||||||||||||
1 | The aggregate amounts include losses of approximately $375 million and $187 million reported in “Market making” and “Other principal transactions,” respectively. | ||||||||||||||||||||||||||||||||||||||||
The net unrealized loss on level 3 derivatives of $417 million for the six months ended June 2013 principally resulted from changes in level 2 inputs and reflected losses on credit derivatives, primarily due to the impact of tighter credit spreads, and losses on currency derivatives, primarily due to the impact of changes in foreign exchange rates, partially offset by the impact of an increase in interest rates. | |||||||||||||||||||||||||||||||||||||||||
Transfers into level 3 derivatives during the six months ended June 2013 primarily reflected transfers of certain credit derivative assets from level 2, principally due to unobservable inputs becoming significant to the valuation of these derivatives, and transfers of certain currency derivative assets from level 2, primarily due to unobservable correlation inputs becoming significant to the valuation of these derivatives. | |||||||||||||||||||||||||||||||||||||||||
Transfers out of level 3 derivatives during the six months ended June 2013 primarily reflected transfers of credit derivatives to level 2, principally due to unobservable inputs not being significant to the net risk of certain portfolios, and transfers of certain commodity derivative liabilities to level 2, as unobservable volatility inputs were no longer significant to the valuation of these derivatives. | |||||||||||||||||||||||||||||||||||||||||
Impact of Credit Spreads on Derivatives | |||||||||||||||||||||||||||||||||||||||||
On an ongoing basis, the firm realizes gains or losses relating to changes in credit risk through the unwind of derivative contracts and changes in credit mitigants. | |||||||||||||||||||||||||||||||||||||||||
The net gain, including hedges, attributable to the impact of changes in credit exposure and credit spreads (counterparty and the firm’s) on derivatives was $56 million and $120 million for the three months ended June 2014 and June 2013, respectively, and $149 million and $37 million for the six months ended June 2014 and June 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||
Bifurcated Embedded Derivatives | |||||||||||||||||||||||||||||||||||||||||
The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings. These derivatives, which are recorded at fair value, primarily consist of interest rate, equity and commodity products and are included in “Unsecured short-term borrowings” and “Unsecured long-term borrowings” with the related borrowings. See Note 8 for further information. | |||||||||||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||||||||||
in millions | June | December | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Fair value of assets | $ 249 | $ 285 | |||||||||||||||||||||||||||||||||||||||
Fair value of liabilities | 440 | 373 | |||||||||||||||||||||||||||||||||||||||
Net liability | $ 191 | $ 88 | |||||||||||||||||||||||||||||||||||||||
Notional amount | $8,124 | $7,580 | |||||||||||||||||||||||||||||||||||||||
OTC Derivatives | |||||||||||||||||||||||||||||||||||||||||
The tables below present the fair values of OTC derivative assets and liabilities by tenor and major product type. Tenor is based on expected duration for mortgage-related credit derivatives and generally on remaining contractual maturity for other derivatives. 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 and cash collateral netting.” Where the counterparty netting is across tenor categories, the netting is reflected in “Cross-Tenor Netting.” | |||||||||||||||||||||||||||||||||||||||||
OTC Derivative Assets as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | 0 - 12 | 5-Jan | 5 Years or | Cross-Tenor | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Months | Years | Greater | Netting | Netting | |||||||||||||||||||||||||||||||||||||
Interest rates | $ 5,747 | $26,406 | $82,235 | $ — | $ — | $ 114,388 | |||||||||||||||||||||||||||||||||||
Credit | 1,646 | 6,476 | 5,537 | — | — | 13,659 | |||||||||||||||||||||||||||||||||||
Currencies | 6,172 | 7,732 | 8,200 | — | — | 22,104 | |||||||||||||||||||||||||||||||||||
Commodities | 3,076 | 3,553 | 176 | — | — | 6,805 | |||||||||||||||||||||||||||||||||||
Equities | 5,778 | 9,702 | 4,974 | — | — | 20,454 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | (2,359 | ) | (4,330 | ) | (3,520 | ) | (21,026 | ) | (95,391 | ) | (126,626 | ) | |||||||||||||||||||||||||||||
Total | $20,060 | $49,539 | $97,602 | $(21,026 | ) | $(95,391 | ) | $ 50,784 | |||||||||||||||||||||||||||||||||
OTC Derivative Liabilities as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | 0 - 12 | 5-Jan | 5 Years or | Cross-Tenor | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Months | Years | Greater | Netting | Netting | |||||||||||||||||||||||||||||||||||||
Interest rates | $ 5,443 | $17,288 | $26,544 | $ — | $ — | $ 49,275 | |||||||||||||||||||||||||||||||||||
Credit | 3,490 | 5,411 | 2,357 | — | — | 11,258 | |||||||||||||||||||||||||||||||||||
Currencies | 6,086 | 4,117 | 4,781 | — | — | 14,984 | |||||||||||||||||||||||||||||||||||
Commodities | 3,065 | 2,391 | 2,187 | — | — | 7,643 | |||||||||||||||||||||||||||||||||||
Equities | 5,857 | 8,524 | 3,583 | — | — | 17,964 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | (2,359 | ) | (4,330 | ) | (3,520 | ) | (21,026 | ) | (26,360 | ) | (57,595 | ) | |||||||||||||||||||||||||||||
Total | $21,582 | $33,401 | $35,932 | $(21,026 | ) | $(26,360 | ) | $ 43,529 | |||||||||||||||||||||||||||||||||
OTC Derivative Assets as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | 0 - 12 | 5-Jan | 5 Years or | Cross-Tenor | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Months | Years | Greater | Netting | Netting | |||||||||||||||||||||||||||||||||||||
Interest rates | $ 7,235 | $26,029 | $75,731 | $ — | $ — | $ 108,995 | |||||||||||||||||||||||||||||||||||
Credit | 1,233 | 8,410 | 5,787 | — | — | 15,430 | |||||||||||||||||||||||||||||||||||
Currencies | 9,499 | 8,478 | 7,361 | — | — | 25,338 | |||||||||||||||||||||||||||||||||||
Commodities | 2,843 | 4,040 | 143 | — | — | 7,026 | |||||||||||||||||||||||||||||||||||
Equities | 7,016 | 9,229 | 4,972 | — | — | 21,217 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | (2,559 | ) | (5,063 | ) | (3,395 | ) | (19,744 | ) | (93,643 | ) | (124,404 | ) | |||||||||||||||||||||||||||||
Total | $25,267 | $51,123 | $90,599 | $(19,744 | ) | $(93,643 | ) | $ 53,602 | |||||||||||||||||||||||||||||||||
OTC Derivative Liabilities as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | 0 - 12 | 5-Jan | 5 Years or | Cross-Tenor | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Months | Years | Greater | Netting | Netting | |||||||||||||||||||||||||||||||||||||
Interest rates | $ 5,019 | $16,910 | $21,903 | $ — | $ — | $ 43,832 | |||||||||||||||||||||||||||||||||||
Credit | 2,339 | 6,778 | 1,901 | — | — | 11,018 | |||||||||||||||||||||||||||||||||||
Currencies | 8,843 | 5,042 | 4,313 | — | — | 18,198 | |||||||||||||||||||||||||||||||||||
Commodities | 3,062 | 2,424 | 2,387 | — | — | 7,873 | |||||||||||||||||||||||||||||||||||
Equities | 6,325 | 6,964 | 4,068 | — | — | 17,357 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | (2,559 | ) | (5,063 | ) | (3,395 | ) | (19,744 | ) | (24,161 | ) | (54,922 | ) | |||||||||||||||||||||||||||||
Total | $23,029 | $33,055 | $31,177 | $(19,744 | ) | $(24,161 | ) | $ 43,356 | |||||||||||||||||||||||||||||||||
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 the aggregate fair value of net derivative liabilities under such agreements (excluding application of collateral posted to reduce these liabilities), the related aggregate fair value of the assets posted as collateral, and the additional collateral or termination payments that could have been called at the reporting date by counterparties in the event of a one-notch and two-notch downgrade in the firm’s credit ratings. | |||||||||||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||||||||||
in millions | June | December | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Net derivative liabilities under bilateral agreements | $24,229 | $22,176 | |||||||||||||||||||||||||||||||||||||||
Collateral posted | 20,617 | 18,178 | |||||||||||||||||||||||||||||||||||||||
Additional collateral or termination payments for a one-notch downgrade | 1,191 | 911 | |||||||||||||||||||||||||||||||||||||||
Additional collateral or termination payments for a two-notch downgrade | 3,071 | 2,989 | |||||||||||||||||||||||||||||||||||||||
Credit Derivatives | |||||||||||||||||||||||||||||||||||||||||
The firm enters into a broad array of credit derivatives in locations around the world to facilitate client transactions and to manage the credit risk associated with market-making and investing and lending activities. Credit derivatives are actively managed based on the firm’s net risk position. | |||||||||||||||||||||||||||||||||||||||||
Credit derivatives are 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. | |||||||||||||||||||||||||||||||||||||||||
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 (reference entity) 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 of protection. However, if a credit event occurs, the seller of protection is required to make a payment to the buyer of protection, which is calculated in accordance with the terms of the contract. | |||||||||||||||||||||||||||||||||||||||||
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 in the capital structure. | |||||||||||||||||||||||||||||||||||||||||
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 from the protection seller a floating rate of interest and protection against any reduction in fair value of the reference obligation, and in return the protection seller receives the cash flows associated with the reference obligation, plus any increase in the fair value of the reference obligation. | |||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||
The firm economically hedges its exposure to written credit derivatives primarily by entering into offsetting purchased credit derivatives with identical underlyings. 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 June 2014, written and purchased credit derivatives had total gross notional amounts of $1.34 trillion and $1.42 trillion, respectively, for total net notional purchased protection of $76.17 billion. As of December 2013, written and purchased credit derivatives had total gross notional amounts of $1.43 trillion and $1.52 trillion, respectively, for total net notional purchased protection of $81.55 billion. Substantially all of the firm’s written and purchased credit derivatives are in the form of credit default swaps. | |||||||||||||||||||||||||||||||||||||||||
The table below presents certain information about credit derivatives. In the table below: | |||||||||||||||||||||||||||||||||||||||||
Ÿ | 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; | ||||||||||||||||||||||||||||||||||||||||
Ÿ | tenor is based on expected duration for mortgage-related credit derivatives and on remaining contractual maturity for other credit derivatives; and | ||||||||||||||||||||||||||||||||||||||||
Ÿ | the credit spread on the underlying, 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. | ||||||||||||||||||||||||||||||||||||||||
Maximum Payout/Notional Amount | Maximum Payout/Notional | Fair Value of | |||||||||||||||||||||||||||||||||||||||
of Written Credit Derivatives by Tenor | Amount of Purchased | Written Credit Derivatives | |||||||||||||||||||||||||||||||||||||||
Credit Derivatives | |||||||||||||||||||||||||||||||||||||||||
$ in millions | 0 - 12 | 5-Jan | 5 Years | Total | Offsetting | Other | Asset | Liability | Net | ||||||||||||||||||||||||||||||||
Months | Years | or Greater | Purchased | Purchased | Asset/ | ||||||||||||||||||||||||||||||||||||
Credit | Credit | (Liability) | |||||||||||||||||||||||||||||||||||||||
Derivatives | 1 | Derivatives | 2 | ||||||||||||||||||||||||||||||||||||||
As of June 2014 | |||||||||||||||||||||||||||||||||||||||||
Credit spread on underlying | |||||||||||||||||||||||||||||||||||||||||
(basis points) | |||||||||||||||||||||||||||||||||||||||||
0-250 | $293,126 | $ 874,691 | $85,479 | $1,253,296 | $1,145,055 | $182,760 | $33,443 | $ 4,533 | $ 28,910 | ||||||||||||||||||||||||||||||||
251-500 | 5,533 | 23,683 | 5,230 | 34,446 | 27,722 | 8,229 | 1,865 | 399 | 1,466 | ||||||||||||||||||||||||||||||||
501-1,000 | 4,550 | 19,802 | 2,075 | 26,427 | 22,481 | 2,242 | 656 | 1,753 | (1,097 | ) | |||||||||||||||||||||||||||||||
Greater than 1,000 | 5,179 | 19,860 | 883 | 25,922 | 23,540 | 4,231 | 400 | 9,483 | (9,083 | ) | |||||||||||||||||||||||||||||||
Total | $308,388 | $ 938,036 | $93,667 | $1,340,091 | $1,218,798 | $197,462 | $36,364 | $16,168 | $ 20,196 | ||||||||||||||||||||||||||||||||
As of December 2013 | |||||||||||||||||||||||||||||||||||||||||
Credit spread on underlying | |||||||||||||||||||||||||||||||||||||||||
(basis points) | |||||||||||||||||||||||||||||||||||||||||
0-250 | $286,029 | $ 950,126 | $79,241 | $1,315,396 | $1,208,334 | $183,665 | $32,508 | $ 4,396 | $ 28,112 | ||||||||||||||||||||||||||||||||
251-500 | 7,148 | 42,570 | 10,086 | 59,804 | 44,642 | 16,884 | 2,837 | 1,147 | 1,690 | ||||||||||||||||||||||||||||||||
501-1,000 | 3,968 | 18,637 | 1,854 | 24,459 | 22,748 | 2,992 | 101 | 1,762 | (1,661 | ) | |||||||||||||||||||||||||||||||
Greater than 1,000 | 5,600 | 27,911 | 1,226 | 34,737 | 30,510 | 6,169 | 514 | 12,436 | (11,922 | ) | |||||||||||||||||||||||||||||||
Total | $302,745 | $1,039,244 | $92,407 | $1,434,396 | $1,306,234 | $209,710 | $35,960 | $19,741 | $ 16,219 | ||||||||||||||||||||||||||||||||
1 | Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underlyings. | ||||||||||||||||||||||||||||||||||||||||
2 | This purchased protection represents the notional amount of all other purchased credit derivatives not included in “Offsetting Purchased Credit Derivatives.” | ||||||||||||||||||||||||||||||||||||||||
Hedge Accounting | |||||||||||||||||||||||||||||||||||||||||
The firm applies hedge accounting for (i) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit, (ii) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm’s net investment in certain non-U.S. operations and (iii) certain commodities-related swap and forward contracts used to manage the exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm’s consolidated investments. | |||||||||||||||||||||||||||||||||||||||||
To qualify for hedge accounting, the derivative hedge 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 test the hedging relationship at least on a quarterly basis to ensure the derivative hedge continues to be highly effective over the life of the hedging relationship. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||||||||||||||||||
The firm designates certain interest rate swaps as fair value hedges. These interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate (e.g., London Interbank Offered Rate (LIBOR) or OIS), effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations. | |||||||||||||||||||||||||||||||||||||||||
The firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of its fair value 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 fair value hedges, gains or losses on derivatives are included in “Interest expense.” The change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is subsequently amortized into interest expense over its remaining life. Gains or losses resulting from hedge ineffectiveness are included in “Interest 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 to interest 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, the related hedged borrowings and bank deposits, and the hedge ineffectiveness on these derivatives, which primarily consists of amortization of prepaid credit spreads resulting from the passage of time. | |||||||||||||||||||||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||||||||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Interest rate hedges | $ 361 | $(4,261 | ) | $ 856 | $(6,104 | ) | |||||||||||||||||||||||||||||||||||
Hedged borrowings and bank deposits | (583 | ) | 3,805 | (1,204 | ) | 5,198 | |||||||||||||||||||||||||||||||||||
Hedge ineffectiveness | $(222 | ) | $ (456 | ) | $ (348 | ) | $ (906 | ) | |||||||||||||||||||||||||||||||||
Net Investment Hedges | |||||||||||||||||||||||||||||||||||||||||
The firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investment 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, the gains or losses on the hedging instruments, to the extent effective, are included in “Currency translation” within the condensed consolidated statements of comprehensive income. | |||||||||||||||||||||||||||||||||||||||||
The table below presents the gains/(losses) from net investment hedging. | |||||||||||||||||||||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||||||||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Foreign currency forward contract hedges | $(159 | ) | $225 | $(271 | ) | $445 | |||||||||||||||||||||||||||||||||||
Foreign currency-denominated debt hedges | (39 | ) | 130 | (78 | ) | 350 | |||||||||||||||||||||||||||||||||||
The gain/(loss) related to ineffectiveness and the gain/(loss) reclassified to earnings from accumulated other comprehensive income were not material for the three and six months ended June 2014 and June 2013. | |||||||||||||||||||||||||||||||||||||||||
As of June 2014 and December 2013, the firm had designated $2.05 billion and $1.97 billion, respectively, of foreign currency-denominated debt, included in “Unsecured long-term borrowings” and “Unsecured short-term borrowings,” as hedges of net investments in non-U.S. subsidiaries. | |||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
Beginning in the third quarter of 2013, the firm has designated certain commodities-related swap and forward contracts as cash flow hedges. These swap and forward contracts hedge the firm’s exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm’s consolidated investments. | |||||||||||||||||||||||||||||||||||||||||
The firm applies a statistical method that utilizes regression analysis when assessing hedge effectiveness. A cash flow hedge is considered highly effective in offsetting changes in forecasted cash flows attributable to 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 cash flow hedges, the gains or losses on derivatives, to the extent effective, are included in “Cash flow hedges” within the condensed consolidated statements of comprehensive income. Such gains or losses are reclassified to “Other principal transactions” within the condensed consolidated statements of earnings when the hedged commodities are sold or it becomes probable that the hedged forecasted sales will not occur. Gains or losses resulting from hedge ineffectiveness are included in “Other principal transactions.” | |||||||||||||||||||||||||||||||||||||||||
The effective portion of the gains recognized on these cash flow hedges, gains reclassified to earnings from accumulated other comprehensive income and gains related to hedge ineffectiveness were not material for the three and six months ended June 2014. There were no gains/(losses) excluded from the assessment of hedge effectiveness for the three and six months ended June 2014. The firm does not expect that gains related to cash flow hedges that would be reclassified to earnings within the next twelve months will be material. The length of time over which the firm is hedging its exposure to the variability in future cash flows for forecasted transactions is approximately eighteen months. | |||||||||||||||||||||||||||||||||||||||||
Fair_Value_Option
Fair Value Option | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Fair Value Option | ' | ||||||||||||||||||||||||||||||||||||||||
Note 8. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Option | |||||||||||||||||||||||||||||||||||||||||
Other Financial Assets and Financial Liabilities at Fair Value | |||||||||||||||||||||||||||||||||||||||||
In addition to all cash and derivative instruments included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” the firm accounts for certain of its other financial assets and financial liabilities at fair value primarily under the fair value option. | |||||||||||||||||||||||||||||||||||||||||
The primary reasons for electing the fair value option are to: | |||||||||||||||||||||||||||||||||||||||||
Ÿ | reflect economic events in earnings on a timely basis; | ||||||||||||||||||||||||||||||||||||||||
Ÿ | mitigate volatility in earnings from using different measurement attributes (e.g., transfers of financial instruments owned 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 | ||||||||||||||||||||||||||||||||||||||||
Ÿ | 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 non-financial 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 financial liabilities accounted for at fair value under the fair value option include: | |||||||||||||||||||||||||||||||||||||||||
Ÿ | repurchase agreements and substantially all resale agreements; | ||||||||||||||||||||||||||||||||||||||||
Ÿ | securities borrowed and loaned within Fixed Income, Currency and Commodities Client Execution; | ||||||||||||||||||||||||||||||||||||||||
Ÿ | substantially all other secured financings, including transfers of assets accounted for as financings rather than sales; | ||||||||||||||||||||||||||||||||||||||||
Ÿ | certain unsecured short-term borrowings, consisting of all promissory notes and commercial paper and certain hybrid financial instruments; | ||||||||||||||||||||||||||||||||||||||||
Ÿ | certain unsecured long-term borrowings, including certain prepaid commodity transactions and certain hybrid financial instruments; | ||||||||||||||||||||||||||||||||||||||||
Ÿ | certain receivables from customers and counterparties, including transfers of assets accounted for as secured loans rather than purchases and certain margin loans; | ||||||||||||||||||||||||||||||||||||||||
Ÿ | certain time deposits issued by the firm’s bank subsidiaries (deposits with no stated maturity are not eligible for a fair value option election), including structured certificates of deposit, which are hybrid financial instruments; and | ||||||||||||||||||||||||||||||||||||||||
Ÿ | certain subordinated liabilities issued by consolidated VIEs. | ||||||||||||||||||||||||||||||||||||||||
These financial assets and financial liabilities at fair value are generally valued based on discounted cash flow techniques, which incorporate inputs with reasonable levels of price transparency, and are generally classified as level 2 because the inputs are observable. Valuation adjustments may be made for liquidity and for counterparty and the firm’s credit quality. | |||||||||||||||||||||||||||||||||||||||||
See below for information about the significant inputs used to value other financial assets and financial liabilities at fair value, including the ranges of significant unobservable inputs used to value the level 3 instruments within these categories. These ranges represent the significant unobservable inputs that were used in the valuation of each type of other financial assets and financial liabilities at fair value. 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 instrument. For example, the highest yield presented below for resale and repurchase agreements is appropriate for valuing a specific agreement in that category but may not be appropriate for valuing any other agreements in that category. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the firm’s level 3 other financial assets and financial liabilities. | |||||||||||||||||||||||||||||||||||||||||
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. As of both June 2014 and December 2013, there were no level 3 securities borrowed or securities loaned. The ranges of significant unobservable inputs used to value level 3 resale and repurchase agreements are as follows: | |||||||||||||||||||||||||||||||||||||||||
As of June 2014: | |||||||||||||||||||||||||||||||||||||||||
Ÿ | Yield: 1.3% to 4.7% (weighted average: 1.6%) | ||||||||||||||||||||||||||||||||||||||||
Ÿ | Duration: 0.1 to 2.4 years (weighted average: 2.2 years) | ||||||||||||||||||||||||||||||||||||||||
As of December 2013: | |||||||||||||||||||||||||||||||||||||||||
Ÿ | Yield: 1.3% to 3.9% (weighted average: 1.4%) | ||||||||||||||||||||||||||||||||||||||||
Ÿ | Duration: 0.2 to 2.7 years (weighted average: 2.5 years) | ||||||||||||||||||||||||||||||||||||||||
Generally, increases in yield or duration, in isolation, would result in a lower fair value measurement. Due to the distinctive nature of each of the firm’s level 3 resale and repurchase agreements, the interrelationship of inputs is not necessarily uniform across such agreements. See Note 9 for further information about collateralized agreements and financings. | |||||||||||||||||||||||||||||||||||||||||
Other Secured Financings. The significant inputs to the valuation of other secured financings at fair value are the amount and timing of expected future cash flows, interest rates, funding spreads, the fair value of the collateral delivered by the firm (which is determined using the amount and timing of expected future cash flows, market prices, market yields and recovery assumptions) and the frequency of additional collateral calls. The ranges of significant unobservable inputs used to value level 3 other secured financings are as follows: | |||||||||||||||||||||||||||||||||||||||||
As of June 2014: | |||||||||||||||||||||||||||||||||||||||||
Ÿ | Funding spreads: 210 bps to 325 bps (weighted average: 267 bps) | ||||||||||||||||||||||||||||||||||||||||
Ÿ | Yield: 1.1% to 14.2% (weighted average: 5.0%) | ||||||||||||||||||||||||||||||||||||||||
Ÿ | Duration: 0.3 to 16.7 years (weighted average: 4.4 years) | ||||||||||||||||||||||||||||||||||||||||
As of December 2013: | |||||||||||||||||||||||||||||||||||||||||
Ÿ | Funding spreads: 40 bps to 250 bps (weighted average: 162 bps) | ||||||||||||||||||||||||||||||||||||||||
Ÿ | Yield: 0.9% to 14.3% (weighted average: 5.0%) | ||||||||||||||||||||||||||||||||||||||||
Ÿ | Duration: 0.8 to 16.1 years (weighted average: 3.7 years) | ||||||||||||||||||||||||||||||||||||||||
Generally, increases in funding spreads, yield or duration, in isolation, would result in a lower fair value measurement. Due to the distinctive nature of each of the firm’s level 3 other secured financings, the interrelationship of inputs is not necessarily uniform across such financings. See Note 9 for further information about collateralized agreements and financings. | |||||||||||||||||||||||||||||||||||||||||
Unsecured Short-term and Long-term Borrowings. The significant inputs to the valuation of unsecured short-term and long-term borrowings at fair value are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm, as well as commodity prices in the case of 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. See Note 7 for further information about derivatives. See Notes 15 and 16 for further information about unsecured short-term and long-term borrowings, respectively. | |||||||||||||||||||||||||||||||||||||||||
Certain of the firm’s unsecured short-term and long-term instruments are included in level 3, substantially all of which are hybrid financial instruments. As the significant unobservable inputs used to value hybrid financial instruments primarily relate to the embedded derivative component of these borrowings, these inputs are incorporated in the firm’s derivative disclosures related to unobservable inputs in Note 7. | |||||||||||||||||||||||||||||||||||||||||
Receivables from Customers and Counterparties. Receivables from customers and counterparties at fair value are primarily comprised of transfers of assets accounted for as secured loans rather than purchases. The significant inputs to the valuation of such receivables are commodity prices, interest rates, the amount and timing of expected future cash flows and funding spreads. As of June 2014, the firm’s level 3 receivables from customers and counterparties were not material. The range of significant unobservable inputs used to value level 3 secured loans as of December 2013 was 40 bps to 477 bps (weighted average: 142 bps) for funding spreads. | |||||||||||||||||||||||||||||||||||||||||
Generally, an increase in funding spreads would result in a lower fair value measurement. | |||||||||||||||||||||||||||||||||||||||||
Receivables from customers and counterparties not accounted for at fair value are accounted for at amortized cost net of estimated uncollectible amounts, which generally approximates fair value. Such receivables are primarily comprised of customer margin loans and collateral posted in connection with certain derivative transactions. While these items are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these items been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of June 2014 and December 2013. | |||||||||||||||||||||||||||||||||||||||||
Receivables from customers and counterparties not accounted for at fair value also includes loans held for investment, which are primarily comprised of collateralized loans to private wealth management clients and corporate loans. As of June 2014 and December 2013, the carrying value of such loans was $21.39 billion and $14.90 billion, respectively, which generally approximated fair value. As of June 2014, had these loans been carried at fair value and included in the fair value hierarchy, $10.24 billion and $11.20 billion would have been classified in level 2 and level 3, respectively. As of December 2013, had these loans been carried at fair value and included in the fair value hierarchy, $6.16 billion and $8.75 billion would have been classified in level 2 and level 3, respectively. | |||||||||||||||||||||||||||||||||||||||||
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. See Note 7 for further information about derivatives. See Note 14 for further information about deposits. | |||||||||||||||||||||||||||||||||||||||||
The firm’s deposits that are included 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, these inputs are incorporated in the firm’s derivative disclosures related to unobservable inputs in Note 7. | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Other Financial Assets and Financial Liabilities by Level | |||||||||||||||||||||||||||||||||||||||||
The tables below present, by level within the fair value hierarchy, other financial assets and financial liabilities accounted for at fair value primarily under the fair value option. | |||||||||||||||||||||||||||||||||||||||||
Other Financial Assets at Fair Value as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Securities segregated for regulatory and other purposes 1 | $17,509 | $ 6,438 | $ — | $ 23,947 | |||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | 108,454 | 50 | 108,504 | |||||||||||||||||||||||||||||||||||||
Securities borrowed | — | 51,971 | — | 51,971 | |||||||||||||||||||||||||||||||||||||
Receivables from customers and counterparties | — | 6,955 | 55 | 7,010 | |||||||||||||||||||||||||||||||||||||
Total | $17,509 | $173,818 | $ 105 | $191,432 | |||||||||||||||||||||||||||||||||||||
Other Financial Liabilities at Fair Value as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Deposits | $ — | $ 9,609 | $ 525 | $ 10,134 | |||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | — | 106,411 | 555 | 106,966 | |||||||||||||||||||||||||||||||||||||
Securities loaned | — | 1,529 | — | 1,529 | |||||||||||||||||||||||||||||||||||||
Other secured financings | — | 22,811 | 1,035 | 23,846 | |||||||||||||||||||||||||||||||||||||
Unsecured short-term borrowings | — | 14,560 | 3,057 | 17,617 | |||||||||||||||||||||||||||||||||||||
Unsecured long-term borrowings | — | 12,540 | 2,163 | 14,703 | |||||||||||||||||||||||||||||||||||||
Other liabilities and accrued expenses | — | 56 | 432 | 488 | |||||||||||||||||||||||||||||||||||||
Total | $ — | $167,516 | $7,767 | $175,283 | |||||||||||||||||||||||||||||||||||||
Other Financial Assets at Fair Value as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Securities segregated for regulatory and other purposes 1 | $19,502 | $ 12,435 | $ — | $ 31,937 | |||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | 161,234 | 63 | 161,297 | |||||||||||||||||||||||||||||||||||||
Securities borrowed | — | 60,384 | — | 60,384 | |||||||||||||||||||||||||||||||||||||
Receivables from customers and counterparties | — | 7,181 | 235 | 7,416 | |||||||||||||||||||||||||||||||||||||
Other assets | — | 18 | — | 18 | |||||||||||||||||||||||||||||||||||||
Total | $19,502 | $241,252 | $ 298 | $261,052 | |||||||||||||||||||||||||||||||||||||
Other Financial Liabilities at Fair Value as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Deposits | $ — | $ 6,870 | $ 385 | $ 7,255 | |||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | — | 163,772 | 1,010 | 164,782 | |||||||||||||||||||||||||||||||||||||
Securities loaned | — | 973 | — | 973 | |||||||||||||||||||||||||||||||||||||
Other secured financings | — | 22,572 | 1,019 | 23,591 | |||||||||||||||||||||||||||||||||||||
Unsecured short-term borrowings | — | 15,680 | 3,387 | 19,067 | |||||||||||||||||||||||||||||||||||||
Unsecured long-term borrowings | — | 9,854 | 1,837 | 11,691 | |||||||||||||||||||||||||||||||||||||
Other liabilities and accrued expenses | — | 362 | 26 | 388 | |||||||||||||||||||||||||||||||||||||
Total | $ — | $220,083 | $7,664 | $227,747 | |||||||||||||||||||||||||||||||||||||
1 | Includes securities segregated for regulatory and other purposes accounted for at fair value under the fair value option, which consists of securities borrowed and resale agreements. In addition, level 1 consists of securities segregated for regulatory and other purposes accounted for at fair value under other U.S. GAAP, consisting of U.S. Treasury securities and money market instruments. | ||||||||||||||||||||||||||||||||||||||||
Transfers Between Levels of the Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||
Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. There were no transfers of other financial assets and financial liabilities between level 1 and level 2 during the three and six months ended June 2014 and June 2013. The tables below present information about transfers between level 2 and level 3. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Rollforward | |||||||||||||||||||||||||||||||||||||||||
If a financial asset or financial liability was transferred to level 3 during a reporting period, its entire gain or loss for the period is included in level 3. | |||||||||||||||||||||||||||||||||||||||||
The tables below present changes in fair value for other financial assets and financial liabilities accounted for at fair value categorized as level 3 as of the end of the period. Level 3 other financial assets and liabilities are frequently economically hedged with cash instruments and derivatives. Accordingly, gains or losses that are reported in level 3 can be partially offset by gains or losses attributable to level 1, 2 or 3 cash instruments or 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. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Assets at Fair Value for the Three Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | $ 63 | $ — | $ — | $ — | $ — | $ — | $ (13 | ) | $ — | $ — | $ 50 | ||||||||||||||||||||||||||||||
Receivables from customers and counterparties | 34 | 1 | — | 22 | — | — | (2 | ) | — | — | 55 | ||||||||||||||||||||||||||||||
Total | $ 97 | $ 1 | 1 | $ — | $ 22 | $ — | $ — | $ (15 | ) | $ — | $ — | $ 105 | |||||||||||||||||||||||||||||
1. Included in “Market making.” | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Liabilities at Fair Value for the Three Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Deposits | $ 435 | $ — | $ 10 | $ — | $ — | $ 82 | $ (2 | ) | $ — | $ — | $ 525 | ||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 785 | — | 2 | — | — | — | (232 | ) | — | — | 555 | ||||||||||||||||||||||||||||||
Other secured financings | 1,132 | 5 | (6 | ) | — | — | 15 | (99 | ) | — | (12 | ) | 1,035 | ||||||||||||||||||||||||||||
Unsecured short-term borrowings | 3,392 | 4 | 121 | (3 | ) | — | 321 | (468 | ) | 332 | (642 | ) | 3,057 | ||||||||||||||||||||||||||||
Unsecured long-term borrowings | 1,789 | 11 | 12 | (2 | ) | — | 322 | (104 | ) | 238 | (103 | ) | 2,163 | ||||||||||||||||||||||||||||
Other liabilities and accrued expenses | 333 | 4 | 94 | — | — | — | 1 | — | — | 432 | |||||||||||||||||||||||||||||||
Total | $7,866 | $ 24 | 1 | $233 | 1 | $ (5 | ) | $ — | $740 | $(904 | ) | $570 | $(757 | ) | $7,767 | ||||||||||||||||||||||||||
1 | The aggregate amounts include losses of approximately $113 million, $138 million and $6 million reported in “Market making,” “Other principal transactions” and “Interest expense,” respectively. | ||||||||||||||||||||||||||||||||||||||||
The net unrealized loss on level 3 other financial liabilities of $233 million for the three months ended June 2014 primarily reflected losses on certain hybrid financial instruments included in unsecured short-term borrowings, principally due to an increase in global equity prices, and certain subordinated liabilities included in other liabilities and accrued expenses, principally due to changes in the market value of the related underlying investments. | |||||||||||||||||||||||||||||||||||||||||
Transfers into level 3 of other financial liabilities during the three months ended June 2014 primarily reflected transfers of certain hybrid financial instruments included in unsecured short-term and long-term borrowings from level 2, principally due to unobservable inputs being significant to the valuation of these instruments. | |||||||||||||||||||||||||||||||||||||||||
Transfers out of level 3 of other financial liabilities during the three months ended June 2014 primarily reflected transfers of certain hybrid financial instruments included in unsecured short-term borrowings to level 2, principally due to unobservable inputs not being significant to the valuation of these instruments. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Assets at Fair Value for the Six Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | $ 63 | $ — | $ — | $ — | $ — | $ — | $ (13 | ) | $ — | $ — | $ 50 | ||||||||||||||||||||||||||||||
Receivables from customers and counterparties | 235 | 1 | 3 | 22 | — | — | (26 | ) | — | (180 | ) | 55 | |||||||||||||||||||||||||||||
Total | $ 298 | $ 1 | 1 | $ 3 | 1 | $ 22 | $ — | $ — | $ (39 | ) | $ — | $ (180 | ) | $ 105 | |||||||||||||||||||||||||||
1. The aggregate amounts include gains of approximately $4 million reported in “Market making.” | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Liabilities at Fair Value for the Six Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Deposits | $ 385 | $ — | $ 16 | $ — | $ — | $ 128 | $ (4 | ) | $ — | $ — | $ 525 | ||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 1,010 | — | 2 | — | — | — | (457 | ) | — | — | 555 | ||||||||||||||||||||||||||||||
Other secured financings | 1,019 | 9 | (6 | ) | — | — | 407 | (231 | ) | 29 | (192 | ) | 1,035 | ||||||||||||||||||||||||||||
Unsecured short-term borrowings | 3,387 | 8 | 79 | (3 | ) | — | 1,033 | (1,239 | ) | 500 | (708 | ) | 3,057 | ||||||||||||||||||||||||||||
Unsecured long-term borrowings | 1,837 | 20 | 42 | (2 | ) | — | 448 | (203 | ) | 905 | (884 | ) | 2,163 | ||||||||||||||||||||||||||||
Other liabilities and accrued expenses | 26 | 5 | 100 | — | — | — | — | 301 | — | 432 | |||||||||||||||||||||||||||||||
Total | $7,664 | $ 42 | 1 | $233 | 1 | $ (5 | ) | $ — | $2,016 | $(2,134 | ) | $1,735 | $(1,784 | ) | $7,767 | ||||||||||||||||||||||||||
1 | The aggregate amounts include losses of approximately $120 million, $144 million and $11 million reported in “Market making,” “Other principal transactions” and “Interest expense,” respectively. | ||||||||||||||||||||||||||||||||||||||||
The net unrealized loss on level 3 other financial assets and liabilities of $230 million (reflecting $3 million of gains on other financial assets and $233 million of losses on other financial liabilities) for the six months ended June 2014 primarily reflected losses on certain subordinated liabilities included in other liabilities and accrued expenses, principally due to changes in the market value of the related underlying investments, and certain hybrid financial instruments included in unsecured short-term borrowings, principally due to an increase in global equity prices. | |||||||||||||||||||||||||||||||||||||||||
Transfers out of level 3 of other financial assets during the six months ended June 2014 primarily reflected transfers of certain secured loans included in receivables from customers and counterparties to level 2, principally due to unobservable inputs not being significant to the net risk of the portfolio. | |||||||||||||||||||||||||||||||||||||||||
Transfers into level 3 of other financial liabilities during the six months ended June 2014 primarily reflected transfers of certain hybrid financial instruments included in unsecured short-term and long-term borrowings from level 2, principally due to unobservable inputs being significant to the valuation of these instruments. | |||||||||||||||||||||||||||||||||||||||||
Transfers out of level 3 of other financial liabilities during the six months ended June 2014 primarily reflected transfers of certain hybrid financial instruments included in unsecured short-term and long-term borrowings to level 2, principally due to unobservable inputs not being significant to the valuation of these instruments. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Assets at Fair Value for the Three Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | $ 104 | $ 1 | $ — | $ — | $ — | $ — | $ (4 | ) | $ — | $ — | $ 101 | ||||||||||||||||||||||||||||||
Receivables from customers and counterparties | 633 | — | 2 | — | — | — | (1 | ) | — | (469 | ) | 165 | |||||||||||||||||||||||||||||
Other assets | 565 | — | 18 | 104 | (555 | ) | — | (10 | ) | 940 | — | 1,062 | |||||||||||||||||||||||||||||
Total | $ 1,302 | $ 1 | 1 | $ 20 | 1 | $104 | $(555 | ) | $ — | $ (15 | ) | $940 | $(469 | ) | $ 1,328 | ||||||||||||||||||||||||||
1. The aggregate amounts include gains of approximately $20 million and $1 million reported in “Market making” and “Interest income,” respectively. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Liabilities at Fair Value for the Three Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Deposits | $ 398 | $ — | $ (16 | ) | $ — | $ — | $ 38 | $ (2 | ) | $ — | $ (58 | ) | $ 360 | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 1,777 | — | — | — | — | — | (759 | ) | — | — | 1,018 | ||||||||||||||||||||||||||||||
Other secured financings | 1,165 | 4 | (30 | ) | — | — | 4 | (257 | ) | — | — | 886 | |||||||||||||||||||||||||||||
Unsecured short-term borrowings | 2,735 | 1 | (80 | ) | — | — | 651 | (437 | ) | 205 | (162 | ) | 2,913 | ||||||||||||||||||||||||||||
Unsecured long-term borrowings | 1,808 | 3 | (30 | ) | — | — | 125 | (219 | ) | 15 | (429 | ) | 1,273 | ||||||||||||||||||||||||||||
Other liabilities and accrued expenses | 11,277 | — | (507 | ) | — | (677 | ) | — | (118 | ) | — | — | 9,975 | ||||||||||||||||||||||||||||
Total | $19,160 | $ 8 | 1 | $(663 | ) 1 | $ — | $(677 | ) | $818 | $(1,792 | ) | $220 | $(649 | ) | $16,425 | ||||||||||||||||||||||||||
1 | The aggregate amounts include gains/(losses) of approximately $713 million, $(56) million and $(2) million reported in “Market making,” “Other principal transactions” and “Interest expense,” respectively. | ||||||||||||||||||||||||||||||||||||||||
The net unrealized gain on level 3 other financial assets and liabilities of $683 million (reflecting $20 million of gains on other financial assets and $663 million of gains on other financial liabilities) for the three months ended June 2013 primarily reflected the impact of an increase in interest rates on certain insurance liabilities. | |||||||||||||||||||||||||||||||||||||||||
Transfers into level 3 of other financial assets during the three months ended June 2013 included assets related to the firm’s European insurance business that were reclassified from receivables from customers and counterparties and financial instruments owned, at fair value to other assets, as this business was classified as held for sale during the period. | |||||||||||||||||||||||||||||||||||||||||
Transfers out of level 3 of other financial assets during the three months ended June 2013 included assets related to the firm’s European insurance business that were reclassified from receivables from customers and counterparties to level 3 other assets, as this business was classified as held for sale during the period. | |||||||||||||||||||||||||||||||||||||||||
Transfers into level 3 of other financial liabilities during the three months ended June 2013 primarily reflected transfers from level 3 unsecured long-term borrowings to level 3 unsecured short-term borrowings, as these borrowings neared maturity. | |||||||||||||||||||||||||||||||||||||||||
Transfers out of level 3 of other financial liabilities during the three months ended June 2013 primarily reflected transfers of certain hybrid financial instruments to level 2, principally due to increased transparency of certain correlation and volatility inputs used to value these instruments, and transfers to level 3 unsecured short-term borrowings from level 3 unsecured long-term borrowings, as these borrowings neared maturity. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Assets at Fair Value for the Six Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | $ 278 | $ 2 | $ — | $ — | $ — | $ — | $ (20 | ) | $ — | $(159 | ) | $ 101 | |||||||||||||||||||||||||||||
Receivables from customers and counterparties | 641 | — | (1 | ) | — | — | — | (1 | ) | — | (474 | ) | 165 | ||||||||||||||||||||||||||||
Other assets | 507 | — | (3 | ) | 136 | (507 | ) | — | — | 929 | — | 1,062 | |||||||||||||||||||||||||||||
Total | $ 1,426 | $ 2 | 1 | $ (4 | ) 1 | $136 | $(507 | ) | $ — | $ (21 | ) | $929 | $(633 | ) | $ 1,328 | ||||||||||||||||||||||||||
1. The aggregate amounts include gains/(losses) of approximately $(4) million and $2 million reported in “Market making” and “Interest income,” respectively. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Liabilities at Fair Value for the Six Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Deposits | $ 359 | $ — | $ (12 | ) | $ — | $ — | $ 74 | $ (3 | ) | $ — | $ (58 | ) | $ 360 | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 1,927 | — | — | — | — | — | (909 | ) | — | — | 1,018 | ||||||||||||||||||||||||||||||
Other secured financings | 1,412 | 6 | (20 | ) | — | — | 169 | (808 | ) | 127 | — | 886 | |||||||||||||||||||||||||||||
Unsecured short-term borrowings | 2,584 | 11 | (96 | ) | — | — | 1,044 | (830 | ) | 386 | (186 | ) | 2,913 | ||||||||||||||||||||||||||||
Unsecured long-term borrowings | 1,917 | 12 | (72 | ) | (3 | ) | (10 | ) | 307 | (423 | ) | 68 | (523 | ) | 1,273 | ||||||||||||||||||||||||||
Other liabilities and accrued expenses | 11,274 | — | (696 | ) | 304 | (692 | ) | — | (215 | ) | — | — | 9,975 | ||||||||||||||||||||||||||||
Total | $19,473 | $ 29 | 1 | $(896 | ) 1 | $301 | $(702 | ) | $1,594 | $(3,188 | ) | $581 | $(767 | ) | $16,425 | ||||||||||||||||||||||||||
1 | The aggregate amounts include gains/(losses) of approximately $1.00 billion, $(133) million and $(4) million reported in “Market making,” “Other principal transactions” and “Interest expense,” respectively. | ||||||||||||||||||||||||||||||||||||||||
The net unrealized gain on level 3 other financial assets and liabilities of $892 million (reflecting $4 million of losses on other financial assets and $896 million of gains on other financial liabilities) for the six months ended June 2013 primarily reflected a net gain on certain insurance liabilities, principally due to changes in foreign exchange rates and an increase in interest rates. | |||||||||||||||||||||||||||||||||||||||||
Transfers into level 3 of other financial assets during the six months ended June 2013 included assets related to the firm’s European insurance business that were reclassified from receivables from customers and counterparties and financial instruments owned, at fair value to other assets, as this business was classified as held for sale during the period. | |||||||||||||||||||||||||||||||||||||||||
Transfers out of level 3 of other financial assets during the six months ended June 2013 included assets related to the firm’s European insurance business that were reclassified from receivables from customers and counterparties to level 3 other assets, as this business was classified as held for sale during the period and transfers of certain resale agreements to level 2, principally due to increased price transparency as a result of market transactions in similar instruments. | |||||||||||||||||||||||||||||||||||||||||
Transfers into level 3 of other financial liabilities during the six months ended June 2013 primarily reflected transfers from level 3 unsecured long-term borrowings to level 3 unsecured short-term borrowings, as these borrowings neared maturity. | |||||||||||||||||||||||||||||||||||||||||
Transfers out of level 3 of other financial liabilities during the six months ended June 2013 primarily reflected transfers to level 3 unsecured short-term borrowings from level 3 unsecured long-term borrowings, as these borrowings neared maturity, and transfers of certain hybrid financial instruments to level 2, principally due to increased transparency of certain correlation and volatility inputs used to value these instruments. | |||||||||||||||||||||||||||||||||||||||||
Gains and Losses on Financial Assets and Financial Liabilities Accounted for at Fair Value Under the Fair Value Option | |||||||||||||||||||||||||||||||||||||||||
The table below presents the gains and losses recognized as a result of the firm electing to apply the fair value option to certain financial assets and financial liabilities. These gains and losses are included in “Market making” and “Other principal transactions.” The table below also includes gains and losses on the embedded derivative component of hybrid financial instruments included in unsecured short-term borrowings, unsecured long-term borrowings and deposits. 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. | |||||||||||||||||||||||||||||||||||||||||
The amounts in the table 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) on Financial Assets | |||||||||||||||||||||||||||||||||||||||||
and Financial Liabilities at | |||||||||||||||||||||||||||||||||||||||||
Fair Value Under the Fair Value Option | |||||||||||||||||||||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||||||||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Unsecured short-term borrowings 1 | $ (389 | ) | $ 764 | $ (232 | ) | $ 616 | |||||||||||||||||||||||||||||||||||
Unsecured long-term borrowings 2 | (500 | ) | 350 | (776 | ) | 548 | |||||||||||||||||||||||||||||||||||
Other liabilities and accrued expenses 3 | (98 | ) | 592 | (79 | ) | 784 | |||||||||||||||||||||||||||||||||||
Other | (115 | ) 4 | (19 | ) | (114 | ) | (156 | ) | |||||||||||||||||||||||||||||||||
Total | $(1,102 | ) | $1,687 | $(1,201 | ) | $1,792 | |||||||||||||||||||||||||||||||||||
1 | Includes gains/(losses) on the embedded derivative component of hybrid financial instruments of $(364) million and $738 million for the three months ended June 2014 and June 2013, respectively, and $(198) million and $608 million for the six months ended June 2014 and June 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
2 | Includes gains/(losses) on the embedded derivative component of hybrid financial instruments of $(490) million and $308 million for the three months ended June 2014 and June 2013, respectively, and $(775) million and $592 million for the six months ended June 2014 and June 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
3 | Includes gains/(losses) on certain subordinated liabilities issued by consolidated VIEs. Gains/(losses) for the three and six months ended June 2013 also includes gains on certain insurance contracts. | ||||||||||||||||||||||||||||||||||||||||
4 | Primarily consists of gains/(losses) on receivables from customers and counterparties, other secured financings, deposits and securities borrowed. | ||||||||||||||||||||||||||||||||||||||||
Excluding the gains and losses on the instruments accounted for under the fair value option described above, “Market making” and “Other principal transactions” primarily represent gains and losses on “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value.” | |||||||||||||||||||||||||||||||||||||||||
Loans and Lending Commitments | |||||||||||||||||||||||||||||||||||||||||
The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans and long-term receivables for which the fair value option was elected. | |||||||||||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||||||||||
in millions | June | December | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Performing loans and long-term receivables | |||||||||||||||||||||||||||||||||||||||||
Aggregate contractual principal in excess of the related fair value | $ 2,361 | $ 3,106 | |||||||||||||||||||||||||||||||||||||||
Loans on nonaccrual status and/or more than 90 days past due 1 | |||||||||||||||||||||||||||||||||||||||||
Aggregate contractual principal in excess of the related fair value (excluding loans carried at zero fair value and considered uncollectible) | 12,431 | 11,041 | |||||||||||||||||||||||||||||||||||||||
Aggregate fair value of loans on nonaccrual status and/or more than 90 days past due | 3,122 | 2,781 | |||||||||||||||||||||||||||||||||||||||
1 | The aggregate contractual principal amount of these loans exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below contractual principal amounts. | ||||||||||||||||||||||||||||||||||||||||
As of June 2014 and December 2013, the fair value of unfunded lending commitments for which the fair value option was elected was a liability of $710 million and $1.22 billion, respectively, and the related total contractual amount of these lending commitments was $42.11 billion and $51.54 billion, respectively. See Note 18 for further information about lending commitments. | |||||||||||||||||||||||||||||||||||||||||
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 $118 million and $154 million as of June 2014 and December 2013, respectively. The aggregate contractual principal amount of unsecured long-term borrowings for which the fair value option was elected exceeded the related fair value by $192 million and $92 million as of June 2014 and December 2013, respectively. The amounts above include both principal and non-principal-protected long-term borrowings. | |||||||||||||||||||||||||||||||||||||||||
Impact of Credit Spreads on Loans and Lending Commitments | |||||||||||||||||||||||||||||||||||||||||
The estimated net gain attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected was $597 million and $671 million for the three months ended June 2014 and June 2013, respectively, and $1.21 billion and $1.47 billion for the six months ended June 2014 and June 2013, respectively. Changes in the fair value of loans and lending commitments are primarily attributable to changes in instrument-specific credit spreads. Substantially all of the firm’s performing loans and lending commitments are floating-rate. | |||||||||||||||||||||||||||||||||||||||||
Impact of Credit Spreads on Borrowings | |||||||||||||||||||||||||||||||||||||||||
The table below presents the net gains/(losses) attributable to the impact of changes in the firm’s own credit spreads on borrowings for which the fair value option was elected. The firm calculates the fair value of borrowings by discounting future cash flows at a rate which incorporates the firm’s credit spreads. | |||||||||||||||||||||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||||||||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Net gains/(losses) including hedges | $(19 | ) | $59 | $(4 | ) | $(18 | ) | ||||||||||||||||||||||||||||||||||
Net gains/(losses) excluding hedges | (20 | ) | 67 | (6 | ) | (42 | ) | ||||||||||||||||||||||||||||||||||
Collateralized_Agreements_and_
Collateralized Agreements and Financings | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||
Collateralized Agreements and Financings | ' | ||||||||||||||||||
Note 9. | |||||||||||||||||||
Collateralized Agreements and Financings | |||||||||||||||||||
Collateralized agreements are securities purchased under agreements to resell (resale agreements) and securities borrowed. Collateralized financings are securities sold under agreements to repurchase (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 are presented on a net-by-counterparty basis when a legal right of setoff exists. Interest on collateralized agreements and collateralized financings is recognized over the life of the transaction and included in “Interest income” and “Interest expense,” respectively. See Note 23 for further information about interest income and interest expense. | |||||||||||||||||||
The table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions. | |||||||||||||||||||
As of | |||||||||||||||||||
in millions | June | December | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Securities purchased under agreements to resell 1 | $109,103 | $161,732 | |||||||||||||||||
Securities borrowed 2 | 164,719 | 164,566 | |||||||||||||||||
Securities sold under agreements to repurchase 1 | 106,966 | 164,782 | |||||||||||||||||
Securities loaned 2 | 9,440 | 18,745 | |||||||||||||||||
1 | Substantially all resale agreements and all repurchase agreements are carried at fair value under the fair value option. See Note 8 for further information about the valuation techniques and significant inputs used to determine fair value. | ||||||||||||||||||
2 | As of June 2014 and December 2013, $51.97 billion and $60.38 billion of securities borrowed, and $1.53 billion and $973 million of securities loaned were at fair value, respectively. | ||||||||||||||||||
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. | |||||||||||||||||||
The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and federal agency, and investment-grade sovereign obligations. | |||||||||||||||||||
The firm receives financial instruments purchased under resale agreements, makes delivery of financial instruments sold under repurchase agreements, 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 delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the condensed consolidated statements of financial condition. | |||||||||||||||||||
Even though repurchase and resale agreements 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 at the maturity of the agreement. However, “repos-to-maturity” are accounted for as sales. A repo-to-maturity is a transaction in which the firm transfers a security under an agreement to repurchase the security where the maturity date of the repurchase agreement matches the maturity date of the underlying security. Therefore, the firm effectively no longer has a repurchase obligation and has relinquished control over the underlying security and, accordingly, accounts for the transaction as a sale. See Note 3 for information about future changes to the accounting for repos-to-maturity. The firm had no repos-to-maturity outstanding as of June 2014 or December 2013. | |||||||||||||||||||
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 typically 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, makes delivery of securities loaned, 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 Fixed Income, Currency and Commodities Client Execution are recorded at fair value under the fair value option. See Note 8 for further information about securities borrowed and loaned accounted for at fair value. | |||||||||||||||||||
Securities borrowed and loaned within Securities Services are recorded based on the amount of cash collateral advanced or received plus accrued interest. As these arrangements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates. Therefore, the carrying value of such arrangements approximates fair value. While these arrangements are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these arrangements been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of June 2014 and December 2013. | |||||||||||||||||||
Offsetting Arrangements | |||||||||||||||||||
The tables below present the gross and net resale and repurchase agreements and securities borrowed and loaned transactions, and the related amount of netting with the same counterparty under enforceable netting agreements (i.e., counterparty netting) included in the condensed consolidated statements of financial condition. Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements. The tables below also present the amounts not offset in the condensed consolidated statements of financial condition including counterparty netting that does not meet the criteria for netting under U.S. GAAP and the fair value of cash or securities collateral received or posted subject to enforceable credit support 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 in the tables below. | |||||||||||||||||||
As of June 2014 | |||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||
in millions | Securities purchased | Securities | Securities sold | Securities | |||||||||||||||
under agreements | borrowed | under agreements | loaned | ||||||||||||||||
to resell | to repurchase | ||||||||||||||||||
Amounts included in the condensed consolidated statements of financial condition | |||||||||||||||||||
Gross carrying value | $ 143,277 | $ 173,022 | $ 137,501 | $ 14,944 | |||||||||||||||
Counterparty netting | (30,535 | ) | (5,504 | ) | (30,535 | ) | (5,504 | ) | |||||||||||
Total | 112,742 | 1 | 167,518 | 1 | 106,966 | 9,440 | |||||||||||||
Amounts that have not been offset in the condensed consolidated statements of financial condition | |||||||||||||||||||
Counterparty netting | (10,161 | ) | (1,491 | ) | (10,161 | ) | (1,491 | ) | |||||||||||
Collateral | (95,550 | ) | (147,451 | ) | (87,486 | ) | (7,750 | ) | |||||||||||
Total | $ 7,031 | $ 18,576 | $ 9,319 | $ 199 | |||||||||||||||
As of December 2013 | |||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||
in millions | Securities purchased | Securities | Securities sold | Securities | |||||||||||||||
under agreements | borrowed | under agreements | loaned | ||||||||||||||||
to resell | to repurchase | ||||||||||||||||||
Amounts included in the condensed consolidated statements of financial condition | |||||||||||||||||||
Gross carrying value | $ 190,536 | $ 172,283 | $ 183,913 | $ 23,700 | |||||||||||||||
Counterparty netting | (19,131 | ) | (4,955 | ) | (19,131 | ) | (4,955 | ) | |||||||||||
Total | 171,405 | 1 | 167,328 | 1 | 164,782 | 18,745 | |||||||||||||
Amounts that have not been offset in the condensed consolidated statements of financial condition | |||||||||||||||||||
Counterparty netting | (10,725 | ) | (2,224 | ) | (10,725 | ) | (2,224 | ) | |||||||||||
Collateral | (152,914 | ) | (147,223 | ) | (141,300 | ) | (16,278 | ) | |||||||||||
Total | $ 7,766 | $ 17,881 | $ 12,757 | $ 243 | |||||||||||||||
1 | As of June 2014 and December 2013, the firm had $3.64 billion and $9.67 billion, respectively, of securities received under resale agreements, and $2.80 billion and $2.77 billion, respectively, of securities borrowed transactions that were segregated to satisfy certain regulatory requirements. These securities are included in “Cash and securities segregated for regulatory and other purposes.” | ||||||||||||||||||
Other Secured Financings | |||||||||||||||||||
In addition to repurchase agreements and securities lending 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 consist of: | |||||||||||||||||||
Ÿ | liabilities of consolidated VIEs; | ||||||||||||||||||
Ÿ | transfers of assets accounted for as financings rather than sales (primarily collateralized central bank financings, pledged commodities, bank loans and mortgage whole loans); and | ||||||||||||||||||
Ÿ | other structured financing arrangements. | ||||||||||||||||||
Other secured financings include arrangements that are nonrecourse. As of June 2014 and December 2013, nonrecourse other secured financings were $1.81 billion and $1.54 billion, respectively. | |||||||||||||||||||
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 8 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. While these financings are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these financings been included in the firm’s fair value hierarchy, they would have primarily been classified in level 2 as of June 2014 and December 2013. | |||||||||||||||||||
The tables below present information about other secured financings. In the tables below: | |||||||||||||||||||
Ÿ | short-term secured financings include 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; | ||||||||||||||||||
Ÿ | long-term secured financings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates; | ||||||||||||||||||
Ÿ | long-term secured financings that are redeemable prior to maturity at the option of the holders are reflected at the dates such options become exercisable; and | ||||||||||||||||||
Ÿ | weighted average interest rates exclude secured financings at fair value and include the effect of hedging activities. See Note 7 for further information about hedging activities. | ||||||||||||||||||
As of June 2014 | |||||||||||||||||||
$ in millions | U.S. | Non-U.S. | Total | ||||||||||||||||
Dollar | Dollar | ||||||||||||||||||
Other secured financings (short-term): | |||||||||||||||||||
At fair value | $ 8,646 | $10,053 | $18,699 | ||||||||||||||||
At amortized cost | 40 | — | 40 | ||||||||||||||||
Weighted average interest rates | 5.37% | —% | |||||||||||||||||
Other secured financings (long-term): | |||||||||||||||||||
At fair value | 3,046 | 2,101 | 5,147 | ||||||||||||||||
At amortized cost | 503 | 789 | 1,292 | ||||||||||||||||
Weighted average interest rates | 3.12% | 1.59% | |||||||||||||||||
Total 1 | $12,235 | $12,943 | $25,178 | ||||||||||||||||
Amount of other secured financings collateralized by: | |||||||||||||||||||
Financial instruments 2 | $12,000 | $12,284 | $24,284 | ||||||||||||||||
Other assets | 235 | 659 | 894 | ||||||||||||||||
As of December 2013 | |||||||||||||||||||
$ in millions | U.S. | Non-U.S. | Total | ||||||||||||||||
Dollar | Dollar | ||||||||||||||||||
Other secured financings (short-term): | |||||||||||||||||||
At fair value | $ 9,374 | $ 7,828 | $17,202 | ||||||||||||||||
At amortized cost | 88 | — | 88 | ||||||||||||||||
Weighted average interest rates | 2.86% | —% | |||||||||||||||||
Other secured financings (long-term): | |||||||||||||||||||
At fair value | 3,711 | 2,678 | 6,389 | ||||||||||||||||
At amortized cost | 372 | 763 | 1,135 | ||||||||||||||||
Weighted average interest rates | 3.78% | 1.53% | |||||||||||||||||
Total 1 | $13,545 | $11,269 | $24,814 | ||||||||||||||||
Amount of other secured financings collateralized by: | |||||||||||||||||||
Financial instruments 2 | $13,366 | $10,880 | $24,246 | ||||||||||||||||
Other assets | 179 | 389 | 568 | ||||||||||||||||
1 | Includes $1.21 billion and $1.54 billion related to transfers of financial assets accounted for as financings rather than sales as of June 2014 and December 2013, respectively. Such financings were collateralized by financial assets included in “Financial instruments owned, at fair value” of $1.21 billion and $1.58 billion as of June 2014 and December 2013, respectively. | ||||||||||||||||||
2 | Includes $14.21 billion and $14.75 billion of other secured financings collateralized by financial instruments owned, at fair value as of June 2014 and December 2013, respectively, and includes $10.07 billion and $9.50 billion of other secured financings collateralized by financial instruments received as collateral and repledged as of June 2014 and December 2013, respectively. | ||||||||||||||||||
The table below presents other secured financings by maturity. | |||||||||||||||||||
in millions | As of | ||||||||||||||||||
June 2014 | |||||||||||||||||||
Other secured financings (short-term) | $18,739 | ||||||||||||||||||
Other secured financings (long-term): | |||||||||||||||||||
2015 | 1,654 | ||||||||||||||||||
2016 | 2,028 | ||||||||||||||||||
2017 | 707 | ||||||||||||||||||
2018 | 803 | ||||||||||||||||||
2019 | 469 | ||||||||||||||||||
2020-thereafter | 778 | ||||||||||||||||||
Total other secured financings (long-term) | 6,439 | ||||||||||||||||||
Total other secured financings | $25,178 | ||||||||||||||||||
Collateral Received and Pledged | |||||||||||||||||||
The firm receives cash and securities (e.g., U.S. government and federal agency, other sovereign and corporate obligations, as well as equities and convertible debentures) 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 lending agreements, 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, collateralizing derivative transactions and meeting firm or customer settlement requirements. | |||||||||||||||||||
The firm also pledges certain financial instruments owned, at fair value in connection with repurchase agreements, securities lending agreements and other secured financings, and other assets (primarily 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 by the firm. | |||||||||||||||||||
As of | |||||||||||||||||||
in millions | June | December | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Collateral available to be delivered or repledged | $588,135 | $608,390 | |||||||||||||||||
Collateral that was delivered or repledged | 447,809 | 450,127 | |||||||||||||||||
The table below presents information about assets pledged. | |||||||||||||||||||
As of | |||||||||||||||||||
in millions | June | December | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Financial instruments owned, at fair value pledged to counterparties that: | |||||||||||||||||||
Had the right to deliver or repledge | $ 72,244 | $ 62,348 | |||||||||||||||||
Did not have the right to deliver or repledge | 78,591 | 84,799 | |||||||||||||||||
Other assets pledged to counterparties that: | |||||||||||||||||||
Did not have the right to deliver or repledge | 1,081 | 769 | |||||||||||||||||
Securitization_Activities
Securitization Activities | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Transfers And Servicing [Abstract] | ' | ||||||||||||||||||
Securitization Activities | ' | ||||||||||||||||||
Note 10. | |||||||||||||||||||
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 substantially all in connection with government agency securitizations. | |||||||||||||||||||
Beneficial interests issued by securitization entities are debt or equity securities that give the investors rights to receive all or portions of specified cash inflows to a securitization vehicle and include senior and subordinated interests in principal, interest and/or other cash inflows. The proceeds from the sale of beneficial interests are used to pay the transferor for the financial assets sold to the securitization vehicle or to purchase securities which serve as collateral. | |||||||||||||||||||
The firm accounts for a securitization as a sale when it has relinquished control over the transferred assets. Prior to securitization, the firm 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. | |||||||||||||||||||
For transfers of assets that are not accounted for as sales, the assets remain in “Financial instruments owned, at fair value” and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Notes 9 and 23 for further information about collateralized financings and interest expense, respectively. | |||||||||||||||||||
The firm generally receives cash in exchange for the transferred assets but may also have continuing involvement with transferred assets, including ownership of beneficial interests in securitized financial assets, primarily in the form of senior or subordinated securities. 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. These interests are accounted for at fair value, are included in “Financial instruments owned, at fair value” and are substantially all classified in level 2 of the fair value hierarchy. See Notes 5 through 8 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. | |||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Residential mortgages | $5,477 | $7,373 | $11,698 | $14,640 | |||||||||||||||
Commercial mortgages | 1,040 | 1,197 | 1,040 | 3,365 | |||||||||||||||
Other financial assets | 481 | — | 481 | — | |||||||||||||||
Total | $6,998 | $8,570 | $13,219 | $18,005 | |||||||||||||||
Cash flows on retained interests | $ 114 | $ 135 | $ 177 | $ 246 | |||||||||||||||
The tables below present the firm’s continuing involvement in nonconsolidated securitization entities to which the firm sold assets, as well as the total outstanding principal amount of transferred assets in which the firm has continuing involvement. In these tables: | |||||||||||||||||||
Ÿ | the outstanding principal amount is presented for the purpose of providing information about the size of the securitization entities in which the firm has continuing involvement and is not representative of the firm’s risk of loss; | ||||||||||||||||||
Ÿ | for retained or purchased interests, the firm’s risk of loss is limited to the fair value of these interests; and | ||||||||||||||||||
Ÿ | 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. | ||||||||||||||||||
As of June 2014 | |||||||||||||||||||
in millions | Outstanding | Fair Value of | Fair Value of | ||||||||||||||||
Principal | Retained | Purchased | |||||||||||||||||
Amount | Interests | Interests | |||||||||||||||||
U.S. government agency-issued collateralized mortgage obligations | $60,183 | $3,552 | $ — | ||||||||||||||||
Other residential mortgage-backed | 2,163 | 91 | — | ||||||||||||||||
Other commercial mortgage-backed | 1,785 | 63 | 97 | ||||||||||||||||
CDOs, CLOs and other | 5,119 | 107 | 115 | ||||||||||||||||
Total | $69,250 | $3,813 | $212 | ||||||||||||||||
As of December 2013 | |||||||||||||||||||
in millions | Outstanding | Fair Value of | Fair Value of | ||||||||||||||||
Principal | Retained | Purchased | |||||||||||||||||
Amount | Interests | Interests | |||||||||||||||||
U.S. government agency-issued collateralized mortgage obligations | $61,543 | $3,455 | $ — | ||||||||||||||||
Other residential mortgage-backed | 2,072 | 46 | — | ||||||||||||||||
Other commercial mortgage-backed | 7,087 | 140 | 153 | ||||||||||||||||
CDOs, CLOs and other | 6,861 | 86 | 8 | ||||||||||||||||
Total 1 | $77,563 | $3,727 | $161 | ||||||||||||||||
1 | Outstanding principal amount includes $418 million related to securitization entities in which the firm’s only continuing involvement is retained servicing which is not a variable interest. | ||||||||||||||||||
In addition, the outstanding principal and fair value of retained interests in the tables above relate to the following types of securitizations and vintage as described: | |||||||||||||||||||
Ÿ | the outstanding principal amount and fair value of retained interests for U.S. government agency-issued collateralized mortgage obligations as of June 2014 primarily relate to securitizations during 2014, 2013 and 2012, and as of December 2013 primarily relate to securitizations during 2013 and 2012; | ||||||||||||||||||
Ÿ | the outstanding principal amount and fair value of retained interests for other residential mortgage-backed obligations as of June 2014 primarily relate to prime and Alt-A securitizations during 2007 and 2006, and resecuritizations during 2014, and as of December 2013 primarily relate to prime and Alt-A securitizations during 2007 and 2006; | ||||||||||||||||||
Ÿ | the outstanding principal amount and fair value of retained interests for other commercial mortgage-backed obligations as of June 2014 primarily relate to securitizations during 2014 and 2013, and as of December 2013 primarily relate to securitizations during 2013; and | ||||||||||||||||||
Ÿ | the outstanding principal amount and fair value of retained interests for CDOs, CLOs and other as of June 2014 primarily relate to securitizations during 2014 and 2007, and as of December 2013 primarily relate to securitizations during 2007. | ||||||||||||||||||
In addition to the interests in the tables 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 $51 million and $26 million as of June 2014 and December 2013, respectively. The notional amounts of these derivatives and commitments are included in maximum exposure to loss in the nonconsolidated VIE tables in Note 11. | |||||||||||||||||||
The tables below present the weighted average key economic assumptions used in measuring the fair value of retained interests and the sensitivity of this fair value to immediate adverse changes of 10% and 20% in those assumptions. | |||||||||||||||||||
As of June 2014 | |||||||||||||||||||
Type of Retained Interests | |||||||||||||||||||
$ in millions | Mortgage-Backed | Other | 1 | ||||||||||||||||
Fair value of retained interests | $ 3,706 | $ 107 | |||||||||||||||||
Weighted average life (years) | 6.7 | 3.6 | |||||||||||||||||
Constant prepayment rate | 10.90% | N.M. | |||||||||||||||||
Impact of 10% adverse change | $ (29 | ) | N.M. | ||||||||||||||||
Impact of 20% adverse change | (55 | ) | N.M. | ||||||||||||||||
Discount rate | 3.20% | N.M. | |||||||||||||||||
Impact of 10% adverse change | $ (62 | ) | N.M. | ||||||||||||||||
Impact of 20% adverse change | (122 | ) | N.M. | ||||||||||||||||
As of December 2013 | |||||||||||||||||||
Type of Retained Interests | |||||||||||||||||||
$ in millions | Mortgage-Backed | Other | 1 | ||||||||||||||||
Fair value of retained interests | $ 3,641 | $ 86 | |||||||||||||||||
Weighted average life (years) | 8.3 | 1.9 | |||||||||||||||||
Constant prepayment rate | 7.50% | N.M. | |||||||||||||||||
Impact of 10% adverse change | $ (36 | ) | N.M. | ||||||||||||||||
Impact of 20% adverse change | (64 | ) | N.M. | ||||||||||||||||
Discount rate | 3.90% | N.M. | |||||||||||||||||
Impact of 10% adverse change | $ (85 | ) | N.M. | ||||||||||||||||
Impact of 20% adverse change | (164 | ) | N.M. | ||||||||||||||||
1 | Due to the nature and current fair value of certain of these retained interests, the weighted average assumptions for constant prepayment and discount rates and the related sensitivity to adverse changes are not meaningful as of June 2014 and December 2013. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $107 million and $86 million as of June 2014 and December 2013, respectively. | ||||||||||||||||||
In the tables above: | |||||||||||||||||||
Ÿ | amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests; | ||||||||||||||||||
Ÿ | 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; | ||||||||||||||||||
Ÿ | 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; | ||||||||||||||||||
Ÿ | the constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value; | ||||||||||||||||||
Ÿ | the discount rate for retained interests that relate to U.S. government agency-issued collateralized mortgage obligations does not include any credit loss; and | ||||||||||||||||||
Ÿ | expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests. |
Variable_Interest_Entities
Variable Interest Entities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||||||||||
Note 11. | |||||||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||||||
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 10, and investments in and loans to other types of VIEs, as described below. See Note 10 for additional information about securitization activities, including the definition of beneficial interests. See Note 3 for the firm’s consolidation policies, including the definition of a VIE. | |||||||||||||||||||||||||
The firm is principally involved with VIEs through the following business activities: | |||||||||||||||||||||||||
Mortgage-Backed VIEs and Corporate CDO and CLO VIEs. The firm sells residential and commercial mortgage loans and securities to mortgage-backed VIEs and corporate bonds and loans to corporate CDO and CLO VIEs and may retain beneficial interests in the assets sold to these VIEs. The firm purchases and sells beneficial interests issued by mortgage-backed and corporate CDO and CLO 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 from derivatives with these VIEs. | |||||||||||||||||||||||||
Certain mortgage-backed and corporate CDO and CLO VIEs, usually referred to as synthetic CDOs or credit-linked note VIEs, synthetically create the exposure for the beneficial interests they issue by entering into credit derivatives, rather than purchasing the underlying assets. These credit derivatives may reference a single asset, an index, or a portfolio/basket of assets or indices. See Note 7 for further information about credit derivatives. These VIEs use the funds from the sale of beneficial interests and the premiums received from credit derivative counterparties to purchase securities which serve to collateralize the beneficial interest holders and/or the credit derivative counterparty. These VIEs may enter into other derivatives, primarily interest rate swaps, which are typically not variable interests. The firm may be a counterparty to derivatives with these VIEs and generally enters into derivatives with other counterparties to mitigate its risk. | |||||||||||||||||||||||||
Real Estate, Credit-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 and equity securities. The firm typically does not sell assets to, or enter into derivatives with, these VIEs. | |||||||||||||||||||||||||
Other Asset-Backed VIEs. The firm structures VIEs that issue notes to clients, and purchases and sells beneficial interests issued by other asset-backed VIEs in connection with market-making activities. In addition, the firm may enter into derivatives with certain other asset-backed VIEs, primarily total return swaps on the collateral assets held by these VIEs under which the firm pays the VIE the return due to the note holders and receives the return on the collateral assets owned by the VIE. The firm generally can be removed as the total return swap counterparty. The firm generally enters into derivatives with other counterparties to mitigate its risk from derivatives with these VIEs. The firm typically does not sell assets to the 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 the risk it has from the derivatives it enters into with these VIEs. The firm also obtains funding through these VIEs. | |||||||||||||||||||||||||
Other VIEs. Other primarily includes nonconsolidated power-related and investment fund VIEs. The firm purchases debt and equity securities issued by VIEs that hold power-related assets, and may provide commitments to these VIEs. The firm also makes equity investments in certain of the investment fund VIEs it manages, and is entitled to receive fees from these VIEs. The firm typically does not sell assets to, or enter into derivatives with, these VIEs. | |||||||||||||||||||||||||
VIE Consolidation Analysis | |||||||||||||||||||||||||
A variable interest in a VIE is an investment (e.g., debt or equity securities) or other interest (e.g., derivatives or loans and lending commitments) in a VIE 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 in residential and commercial mortgage-backed and other asset-backed securitization entities, CDOs and CLOs; 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. | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
Ÿ | which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; | ||||||||||||||||||||||||
Ÿ | 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; | ||||||||||||||||||||||||
Ÿ | the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; | ||||||||||||||||||||||||
Ÿ | the VIE’s capital structure; | ||||||||||||||||||||||||
Ÿ | the terms between the VIE and its variable interest holders and other parties involved with the VIE; and | ||||||||||||||||||||||||
Ÿ | related-party relationships. | ||||||||||||||||||||||||
The firm reassesses its initial 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. | |||||||||||||||||||||||||
Nonconsolidated VIEs | |||||||||||||||||||||||||
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 tables below present information about nonconsolidated VIEs in which the firm holds variable interests. Nonconsolidated VIEs are aggregated based on principal business activity. The nature of the firm’s variable interests can take different forms, as described in the rows under maximum exposure to loss. In the tables below: | |||||||||||||||||||||||||
Ÿ | The maximum exposure to loss excludes the benefit of offsetting financial instruments that are held to mitigate the risks associated with these variable interests. | ||||||||||||||||||||||||
Ÿ | For retained and purchased interests, and loans and investments, the maximum exposure to loss is the carrying value of these interests. | ||||||||||||||||||||||||
Ÿ | For commitments and guarantees, and derivatives, the maximum exposure to loss is the notional amount, which does not represent anticipated losses and also has not been reduced by unrealized losses already recorded. As a result, the maximum exposure to loss exceeds liabilities recorded for commitments and guarantees, and derivatives provided to VIEs. | ||||||||||||||||||||||||
The carrying values of the firm’s variable interests in nonconsolidated VIEs are included in the condensed consolidated statement of financial condition as follows: | |||||||||||||||||||||||||
Ÿ | Substantially all assets held by the firm related to mortgage-backed, corporate CDO and CLO, and other asset-backed VIEs are included in “Financial instruments owned, at fair value.” Substantially all liabilities held by the firm related to corporate CDO and CLO, and other asset-backed VIEs are included in “Financial instruments sold, but not yet purchased, at fair value.” | ||||||||||||||||||||||||
Ÿ | Substantially all assets held by the firm related to real estate, credit-related and other investing VIEs are included in “Financial instruments owned, at fair value,” “Receivables from customers and counterparties,” and “Other assets.” Substantially all liabilities held by the firm related to real estate, credit-related and other investing VIEs are included in “Financial Instruments sold, but not yet purchased, at fair value.” | ||||||||||||||||||||||||
Ÿ | Substantially all assets held by the firm related to other VIEs are included in “Financial instruments owned, at fair value.” | ||||||||||||||||||||||||
Nonconsolidated VIEs | |||||||||||||||||||||||||
As of June 2014 | |||||||||||||||||||||||||
in millions | Mortgage- | Corporate | Real estate, | Other | Other | Total | |||||||||||||||||||
backed | CDOs and | credit-related | asset- | ||||||||||||||||||||||
CLOs | and other | backed | |||||||||||||||||||||||
investing | |||||||||||||||||||||||||
Assets in VIE | $79,998 | 2 | $13,769 | $9,842 | $5,961 | $4,779 | $114,349 | ||||||||||||||||||
Carrying Value of the Firm’s Variable Interests | |||||||||||||||||||||||||
Assets | 5,649 | 738 | 3,118 | 426 | 239 | 10,170 | |||||||||||||||||||
Liabilities | — | 11 | 1 | 15 | — | 27 | |||||||||||||||||||
Maximum Exposure to Loss in Nonconsolidated VIEs | |||||||||||||||||||||||||
Retained interests | 3,706 | 34 | — | 73 | — | 3,813 | |||||||||||||||||||
Purchased interests | 1,943 | 447 | — | 174 | — | 2,564 | |||||||||||||||||||
Commitments and guarantees 1 | — | — | 467 | 186 | 409 | 1,062 | |||||||||||||||||||
Derivatives 1 | 339 | 3,059 | — | 2,422 | 80 | 5,900 | |||||||||||||||||||
Loans and investments | — | — | 3,118 | — | 239 | 3,357 | |||||||||||||||||||
Total | $ 5,988 | 2 | $ 3,540 | $3,585 | $2,855 | $ 728 | $ 16,696 | ||||||||||||||||||
Nonconsolidated VIEs | |||||||||||||||||||||||||
As of December 2013 | |||||||||||||||||||||||||
in millions | Mortgage- | Corporate | Real estate, | Other | Other | Total | |||||||||||||||||||
backed | CDOs and | credit-related | asset- | ||||||||||||||||||||||
CLOs | and other | backed | |||||||||||||||||||||||
investing | |||||||||||||||||||||||||
Assets in VIE | $86,562 | 2 | $19,761 | $8,599 | $4,401 | $2,925 | $122,248 | ||||||||||||||||||
Carrying Value of the Firm’s Variable Interests | |||||||||||||||||||||||||
Assets | 5,269 | 1,063 | 2,756 | 284 | 165 | 9,537 | |||||||||||||||||||
Liabilities | — | 3 | 2 | 40 | — | 45 | |||||||||||||||||||
Maximum Exposure to Loss in Nonconsolidated VIEs | |||||||||||||||||||||||||
Retained interests | 3,641 | 80 | — | 6 | — | 3,727 | |||||||||||||||||||
Purchased interests | 1,627 | 659 | — | 142 | — | 2,428 | |||||||||||||||||||
Commitments and guarantees | — | — | 485 | — | 281 | 766 | |||||||||||||||||||
Derivatives 1 | 586 | 4,809 | — | 2,115 | — | 7,510 | |||||||||||||||||||
Loans and investments | — | — | 2,756 | — | 165 | 2,921 | |||||||||||||||||||
Total | $ 5,854 | 2 | $ 5,548 | $3,241 | $2,263 | $ 446 | $ 17,352 | ||||||||||||||||||
1 | The aggregate amounts include $1.72 billion and $2.01 billion as of June 2014 and December 2013, respectively, related to commitments and derivative transactions with VIEs to which the firm transferred assets. | ||||||||||||||||||||||||
2 | Assets in VIE and maximum exposure to loss include $4.34 billion and $850 million, respectively, as of June 2014, and $4.55 billion and $900 million, respectively, as of December 2013, related to CDOs backed by mortgage obligations. | ||||||||||||||||||||||||
Consolidated VIEs | |||||||||||||||||||||||||
The tables below present the carrying amount and classification of assets and liabilities in consolidated VIEs, excluding the benefit of offsetting financial instruments that are held to mitigate the risks associated with the firm’s variable interests. Consolidated VIEs are aggregated based on principal business activity and their assets and liabilities are presented net of intercompany eliminations. The majority of the assets in principal-protected notes VIEs are intercompany and are eliminated in consolidation. | |||||||||||||||||||||||||
Substantially all the assets in consolidated VIEs can only be used to settle obligations of the VIE. | |||||||||||||||||||||||||
The tables below exclude VIEs in which the firm holds a majority voting interest 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. | |||||||||||||||||||||||||
The liabilities of real estate, credit-related and other investing VIEs, and CDOs, mortgage-backed and other asset-backed VIEs do not have recourse to the general credit of the firm. | |||||||||||||||||||||||||
Consolidated VIEs | |||||||||||||||||||||||||
As of June 2014 | |||||||||||||||||||||||||
in millions | Real estate, | CDOs, | Principal- | Total | |||||||||||||||||||||
credit-related | mortgage-backed | protected | |||||||||||||||||||||||
and other | and other | notes | |||||||||||||||||||||||
investing | asset-backed | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ 98 | $ — | $ — | $ 98 | |||||||||||||||||||||
Cash and securities segregated for regulatory and other purposes | 81 | — | 43 | 124 | |||||||||||||||||||||
Receivables from customers and counterparties | 52 | — | — | 52 | |||||||||||||||||||||
Financial instruments owned, at fair value | 2,309 | 150 | 159 | 2,618 | |||||||||||||||||||||
Other assets | 581 | — | — | 581 | |||||||||||||||||||||
Total | $3,121 | $150 | $ 202 | $3,473 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Other secured financings | $ 317 | $129 | $ 403 | $ 849 | |||||||||||||||||||||
Financial Instruments sold, but not yet purchased, at fair value | — | 9 | — | 9 | |||||||||||||||||||||
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings | — | — | 1,187 | 1,187 | |||||||||||||||||||||
Unsecured long-term borrowings | 37 | — | 139 | 176 | |||||||||||||||||||||
Other liabilities and accrued expenses | 444 | — | — | 444 | |||||||||||||||||||||
Total | $ 798 | $138 | $1,729 | $2,665 | |||||||||||||||||||||
Consolidated VIEs | |||||||||||||||||||||||||
As of December 2013 | |||||||||||||||||||||||||
in millions | Real estate, | CDOs, | Principal- | Total | |||||||||||||||||||||
credit-related | mortgage-backed | protected | |||||||||||||||||||||||
and other | and other | notes | |||||||||||||||||||||||
investing | asset-backed | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ 183 | $ — | $ — | $ 183 | |||||||||||||||||||||
Cash and securities segregated for regulatory and other purposes | 84 | — | 63 | 147 | |||||||||||||||||||||
Receivables from customers and counterparties | 50 | — | — | 50 | |||||||||||||||||||||
Financial instruments owned, at fair value | 1,309 | 310 | 155 | 1,774 | |||||||||||||||||||||
Other assets | 921 | — | — | 921 | |||||||||||||||||||||
Total | $2,547 | $310 | $ 218 | $3,075 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Other secured financings | $ 417 | $198 | $ 404 | $1,019 | |||||||||||||||||||||
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings | — | — | 1,258 | 1,258 | |||||||||||||||||||||
Unsecured long-term borrowings | 57 | — | 193 | 250 | |||||||||||||||||||||
Other liabilities and accrued expenses | 556 | — | — | 556 | |||||||||||||||||||||
Total | $1,030 | $198 | $1,855 | $3,083 | |||||||||||||||||||||
Other_Assets
Other Assets | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Other Assets | ' | ||||||||
Note 12. | |||||||||
Other Assets | |||||||||
Other assets are generally less liquid, non-financial assets. The table below presents other assets by type. | |||||||||
As of | |||||||||
in millions | June | December | |||||||
2014 | 2013 | ||||||||
Property, leasehold improvements and equipment | $ 8,884 | $ 9,196 | |||||||
Goodwill and identifiable assets | 4,469 | 4,376 | |||||||
Income tax-related assets | 5,769 | 5,241 | |||||||
Equity-method investments 1 | 405 | 417 | |||||||
Miscellaneous receivables and other 2 | 3,864 | 3,279 | |||||||
Total | $23,391 | $22,509 | |||||||
1 | Excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $6.33 billion and $6.07 billion as of June 2014 and December 2013, respectively, which are included in “Financial instruments owned, at fair value.” The firm has generally elected the fair value option for such investments acquired after the fair value option became available. | ||||||||
2 | Includes $415 million related to investments in qualified affordable housing projects as of June 2014. | ||||||||
Property, Leasehold Improvements and Equipment | |||||||||
Property, leasehold improvements and equipment in the table above is presented net of accumulated depreciation and amortization of $9.51 billion and $9.04 billion as of June 2014 and December 2013, respectively. Property, leasehold improvements and equipment included $6.01 billion and $6.02 billion as of June 2014 and December 2013, respectively, related to property, leasehold improvements and equipment that the firm uses in connection with its operations. The remainder is held by investment entities, including VIEs, consolidated by the firm. | |||||||||
Substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease, whichever is shorter. Certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software. | |||||||||
Impairments | |||||||||
The firm tests property, leasehold improvements and equipment, identifiable intangible assets and other assets for impairment whenever 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 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 is impaired and records an impairment loss 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 loss prior to the sale of an asset if the carrying value of the asset exceeds its estimated fair value. | |||||||||
During the first half of 2014, as a result of continued deterioration in market and operating conditions, the firm determined that certain assets, substantially all of which related to a consolidated investment in Latin America, were impaired and recorded impairment losses of $194 million ($180 million related to property, leasehold improvements and equipment and $14 million related to identifiable intangible assets). | |||||||||
These impairment losses, all of which were included in “Depreciation and amortization” within the firm’s Investing & Lending segment, represented the excess of the carrying values of these assets over their estimated fair values, substantially all of which are calculated using level 3 measurements. These fair values were calculated using a combination of discounted cash flow analyses and relative value analyses, including the estimated cash flows expected to result from the use and eventual disposition of these assets. | |||||||||
Goodwill_and_Identifiable_Inta
Goodwill and Identifiable Intangible Assets | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Goodwill and Identifiable Intangible Assets | ' | ||||||||||||||||||
Note 13. | |||||||||||||||||||
Goodwill and Identifiable Intangible Assets | |||||||||||||||||||
The tables below present the carrying values of goodwill and identifiable intangible assets, which are included in “Other assets.” | |||||||||||||||||||
Goodwill | |||||||||||||||||||
As of | |||||||||||||||||||
in millions | June | December | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Investment Banking: | |||||||||||||||||||
Financial Advisory | $ 98 | $ 98 | |||||||||||||||||
Underwriting | 183 | 183 | |||||||||||||||||
Institutional Client Services: | |||||||||||||||||||
Fixed Income, Currency and Commodities Client Execution | 269 | 269 | |||||||||||||||||
Equities Client Execution | 2,404 | 2,404 | |||||||||||||||||
Securities Services | 105 | 105 | |||||||||||||||||
Investing & Lending | 60 | 60 | |||||||||||||||||
Investment Management | 588 | 586 | |||||||||||||||||
Total | $3,707 | $3,705 | |||||||||||||||||
Identifiable Intangible Assets | |||||||||||||||||||
As of | |||||||||||||||||||
in millions | June | December | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Institutional Client Services: | |||||||||||||||||||
Fixed Income, Currency and Commodities Client Execution 1 | $ 178 | $ 35 | |||||||||||||||||
Equities Client Execution | 320 | 348 | |||||||||||||||||
Investing & Lending | 142 | 180 | |||||||||||||||||
Investment Management | 122 | 108 | |||||||||||||||||
Total | $ 762 | $ 671 | |||||||||||||||||
1 | The increase from December 2013 to June 2014 is primarily related to the acquisition of commodities-related intangible assets. | ||||||||||||||||||
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. | |||||||||||||||||||
When assessing goodwill for impairment, first, qualitative factors are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If results of the qualitative assessment are not conclusive, a quantitative test would be performed. | |||||||||||||||||||
The quantitative goodwill impairment test consists of two steps. | |||||||||||||||||||
Ÿ | The first step compares the estimated fair value of each reporting unit with its estimated net book value (including goodwill and identifiable intangible assets). If the reporting unit’s fair value exceeds its estimated net book value, goodwill is not impaired. | ||||||||||||||||||
Ÿ | If the estimated fair value of a reporting unit is less than its estimated net book value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. An impairment loss is equal to the excess of the carrying amount of goodwill over its fair value. | ||||||||||||||||||
During the fourth quarter of 2013, the firm assessed goodwill for impairment. Multiple factors were assessed with respect to each of the firm’s reporting units to determine whether it was more likely than not that the fair value of any of the reporting units was less than its carrying amount. The qualitative assessment also considered changes since the quantitative goodwill impairment test performed during the fourth quarter of 2012. During the fourth quarter of 2013, the firm determined that it was more likely than not that the fair value of each of the reporting units exceeded its respective carrying amount. Therefore, the firm determined that goodwill was not impaired and that a quantitative goodwill impairment test was not required. | |||||||||||||||||||
Goodwill is assessed annually in the fourth quarter for impairment or more frequently if events occur or circumstances change that indicate an impairment may exist. There were no events or changes in circumstances during the six months ended June 2014 that would indicate that it was more likely than not that the fair value of each of the reporting units did not exceed its respective carrying amount as of June 2014. | |||||||||||||||||||
Identifiable Intangible Assets | |||||||||||||||||||
The table below presents the gross carrying amount, accumulated amortization and net carrying amount of identifiable intangible assets and their weighted average remaining lives. | |||||||||||||||||||
As of | |||||||||||||||||||
$ in millions | June | Weighted Average | December | ||||||||||||||||
2014 | Remaining Lives | 2013 | |||||||||||||||||
(years) | |||||||||||||||||||
Customer lists | |||||||||||||||||||
Gross carrying amount | $ 1,088 | $ 1,102 | |||||||||||||||||
Accumulated amortization | (710 | ) | (706 | ) | |||||||||||||||
Net carrying amount | 378 | 7 | 396 | ||||||||||||||||
Commodities-related 1 | |||||||||||||||||||
Gross carrying amount | 631 | 510 | |||||||||||||||||
Accumulated amortization | (356 | ) | (341 | ) | |||||||||||||||
Net carrying amount | 275 | 8 | 169 | ||||||||||||||||
Other 2 | |||||||||||||||||||
Gross carrying amount | 915 | 906 | |||||||||||||||||
Accumulated amortization | (806 | ) | (800 | ) | |||||||||||||||
Net carrying amount | 109 | 11 | 106 | ||||||||||||||||
Total | |||||||||||||||||||
Gross carrying amount | 2,634 | 2,518 | |||||||||||||||||
Accumulated amortization | (1,872 | ) | (1,847 | ) | |||||||||||||||
Net carrying amount | $ 762 | 8 | $ 671 | ||||||||||||||||
1 | Primarily includes commodities-related transportation rights, customer contracts and relationships, and permits. | ||||||||||||||||||
2 | Primarily includes the firm’s exchange-traded fund lead market maker rights. | ||||||||||||||||||
Substantially all of the firm’s identifiable intangible assets are considered to have finite lives and are amortized over their estimated lives or based on economic usage for certain commodities-related intangibles. | |||||||||||||||||||
The tables below present amortization for the three and six months ended June 2014 and June 2013, and the estimated future amortization through 2019 for identifiable intangible assets. | |||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Amortization | $38 | $30 | $86 | $72 | |||||||||||||||
in millions | As of | ||||||||||||||||||
Estimated future amortization | June 2014 | ||||||||||||||||||
Remainder of 2014 | $ 78 | ||||||||||||||||||
2015 | 136 | ||||||||||||||||||
2016 | 124 | ||||||||||||||||||
2017 | 117 | ||||||||||||||||||
2018 | 98 | ||||||||||||||||||
2019 | 69 | ||||||||||||||||||
See Note 12 for information about impairment testing and impairments of the firm’s identifiable intangible assets. |
Deposits
Deposits | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
Deposits | ' | ||||||||||||
Note 14. | |||||||||||||
Deposits | |||||||||||||
The table below presents deposits held in U.S. and non-U.S. offices, substantially all of which were interest-bearing. Substantially all 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). | |||||||||||||
As of | |||||||||||||
in millions | June | December | |||||||||||
2014 | 2013 | ||||||||||||
U.S. offices | $61,532 | $61,016 | |||||||||||
Non-U.S. offices | 12,218 | 9,791 | |||||||||||
Total | $73,750 | $70,807 | |||||||||||
The table below presents maturities of time deposits held in U.S. and non-U.S. offices. | |||||||||||||
As of June 2014 | |||||||||||||
in millions | U.S. | Non-U.S. | Total | ||||||||||
Remainder of 2014 | $ 2,220 | $6,635 | $ 8,855 | ||||||||||
2015 | 4,375 | 1,001 | 5,376 | ||||||||||
2016 | 2,945 | — | 2,945 | ||||||||||
2017 | 3,416 | — | 3,416 | ||||||||||
2018 | 2,207 | — | 2,207 | ||||||||||
2019 | 2,261 | — | 2,261 | ||||||||||
2020 - thereafter | 4,190 | 47 | 4,237 | ||||||||||
Total | $21,614 | 1 | $7,683 | 2 | $29,297 | 3 | |||||||
1 | Includes $10 million greater than $100,000, of which $4 million matures within three months, $1 million matures within three to six months, $3 million matures within six to twelve months, and $2 million matures after twelve months. | ||||||||||||
2 | Includes $6.00 billion greater than $100,000. | ||||||||||||
3 | Includes $10.13 billion of time deposits accounted for at fair value under the fair value option. See Note 8 for further information about deposits accounted for at fair value. | ||||||||||||
As of June 2014 and December 2013, deposits include $44.45 billion and $46.02 billion, respectively, of savings and demand deposits, which have no stated maturity, and were 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 on substantially all of its time deposits for which it has not elected the fair value option. Accordingly, $19.17 billion and $17.53 billion as of June 2014 and December 2013, respectively, of time deposits were effectively converted from fixed-rate obligations to floating-rate obligations and were recorded at amounts that generally approximate fair value. While these savings and demand deposits and time deposits are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these deposits been included in the firm’s fair value hierarchy, they would have been classified in level 2. |
ShortTerm_Borrowings
Short-Term Borrowings | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Short-Term Borrowings | ' | ||||||||
Note 15. | |||||||||
Short-Term Borrowings | |||||||||
The table below presents details about the firm’s short-term borrowings. | |||||||||
As of | |||||||||
in millions | June | December | |||||||
2014 | 2013 | ||||||||
Other secured financings (short-term) | $18,739 | $17,290 | |||||||
Unsecured short-term borrowings | 45,755 | 44,692 | |||||||
Total | $64,494 | $61,982 | |||||||
See Note 9 for information about other secured financings. | |||||||||
Unsecured short-term borrowings include 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 promissory notes, commercial paper and certain hybrid financial instruments at fair value under the fair value option. See Note 8 for further information about unsecured short-term borrowings that are accounted for at fair value. 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. While these unsecured short-term borrowings are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of June 2014 and December 2013. | |||||||||
The table below presents details about the firm’s unsecured short-term borrowings. | |||||||||
As of | |||||||||
$ in millions | June | December | |||||||
2014 | 2013 | ||||||||
Current portion of unsecured | $27,448 | $25,312 | |||||||
long-term borrowings | |||||||||
Hybrid financial instruments | 12,189 | 13,391 | |||||||
Promissory notes | 333 | 292 | |||||||
Commercial paper | 819 | 1,011 | |||||||
Other short-term borrowings | 4,966 | 4,686 | |||||||
Total | $45,755 | $44,692 | |||||||
1.43% | 1.65% | ||||||||
Weighted average interest rate 1 | |||||||||
1 | The weighted average interest rates for these borrowings include the effect of hedging activities and exclude financial instruments accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities. |
LongTerm_Borrowings
Long-Term Borrowings | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Long-Term Borrowings | ' | ||||||||||||
Note 16. | |||||||||||||
Long-Term Borrowings | |||||||||||||
The table below presents details about the firm’s long-term borrowings. | |||||||||||||
As of | |||||||||||||
in millions | June | December | |||||||||||
2014 | 2013 | ||||||||||||
Other secured financings (long-term) | $ 6,439 | $ 7,524 | |||||||||||
Unsecured long-term borrowings | 167,019 | 160,965 | |||||||||||
Total | $173,458 | $168,489 | |||||||||||
See Note 9 for information about other secured financings. The tables below present unsecured long-term borrowings extending through 2061 and consisting principally of senior borrowings. | |||||||||||||
As of June 2014 | |||||||||||||
in millions | U.S. | Non-U.S. | Total | ||||||||||
Dollar | Dollar | ||||||||||||
Fixed-rate obligations 1 | $ 87,257 | $38,640 | $125,897 | ||||||||||
Floating-rate obligations 2 | 25,830 | 15,292 | 41,122 | ||||||||||
Total | $113,087 | $53,932 | $167,019 | ||||||||||
As of December 2013 | |||||||||||||
in millions | U.S. | Non-U.S. | Total | ||||||||||
Dollar | Dollar | ||||||||||||
Fixed-rate obligations 1 | $ 85,515 | $35,351 | $120,866 | ||||||||||
Floating-rate obligations 2 | 22,590 | 17,509 | 40,099 | ||||||||||
Total | $108,105 | $52,860 | $160,965 | ||||||||||
1 | Interest rates on U.S. dollar-denominated debt ranged from 1.55% to 10.04% (with a weighted average rate of 5.11%) and 1.35% to 10.04% (with a weighted average rate of 5.19%) as of June 2014 and December 2013, respectively. Interest rates on non-U.S. dollar-denominated debt ranged from 0.02% to 13.00% (with a weighted average rate of 4.11%) and 0.33% to 13.00% (with a weighted average rate of 4.29%) as of June 2014 and December 2013, respectively. | ||||||||||||
2 | Floating interest rates generally are based on LIBOR or OIS. Equity-linked and indexed instruments are included in floating-rate obligations. | ||||||||||||
The table below presents unsecured long-term borrowings by maturity date. | |||||||||||||
in millions | As of | ||||||||||||
June 2014 | |||||||||||||
2015 | $ 10,475 | ||||||||||||
2016 | 23,124 | ||||||||||||
2017 | 21,575 | ||||||||||||
2018 | 23,891 | ||||||||||||
2019 | 11,227 | ||||||||||||
2020 - thereafter | 76,727 | ||||||||||||
Total 1 | $167,019 | ||||||||||||
1 | Includes $8.80 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: $97 million in 2015, $636 million in 2016, $897 million in 2017, $960 million in 2018, $499 million in 2019 and $5.71 billion in 2020 and thereafter. | ||||||||||||
In the table above: | |||||||||||||
Ÿ | 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 holders are excluded from the table as they are included as unsecured short-term borrowings; | ||||||||||||
Ÿ | unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates; and | ||||||||||||
Ÿ | unsecured long-term borrowings that are redeemable prior to maturity at the option of the holders are reflected at the dates such options become exercisable. | ||||||||||||
The firm designates certain derivatives as fair value hedges to effectively convert a substantial portion of its fixed-rate unsecured long-term borrowings which are not accounted for at fair value into floating-rate obligations. Accordingly, excluding the cumulative impact of changes in the firm’s credit spreads, the carrying value of unsecured long-term borrowings approximated fair value as of June 2014 and December 2013. See Note 7 for further information about hedging activities. For unsecured long-term borrowings for which the firm did not elect the fair value option, the cumulative impact due to changes in the firm’s own credit spreads would be an increase of approximately 3% in the carrying value of total unsecured long-term borrowings as of both June 2014 and December 2013. As these borrowings are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP, their fair value is not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of June 2014 and December 2013. | |||||||||||||
The table below presents unsecured long-term borrowings, after giving effect to hedging activities that converted a substantial portion of fixed-rate obligations to floating-rate obligations. | |||||||||||||
As of | |||||||||||||
in millions | June | December | |||||||||||
2014 | 2013 | ||||||||||||
Fixed-rate obligations | |||||||||||||
At fair value | $ 471 | $ 471 | |||||||||||
At amortized cost 1 | 38,227 | 33,700 | |||||||||||
Floating-rate obligations | |||||||||||||
At fair value | 14,232 | 11,220 | |||||||||||
At amortized cost 1 | 114,089 | 115,574 | |||||||||||
Total | $167,019 | $160,965 | |||||||||||
1 | The weighted average interest rates on the aggregate amounts were 2.82% (4.95% related to fixed-rate obligations and 2.13% related to floating-rate obligations) and 2.73% (5.23% related to fixed-rate obligations and 2.04% related to floating-rate obligations) as of June 2014 and December 2013, respectively. These rates exclude financial instruments accounted for at fair value under the fair value option. | ||||||||||||
Subordinated Borrowings | |||||||||||||
Unsecured long-term borrowings include subordinated debt and junior subordinated debt. Junior subordinated debt is junior in right of payment to other subordinated borrowings, which are junior to senior borrowings. As of June 2014 and December 2013, subordinated debt had maturities ranging from 2017 to 2038, and 2015 to 2038, respectively. The tables below present subordinated borrowings. | |||||||||||||
As of June 2014 | |||||||||||||
$ in millions | Par | Carrying | Rate | 1 | |||||||||
Amount | Amount | ||||||||||||
Subordinated debt | $14,613 | $17,285 | 3.84% | ||||||||||
Junior subordinated debt | 2,835 | 3,811 | 5.89% | ||||||||||
Total subordinated borrowings | $17,448 | $21,096 | 4.18% | ||||||||||
As of December 2013 | |||||||||||||
$ in millions | Par | Carrying | Rate | 1 | |||||||||
Amount | Amount | ||||||||||||
Subordinated debt | $14,508 | $16,982 | 4.16% | ||||||||||
Junior subordinated debt | 2,835 | 3,760 | 4.79% | ||||||||||
Total subordinated borrowings | $17,343 | $20,742 | 4.26% | ||||||||||
1 | Weighted average interest rates after giving effect to fair value hedges used to convert these fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities. See below for information about interest rates on junior subordinated debt. | ||||||||||||
Junior Subordinated Debt | |||||||||||||
Junior Subordinated Debt Held by 2012 Trusts. In 2012, the Vesey Street Investment Trust I and the Murray Street Investment Trust I (together, the 2012 Trusts) issued an aggregate of $2.25 billion of senior guaranteed trust securities to third parties. The proceeds of that offering were used to fund purchases of $1.75 billion of junior subordinated debt securities issued by Group Inc. that pay interest semi-annually at a fixed annual rate of 4.647% and mature on March 9, 2017, and $500 million of junior subordinated debt securities issued by Group Inc. that pay interest semi-annually at a fixed annual rate of 4.404% and mature on September 1, 2016. During the second quarter of 2014, the firm exchanged $175 million of the senior guaranteed trust securities held by the firm for $175 million of junior subordinated debt securities held by the Murray Street Investment Trust I. As a result of this exchange, these senior guaranteed trust securities and junior subordinated debt securities were extinguished. | |||||||||||||
The 2012 Trusts purchased the junior subordinated debt from Goldman Sachs Capital II and Goldman Sachs Capital III (APEX Trusts). The APEX Trusts used the proceeds from such sales to purchase shares of Group Inc.’s Perpetual Non-Cumulative Preferred Stock, Series E (Series E Preferred Stock) and Perpetual Non-Cumulative Preferred Stock, Series F (Series F Preferred Stock). See Note 19 for more information about the Series E and Series F Preferred Stock. | |||||||||||||
The 2012 Trusts are required to pay distributions on their senior guaranteed trust securities in the same amounts and on the same dates that they are scheduled to receive interest on the junior subordinated debt they hold, and are required to redeem their respective senior guaranteed trust securities upon the maturity or earlier redemption of the junior subordinated debt they hold. | |||||||||||||
The firm has the right to defer payments on the junior subordinated debt, subject to limitations. During any such deferral period, the firm will not be permitted to, among other things, pay dividends on or make certain repurchases of its common or preferred stock. However, as Group Inc. fully and unconditionally guarantees the payment of the distribution and redemption amounts when due on a senior basis on the senior guaranteed trust securities issued by the 2012 Trusts, if the 2012 Trusts are unable to make scheduled distributions to the holders of the senior guaranteed trust securities, under the guarantee, Group Inc. would be obligated to make those payments. As such, the $2.08 billion of junior subordinated debt held by the 2012 Trusts for the benefit of investors is not classified as junior subordinated debt. | |||||||||||||
The APEX Trusts and the 2012 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 firm has covenanted in favor of the holders of Group Inc.’s 6.345% Junior Subordinated Debentures due February 15, 2034, that, subject to certain exceptions, the firm will not redeem or purchase the capital securities issued by the APEX Trusts or shares of Group Inc.’s Series E or Series F Preferred Stock prior to specified dates in 2022 for a price that exceeds a maximum amount determined by reference to the net cash proceeds that the firm has received from the sale of qualifying securities. | |||||||||||||
Junior Subordinated Debt Issued in Connection with Trust Preferred Securities. Group Inc. issued $2.84 billion of junior subordinated debentures in 2004 to Goldman Sachs Capital I (Trust), a Delaware statutory trust. The Trust 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. and used the proceeds from the issuances to purchase the junior subordinated debentures from Group Inc. During the second quarter of 2014, the firm purchased $1.22 billion (par amount) of Trust Preferred Securities for $1.36 billion. The firm intends to deliver these Trust Preferred Securities and $37.6 million of common beneficial interests to the Trust in August 2014 in exchange for a corresponding par amount of the junior subordinated debentures. Following the exchange, these Trust Preferred Securities, common beneficial interests and junior subordinated debentures will be extinguished. As of June 2014, the Trust Preferred Securities held by the firm are reported in “Financial instruments owned, at fair value.” The Trust is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes. | |||||||||||||
The firm pays interest semi-annually on the debentures at an annual rate of 6.345% and the debentures mature on February 15, 2034. The coupon rate and the payment dates applicable to the beneficial interests are the same as the interest rate and payment dates for the debentures. The firm has the right, from time to time, to defer payment of interest on the debentures, and therefore cause payment on the Trust’s preferred beneficial interests to be deferred, in each case up to ten consecutive semi-annual periods. During any such deferral period, the firm will not be permitted to, among other things, pay dividends on or make certain repurchases of its common stock. The Trust is not permitted to pay any distributions on the common beneficial interests held by Group Inc. unless all dividends payable on the preferred beneficial interests have been paid in full. |
Other_Liabilities_and_Accrued_
Other Liabilities and Accrued Expenses | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Liabilities and Accrued Expenses | ' | ||||||||
Note 17. | |||||||||
Other Liabilities and Accrued Expenses | |||||||||
The table below presents other liabilities and accrued expenses by type. | |||||||||
As of | |||||||||
in millions | June | December | |||||||
2014 | 2013 | ||||||||
Compensation and benefits | $ 6,931 | $ 7,874 | |||||||
Noncontrolling interests 1 | 213 | 326 | |||||||
Income tax-related liabilities | 1,342 | 1,974 | |||||||
Employee interests in consolidated funds | 191 | 210 | |||||||
Subordinated liabilities issued by consolidated VIEs | 552 | 477 | |||||||
Accrued expenses and other | 5,270 | 5,183 | |||||||
Total | $14,499 | $16,044 | |||||||
1 | Primarily relates to consolidated investment funds. |
Commitments_Contingencies_and_
Commitments, Contingencies and Guarantees | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Commitments, Contingencies and Guarantees | ' | ||||||||||||||||||||||||||
Note 18. | |||||||||||||||||||||||||||
Commitments, Contingencies and Guarantees | |||||||||||||||||||||||||||
Commitments | |||||||||||||||||||||||||||
The table below presents the firm’s commitments. | |||||||||||||||||||||||||||
Commitment Amount by Period | Total Commitments | ||||||||||||||||||||||||||
of Expiration as of June 2014 | as of | ||||||||||||||||||||||||||
in millions | Remainder | 2015- | 2017- | 2019- | June | December | |||||||||||||||||||||
of 2014 | 2016 | 2018 | Thereafter | 2014 | 2013 | ||||||||||||||||||||||
Commitments to extend credit | |||||||||||||||||||||||||||
Commercial lending: | |||||||||||||||||||||||||||
Investment-grade | $ 3,255 | $15,317 | $28,401 | $12,103 | $ 59,076 | $ 60,499 | |||||||||||||||||||||
Non-investment-grade | 1,119 | 6,752 | 10,235 | 10,504 | 28,610 | 25,412 | |||||||||||||||||||||
Warehouse financing | 250 | 1,338 | 231 | — | 1,819 | 1,716 | |||||||||||||||||||||
Total commitments to extend credit | 4,624 | 23,407 | 38,867 | 22,607 | 89,505 | 87,627 | |||||||||||||||||||||
Contingent and forward starting resale and securities borrowing agreements | 44,210 | 10 | 34 | — | 44,254 | 34,410 | |||||||||||||||||||||
Forward starting repurchase and secured lending agreements | 18,246 | — | — | — | 18,246 | 8,256 | |||||||||||||||||||||
Letters of credit 1 | 203 | 125 | 10 | 5 | 343 | 501 | |||||||||||||||||||||
Investment commitments | 819 | 4,313 | 13 | 313 | 5,458 | 7,116 | |||||||||||||||||||||
Other | 6,104 | 138 | 50 | 64 | 6,356 | 3,955 | |||||||||||||||||||||
Total commitments | $74,206 | $27,993 | $38,974 | $22,989 | $164,162 | $141,865 | |||||||||||||||||||||
1 | Consists of commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements. | ||||||||||||||||||||||||||
Commitments to Extend Credit | |||||||||||||||||||||||||||
The firm’s commitments to extend credit 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 all or substantial additional portions of these commitments. In addition, commitments can expire unused or be reduced or cancelled at the counterparty’s request. | |||||||||||||||||||||||||||
As of June 2014 and December 2013, approximately $48.21 billion and $35.66 billion, respectively, of the firm’s lending commitments were held for investment and were accounted for on an accrual basis. The carrying value and the estimated fair value of such lending commitments were liabilities of $149 million and $1.25 billion, respectively, as of June 2014, and $132 million and $1.02 billion, respectively, as of December 2013. As these lending commitments are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP, their fair value is not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these commitments been included in the firm’s fair value hierarchy, they would have primarily been classified in level 3 as of June 2014 and December 2013. | |||||||||||||||||||||||||||
The firm accounts for the remaining commitments to extend credit at fair value. Losses, if any, are generally recorded, net of any fees in “Other principal transactions.” | |||||||||||||||||||||||||||
Commercial Lending. The firm’s commercial lending commitments are extended to investment-grade and non-investment-grade corporate borrowers. Commitments to investment-grade corporate borrowers are principally used for operating liquidity and general corporate purposes. The firm also extends lending commitments in connection with contingent acquisition financing and other types of corporate lending as well as commercial real estate financing. Commitments that are extended for contingent acquisition financing are often intended to be short-term in nature, as borrowers often seek to replace them with other funding sources. | |||||||||||||||||||||||||||
Sumitomo Mitsui Financial Group, Inc. (SMFG) provides the firm with credit loss protection on certain approved loan commitments (primarily investment-grade commercial lending commitments). The notional amount of such loan commitments was $29.45 billion and $29.24 billion as of June 2014 and December 2013, respectively. The credit loss protection on loan commitments provided by SMFG is generally limited to 95% of the first loss the firm realizes on such commitments, up to a maximum of approximately $950 million. In addition, subject to the satisfaction of certain conditions, upon the firm’s request, SMFG will provide protection for 70% of additional losses on such commitments, up to a maximum of $1.13 billion, of which $870 million of protection had been provided as of both June 2014 and December 2013. The firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by SMFG. These instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity, or credit default swaps that reference a market index. | |||||||||||||||||||||||||||
Warehouse Financing. The firm provides financing to clients who warehouse financial assets. These arrangements are secured by the warehoused assets, primarily consisting of corporate loans and commercial mortgage loans. | |||||||||||||||||||||||||||
Contingent and Forward Starting Resale and Securities Borrowing Agreements/Forward Starting Repurchase and Secured Lending Agreements | |||||||||||||||||||||||||||
The firm enters into resale and securities borrowing agreements and repurchase and secured lending agreements that settle at a future date, generally within three business days. The firm also enters 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 | |||||||||||||||||||||||||||
The firm’s investment commitments consist of commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages. These commitments include $435 million and $659 million as of June 2014 and December 2013, respectively, related to real estate private investments and $5.02 billion and $6.46 billion as of June 2014 and December 2013, respectively, related to corporate and other private investments. Of these amounts, $4.34 billion and $5.48 billion as of June 2014 and December 2013, respectively, relate 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. | |||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||
The firm has contractual obligations under long-term noncancelable lease agreements, principally for office space, expiring on various dates through 2069. Certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges. The table below presents future minimum rental payments, net of minimum sublease rentals. | |||||||||||||||||||||||||||
in millions | As of | ||||||||||||||||||||||||||
June 2014 | |||||||||||||||||||||||||||
Remainder of 2014 | $ 180 | ||||||||||||||||||||||||||
2015 | 345 | ||||||||||||||||||||||||||
2016 | 303 | ||||||||||||||||||||||||||
2017 | 283 | ||||||||||||||||||||||||||
2018 | 234 | ||||||||||||||||||||||||||
2019 | 213 | ||||||||||||||||||||||||||
2020 - thereafter | 1,013 | ||||||||||||||||||||||||||
Total | $2,571 | ||||||||||||||||||||||||||
Operating leases include office space held in excess of current requirements. Rent expense relating to space held for growth is included in “Occupancy.” The firm records a liability, based on the fair value of the remaining lease rentals reduced by any potential or existing sublease rentals, for leases where the firm has ceased using the space and management has concluded that the firm will not derive any future economic benefits. Costs to terminate a lease before the end of its term are recognized and measured at fair value on termination. | |||||||||||||||||||||||||||
Contingencies | |||||||||||||||||||||||||||
Legal Proceedings. See Note 27 for information about legal proceedings, including certain mortgage-related matters, and agreements the firm has entered into to toll the statute of limitations. | |||||||||||||||||||||||||||
Certain Mortgage-Related Contingencies. There are multiple areas of focus by regulators, governmental agencies and others within the mortgage market that may impact originators, issuers, servicers and investors. There remains significant uncertainty surrounding the nature and extent of any potential exposure for participants in this market. | |||||||||||||||||||||||||||
Ÿ | Representations and Warranties. The firm has not been a significant originator of residential mortgage loans. The firm did purchase loans originated by others and generally received loan-level representations of the type described below from the originators. During the period 2005 through 2008, the firm sold approximately $10 billion of loans to government-sponsored enterprises and approximately $11 billion of loans to other third parties. In addition, the firm transferred loans to trusts and other mortgage securitization vehicles. As of June 2014 and December 2013, the outstanding balance of the loans transferred to trusts and other mortgage securitization vehicles during the period 2005 through 2008 was approximately $27 billion and $29 billion, respectively. These amounts reflect paydowns and cumulative losses of approximately $98 billion ($22 billion of which are cumulative losses) as of June 2014 and approximately $96 billion ($22 billion of which are cumulative losses) as of December 2013. A small number of these Goldman Sachs-issued securitizations with an outstanding principal balance of $430 million and total paydowns and cumulative losses of $1.63 billion ($544 million of which are cumulative losses) as of June 2014, and an outstanding principal balance of $463 million and total paydowns and cumulative losses of $1.60 billion ($534 million of which are cumulative losses) as of December 2013, were structured with credit protection obtained from monoline insurers. In connection with both sales of loans and securitizations, the firm provided loan level representations of the type described below and/or assigned the loan level representations from the party from whom the firm purchased the loans. | ||||||||||||||||||||||||||
The loan level representations made in connection with the sale or securitization of mortgage loans varied among transactions but were generally detailed representations applicable to each loan in the portfolio and addressed matters relating to the property, the borrower and the note. These representations generally included, but were not limited to, the following: (i) certain attributes of the borrower’s financial status; (ii) loan-to-value ratios, owner occupancy status and certain other characteristics of the property; (iii) the lien position; (iv) the fact that the loan was originated in compliance with law; and (v) completeness of the loan documentation. | |||||||||||||||||||||||||||
The firm has received repurchase claims for residential mortgage loans based on alleged breaches of representations from government-sponsored enterprises, other third parties, trusts and other mortgage securitization vehicles, which have not been significant. During both the three and six months ended June 2014 and June 2013, the firm repurchased loans with an unpaid principal balance of less than $10 million and related losses were not material. The firm has received a communication from counsel purporting to represent certain institutional investors in portions of Goldman Sachs-issued securitizations between 2003 and 2007, such securitizations having a total original notional face amount of approximately $150 billion, offering to enter into a “settlement dialogue” with respect to alleged breaches of representations made by Goldman Sachs in connection with such offerings. | |||||||||||||||||||||||||||
Ultimately, the firm’s exposure to claims for repurchase of residential mortgage loans based on alleged breaches of representations will depend on a number of factors including the following: (i) the extent to which these claims are actually made within the statute of limitations taking into consideration the agreements to toll the statute of limitations the firm has entered into with trustees representing trusts; (ii) the extent to which there are underlying breaches of representations that give rise to valid claims for repurchase; (iii) in the case of loans originated by others, the extent to which the firm could be held liable and, if it is, the firm’s ability to pursue and collect on any claims against the parties who made representations to the firm; (iv) macroeconomic factors, including developments in the residential real estate market; and (v) legal and regulatory developments. Based upon the large number of defaults in residential mortgages, including those sold or securitized by the firm, there is a potential for increasing claims for repurchases. However, the firm is not in a position to make a meaningful estimate of that exposure at this time. | |||||||||||||||||||||||||||
Ÿ | Foreclosure and Other Mortgage Loan Servicing Practices and Procedures. The firm had received a number of requests for information from regulators and other agencies, including state attorneys general and banking regulators, as part of an industry-wide focus on the practices of lenders and servicers in connection with foreclosure proceedings and other aspects of mortgage loan servicing practices and procedures. The requests sought information about the foreclosure and servicing protocols and activities of Litton Loan Servicing LP (Litton), a residential mortgage servicing subsidiary sold by the firm to Ocwen Financial Corporation (Ocwen) in the third quarter of 2011. The firm is cooperating with the requests and these inquiries may result in the imposition of fines or other regulatory action. | ||||||||||||||||||||||||||
In connection with the sale of Litton, the firm provided customary representations and warranties, and indemnities for breaches of these representations and warranties, to Ocwen. These indemnities are subject to various limitations, and are capped at approximately $50 million. The firm has not yet received any claims under these indemnities. The firm also agreed to provide specific indemnities to Ocwen related to claims made by third parties with respect to servicing activities during the period that Litton was owned by the firm and which are in excess of the related reserves accrued for such matters by Litton at the time of the sale. These indemnities are capped at approximately $125 million. The firm has recorded a reserve for the portion of these potential losses that it believes is probable and can be reasonably estimated. As of June 2014, claims received and payments made in connection with these claims were not material to the firm. | |||||||||||||||||||||||||||
The firm further agreed to provide indemnities to Ocwen not subject to a cap, which primarily relate to potential liabilities constituting fines or civil monetary penalties which could be imposed in settlements with certain terms with U.S. states’ attorneys general or in consent orders with certain terms with the Federal Reserve, the Office of Thrift Supervision, the Office of the Comptroller of the Currency, the FDIC or the New York State Department of Financial Services, in each case relating to Litton’s foreclosure and servicing practices while it was owned by the firm. The firm has entered into a settlement with the Board of Governors of the Federal Reserve System (Federal Reserve Board) relating to foreclosure and servicing matters as described below. | |||||||||||||||||||||||||||
Under the Litton sale agreement the firm also retained liabilities associated with claims related to Litton’s failure to maintain lender-placed mortgage insurance, obligations to repurchase certain loans from government-sponsored enterprises, subpoenas from one of Litton’s regulators, and fines or civil penalties imposed by the Federal Reserve or the New York State Department of Financial Services in connection with certain compliance matters. Management is unable to develop an estimate of the maximum potential amount of future payments under these indemnities because the firm has received no claims under these indemnities other than an immaterial amount with respect to government-sponsored enterprises. However, management does not believe, based on currently available information, that any payments under these indemnities will have a material adverse effect on the firm’s financial condition. | |||||||||||||||||||||||||||
On September 1, 2011, Group Inc. and GS Bank USA entered into a Consent Order (the Order) with the Federal Reserve Board relating to the servicing of residential mortgage loans. The terms of the Order were substantially similar and, in many respects, identical to the orders entered into with the Federal Reserve Board by other large U.S. financial institutions. The Order set forth various allegations of improper conduct in servicing by Litton, requires that Group Inc. and GS Bank USA cease and desist such conduct, and required that Group Inc. and GS Bank USA, and their boards of directors, take various affirmative steps. The Order required (i) Group Inc. and GS Bank USA to engage a third-party consultant to conduct a review of certain foreclosure actions or proceedings that occurred or were pending between January 1, 2009 and December 31, 2010; (ii) the adoption of policies and procedures related to management of third parties used to outsource residential mortgage servicing, loss mitigation or foreclosure; (iii) a “validation report” from an independent third-party consultant regarding compliance with the Order for the first year; and (iv) submission of quarterly progress reports as to compliance with the Order by the boards of directors (or committees thereof) of Group Inc. and GS Bank USA. In February 2013, Group Inc. and GS Bank USA entered into a settlement with the Federal Reserve Board relating to the servicing of residential mortgage loans and foreclosure processing. This settlement amends the Order which is described above, provides for the termination of the independent foreclosure review under the Order and calls for Group Inc. and GS Bank USA collectively to: (i) make cash payments into a settlement fund for distribution to eligible borrowers; and (ii) provide other assistance for foreclosure prevention and loss mitigation through January 2015. The other provisions of the Order remain in effect. | |||||||||||||||||||||||||||
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 tables below do not reflect the firm’s overall risk related to its 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 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 and certain other counterparties. Accordingly, the firm has not included such contracts in the tables below. | |||||||||||||||||||||||||||
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 tables below exclude the effect of counterparty and cash collateral netting. | |||||||||||||||||||||||||||
Securities Lending Indemnifications. The firm, in its capacity as an agency lender, 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. Collateral held by the lenders in connection with securities lending indemnifications was $33.26 billion and $27.14 billion as of June 2014 and as of December 2013, respectively. 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 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. | |||||||||||||||||||||||||||
The tables below present information about certain derivatives that meet the definition of a guarantee, securities lending indemnifications and certain other guarantees. The maximum payout in the tables below is based on the notional amount of the contract and therefore does not represent anticipated losses. See Note 7 for information about credit derivatives that meet the definition of a guarantee which are not included below. The tables below also exclude certain commitments to issue standby letters of credit that are included in “Commitments to extend credit.” See the table in “Commitments” above for a summary of the firm’s commitments. | |||||||||||||||||||||||||||
As of June 2014 | |||||||||||||||||||||||||||
in millions | Derivatives | Securities | Other | ||||||||||||||||||||||||
lending | financial | ||||||||||||||||||||||||||
indemnifications | guarantees | ||||||||||||||||||||||||||
Carrying Value of | $ 6,480 | $ — | $ 91 | ||||||||||||||||||||||||
Net Liability | |||||||||||||||||||||||||||
Maximum Payout/Notional Amount by Period of Expiration | |||||||||||||||||||||||||||
Remainder of 2014 | $290,593 | $32,153 | $1,047 | ||||||||||||||||||||||||
2015 - 2016 | 369,924 | — | 498 | ||||||||||||||||||||||||
2017 - 2018 | 39,502 | — | 1,210 | ||||||||||||||||||||||||
2019 - Thereafter | 70,141 | — | 1,197 | ||||||||||||||||||||||||
Total | $770,160 | $32,153 | $3,952 | ||||||||||||||||||||||||
As of December 2013 | |||||||||||||||||||||||||||
in millions | Derivatives | Securities | Other | ||||||||||||||||||||||||
lending | financial | ||||||||||||||||||||||||||
indemnifications | guarantees | ||||||||||||||||||||||||||
Carrying Value of | $ 7,634 | $ — | $ 213 | ||||||||||||||||||||||||
Net Liability | |||||||||||||||||||||||||||
Maximum Payout/Notional Amount by Period of Expiration | |||||||||||||||||||||||||||
2014 | $517,634 | $26,384 | $1,361 | ||||||||||||||||||||||||
2015 - 2016 | 180,543 | — | 620 | ||||||||||||||||||||||||
2017 - 2018 | 39,367 | — | 1,140 | ||||||||||||||||||||||||
2019 - Thereafter | 57,736 | — | 1,046 | ||||||||||||||||||||||||
Total | $795,280 | $26,384 | $4,167 | ||||||||||||||||||||||||
Guarantees of Securities Issued by Trusts. The firm has established trusts, including Goldman Sachs Capital I, the APEX Trusts, the 2012 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 Note 16 for further information about the transactions involving Goldman Sachs Capital I, the APEX Trusts, and the 2012 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. | |||||||||||||||||||||||||||
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 its prime brokerage and clearing businesses, the firm agrees to clear and settle on behalf of its clients the transactions entered into by them with other brokerage firms. The firm’s obligations in respect of such transactions are secured by the assets in the client’s account as well as any 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 certain 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 condensed consolidated statements of financial condition as of June 2014 and December 2013. | |||||||||||||||||||||||||||
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 condensed consolidated statements of financial condition as of June 2014 or December 2013. | |||||||||||||||||||||||||||
Guarantees of Subsidiaries. Group Inc. fully and unconditionally guarantees the securities issued by GS Finance Corp., a wholly-owned finance subsidiary of the firm. | |||||||||||||||||||||||||||
Group Inc. has guaranteed the payment obligations of Goldman, Sachs & Co. (GS&Co.), GS Bank USA and Goldman Sachs Execution & Clearing, L.P. (GSEC), subject to certain exceptions. | |||||||||||||||||||||||||||
In November 2008, the firm contributed subsidiaries into GS Bank USA, and Group Inc. agreed to guarantee the reimbursement of certain losses, including credit-related losses, relating to assets held by the contributed entities. In connection with this guarantee, Group Inc. also agreed to pledge to GS Bank USA certain collateral, including interests in subsidiaries and other illiquid assets. | |||||||||||||||||||||||||||
In addition, Group Inc. guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by-transaction basis, as negotiated with counterparties. Group Inc. is unable to develop an estimate of the maximum payout under its subsidiary guarantees; however, because these guaranteed obligations are also obligations of consolidated subsidiaries, Group Inc.’s liabilities as guarantor are not separately disclosed. |
Shareholders_Equity
Shareholders' Equity | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||||||
Note 19. | |||||||||||||||||||||
Shareholders’ Equity | |||||||||||||||||||||
Common Equity | |||||||||||||||||||||
On July 14, 2014, the Board of Directors of Group Inc. (Board) declared a dividend of $0.55 per common share to be paid on September 29, 2014 to common shareholders of record on August 29, 2014. | |||||||||||||||||||||
The firm’s share repurchase program is intended to help maintain the appropriate level of common equity. The repurchase program is effected primarily through regular open-market purchases, the amounts and timing of which are determined primarily by the firm’s current and projected capital position, but which may also be influenced by general market conditions and the prevailing price and trading volumes of the firm’s common stock. Prior to repurchasing common stock, the firm must receive confirmation that the Federal Reserve Board does not object to such capital actions. | |||||||||||||||||||||
During the three and six months ended June 2014, the firm repurchased 7.8 million and 18.1 million shares of its common stock at an average cost per share of $160.89 and $164.14, for a total cost of $1.25 billion and $2.97 billion, respectively, under the share repurchase program. In addition, pursuant to the terms of certain share-based compensation plans, employees may remit shares to the firm or the firm may cancel RSUs or stock options to satisfy minimum statutory employee tax withholding requirements and the exercise price of stock options. Under these plans, during the six months ended June 2014, employees remitted 173,875 shares with a total value of $30 million, and the firm cancelled 5.6 million of RSUs with a total value of $936 million and 9.9 million stock options with a total value of $1.63 billion. | |||||||||||||||||||||
Preferred Equity | |||||||||||||||||||||
The table below presents perpetual preferred stock issued and outstanding as of June 2014. | |||||||||||||||||||||
Series | Shares | Shares | Shares | Redemption | |||||||||||||||||
Authorized | Issued | Outstanding | Value | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
A | 50,000 | 30,000 | 29,999 | $ 750 | |||||||||||||||||
B | 50,000 | 32,000 | 32,000 | 800 | |||||||||||||||||
C | 25,000 | 8,000 | 8,000 | 200 | |||||||||||||||||
D | 60,000 | 54,000 | 53,999 | 1,350 | |||||||||||||||||
E | 17,500 | 17,500 | 17,500 | 1,750 | |||||||||||||||||
F | 5,000 | 5,000 | 5,000 | 500 | |||||||||||||||||
I | 34,500 | 34,000 | 34,000 | 850 | |||||||||||||||||
J | 46,000 | 40,000 | 40,000 | 1,000 | |||||||||||||||||
K | 32,200 | 28,000 | 28,000 | 700 | |||||||||||||||||
L | 52,000 | 52,000 | 52,000 | 1,300 | |||||||||||||||||
Total | 372,200 | 300,500 | 300,498 | $9,200 | |||||||||||||||||
Each share of non-cumulative Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock issued and outstanding has a liquidation preference of $25,000, is represented by 1,000 depositary shares and is redeemable at the firm’s option at a redemption price equal to $25,000 plus declared and unpaid dividends. | |||||||||||||||||||||
Each share of non-cumulative Series E and Series F Preferred Stock issued and outstanding has a liquidation preference of $100,000 and is redeemable at the option of the firm at any time, subject to certain covenant restrictions governing the firm’s ability to redeem or purchase the preferred stock without issuing common stock or other instruments with equity-like characteristics, at a redemption price equal to $100,000 plus declared and unpaid dividends. See Note 16 for information about the replacement capital covenants applicable to the Series E and Series F Preferred Stock. | |||||||||||||||||||||
Each share of non-cumulative Series I and Series J Preferred Stock issued and outstanding has a liquidation preference of $25,000 and is represented by 1,000 depositary shares. The Series I Preferred Stock is redeemable at the firm’s option beginning November 10, 2017 and the Series J Preferred Stock is redeemable at the firm’s option beginning May 10, 2023, both at a redemption price equal to $25,000 plus accrued and unpaid dividends. | |||||||||||||||||||||
In April 2014, Group Inc. issued 28,000 shares of Series K perpetual 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series K Preferred Stock). Each share of Series K Preferred Stock issued and outstanding has a liquidation preference of $25,000, is represented by 1,000 depositary shares and is redeemable at the firm’s option beginning May 10, 2024 at a redemption price equal to $25,000 plus accrued and unpaid dividends. | |||||||||||||||||||||
In April 2014, Group Inc. issued 52,000 shares of Series L perpetual 5.70% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series L Preferred Stock). Each share of Series L Preferred Stock issued and outstanding has a liquidation preference of $25,000, is represented by 25 depositary shares and is redeemable at the firm’s option beginning May 10, 2019 at a redemption price equal to $25,000 plus accrued and unpaid dividends. | |||||||||||||||||||||
Prior to issuing or redeeming preferred stock, the firm must receive confirmation that the Federal Reserve Board does not object to such capital actions. All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation. Dividends on each series of preferred stock, excluding Series L Preferred Stock, if declared, are payable quarterly in arrears. Dividends on Series L Preferred Stock, if declared, are payable semi-annually in arrears from the issuance date to, but excluding, May 10, 2019, and quarterly thereafter. 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. All shares of preferred stock have a par value of $0.01 per share. | |||||||||||||||||||||
The table below presents the dividend rates of the firm’s perpetual preferred stock as of June 2014. | |||||||||||||||||||||
Series | Dividend Rate | ||||||||||||||||||||
A | 3 month LIBOR + 0.75%, with floor of 3.75% per annum | ||||||||||||||||||||
B | 6.20% per annum | ||||||||||||||||||||
C | 3 month LIBOR + 0.75%, with floor of 4.00% per annum | ||||||||||||||||||||
D | 3 month LIBOR + 0.67%, with floor of 4.00% per annum | ||||||||||||||||||||
E | 3 month LIBOR + 0.77%, with floor of 4.00% per annum | ||||||||||||||||||||
F | 3 month LIBOR + 0.77%, with floor of 4.00% per annum | ||||||||||||||||||||
I | 5.95% per annum | ||||||||||||||||||||
J | 5.50% per annum to, but excluding, May 10, 2023; | ||||||||||||||||||||
3 month LIBOR + 3.64% per annum thereafter | |||||||||||||||||||||
K | 6.375% per annum to, but excluding, May 10, 2024; | ||||||||||||||||||||
3 month LIBOR + 3.55% per annum thereafter | |||||||||||||||||||||
L | 5.70% per annum to, but excluding, May 10, 2019; | ||||||||||||||||||||
3 month LIBOR + 3.884% per annum thereafter | |||||||||||||||||||||
The tables below present preferred dividends declared on the firm’s preferred stock. | |||||||||||||||||||||
Three Months Ended June | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Series | per share | in millions | per share | in millions | |||||||||||||||||
A | $ 236.98 | $ 7 | $ 229.17 | $ 7 | |||||||||||||||||
B | 387.5 | 12 | 387.5 | 12 | |||||||||||||||||
C | 252.78 | 2 | 244.44 | 2 | |||||||||||||||||
D | 252.78 | 14 | 244.44 | 13 | |||||||||||||||||
E | 1,011.11 | 17 | 1,044.44 | 18 | |||||||||||||||||
F | 1,011.11 | 5 | 1,044.44 | 5 | |||||||||||||||||
I | 371.88 | 13 | 371.88 | 13 | |||||||||||||||||
J | 343.75 | 14 | — | — | |||||||||||||||||
Total | $ 84 | $ 70 | |||||||||||||||||||
Six Months Ended June | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Series | per share | in millions | per share | in millions | |||||||||||||||||
A | $ 471.36 | $ 14 | $ 463.55 | $ 14 | |||||||||||||||||
B | 775 | 24 | 775 | 24 | |||||||||||||||||
C | 502.78 | 4 | 494.44 | 4 | |||||||||||||||||
D | 502.78 | 27 | 494.44 | 27 | |||||||||||||||||
E | 2,022.22 | 35 | 2,022.22 | 35 | |||||||||||||||||
F | 2,022.22 | 10 | 2,022.22 | 10 | |||||||||||||||||
I | 743.76 | 26 | 809.87 | 28 | |||||||||||||||||
J | 687.5 | 28 | — | — | |||||||||||||||||
Total | $168 | $142 | |||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||
The tables below present accumulated other comprehensive loss, net of tax by type. | |||||||||||||||||||||
June 2014 | |||||||||||||||||||||
in millions | Balance, | Other | Balance, | ||||||||||||||||||
beginning | comprehensive | end of | |||||||||||||||||||
of year | income/(loss) | period | |||||||||||||||||||
adjustments, | |||||||||||||||||||||
net of tax | |||||||||||||||||||||
Currency translation | $(364 | ) | $ (59 | ) | $(423 | ) | |||||||||||||||
Pension and postretirement liabilities | (168 | ) | (14 | ) | (182 | ) | |||||||||||||||
Cash flow hedges | 8 | 2 | 10 | ||||||||||||||||||
Accumulated other comprehensive loss, net of tax | $(524 | ) | $ (71 | ) | $(595 | ) | |||||||||||||||
December 2013 | |||||||||||||||||||||
in millions | Balance, | Other | Balance, | ||||||||||||||||||
beginning | comprehensive | end of | |||||||||||||||||||
of year | income/(loss) | year | |||||||||||||||||||
adjustments, | |||||||||||||||||||||
net of tax | |||||||||||||||||||||
Currency translation | $(314 | ) | $ (50 | ) | $(364 | ) | |||||||||||||||
Pension and postretirement liabilities | (206 | ) | 38 | (168 | ) | ||||||||||||||||
Available-for-sale securities | 327 | (327 | ) | — | |||||||||||||||||
Cash flow hedges | — | 8 | 8 | ||||||||||||||||||
Accumulated other comprehensive loss, net of tax | $(193 | ) | $(331 | ) | $(524 | ) | |||||||||||||||
Regulation_and_Capital_Adequac
Regulation and Capital Adequacy | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Text Block [Abstract] | ' | ||||
Regulation and Capital Adequacy | ' | ||||
Note 20. | |||||
Regulation and Capital Adequacy | |||||
The Federal Reserve Board is the primary regulator of Group Inc., a bank holding company under the Bank Holding Company Act of 1956 (BHC Act) and a financial holding company under amendments to the BHC Act. As a bank holding company, the firm is subject to consolidated risk-based regulatory capital requirements which are computed in accordance with the applicable risk-based capital regulations of the Federal Reserve Board. | |||||
These capital requirements are expressed as capital ratios that compare measures of regulatory capital to risk-weighted assets (RWAs). The firm’s capital levels are subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. In addition, the firm is subject to requirements with respect to leverage. | |||||
Furthermore, certain of the firm’s subsidiaries are subject to separate regulations and capital requirements as described below. | |||||
Applicable Capital Framework | |||||
As of December 2013, the firm was subject to the risk-based capital regulations of the Federal Reserve Board that were based on the Basel I Capital Accord of the Basel Committee (Basel I), and incorporated the revised market risk regulatory capital requirements, which became effective on January 1, 2013 (Prior Capital Rules). | |||||
As of January 1, 2014, the firm became subject to the Federal Reserve Board’s revised risk-based capital and leverage regulations (Revised Capital Framework), subject to certain transitional provisions. These regulations are largely based on the Basel Committee’s final capital framework for strengthening international capital standards (Basel III) and also implement certain provisions of the Dodd-Frank Act. Under the Revised Capital Framework, the firm is an “Advanced approach” banking organization. | |||||
The firm was notified in the first quarter of 2014 that it had completed a “parallel run” to the satisfaction of the Federal Reserve Board, as required under the Revised Capital Framework. As such, additional changes in the firm’s capital requirements became effective April 1, 2014. Accordingly: | |||||
Ÿ | As of and for the three months ended March 2014, regulatory capital was calculated based on the Revised Capital Framework (subject to transitional provisions) and RWAs were calculated based on the Prior Capital Rules, adjusted for certain items related to capital deductions under the previous definition of regulatory capital and for the phase-in of new capital deductions (Hybrid Capital Rules). | ||||
Ÿ | As of and for the three months ended June 2014, regulatory capital continues to be calculated under the Revised Capital Framework, but RWAs are required to be calculated using both the Advanced approach set out in the Revised Capital Framework (Basel III Advanced Rules) as well as the Hybrid Capital Rules. The lower of the ratios calculated under the Basel III Advanced Rules and those calculated under the Hybrid Capital Rules are the binding regulatory risk-based capital requirements for the firm. | ||||
As a result of the changes in the applicable capital framework in 2014, the firm’s capital ratios as of June 2014 and December 2013 are calculated on a different basis and, accordingly, are not comparable. | |||||
The Basel III Advanced Rules and the Hybrid Capital Rules are discussed in more detail below. | |||||
Regulatory Capital and Capital Ratios. The Revised Capital Framework changed the definition of regulatory capital to include the introduction of a new capital measure called Common Equity Tier 1 (CET1) and the related regulatory capital ratio of CET1 to RWAs (CET1 ratio), and changed the definition of Tier 1 capital. The Revised Capital Framework also increased the level of the minimum risk-based capital and leverage ratios applicable to the firm. | |||||
The table below presents the minimum ratios currently applicable to the firm. | |||||
June 2014 | |||||
Minimum Ratio | |||||
CET1 ratio | 4.00% | ||||
Tier 1 capital ratio | 5.50% | ||||
Total capital ratio | 8.00% | ||||
Tier 1 leverage ratio 1 | 4.00% | ||||
1 | Tier 1 leverage ratio is defined as Tier 1 capital divided by average adjusted total assets (which includes adjustments for goodwill and identifiable intangible assets, and certain investments in nonconsolidated financial institutions). | ||||
Certain aspects of the revised requirements phase in over time (transitional provisions). These include increases in the minimum capital ratio requirements and the introduction of new capital buffers and certain deductions from CET1 (such as investments in nonconsolidated financial institutions). In addition, junior subordinated debt issued to trusts is being phased out of regulatory capital. The minimum CET1, Tier 1 and Total capital ratios applicable to the firm will increase as the transitional provisions phase in and new capital buffers are introduced. | |||||
In order to meet the quantitative requirements for being “well-capitalized” under the Federal Reserve Board’s capital regulations, bank holding companies must meet a required minimum Tier 1 capital ratio of 6.0% and Total capital ratio of 10.0%. Bank holding companies may be expected to maintain ratios well above these minimum levels, depending on their particular condition, risk profile and growth plans. | |||||
Definition of Risk-Weighted Assets. RWAs are currently calculated under both the Basel III Advanced Rules and the Hybrid Capital Rules: | |||||
Ÿ | The Basel III Advanced Rules are largely based on the Basel Committee’s Basel III framework and the revised market risk capital requirements, and include adjustments for the phase-in of new capital deductions. | ||||
Ÿ | The Hybrid Capital Rules are based on the Prior Capital Rules, adjusted for certain items related to capital deductions under the previous definition of regulatory capital and for the phase-in of new capital deductions. | ||||
Ÿ | Under both the Basel III Advanced Rules and the Hybrid Capital Rules, certain amounts not required to be deducted from CET1 under the transitional provisions are either deducted from Tier 1 capital or are risk weighted. | ||||
The primary difference between the Basel III Advanced Rules and the Hybrid Capital Rules is that the latter utilizes prescribed risk-weightings for credit RWAs and does not contemplate the use of internal models to compute exposure for credit risk on derivatives and securities financing transactions, whereas the Basel III Advanced Rules permit the use of such models, subject to supervisory approval. In addition, RWAs under the Hybrid Capital Rules depend largely on the type of counterparty (e.g., whether the counterparty is a sovereign, bank, broker-dealer or other entity), rather than on assessments of each counterparty’s creditworthiness. Furthermore, the Hybrid Capital Rules do not include a capital requirement for operational risk. | |||||
As of December 2013, RWAs were calculated under the Prior Capital Rules. | |||||
Credit Risk | |||||
Credit RWAs are calculated based upon measures of exposure, which are then risk weighted. The exposure amount is generally based on the following: | |||||
Ÿ | For on-balance-sheet assets, the balance sheet value; and | ||||
Ÿ | For off-balance-sheet exposures, including commitments and guarantees, a credit equivalent exposure amount is calculated based on the notional amount of each exposure multiplied by a credit conversion factor. | ||||
Counterparty credit risk is a component of total credit risk, and includes credit exposure arising from derivatives, securities financing transactions and eligible margin loans. | |||||
Ÿ | For the Basel III Advanced Rules, the firm uses the Internal Models Method for the measurement of exposure on derivatives, securities financing transactions and eligible margin loans. The Revised Capital Framework requires that a bank holding company obtain prior written agreement from its regulators before using the Internal Models Method. | ||||
Ÿ | For the Hybrid and Prior Capital Rules, the exposure amount for derivatives is based on a combination of positive net exposure and a percentage of the notional amount for each trade, and includes the effect of counterparty netting and collateral, as applicable; for securities financing transactions and eligible margin loans, it is based on the balance sheet value. | ||||
All exposures are then assigned a risk weight computed as follows: | |||||
Ÿ | For the Basel III Advanced Rules, the firm has been given permission by its supervisors to compute risk weights for certain exposures in accordance with the Advanced Internal Ratings-Based approach. Key inputs to the risk weight calculation are the probability of default, loss given default and the effective maturity. RWAs for securitization and equity exposures are calculated using specific required formula approaches. | ||||
Ÿ | For the Hybrid and Prior Capital Rules, a standard risk weight is assigned depending on, among other things, whether the counterparty is a sovereign, bank or a qualifying securities firm or other entity (and if collateral is held, the risk weight may depend on the nature of the collateral). | ||||
Market Risk | |||||
RWAs for market risk are determined using measures for Value-at-Risk (VaR), stressed VaR, incremental risk and comprehensive risk based on internal models, and a standardized measurement method for specific risk. The market risk regulatory capital rules require that a bank holding company obtain prior written agreement from its regulators before using any internal model to calculate its risk-based capital requirement. | |||||
Ÿ | VaR is the potential loss in value of inventory positions, as well as certain other financial assets and financial liabilities, 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 regulatory capital requirements (regulatory VaR) differs from risk management VaR due to different time horizons and confidence levels (10-day and 99% for regulatory VaR vs. one-day and 95% for risk management VaR), as well as differences in the scope of positions on which VaR is calculated. In addition, the daily trading net revenues used to determine risk management VaR exceptions (i.e., comparing the daily trading net revenues to the VaR measure calculated as of the prior business day) include intraday activity, whereas the Federal Reserve Board’s regulatory capital regulations require that intraday activity be excluded from daily trading net revenues when calculating regulatory VaR exceptions. Intraday activity includes bid/offer net revenues, which are more likely than not to be positive. | ||||
Ÿ | Stressed VaR is the potential loss in value of inventory positions during a period of significant market stress. | ||||
Ÿ | Incremental risk is the potential loss in value of non-securitized inventory positions due to the default or credit migration of issuers of financial instruments over a one-year time horizon. | ||||
Ÿ | Comprehensive risk is the potential loss in value, due to price risk and defaults, within the firm’s credit correlation positions. | ||||
The standardized measurement method is used to determine RWAs for specific risk on certain positions by applying supervisory defined risk-weighting factors to such positions after applicable netting is performed. | |||||
Operational Risk | |||||
The Basel III Advanced Rules include a capital requirement for Operational risk. The firm has been given permission by its supervisors to compute Operational RWAs in accordance with the “Advanced Measurement Approach” of the Revised Capital Framework. Operational RWAs are therefore calculated based on an internal risk-based operational risk quantification model that meets the requirements for the “Advanced Measurement Approach.” | |||||
Consolidated Regulatory Capital Ratios | |||||
June 2014 Capital Ratios and RWAs. The firm is required to calculate ratios under both the Basel III Advanced Rules and Hybrid Capital Rules as of June 2014, in both cases subject to transitional provisions. The ratios calculated under the Basel III Advanced Rules presented in the table below were lower than those calculated under the Hybrid Capital Rules and therefore are the binding ratios for the firm as of June 2014. | |||||
$ in millions | As of | ||||
June 2014 | |||||
Common shareholders’ equity | $ 72,429 | ||||
Deduction for goodwill and identifiable intangible | (2,954 | ) | |||
assets, net of deferred tax liabilities | |||||
Deduction for investments in nonconsolidated financial institutions | (1,755 | ) | |||
Other adjustments | (98 | ) | |||
Common Equity Tier 1 | 67,622 | ||||
Perpetual non-cumulative preferred stock | 9,200 | ||||
Junior subordinated debt issued to trusts | 767 | ||||
Other adjustments | (1,393 | ) | |||
Tier 1 capital | 76,196 | ||||
Qualifying subordinated debt | 12,209 | ||||
Junior subordinated debt issued to trusts | 767 | ||||
Other adjustments | (12 | ) | |||
Tier 2 capital | 12,964 | ||||
Total capital | $ 89,160 | ||||
Basel III Advanced | |||||
Credit RWAs | $344,302 | ||||
Market RWAs | 154,246 | ||||
Operational RWAs | 93,769 | ||||
Total Basel III Advanced RWAs | $592,317 | ||||
CET1 ratio | 11.40% | ||||
Tier 1 capital ratio | 12.90% | ||||
Total capital ratio | 15.10% | ||||
Tier 1 leverage ratio | 8.40% | ||||
In the table above: | |||||
Ÿ | The deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities, represents goodwill of $3.71 billion and identifiable intangible assets of $152 million (20% of $762 million), net of associated deferred tax liabilities of $905 million. The remaining 80% of the deduction of identifiable intangible assets will be phased in ratably per year from 2015 to 2018. Identifiable intangible assets that are not deducted during the transitional period are risk weighted. | ||||
Ÿ | The deduction for investments in nonconsolidated financial institutions represents the amount by which the firm’s investments in the capital of nonconsolidated financial institutions exceed certain prescribed thresholds. As of June 2014, 20% of the deduction was reflected (calculated based on transitional thresholds). The remaining 80% will be phased in ratably per year from 2015 to 2018. The balance that is not deducted during the transitional period is risk weighted. | ||||
Ÿ | Other adjustments within CET1 and Tier 1 primarily include accumulated other comprehensive loss, 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 and other required credit risk-based deductions. As of June 2014, 20% of 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 and other required credit risk-based deductions were included in other adjustments within CET1 and 80% of the deductions were included in other adjustments within Tier 1 capital. Most of the deductions that were included in other adjustments within Tier 1 capital will be phased into CET1 ratably per year from 2015 to 2018. Other adjustments within Tier 1 also include a deduction for investments in the preferred equity of nonconsolidated financial institutions. | ||||
Ÿ | Junior subordinated debt issued to trusts is reflected in both Tier 1 capital (50%) and Tier 2 capital (50%) and is reduced by the amount of trust preferred securities purchased by the firm. Junior subordinated debt issued to trusts will be fully phased out of Tier 1 capital by 2016, and then also from Tier 2 capital by 2022. See Note 16 for additional information about the firm’s junior subordinated debt issued to trusts and trust preferred securities purchased by the firm. | ||||
Ÿ | Qualifying subordinated debt represents subordinated debt issued by Group Inc. with an original term to maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced, or discounted, upon reaching a remaining maturity of five years. See Note 16 for additional information about the firm’s subordinated debt. | ||||
The table below presents the changes in CET1, Tier 1 capital and Tier 2 capital for the period December 31, 2013 to June 30, 2014. | |||||
in millions | Period Ended | ||||
June 2014 | |||||
Common Equity Tier 1 | |||||
Balance, December 31, 2013 | $63,248 | ||||
Change in CET1 related to the transition to the | 3,177 | ||||
Revised Capital Framework 1 | |||||
Increase in common shareholders’ equity | 1,162 | ||||
Change in deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities | (23 | ) | |||
Change in deduction for investments in nonconsolidated financial institutions | 37 | ||||
Change in other adjustments | 21 | ||||
Balance, June 30, 2014 | 67,622 | ||||
Tier 1 capital | |||||
Balance, December 31, 2013 | 72,471 | ||||
Change in CET1 related to the transition to the | 3,177 | ||||
Revised Capital Framework 1 | |||||
Change in Tier 1 capital related to the transition | (443 | ) | |||
to the Revised Capital Framework 2 | |||||
Other net increase in Common Equity Tier 1 | 1,197 | ||||
Redesignation of junior subordinated debt issued | (1,296 | ) | |||
to trusts, excluding trust preferred securities | |||||
purchased by the firm | |||||
Increase in perpetual non-cumulative preferred stock | 2,000 | ||||
Change in other adjustments | (910 | ) | |||
Balance, June 30, 2014 | 76,196 | ||||
Tier 2 capital | |||||
Balance, December 31, 2013 | 13,632 | ||||
Change in Tier 2 capital related to the transition | (197 | ) | |||
to the Revised Capital Framework 3 | |||||
Decrease in qualifying subordinated debt | (564 | ) | |||
Redesignation of junior subordinated debt issued | 80 | ||||
to trusts, excluding trust preferred securities purchased by the firm | |||||
Change in other adjustments | 13 | ||||
Balance, June 30, 2014 | 12,964 | ||||
Total capital | $89,160 | ||||
1 | Includes $3.66 billion related to the transition to the Revised Capital Framework on January 1, 2014 as well as $(479) million related to the firm’s transition to the Basel III Advanced Rules on April 1, 2014. | ||||
2 | Includes $(219) million related to the transition to the Revised Capital Framework on January 1, 2014 as well as $(224) million related to the transition to the Basel III Advanced Rules on April 1, 2014. | ||||
3 | Includes $(2) million related to the transition to the Revised Capital Framework on January 1, 2014 as well as $(195) million related to the transition to the Basel III Advanced Rules on April 1, 2014. | ||||
The change in CET1 related to the transition to the Revised Capital Framework is principally related to the change in treatment of equity investments in certain nonconsolidated entities. Under the Prior Capital Rules, such investments were treated as deductions. However, during the transition to the Revised Capital Framework, only a portion of such investments that exceed certain prescribed thresholds are treated as deductions from CET1 and the remainder are risk weighted. | |||||
The table below presents the components of RWAs under the Basel III Advanced Rules as of June 2014. | |||||
in millions | As of | ||||
June 2014 | |||||
Credit RWAs | |||||
Derivatives | $139,776 | ||||
Commitments, guarantees and loans | 84,776 | ||||
Securities financing transactions 1 | 20,266 | ||||
Equity investments | 42,790 | ||||
Other 2 | 56,694 | ||||
Total Credit RWAs | 344,302 | ||||
Market RWAs | |||||
Regulatory VaR | 12,188 | ||||
Stressed VaR | 32,288 | ||||
Incremental risk | 15,775 | ||||
Comprehensive risk | 9,963 | ||||
Specific risk | 84,032 | ||||
Total Market RWAs | 154,246 | ||||
Total Operational RWAs | 93,769 | ||||
Total RWAs | $592,317 | ||||
1 | Represents resale and repurchase agreements and securities borrowed and loaned transactions. | ||||
2 | Principally includes receivables, other assets, and cash and cash equivalents. | ||||
The table below presents the changes in RWAs under the Basel III Advanced Rules for the period December 31, 2013 to June 30, 2014. | |||||
in millions | Period Ended | ||||
June 2014 | |||||
Risk-weighted assets | |||||
Balance, December 31, 2013 | $433,226 | ||||
Credit RWAs | |||||
Change related to the transition to the Revised Capital Framework 1 | 69,101 | ||||
Other changes: | |||||
Decrease in derivatives | (6,834 | ) | |||
Increase in commitments, guarantees and loans | 7,775 | ||||
Increase in securities financing transactions | 1,866 | ||||
Decrease in equity investments | (84 | ) | |||
Increase in other | 4,231 | ||||
Change in Credit RWAs | 76,055 | ||||
Market RWAs | |||||
Change related to the transition to the Revised Capital Framework | 1,626 | ||||
Decrease in regulatory VaR | (3,225 | ) | |||
Decrease in stressed VaR | (8,849 | ) | |||
Increase in incremental risk | 6,312 | ||||
Decrease in comprehensive risk | (4,804 | ) | |||
Decrease in specific risk | (1,793 | ) | |||
Change in Market RWAs | (10,733 | ) | |||
Operational RWAs | |||||
Change related to the transition to the Revised Capital Framework | 88,938 | ||||
Increase in operational risk | 4,831 | ||||
Change in Operational RWAs | 93,769 | ||||
Total RWAs, June 30, 2014 | $592,317 | ||||
1 | Includes $26.67 billion of RWA changes related to the transition to the Revised Capital Framework on January 1, 2014 and $42.43 billion of changes to the calculation of Credit RWAs under the Basel III Advanced Rules related to the firm’s transition to the Basel III Advanced Rules on April 1, 2014. | ||||
Credit RWAs as of June 2014 increased by $76.06 billion compared with December 2013, primarily due to increased risk weightings related to counterparty credit risk for derivative exposures and the inclusion of RWAs for equity investments in certain nonconsolidated entities, both resulting from the transition to the Revised Capital Framework. Market RWAs as of June 2014 decreased by $10.73 billion compared with December 2013, primarily due to a decrease in stressed VaR reflecting reduced fixed income and equities exposures. Operational RWAs as of June 2014 increased by $93.77 billion compared with December 2013, substantially all of which was due to the transition to the Revised Capital Framework. | |||||
December 2013 Capital Ratios and RWAs. The table below presents information about Group Inc.’s regulatory ratios as of December 2013 under the Prior Capital Rules. | |||||
$ in millions | As of | ||||
December 2013 | |||||
Common shareholders’ equity | $ 71,267 | ||||
Perpetual non-cumulative preferred stock | 7,200 | ||||
Junior subordinated debt issued to trusts | 2,063 | ||||
Deduction for goodwill and identifiable intangible assets | (4,376 | ) | |||
Deduction for equity investments in certain entities | (3,314 | ) | |||
Other adjustments | (369 | ) | |||
Tier 1 capital | 72,471 | ||||
Qualifying subordinated debt | 12,773 | ||||
Junior subordinated debt issued to trusts | 687 | ||||
Other adjustments | 172 | ||||
Tier 2 capital | 13,632 | ||||
Total capital | $ 86,103 | ||||
Credit RWAs | $268,247 | ||||
Market RWAs | 164,979 | ||||
Total RWAs | $433,226 | ||||
Tier 1 capital ratio | 16.70% | ||||
Total capital ratio | 19.90% | ||||
Tier 1 leverage ratio | 8.10% | ||||
In the table above: | |||||
Ÿ | Junior subordinated debt issued to trusts is reflected in both Tier 1 capital (75%) and Tier 2 capital (25%). See Note 16 for additional information about the firm’s junior subordinated debt issued to trusts. | ||||
Ÿ | The deduction for goodwill and identifiable intangible assets includes goodwill of $3.71 billion and identifiable intangible assets of $671 million. | ||||
Ÿ | Other adjustments within Tier 1 capital primarily include disallowed deferred tax assets and the overfunded portion of the firm’s defined benefit pension plan obligation, net of associated deferred tax liabilities. | ||||
Ÿ | Qualifying subordinated debt represents subordinated debt issued by Group Inc. with an original term to maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced, or discounted, upon reaching a remaining maturity of five years. See Note 16 for additional information about the firm’s subordinated debt. | ||||
The table below presents the changes in Tier 1 capital and Tier 2 capital for the period ended December 2013 under the Prior Capital Rules. | |||||
in millions | Period Ended | ||||
December 2013 | |||||
Tier 1 capital | |||||
Balance, December 31, 2012 | $66,977 | ||||
Increase in common shareholders’ equity | 1,751 | ||||
Increase in perpetual non-cumulative preferred stock | 1,000 | ||||
Redesignation of junior subordinated debt issued to trusts | (687 | ) | |||
Change in goodwill and identifiable intangible assets | 723 | ||||
Change in equity investments in certain entities | 1,491 | ||||
Change in other adjustments | 1,216 | ||||
Balance, December 31, 2013 | 72,471 | ||||
Tier 2 capital | |||||
Balance, December 31, 2012 | 13,429 | ||||
Decrease in qualifying subordinated debt | (569 | ) | |||
Redesignation of junior subordinated debt issued to trusts | 687 | ||||
Change in other adjustments | 85 | ||||
Balance, December 31, 2013 | 13,632 | ||||
Total capital | $86,103 | ||||
The table below presents the components of RWAs as of December 2013 under the Prior Capital Rules. | |||||
in millions | As of | ||||
December 2013 | |||||
Credit RWAs | |||||
Derivatives | $ 94,753 | ||||
Commitments, guarantees and loans | 78,997 | ||||
Securities financing transactions 1 | 30,010 | ||||
Equity investments | 3,673 | ||||
Other 2 | 60,814 | ||||
Total Credit RWAs | 268,247 | ||||
Market RWAs | |||||
Regulatory VaR | 13,425 | ||||
Stressed VaR | 38,250 | ||||
Incremental risk | 9,463 | ||||
Comprehensive risk | 18,150 | ||||
Specific risk | 85,691 | ||||
Total Market RWAs | 164,979 | ||||
Total RWAs | $433,226 | ||||
1 | Represents resale and repurchase agreements and securities borrowed and loaned transactions. | ||||
2 | Principally includes receivables, other assets, and cash and cash equivalents. | ||||
The table below presents the changes in RWAs for the period ended December 31, 2013 under the Prior Capital Rules. | |||||
in millions | Period Ended | ||||
December 2013 | |||||
Risk-weighted assets | |||||
Balance, December 31, 2012 | $399,928 | ||||
Credit RWAs | |||||
Decrease in derivatives | (12,516 | ) | |||
Increase in commitments, guarantees and loans | 18,151 | ||||
Decrease in securities financing transactions | (17,059 | ) | |||
Increase in equity investments | 1,077 | ||||
Change in other | (8,932 | ) | |||
Change in Credit RWAs | (19,279 | ) | |||
Market RWAs | |||||
Increase related to the revised market risk rules | 127,608 | ||||
Decrease in regulatory VaR | (2,038 | ) | |||
Decrease in stressed VaR | (13,700 | ) | |||
Decrease in incremental risk | (17,350 | ) | |||
Decrease in comprehensive risk | (9,568 | ) | |||
Decrease in specific risk | (32,375 | ) | |||
Change in Market RWAs | 52,577 | ||||
Total RWAs, December 31, 2013 | $433,226 | ||||
Credit RWAs as of December 2013 decreased $19.28 billion compared with December 2012, primarily due to a decrease in securities financing exposure. Market RWAs as of December 2013 increased by $52.58 billion compared with December 2012, reflecting the impact of the revised market risk regulatory capital requirements, which became effective on January 1, 2013, partially offset by, among other things, a decrease in specific risk due to a decrease in inventory. | |||||
Bank Subsidiaries | |||||
GS Bank USA, an FDIC-insured, New York State-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the Federal Reserve Board, the FDIC, the New York State Department of Financial Services and the Consumer Financial Protection Bureau, and is subject to minimum capital requirements (described below) that are calculated in a manner similar to those applicable to bank holding companies. For purposes of assessing the adequacy of its capital, GS Bank USA computes its risk-based capital ratios in accordance with the regulatory capital requirements applicable to state member banks. Those requirements are based on the Revised Capital Framework described above, with changes to the definition of regulatory capital and capital ratios effective from January 1, 2014. GS Bank USA was notified in the first quarter of 2014 that it had completed a “parallel run” to the satisfaction of the Federal Reserve Board, as required under the Revised Capital Framework. As such, additional changes in the firm’s capital requirements, including changes to RWAs, became effective from April 1, 2014. GS Bank USA is an Advanced approach banking organization under the Revised Capital Framework. | |||||
Under the Revised Capital Framework, as of January 1, 2014, GS Bank USA became subject to a new minimum CET1 ratio requirement of 4.0%. | |||||
Under the regulatory framework for prompt corrective action applicable to GS Bank USA as of June 2014, in order to meet the quantitative requirements for being a “well-capitalized” depository institution, GS Bank USA is required to maintain a Tier 1 capital ratio of at least 6.0%, a Total capital ratio of at least 10.0% and a Tier 1 leverage ratio of at least 5.0%. GS Bank USA agreed with the Federal Reserve Board to maintain minimum capital ratios in excess of these “well-capitalized” levels. Accordingly, for a period of time, GS Bank USA is expected to maintain a Tier 1 capital ratio of at least 8.0%, a Total capital ratio of at least 11.0% and a Tier 1 leverage ratio of at least 6.0%. As noted in the tables below, GS Bank USA was in compliance with these minimum capital requirements as of June 2014 and December 2013. 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. | |||||
Similar to the firm, GS Bank USA is required to calculate ratios under both the Basel III Advanced Rules and Hybrid Capital Rules as of June 2014, in both cases subject to transitional provisions. The ratios calculated under the Hybrid Capital Rules presented in the table below were lower than those calculated under the Basel III Advanced Rules, and therefore are the binding ratios for GS Bank USA as of June 2014. | |||||
As a result of the changes in the applicable capital framework in 2014, GS Bank USA’s capital ratios as of June 2014 and December 2013 are calculated on a different basis and, accordingly, are not comparable. | |||||
$ in millions | As of | ||||
June 2014 | |||||
Common Equity Tier 1 | $ 20,453 | ||||
Tier 1 capital | $ 20,453 | ||||
Tier 2 capital | $ 2,161 | ||||
Total capital | $ 22,614 | ||||
Total Hybrid Capital RWAs | $140,859 | ||||
CET1 ratio | 14.50% | ||||
Tier 1 capital ratio | 14.50% | ||||
Total capital ratio | 16.10% | ||||
Tier 1 leverage ratio | 18.80% | ||||
The table below presents information as of December 2013 regarding GS Bank USA’s regulatory capital ratios under the Prior Capital Rules. | |||||
$ in millions | As of | ||||
December 2013 | |||||
Tier 1 capital | $ 20,086 | ||||
Tier 2 capital | $ 116 | ||||
Total capital | $ 20,202 | ||||
Risk-weighted assets | $134,935 | ||||
Tier 1 capital ratio | 14.90% | ||||
Total capital ratio | 15.00% | ||||
Tier 1 leverage ratio | 16.90% | ||||
The deposits of GS Bank USA are insured by the FDIC to the extent provided by law. The Federal Reserve Board requires depository institutions to maintain cash reserves with a Federal Reserve Bank. The amount deposited by the firm’s depository institution held at the Federal Reserve Bank was $43.92 billion and $50.39 billion as of June 2014 and December 2013, respectively, which exceeded required reserve amounts by $43.76 billion and $50.29 billion as of June 2014 and December 2013, respectively. | |||||
Transactions between GS Bank USA and its subsidiaries and Group Inc. and its subsidiaries and affiliates (other than, generally, subsidiaries of GS Bank USA) are regulated by the Federal Reserve Board. These regulations generally limit the types and amounts of transactions (including credit extensions from GS Bank USA) that may take place and generally require those transactions to be on market terms or better to GS Bank USA. | |||||
The firm’s principal non-U.S. bank subsidiary, GSIB, is a wholly-owned credit institution, regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) and is subject to minimum capital requirements. As of June 2014 and December 2013, GSIB was in compliance with all regulatory capital requirements. | |||||
Broker-Dealer Subsidiaries | |||||
U.S. Regulated Broker-Dealer Subsidiaries. The firm’s U.S. regulated broker-dealer subsidiaries include GS&Co. and GSEC. GS&Co. and GSEC are registered U.S. broker-dealers and futures commission merchants, and are subject to regulatory capital requirements, including those imposed by the SEC, the U.S. Commodity Futures Trading Commission (CFTC), the Chicago Mercantile Exchange, the Financial Industry Regulatory Authority, Inc. (FINRA) and the National Futures Association. Rule 15c3-1 of the SEC and Rule 1.17 of the CFTC specify uniform minimum net capital requirements, as defined, for their registrants, and also effectively require that a significant part of the registrants’ assets be kept in relatively liquid form. GS&Co. and GSEC have elected to compute their minimum capital requirements in accordance with the “Alternative Net Capital Requirement” as permitted by Rule 15c3-1. | |||||
As of June 2014 and December 2013, GS&Co. had regulatory net capital, as defined by Rule 15c3-1, of $13.79 billion and $15.81 billion, respectively, which exceeded the amount required by $11.50 billion and $13.76 billion, respectively. As of June 2014 and December 2013, GSEC had regulatory net capital, as defined by Rule 15c3-1, of $1.53 billion and $1.38 billion, respectively, which exceeded the amount required by $1.37 billion and $1.21 billion, respectively. | |||||
In addition to its alternative minimum net capital requirements, GS&Co. is also required to hold tentative net capital in excess of $1 billion and net capital in excess of $500 million in accordance with the market and credit risk standards of Appendix E of Rule 15c3-1. GS&Co. is also required to notify the SEC in the event that its tentative net capital is less than $5 billion. As of June 2014 and December 2013, GS&Co. had tentative net capital and net capital in excess of both the minimum and the notification requirements. | |||||
Non-U.S. Regulated Broker-Dealer Subsidiaries. The firm’s principal non-U.S. regulated broker-dealer subsidiaries include Goldman Sachs International (GSI) and Goldman Sachs Japan Co., Ltd. (GSJCL). GSI, the firm’s regulated U.K. broker-dealer, is regulated by the PRA and the FCA. GSJCL, the firm’s Japanese broker-dealer, is regulated by Japan’s Financial Services Agency. These and certain other non-U.S. subsidiaries of the firm are also subject to capital adequacy requirements promulgated by authorities of the countries in which they operate. As of June 2014 and December 2013, these subsidiaries were in compliance with their local capital adequacy requirements. | |||||
Restrictions on Payments | |||||
As of June 2014 and December 2013, Group Inc. was required to maintain $37.39 billion and $31.20 billion, respectively, of minimum equity capital in its regulated subsidiaries in order to satisfy the regulatory requirements of such subsidiaries. Certain federal and state laws impose restrictions as to the payment of dividends to Group Inc. by its regulated subsidiaries, including GS Bank USA. In addition to limitations on the payment of dividends imposed by federal and state laws, the Federal Reserve Board, the FDIC and the New York State Department of Financial Services have authority to prohibit or to limit the payment of dividends by the banking organizations they supervise (including GS Bank USA) if, in the relevant regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in the light of the financial condition of the banking organization. Similar restrictions are imposed by regulators in jurisdictions outside of the U.S. |
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||
Earnings Per Common Share | ' | ||||||||||||||||||
Note 21. | |||||||||||||||||||
Earnings Per Common Share | |||||||||||||||||||
Basic earnings per common share (EPS) is calculated by dividing net earnings applicable to common shareholders by the weighted average number of common shares outstanding. Common shares outstanding includes common stock and RSUs for which no future service is required as a condition to the delivery of the underlying common stock. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for stock warrants and options and for RSUs for which future service is required as a condition to the delivery of the underlying common stock. | |||||||||||||||||||
The table below presents the computations of basic and diluted EPS. | |||||||||||||||||||
in millions, except | Three Months | Six Months | |||||||||||||||||
per share amounts | Ended June | Ended June | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Numerator for basic and diluted EPS — net earnings applicable to common shareholders | $1,953 | $1,861 | $3,902 | $4,049 | |||||||||||||||
Denominator for basic EPS —weighted average number of common shares | 461.7 | 473.2 | 465.1 | 477.5 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
RSUs | 5.9 | 7.2 | 5.4 | 6.7 | |||||||||||||||
Stock options and warrants | 8.3 | 23.1 | 9.6 | 22.4 | |||||||||||||||
Dilutive potential common shares | 14.2 | 30.3 | 15 | 29.1 | |||||||||||||||
Denominator for diluted EPS — weighted average number of common shares and dilutive potential common shares | 475.9 | 503.5 | 480.1 | 506.6 | |||||||||||||||
Basic EPS | $ 4.21 | $ 3.92 | $ 8.36 | $ 8.45 | |||||||||||||||
Diluted EPS | 4.1 | 3.7 | 8.13 | 7.99 | |||||||||||||||
In the table above, unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities in calculating EPS. The impact of applying this methodology was a reduction in basic EPS of $0.02 and $0.01 for the three months ended June 2014 and June 2013, respectively, and $0.03 for both the six months ended June 2014 and June 2013. | |||||||||||||||||||
The diluted EPS computations in the table above do not include antidilutive RSUs and common shares underlying antidilutive stock options of 6.0 million and 6.1 million for the three months ended June 2014 and June 2013, respectively, and 6.0 million and 6.1 million for the six months ended June 2014 and June 2013, respectively. |
Transactions_with_Affiliated_F
Transactions with Affiliated Funds | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||
Transactions with Affiliated Funds | ' | ||||||||||||||||||
Note 22. | |||||||||||||||||||
Transactions with Affiliated Funds | |||||||||||||||||||
The firm has formed numerous 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 fees earned from affiliated funds, fees receivable from affiliated funds and the aggregate carrying value of the firm’s interests in affiliated funds. | |||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Fees earned from affiliated funds | $718 | $682 | $ 1,610 | $ 1,382 | |||||||||||||||
As of | |||||||||||||||||||
in millions | June | December | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Fees receivable from funds | $ 640 | $ 817 | |||||||||||||||||
Aggregate carrying value of interests in funds | 12,715 | 13,124 | |||||||||||||||||
As of June 2014 and December 2013, the firm had outstanding guarantees on behalf of its funds of $304 million and $147 million, respectively. The amounts as of June 2014 and December 2013 primarily relate to a guarantee that the firm has voluntarily provided in connection with a financing agreement with a third-party lender executed by one of the firm’s real estate funds that is not covered by the Volcker Rule. As of June 2014 and December 2013, the firm had no outstanding loans or commitments to extend credit to affiliated funds. | |||||||||||||||||||
The Volcker Rule will restrict the firm from providing financial support to covered funds (as defined in the rule) after the expiration of the transition period in July 2015, subject to possible extensions through July 2017. As a general matter, in the ordinary course of business, the firm does not expect to provide additional voluntary financial support to any covered funds but may choose to do so with respect to funds that are not subject to the Volcker Rule; however, in the event that such support is provided, the amount is not expected to be material. | |||||||||||||||||||
In addition, in the ordinary course of business, the firm may also engage in other activities with its affiliated funds including, among others, securities lending, trade execution, market making, custody, and acquisition and bridge financing. See Note 18 for the firm’s investment commitments related to these funds. |
Interest_Income_and_Interest_E
Interest Income and Interest Expense | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Banking And Thrift Interest [Abstract] | ' | ||||||||||||||||||
Interest Income and Interest Expense | ' | ||||||||||||||||||
Note 23. | |||||||||||||||||||
Interest Income and Interest Expense | |||||||||||||||||||
Interest income is recorded on an accrual basis based on contractual interest rates. The table below presents the firm’s sources of interest income and interest expense. | |||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Interest income | |||||||||||||||||||
Deposits with banks | $ 49 | $ 50 | $ 99 | $ 98 | |||||||||||||||
Securities borrowed, securities purchased under agreements to resell and federal funds sold 1 | 19 | 14 | 37 | (10 | ) | ||||||||||||||
Financial instruments owned, at fair value | 1,968 | 2,192 | 4,013 | 4,430 | |||||||||||||||
Other interest 2 | 543 | 407 | 1,024 | 753 | |||||||||||||||
Total interest income | 2,579 | 2,663 | 5,173 | 5,271 | |||||||||||||||
Interest expense | |||||||||||||||||||
Deposits | 82 | 101 | 167 | 194 | |||||||||||||||
Securities loaned and securities sold under agreements to repurchase | 125 | 146 | 259 | 310 | |||||||||||||||
Financial instruments sold, but not yet purchased, at fair value | 446 | 599 | 979 | 1,110 | |||||||||||||||
Short-term borrowings 3 | 104 | 115 | 199 | 221 | |||||||||||||||
Long-term borrowings 3 | 925 | 972 | 1,828 | 1,882 | |||||||||||||||
Other interest 4 | (103 | ) | (96 | ) | (296 | ) | (197 | ) | |||||||||||
Total interest expense | 1,579 | 1,837 | 3,136 | 3,520 | |||||||||||||||
Net interest income | $1,000 | $ 826 | $2,037 | $1,751 | |||||||||||||||
1 | Includes rebates paid and interest income on securities borrowed. | ||||||||||||||||||
2 | Includes interest income on customer debit balances and other interest-earning assets. | ||||||||||||||||||
3 | Includes interest on unsecured borrowings and other secured financings. | ||||||||||||||||||
4 | Includes rebates received on other interest-bearing liabilities and interest expense on customer credit balances. |
Income_Taxes
Income Taxes | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Income Taxes | ' | ||||
Note 24. | |||||
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 and liabilities are presented as a component of “Other assets” and “Other liabilities and accrued expenses,” respectively. | |||||
Unrecognized Tax Benefits | |||||
The firm recognizes tax positions in the 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 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, Korea 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. | |||||
Jurisdiction | As of | ||||
June 2014 | |||||
U.S. Federal | 2008 | ||||
New York State and City | 2007 | ||||
United Kingdom | 2008 | ||||
Japan | 2010 | ||||
Hong Kong | 2006 | ||||
Korea | 2010 | ||||
For U.S. Federal, IRS examinations of fiscal 2008 through calendar 2010 began in 2011. The field work for the examinations of 2008 through 2010 has been completed but the examinations have not been administratively finalized. The examinations of 2011 and 2012 began in 2013. | |||||
New York State and City examinations of fiscal 2004 through 2006 were finalized during the first quarter of 2014. The examinations of fiscal 2007 through 2010 began in 2013. | |||||
All years 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. | |||||
In January 2013, the firm was accepted into the Compliance Assurance Process program by the IRS. 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. The 2013 tax year is the first year being examined under the program. The firm was accepted into the program again for the 2014 tax year. |
Business_Segments
Business Segments | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Business Segments | ' | ||||||||||||||||||
Note 25. | |||||||||||||||||||
Business Segments | |||||||||||||||||||
The firm reports its activities in the following four business segments: Investment Banking, Institutional Client Services, Investing & Lending and Investment Management. | |||||||||||||||||||
Basis of Presentation | |||||||||||||||||||
In reporting segments, certain of the firm’s business lines have been aggregated where they have similar economic characteristics and are similar in each of the following areas: (i) the nature of the services they provide, (ii) their methods of distribution, (iii) the types of clients they serve and (iv) the regulatory environments in which they operate. | |||||||||||||||||||
The cost drivers of the firm taken as a whole — compensation, headcount and levels of business activity — are broadly similar in each of 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 excess liquidity and cash, secured client financing and other assets), revenues and expenses among the four 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. Transactions between segments are based on specific criteria or approximate third-party rates. Total operating expenses include corporate items that have not been allocated to individual business segments. | |||||||||||||||||||
Management believes that the following information provides a reasonable representation of each segment’s contribution to consolidated pre-tax earnings and total assets. | |||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||
Ended or as of June | Ended or as of June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Investment Banking | |||||||||||||||||||
Financial Advisory | $ 506 | $ 486 | $ 1,188 | $ 970 | |||||||||||||||
Equity underwriting | 545 | 371 | 982 | 761 | |||||||||||||||
Debt underwriting | 730 | 695 | 1,390 | 1,389 | |||||||||||||||
Total Underwriting | 1,275 | 1,066 | 2,372 | 2,150 | |||||||||||||||
Total net revenues | 1,781 | 1,552 | 3,560 | 3,120 | |||||||||||||||
Operating expenses | 1,076 | 1,025 | 2,121 | 2,089 | |||||||||||||||
Pre-tax earnings | $ 705 | $ 527 | $ 1,439 | $ 1,031 | |||||||||||||||
Segment assets | $ 2,188 | $ 1,862 | $ 2,188 | $ 1,862 | |||||||||||||||
Institutional Client Services | |||||||||||||||||||
Fixed Income, Currency and Commodities Client Execution | $ 2,223 | $ 2,463 | $ 5,073 | $ 5,680 | |||||||||||||||
Equities client execution | 483 | 638 | 899 | 1,447 | |||||||||||||||
Commissions and fees | 751 | 836 | 1,579 | 1,629 | |||||||||||||||
Securities services | 373 | 376 | 725 | 696 | |||||||||||||||
Total Equities | 1,607 | 1,850 | 3,203 | 3,772 | |||||||||||||||
Total net revenues | 3,830 | 4,313 | 2 | 8,276 | 9,452 | 2 | |||||||||||||
Operating expenses | 3,044 | 3,120 | 6,138 | 6,686 | |||||||||||||||
Pre-tax earnings | $ 786 | $ 1,193 | $ 2,138 | $ 2,766 | |||||||||||||||
Segment assets | $724,792 | $825,091 | $724,792 | $825,091 | |||||||||||||||
Investing & Lending | |||||||||||||||||||
Equity securities | $ 1,253 | $ 462 | $ 1,955 | $ 1,589 | |||||||||||||||
Debt securities and loans | 604 | 658 | 1,201 | 1,224 | |||||||||||||||
Other | 215 | 295 | 445 | 670 | |||||||||||||||
Total net revenues | 2,072 | 1,415 | 3,601 | 3,483 | |||||||||||||||
Operating expenses | 998 | 705 | 1,890 | 1,701 | |||||||||||||||
Pre-tax earnings | $ 1,074 | $ 710 | $ 1,711 | $ 1,782 | |||||||||||||||
Segment assets | $119,375 | $ 99,293 | $119,375 | $ 99,293 | |||||||||||||||
Investment Management | |||||||||||||||||||
Management and other fees | $ 1,203 | $ 1,098 | $ 2,355 | $ 2,158 | |||||||||||||||
Incentive fees | 139 | 118 | 443 | 258 | |||||||||||||||
Transaction revenues | 100 | 116 | 218 | 231 | |||||||||||||||
Total net revenues | 1,442 | 1,332 | 3,016 | 2,647 | |||||||||||||||
Operating expenses | 1,183 | 1,110 | 2,459 | 2,200 | |||||||||||||||
Pre-tax earnings | $ 259 | $ 222 | $ 557 | $ 447 | |||||||||||||||
Segment assets | $ 13,559 | $ 12,210 | $ 13,559 | $ 12,210 | |||||||||||||||
Total net revenues | $ 9,125 | $ 8,612 | $ 18,453 | $ 18,702 | |||||||||||||||
Total operating expenses 1 | 6,304 | 5,967 | 12,611 | 12,684 | |||||||||||||||
Total pre-tax earnings | $ 2,821 | $ 2,645 | $ 5,842 | $ 6,018 | |||||||||||||||
Total assets | $859,914 | $938,456 | $859,914 | $938,456 | |||||||||||||||
1 | Includes real estate-related exit costs of $3 million and $7 million for the three months ended June 2014 and June 2013, respectively, and $3 million and $8 million for the six months ended June 2014 and June 2013, respectively, that have not been allocated to the firm’s segments. Real estate-related exit costs are included in “Depreciation and amortization” and “Occupancy” in the condensed consolidated statements of earnings. | ||||||||||||||||||
2 | Includes $(3) million and $37 million for the three and six months ended June 2013, respectively, of realized gains/(losses) on available-for-sale securities. | ||||||||||||||||||
The segment information presented in the table above is prepared according to the following methodologies: | |||||||||||||||||||
Ÿ | Revenues and expenses directly associated with each segment are included in determining pre-tax earnings. | ||||||||||||||||||
Ÿ | Net revenues in the firm’s segments include allocations of interest income and interest expense to specific securities, commodities and other positions in relation to the cash generated by, or funding requirements of, such underlying positions. Net interest is included in segment net revenues as it is consistent with the way in which management assesses segment performance. | ||||||||||||||||||
Ÿ | Overhead expenses not directly allocable to specific segments are allocated ratably based on direct segment expenses. | ||||||||||||||||||
The tables below present the amounts of net interest income or interest expense included in net revenues, and the amounts of depreciation and amortization expense included in pre-tax earnings. | |||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Investment Banking | $ — | $ — | $ — | $ — | |||||||||||||||
Institutional Client Services | 894 | 785 | 1,873 | 1,694 | |||||||||||||||
Investing & Lending | 77 | 13 | 103 | — | |||||||||||||||
Investment Management | 29 | 28 | 61 | 57 | |||||||||||||||
Total net interest income | $1,000 | $826 | $2,037 | $1,751 | |||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Investment Banking | $ 35 | $ 38 | $ 67 | $ 71 | |||||||||||||||
Institutional Client Services | 122 | 129 | 236 | 281 | |||||||||||||||
Investing & Lending | 97 | 58 | 304 | 133 | |||||||||||||||
Investment Management | 38 | 40 | 75 | 81 | |||||||||||||||
Total depreciation and amortization 1 | $ 294 | $266 | $ 684 | $ 568 | |||||||||||||||
1 | Includes real estate-related exit costs of $2 million and $1 million for the three months ended June 2014 and June 2013, respectively, and $2 million for both the six months ended June 2014 and June 2013, that have not been allocated to the firm’s segments. | ||||||||||||||||||
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: | |||||||||||||||||||
Ÿ | Investment Banking: location of the client and investment banking team. | ||||||||||||||||||
Ÿ | Institutional Client Services: Fixed Income, Currency and Commodities Client Execution, and Equities (excluding Securities Services): location of the market-making desk; Securities Services: location of the primary market for the underlying security. | ||||||||||||||||||
Ÿ | Investing & Lending: Investing: location of the investment; Lending: location of the client. | ||||||||||||||||||
Ÿ | Investment Management: location of the sales team. | ||||||||||||||||||
The tables below present the total net revenues and pre-tax earnings of the firm by geographic region allocated based on the methodology referred to above, as well as the percentage of total net revenues and pre-tax earnings (excluding Corporate) for each geographic region. | |||||||||||||||||||
Three Months Ended June | |||||||||||||||||||
$ in millions | 2014 | 2013 | |||||||||||||||||
Net revenues | |||||||||||||||||||
Americas | $ 5,202 | 57% | $ 4,883 | 57% | |||||||||||||||
Europe, Middle East and Africa | 2,737 | 30% | 2,162 | 25% | |||||||||||||||
Asia (includes Australia and New Zealand) | 1,186 | 13% | 1,567 | 18% | |||||||||||||||
Total net revenues | $ 9,125 | 100% | $ 8,612 | 100% | |||||||||||||||
Pre-tax earnings | |||||||||||||||||||
Americas | $ 1,453 | 51% | $ 1,350 | 51% | |||||||||||||||
Europe, Middle East and Africa | 1,013 | 36% | 729 | 27% | |||||||||||||||
Asia (includes Australia and New Zealand) | 358 | 13% | 573 | 22% | |||||||||||||||
Subtotal | 2,824 | 100% | 2,652 | 100% | |||||||||||||||
Corporate | (3 | ) | (7 | ) | |||||||||||||||
Total pre-tax earnings | $ 2,821 | $ 2,645 | |||||||||||||||||
Six Months Ended June | |||||||||||||||||||
$ in millions | 2014 | 2013 | |||||||||||||||||
Net revenues | |||||||||||||||||||
Americas | $10,699 | 58% | $10,888 | 58% | |||||||||||||||
Europe, Middle East and Africa | 5,376 | 29% | 4,583 | 25% | |||||||||||||||
Asia (includes Australia and New Zealand) | 2,378 | 13% | 3,231 | 17% | |||||||||||||||
Total net revenues | $18,453 | 100% | $18,702 | 100% | |||||||||||||||
Pre-tax earnings | |||||||||||||||||||
Americas | $ 3,143 | 54% | $ 3,201 | 53% | |||||||||||||||
Europe, Middle East and Africa | 1,985 | 34% | 1,636 | 27% | |||||||||||||||
Asia (includes Australia and New Zealand) | 717 | 12% | 1,189 | 20% | |||||||||||||||
Subtotal | 5,845 | 100% | 6,026 | 100% | |||||||||||||||
Corporate | (3 | ) | (8 | ) | |||||||||||||||
Total pre-tax earnings | $ 5,842 | $ 6,018 | |||||||||||||||||
Credit_Concentrations
Credit Concentrations | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||
Credit Concentrations | ' | ||||||||
Note 26. | |||||||||
Credit Concentrations | |||||||||
Credit concentrations may arise from market making, client facilitation, investing, underwriting, lending and collateralized transactions and may be impacted by changes in economic, industry or political factors. The firm seeks to mitigate credit risk by actively monitoring exposures and obtaining collateral from counterparties as deemed appropriate. | |||||||||
While the firm’s activities expose it to many different industries and counterparties, the firm routinely executes a high volume of transactions with asset managers, investment funds, commercial banks, brokers and dealers, clearing houses and exchanges, which results in significant credit concentrations. | |||||||||
In the ordinary course of business, the firm may also be subject to a concentration of credit risk to a particular counterparty, borrower or issuer, including sovereign issuers, or to a particular clearing house or exchange. | |||||||||
The table below presents the credit concentrations in cash instruments held by the firm. | |||||||||
As of | |||||||||
$ in millions | June | December | |||||||
2014 | 2013 | ||||||||
U.S. government and federal | $93,157 | $90,118 | |||||||
agency obligations 1 | |||||||||
% of total assets | 10.80% | 9.90% | |||||||
Non-U.S. government and | $44,787 | $40,944 | |||||||
agency obligations 1 | |||||||||
% of total assets | 5.20% | 4.50% | |||||||
1 | Included in “Financial instruments owned, at fair value” and “Cash and securities segregated for regulatory and other purposes.” | ||||||||
As of June 2014 and December 2013, the firm did not have credit exposure to any other counterparty that exceeded 2% of total assets. | |||||||||
To reduce credit exposures, the firm may enter into agreements with counterparties that 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. 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 federal agency obligations and non-U.S. government and agency obligations. See Note 9 for further information about collateralized agreements and financings. | |||||||||
The table below presents U.S. government and federal agency obligations, and non-U.S. government and agency obligations, that collateralize resale agreements and securities borrowed transactions (including those in “Cash and securities segregated for regulatory and other purposes”). Because the firm’s primary credit exposure on such transactions is to the counterparty to the transaction, the firm would be exposed to the collateral issuer only in the event of counterparty default. | |||||||||
As of | |||||||||
in millions | June | December | |||||||
2014 | 2013 | ||||||||
U.S. government and federal | $61,865 | $100,672 | |||||||
agency obligations | |||||||||
Non-U.S. government and | 73,640 | 79,021 | |||||||
agency obligations 1 | |||||||||
1 | Principally consists of securities issued by the governments of France, the United Kingdom and Germany. |
Legal_Proceedings
Legal Proceedings | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitments And Contingencies Disclosure [Abstract] | ' | ||
Legal Proceedings | ' | ||
Note 27. | |||
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 an underwriting and is not being indemnified by a party that the firm believes will pay 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 as being equal to (a) in the case of (i), the amount of money damages claimed, (b) in the case of (ii), the amount of securities that the firm sold in the underwritings and (c) in the case of (iii), the price that purchasers paid for the securities less the estimated value, if any, as of June 2014 of the relevant securities, in each of cases (i), (ii) and (iii), taking into account any 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 $3.2 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, unless management can otherwise determine an appropriate amount, (ii) the matters are in early stages (such as the action filed by the Libyan Investment Authority discussed below), (iii) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (iv) there is uncertainty as to the outcome of pending appeals or motions, (v) there are significant factual issues to be resolved, and/or (vi) there are novel legal issues presented. For example, the firm’s potential liability with respect to future mortgage-related “put-back” claims and any future claims arising from the ongoing investigations by members of the Residential Mortgage-Backed Securities Working Group of the U.S. Financial Fraud Enforcement Task Force (RMBS Working Group) may ultimately result in a significant increase in the firm’s liabilities for mortgage-related matters, but is 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 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. See Note 18 for further information on mortgage-related contingencies. | |||
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 CDO market, the firm’s conflict of interest management, and the SEC investigation that led to GS&Co. entering into a consent agreement with the SEC, settling all claims made against GS&Co. by the SEC in connection with the ABACUS 2007-AC1 CDO offering (ABACUS 2007-AC1 transaction), pursuant to which GS&Co. paid $550 million of disgorgement and civil penalties. The consolidated amended complaint filed on July 25, 2011, which names as defendants Group Inc. and certain 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 unspecified damages. On June 21, 2012, the district court dismissed the claims based on Group Inc.’s not disclosing that it had received a “Wells” notice from the staff of the SEC related to the ABACUS 2007-AC1 transaction, but permitted the plaintiffs’ other claims to proceed. | |||
In June 2012, the Board received a demand from a shareholder that the Board investigate and take action relating to the firm’s mortgage-related activities and to stock sales by certain directors and executives of the firm. On February 15, 2013, this shareholder filed a putative shareholder derivative action in New York Supreme Court, New York County, against Group Inc. and certain current or former directors and employees, based on these activities and stock sales. The derivative complaint includes allegations of breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement and corporate waste, and seeks, among other things, unspecified monetary damages, disgorgement of profits and certain corporate governance and disclosure reforms. On May 28, 2013, Group Inc. informed the shareholder that the Board completed its investigation and determined to refuse the demand. On June 20, 2013, the shareholder made a books and records demand requesting materials relating to the Board’s determination. The parties have agreed to stay proceedings in the putative derivative action pending resolution of the books and records demand. | |||
In addition, the Board has received books and records demands from several shareholders for materials relating to, among other subjects, the firm’s mortgage servicing and foreclosure activities, participation in federal programs providing assistance to financial institutions and homeowners, loan sales to Fannie Mae and Freddie Mac, mortgage-related activities and conflicts management. | |||
GS&Co., Goldman Sachs Mortgage Company and GS Mortgage Securities Corp. and three current or former Goldman Sachs employees are defendants in a putative class action commenced on December 11, 2008 in the U.S. District Court for the Southern District of New York brought on behalf of purchasers of various mortgage pass-through certificates and asset-backed certificates issued by various securitization trusts established by the firm and underwritten by GS&Co. in 2007. The complaint generally alleges that the registration statement and prospectus supplements for the certificates violated the federal securities laws, and seeks unspecified compensatory damages and rescission or rescissionary damages. By a decision dated September 6, 2012, the U.S. Court of Appeals for the Second Circuit affirmed the district court’s dismissal of plaintiff’s claims with respect to 10 of the 17 offerings included in plaintiff’s original complaint but vacated the dismissal and remanded the case to the district court with instructions to reinstate the plaintiff’s claims with respect to the other seven offerings. On October 31, 2012, the plaintiff served an amended complaint relating to those seven offerings, plus seven additional offerings (additional offerings). On July 10, 2014, the court granted the defendants’ motion to dismiss as to the additional offerings. On June 3, 2010, another investor filed a separate putative class action asserting substantively similar allegations relating to one of the additional offerings and thereafter moved to further amend its amended complaint to add claims with respect to two of the additional offerings. On March 27, 2014, the district court largely denied defendants’ motion to dismiss as to the original offering, but denied the separate plaintiff’s motion to add the two additional offerings through an amendment. The securitization trusts issued, and GS&Co. underwrote, approximately $11 billion principal amount of certificates to all purchasers in the fourteen offerings at issue in the complaints. | |||
On September 30, 2010, a class action was filed in the U.S. District Court for the Southern District of New York against GS&Co., Group Inc. and two former GS&Co. employees on behalf of investors in $823 million of notes issued in 2006 and 2007 by two synthetic CDOs (Hudson Mezzanine 2006-1 and 2006-2). The amended complaint asserts federal securities law and common law claims, and seeks unspecified compensatory, punitive and other damages. The defendants’ motion to dismiss was granted as to plaintiff’s claim of market manipulation and denied as to the remainder of plaintiff’s claims by a decision dated March 21, 2012. On May 21, 2012, the defendants counterclaimed for breach of contract and fraud. On June 27, 2014, the appellate court denied defendants’ petition for leave to appeal from the district court’s January 22, 2014 order granting class certification. | |||
Various alleged purchasers of, and counterparties and providers of credit enhancement involved in transactions relating to, mortgage pass-through certificates, CDOs and other mortgage-related products (including Aozora Bank, Ltd., Basis Yield Alpha Fund (Master), the Charles Schwab Corporation, CIFG Assurance of North America, Inc., CMFG Life Insurance Company and related parties, Deutsche Zentral-Genossenschaftbank, the FDIC (as receiver for Guaranty Bank), the Federal Home Loan Banks of Chicago and Seattle, the FHFA (as conservator for Fannie Mae and Freddie Mac), IKB Deutsche Industriebank AG, John Hancock and related parties, Massachusetts Mutual Life Insurance Company, National Australia Bank, the National Credit Union Administration (as conservator or liquidating agent for several failed credit unions), Phoenix Light SF Limited and related parties, Royal Park Investments SA/NV, The Union Central Life Insurance Company, Ameritas Life Insurance Corp., Acacia Life Insurance Company, Watertown Savings Bank, Commerzbank and Texas County & District Retirement System) have filed complaints or summonses with notice in state and federal court or initiated arbitration proceedings against firm affiliates, generally alleging that the offering documents for the securities that they purchased contained untrue statements of material fact and material omissions and generally seeking rescission and/or damages. Certain of these complaints allege fraud and seek punitive damages. Certain of these complaints also name other firms as defendants. | |||
A number of other entities (including John Hancock and related parties, Norges Bank Investment Management and Selective Insurance Company) have threatened to assert claims of various types against the firm in connection with the sale of mortgage-related securities. The firm has entered into agreements with a number of these entities to toll the relevant statute of limitations. | |||
As of the date hereof, the aggregate amount of mortgage-related securities sold to plaintiffs in active and threatened cases described in the preceding two paragraphs where those plaintiffs are seeking rescission of such securities was approximately $17.7 billion (which does not reflect adjustment for any subsequent paydowns or distributions or any residual value of such securities, statutory interest or any other adjustments that may be claimed). This amount does not include the potential claims by these or other purchasers in the same or other mortgage-related offerings that have not been described above, or claims that have been dismissed. | |||
The firm has entered into agreements with Deutsche Bank National Trust Company and U.S. Bank National Association to toll the relevant statute of limitations with respect to claims for repurchase of residential mortgage loans based on alleged breaches of representations related to $11.4 billion original notional face amount of securitizations issued by trusts for which they act as trustees. | |||
Group Inc., Litton, Ocwen and Arrow Corporate Member Holdings LLC, a former subsidiary of Group Inc., are defendants in a putative class action pending since January 23, 2013 in the U.S. District Court for the Southern District of New York generally challenging the procurement manner and scope of “force-placed” hazard insurance arranged by Litton when homeowners failed to arrange for insurance as required by their mortgages. The complaint asserts claims for breach of contract, breach of fiduciary duty, misappropriation, conversion, unjust enrichment and violation of Florida unfair practices law, and seeks unspecified compensatory and punitive damages as well as declaratory and injunctive relief. An amended complaint, filed on November 19, 2013, added an additional plaintiff and RICO claims. On January 21, 2014, Group Inc. moved to sever the claims against it and certain other defendants. | |||
The firm has also received, and continues to receive, requests for information and/or subpoenas from federal, state and local regulators and law enforcement authorities, including members of the RMBS Working Group, relating to the mortgage-related securitization process, subprime mortgages, CDOs, synthetic mortgage-related products, sales communications and particular transactions involving these products, and servicing and foreclosure activities, and is cooperating with these regulators and other authorities, including in some cases agreeing to the tolling of the relevant statute of limitations. See also “Regulatory Investigations and Reviews and Related Litigation” below. | |||
The firm expects to be the subject of additional putative shareholder derivative actions, purported class actions, rescission and “put back” claims and other litigation, additional investor and shareholder demands, and additional regulatory and other investigations and actions with respect to mortgage-related offerings, loan sales, CDOs, and servicing and foreclosure activities. See Note 18 for information regarding mortgage-related contingencies not described in this Note 27. | |||
Private Equity-Sponsored Acquisitions Litigation. Group Inc. is among numerous private equity firms named as defendants in a federal antitrust action filed in the U.S. District Court for the District of Massachusetts in December 2007. As amended, the complaint generally alleges that the defendants have colluded to limit competition in bidding for private equity-sponsored acquisitions of public companies, thereby resulting in lower prevailing bids and, by extension, less consideration for shareholders of those companies in violation of Section 1 of the U.S. Sherman Antitrust Act and common law. The complaint seeks, among other things, treble damages in an unspecified amount. In June 2014, Group Inc. and the plaintiffs agreed to a settlement, subject to court approval. | |||
RALI Pass-Through Certificates Litigation. GS&Co. is among numerous underwriters named as defendants in a securities class action initially filed in September 2008 in New York Supreme Court, and subsequently removed to the U.S. District Court for the Southern District of New York. As to the underwriters, plaintiffs allege that the offering documents in connection with various offerings of mortgage-backed pass-through certificates violated the disclosure requirements of the federal securities laws. In addition to the underwriters, the defendants include Residential Capital, LLC (ResCap), Residential Accredit Loans, Inc. (RALI), Residential Funding Corporation (RFC), Residential Funding Securities Corporation (RFSC), and certain of their officers and directors. On January 3, 2013, the district court certified a class in connection with one offering underwritten by GS&Co. which includes only initial purchasers who bought the securities directly from the underwriters or their agents no later than ten trading days after the offering date. On April 30, 2013, the district court granted in part plaintiffs’ request to reinstate a number of the previously dismissed claims relating to an additional nine offerings underwritten by GS&Co. On May 10, 2013, the plaintiffs filed an amended complaint incorporating those nine additional offerings. On December 27, 2013, the court granted the plaintiffs’ motion for class certification as to the nine additional offerings but denied the plaintiffs’ motion to expand the time period and scope covered by the previous class definition. On May 28, 2014, the appellate court denied defendants’ petition for leave to appeal from the December 27, 2013 order granting class certification. | |||
GS&Co. underwrote approximately $5.57 billion principal amount of securities to all purchasers in the offerings included in the amended complaint. On May 14, 2012, ResCap, RALI and RFC filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. On June 28, 2013, the district court entered a final order and judgment approving a settlement between plaintiffs and ResCap, RALI, RFC, RFSC and their officers and directors named as defendants in the action. | |||
MF Global Securities Litigation. GS&Co. is among numerous underwriters named as defendants in class action complaints and an individual action filed in the U.S. District Court for the Southern District of New York commencing November 18, 2011. These complaints generally allege that the offering materials for two offerings of MF Global Holdings Ltd. (MF Global) convertible notes (aggregating approximately $575 million in principal amount) in February 2011 and July 2011, among other things, failed to describe adequately the nature, scope and risks of MF Global’s exposure to European sovereign debt, in violation of the disclosure requirements of the federal securities laws. On November 12, 2013, the court denied the defendants’ motions to dismiss the consolidated amended class action complaint. GS&Co. underwrote an aggregate principal amount of approximately $227 million of the notes. On October 31, 2011, MF Global filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Manhattan, New York. | |||
GS&Co. has also received inquiries from various governmental and regulatory bodies and self-regulatory organizations concerning certain transactions with MF Global prior to its bankruptcy filing. Goldman Sachs is cooperating with all such inquiries. | |||
Zynga Securities Litigation. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on August 1, 2012 in the California Superior Court, County of San Francisco. In addition to the underwriters, the defendants include Zynga Inc. (Zynga) and certain of its directors and officers. The consolidated amended complaint, filed on April 29, 2013, generally alleges that the offering materials for the March 2012 $516 million secondary offering of Zynga common stock by certain of Zynga’s shareholders violated the disclosure requirements of the federal securities laws, and seeks unspecified compensatory damages and rescission. On June 12, 2014, the defendants filed a demurrer, seeking to have the claims dismissed. GS&Co. underwrote 14,824,358 shares for a total offering price of approximately $178 million. | |||
FireEye Securities Litigation. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on June 20, 2014 in the California Superior Court, County of Santa Clara. In addition to the underwriters, the defendants include FireEye, Inc. (FireEye) and certain of its directors and officers. The complaint generally alleges misstatements and omissions in connection with the offering materials for the March 2014 $1.15 billion offering of FireEye common stock, asserts claims under the federal securities laws, and seeks unspecified compensatory damages and rescission. GS&Co. underwrote 2,100,000 shares for a total offering price of approximately $172 million. | |||
Employment-Related Matters. On September 15, 2010, a putative class action was filed in the U.S. District Court for the Southern District of New York by three female former employees alleging that Group Inc. and GS&Co. have systematically discriminated against female employees in respect of compensation, promotion, assignments, mentoring and performance evaluations. The complaint alleges a class consisting of all female employees employed at specified levels in specified areas by Group Inc. and GS&Co. since July 2002, and asserts claims under federal and New York City discrimination laws. The complaint seeks class action status, injunctive relief and unspecified amounts of compensatory, punitive and other damages. On July 17, 2012, the district court issued a decision granting in part Group Inc.’s and GS&Co.’s motion to strike certain of plaintiffs’ class allegations on the ground that plaintiffs lacked standing to pursue certain equitable remedies and denying Group Inc.’s and GS&Co.’s motion to strike plaintiffs’ class allegations in their entirety as premature. On March 21, 2013, the U.S. Court of Appeals for the Second Circuit held that arbitration should be compelled with one of the named plaintiffs, who as a managing director was a party to an arbitration agreement with the firm. On May 19, 2014, plaintiffs moved for class certification. | |||
Investment Management Services. Group Inc. and certain of its affiliates are parties to various civil litigation and arbitration proceedings and other disputes with clients relating to losses allegedly sustained as a result of the firm’s investment management services. These claims generally seek, among other things, restitution or other compensatory damages and, in some cases, punitive damages. | |||
Goldman Sachs Asset Management International (GSAMI) was the defendant in an action filed on July 9, 2012 with the High Court of Justice in London by certain entities representing Vervoer, a Dutch pension fund, alleging that GSAMI was negligent in performing its duties as investment manager in connection with the allocation of the plaintiffs’ funds among asset managers in accordance with asset allocations provided by plaintiffs and that GSAMI breached its contractual and common law duties to the plaintiffs. On June 5, 2014, the parties entered into a settlement agreement resolving the action, and the settlement terms have been performed. | |||
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. | |||
Credit Derivatives Antitrust Matters. The European Commission announced in April 2011 that it was initiating proceedings to investigate further numerous financial services companies, including Group Inc., in connection with the supply of data related to credit default swaps and in connection with profit sharing and fee arrangements for clearing of credit default swaps, including potential anti-competitive practices. On July 1, 2013, the European Commission issued to those financial services companies a Statement of Objections alleging that they colluded to limit competition in the trading of exchange-traded unfunded credit derivatives and exchange trading of credit default swaps more generally, and setting out its process for determining fines and other remedies. (Group Inc. filed its response on January 21, 2014.) Group Inc.’s current understanding is that the proceedings related to profit sharing and fee arrangements for clearing of credit default swaps have been suspended indefinitely. The firm has received civil investigative demands from the U.S. Department of Justice for information on similar matters. Goldman Sachs is cooperating with the investigations and reviews. | |||
GS&Co. and Group Inc. are among the numerous defendants in putative antitrust class actions relating to credit derivatives, filed beginning in May 2013 and consolidated in the U.S. District Court for the Southern District of New York. The complaints generally allege that defendants violated federal antitrust laws by conspiring to forestall the development of alternatives to over-the-counter trading of credit derivatives and to maintain inflated bid-ask spreads for credit derivatives trading. The complaints seek declaratory and injunctive relief as well as treble damages in an unspecified amount. The defendants moved to dismiss on May 23, 2014. | |||
Libya-Related Litigation. GSI is the defendant in an action filed on January 21, 2014 with the High Court of Justice in London by the Libyan Investment Authority, relating to nine derivative transactions between the plaintiff and GSI and seeking, among other things, rescission of the transactions and unspecified equitable compensation and damages exceeding $1 billion. On April 10, 2014, GSI moved for summary judgment. | |||
Municipal Securities Matters. GS&Co. (along with, in some cases, other financial services firms) is named as respondent in a number of FINRA arbitrations filed by municipalities, municipal-owned entities, state-owned agencies or instrumentalities and non-profit entities, based on GS&Co.’s role as underwriter of the claimants’ issuances of an aggregate of approximately $2.2 billion of auction rate securities from 2003 through 2007 and as a broker-dealer with respect to auctions for these securities. The claimants generally allege that GS&Co. failed to disclose that it had a practice of placing cover bids in auctions, and/or failed to inform the claimant of the deterioration of the auction rate market beginning in the fall of 2007, and that, as a result, the claimant was forced to engage in a series of expensive refinancing and conversion transactions after the failure of the auction market in February 2008. Certain claimants also allege that GS&Co. advised them to enter into interest rate swaps in connection with their auction rate securities issuances, causing them to incur additional losses. The claims include breach of fiduciary duty, fraudulent concealment, negligent misrepresentation, breach of contract, violations of the Exchange Act and state securities laws, and breach of duties under the rules of the Municipal Securities Rulemaking Board and the NASD. One claimant has also filed a complaint against GS&Co. in federal court asserting the same claims as in the FINRA arbitration. | |||
GS&Co. filed complaints and motions in federal court seeking to enjoin certain of the arbitrations to effectuate the exclusive forum selection clauses in the transaction documents. In one case, the district court denied the injunction but was reversed by the appellate court; in other cases, the district court granted the injunctions, which are being appealed. | |||
Commodities-Related Litigation. Group Inc. and its subsidiaries, GS Power Holdings LLC (GS Power) and Metro International Trade Services LLC (Metro), are among the defendants in a number of putative class actions filed beginning on August 1, 2013 and consolidated in the U.S. District Court for the Southern District of New York. The complaints generally allege violation of federal antitrust laws and other federal and state laws in connection with the management of aluminum storage facilities. The complaints seek declaratory, injunctive and other equitable relief as well as unspecified monetary damages, including treble damages. Plaintiffs filed consolidated amended complaints on March 12, 2014, and the Goldman Sachs defendants moved to dismiss on April 23, 2014. Group Inc., GS Power, Metro and GSI are also among the defendants named in putative class actions, filed beginning May 23, 2014 in the U.S. District Court for the Southern District of New York, based on similar alleged violations of the federal antitrust laws in connection with the management of zinc storage facilities. | |||
Currencies-Related Litigation. GS&Co. and Group Inc. are among the defendants named in several putative antitrust class actions relating to trading in the foreign exchange markets, filed since December 2013 in the U.S. District Court for the Southern District of New York. The complaints generally allege that defendants violated federal antitrust laws in connection with an alleged conspiracy to manipulate the foreign currency exchange markets and seek declaratory and injunctive relief as well as treble damages in an unspecified amount. On February 13, 2014, the cases were consolidated into one action. On February 28, 2014, Group Inc. was named in a separate putative class action containing substantially similar allegations, which was not consolidated but is coordinated with the other proceeding for pretrial purposes; that complaint was amended on April 30, 2014. On May 30, 2014, defendants moved to dismiss the complaints in both actions. | |||
High-Frequency Trading Litigation. Group Inc. is among the numerous securities exchanges, broker-dealers and purported high-frequency trading firms named as defendants in a number of putative securities class actions relating to high-frequency trading filed since April 18, 2014 in the U.S. District Court for the Southern District of New York. The complaints generally allege that the defendants violated the provisions of the federal securities laws prohibiting market manipulation and insider trading. The complaints seek, among other things, equitable and other injunctive relief, as well as unspecified compensatory damages, restitution and disgorgement. | |||
Regulatory Investigations and Reviews and Related Litigation. Group Inc. and certain of its affiliates are subject to a number of other investigations and reviews by, and in some cases have received subpoenas and requests for documents and information from, various governmental and regulatory bodies and self-regulatory organizations and litigation relating to various matters relating to the firm’s businesses and operations, including: | |||
Ÿ | the 2008 financial crisis; | ||
Ÿ | the public offering process; | ||
Ÿ | the firm’s investment management and financial advisory services; | ||
Ÿ | conflicts of interest; | ||
Ÿ | research practices, including research independence and interactions between research analysts and other firm personnel, including investment banking personnel, as well as third parties; | ||
Ÿ | transactions involving municipal securities, including wall-cross procedures and conflict of interest disclosure with respect to state and municipal clients, the trading and structuring of municipal derivative instruments in connection with municipal offerings, political contribution rules, underwriting of Build America Bonds, municipal advisory services and the possible impact of credit default swap transactions on municipal issuers; | ||
Ÿ | the sales, trading and clearance of corporate and government securities, currencies, commodities and other financial products and related sales and other communications and activities, including compliance with the SEC’s short sale rule, algorithmic, high-frequency and quantitative trading, the firm’s U.S. alternative trading system, futures trading, options trading, transaction reporting, technology systems and controls, securities lending practices, trading and clearance of credit derivative instruments, commodities activities and metals storage, private placement practices, allocations of and trading in securities, and trading activities and communications in connection with the establishment of benchmark rates; | ||
Ÿ | compliance with the U.S. Foreign Corrupt Practices Act, including with respect to the firm’s hiring practices; and | ||
Ÿ | insider trading, the potential misuse and dissemination of material nonpublic information regarding corporate and governmental developments and the effectiveness of the firm’s insider trading controls and information barriers. | ||
Goldman Sachs is cooperating with all such regulatory investigations and reviews. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Accounting Policies [Abstract] | ' | ||||
Basis of Presentation | ' | ||||
These condensed 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 condensed 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, 2013. References to “the 2013 Form 10-K” are to the firm’s Annual Report on Form 10-K for the year ended December 31, 2013. The condensed consolidated financial information as of December 31, 2013 has been derived from audited consolidated financial statements not included herein. | |||||
These unaudited condensed 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. | |||||
All references to June 2014, March 2014, December 2013 and June 2013 refer to the firm’s periods ended, or the dates, as the context requires, June 30, 2014, March 31, 2014, December 31, 2013 and June 30, 2013, respectively. Any reference to a future year refers to a year ending on December 31 of that year. Certain reclassifications have been made to previously reported amounts to conform to the current presentation. | |||||
Consolidation, Policy | ' | ||||
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 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 11 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 accounted for either (i) under the equity method of accounting or (ii) 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 general, the firm accounts for investments acquired after the fair value option became available, at fair value. 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 12 for further information about equity-method investments. | |||||
Investment Funds. The firm has formed numerous 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 included in “Financial instruments owned, at fair value.” See Notes 6, 18 and 22 for further information about investments in funds. | |||||
Equity Method Investments | ' | ||||
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 accounted for either (i) under the equity method of accounting or (ii) 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. | |||||
Use of Estimates | ' | ||||
Use of Estimates | |||||
Preparation of these condensed consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, accounting for goodwill and identifiable intangible assets, discretionary compensation accruals and the provisions for losses that may arise from litigation, regulatory proceedings and tax audits. These estimates and assumptions are based on the best available information but actual results could be materially different. | |||||
Revenue Recognition, Policy | ' | ||||
Revenue Recognition | |||||
Financial Assets and Financial Liabilities at Fair Value. Financial instruments owned, at fair value and Financial instruments sold, but not yet purchased, at fair value are recorded 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 other financial assets and financial 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” for positions in Institutional Client Services and “Other principal transactions” for positions in Investing & Lending. See Notes 5 through 8 for further information about fair value measurements. | |||||
Investment Banking. Fees from financial advisory assignments and underwriting revenues are recognized in earnings when the services related to the underlying transaction are completed under the terms of the assignment. Expenses associated with such transactions are deferred until the related revenue is recognized or the assignment is otherwise concluded. Expenses associated with financial advisory assignments are recorded as non-compensation expenses, net of client reimbursements. Underwriting revenues are presented net of related expenses. | |||||
Investment Management. The firm earns management fees and incentive fees for investment management services. 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 commitments and are received quarterly, semi-annually or annually, depending on the fund. All management fees are recognized over the period that the related service is provided. 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 12-month period or over the life of a fund. Fees that are based on performance over a 12-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 are recognized only when all material contingencies have been resolved. Management and incentive fee revenues are included in “Investment management” revenues. | |||||
The firm makes payments to brokers and advisors related to the placement of the firm’s investment funds. These payments are computed based on either a percentage of the management fee or the investment fund’s net asset value. Where the firm is principal to the arrangement, such costs are recorded on a gross basis and included in “Brokerage, clearing, exchange and distribution fees,” and where the firm is agent to the arrangement, such costs are recorded on a net basis in “Investment management” revenues. | |||||
Commissions and Fees. The firm earns “Commissions and fees” from executing and clearing client transactions on stock, options and futures markets. Commissions and fees are recognized on the day the trade is executed. | |||||
Transfers of Assets, Policy | ' | ||||
Transfers of Assets | |||||
Transfers of assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of assets accounted for as sales, any related gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred assets are measured at fair value. For transfers of assets that are not accounted for as sales, the assets remain in “Financial instruments owned, at fair value” and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Note 9 for further information about transfers of assets accounted for as collateralized financings and Note 10 for further information about transfers of assets accounted for as sales. | |||||
The firm accounts for a securitization as a sale when it has relinquished control over the transferred assets. Prior to securitization, the firm 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. | |||||
For transfers of assets that are not accounted for as sales, the assets remain in “Financial instruments owned, at fair value” and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Notes 9 and 23 for further information about collateralized financings and interest expense, respectively. | |||||
Cash and Cash Equivalents, Policy | ' | ||||
Cash and Cash Equivalents | |||||
The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. | |||||
Receivables from Customers and Counterparties, Policy | ' | ||||
Receivables from Customers and Counterparties | |||||
Receivables from customers and counterparties generally relate to collateralized transactions. Such receivables are primarily comprised of customer margin loans, certain transfers of assets accounted for as secured loans rather than purchases at fair value, collateral posted in connection with certain derivative transactions, and loans held for investment. Certain of the firm’s receivables from customers and counterparties are accounted for at fair value under the fair value option, with changes in fair value generally included in “Market making” revenues. Receivables from customers and counterparties not accounted for at fair value, including loans held for investment, are accounted for at amortized cost net of estimated uncollectible amounts. Interest on receivables from customers and counterparties is recognized over the life of the transaction and included in “Interest income.” See Note 8 for further information about receivables from customers and counterparties. | |||||
Receivables from and Payables to Brokers, Dealers and Clearing Organizations, Policy | ' | ||||
Receivables from and Payables to Brokers, Dealers and Clearing Organizations | |||||
Receivables from and payables to brokers, dealers and clearing organizations are accounted for at cost plus accrued interest, which generally approximates fair value. While these receivables and payables are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these receivables and payables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of June 2014 and December 2013. | |||||
Payables to Customers and Counterparties, Policy | ' | ||||
Payables to Customers and Counterparties | |||||
Payables to customers and counterparties primarily consist of customer credit balances related to the firm’s prime brokerage activities. Payables to customers and counterparties are accounted for at cost plus accrued interest, which generally approximates fair value. While these payables are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these payables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of June 2014 and December 2013. | |||||
Offsetting Assets and Liabilities, Policy | ' | ||||
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 condensed consolidated statements of financial condition when a legal right of setoff exists under an enforceable netting agreement. Resale and repurchase agreements and securities borrowed and loaned transactions with the same term and currency are presented on a net-by-counterparty basis in the condensed consolidated statements of financial condition when such transactions meet certain settlement criteria and are subject to netting agreements. | |||||
In the condensed consolidated statements of financial condition, derivatives are reported net of cash collateral received and posted under enforceable credit support agreements, when transacted under an enforceable netting agreement. In the condensed consolidated statements of financial condition, 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 9 for further information about collateral received and pledged, including rights to deliver or repledge collateral. See Notes 7 and 9 for further information about offsetting. | |||||
Share Based Compensation, Policy | ' | ||||
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. Expected forfeitures are included in determining share-based employee compensation expense. | |||||
The firm pays cash dividend equivalents on outstanding restricted stock units (RSUs). Dividend equivalents paid on RSUs are generally charged to retained earnings. Dividend equivalents paid on RSUs expected to be forfeited are included in compensation expense. The firm accounts for the tax benefit related to dividend equivalents paid on RSUs as an increase to additional paid-in capital. | |||||
The firm generally issues new shares of common stock upon delivery of share-based awards. In certain cases, primarily related to conflicted employment (as outlined in the applicable award agreements), the firm may cash settle share-based compensation awards accounted for as equity instruments. For these awards, whose terms allow for cash settlement, 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. | |||||
Foreign Currency Transactions and Translations, Policy | ' | ||||
Foreign Currency Translation | |||||
Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the date of the condensed consolidated statements of financial condition 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 condensed consolidated statements of comprehensive income. | |||||
Recent Accounting Developments | ' | ||||
Recent Accounting Developments | |||||
Investment Companies (ASC 946). In June 2013, the FASB issued ASU No. 2013-08, “Financial Services — Investment Companies (Topic 946) — Amendments to the Scope, Measurement, and Disclosure Requirements.” ASU No. 2013-08 clarifies the approach to be used for determining whether an entity is an investment company and provides new measurement and disclosure requirements. ASU No. 2013-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. Adoption of ASU No. 2013-08 on January 1, 2014 did not affect the firm’s financial condition, results of operations, or cash flows. | |||||
Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (ASC 815). In July 2013, the FASB issued ASU No. 2013-10, “Derivatives and Hedging (Topic 815) — Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.” ASU No. 2013-10 permits the use of the Fed Funds Effective Swap Rate (OIS) as a U.S. benchmark interest rate for hedge accounting purposes. The ASU also removes the restriction on using different benchmark rates for similar hedges. ASU No. 2013-10 was effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013 and adoption did not materially affect the firm’s financial condition, results of operations, or cash flows. | |||||
Revenue from Contracts with Customers (ASC 606). In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU No. 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The ASU also provides guidance on accounting for certain contract costs, and requires new disclosures. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The firm is still evaluating the effect of the ASU on its financial condition, results of operations, and cash flows. | |||||
Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (ASC 860). In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU No. 2014-11 changes the accounting for repurchase- and resale-to-maturity agreements by requiring that such agreements be recognized as financing arrangements, and requires that a transfer of a financial asset and a repurchase agreement entered into contemporaneously be accounted for separately. ASU No. 2014-11 also requires additional disclosures about certain transferred financial assets accounted for as sales and certain securities financing transactions. The accounting changes and additional disclosures about certain transferred financial assets accounted for as sales are effective for the first interim and annual reporting periods beginning after December 15, 2014. The additional disclosures for securities financing transactions are required for annual reporting periods beginning after December 15, 2014 and for interim reporting periods beginning after March 15, 2015. Early adoption is not permitted. Adoption of ASU No. 2014-11 is not expected to materially affect the firm’s financial condition, results of operations, or cash flows. | |||||
Fair Value Measurements, Policy | ' | ||||
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 financial 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 parameters as 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 fair value hierarchy for disclosure of fair value measurements. The fair value 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 the fair value hierarchy is based on the lowest level of input that is significant to its fair value measurement. | |||||
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. | |||||
Cash Instruments | |||||
Cash instruments include U.S. government and federal agency obligations, non-U.S. government and agency obligations, bank loans and bridge loans, corporate debt securities, equities and convertible debentures, and other non-derivative financial instruments owned and financial instruments sold, but not yet purchased. See below for the types of cash instruments included in each level of the fair value hierarchy and the valuation techniques and significant inputs used to determine their fair values. See Note 5 for an overview of the firm’s fair value measurement policies. | |||||
Level 1 Cash Instruments | |||||
Level 1 cash instruments include U.S. government obligations and most non-U.S. government obligations, actively traded listed equities, certain government agency obligations and money market instruments. 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 Cash Instruments | |||||
Level 2 cash instruments include commercial paper, certificates of deposit, time deposits, most government agency obligations, certain non-U.S. government obligations, most corporate debt securities, commodities, certain mortgage-backed loans and securities, certain bank loans and bridge loans, restricted or less liquid listed equities, most state and municipal obligations and certain lending commitments. | |||||
Valuations of level 2 cash 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 firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. | |||||
Valuation adjustments are typically made to level 2 cash instruments (i) if the cash 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 Cash Instruments | |||||
Level 3 cash instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 cash 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 of financial assets. | |||||
Valuation Techniques and Significant Inputs | |||||
The table below presents the valuation techniques and the nature of significant inputs. These valuation techniques and significant inputs are generally used to determine the fair values of each type of level 3 cash instrument. | |||||
Level 3 Cash Instruments | Valuation Techniques and Significant Inputs | ||||
Loans and securities backed by commercial real estate | Valuation techniques vary by instrument, but are generally based on discounted cash flow techniques. | ||||
Ÿ Collateralized by a single commercial real estate property or a portfolio of properties | Significant inputs are generally determined based on relative value analyses and include: | ||||
Ÿ May include tranches of varying levels of subordination | Ÿ Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral and the basis, or price difference, to such prices | ||||
Ÿ 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) | |||||
Ÿ 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, capitalization rates and multiples. 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 | |||||
Ÿ Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of other unobservable inputs (e.g., prepayment speeds) | |||||
Loans and securities backed by residential real estate | Valuation techniques vary by instrument, but are generally based on discounted cash flow techniques. | ||||
Ÿ Collateralized by portfolios of residential real estate | Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, Significant inputs include: | ||||
Ÿ May include tranches of varying levels of subordination | Ÿ Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral | ||||
Ÿ Market yields implied by transactions of similar or related assets | |||||
Ÿ Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines and related costs | |||||
Ÿ Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines | |||||
Bank loans and bridge loans | Valuation techniques vary by instrument, but are generally based on discounted cash flow techniques. | ||||
Significant inputs 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: | |||||
Ÿ Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices such as CDX and LCDX (indices that track the performance of corporate credit and loans, respectively) | |||||
Ÿ Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related cash instrument, the cost of borrowing the underlying reference obligation | |||||
Ÿ Duration | |||||
Non-U.S. government and | Valuation techniques vary by instrument, but are generally based on discounted cash flow techniques. | ||||
agency obligations | |||||
Corporate debt securities | |||||
State and municipal obligations | Significant inputs 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: | ||||
Other debt obligations | Ÿ Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices such as CDX, LCDX and MCDX (an index that tracks the performance of municipal obligations) | ||||
Ÿ Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related cash instrument, the cost of borrowing the underlying reference obligation | |||||
Ÿ Duration | |||||
Equities and convertible debentures (including private equity investments and investments in real estate entities) | Recent third-party completed or pending transactions (e.g., merger proposals, tender offers, debt restructurings) are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate: | ||||
Ÿ Industry multiples (primarily EBITDA multiples) and public comparables | |||||
Ÿ Transactions in similar instruments | |||||
Ÿ Discounted cash flow techniques | |||||
Ÿ Third-party appraisals | |||||
Ÿ Net asset value per share (NAV) | |||||
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: | |||||
Ÿ Market and transaction multiples | |||||
Ÿ Discount rates, long-term growth rates, earnings compound annual growth rates and capitalization rates | |||||
Ÿ For equity instruments with debt-like features: market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration | |||||
Investments in Funds That Are Calculated Using Net Asset Value Per Share | |||||
Cash instruments at fair value include investments in funds that are calculated based on the net asset value per share (NAV) of the investment fund. The firm uses NAV as its measure of fair value for 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 underlying investments at fair value. | |||||
Valuation Techniques 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. | |||||
Ÿ | Interest Rate. In general, the prices and other inputs used to value interest rate derivatives are transparent, even for 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 prices and other inputs are generally observable. | ||||
Ÿ | 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. | ||||
Ÿ | 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 observable for contracts with shorter tenors. | ||||
Ÿ | Commodity. Commodity derivatives include transactions referenced to energy (e.g., oil and natural gas), 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. | ||||
Ÿ | 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 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. See Note 5 for an overview of the firm’s fair value measurement policies. | |||||
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. | |||||
Other Secured Financings. The significant inputs to the valuation of other secured financings at fair value are the amount and timing of expected future cash flows, interest rates, funding spreads, the fair value of the collateral delivered by the firm (which is determined using the amount and timing of expected future cash flows, market prices, market yields and recovery assumptions) and the frequency of additional collateral calls. | |||||
Unsecured Short-term and Long-term Borrowings. The significant inputs to the valuation of unsecured short-term and long-term borrowings at fair value are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm, as well as commodity prices in the case of 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. See Note 7 for further information about derivatives. See Notes 15 and 16 for further information about unsecured short-term and long-term borrowings, respectively. | |||||
Certain of the firm’s unsecured short-term and long-term instruments are included in level 3, substantially all of which are hybrid financial instruments. As the significant unobservable inputs used to value hybrid financial instruments primarily relate to the embedded derivative component of these borrowings, these inputs are incorporated in the firm’s derivative disclosures related to unobservable inputs in Note 7. | |||||
Receivables from Customers and Counterparties. Receivables from customers and counterparties at fair value are primarily comprised of transfers of assets accounted for as secured loans rather than purchases. The significant inputs to the valuation of such receivables are commodity prices, 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. See Note 7 for further information about derivatives. See Note 14 for further information about deposits. | |||||
Hedge Accounting, Policy | ' | ||||
Hedge Accounting | |||||
The firm applies hedge accounting for (i) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit, (ii) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm’s net investment in certain non-U.S. operations and (iii) certain commodities-related swap and forward contracts used to manage the exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm’s consolidated investments. | |||||
To qualify for hedge accounting, the derivative hedge 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 test the hedging relationship at least on a quarterly basis to ensure the derivative hedge continues to be highly effective over the life of the hedging relationship. | |||||
Fair Value Hedges | |||||
The firm designates certain interest rate swaps as fair value hedges. These interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate (e.g., London Interbank Offered Rate (LIBOR) or OIS), effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations. | |||||
The firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of its fair value 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 fair value hedges, gains or losses on derivatives are included in “Interest expense.” The change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is subsequently amortized into interest expense over its remaining life. Gains or losses resulting from hedge ineffectiveness are included in “Interest 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 to interest 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. | |||||
Net Investment Hedges | |||||
The firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investment 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, the gains or losses on the hedging instruments, to the extent effective, are included in “Currency translation” within the condensed consolidated statements of comprehensive income. | |||||
Cash Flow Hedges | |||||
Beginning in the third quarter of 2013, the firm has designated certain commodities-related swap and forward contracts as cash flow hedges. These swap and forward contracts hedge the firm’s exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm’s consolidated investments. | |||||
The firm applies a statistical method that utilizes regression analysis when assessing hedge effectiveness. A cash flow hedge is considered highly effective in offsetting changes in forecasted cash flows attributable to 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 cash flow hedges, the gains or losses on derivatives, to the extent effective, are included in “Cash flow hedges” within the condensed consolidated statements of comprehensive income. Such gains or losses are reclassified to “Other principal transactions” within the condensed consolidated statements of earnings when the hedged commodities are sold or it becomes probable that the hedged forecasted sales will not occur. Gains or losses resulting from hedge ineffectiveness are included in “Other principal transactions.” | |||||
The effective portion of the gains recognized on these cash flow hedges, gains reclassified to earnings from accumulated other comprehensive income and gains related to hedge ineffectiveness were not material for the three and six months ended June 2014. There were no gains/(losses) excluded from the assessment of hedge effectiveness for the three and six months ended June 2014. The firm does not expect that gains related to cash flow hedges that would be reclassified to earnings within the next twelve months will be material. The length of time over which the firm is hedging its exposure to the variability in future cash flows for forecasted transactions is approximately eighteen months. | |||||
Fair Value Option, Policy | ' | ||||
In addition to all cash and derivative instruments included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” the firm accounts for certain of its other financial assets and financial liabilities at fair value primarily under the fair value option. | |||||
The primary reasons for electing the fair value option are to: | |||||
Ÿ | reflect economic events in earnings on a timely basis; | ||||
Ÿ | mitigate volatility in earnings from using different measurement attributes (e.g., transfers of financial instruments owned 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 | ||||
Ÿ | 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 non-financial 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 financial liabilities accounted for at fair value under the fair value option include: | |||||
Ÿ | repurchase agreements and substantially all resale agreements; | ||||
Ÿ | securities borrowed and loaned within Fixed Income, Currency and Commodities Client Execution; | ||||
Ÿ | substantially all other secured financings, including transfers of assets accounted for as financings rather than sales; | ||||
Ÿ | certain unsecured short-term borrowings, consisting of all promissory notes and commercial paper and certain hybrid financial instruments; | ||||
Ÿ | certain unsecured long-term borrowings, including certain prepaid commodity transactions and certain hybrid financial instruments; | ||||
Ÿ | certain receivables from customers and counterparties, including transfers of assets accounted for as secured loans rather than purchases and certain margin loans; | ||||
Ÿ | certain time deposits issued by the firm’s bank subsidiaries (deposits with no stated maturity are not eligible for a fair value option election), including structured certificates of deposit, which are hybrid financial instruments; and | ||||
Ÿ | certain subordinated liabilities issued by consolidated VIEs. | ||||
Collateralized Agreements and Financings, Policy | ' | ||||
Collateralized agreements and financings are presented on a net-by-counterparty basis when a legal right of setoff exists. Interest on collateralized agreements and collateralized financings is recognized over the life of the transaction and included in “Interest income” and “Interest expense,” respectively. See Note 23 for further information about interest income and interest expense. | |||||
Even though repurchase and resale agreements 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 at the maturity of the agreement. However, “repos-to-maturity” are accounted for as sales. A repo-to-maturity is a transaction in which the firm transfers a security under an agreement to repurchase the security where the maturity date of the repurchase agreement matches the maturity date of the underlying security. Therefore, the firm effectively no longer has a repurchase obligation and has relinquished control over the underlying security and, accordingly, accounts for the transaction as a sale. See Note 3 for information about future changes to the accounting for repos-to-maturity. The firm had no repos-to-maturity outstanding as of June 2014 or December 2013. | |||||
Securities borrowed and loaned within Fixed Income, Currency and Commodities Client Execution are recorded at fair value under the fair value option. See Note 8 for further information about securities borrowed and loaned accounted for at fair value. | |||||
Securities borrowed and loaned within Securities Services are recorded based on the amount of cash collateral advanced or received plus accrued interest. As these arrangements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates. Therefore, the carrying value of such arrangements approximates fair value. While these arrangements are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these arrangements been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of June 2014 and December 2013. | |||||
Other Secured Financings | |||||
In addition to repurchase agreements and securities lending 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 consist of: | |||||
Ÿ | liabilities of consolidated VIEs; | ||||
Ÿ | transfers of assets accounted for as financings rather than sales (primarily collateralized central bank financings, pledged commodities, bank loans and mortgage whole loans); and | ||||
Ÿ | 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 8 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. While these financings are carried at amounts that approximate fair value, they are not accounted for at fair value under the fair value option or at fair value in accordance with other U.S. GAAP and therefore are not included in the firm’s fair value hierarchy in Notes 6, 7 and 8. Had these financings been included in the firm’s fair value hierarchy, they would have primarily been classified in level 2 as of June 2014 and December 2013. | |||||
Consolidation, Variable Interest Entity, Policy | ' | ||||
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 11 for further information about VIEs. | |||||
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: | |||||
Ÿ | which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; | ||||
Ÿ | 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; | ||||
Ÿ | the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; | ||||
Ÿ | the VIE’s capital structure; | ||||
Ÿ | the terms between the VIE and its variable interest holders and other parties involved with the VIE; and | ||||
Ÿ | related-party relationships. | ||||
The firm reassesses its initial 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. | |||||
Property, Plant and Equipment, Policy | ' | ||||
Substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease, whichever is shorter. Certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software. | |||||
Impairments | |||||
The firm tests property, leasehold improvements and equipment, identifiable intangible assets and other assets for impairment whenever 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 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 is impaired and records an impairment loss 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 loss prior to the sale of an asset if the carrying value of the asset exceeds its estimated fair value. | |||||
Goodwill and Intangible Assets, Policy | ' | ||||
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. | |||||
When assessing goodwill for impairment, first, qualitative factors are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If results of the qualitative assessment are not conclusive, a quantitative test would be performed. | |||||
The quantitative goodwill impairment test consists of two steps. | |||||
Ÿ | The first step compares the estimated fair value of each reporting unit with its estimated net book value (including goodwill and identifiable intangible assets). If the reporting unit’s fair value exceeds its estimated net book value, goodwill is not impaired. | ||||
Ÿ | If the estimated fair value of a reporting unit is less than its estimated net book value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. An impairment loss is equal to the excess of the carrying amount of goodwill over its fair value. | ||||
Commitments to Extend Credit, Policy | ' | ||||
As of June 2014 and December 2013, approximately $48.21 billion and $35.66 billion, respectively, of the firm’s lending commitments were held for investment and were accounted for on an accrual basis. | |||||
The firm accounts for the remaining commitments to extend credit at fair value. Losses, if any, are generally recorded, net of any fees in “Other principal transactions.” | |||||
Property, Plant and Equipment, Operating Lease Policy | ' | ||||
Operating leases include office space held in excess of current requirements. Rent expense relating to space held for growth is included in “Occupancy.” The firm records a liability, based on the fair value of the remaining lease rentals reduced by any potential or existing sublease rentals, for leases where the firm has ceased using the space and management has concluded that the firm will not derive any future economic benefits. Costs to terminate a lease before the end of its term are recognized and measured at fair value on termination. | |||||
Earnings Per Share Policy | ' | ||||
Basic earnings per common share (EPS) is calculated by dividing net earnings applicable to common shareholders by the weighted average number of common shares outstanding. Common shares outstanding includes common stock and RSUs for which no future service is required as a condition to the delivery of the underlying common stock. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for stock warrants and options and for RSUs for which future service is required as a condition to the delivery of the underlying common stock. | |||||
Income Tax, Policy | ' | ||||
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 and liabilities are presented as a component of “Other assets” and “Other liabilities and accrued expenses,” respectively. | |||||
Unrecognized Tax Benefits | |||||
The firm recognizes tax positions in the 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 financial statements. |
Financial_Instruments_Owned_at1
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased | ' | ||||||||||||||||||
The table below presents the firm’s financial instruments owned, at fair value, including those pledged as collateral, and financial instruments sold, but not yet purchased, at fair value. | |||||||||||||||||||
As of June 2014 | As of December 2013 | ||||||||||||||||||
in millions | Financial | Financial | Financial | Financial | |||||||||||||||
Instruments | Instruments | Instruments | Instruments | ||||||||||||||||
Owned | Sold, But | Owned | Sold, But | ||||||||||||||||
Not Yet | Not Yet | ||||||||||||||||||
Purchased | Purchased | ||||||||||||||||||
Commercial paper, certificates of deposit, time deposits and other | $ 6,537 | $ — | $ 8,608 | $ — | |||||||||||||||
money market instruments | |||||||||||||||||||
U.S. government and federal agency obligations | 75,648 | 15,734 | 71,072 | 20,920 | |||||||||||||||
Non-U.S. government and agency obligations | 44,787 | 24,786 | 40,944 | 26,999 | |||||||||||||||
Mortgage and other asset-backed loans and securities: | |||||||||||||||||||
Loans and securities backed by commercial real estate | 6,374 | 21 | 6,596 | 1 | |||||||||||||||
Loans and securities backed by residential real estate | 9,857 | 1 | 9,025 | 2 | |||||||||||||||
Bank loans and bridge loans | 18,731 | 732 | 1 | 17,400 | 925 | 1 | |||||||||||||
Corporate debt securities | 23,459 | 5,505 | 17,412 | 5,253 | |||||||||||||||
State and municipal obligations | 1,406 | — | 1,476 | 51 | |||||||||||||||
Other debt obligations | 3,645 | 31 | 3,129 | 4 | |||||||||||||||
Equities and convertible debentures | 97,462 | 29,331 | 101,024 | 22,583 | |||||||||||||||
Commodities | 4,057 | 1,826 | 4,556 | 966 | |||||||||||||||
Subtotal | 291,963 | 77,967 | 281,242 | 77,704 | |||||||||||||||
Derivatives | 53,843 | 46,195 | 57,879 | 49,722 | |||||||||||||||
Total | $345,806 | $124,162 | $339,121 | $127,426 | |||||||||||||||
1 | Primarily relates to the fair value of unfunded lending commitments for which the fair value option was elected. | ||||||||||||||||||
Gains and Losses from Market Making and Other Principal Transactions | ' | ||||||||||||||||||
The table below presents “Market making” revenues by major product type, as well as “Other principal transactions” revenues. | |||||||||||||||||||
in millions | Three Months | Six Months | |||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
Product Type | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Interest rates | $ (176 | ) | $ 131 | $ (456 | ) | $(1,033 | ) | ||||||||||||
Credit | 1,022 | (5 | ) | 2,202 | 1,454 | ||||||||||||||
Currencies | 561 | 851 | 856 | 3,360 | |||||||||||||||
Equities | 544 | 767 | 1,227 | 1,269 | |||||||||||||||
Commodities | 234 | 261 | 995 | 649 | |||||||||||||||
Other | — | 687 | 2 | — | 430 | 2 | |||||||||||||
Market making | 2,185 | 2,692 | 4,824 | 6,129 | |||||||||||||||
Other principal transactions 1 | 1,995 | 1,402 | 3,498 | 3,483 | |||||||||||||||
Total | $4,180 | $4,094 | $8,322 | $ 9,612 | |||||||||||||||
1 | Other principal transactions are included in the firm’s Investing & Lending segment. See Note 25 for net revenues, including net interest income, by product type for Investing & Lending, as well as the amount of net interest income included in Investing & Lending. The “Other” category in Note 25 relates to the firm’s consolidated investment entities, and primarily includes commodities-related net revenues. | ||||||||||||||||||
2 | Includes gains on insurance liabilities related to the firm’s European insurance business, which were offset by losses on the related hedges in other product types. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Financial Assets Liabilities Summary | ' | ||||||||||||
The table below presents financial assets and financial liabilities accounted for at fair value under the fair value option or in accordance with other U.S. GAAP. In the table below, counterparty and cash collateral netting represents the impact on derivatives of netting across levels of the fair value hierarchy. Netting among positions classified in the same level is included in that level. | |||||||||||||
As of | |||||||||||||
$ in millions | June | March | December | ||||||||||
2014 | 2014 | 2013 | |||||||||||
Total level 1 financial assets | $153,025 | $153,199 | $156,030 | ||||||||||
Total level 2 financial assets | 441,295 | 484,573 | 499,480 | ||||||||||
Total level 3 financial assets | 39,760 | 40,923 | 40,013 | ||||||||||
Counterparty and cash collateral netting | (96,842 | ) | (92,834 | ) | (95,350 | ) | |||||||
Total financial assets at fair value | $537,238 | $585,861 | $600,173 | ||||||||||
Total assets 1 | $859,914 | $915,665 | $911,507 | ||||||||||
Total level 3 financial assets as a percentage of Total assets | 4.60% | 4.50% | 4.40% | ||||||||||
Total level 3 financial assets as a percentage of Total financial assets at fair value | 7.40% | 7.00% | 6.70% | ||||||||||
Total level 1 financial liabilities | $ 67,579 | $ 71,973 | $ 68,412 | ||||||||||
Total level 2 financial liabilities | 247,288 | 273,929 | 300,583 | ||||||||||
Total level 3 financial liabilities | 12,389 | 13,208 | 12,046 | ||||||||||
Counterparty and cash collateral netting | (27,811 | ) | (25,415 | ) | (25,868 | ) | |||||||
Total financial liabilities at fair value | $299,445 | $333,695 | $355,173 | ||||||||||
Total level 3 financial liabilities as a percentage of Total financial liabilities at fair value | 4.10% | 4.00% | 3.40% | ||||||||||
1 | Includes approximately $837 billion, $892 billion and $890 billion as of June 2014, March 2014 and December 2013, respectively, that is carried at fair value or at amounts that generally approximate fair value. |
Cash_Instruments_Tables
Cash Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Fair Value, Cash Instruments, Measurement Inputs, Disclosure | ' | ||||||||||||||||||||||||||||||||||||
The tables below present the ranges of significant unobservable inputs used to value the firm’s level 3 cash instruments. | |||||||||||||||||||||||||||||||||||||
Level 3 Cash Instruments | Level 3 Assets | Valuation Techniques and | Range of Significant Unobservable | ||||||||||||||||||||||||||||||||||
as of June 2014 | Significant Unobservable Inputs | Inputs (Weighted Average) | |||||||||||||||||||||||||||||||||||
(in millions) | as of June 2014 | ||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | $2,620 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Ÿ Collateralized by a single commercial real estate property or a portfolio of properties | |||||||||||||||||||||||||||||||||||||
Ÿ Yield | 3.5% to 20.0% (10.0%) | ||||||||||||||||||||||||||||||||||||
Ÿ May include tranches of varying levels of subordination | |||||||||||||||||||||||||||||||||||||
Ÿ Recovery rate | 24.6% to 97.4% (70.8%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 0.2 to 5.3 (2.2) | ||||||||||||||||||||||||||||||||||||
Ÿ Basis | (2) points to 18 points (4 points) | ||||||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | $2,039 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Ÿ Collateralized by portfolios of residential real estate | |||||||||||||||||||||||||||||||||||||
Ÿ Yield | 2.9% to 17.5% (9.1%) | ||||||||||||||||||||||||||||||||||||
Ÿ May include tranches of varying levels of subordination | |||||||||||||||||||||||||||||||||||||
Ÿ Cumulative loss rate | 8.0% to 89.6% (25.4%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 1.2 to 10.5 (3.1) | ||||||||||||||||||||||||||||||||||||
Bank loans and bridge loans | $8,947 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Ÿ Yield | 1.6% to 23.4% (8.2%) | ||||||||||||||||||||||||||||||||||||
Ÿ Recovery rate | 34.7% to 87.1% (60.5%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 0.4 to 4.5 (1.7) | ||||||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | $3,181 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||||
State and municipal obligations | |||||||||||||||||||||||||||||||||||||
Other debt obligations | Ÿ Yield | 1.0% to 24.0% (8.5%) | |||||||||||||||||||||||||||||||||||
Ÿ Recovery rate | 0.0% to 70.0% (63.2%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 1.0 to 16.7 (4.5) | ||||||||||||||||||||||||||||||||||||
Equities and convertible debentures | $16,259 1 | Comparable multiples: | |||||||||||||||||||||||||||||||||||
(including private equity investments and investments in real estate entities) | |||||||||||||||||||||||||||||||||||||
Ÿ Multiples | 0.8x to 19.0x (6.6x) | ||||||||||||||||||||||||||||||||||||
Discounted cash flows: | |||||||||||||||||||||||||||||||||||||
Ÿ Discount rate/yield | 5.5% to 25.0% (14.6%) | ||||||||||||||||||||||||||||||||||||
Ÿ Long-term growth rate/compound annual growth rate | (3.5)% to 20.0% (7.1%) | ||||||||||||||||||||||||||||||||||||
Ÿ Capitalization rate | 5.1% to 12.1% (7.2%) | ||||||||||||||||||||||||||||||||||||
1 | The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. | ||||||||||||||||||||||||||||||||||||
Level 3 Cash Instruments | Level 3 Assets | Valuation Techniques and Significant Unobservable Inputs | Range of Significant Unobservable Inputs (Weighted Average) | ||||||||||||||||||||||||||||||||||
as of December 2013 | as of December 2013 | ||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | $2,692 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Ÿ Collateralized by a single commercial real estate property or a portfolio of properties | |||||||||||||||||||||||||||||||||||||
Ÿ Yield | 2.7% to 29.1% (10.1%) | ||||||||||||||||||||||||||||||||||||
Ÿ May include tranches of varying levels of subordination | |||||||||||||||||||||||||||||||||||||
Ÿ Recovery rate | 26.2% to 88.1% (74.4%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 0.6 to 5.7 (2.0) | ||||||||||||||||||||||||||||||||||||
Ÿ Basis | (9) points to 20 points (5 points) | ||||||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | |||||||||||||||||||||||||||||||||||||
$1,961 | Discounted cash flows: | ||||||||||||||||||||||||||||||||||||
Ÿ Collateralized by portfolios of residential real estate | |||||||||||||||||||||||||||||||||||||
Ÿ Yield | 2.6% to 25.8% (10.1%) | ||||||||||||||||||||||||||||||||||||
Ÿ May include tranches of varying levels of subordination | |||||||||||||||||||||||||||||||||||||
Ÿ Cumulative loss rate | 9.8% to 56.6% (24.9%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 1.4 to 16.7 (3.6) | ||||||||||||||||||||||||||||||||||||
Bank loans and bridge loans | $9,324 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Ÿ Yield | 1.0% to 39.6% (9.3%) | ||||||||||||||||||||||||||||||||||||
Ÿ Recovery rate | 40.0% to 85.0% (54.9%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 0.5 to 5.3 (2.1) | ||||||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | $3,977 | Discounted cash flows: | |||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||||
State and municipal obligations | |||||||||||||||||||||||||||||||||||||
Ÿ Yield | 1.5% to 40.2% (8.9%) | ||||||||||||||||||||||||||||||||||||
Other debt obligations | |||||||||||||||||||||||||||||||||||||
Ÿ Recovery rate | 0.0% to 70.0% (61.9%) | ||||||||||||||||||||||||||||||||||||
Ÿ Duration (years) | 0.6 to 16.1 (4.2) | ||||||||||||||||||||||||||||||||||||
Equities and convertible debentures | $14,685 1 | Comparable multiples: | |||||||||||||||||||||||||||||||||||
(including private equity investments and investments in real estate entities) | |||||||||||||||||||||||||||||||||||||
Ÿ Multiples | 0.6x to 18.8x (6.9x) | ||||||||||||||||||||||||||||||||||||
Discounted cash flows: | |||||||||||||||||||||||||||||||||||||
Ÿ Discount rate/yield | 6.0% to 29.1% (14.6%) | ||||||||||||||||||||||||||||||||||||
Ÿ Long-term growth rate/compound annual growth rate | 1.0% to 19.0% (8.1%) | ||||||||||||||||||||||||||||||||||||
Ÿ Capitalization rate | 4.6% to 11.3% (7.1%) | ||||||||||||||||||||||||||||||||||||
1 | The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. | ||||||||||||||||||||||||||||||||||||
Cash Instruments by Level | ' | ||||||||||||||||||||||||||||||||||||
The tables below present, by level within the fair value hierarchy, cash instrument assets and liabilities, at fair value. Cash instrument assets and liabilities are included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” respectively. | |||||||||||||||||||||||||||||||||||||
Cash Instrument Assets at Fair Value as of June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Commercial paper, certificates of deposit, time deposits and other money market instruments | $ 183 | $ 6,354 | $ — | $ 6,537 | |||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 29,912 | 45,736 | — | 75,648 | |||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | 34,522 | 10,212 | 53 | 44,787 | |||||||||||||||||||||||||||||||||
Mortgage and other asset-backed loans and securities 1: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | — | 3,754 | 2,620 | 6,374 | |||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | — | 7,818 | 2,039 | 9,857 | |||||||||||||||||||||||||||||||||
Bank loans and bridge loans | — | 9,784 | 8,947 | 18,731 | |||||||||||||||||||||||||||||||||
Corporate debt securities 2 | 272 | 20,857 | 2,330 | 23,459 | |||||||||||||||||||||||||||||||||
State and municipal obligations | — | 1,237 | 169 | 1,406 | |||||||||||||||||||||||||||||||||
Other debt obligations 2 | — | 3,016 | 629 | 3,645 | |||||||||||||||||||||||||||||||||
Equities and convertible debentures | 70,611 | 10,592 | 16,259 | 3 | 97,462 | ||||||||||||||||||||||||||||||||
Commodities | — | 4,057 | — | 4,057 | |||||||||||||||||||||||||||||||||
Total | $135,500 | $123,417 | $33,046 | $291,963 | |||||||||||||||||||||||||||||||||
Cash Instrument Liabilities at Fair Value as of June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | $ 15,616 | $ 118 | $ — | $ 15,734 | |||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | 22,997 | 1,789 | — | 24,786 | |||||||||||||||||||||||||||||||||
Mortgage and other asset-backed loans and securities: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | — | 14 | 7 | 21 | |||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||
Bank loans and bridge loans | — | 554 | 178 | 732 | |||||||||||||||||||||||||||||||||
Corporate debt securities | 10 | 5,492 | 3 | 5,505 | |||||||||||||||||||||||||||||||||
Other debt obligations | — | 29 | 2 | 31 | |||||||||||||||||||||||||||||||||
Equities and convertible debentures | 28,901 | 423 | 7 | 29,331 | |||||||||||||||||||||||||||||||||
Commodities | — | 1,826 | — | 1,826 | |||||||||||||||||||||||||||||||||
Total | $ 67,524 | $ 10,246 | $ 197 | $ 77,967 | |||||||||||||||||||||||||||||||||
1 | Includes $317 million and $570 million of collateralized debt obligations (CDOs) backed by real estate in level 2 and level 3, respectively. | ||||||||||||||||||||||||||||||||||||
2 | Includes $364 million and $1.05 billion of CDOs and collateralized loan obligations (CLOs) backed by corporate obligations in level 2 and level 3, respectively. | ||||||||||||||||||||||||||||||||||||
3 | Includes $14.41 billion of private equity investments, $1.43 billion of investments in real estate entities and $416 million of convertible debentures. | ||||||||||||||||||||||||||||||||||||
Cash Instrument Assets at Fair Value as of December 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Commercial paper, certificates of deposit, time deposits and other money market instruments | $ 216 | $ 8,392 | $ — | $ 8,608 | |||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 29,582 | 41,490 | — | 71,072 | |||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | 29,451 | 11,453 | 40 | 40,944 | |||||||||||||||||||||||||||||||||
Mortgage and other asset-backed loans and securities 1: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | — | 3,904 | 2,692 | 6,596 | |||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | — | 7,064 | 1,961 | 9,025 | |||||||||||||||||||||||||||||||||
Bank loans and bridge loans | — | 8,076 | 9,324 | 17,400 | |||||||||||||||||||||||||||||||||
Corporate debt securities 2 | 240 | 14,299 | 2,873 | 17,412 | |||||||||||||||||||||||||||||||||
State and municipal obligations | — | 1,219 | 257 | 1,476 | |||||||||||||||||||||||||||||||||
Other debt obligations 2 | — | 2,322 | 807 | 3,129 | |||||||||||||||||||||||||||||||||
Equities and convertible debentures | 76,945 | 9,394 | 14,685 | 3 | 101,024 | ||||||||||||||||||||||||||||||||
Commodities | — | 4,556 | — | 4,556 | |||||||||||||||||||||||||||||||||
Total | $136,434 | $112,169 | $32,639 | $281,242 | |||||||||||||||||||||||||||||||||
Cash Instrument Liabilities at Fair Value as of December 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | $ 20,871 | $ 49 | $ — | $ 20,920 | |||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | 25,325 | 1,674 | — | 26,999 | |||||||||||||||||||||||||||||||||
Mortgage and other asset-backed loans and securities: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||
Loans and securities backed by residential real estate | — | 2 | — | 2 | |||||||||||||||||||||||||||||||||
Bank loans and bridge loans | — | 641 | 284 | 925 | |||||||||||||||||||||||||||||||||
Corporate debt securities | 10 | 5,241 | 2 | 5,253 | |||||||||||||||||||||||||||||||||
State and municipal obligations | — | 50 | 1 | 51 | |||||||||||||||||||||||||||||||||
Other debt obligations | — | 3 | 1 | 4 | |||||||||||||||||||||||||||||||||
Equities and convertible debentures | 22,107 | 468 | 8 | 22,583 | |||||||||||||||||||||||||||||||||
Commodities | — | 966 | — | 966 | |||||||||||||||||||||||||||||||||
Total | $ 68,313 | $ 9,094 | $ 297 | $ 77,704 | |||||||||||||||||||||||||||||||||
1 | Includes $295 million and $411 million of CDOs backed by real estate in level 2 and level 3, respectively. | ||||||||||||||||||||||||||||||||||||
2 | Includes $451 million and $1.62 billion of CDOs and CLOs backed by corporate obligations in level 2 and level 3, respectively. | ||||||||||||||||||||||||||||||||||||
3 | Includes $12.82 billion of private equity investments, $1.37 billion of investments in real estate entities and $491 million of convertible debentures. | ||||||||||||||||||||||||||||||||||||
Cash Instruments, Level 3 Rollforward | ' | ||||||||||||||||||||||||||||||||||||
The tables below present changes in fair value for all cash instrument assets and liabilities categorized as level 3 as of the end of the period. Purchases in the tables below include both originations and secondary market purchases. | |||||||||||||||||||||||||||||||||||||
Level 3 Cash Instrument Assets at Fair Value for the Three Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | $ 45 | $ 1 | $ 1 | $ 9 | $ (1 | ) | $ (2 | ) | $ — | $ — | $ 53 | ||||||||||||||||||||||||||
Mortgage and other asset-backed loans and securities: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | 2,626 | 31 | 90 | 114 | (155 | ) | (304 | ) | 417 | (199 | ) | 2,620 | |||||||||||||||||||||||||
Loans and securities backed by residential real estate | 2,065 | 34 | 90 | 149 | (194 | ) | (3 | ) | 27 | (129 | ) | 2,039 | |||||||||||||||||||||||||
Bank loans and bridge loans | 9,687 | 130 | 116 | 798 | (272 | ) | (1,641 | ) | 990 | (861 | ) | 8,947 | |||||||||||||||||||||||||
Corporate debt securities | 2,632 | 86 | 34 | 211 | (666 | ) | (177 | ) | 401 | (191 | ) | 2,330 | |||||||||||||||||||||||||
State and municipal obligations | 242 | 1 | 2 | 28 | (41 | ) | — | 1 | (64 | ) | 169 | ||||||||||||||||||||||||||
Other debt obligations | 640 | 5 | 32 | 53 | (51 | ) | (25 | ) | 41 | (66 | ) | 629 | |||||||||||||||||||||||||
Equities and convertible debentures | 15,807 | 76 | 939 | 590 | (606 | ) | (328 | ) | 796 | (1,015 | ) | 16,259 | |||||||||||||||||||||||||
Total | $33,744 | $364 | 1 | $1,304 | 1 | $1,952 | $(1,986 | ) | $(2,480 | ) | $2,673 | $(2,525 | ) | $33,046 | |||||||||||||||||||||||
Level 3 Cash Instrument Liabilities at Fair Value for the Three Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
Beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Total | $ 204 | $ (6 | ) | $ (9 | ) | $ (49 | ) | $ 51 | $ 11 | $ 15 | $ (20 | ) | $ 197 | ||||||||||||||||||||||||
1 | The aggregate amounts include gains of approximately $232 million, $1.11 billion and $326 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. | ||||||||||||||||||||||||||||||||||||
Level 3 Cash Instrument Assets at Fair Value for the Six Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Non-U.S. government and agency obligations | $ 40 | $ 1 | $ — | $ 22 | $ (18 | ) | $ (1 | ) | $ 9 | $ — | $ 53 | ||||||||||||||||||||||||||
Mortgage and other asset-backed loans and securities: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | 2,692 | 66 | 165 | 366 | (259 | ) | (461 | ) | 404 | (353 | ) | 2,620 | |||||||||||||||||||||||||
Loans and securities backed by residential real estate | 1,961 | 68 | 132 | 252 | (177 | ) | (178 | ) | 199 | (218 | ) | 2,039 | |||||||||||||||||||||||||
Bank loans and bridge loans | 9,324 | 244 | 236 | 2,250 | (855 | ) | (2,213 | ) | 651 | (690 | ) | 8,947 | |||||||||||||||||||||||||
Corporate debt securities | 2,873 | 155 | 66 | 629 | (713 | ) | (405 | ) | 100 | (375 | ) | 2,330 | |||||||||||||||||||||||||
State and municipal obligations | 257 | 2 | 4 | 34 | (82 | ) | (2 | ) | 1 | (45 | ) | 169 | |||||||||||||||||||||||||
Other debt obligations | 807 | 15 | 38 | 122 | (160 | ) | (76 | ) | 38 | (155 | ) | 629 | |||||||||||||||||||||||||
Equities and convertible debentures | 14,685 | 102 | 1,262 | 1,886 | (1,025 | ) | (597 | ) | 1,515 | (1,569 | ) | 16,259 | |||||||||||||||||||||||||
Total | $32,639 | $653 | 1 | $1,903 | 1 | $5,561 | $(3,289 | ) | $(3,933 | ) | $2,917 | $(3,405 | ) | $33,046 | |||||||||||||||||||||||
Level 3 Cash Instrument Liabilities at Fair Value for the Six Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
Beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Total | $ 297 | $ (6 | ) | $ (70 | ) | $ (110 | ) | $ 71 | $ 11 | $ 5 | $ (1 | ) | $ 197 | ||||||||||||||||||||||||
1 | The aggregate amounts include gains of approximately $400 million, $1.56 billion and $597 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. | ||||||||||||||||||||||||||||||||||||
Level 3 Cash Instrument Assets at Fair Value for the Three Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Non-U.S. government and | $ 47 | $ 2 | $ 3 | $ 42 | $ (95 | ) | $ — | $ 92 | $ (1 | ) | $ 90 | ||||||||||||||||||||||||||
agency obligations | |||||||||||||||||||||||||||||||||||||
Mortgage and other asset-backed | |||||||||||||||||||||||||||||||||||||
loans and securities: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | 3,164 | 44 | 75 | 216 | (431 | ) | (258 | ) | 305 | (146 | ) | 2,969 | |||||||||||||||||||||||||
Loans and securities backed by | 1,683 | 30 | 61 | 223 | (163 | ) | (156 | ) | 106 | (46 | ) | 1,738 | |||||||||||||||||||||||||
residential real estate | |||||||||||||||||||||||||||||||||||||
Bank loans and bridge loans | 11,688 | 160 | 180 | 1,530 | (1,217 | ) | (1,780 | ) | 518 | (1,082 | ) | 9,997 | |||||||||||||||||||||||||
Corporate debt securities | 2,442 | 63 | 58 | 365 | (364 | ) | (90 | ) | 187 | (169 | ) | 2,492 | |||||||||||||||||||||||||
State and municipal obligations | 334 | 2 | 3 | 58 | (162 | ) | — | 93 | (6 | ) | 322 | ||||||||||||||||||||||||||
Other debt obligations | 855 | 9 | (3 | ) | 183 | (92 | ) | (132 | ) | 260 | (204 | ) | 876 | ||||||||||||||||||||||||
Equities and convertible debentures | 15,224 | 42 | 346 | 740 | (178 | ) | (330 | ) | 349 | (776 | ) | 15,417 | |||||||||||||||||||||||||
Total | $35,437 | $352 | 1 | $723 | 1 | $3,357 | $(2,702 | ) | $(2,746 | ) | $1,910 | $(2,430 | ) | $33,901 | |||||||||||||||||||||||
Level 3 Cash Instrument Liabilities at Fair Value for the Three Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Total | $ 441 | $ 14 | $ — | $ (210 | ) | $ 89 | $ 3 | $ 75 | $ (27 | ) | $ 385 | ||||||||||||||||||||||||||
1 | The aggregate amounts include gains of approximately $241 million, $612 million and $222 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. | ||||||||||||||||||||||||||||||||||||
Level 3 Cash Instrument Assets at Fair Value for the Six Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Non-U.S. government and | $ 26 | $ 3 | $ 6 | $ 64 | $ (9 | ) | $ (2 | ) | $ 5 | $ (3 | ) | $ 90 | |||||||||||||||||||||||||
agency obligations | |||||||||||||||||||||||||||||||||||||
Mortgage and other asset-backed | |||||||||||||||||||||||||||||||||||||
loans and securities: | |||||||||||||||||||||||||||||||||||||
Loans and securities backed by commercial real estate | 3,389 | 60 | 132 | 391 | (569 | ) | (624 | ) | 385 | (195 | ) | 2,969 | |||||||||||||||||||||||||
Loans and securities backed by | 1,619 | 65 | 79 | 475 | (365 | ) | (182 | ) | 124 | (77 | ) | 1,738 | |||||||||||||||||||||||||
residential real estate | |||||||||||||||||||||||||||||||||||||
Bank loans and bridge loans | 11,235 | 289 | 220 | 2,669 | (1,163 | ) | (3,007 | ) | 969 | (1,215 | ) | 9,997 | |||||||||||||||||||||||||
Corporate debt securities | 2,821 | 187 | 347 | 502 | (1,183 | ) | (290 | ) | 268 | (160 | ) | 2,492 | |||||||||||||||||||||||||
State and municipal obligations | 619 | 6 | 4 | 118 | (421 | ) | (2 | ) | 6 | (8 | ) | 322 | |||||||||||||||||||||||||
Other debt obligations | 1,185 | 22 | 18 | 423 | (390 | ) | (104 | ) | 160 | (438 | ) | 876 | |||||||||||||||||||||||||
Equities and convertible debentures | 14,855 | 86 | 920 | 968 | (491 | ) | (916 | ) | 1,097 | (1,102 | ) | 15,417 | |||||||||||||||||||||||||
Total | $35,749 | $718 | 1 | $1,726 | 1 | $5,610 | $(4,591 | ) | $(5,127 | ) | $3,014 | $(3,198 | ) | $33,901 | |||||||||||||||||||||||
Level 3 Cash Instrument Liabilities at Fair Value for the Six Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | ||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||
Total | $ 642 | $ 47 | $ — | $ (423 | ) | $ 172 | $ 7 | $ 64 | $ (124 | ) | $ 385 | ||||||||||||||||||||||||||
1 | The aggregate amounts include gains of approximately $662 million, $1.38 billion and $400 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. | ||||||||||||||||||||||||||||||||||||
Investments in Funds that are Calculated Using Net Asset Value Per Share | ' | ||||||||||||||||||||||||||||||||||||
The tables below present the fair value of the firm’s investments in, and unfunded commitments to, funds that are calculated using NAV. | |||||||||||||||||||||||||||||||||||||
As of June 2014 | |||||||||||||||||||||||||||||||||||||
in millions | Fair Value of | Unfunded | |||||||||||||||||||||||||||||||||||
Investments | Commitments | ||||||||||||||||||||||||||||||||||||
Private equity funds | $ 7,510 | $2,351 | |||||||||||||||||||||||||||||||||||
Credit funds | 3,001 | 1,683 | |||||||||||||||||||||||||||||||||||
Hedge funds | 1,461 | — | |||||||||||||||||||||||||||||||||||
Real estate funds | 1,773 | 382 | |||||||||||||||||||||||||||||||||||
Total | $13,745 | $4,416 | |||||||||||||||||||||||||||||||||||
As of December 2013 | |||||||||||||||||||||||||||||||||||||
in millions | Fair Value of | Unfunded | |||||||||||||||||||||||||||||||||||
Investments | Commitments | ||||||||||||||||||||||||||||||||||||
Private equity funds | $ 7,446 | $2,575 | |||||||||||||||||||||||||||||||||||
Credit funds | 3,624 | 2,515 | |||||||||||||||||||||||||||||||||||
Hedge funds | 1,394 | — | |||||||||||||||||||||||||||||||||||
Real estate funds | 1,908 | 471 | |||||||||||||||||||||||||||||||||||
Total | $14,372 | $5,561 |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Exchange Traded and OTC Derivatives | ' | ||||||||||||||||||||||||||||||||||||||||
The tables below present the fair value of derivatives on a net-by-counterparty basis. | |||||||||||||||||||||||||||||||||||||||||
As of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Derivative | Derivative | |||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||||||||||
Exchange-traded | $ 3,059 | $ 2,666 | |||||||||||||||||||||||||||||||||||||||
OTC | 50,784 | 43,529 | |||||||||||||||||||||||||||||||||||||||
Total | $53,843 | $46,195 | |||||||||||||||||||||||||||||||||||||||
As of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Derivative | Derivative | |||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||||||||||
Exchange-traded | $ 4,277 | $ 6,366 | |||||||||||||||||||||||||||||||||||||||
OTC | 53,602 | 43,356 | |||||||||||||||||||||||||||||||||||||||
Total | $57,879 | $49,722 | |||||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives on a Gross Basis | ' | ||||||||||||||||||||||||||||||||||||||||
The table below presents the fair value and the notional amount of derivative contracts by major product type on a gross basis. Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure. The table below also presents the amounts of counterparty and cash collateral netting in the condensed consolidated statements of financial condition, 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. 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 in the table below. 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. | |||||||||||||||||||||||||||||||||||||||||
As of June 2014 | As of December 2013 | ||||||||||||||||||||||||||||||||||||||||
in millions | Derivative | Derivative | Notional | Derivative | Derivative | Notional | |||||||||||||||||||||||||||||||||||
Assets | Liabilities | Amount | Assets | Liabilities | Amount | ||||||||||||||||||||||||||||||||||||
Derivatives not accounted for as hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rates | $ 626,078 | $ 573,843 | $47,606,176 | $ 641,186 | $ 587,110 | $44,110,483 | |||||||||||||||||||||||||||||||||||
Exchange-traded | 163 | 231 | 3,429,506 | 157 | 271 | 2,366,448 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 232,572 | 216,279 | 28,501,398 | 266,230 | 252,596 | 24,888,301 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 393,343 | 357,333 | 15,675,272 | 374,799 | 334,243 | 16,855,734 | |||||||||||||||||||||||||||||||||||
Credit | 53,990 | 51,338 | 2,754,868 | 60,751 | 56,340 | 2,946,376 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 5,433 | 5,332 | 381,086 | 3,943 | 4,482 | 348,848 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 48,557 | 46,006 | 2,373,782 | 56,808 | 51,858 | 2,597,528 | |||||||||||||||||||||||||||||||||||
Currencies | 59,009 | 51,532 | 5,123,746 | 70,757 | 63,659 | 4,311,971 | |||||||||||||||||||||||||||||||||||
Exchange-traded | 68 | 63 | 14,698 | 98 | 122 | 23,908 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 116 | 125 | 13,404 | 88 | 97 | 11,319 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 58,825 | 51,344 | 5,095,644 | 70,571 | 63,440 | 4,276,744 | |||||||||||||||||||||||||||||||||||
Commodities | 17,711 | 17,515 | 719,827 | 18,007 | 18,228 | 701,101 | |||||||||||||||||||||||||||||||||||
Exchange-traded | 4,863 | 3,790 | 367,968 | 4,323 | 3,661 | 346,057 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 266 | 298 | 3,267 | 11 | 12 | 135 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 12,582 | 13,427 | 348,592 | 13,673 | 14,555 | 354,909 | |||||||||||||||||||||||||||||||||||
Equities | 54,644 | 52,771 | 1,523,954 | 56,719 | 55,472 | 1,406,499 | |||||||||||||||||||||||||||||||||||
Exchange-traded | 9,963 | 10,580 | 551,650 | 10,544 | 13,157 | 534,840 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 10 | 1 | 299 | — | — | — | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 44,671 | 42,190 | 972,005 | 46,175 | 42,315 | 871,659 | |||||||||||||||||||||||||||||||||||
Subtotal | 811,432 | 746,999 | 57,728,571 | 847,420 | 780,809 | 53,476,430 | |||||||||||||||||||||||||||||||||||
Derivatives accounted for as hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rates | 12,609 | 303 | 124,034 | 11,403 | 429 | 132,879 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 4,056 | 26 | 38,365 | 1,327 | 27 | 10,637 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 8,553 | 277 | 85,669 | 10,076 | 402 | 122,242 | |||||||||||||||||||||||||||||||||||
Currencies | 16 | 116 | 9,684 | 74 | 56 | 9,296 | |||||||||||||||||||||||||||||||||||
OTC-cleared | 3 | 14 | 1,442 | 1 | 10 | 869 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 13 | 102 | 8,242 | 73 | 46 | 8,427 | |||||||||||||||||||||||||||||||||||
Commodities | 40 | — | 147 | 36 | — | 335 | |||||||||||||||||||||||||||||||||||
Exchange-traded | — | — | — | — | — | 23 | |||||||||||||||||||||||||||||||||||
Bilateral OTC | 40 | — | 147 | 36 | — | 312 | |||||||||||||||||||||||||||||||||||
Subtotal | 12,665 | 419 | 133,865 | 11,513 | 485 | 142,510 | |||||||||||||||||||||||||||||||||||
Gross fair value/notional amount of derivatives | $ 824,097 | 1 | $ 747,418 | 1 | $57,862,436 | $ 858,933 | 1 | $ 781,294 | 1 | $53,618,940 | |||||||||||||||||||||||||||||||
Amounts that have been offset in the condensed consolidated statements of financial condition | |||||||||||||||||||||||||||||||||||||||||
Counterparty netting | (674,863 | ) | (674,863 | ) | (707,411 | ) | (707,411 | ) | |||||||||||||||||||||||||||||||||
Exchange-traded | (11,998 | ) | (11,998 | ) | (10,845 | ) | (10,845 | ) | |||||||||||||||||||||||||||||||||
OTC-cleared | (220,564 | ) | (220,564 | ) | (254,756 | ) | (254,756 | ) | |||||||||||||||||||||||||||||||||
Bilateral OTC | (442,301 | ) | (442,301 | ) | (441,810 | ) | (441,810 | ) | |||||||||||||||||||||||||||||||||
Cash collateral netting | (95,391 | ) | (26,360 | ) | (93,643 | ) | (24,161 | ) | |||||||||||||||||||||||||||||||||
OTC-cleared | (21,460 | ) | (1,428 | ) | (16,353 | ) | (2,515 | ) | |||||||||||||||||||||||||||||||||
Bilateral OTC | (73,931 | ) | (24,932 | ) | (77,290 | ) | (21,646 | ) | |||||||||||||||||||||||||||||||||
Fair value included in financial instruments owned/financial instruments sold, but not yet purchased | $ 53,843 | $ 46,195 | $ 57,879 | $ 49,722 | |||||||||||||||||||||||||||||||||||||
Amounts that have not been offset in the condensed consolidated statements of financial condition | |||||||||||||||||||||||||||||||||||||||||
Cash collateral received/posted | (692 | ) | (2,166 | ) | (636 | ) | (2,806 | ) | |||||||||||||||||||||||||||||||||
Securities collateral received/posted | (10,951 | ) | (10,331 | ) | (13,225 | ) | (10,521 | ) | |||||||||||||||||||||||||||||||||
Total | $ 42,200 | $ 33,698 | $ 44,018 | $ 36,395 | |||||||||||||||||||||||||||||||||||||
1 | Includes derivative assets and derivative liabilities of $24.49 billion and $23.37 billion, respectively, as of June 2014, and derivative assets and derivative liabilities of $23.18 billion and $23.46 billion, respectively, as of December 2013, 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. | ||||||||||||||||||||||||||||||||||||||||
Fair Value, Derivatives, Measurement Inputs, Disclosure | ' | ||||||||||||||||||||||||||||||||||||||||
The tables below present the ranges of significant unobservable inputs used to value the firm’s level 3 derivatives as well as averages and medians of these inputs. The 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 of the respective financial instruments. An average greater than the median indicates that the majority of inputs are below the average. 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 presented in the tables below 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 presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the firm’s level 3 derivatives. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Derivative | Net Level 3 | Valuation Techniques and | Range of Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||
Product Type | Assets/(Liabilities) | Significant Unobservable Inputs | (Average / Median) as of June 2014 | ||||||||||||||||||||||||||||||||||||||
as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Interest rates | ($129) | Option pricing models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | (16)% to 84% (46% / 60%) | ||||||||||||||||||||||||||||||||||||||||
Volatility | 36 basis points per annum (bpa) to | ||||||||||||||||||||||||||||||||||||||||
165 bpa (107 bpa / 130 bpa) | |||||||||||||||||||||||||||||||||||||||||
Credit | $3,900 1 | Option pricing models, correlation models and discounted cash flows models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | |||||||||||||||||||||||||||||||||||||||||
5% to 95% (62% / 63%) | |||||||||||||||||||||||||||||||||||||||||
Credit spreads | |||||||||||||||||||||||||||||||||||||||||
1 basis points (bps) to 616 bps (124 bps / 84 bps) 3 | |||||||||||||||||||||||||||||||||||||||||
Upfront credit points | |||||||||||||||||||||||||||||||||||||||||
0 points to 99 points (40 points / 35 points) | |||||||||||||||||||||||||||||||||||||||||
Recovery rates | |||||||||||||||||||||||||||||||||||||||||
20% to 90% (47% / 40%) | |||||||||||||||||||||||||||||||||||||||||
Currencies | ($81) | Option pricing models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | 65% to 79% (72% / 72%) | ||||||||||||||||||||||||||||||||||||||||
Commodities | $(7) 1 | Option pricing models and discounted cash flows models: | |||||||||||||||||||||||||||||||||||||||
Volatility | |||||||||||||||||||||||||||||||||||||||||
9% to 43% (21% / 19%) | |||||||||||||||||||||||||||||||||||||||||
Spread per million British Thermal units (MMBTU) of natural gas | |||||||||||||||||||||||||||||||||||||||||
Spread per Metric Tonne (MT) of coal | $(2.31) to $4.55 ($(0.08) / $(0.03)) | ||||||||||||||||||||||||||||||||||||||||
$(13.38) to $0.50 ($(7.05) / $(10.35)) | |||||||||||||||||||||||||||||||||||||||||
Equities | ($1,499) | Option pricing models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | 25% to 99% (55% / 54%) | ||||||||||||||||||||||||||||||||||||||||
Volatility | 5% to 69% (19% / 19%) | ||||||||||||||||||||||||||||||||||||||||
1 | The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flows models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. | ||||||||||||||||||||||||||||||||||||||||
2 | The range of unobservable inputs for correlation across derivative product types (i.e., cross-asset correlation) was (40)% to 78% (Average: 28% / Median: 34%) as of June 2014. | ||||||||||||||||||||||||||||||||||||||||
3 | The difference between the average and the median for the credit spreads input indicates that the majority of the inputs fall in the lower end of the range. | ||||||||||||||||||||||||||||||||||||||||
Level 3 Derivative | Net Level 3 | Valuation Techniques and | Range of Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||
Product Type | Assets/(Liabilities) | Significant Unobservable Inputs | (Average / Median) as of December 2013 | ||||||||||||||||||||||||||||||||||||||
as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Interest rates | ($86) | Option pricing models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | 22% to 84% (58% / 60%) | ||||||||||||||||||||||||||||||||||||||||
Volatility | 36 bpa to 165 bpa (107 bpa / 112 bpa) | ||||||||||||||||||||||||||||||||||||||||
Credit | $4,176 1 | Option pricing models, correlation models and discounted cash flows models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | |||||||||||||||||||||||||||||||||||||||||
5% to 93% (61% / 61%) | |||||||||||||||||||||||||||||||||||||||||
Credit spreads | |||||||||||||||||||||||||||||||||||||||||
1 bps to 1,395 bps (153 bps / 116 bps) 3 | |||||||||||||||||||||||||||||||||||||||||
Upfront credit points | |||||||||||||||||||||||||||||||||||||||||
0 points to 100 points (46 points / 43 points) | |||||||||||||||||||||||||||||||||||||||||
Recovery rates | |||||||||||||||||||||||||||||||||||||||||
20% to 85% (50% / 40%) | |||||||||||||||||||||||||||||||||||||||||
Currencies | ($200) | Option pricing models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | 65% to 79% (72% / 72%) | ||||||||||||||||||||||||||||||||||||||||
Commodities | $60 1 | Option pricing models and discounted cash flows models: | |||||||||||||||||||||||||||||||||||||||
Volatility | |||||||||||||||||||||||||||||||||||||||||
15% to 52% (23% / 21%) | |||||||||||||||||||||||||||||||||||||||||
Spread per MMBTU of natural gas | |||||||||||||||||||||||||||||||||||||||||
$(1.74) to $5.62 ($(0.11) / $(0.04)) | |||||||||||||||||||||||||||||||||||||||||
Spread per MT of coal | |||||||||||||||||||||||||||||||||||||||||
$(17.00) to $0.50 ($(6.54) / $(5.00)) | |||||||||||||||||||||||||||||||||||||||||
Equities | ($959) | Option pricing models: | |||||||||||||||||||||||||||||||||||||||
Correlation 2 | 23% to 99% (58% / 59%) | ||||||||||||||||||||||||||||||||||||||||
Volatility | 6% to 63% (20% / 20%) | ||||||||||||||||||||||||||||||||||||||||
1 | The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flows models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. | ||||||||||||||||||||||||||||||||||||||||
2 | The range of unobservable inputs for correlation across derivative product types (i.e., cross-asset correlation) was (42)% to 78% (Average: 25% / Median: 30%) as of December 2013. | ||||||||||||||||||||||||||||||||||||||||
3 | The difference between the average and the median for the credit spreads input indicates that the majority of the inputs fall in the lower end of the range. | ||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives by Level | ' | ||||||||||||||||||||||||||||||||||||||||
The tables below present the fair value of derivatives on a gross basis by level and major product type as well as the impact of netting. The 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 and cash collateral netting.” Where the counterparty netting is across levels, the netting is reflected in “Cross-Level Netting.” | |||||||||||||||||||||||||||||||||||||||||
Derivative Assets at Fair Value as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Cross-Level | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Netting | Netting | ||||||||||||||||||||||||||||||||||||||||
Interest rates | $ 4 | $ 638,313 | $ 370 | $ — | $ — | $ 638,687 | |||||||||||||||||||||||||||||||||||
Credit | — | 46,655 | 7,335 | — | — | 53,990 | |||||||||||||||||||||||||||||||||||
Currencies | — | 58,699 | 326 | — | — | 59,025 | |||||||||||||||||||||||||||||||||||
Commodities | 2 | 17,278 | 471 | — | — | 17,751 | |||||||||||||||||||||||||||||||||||
Equities | 10 | 53,649 | 985 | — | — | 54,644 | |||||||||||||||||||||||||||||||||||
Gross fair value of derivative assets | 16 | 814,594 | 9,487 | — | — | 824,097 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | — | (670,534 | ) | (2,878 | ) | (1,451 | ) | (95,391 | ) | (770,254 | ) | ||||||||||||||||||||||||||||||
Fair value included in financial instruments owned | $16 | $ 144,060 | $ 6,609 | $(1,451 | ) | $(95,391 | ) | $ 53,843 | |||||||||||||||||||||||||||||||||
Derivative Liabilities at Fair Value as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Cross-Level | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Netting | Netting | ||||||||||||||||||||||||||||||||||||||||
Interest rates | $41 | $ 573,606 | $ 499 | $ — | $ — | $ 574,146 | |||||||||||||||||||||||||||||||||||
Credit | — | 47,903 | 3,435 | — | — | 51,338 | |||||||||||||||||||||||||||||||||||
Currencies | — | 51,241 | 407 | — | — | 51,648 | |||||||||||||||||||||||||||||||||||
Commodities | — | 17,037 | 478 | — | — | 17,515 | |||||||||||||||||||||||||||||||||||
Equities | 14 | 50,273 | 2,484 | — | — | 52,771 | |||||||||||||||||||||||||||||||||||
Gross fair value of derivative liabilities | 55 | 740,060 | 7,303 | — | — | 747,418 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | — | (670,534 | ) | (2,878 | ) | (1,451 | ) | (26,360 | ) | (701,223 | ) | ||||||||||||||||||||||||||||||
Fair value included in financial instruments sold, but not yet purchased | $55 | $ 69,526 | $ 4,425 | $(1,451 | ) | $(26,360 | ) | $ 46,195 | |||||||||||||||||||||||||||||||||
Derivative Assets at Fair Value as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Cross-Level | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Netting | Netting | ||||||||||||||||||||||||||||||||||||||||
Interest rates | $91 | $ 652,104 | $ 394 | $ — | $ — | $ 652,589 | |||||||||||||||||||||||||||||||||||
Credit | — | 52,834 | 7,917 | — | — | 60,751 | |||||||||||||||||||||||||||||||||||
Currencies | — | 70,481 | 350 | — | — | 70,831 | |||||||||||||||||||||||||||||||||||
Commodities | — | 17,517 | 526 | — | — | 18,043 | |||||||||||||||||||||||||||||||||||
Equities | 3 | 55,826 | 890 | — | — | 56,719 | |||||||||||||||||||||||||||||||||||
Gross fair value of derivative assets | 94 | 848,762 | 10,077 | — | — | 858,933 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | — | (702,703 | ) | (3,001 | ) | (1,707 | ) | (93,643 | ) | (801,054 | ) | ||||||||||||||||||||||||||||||
Fair value included in financial instruments owned | $94 | $ 146,059 | $ 7,076 | $(1,707 | ) | $(93,643 | ) | $ 57,879 | |||||||||||||||||||||||||||||||||
Derivative Liabilities at Fair Value as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Cross-Level | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Netting | Netting | ||||||||||||||||||||||||||||||||||||||||
Interest rates | $93 | $ 586,966 | $ 480 | $ — | $ — | $ 587,539 | |||||||||||||||||||||||||||||||||||
Credit | — | 52,599 | 3,741 | — | — | 56,340 | |||||||||||||||||||||||||||||||||||
Currencies | — | 63,165 | 550 | — | — | 63,715 | |||||||||||||||||||||||||||||||||||
Commodities | — | 17,762 | 466 | — | — | 18,228 | |||||||||||||||||||||||||||||||||||
Equities | 6 | 53,617 | 1,849 | — | — | 55,472 | |||||||||||||||||||||||||||||||||||
Gross fair value of derivative liabilities | 99 | 774,109 | 7,086 | — | — | 781,294 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | — | (702,703 | ) | (3,001 | ) | (1,707 | ) | (24,161 | ) | (731,572 | ) | ||||||||||||||||||||||||||||||
Fair value included in financial instruments sold, but not yet purchased | $99 | $ 71,406 | $ 4,085 | $(1,707 | ) | $(24,161 | ) | $ 49,722 | |||||||||||||||||||||||||||||||||
Fair Value of Derivatives, Level 3 Rollforward | ' | ||||||||||||||||||||||||||||||||||||||||
The tables below present changes in fair value for all derivatives categorized as level 3 as of the end of the period. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Derivative Assets and Liabilities at Fair Value for the Three Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Asset/ | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Asset/ | ||||||||||||||||||||||||||||||||
(liability) | realized | gains/(losses) | into | out of | (liability) | ||||||||||||||||||||||||||||||||||||
balance, | gains/ | relating to | level 3 | level 3 | balance, | ||||||||||||||||||||||||||||||||||||
beginning | (losses) | instruments | end of | ||||||||||||||||||||||||||||||||||||||
of period | still held at | period | |||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Interest rates — net | $ (31 | ) | $(10 | ) | $ (51 | ) | $ 2 | $ (6 | ) | $ 4 | $ (5 | ) | $ (32 | ) | $ (129 | ) | |||||||||||||||||||||||||
Credit — net | 3,958 | 26 | 233 | 122 | (110 | ) | (429 | ) | 195 | (95 | ) | 3,900 | |||||||||||||||||||||||||||||
Currencies — net | (143 | ) | (17 | ) | (36 | ) | 2 | — | 120 | — | (7 | ) | (81 | ) | |||||||||||||||||||||||||||
Commodities — net | 43 | 5 | (42 | ) | — | (9 | ) | (22 | ) | (3 | ) | 21 | (7 | ) | |||||||||||||||||||||||||||
Equities — net | (1,883 | ) | (25 | ) | 1,004 | 144 | (1,110 | ) | 2 | (23 | ) | 392 | (1,499 | ) | |||||||||||||||||||||||||||
Total derivatives — net | $ 1,944 | $(21 | ) 1 | $1,108 | 1 | $270 | $(1,235 | ) | $(325 | ) | $164 | $279 | $ 2,184 | ||||||||||||||||||||||||||||
1 | The aggregate amounts include gains/(losses) of approximately $1.11 billion and $(26) million reported in “Market making” and “Other principal transactions,” respectively. | ||||||||||||||||||||||||||||||||||||||||
Level 3 Derivative Assets and Liabilities at Fair Value for the Six Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Asset/ | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Asset/ | ||||||||||||||||||||||||||||||||
(liability) | realized | gains/(losses) | into | out of | (liability) | ||||||||||||||||||||||||||||||||||||
balance, | gains/ | relating to | level 3 | level 3 | balance, | ||||||||||||||||||||||||||||||||||||
beginning | (losses) | instruments | end of | ||||||||||||||||||||||||||||||||||||||
of period | still held at | period | |||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Interest rates — net | $ (86 | ) | $(34 | ) | $ (83 | ) | $ 4 | $ (7 | ) | $ 81 | $ 13 | $ (17 | ) | $ (129 | ) | ||||||||||||||||||||||||||
Credit — net | 4,176 | 69 | 564 | 90 | (122 | ) | (891 | ) | 117 | (103 | ) | 3,900 | |||||||||||||||||||||||||||||
Currencies — net | (200 | ) | (43 | ) | (3 | ) | 6 | (15 | ) | 177 | (2 | ) | (1 | ) | (81 | ) | |||||||||||||||||||||||||
Commodities — net | 60 | 64 | (91 | ) | 10 | (38 | ) | 39 | (12 | ) | (39 | ) | (7 | ) | |||||||||||||||||||||||||||
Equities — net | (959 | ) | (33 | ) | 1,393 | 155 | (2,210 | ) | 217 | (45 | ) | (17 | ) | (1,499 | ) | ||||||||||||||||||||||||||
Total derivatives — net | $2,991 | $ 23 | 1 | $1,780 | 1 | $265 | $(2,392 | ) | $(377 | ) | $ 71 | $(177 | ) | $ 2,184 | |||||||||||||||||||||||||||
1 | The aggregate amounts include gains/(losses) of approximately $1.85 billion and $(49) million reported in “Market making” and “Other principal transactions,” respectively. | ||||||||||||||||||||||||||||||||||||||||
Level 3 Derivative Assets and Liabilities at Fair Value for the Three Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Asset/ | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Asset/ | ||||||||||||||||||||||||||||||||
(liability) | realized | gains/(losses) | into | out of | (liability) | ||||||||||||||||||||||||||||||||||||
balance, | gains/ | relating to | level 3 | level 3 | balance, | ||||||||||||||||||||||||||||||||||||
beginning | (losses) | instruments | end of | ||||||||||||||||||||||||||||||||||||||
of period | still held at | period | |||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Interest rates — net | $ (305 | ) | $ 2 | $ 77 | $ 1 | $ — | $ 5 | $(22 | ) | $ 12 | $ (230 | ) | |||||||||||||||||||||||||||||
Credit — net | 5,882 | 31 | (599 | ) | 109 | (307 | ) | (314 | ) | 77 | (258 | ) | 4,621 | ||||||||||||||||||||||||||||
Currencies — net | (289 | ) | (18 | ) | 96 | 6 | (3 | ) | 156 | 84 | (2 | ) | 30 | ||||||||||||||||||||||||||||
Commodities — net | (27 | ) | 15 | 133 | 14 | (50 | ) | 19 | (80 | ) | 1 | 25 | |||||||||||||||||||||||||||||
Equities — net | (1,135 | ) | 12 | 204 | 130 | (2,290 | ) | 198 | 16 | 260 | (2,605 | ) | |||||||||||||||||||||||||||||
Total derivatives — net | $ 4,126 | $ 42 | 1 | $ (89 | ) 1 | $260 | $(2,650 | ) | $ 64 | $75 | $ 13 | $ 1,841 | |||||||||||||||||||||||||||||
1 | The aggregate amounts include gains/(losses) of approximately $16 million and $(63) million reported in “Market making” and “Other principal transactions,” respectively. | ||||||||||||||||||||||||||||||||||||||||
Level 3 Derivative Assets and Liabilities at Fair Value for the Six Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Asset/ | Net | Net unrealized | Purchases | Sales | Settlements | Transfers | Transfers | Asset/ | ||||||||||||||||||||||||||||||||
(liability) | realized | gains/(losses) | into | out of | (liability) | ||||||||||||||||||||||||||||||||||||
balance, | gains/ | relating to | level 3 | level 3 | balance, | ||||||||||||||||||||||||||||||||||||
beginning | (losses) | instruments | end of | ||||||||||||||||||||||||||||||||||||||
of period | still held at | period | |||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Interest rates — net | $ (355 | ) | $ (19 | ) | $ 86 | $ 2 | $ — | $ 56 | $ — | $ — | $ (230 | ) | |||||||||||||||||||||||||||||
Credit — net | 6,228 | 10 | (463 | ) | 183 | (362 | ) | (740 | ) | 295 | (530 | ) | 4,621 | ||||||||||||||||||||||||||||
Currencies — net | 35 | (45 | ) | (192 | ) | 6 | (5 | ) | 63 | 162 | 6 | 30 | |||||||||||||||||||||||||||||
Commodities — net | (304 | ) | (5 | ) | 62 | 9 | (2 | ) | 55 | 19 | 191 | 25 | |||||||||||||||||||||||||||||
Equities — net | (1,248 | ) | (86 | ) | 90 | 169 | (2,382 | ) | 943 | (29 | ) | (62 | ) | (2,605 | ) | ||||||||||||||||||||||||||
Total derivatives — net | $ 4,356 | $(145 | ) 1 | $(417 | ) 1 | $369 | $(2,751 | ) | $ 377 | $447 | $(395 | ) | $ 1,841 | ||||||||||||||||||||||||||||
1 | The aggregate amounts include losses of approximately $375 million and $187 million reported in “Market making” and “Other principal transactions,” respectively. | ||||||||||||||||||||||||||||||||||||||||
Bifurcated Embedded Derivatives | ' | ||||||||||||||||||||||||||||||||||||||||
The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings. These derivatives, which are recorded at fair value, primarily consist of interest rate, equity and commodity products and are included in “Unsecured short-term borrowings” and “Unsecured long-term borrowings” with the related borrowings. See Note 8 for further information. | |||||||||||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||||||||||
in millions | June | December | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Fair value of assets | $ 249 | $ 285 | |||||||||||||||||||||||||||||||||||||||
Fair value of liabilities | 440 | 373 | |||||||||||||||||||||||||||||||||||||||
Net liability | $ 191 | $ 88 | |||||||||||||||||||||||||||||||||||||||
Notional amount | $8,124 | $7,580 | |||||||||||||||||||||||||||||||||||||||
OTC Derivatives by Product Type and Tenor | ' | ||||||||||||||||||||||||||||||||||||||||
The tables below present the fair values of OTC derivative assets and liabilities by tenor and major product type. Tenor is based on expected duration for mortgage-related credit derivatives and generally on remaining contractual maturity for other derivatives. 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 and cash collateral netting.” Where the counterparty netting is across tenor categories, the netting is reflected in “Cross-Tenor Netting.” | |||||||||||||||||||||||||||||||||||||||||
OTC Derivative Assets as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | 0 - 12 | 5-Jan | 5 Years or | Cross-Tenor | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Months | Years | Greater | Netting | Netting | |||||||||||||||||||||||||||||||||||||
Interest rates | $ 5,747 | $26,406 | $82,235 | $ — | $ — | $ 114,388 | |||||||||||||||||||||||||||||||||||
Credit | 1,646 | 6,476 | 5,537 | — | — | 13,659 | |||||||||||||||||||||||||||||||||||
Currencies | 6,172 | 7,732 | 8,200 | — | — | 22,104 | |||||||||||||||||||||||||||||||||||
Commodities | 3,076 | 3,553 | 176 | — | — | 6,805 | |||||||||||||||||||||||||||||||||||
Equities | 5,778 | 9,702 | 4,974 | — | — | 20,454 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | (2,359 | ) | (4,330 | ) | (3,520 | ) | (21,026 | ) | (95,391 | ) | (126,626 | ) | |||||||||||||||||||||||||||||
Total | $20,060 | $49,539 | $97,602 | $(21,026 | ) | $(95,391 | ) | $ 50,784 | |||||||||||||||||||||||||||||||||
OTC Derivative Liabilities as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | 0 - 12 | 5-Jan | 5 Years or | Cross-Tenor | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Months | Years | Greater | Netting | Netting | |||||||||||||||||||||||||||||||||||||
Interest rates | $ 5,443 | $17,288 | $26,544 | $ — | $ — | $ 49,275 | |||||||||||||||||||||||||||||||||||
Credit | 3,490 | 5,411 | 2,357 | — | — | 11,258 | |||||||||||||||||||||||||||||||||||
Currencies | 6,086 | 4,117 | 4,781 | — | — | 14,984 | |||||||||||||||||||||||||||||||||||
Commodities | 3,065 | 2,391 | 2,187 | — | — | 7,643 | |||||||||||||||||||||||||||||||||||
Equities | 5,857 | 8,524 | 3,583 | — | — | 17,964 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | (2,359 | ) | (4,330 | ) | (3,520 | ) | (21,026 | ) | (26,360 | ) | (57,595 | ) | |||||||||||||||||||||||||||||
Total | $21,582 | $33,401 | $35,932 | $(21,026 | ) | $(26,360 | ) | $ 43,529 | |||||||||||||||||||||||||||||||||
OTC Derivative Assets as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | 0 - 12 | 5-Jan | 5 Years or | Cross-Tenor | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Months | Years | Greater | Netting | Netting | |||||||||||||||||||||||||||||||||||||
Interest rates | $ 7,235 | $26,029 | $75,731 | $ — | $ — | $ 108,995 | |||||||||||||||||||||||||||||||||||
Credit | 1,233 | 8,410 | 5,787 | — | — | 15,430 | |||||||||||||||||||||||||||||||||||
Currencies | 9,499 | 8,478 | 7,361 | — | — | 25,338 | |||||||||||||||||||||||||||||||||||
Commodities | 2,843 | 4,040 | 143 | — | — | 7,026 | |||||||||||||||||||||||||||||||||||
Equities | 7,016 | 9,229 | 4,972 | — | — | 21,217 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | (2,559 | ) | (5,063 | ) | (3,395 | ) | (19,744 | ) | (93,643 | ) | (124,404 | ) | |||||||||||||||||||||||||||||
Total | $25,267 | $51,123 | $90,599 | $(19,744 | ) | $(93,643 | ) | $ 53,602 | |||||||||||||||||||||||||||||||||
OTC Derivative Liabilities as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | 0 - 12 | 5-Jan | 5 Years or | Cross-Tenor | Cash Collateral | Total | |||||||||||||||||||||||||||||||||||
Months | Years | Greater | Netting | Netting | |||||||||||||||||||||||||||||||||||||
Interest rates | $ 5,019 | $16,910 | $21,903 | $ — | $ — | $ 43,832 | |||||||||||||||||||||||||||||||||||
Credit | 2,339 | 6,778 | 1,901 | — | — | 11,018 | |||||||||||||||||||||||||||||||||||
Currencies | 8,843 | 5,042 | 4,313 | — | — | 18,198 | |||||||||||||||||||||||||||||||||||
Commodities | 3,062 | 2,424 | 2,387 | — | — | 7,873 | |||||||||||||||||||||||||||||||||||
Equities | 6,325 | 6,964 | 4,068 | — | — | 17,357 | |||||||||||||||||||||||||||||||||||
Counterparty and cash collateral netting | (2,559 | ) | (5,063 | ) | (3,395 | ) | (19,744 | ) | (24,161 | ) | (54,922 | ) | |||||||||||||||||||||||||||||
Total | $23,029 | $33,055 | $31,177 | $(19,744 | ) | $(24,161 | ) | $ 43,356 | |||||||||||||||||||||||||||||||||
Derivatives with Credit-Related Contingent Features | ' | ||||||||||||||||||||||||||||||||||||||||
The table below presents the aggregate fair value of net derivative liabilities under such agreements (excluding application of collateral posted to reduce these liabilities), the related aggregate fair value of the assets posted as collateral, and the additional collateral or termination payments that could have been called at the reporting date by counterparties in the event of a one-notch and two-notch downgrade in the firm’s credit ratings. | |||||||||||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||||||||||
in millions | June | December | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Net derivative liabilities under bilateral agreements | $24,229 | $22,176 | |||||||||||||||||||||||||||||||||||||||
Collateral posted | 20,617 | 18,178 | |||||||||||||||||||||||||||||||||||||||
Additional collateral or termination payments for a one-notch downgrade | 1,191 | 911 | |||||||||||||||||||||||||||||||||||||||
Additional collateral or termination payments for a two-notch downgrade | 3,071 | 2,989 | |||||||||||||||||||||||||||||||||||||||
Credit Derivatives | ' | ||||||||||||||||||||||||||||||||||||||||
The table below presents certain information about credit derivatives. | |||||||||||||||||||||||||||||||||||||||||
Maximum Payout/Notional Amount | Maximum Payout/Notional | Fair Value of | |||||||||||||||||||||||||||||||||||||||
of Written Credit Derivatives by Tenor | Amount of Purchased | Written Credit Derivatives | |||||||||||||||||||||||||||||||||||||||
Credit Derivatives | |||||||||||||||||||||||||||||||||||||||||
$ in millions | 0 - 12 | 5-Jan | 5 Years | Total | Offsetting | Other | Asset | Liability | Net | ||||||||||||||||||||||||||||||||
Months | Years | or Greater | Purchased | Purchased | Asset/ | ||||||||||||||||||||||||||||||||||||
Credit | Credit | (Liability) | |||||||||||||||||||||||||||||||||||||||
Derivatives | 1 | Derivatives | 2 | ||||||||||||||||||||||||||||||||||||||
As of June 2014 | |||||||||||||||||||||||||||||||||||||||||
Credit spread on underlying | |||||||||||||||||||||||||||||||||||||||||
(basis points) | |||||||||||||||||||||||||||||||||||||||||
0-250 | $293,126 | $ 874,691 | $85,479 | $1,253,296 | $1,145,055 | $182,760 | $33,443 | $ 4,533 | $ 28,910 | ||||||||||||||||||||||||||||||||
251-500 | 5,533 | 23,683 | 5,230 | 34,446 | 27,722 | 8,229 | 1,865 | 399 | 1,466 | ||||||||||||||||||||||||||||||||
501-1,000 | 4,550 | 19,802 | 2,075 | 26,427 | 22,481 | 2,242 | 656 | 1,753 | (1,097 | ) | |||||||||||||||||||||||||||||||
Greater than 1,000 | 5,179 | 19,860 | 883 | 25,922 | 23,540 | 4,231 | 400 | 9,483 | (9,083 | ) | |||||||||||||||||||||||||||||||
Total | $308,388 | $ 938,036 | $93,667 | $1,340,091 | $1,218,798 | $197,462 | $36,364 | $16,168 | $ 20,196 | ||||||||||||||||||||||||||||||||
As of December 2013 | |||||||||||||||||||||||||||||||||||||||||
Credit spread on underlying | |||||||||||||||||||||||||||||||||||||||||
(basis points) | |||||||||||||||||||||||||||||||||||||||||
0-250 | $286,029 | $ 950,126 | $79,241 | $1,315,396 | $1,208,334 | $183,665 | $32,508 | $ 4,396 | $ 28,112 | ||||||||||||||||||||||||||||||||
251-500 | 7,148 | 42,570 | 10,086 | 59,804 | 44,642 | 16,884 | 2,837 | 1,147 | 1,690 | ||||||||||||||||||||||||||||||||
501-1,000 | 3,968 | 18,637 | 1,854 | 24,459 | 22,748 | 2,992 | 101 | 1,762 | (1,661 | ) | |||||||||||||||||||||||||||||||
Greater than 1,000 | 5,600 | 27,911 | 1,226 | 34,737 | 30,510 | 6,169 | 514 | 12,436 | (11,922 | ) | |||||||||||||||||||||||||||||||
Total | $302,745 | $1,039,244 | $92,407 | $1,434,396 | $1,306,234 | $209,710 | $35,960 | $19,741 | $ 16,219 | ||||||||||||||||||||||||||||||||
1 | Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underlyings. | ||||||||||||||||||||||||||||||||||||||||
2 | This purchased protection represents the notional amount of all other purchased credit derivatives not included in “Offsetting Purchased Credit Derivatives.” | ||||||||||||||||||||||||||||||||||||||||
Gain (Loss) from Interest Rate Hedges and Related Hedged Borrowings and Bank Deposits | ' | ||||||||||||||||||||||||||||||||||||||||
The table below presents the gains/(losses) from interest rate derivatives accounted for as hedges, the related hedged borrowings and bank deposits, and the hedge ineffectiveness on these derivatives, which primarily consists of amortization of prepaid credit spreads resulting from the passage of time. | |||||||||||||||||||||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||||||||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Interest rate hedges | $ 361 | $(4,261 | ) | $ 856 | $(6,104 | ) | |||||||||||||||||||||||||||||||||||
Hedged borrowings and bank deposits | (583 | ) | 3,805 | (1,204 | ) | 5,198 | |||||||||||||||||||||||||||||||||||
Hedge ineffectiveness | $(222 | ) | $ (456 | ) | $ (348 | ) | $ (906 | ) | |||||||||||||||||||||||||||||||||
Gains and Losses on Net Investment Hedges | ' | ||||||||||||||||||||||||||||||||||||||||
The table below presents the gains/(losses) from net investment hedging. | |||||||||||||||||||||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||||||||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Foreign currency forward contract hedges | $(159 | ) | $225 | $(271 | ) | $445 | |||||||||||||||||||||||||||||||||||
Foreign currency-denominated debt hedges | (39 | ) | 130 | (78 | ) | 350 |
Fair_Value_Option_Tables
Fair Value Option (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Financial Assets and Financial Liabilities by Level | ' | ||||||||||||||||||||||||||||||||||||||||
The tables below present, by level within the fair value hierarchy, other financial assets and financial liabilities accounted for at fair value primarily under the fair value option. | |||||||||||||||||||||||||||||||||||||||||
Other Financial Assets at Fair Value as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Securities segregated for regulatory and other purposes 1 | $17,509 | $ 6,438 | $ — | $ 23,947 | |||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | 108,454 | 50 | 108,504 | |||||||||||||||||||||||||||||||||||||
Securities borrowed | — | 51,971 | — | 51,971 | |||||||||||||||||||||||||||||||||||||
Receivables from customers and counterparties | — | 6,955 | 55 | 7,010 | |||||||||||||||||||||||||||||||||||||
Total | $17,509 | $173,818 | $ 105 | $191,432 | |||||||||||||||||||||||||||||||||||||
Other Financial Liabilities at Fair Value as of June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Deposits | $ — | $ 9,609 | $ 525 | $ 10,134 | |||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | — | 106,411 | 555 | 106,966 | |||||||||||||||||||||||||||||||||||||
Securities loaned | — | 1,529 | — | 1,529 | |||||||||||||||||||||||||||||||||||||
Other secured financings | — | 22,811 | 1,035 | 23,846 | |||||||||||||||||||||||||||||||||||||
Unsecured short-term borrowings | — | 14,560 | 3,057 | 17,617 | |||||||||||||||||||||||||||||||||||||
Unsecured long-term borrowings | — | 12,540 | 2,163 | 14,703 | |||||||||||||||||||||||||||||||||||||
Other liabilities and accrued expenses | — | 56 | 432 | 488 | |||||||||||||||||||||||||||||||||||||
Total | $ — | $167,516 | $7,767 | $175,283 | |||||||||||||||||||||||||||||||||||||
Other Financial Assets at Fair Value as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Securities segregated for regulatory and other purposes 1 | $19,502 | $ 12,435 | $ — | $ 31,937 | |||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | 161,234 | 63 | 161,297 | |||||||||||||||||||||||||||||||||||||
Securities borrowed | — | 60,384 | — | 60,384 | |||||||||||||||||||||||||||||||||||||
Receivables from customers and counterparties | — | 7,181 | 235 | 7,416 | |||||||||||||||||||||||||||||||||||||
Other assets | — | 18 | — | 18 | |||||||||||||||||||||||||||||||||||||
Total | $19,502 | $241,252 | $ 298 | $261,052 | |||||||||||||||||||||||||||||||||||||
Other Financial Liabilities at Fair Value as of December 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Deposits | $ — | $ 6,870 | $ 385 | $ 7,255 | |||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | — | 163,772 | 1,010 | 164,782 | |||||||||||||||||||||||||||||||||||||
Securities loaned | — | 973 | — | 973 | |||||||||||||||||||||||||||||||||||||
Other secured financings | — | 22,572 | 1,019 | 23,591 | |||||||||||||||||||||||||||||||||||||
Unsecured short-term borrowings | — | 15,680 | 3,387 | 19,067 | |||||||||||||||||||||||||||||||||||||
Unsecured long-term borrowings | — | 9,854 | 1,837 | 11,691 | |||||||||||||||||||||||||||||||||||||
Other liabilities and accrued expenses | — | 362 | 26 | 388 | |||||||||||||||||||||||||||||||||||||
Total | $ — | $220,083 | $7,664 | $227,747 | |||||||||||||||||||||||||||||||||||||
1 | Includes securities segregated for regulatory and other purposes accounted for at fair value under the fair value option, which consists of securities borrowed and resale agreements. In addition, level 1 consists of securities segregated for regulatory and other purposes accounted for at fair value under other U.S. GAAP, consisting of U.S. Treasury securities and money market instruments. | ||||||||||||||||||||||||||||||||||||||||
Level 3 Rollforward | ' | ||||||||||||||||||||||||||||||||||||||||
The tables below present changes in fair value for other financial assets and financial liabilities accounted for at fair value categorized as level 3 as of the end of the period. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Assets at Fair Value for the Three Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | $ 63 | $ — | $ — | $ — | $ — | $ — | $ (13 | ) | $ — | $ — | $ 50 | ||||||||||||||||||||||||||||||
Receivables from customers and counterparties | 34 | 1 | — | 22 | — | — | (2 | ) | — | — | 55 | ||||||||||||||||||||||||||||||
Total | $ 97 | $ 1 | 1 | $ — | $ 22 | $ — | $ — | $ (15 | ) | $ — | $ — | $ 105 | |||||||||||||||||||||||||||||
1. Included in “Market making.” | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Liabilities at Fair Value for the Three Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Deposits | $ 435 | $ — | $ 10 | $ — | $ — | $ 82 | $ (2 | ) | $ — | $ — | $ 525 | ||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 785 | — | 2 | — | — | — | (232 | ) | — | — | 555 | ||||||||||||||||||||||||||||||
Other secured financings | 1,132 | 5 | (6 | ) | — | — | 15 | (99 | ) | — | (12 | ) | 1,035 | ||||||||||||||||||||||||||||
Unsecured short-term borrowings | 3,392 | 4 | 121 | (3 | ) | — | 321 | (468 | ) | 332 | (642 | ) | 3,057 | ||||||||||||||||||||||||||||
Unsecured long-term borrowings | 1,789 | 11 | 12 | (2 | ) | — | 322 | (104 | ) | 238 | (103 | ) | 2,163 | ||||||||||||||||||||||||||||
Other liabilities and accrued expenses | 333 | 4 | 94 | — | — | — | 1 | — | — | 432 | |||||||||||||||||||||||||||||||
Total | $7,866 | $ 24 | 1 | $233 | 1 | $ (5 | ) | $ — | $740 | $(904 | ) | $570 | $(757 | ) | $7,767 | ||||||||||||||||||||||||||
1 | The aggregate amounts include losses of approximately $113 million, $138 million and $6 million reported in “Market making,” “Other principal transactions” and “Interest expense,” respectively. | ||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Assets at Fair Value for the Six Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | $ 63 | $ — | $ — | $ — | $ — | $ — | $ (13 | ) | $ — | $ — | $ 50 | ||||||||||||||||||||||||||||||
Receivables from customers and counterparties | 235 | 1 | 3 | 22 | — | — | (26 | ) | — | (180 | ) | 55 | |||||||||||||||||||||||||||||
Total | $ 298 | $ 1 | 1 | $ 3 | 1 | $ 22 | $ — | $ — | $ (39 | ) | $ — | $ (180 | ) | $ 105 | |||||||||||||||||||||||||||
1. The aggregate amounts include gains of approximately $4 million reported in “Market making.” | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Liabilities at Fair Value for the Six Months Ended June 2014 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Deposits | $ 385 | $ — | $ 16 | $ — | $ — | $ 128 | $ (4 | ) | $ — | $ — | $ 525 | ||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 1,010 | — | 2 | — | — | — | (457 | ) | — | — | 555 | ||||||||||||||||||||||||||||||
Other secured financings | 1,019 | 9 | (6 | ) | — | — | 407 | (231 | ) | 29 | (192 | ) | 1,035 | ||||||||||||||||||||||||||||
Unsecured short-term borrowings | 3,387 | 8 | 79 | (3 | ) | — | 1,033 | (1,239 | ) | 500 | (708 | ) | 3,057 | ||||||||||||||||||||||||||||
Unsecured long-term borrowings | 1,837 | 20 | 42 | (2 | ) | — | 448 | (203 | ) | 905 | (884 | ) | 2,163 | ||||||||||||||||||||||||||||
Other liabilities and accrued expenses | 26 | 5 | 100 | — | — | — | — | 301 | — | 432 | |||||||||||||||||||||||||||||||
Total | $7,664 | $ 42 | 1 | $233 | 1 | $ (5 | ) | $ — | $2,016 | $(2,134 | ) | $1,735 | $(1,784 | ) | $7,767 | ||||||||||||||||||||||||||
1 | The aggregate amounts include losses of approximately $120 million, $144 million and $11 million reported in “Market making,” “Other principal transactions” and “Interest expense,” respectively. | ||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Assets at Fair Value for the Three Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | $ 104 | $ 1 | $ — | $ — | $ — | $ — | $ (4 | ) | $ — | $ — | $ 101 | ||||||||||||||||||||||||||||||
Receivables from customers and counterparties | 633 | — | 2 | — | — | — | (1 | ) | — | (469 | ) | 165 | |||||||||||||||||||||||||||||
Other assets | 565 | — | 18 | 104 | (555 | ) | — | (10 | ) | 940 | — | 1,062 | |||||||||||||||||||||||||||||
Total | $ 1,302 | $ 1 | 1 | $ 20 | 1 | $104 | $(555 | ) | $ — | $ (15 | ) | $940 | $(469 | ) | $ 1,328 | ||||||||||||||||||||||||||
1. The aggregate amounts include gains of approximately $20 million and $1 million reported in “Market making” and “Interest income,” respectively. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Liabilities at Fair Value for the Three Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Deposits | $ 398 | $ — | $ (16 | ) | $ — | $ — | $ 38 | $ (2 | ) | $ — | $ (58 | ) | $ 360 | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 1,777 | — | — | — | — | — | (759 | ) | — | — | 1,018 | ||||||||||||||||||||||||||||||
Other secured financings | 1,165 | 4 | (30 | ) | — | — | 4 | (257 | ) | — | — | 886 | |||||||||||||||||||||||||||||
Unsecured short-term borrowings | 2,735 | 1 | (80 | ) | — | — | 651 | (437 | ) | 205 | (162 | ) | 2,913 | ||||||||||||||||||||||||||||
Unsecured long-term borrowings | 1,808 | 3 | (30 | ) | — | — | 125 | (219 | ) | 15 | (429 | ) | 1,273 | ||||||||||||||||||||||||||||
Other liabilities and accrued expenses | 11,277 | — | (507 | ) | — | (677 | ) | — | (118 | ) | — | — | 9,975 | ||||||||||||||||||||||||||||
Total | $19,160 | $ 8 | 1 | $(663 | ) 1 | $ — | $(677 | ) | $818 | $(1,792 | ) | $220 | $(649 | ) | $16,425 | ||||||||||||||||||||||||||
1 | The aggregate amounts include gains/(losses) of approximately $713 million, $(56) million and $(2) million reported in “Market making,” “Other principal transactions” and “Interest expense,” respectively. | ||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Assets at Fair Value for the Six Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | gains/(losses) | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | gains/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
(losses) | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | $ 278 | $ 2 | $ — | $ — | $ — | $ — | $ (20 | ) | $ — | $(159 | ) | $ 101 | |||||||||||||||||||||||||||||
Receivables from customers and counterparties | 641 | — | (1 | ) | — | — | — | (1 | ) | — | (474 | ) | 165 | ||||||||||||||||||||||||||||
Other assets | 507 | — | (3 | ) | 136 | (507 | ) | — | — | 929 | — | 1,062 | |||||||||||||||||||||||||||||
Total | $ 1,426 | $ 2 | 1 | $ (4 | ) 1 | $136 | $(507 | ) | $ — | $ (21 | ) | $929 | $(633 | ) | $ 1,328 | ||||||||||||||||||||||||||
1. The aggregate amounts include gains/(losses) of approximately $(4) million and $2 million reported in “Market making” and “Interest income,” respectively. | |||||||||||||||||||||||||||||||||||||||||
Level 3 Other Financial Liabilities at Fair Value for the Six Months Ended June 2013 | |||||||||||||||||||||||||||||||||||||||||
in millions | Balance, | Net | Net unrealized | Purchases | Sales | Issuances | Settlements | Transfers | Transfers | Balance, | |||||||||||||||||||||||||||||||
beginning | realized | (gains)/losses | into | out of | end of | ||||||||||||||||||||||||||||||||||||
of period | (gains)/ | relating to | level 3 | level 3 | period | ||||||||||||||||||||||||||||||||||||
losses | instruments | ||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
period-end | |||||||||||||||||||||||||||||||||||||||||
Deposits | $ 359 | $ — | $ (12 | ) | $ — | $ — | $ 74 | $ (3 | ) | $ — | $ (58 | ) | $ 360 | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 1,927 | — | — | — | — | — | (909 | ) | — | — | 1,018 | ||||||||||||||||||||||||||||||
Other secured financings | 1,412 | 6 | (20 | ) | — | — | 169 | (808 | ) | 127 | — | 886 | |||||||||||||||||||||||||||||
Unsecured short-term borrowings | 2,584 | 11 | (96 | ) | — | — | 1,044 | (830 | ) | 386 | (186 | ) | 2,913 | ||||||||||||||||||||||||||||
Unsecured long-term borrowings | 1,917 | 12 | (72 | ) | (3 | ) | (10 | ) | 307 | (423 | ) | 68 | (523 | ) | 1,273 | ||||||||||||||||||||||||||
Other liabilities and accrued expenses | 11,274 | — | (696 | ) | 304 | (692 | ) | — | (215 | ) | — | — | 9,975 | ||||||||||||||||||||||||||||
Total | $19,473 | $ 29 | 1 | $(896 | ) 1 | $301 | $(702 | ) | $1,594 | $(3,188 | ) | $581 | $(767 | ) | $16,425 | ||||||||||||||||||||||||||
1 | The aggregate amounts include gains/(losses) of approximately $1.00 billion, $(133) million and $(4) million reported in “Market making,” “Other principal transactions” and “Interest expense,” respectively. | ||||||||||||||||||||||||||||||||||||||||
Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value | ' | ||||||||||||||||||||||||||||||||||||||||
The amounts in the table exclude contractual interest, which is included in “Interest income” and “Interest expense,” for all instruments other than hybrid financial instruments. | |||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Financial Assets | |||||||||||||||||||||||||||||||||||||||||
and Financial Liabilities at | |||||||||||||||||||||||||||||||||||||||||
Fair Value Under the Fair Value Option | |||||||||||||||||||||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||||||||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Unsecured short-term borrowings 1 | $ (389 | ) | $ 764 | $ (232 | ) | $ 616 | |||||||||||||||||||||||||||||||||||
Unsecured long-term borrowings 2 | (500 | ) | 350 | (776 | ) | 548 | |||||||||||||||||||||||||||||||||||
Other liabilities and accrued expenses 3 | (98 | ) | 592 | (79 | ) | 784 | |||||||||||||||||||||||||||||||||||
Other | (115 | ) 4 | (19 | ) | (114 | ) | (156 | ) | |||||||||||||||||||||||||||||||||
Total | $(1,102 | ) | $1,687 | $(1,201 | ) | $1,792 | |||||||||||||||||||||||||||||||||||
1 | Includes gains/(losses) on the embedded derivative component of hybrid financial instruments of $(364) million and $738 million for the three months ended June 2014 and June 2013, respectively, and $(198) million and $608 million for the six months ended June 2014 and June 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
2 | Includes gains/(losses) on the embedded derivative component of hybrid financial instruments of $(490) million and $308 million for the three months ended June 2014 and June 2013, respectively, and $(775) million and $592 million for the six months ended June 2014 and June 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
3 | Includes gains/(losses) on certain subordinated liabilities issued by consolidated VIEs. Gains/(losses) for the three and six months ended June 2013 also includes gains on certain insurance contracts. | ||||||||||||||||||||||||||||||||||||||||
4 | Primarily consists of gains/(losses) on receivables from customers and counterparties, other secured financings, deposits and securities borrowed. | ||||||||||||||||||||||||||||||||||||||||
Loans and Lending Commitments | ' | ||||||||||||||||||||||||||||||||||||||||
The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans and long-term receivables for which the fair value option was elected. | |||||||||||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||||||||||
in millions | June | December | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Performing loans and long-term receivables | |||||||||||||||||||||||||||||||||||||||||
Aggregate contractual principal in excess of the related fair value | $ 2,361 | $ 3,106 | |||||||||||||||||||||||||||||||||||||||
Loans on nonaccrual status and/or more than 90 days past due 1 | |||||||||||||||||||||||||||||||||||||||||
Aggregate contractual principal in excess of the related fair value (excluding loans carried at zero fair value and considered uncollectible) | 12,431 | 11,041 | |||||||||||||||||||||||||||||||||||||||
Aggregate fair value of loans on nonaccrual status and/or more than 90 days past due | 3,122 | 2,781 | |||||||||||||||||||||||||||||||||||||||
1 | The aggregate contractual principal amount of these loans exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below contractual principal amounts. | ||||||||||||||||||||||||||||||||||||||||
Impact of Credit Spreads on Borrowings | ' | ||||||||||||||||||||||||||||||||||||||||
The table below presents the net gains/(losses) attributable to the impact of changes in the firm’s own credit spreads on borrowings for which the fair value option was elected. | |||||||||||||||||||||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||||||||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Net gains/(losses) including hedges | $(19 | ) | $59 | $(4 | ) | $(18 | ) | ||||||||||||||||||||||||||||||||||
Net gains/(losses) excluding hedges | (20 | ) | 67 | (6 | ) | (42 | ) |
Collateralized_Agreements_and_1
Collateralized Agreements and Financings (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||
Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions | ' | ||||||||||||||||||
The table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions. | |||||||||||||||||||
As of | |||||||||||||||||||
in millions | June | December | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Securities purchased under agreements to resell 1 | $109,103 | $161,732 | |||||||||||||||||
Securities borrowed 2 | 164,719 | 164,566 | |||||||||||||||||
Securities sold under agreements to repurchase 1 | 106,966 | 164,782 | |||||||||||||||||
Securities loaned 2 | 9,440 | 18,745 | |||||||||||||||||
1 | Substantially all resale agreements and all repurchase agreements are carried at fair value under the fair value option. See Note 8 for further information about the valuation techniques and significant inputs used to determine fair value. | ||||||||||||||||||
2 | As of June 2014 and December 2013, $51.97 billion and $60.38 billion of securities borrowed, and $1.53 billion and $973 million of securities loaned were at fair value, respectively. | ||||||||||||||||||
Offsetting Arrangements | ' | ||||||||||||||||||
The tables below present the gross and net resale and repurchase agreements and securities borrowed and loaned transactions, and the related amount of netting with the same counterparty under enforceable netting agreements (i.e., counterparty netting) included in the condensed consolidated statements of financial condition. Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements. The tables below also present the amounts not offset in the condensed consolidated statements of financial condition including counterparty netting that does not meet the criteria for netting under U.S. GAAP and the fair value of cash or securities collateral received or posted subject to enforceable credit support 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 in the tables below. | |||||||||||||||||||
As of June 2014 | |||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||
in millions | Securities purchased | Securities | Securities sold | Securities | |||||||||||||||
under agreements | borrowed | under agreements | loaned | ||||||||||||||||
to resell | to repurchase | ||||||||||||||||||
Amounts included in the condensed consolidated statements of financial condition | |||||||||||||||||||
Gross carrying value | $ 143,277 | $ 173,022 | $ 137,501 | $ 14,944 | |||||||||||||||
Counterparty netting | (30,535 | ) | (5,504 | ) | (30,535 | ) | (5,504 | ) | |||||||||||
Total | 112,742 | 1 | 167,518 | 1 | 106,966 | 9,440 | |||||||||||||
Amounts that have not been offset in the condensed consolidated statements of financial condition | |||||||||||||||||||
Counterparty netting | (10,161 | ) | (1,491 | ) | (10,161 | ) | (1,491 | ) | |||||||||||
Collateral | (95,550 | ) | (147,451 | ) | (87,486 | ) | (7,750 | ) | |||||||||||
Total | $ 7,031 | $ 18,576 | $ 9,319 | $ 199 | |||||||||||||||
As of December 2013 | |||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||
in millions | Securities purchased | Securities | Securities sold | Securities | |||||||||||||||
under agreements | borrowed | under agreements | loaned | ||||||||||||||||
to resell | to repurchase | ||||||||||||||||||
Amounts included in the condensed consolidated statements of financial condition | |||||||||||||||||||
Gross carrying value | $ 190,536 | $ 172,283 | $ 183,913 | $ 23,700 | |||||||||||||||
Counterparty netting | (19,131 | ) | (4,955 | ) | (19,131 | ) | (4,955 | ) | |||||||||||
Total | 171,405 | 1 | 167,328 | 1 | 164,782 | 18,745 | |||||||||||||
Amounts that have not been offset in the condensed consolidated statements of financial condition | |||||||||||||||||||
Counterparty netting | (10,725 | ) | (2,224 | ) | (10,725 | ) | (2,224 | ) | |||||||||||
Collateral | (152,914 | ) | (147,223 | ) | (141,300 | ) | (16,278 | ) | |||||||||||
Total | $ 7,766 | $ 17,881 | $ 12,757 | $ 243 | |||||||||||||||
1 | As of June 2014 and December 2013, the firm had $3.64 billion and $9.67 billion, respectively, of securities received under resale agreements, and $2.80 billion and $2.77 billion, respectively, of securities borrowed transactions that were segregated to satisfy certain regulatory requirements. These securities are included in “Cash and securities segregated for regulatory and other purposes.” | ||||||||||||||||||
Other Secured Financings | ' | ||||||||||||||||||
The tables below present information about other secured financings. In the tables below: | |||||||||||||||||||
As of June 2014 | |||||||||||||||||||
$ in millions | U.S. | Non-U.S. | Total | ||||||||||||||||
Dollar | Dollar | ||||||||||||||||||
Other secured financings (short-term): | |||||||||||||||||||
At fair value | $ 8,646 | $10,053 | $18,699 | ||||||||||||||||
At amortized cost | 40 | — | 40 | ||||||||||||||||
Weighted average interest rates | 5.37% | —% | |||||||||||||||||
Other secured financings (long-term): | |||||||||||||||||||
At fair value | 3,046 | 2,101 | 5,147 | ||||||||||||||||
At amortized cost | 503 | 789 | 1,292 | ||||||||||||||||
Weighted average interest rates | 3.12% | 1.59% | |||||||||||||||||
Total 1 | $12,235 | $12,943 | $25,178 | ||||||||||||||||
Amount of other secured financings collateralized by: | |||||||||||||||||||
Financial instruments 2 | $12,000 | $12,284 | $24,284 | ||||||||||||||||
Other assets | 235 | 659 | 894 | ||||||||||||||||
As of December 2013 | |||||||||||||||||||
$ in millions | U.S. | Non-U.S. | Total | ||||||||||||||||
Dollar | Dollar | ||||||||||||||||||
Other secured financings (short-term): | |||||||||||||||||||
At fair value | $ 9,374 | $ 7,828 | $17,202 | ||||||||||||||||
At amortized cost | 88 | — | 88 | ||||||||||||||||
Weighted average interest rates | 2.86% | —% | |||||||||||||||||
Other secured financings (long-term): | |||||||||||||||||||
At fair value | 3,711 | 2,678 | 6,389 | ||||||||||||||||
At amortized cost | 372 | 763 | 1,135 | ||||||||||||||||
Weighted average interest rates | 3.78% | 1.53% | |||||||||||||||||
Total 1 | $13,545 | $11,269 | $24,814 | ||||||||||||||||
Amount of other secured financings collateralized by: | |||||||||||||||||||
Financial instruments 2 | $13,366 | $10,880 | $24,246 | ||||||||||||||||
Other assets | 179 | 389 | 568 | ||||||||||||||||
1 | Includes $1.21 billion and $1.54 billion related to transfers of financial assets accounted for as financings rather than sales as of June 2014 and December 2013, respectively. Such financings were collateralized by financial assets included in “Financial instruments owned, at fair value” of $1.21 billion and $1.58 billion as of June 2014 and December 2013, respectively. | ||||||||||||||||||
2 | Includes $14.21 billion and $14.75 billion of other secured financings collateralized by financial instruments owned, at fair value as of June 2014 and December 2013, respectively, and includes $10.07 billion and $9.50 billion of other secured financings collateralized by financial instruments received as collateral and repledged as of June 2014 and December 2013, respectively. | ||||||||||||||||||
Other Secured Financings by Maturity Date | ' | ||||||||||||||||||
The table below presents other secured financings by maturity. | |||||||||||||||||||
in millions | As of | ||||||||||||||||||
June 2014 | |||||||||||||||||||
Other secured financings (short-term) | $18,739 | ||||||||||||||||||
Other secured financings (long-term): | |||||||||||||||||||
2015 | 1,654 | ||||||||||||||||||
2016 | 2,028 | ||||||||||||||||||
2017 | 707 | ||||||||||||||||||
2018 | 803 | ||||||||||||||||||
2019 | 469 | ||||||||||||||||||
2020-thereafter | 778 | ||||||||||||||||||
Total other secured financings (long-term) | 6,439 | ||||||||||||||||||
Total other secured financings | $25,178 | ||||||||||||||||||
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 by the firm. | |||||||||||||||||||
As of | |||||||||||||||||||
in millions | June | December | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Collateral available to be delivered or repledged | $588,135 | $608,390 | |||||||||||||||||
Collateral that was delivered or repledged | 447,809 | 450,127 | |||||||||||||||||
Financial Instruments Owned, at Fair Value and Other Assets Pledged as Collateral | ' | ||||||||||||||||||
The table below presents information about assets pledged. | |||||||||||||||||||
As of | |||||||||||||||||||
in millions | June | December | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Financial instruments owned, at fair value pledged to counterparties that: | |||||||||||||||||||
Had the right to deliver or repledge | $ 72,244 | $ 62,348 | |||||||||||||||||
Did not have the right to deliver or repledge | 78,591 | 84,799 | |||||||||||||||||
Other assets pledged to counterparties that: | |||||||||||||||||||
Did not have the right to deliver or repledge | 1,081 | 769 | |||||||||||||||||
Securitization_Activities_Tabl
Securitization Activities (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
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. | |||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Residential mortgages | $5,477 | $7,373 | $11,698 | $14,640 | |||||||||||||||
Commercial mortgages | 1,040 | 1,197 | 1,040 | 3,365 | |||||||||||||||
Other financial assets | 481 | — | 481 | — | |||||||||||||||
Total | $6,998 | $8,570 | $13,219 | $18,005 | |||||||||||||||
Cash flows on retained interests | $ 114 | $ 135 | $ 177 | $ 246 | |||||||||||||||
Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets | ' | ||||||||||||||||||
The tables below present the firm’s continuing involvement in nonconsolidated securitization entities to which the firm sold assets, as well as the total outstanding principal amount of transferred assets in which the firm has continuing involvement. In these tables: | |||||||||||||||||||
As of June 2014 | |||||||||||||||||||
in millions | Outstanding | Fair Value of | Fair Value of | ||||||||||||||||
Principal | Retained | Purchased | |||||||||||||||||
Amount | Interests | Interests | |||||||||||||||||
U.S. government agency-issued collateralized mortgage obligations | $60,183 | $3,552 | $ — | ||||||||||||||||
Other residential mortgage-backed | 2,163 | 91 | — | ||||||||||||||||
Other commercial mortgage-backed | 1,785 | 63 | 97 | ||||||||||||||||
CDOs, CLOs and other | 5,119 | 107 | 115 | ||||||||||||||||
Total | $69,250 | $3,813 | $212 | ||||||||||||||||
As of December 2013 | |||||||||||||||||||
in millions | Outstanding | Fair Value of | Fair Value of | ||||||||||||||||
Principal | Retained | Purchased | |||||||||||||||||
Amount | Interests | Interests | |||||||||||||||||
U.S. government agency-issued collateralized mortgage obligations | $61,543 | $3,455 | $ — | ||||||||||||||||
Other residential mortgage-backed | 2,072 | 46 | — | ||||||||||||||||
Other commercial mortgage-backed | 7,087 | 140 | 153 | ||||||||||||||||
CDOs, CLOs and other | 6,861 | 86 | 8 | ||||||||||||||||
Total 1 | $77,563 | $3,727 | $161 | ||||||||||||||||
1 | Outstanding principal amount includes $418 million related to securitization entities in which the firm’s only continuing involvement is retained servicing which is not a variable interest. | ||||||||||||||||||
In addition, the outstanding principal and fair value of retained interests in the tables above relate to the following types of securitizations and vintage as described: | |||||||||||||||||||
Ÿ | the outstanding principal amount and fair value of retained interests for U.S. government agency-issued collateralized mortgage obligations as of June 2014 primarily relate to securitizations during 2014, 2013 and 2012, and as of December 2013 primarily relate to securitizations during 2013 and 2012; | ||||||||||||||||||
Ÿ | the outstanding principal amount and fair value of retained interests for other residential mortgage-backed obligations as of June 2014 primarily relate to prime and Alt-A securitizations during 2007 and 2006, and resecuritizations during 2014, and as of December 2013 primarily relate to prime and Alt-A securitizations during 2007 and 2006; | ||||||||||||||||||
Ÿ | the outstanding principal amount and fair value of retained interests for other commercial mortgage-backed obligations as of June 2014 primarily relate to securitizations during 2014 and 2013, and as of December 2013 primarily relate to securitizations during 2013; and | ||||||||||||||||||
Ÿ | the outstanding principal amount and fair value of retained interests for CDOs, CLOs and other as of June 2014 primarily relate to securitizations during 2014 and 2007, and as of December 2013 primarily relate to securitizations during 2007. | ||||||||||||||||||
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 tables below present the weighted average key economic assumptions used in measuring the fair value of retained interests and the sensitivity of this fair value to immediate adverse changes of 10% and 20% in those assumptions. | |||||||||||||||||||
As of June 2014 | |||||||||||||||||||
Type of Retained Interests | |||||||||||||||||||
$ in millions | Mortgage-Backed | Other | 1 | ||||||||||||||||
Fair value of retained interests | $ 3,706 | $ 107 | |||||||||||||||||
Weighted average life (years) | 6.7 | 3.6 | |||||||||||||||||
Constant prepayment rate | 10.90% | N.M. | |||||||||||||||||
Impact of 10% adverse change | $ (29 | ) | N.M. | ||||||||||||||||
Impact of 20% adverse change | (55 | ) | N.M. | ||||||||||||||||
Discount rate | 3.20% | N.M. | |||||||||||||||||
Impact of 10% adverse change | $ (62 | ) | N.M. | ||||||||||||||||
Impact of 20% adverse change | (122 | ) | N.M. | ||||||||||||||||
As of December 2013 | |||||||||||||||||||
Type of Retained Interests | |||||||||||||||||||
$ in millions | Mortgage-Backed | Other | 1 | ||||||||||||||||
Fair value of retained interests | $ 3,641 | $ 86 | |||||||||||||||||
Weighted average life (years) | 8.3 | 1.9 | |||||||||||||||||
Constant prepayment rate | 7.50% | N.M. | |||||||||||||||||
Impact of 10% adverse change | $ (36 | ) | N.M. | ||||||||||||||||
Impact of 20% adverse change | (64 | ) | N.M. | ||||||||||||||||
Discount rate | 3.90% | N.M. | |||||||||||||||||
Impact of 10% adverse change | $ (85 | ) | N.M. | ||||||||||||||||
Impact of 20% adverse change | (164 | ) | N.M. | ||||||||||||||||
1 | Due to the nature and current fair value of certain of these retained interests, the weighted average assumptions for constant prepayment and discount rates and the related sensitivity to adverse changes are not meaningful as of June 2014 and December 2013. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $107 million and $86 million as of June 2014 and December 2013, respectively. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Nonconsolidated Variable Interest Entities | ' | ||||||||||||||||||||||||
The tables below present information about nonconsolidated VIEs in which the firm holds variable interests. | |||||||||||||||||||||||||
Nonconsolidated VIEs | |||||||||||||||||||||||||
As of June 2014 | |||||||||||||||||||||||||
in millions | Mortgage- | Corporate | Real estate, | Other | Other | Total | |||||||||||||||||||
backed | CDOs and | credit-related | asset- | ||||||||||||||||||||||
CLOs | and other | backed | |||||||||||||||||||||||
investing | |||||||||||||||||||||||||
Assets in VIE | $79,998 | 2 | $13,769 | $9,842 | $5,961 | $4,779 | $114,349 | ||||||||||||||||||
Carrying Value of the Firm’s Variable Interests | |||||||||||||||||||||||||
Assets | 5,649 | 738 | 3,118 | 426 | 239 | 10,170 | |||||||||||||||||||
Liabilities | — | 11 | 1 | 15 | — | 27 | |||||||||||||||||||
Maximum Exposure to Loss in Nonconsolidated VIEs | |||||||||||||||||||||||||
Retained interests | 3,706 | 34 | — | 73 | — | 3,813 | |||||||||||||||||||
Purchased interests | 1,943 | 447 | — | 174 | — | 2,564 | |||||||||||||||||||
Commitments and guarantees 1 | — | — | 467 | 186 | 409 | 1,062 | |||||||||||||||||||
Derivatives 1 | 339 | 3,059 | — | 2,422 | 80 | 5,900 | |||||||||||||||||||
Loans and investments | — | — | 3,118 | — | 239 | 3,357 | |||||||||||||||||||
Total | $ 5,988 | 2 | $ 3,540 | $3,585 | $2,855 | $ 728 | $ 16,696 | ||||||||||||||||||
Nonconsolidated VIEs | |||||||||||||||||||||||||
As of December 2013 | |||||||||||||||||||||||||
in millions | Mortgage- | Corporate | Real estate, | Other | Other | Total | |||||||||||||||||||
backed | CDOs and | credit-related | asset- | ||||||||||||||||||||||
CLOs | and other | backed | |||||||||||||||||||||||
investing | |||||||||||||||||||||||||
Assets in VIE | $86,562 | 2 | $19,761 | $8,599 | $4,401 | $2,925 | $122,248 | ||||||||||||||||||
Carrying Value of the Firm’s Variable Interests | |||||||||||||||||||||||||
Assets | 5,269 | 1,063 | 2,756 | 284 | 165 | 9,537 | |||||||||||||||||||
Liabilities | — | 3 | 2 | 40 | — | 45 | |||||||||||||||||||
Maximum Exposure to Loss in Nonconsolidated VIEs | |||||||||||||||||||||||||
Retained interests | 3,641 | 80 | — | 6 | — | 3,727 | |||||||||||||||||||
Purchased interests | 1,627 | 659 | — | 142 | — | 2,428 | |||||||||||||||||||
Commitments and guarantees | — | — | 485 | — | 281 | 766 | |||||||||||||||||||
Derivatives 1 | 586 | 4,809 | — | 2,115 | — | 7,510 | |||||||||||||||||||
Loans and investments | — | — | 2,756 | — | 165 | 2,921 | |||||||||||||||||||
Total | $ 5,854 | 2 | $ 5,548 | $3,241 | $2,263 | $ 446 | $ 17,352 | ||||||||||||||||||
1 | The aggregate amounts include $1.72 billion and $2.01 billion as of June 2014 and December 2013, respectively, related to commitments and derivative transactions with VIEs to which the firm transferred assets. | ||||||||||||||||||||||||
2 | Assets in VIE and maximum exposure to loss include $4.34 billion and $850 million, respectively, as of June 2014, and $4.55 billion and $900 million, respectively, as of December 2013, related to CDOs backed by mortgage obligations. | ||||||||||||||||||||||||
Consolidated Variable Interest Entities | ' | ||||||||||||||||||||||||
The tables below present the carrying amount and classification of assets and liabilities in consolidated VIEs, excluding the benefit of offsetting financial instruments that are held to mitigate the risks associated with the firm’s variable interests. | |||||||||||||||||||||||||
Consolidated VIEs | |||||||||||||||||||||||||
As of June 2014 | |||||||||||||||||||||||||
in millions | Real estate, | CDOs, | Principal- | Total | |||||||||||||||||||||
credit-related | mortgage-backed | protected | |||||||||||||||||||||||
and other | and other | notes | |||||||||||||||||||||||
investing | asset-backed | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ 98 | $ — | $ — | $ 98 | |||||||||||||||||||||
Cash and securities segregated for regulatory and other purposes | 81 | — | 43 | 124 | |||||||||||||||||||||
Receivables from customers and counterparties | 52 | — | — | 52 | |||||||||||||||||||||
Financial instruments owned, at fair value | 2,309 | 150 | 159 | 2,618 | |||||||||||||||||||||
Other assets | 581 | — | — | 581 | |||||||||||||||||||||
Total | $3,121 | $150 | $ 202 | $3,473 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Other secured financings | $ 317 | $129 | $ 403 | $ 849 | |||||||||||||||||||||
Financial Instruments sold, but not yet purchased, at fair value | — | 9 | — | 9 | |||||||||||||||||||||
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings | — | — | 1,187 | 1,187 | |||||||||||||||||||||
Unsecured long-term borrowings | 37 | — | 139 | 176 | |||||||||||||||||||||
Other liabilities and accrued expenses | 444 | — | — | 444 | |||||||||||||||||||||
Total | $ 798 | $138 | $1,729 | $2,665 | |||||||||||||||||||||
Consolidated VIEs | |||||||||||||||||||||||||
As of December 2013 | |||||||||||||||||||||||||
in millions | Real estate, | CDOs, | Principal- | Total | |||||||||||||||||||||
credit-related | mortgage-backed | protected | |||||||||||||||||||||||
and other | and other | notes | |||||||||||||||||||||||
investing | asset-backed | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ 183 | $ — | $ — | $ 183 | |||||||||||||||||||||
Cash and securities segregated for regulatory and other purposes | 84 | — | 63 | 147 | |||||||||||||||||||||
Receivables from customers and counterparties | 50 | — | — | 50 | |||||||||||||||||||||
Financial instruments owned, at fair value | 1,309 | 310 | 155 | 1,774 | |||||||||||||||||||||
Other assets | 921 | — | — | 921 | |||||||||||||||||||||
Total | $2,547 | $310 | $ 218 | $3,075 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Other secured financings | $ 417 | $198 | $ 404 | $1,019 | |||||||||||||||||||||
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings | — | — | 1,258 | 1,258 | |||||||||||||||||||||
Unsecured long-term borrowings | 57 | — | 193 | 250 | |||||||||||||||||||||
Other liabilities and accrued expenses | 556 | — | — | 556 | |||||||||||||||||||||
Total | $1,030 | $198 | $1,855 | $3,083 | |||||||||||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Other Assets | ' | ||||||||
The table below presents other assets by type. | |||||||||
As of | |||||||||
in millions | June | December | |||||||
2014 | 2013 | ||||||||
Property, leasehold improvements and equipment | $ 8,884 | $ 9,196 | |||||||
Goodwill and identifiable assets | 4,469 | 4,376 | |||||||
Income tax-related assets | 5,769 | 5,241 | |||||||
Equity-method investments 1 | 405 | 417 | |||||||
Miscellaneous receivables and other 2 | 3,864 | 3,279 | |||||||
Total | $23,391 | $22,509 | |||||||
1 | Excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $6.33 billion and $6.07 billion as of June 2014 and December 2013, respectively, which are included in “Financial instruments owned, at fair value.” The firm has generally elected the fair value option for such investments acquired after the fair value option became available. | ||||||||
2 | Includes $415 million related to investments in qualified affordable housing projects as of June 2014. |
Goodwill_and_Identifiable_Inta1
Goodwill and Identifiable Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||
The tables below present the carrying values of goodwill and identifiable intangible assets, which are included in “Other assets.” | |||||||||||||||||||
Goodwill | |||||||||||||||||||
As of | |||||||||||||||||||
in millions | June | December | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Investment Banking: | |||||||||||||||||||
Financial Advisory | $ 98 | $ 98 | |||||||||||||||||
Underwriting | 183 | 183 | |||||||||||||||||
Institutional Client Services: | |||||||||||||||||||
Fixed Income, Currency and Commodities Client Execution | 269 | 269 | |||||||||||||||||
Equities Client Execution | 2,404 | 2,404 | |||||||||||||||||
Securities Services | 105 | 105 | |||||||||||||||||
Investing & Lending | 60 | 60 | |||||||||||||||||
Investment Management | 588 | 586 | |||||||||||||||||
Total | $3,707 | $3,705 | |||||||||||||||||
Identifiable Intangible Assets | |||||||||||||||||||
As of | |||||||||||||||||||
in millions | June | December | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Institutional Client Services: | |||||||||||||||||||
Fixed Income, Currency and Commodities Client Execution 1 | $ 178 | $ 35 | |||||||||||||||||
Equities Client Execution | 320 | 348 | |||||||||||||||||
Investing & Lending | 142 | 180 | |||||||||||||||||
Investment Management | 122 | 108 | |||||||||||||||||
Total | $ 762 | $ 671 | |||||||||||||||||
1 | The increase from December 2013 to June 2014 is primarily related to the acquisition of commodities-related intangible assets. | ||||||||||||||||||
Intangible Assets Disclosure | ' | ||||||||||||||||||
The table below presents the gross carrying amount, accumulated amortization and net carrying amount of identifiable intangible assets and their weighted average remaining lives. | |||||||||||||||||||
As of | |||||||||||||||||||
$ in millions | June | Weighted Average | December | ||||||||||||||||
2014 | Remaining Lives | 2013 | |||||||||||||||||
(years) | |||||||||||||||||||
Customer lists | |||||||||||||||||||
Gross carrying amount | $ 1,088 | $ 1,102 | |||||||||||||||||
Accumulated amortization | (710 | ) | (706 | ) | |||||||||||||||
Net carrying amount | 378 | 7 | 396 | ||||||||||||||||
Commodities-related 1 | |||||||||||||||||||
Gross carrying amount | 631 | 510 | |||||||||||||||||
Accumulated amortization | (356 | ) | (341 | ) | |||||||||||||||
Net carrying amount | 275 | 8 | 169 | ||||||||||||||||
Other 2 | |||||||||||||||||||
Gross carrying amount | 915 | 906 | |||||||||||||||||
Accumulated amortization | (806 | ) | (800 | ) | |||||||||||||||
Net carrying amount | 109 | 11 | 106 | ||||||||||||||||
Total | |||||||||||||||||||
Gross carrying amount | 2,634 | 2,518 | |||||||||||||||||
Accumulated amortization | (1,872 | ) | (1,847 | ) | |||||||||||||||
Net carrying amount | $ 762 | 8 | $ 671 | ||||||||||||||||
1 | Primarily includes commodities-related transportation rights, customer contracts and relationships, and permits. | ||||||||||||||||||
2 | Primarily includes the firm’s exchange-traded fund lead market maker rights. | ||||||||||||||||||
Amortization Expense | ' | ||||||||||||||||||
The tables below present amortization for the three and six months ended June 2014 and June 2013. | |||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Amortization | $38 | $30 | $86 | $72 | |||||||||||||||
Estimated Future Amortization for Existing Identifiable Intangible Assets Through 2019 | ' | ||||||||||||||||||
The tables below present the estimated future amortization through 2019 for identifiable intangible assets. | |||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Amortization | $38 | $30 | $86 | $72 | |||||||||||||||
in millions | As of | ||||||||||||||||||
Estimated future amortization | June 2014 | ||||||||||||||||||
Remainder of 2014 | $ 78 | ||||||||||||||||||
2015 | 136 | ||||||||||||||||||
2016 | 124 | ||||||||||||||||||
2017 | 117 | ||||||||||||||||||
2018 | 98 | ||||||||||||||||||
2019 | 69 | ||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
Deposits | ' | ||||||||||||
The table below presents deposits held in U.S. and non-U.S. offices, substantially all of which were interest-bearing. | |||||||||||||
As of | |||||||||||||
in millions | June | December | |||||||||||
2014 | 2013 | ||||||||||||
U.S. offices | $61,532 | $61,016 | |||||||||||
Non-U.S. offices | 12,218 | 9,791 | |||||||||||
Total | $73,750 | $70,807 | |||||||||||
Maturities of Time Deposits | ' | ||||||||||||
The table below presents maturities of time deposits held in U.S. and non-U.S. offices. | |||||||||||||
As of June 2014 | |||||||||||||
in millions | U.S. | Non-U.S. | Total | ||||||||||
Remainder of 2014 | $ 2,220 | $6,635 | $ 8,855 | ||||||||||
2015 | 4,375 | 1,001 | 5,376 | ||||||||||
2016 | 2,945 | — | 2,945 | ||||||||||
2017 | 3,416 | — | 3,416 | ||||||||||
2018 | 2,207 | — | 2,207 | ||||||||||
2019 | 2,261 | — | 2,261 | ||||||||||
2020 - thereafter | 4,190 | 47 | 4,237 | ||||||||||
Total | $21,614 | 1 | $7,683 | 2 | $29,297 | 3 | |||||||
1 | Includes $10 million greater than $100,000, of which $4 million matures within three months, $1 million matures within three to six months, $3 million matures within six to twelve months, and $2 million matures after twelve months. | ||||||||||||
2 | Includes $6.00 billion greater than $100,000. | ||||||||||||
3 | Includes $10.13 billion of time deposits accounted for at fair value under the fair value option. See Note 8 for further information about deposits accounted for at fair value. |
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Short-Term Borrowings | ' | ||||||||
The table below presents details about the firm’s short-term borrowings. | |||||||||
As of | |||||||||
in millions | June | December | |||||||
2014 | 2013 | ||||||||
Other secured financings (short-term) | $18,739 | $17,290 | |||||||
Unsecured short-term borrowings | 45,755 | 44,692 | |||||||
Total | $64,494 | $61,982 | |||||||
Unsecured Short-Term Borrowings | ' | ||||||||
The table below presents details about the firm’s unsecured short-term borrowings. | |||||||||
As of | |||||||||
$ in millions | June | December | |||||||
2014 | 2013 | ||||||||
Current portion of unsecured | $27,448 | $25,312 | |||||||
long-term borrowings | |||||||||
Hybrid financial instruments | 12,189 | 13,391 | |||||||
Promissory notes | 333 | 292 | |||||||
Commercial paper | 819 | 1,011 | |||||||
Other short-term borrowings | 4,966 | 4,686 | |||||||
Total | $45,755 | $44,692 | |||||||
1.43% | 1.65% | ||||||||
Weighted average interest rate 1 | |||||||||
1 | The weighted average interest rates for these borrowings include the effect of hedging activities and exclude financial instruments accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities. |
LongTerm_Borrowings_Tables
Long-Term Borrowings (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Long-Term Borrowings | ' | ||||||||||||
The table below presents details about the firm’s long-term borrowings. | |||||||||||||
As of | |||||||||||||
in millions | June | December | |||||||||||
2014 | 2013 | ||||||||||||
Other secured financings (long-term) | $ 6,439 | $ 7,524 | |||||||||||
Unsecured long-term borrowings | 167,019 | 160,965 | |||||||||||
Total | $173,458 | $168,489 | |||||||||||
Unsecured Long-Term Borrowings | ' | ||||||||||||
The tables below present unsecured long-term borrowings extending through 2061 and consisting principally of senior borrowings. | |||||||||||||
As of June 2014 | |||||||||||||
in millions | U.S. | Non-U.S. | Total | ||||||||||
Dollar | Dollar | ||||||||||||
Fixed-rate obligations 1 | $ 87,257 | $38,640 | $125,897 | ||||||||||
Floating-rate obligations 2 | 25,830 | 15,292 | 41,122 | ||||||||||
Total | $113,087 | $53,932 | $167,019 | ||||||||||
As of December 2013 | |||||||||||||
in millions | U.S. | Non-U.S. | Total | ||||||||||
Dollar | Dollar | ||||||||||||
Fixed-rate obligations 1 | $ 85,515 | $35,351 | $120,866 | ||||||||||
Floating-rate obligations 2 | 22,590 | 17,509 | 40,099 | ||||||||||
Total | $108,105 | $52,860 | $160,965 | ||||||||||
1 | Interest rates on U.S. dollar-denominated debt ranged from 1.55% to 10.04% (with a weighted average rate of 5.11%) and 1.35% to 10.04% (with a weighted average rate of 5.19%) as of June 2014 and December 2013, respectively. Interest rates on non-U.S. dollar-denominated debt ranged from 0.02% to 13.00% (with a weighted average rate of 4.11%) and 0.33% to 13.00% (with a weighted average rate of 4.29%) as of June 2014 and December 2013, respectively. | ||||||||||||
2 | Floating interest rates generally are based on LIBOR or OIS. Equity-linked and indexed instruments are included in floating-rate obligations. | ||||||||||||
Unsecured Long-Term Borrowings by Maturity Date | ' | ||||||||||||
The table below presents unsecured long-term borrowings by maturity date. | |||||||||||||
in millions | As of | ||||||||||||
June 2014 | |||||||||||||
2015 | $ 10,475 | ||||||||||||
2016 | 23,124 | ||||||||||||
2017 | 21,575 | ||||||||||||
2018 | 23,891 | ||||||||||||
2019 | 11,227 | ||||||||||||
2020 - thereafter | 76,727 | ||||||||||||
Total 1 | $167,019 | ||||||||||||
1 | Includes $8.80 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: $97 million in 2015, $636 million in 2016, $897 million in 2017, $960 million in 2018, $499 million in 2019 and $5.71 billion in 2020 and thereafter. | ||||||||||||
Unsecured Long-Term Borrowings after Hedging | ' | ||||||||||||
The table below presents unsecured long-term borrowings, after giving effect to hedging activities that converted a substantial portion of fixed-rate obligations to floating-rate obligations. | |||||||||||||
As of | |||||||||||||
in millions | June | December | |||||||||||
2014 | 2013 | ||||||||||||
Fixed-rate obligations | |||||||||||||
At fair value | $ 471 | $ 471 | |||||||||||
At amortized cost 1 | 38,227 | 33,700 | |||||||||||
Floating-rate obligations | |||||||||||||
At fair value | 14,232 | 11,220 | |||||||||||
At amortized cost 1 | 114,089 | 115,574 | |||||||||||
Total | $167,019 | $160,965 | |||||||||||
1 | The weighted average interest rates on the aggregate amounts were 2.82% (4.95% related to fixed-rate obligations and 2.13% related to floating-rate obligations) and 2.73% (5.23% related to fixed-rate obligations and 2.04% related to floating-rate obligations) as of June 2014 and December 2013, respectively. These rates exclude financial instruments accounted for at fair value under the fair value option. | ||||||||||||
Subordinated Long-Term Borrowings | ' | ||||||||||||
The tables below present subordinated borrowings. | |||||||||||||
As of June 2014 | |||||||||||||
$ in millions | Par | Carrying | Rate | 1 | |||||||||
Amount | Amount | ||||||||||||
Subordinated debt | $14,613 | $17,285 | 3.84% | ||||||||||
Junior subordinated debt | 2,835 | 3,811 | 5.89% | ||||||||||
Total subordinated borrowings | $17,448 | $21,096 | 4.18% | ||||||||||
As of December 2013 | |||||||||||||
$ in millions | Par | Carrying | Rate | 1 | |||||||||
Amount | Amount | ||||||||||||
Subordinated debt | $14,508 | $16,982 | 4.16% | ||||||||||
Junior subordinated debt | 2,835 | 3,760 | 4.79% | ||||||||||
Total subordinated borrowings | $17,343 | $20,742 | 4.26% | ||||||||||
1 | Weighted average interest rates after giving effect to fair value hedges used to convert these fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities. See below for information about interest rates on junior subordinated debt. |
Other_Liabilities_and_Accrued_1
Other Liabilities and Accrued Expenses (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Liabilities | ' | ||||||||
The table below presents other liabilities and accrued expenses by type. | |||||||||
As of | |||||||||
in millions | June | December | |||||||
2014 | 2013 | ||||||||
Compensation and benefits | $ 6,931 | $ 7,874 | |||||||
Noncontrolling interests 1 | 213 | 326 | |||||||
Income tax-related liabilities | 1,342 | 1,974 | |||||||
Employee interests in consolidated funds | 191 | 210 | |||||||
Subordinated liabilities issued by consolidated VIEs | 552 | 477 | |||||||
Accrued expenses and other | 5,270 | 5,183 | |||||||
Total | $14,499 | $16,044 | |||||||
1 | Primarily relates to consolidated investment funds. |
Commitments_Contingencies_and_1
Commitments, Contingencies and Guarantees (Tables) | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Commitments | ' | ||||||||||||||||||||||||||
The table below presents the firm’s commitments. | |||||||||||||||||||||||||||
Commitment Amount by Period | Total Commitments | ||||||||||||||||||||||||||
of Expiration as of June 2014 | as of | ||||||||||||||||||||||||||
in millions | Remainder | 2015- | 2017- | 2019- | June | December | |||||||||||||||||||||
of 2014 | 2016 | 2018 | Thereafter | 2014 | 2013 | ||||||||||||||||||||||
Commitments to extend credit | |||||||||||||||||||||||||||
Commercial lending: | |||||||||||||||||||||||||||
Investment-grade | $ 3,255 | $15,317 | $28,401 | $12,103 | $ 59,076 | $ 60,499 | |||||||||||||||||||||
Non-investment-grade | 1,119 | 6,752 | 10,235 | 10,504 | 28,610 | 25,412 | |||||||||||||||||||||
Warehouse financing | 250 | 1,338 | 231 | — | 1,819 | 1,716 | |||||||||||||||||||||
Total commitments to extend credit | 4,624 | 23,407 | 38,867 | 22,607 | 89,505 | 87,627 | |||||||||||||||||||||
Contingent and forward starting resale and securities borrowing agreements | 44,210 | 10 | 34 | — | 44,254 | 34,410 | |||||||||||||||||||||
Forward starting repurchase and secured lending agreements | 18,246 | — | — | — | 18,246 | 8,256 | |||||||||||||||||||||
Letters of credit 1 | 203 | 125 | 10 | 5 | 343 | 501 | |||||||||||||||||||||
Investment commitments | 819 | 4,313 | 13 | 313 | 5,458 | 7,116 | |||||||||||||||||||||
Other | 6,104 | 138 | 50 | 64 | 6,356 | 3,955 | |||||||||||||||||||||
Total commitments | $74,206 | $27,993 | $38,974 | $22,989 | $164,162 | $141,865 | |||||||||||||||||||||
1 | Consists of commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements. | ||||||||||||||||||||||||||
Leases | ' | ||||||||||||||||||||||||||
The table below presents future minimum rental payments, net of minimum sublease rentals. | |||||||||||||||||||||||||||
in millions | As of | ||||||||||||||||||||||||||
June 2014 | |||||||||||||||||||||||||||
Remainder of 2014 | $ 180 | ||||||||||||||||||||||||||
2015 | 345 | ||||||||||||||||||||||||||
2016 | 303 | ||||||||||||||||||||||||||
2017 | 283 | ||||||||||||||||||||||||||
2018 | 234 | ||||||||||||||||||||||||||
2019 | 213 | ||||||||||||||||||||||||||
2020 - thereafter | 1,013 | ||||||||||||||||||||||||||
Total | $2,571 | ||||||||||||||||||||||||||
Guarantees | ' | ||||||||||||||||||||||||||
The tables below present information about certain derivatives that meet the definition of a guarantee, securities lending indemnifications and certain other guarantees. | |||||||||||||||||||||||||||
As of June 2014 | |||||||||||||||||||||||||||
in millions | Derivatives | Securities | Other | ||||||||||||||||||||||||
lending | financial | ||||||||||||||||||||||||||
indemnifications | guarantees | ||||||||||||||||||||||||||
Carrying Value of | $ 6,480 | $ — | $ 91 | ||||||||||||||||||||||||
Net Liability | |||||||||||||||||||||||||||
Maximum Payout/Notional Amount by Period of Expiration | |||||||||||||||||||||||||||
Remainder of 2014 | $290,593 | $32,153 | $1,047 | ||||||||||||||||||||||||
2015 - 2016 | 369,924 | — | 498 | ||||||||||||||||||||||||
2017 - 2018 | 39,502 | — | 1,210 | ||||||||||||||||||||||||
2019 - Thereafter | 70,141 | — | 1,197 | ||||||||||||||||||||||||
Total | $770,160 | $32,153 | $3,952 | ||||||||||||||||||||||||
As of December 2013 | |||||||||||||||||||||||||||
in millions | Derivatives | Securities | Other | ||||||||||||||||||||||||
lending | financial | ||||||||||||||||||||||||||
indemnifications | guarantees | ||||||||||||||||||||||||||
Carrying Value of | $ 7,634 | $ — | $ 213 | ||||||||||||||||||||||||
Net Liability | |||||||||||||||||||||||||||
Maximum Payout/Notional Amount by Period of Expiration | |||||||||||||||||||||||||||
2014 | $517,634 | $26,384 | $1,361 | ||||||||||||||||||||||||
2015 - 2016 | 180,543 | — | 620 | ||||||||||||||||||||||||
2017 - 2018 | 39,367 | — | 1,140 | ||||||||||||||||||||||||
2019 - Thereafter | 57,736 | — | 1,046 | ||||||||||||||||||||||||
Total | $795,280 | $26,384 | $4,167 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Summary of Perpetual Preferred Stock Issued and Outstanding | ' | ||||||||||||||||||||
The table below presents perpetual preferred stock issued and outstanding as of June 2014. | |||||||||||||||||||||
Series | Shares | Shares | Shares | Redemption | |||||||||||||||||
Authorized | Issued | Outstanding | Value | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
A | 50,000 | 30,000 | 29,999 | $ 750 | |||||||||||||||||
B | 50,000 | 32,000 | 32,000 | 800 | |||||||||||||||||
C | 25,000 | 8,000 | 8,000 | 200 | |||||||||||||||||
D | 60,000 | 54,000 | 53,999 | 1,350 | |||||||||||||||||
E | 17,500 | 17,500 | 17,500 | 1,750 | |||||||||||||||||
F | 5,000 | 5,000 | 5,000 | 500 | |||||||||||||||||
I | 34,500 | 34,000 | 34,000 | 850 | |||||||||||||||||
J | 46,000 | 40,000 | 40,000 | 1,000 | |||||||||||||||||
K | 32,200 | 28,000 | 28,000 | 700 | |||||||||||||||||
L | 52,000 | 52,000 | 52,000 | 1,300 | |||||||||||||||||
Total | 372,200 | 300,500 | 300,498 | $9,200 | |||||||||||||||||
Summary of dividend rates of Perpetual Preferred Stock Issued and Outstanding | ' | ||||||||||||||||||||
The table below presents the dividend rates of the firm’s perpetual preferred stock as of June 2014. | |||||||||||||||||||||
Series | Dividend Rate | ||||||||||||||||||||
A | 3 month LIBOR + 0.75%, with floor of 3.75% per annum | ||||||||||||||||||||
B | 6.20% per annum | ||||||||||||||||||||
C | 3 month LIBOR + 0.75%, with floor of 4.00% per annum | ||||||||||||||||||||
D | 3 month LIBOR + 0.67%, with floor of 4.00% per annum | ||||||||||||||||||||
E | 3 month LIBOR + 0.77%, with floor of 4.00% per annum | ||||||||||||||||||||
F | 3 month LIBOR + 0.77%, with floor of 4.00% per annum | ||||||||||||||||||||
I | 5.95% per annum | ||||||||||||||||||||
J | 5.50% per annum to, but excluding, May 10, 2023; | ||||||||||||||||||||
3 month LIBOR + 3.64% per annum thereafter | |||||||||||||||||||||
K | 6.375% per annum to, but excluding, May 10, 2024; | ||||||||||||||||||||
3 month LIBOR + 3.55% per annum thereafter | |||||||||||||||||||||
L | 5.70% per annum to, but excluding, May 10, 2019; | ||||||||||||||||||||
3 month LIBOR + 3.884% per annum thereafter | |||||||||||||||||||||
Summary of Preferred Dividends Declared on Preferred Stock Issued | ' | ||||||||||||||||||||
The tables below present preferred dividends declared on the firm’s preferred stock. | |||||||||||||||||||||
Three Months Ended June | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Series | per share | in millions | per share | in millions | |||||||||||||||||
A | $ 236.98 | $ 7 | $ 229.17 | $ 7 | |||||||||||||||||
B | 387.5 | 12 | 387.5 | 12 | |||||||||||||||||
C | 252.78 | 2 | 244.44 | 2 | |||||||||||||||||
D | 252.78 | 14 | 244.44 | 13 | |||||||||||||||||
E | 1,011.11 | 17 | 1,044.44 | 18 | |||||||||||||||||
F | 1,011.11 | 5 | 1,044.44 | 5 | |||||||||||||||||
I | 371.88 | 13 | 371.88 | 13 | |||||||||||||||||
J | 343.75 | 14 | — | — | |||||||||||||||||
Total | $ 84 | $ 70 | |||||||||||||||||||
Six Months Ended June | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Series | per share | in millions | per share | in millions | |||||||||||||||||
A | $ 471.36 | $ 14 | $ 463.55 | $ 14 | |||||||||||||||||
B | 775 | 24 | 775 | 24 | |||||||||||||||||
C | 502.78 | 4 | 494.44 | 4 | |||||||||||||||||
D | 502.78 | 27 | 494.44 | 27 | |||||||||||||||||
E | 2,022.22 | 35 | 2,022.22 | 35 | |||||||||||||||||
F | 2,022.22 | 10 | 2,022.22 | 10 | |||||||||||||||||
I | 743.76 | 26 | 809.87 | 28 | |||||||||||||||||
J | 687.5 | 28 | — | — | |||||||||||||||||
Total | $168 | $142 | |||||||||||||||||||
Accumulated Other Comprehensive Income, Net of Tax | ' | ||||||||||||||||||||
The tables below present accumulated other comprehensive loss, net of tax by type. | |||||||||||||||||||||
June 2014 | |||||||||||||||||||||
in millions | Balance, | Other | Balance, | ||||||||||||||||||
beginning | comprehensive | end of | |||||||||||||||||||
of year | income/(loss) | period | |||||||||||||||||||
adjustments, | |||||||||||||||||||||
net of tax | |||||||||||||||||||||
Currency translation | $(364 | ) | $ (59 | ) | $(423 | ) | |||||||||||||||
Pension and postretirement liabilities | (168 | ) | (14 | ) | (182 | ) | |||||||||||||||
Cash flow hedges | 8 | 2 | 10 | ||||||||||||||||||
Accumulated other comprehensive loss, net of tax | $(524 | ) | $ (71 | ) | $(595 | ) | |||||||||||||||
December 2013 | |||||||||||||||||||||
in millions | Balance, | Other | Balance, | ||||||||||||||||||
beginning | comprehensive | end of | |||||||||||||||||||
of year | income/(loss) | year | |||||||||||||||||||
adjustments, | |||||||||||||||||||||
net of tax | |||||||||||||||||||||
Currency translation | $(314 | ) | $ (50 | ) | $(364 | ) | |||||||||||||||
Pension and postretirement liabilities | (206 | ) | 38 | (168 | ) | ||||||||||||||||
Available-for-sale securities | 327 | (327 | ) | — | |||||||||||||||||
Cash flow hedges | — | 8 | 8 | ||||||||||||||||||
Accumulated other comprehensive loss, net of tax | $(193 | ) | $(331 | ) | $(524 | ) | |||||||||||||||
Regulation_and_Capital_Adequac1
Regulation and Capital Adequacy (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Minimum Capital Ratios | ' | ||||
The table below presents the minimum ratios currently applicable to the firm. | |||||
June 2014 | |||||
Minimum Ratio | |||||
CET1 ratio | 4.00% | ||||
Tier 1 capital ratio | 5.50% | ||||
Total capital ratio | 8.00% | ||||
Tier 1 leverage ratio 1 | 4.00% | ||||
1 | Tier 1 leverage ratio is defined as Tier 1 capital divided by average adjusted total assets (which includes adjustments for goodwill and identifiable intangible assets, and certain investments in nonconsolidated financial institutions). | ||||
Capital Rollforward | ' | ||||
The table below presents the changes in CET1, Tier 1 capital and Tier 2 capital for the period December 31, 2013 to June 30, 2014. | |||||
in millions | Period Ended | ||||
June 2014 | |||||
Common Equity Tier 1 | |||||
Balance, December 31, 2013 | $63,248 | ||||
Change in CET1 related to the transition to the | 3,177 | ||||
Revised Capital Framework 1 | |||||
Increase in common shareholders’ equity | 1,162 | ||||
Change in deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities | (23 | ) | |||
Change in deduction for investments in nonconsolidated financial institutions | 37 | ||||
Change in other adjustments | 21 | ||||
Balance, June 30, 2014 | 67,622 | ||||
Tier 1 capital | |||||
Balance, December 31, 2013 | 72,471 | ||||
Change in CET1 related to the transition to the | 3,177 | ||||
Revised Capital Framework 1 | |||||
Change in Tier 1 capital related to the transition | (443 | ) | |||
to the Revised Capital Framework 2 | |||||
Other net increase in Common Equity Tier 1 | 1,197 | ||||
Redesignation of junior subordinated debt issued | (1,296 | ) | |||
to trusts, excluding trust preferred securities | |||||
purchased by the firm | |||||
Increase in perpetual non-cumulative preferred stock | 2,000 | ||||
Change in other adjustments | (910 | ) | |||
Balance, June 30, 2014 | 76,196 | ||||
Tier 2 capital | |||||
Balance, December 31, 2013 | 13,632 | ||||
Change in Tier 2 capital related to the transition | (197 | ) | |||
to the Revised Capital Framework 3 | |||||
Decrease in qualifying subordinated debt | (564 | ) | |||
Redesignation of junior subordinated debt issued | 80 | ||||
to trusts, excluding trust preferred securities purchased by the firm | |||||
Change in other adjustments | 13 | ||||
Balance, June 30, 2014 | 12,964 | ||||
Total capital | $89,160 | ||||
1 | Includes $3.66 billion related to the transition to the Revised Capital Framework on January 1, 2014 as well as $(479) million related to the firm’s transition to the Basel III Advanced Rules on April 1, 2014. | ||||
2 | Includes $(219) million related to the transition to the Revised Capital Framework on January 1, 2014 as well as $(224) million related to the transition to the Basel III Advanced Rules on April 1, 2014. | ||||
3 | Includes $(2) million related to the transition to the Revised Capital Framework on January 1, 2014 as well as $(195) million related to the transition to the Basel III Advanced Rules on April 1, 2014. | ||||
The table below presents the changes in Tier 1 capital and Tier 2 capital for the period ended December 2013 under the Prior Capital Rules. | |||||
in millions | Period Ended | ||||
December 2013 | |||||
Tier 1 capital | |||||
Balance, December 31, 2012 | $66,977 | ||||
Increase in common shareholders’ equity | 1,751 | ||||
Increase in perpetual non-cumulative preferred stock | 1,000 | ||||
Redesignation of junior subordinated debt issued to trusts | (687 | ) | |||
Change in goodwill and identifiable intangible assets | 723 | ||||
Change in equity investments in certain entities | 1,491 | ||||
Change in other adjustments | 1,216 | ||||
Balance, December 31, 2013 | 72,471 | ||||
Tier 2 capital | |||||
Balance, December 31, 2012 | 13,429 | ||||
Decrease in qualifying subordinated debt | (569 | ) | |||
Redesignation of junior subordinated debt issued to trusts | 687 | ||||
Change in other adjustments | 85 | ||||
Balance, December 31, 2013 | 13,632 | ||||
Total capital | $86,103 | ||||
Basel III Advanced Rules [Member] | ' | ||||
Capital Ratios | ' | ||||
The ratios calculated under the Basel III Advanced Rules presented in the table below were lower than those calculated under the Hybrid Capital Rules and therefore are the binding ratios for the firm as of June 2014. | |||||
$ in millions | As of | ||||
June 2014 | |||||
Common shareholders’ equity | $ 72,429 | ||||
Deduction for goodwill and identifiable intangible | (2,954 | ) | |||
assets, net of deferred tax liabilities | |||||
Deduction for investments in nonconsolidated financial institutions | (1,755 | ) | |||
Other adjustments | (98 | ) | |||
Common Equity Tier 1 | 67,622 | ||||
Perpetual non-cumulative preferred stock | 9,200 | ||||
Junior subordinated debt issued to trusts | 767 | ||||
Other adjustments | (1,393 | ) | |||
Tier 1 capital | 76,196 | ||||
Qualifying subordinated debt | 12,209 | ||||
Junior subordinated debt issued to trusts | 767 | ||||
Other adjustments | (12 | ) | |||
Tier 2 capital | 12,964 | ||||
Total capital | $ 89,160 | ||||
Basel III Advanced | |||||
Credit RWAs | $344,302 | ||||
Market RWAs | 154,246 | ||||
Operational RWAs | 93,769 | ||||
Total Basel III Advanced RWAs | $592,317 | ||||
CET1 ratio | 11.40% | ||||
Tier 1 capital ratio | 12.90% | ||||
Total capital ratio | 15.10% | ||||
Tier 1 leverage ratio | 8.40% | ||||
In the table above: | |||||
Ÿ | The deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities, represents goodwill of $3.71 billion and identifiable intangible assets of $152 million (20% of $762 million), net of associated deferred tax liabilities of $905 million. The remaining 80% of the deduction of identifiable intangible assets will be phased in ratably per year from 2015 to 2018. Identifiable intangible assets that are not deducted during the transitional period are risk weighted. | ||||
Ÿ | The deduction for investments in nonconsolidated financial institutions represents the amount by which the firm’s investments in the capital of nonconsolidated financial institutions exceed certain prescribed thresholds. As of June 2014, 20% of the deduction was reflected (calculated based on transitional thresholds). The remaining 80% will be phased in ratably per year from 2015 to 2018. The balance that is not deducted during the transitional period is risk weighted. | ||||
Ÿ | Other adjustments within CET1 and Tier 1 primarily include accumulated other comprehensive loss, 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, and other required credit risk-based deductions. As of June 2014, 20% of 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 and other required credit risk-based deductions were included in other adjustments within CET1 and 80% of the deductions were included in other adjustments within Tier 1 capital. Most of the deductions that were included in other adjustments within Tier 1 capital will be phased into CET1 ratably per year from 2015 to 2018. Other adjustments within Tier 1 also include a deduction for investments in the preferred equity of nonconsolidated financial institutions. | ||||
Ÿ | Junior subordinated debt issued to trusts is reflected in both Tier 1 capital (50%) and Tier 2 capital (50%) and is reduced by the amount of trust preferred securities purchased by the firm. Junior subordinated debt issued to trusts will be fully phased out of Tier 1 capital by 2016, and then also from Tier 2 capital by 2022. See Note 16 for additional information about the firm’s junior subordinated debt issued to trusts and trust preferred securities purchased by the firm. | ||||
Ÿ | Qualifying subordinated debt represents subordinated debt issued by Group Inc. with an original term to maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced, or discounted, upon reaching a remaining maturity of five years. See Note 16 for additional information about the firm’s subordinated debt. | ||||
Risk-weighted Assets | ' | ||||
The table below presents the components of RWAs under the Basel III Advanced Rules as of June 2014. | |||||
in millions | As of | ||||
June 2014 | |||||
Credit RWAs | |||||
Derivatives | $139,776 | ||||
Commitments, guarantees and loans | 84,776 | ||||
Securities financing transactions 1 | 20,266 | ||||
Equity investments | 42,790 | ||||
Other 2 | 56,694 | ||||
Total Credit RWAs | 344,302 | ||||
Market RWAs | |||||
Regulatory VaR | 12,188 | ||||
Stressed VaR | 32,288 | ||||
Incremental risk | 15,775 | ||||
Comprehensive risk | 9,963 | ||||
Specific risk | 84,032 | ||||
Total Market RWAs | 154,246 | ||||
Total Operational RWAs | 93,769 | ||||
Total RWAs | $592,317 | ||||
1 | Represents resale and repurchase agreements and securities borrowed and loaned transactions. | ||||
2 | Principally includes receivables, other assets, and cash and cash equivalents. | ||||
Risk-weighted Assets Rollforward | ' | ||||
The table below presents the changes in RWAs under the Basel III Advanced Rules for the period December 31, 2013 to June 30, 2014. | |||||
in millions | Period Ended | ||||
June 2014 | |||||
Risk-weighted assets | |||||
Balance, December 31, 2013 | $433,226 | ||||
Credit RWAs | |||||
Change related to the transition to the Revised Capital Framework 1 | 69,101 | ||||
Other changes: | |||||
Decrease in derivatives | (6,834 | ) | |||
Increase in commitments, guarantees and loans | 7,775 | ||||
Increase in securities financing transactions | 1,866 | ||||
Decrease in equity investments | (84 | ) | |||
Increase in other | 4,231 | ||||
Change in Credit RWAs | 76,055 | ||||
Market RWAs | |||||
Change related to the transition to the Revised Capital Framework | 1,626 | ||||
Decrease in regulatory VaR | (3,225 | ) | |||
Decrease in stressed VaR | (8,849 | ) | |||
Increase in incremental risk | 6,312 | ||||
Decrease in comprehensive risk | (4,804 | ) | |||
Decrease in specific risk | (1,793 | ) | |||
Change in Market RWAs | (10,733 | ) | |||
Operational RWAs | |||||
Change related to the transition to the Revised Capital Framework | 88,938 | ||||
Increase in operational risk | 4,831 | ||||
Change in Operational RWAs | 93,769 | ||||
Total RWAs, June 30, 2014 | $592,317 | ||||
1 | Includes $26.67 billion of RWA changes related to the transition to the Revised Capital Framework on January 1, 2014 and $42.43 billion of changes to the calculation of Credit RWAs under the Basel III Advanced Rules related to the firm’s transition to the Basel III Advanced Rules on April 1, 2014 | ||||
Prior Capital Rules [Member] | ' | ||||
Capital Ratios | ' | ||||
The table below presents information about Group Inc.’s regulatory ratios as of December 2013 under the Prior Capital Rules. | |||||
$ in millions | As of | ||||
December 2013 | |||||
Common shareholders’ equity | $ 71,267 | ||||
Perpetual non-cumulative preferred stock | 7,200 | ||||
Junior subordinated debt issued to trusts | 2,063 | ||||
Deduction for goodwill and identifiable intangible assets | (4,376 | ) | |||
Deduction for equity investments in certain entities | (3,314 | ) | |||
Other adjustments | (369 | ) | |||
Tier 1 capital | 72,471 | ||||
Qualifying subordinated debt | 12,773 | ||||
Junior subordinated debt issued to trusts | 687 | ||||
Other adjustments | 172 | ||||
Tier 2 capital | 13,632 | ||||
Total capital | $ 86,103 | ||||
Credit RWAs | $268,247 | ||||
Market RWAs | 164,979 | ||||
Total RWAs | $433,226 | ||||
Tier 1 capital ratio | 16.70% | ||||
Total capital ratio | 19.90% | ||||
Tier 1 leverage ratio | 8.10% | ||||
In the table above: | |||||
Ÿ | Junior subordinated debt issued to trusts is reflected in both Tier 1 capital (75%) and Tier 2 capital (25%). See Note 16 for additional information about the firm’s junior subordinated debt issued to trusts. | ||||
Ÿ | The deduction for goodwill and identifiable intangible assets includes goodwill of $3.71 billion and identifiable intangible assets of $671 million. | ||||
Ÿ | Other adjustments within Tier 1 capital primarily include disallowed deferred tax assets and the overfunded portion of the firm’s defined benefit pension plan obligation, net of associated deferred tax liabilities. | ||||
Ÿ | Qualifying subordinated debt represents subordinated debt issued by Group Inc. with an original term to maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced, or discounted, upon reaching a remaining maturity of five years. See Note 16 for additional information about the firm’s subordinated debt. | ||||
Risk-weighted Assets | ' | ||||
The table below presents the components of RWAs as of December 2013 under the Prior Capital Rules. | |||||
in millions | As of | ||||
December 2013 | |||||
Credit RWAs | |||||
Derivatives | $ 94,753 | ||||
Commitments, guarantees and loans | 78,997 | ||||
Securities financing transactions 1 | 30,010 | ||||
Equity investments | 3,673 | ||||
Other 2 | 60,814 | ||||
Total Credit RWAs | 268,247 | ||||
Market RWAs | |||||
Regulatory VaR | 13,425 | ||||
Stressed VaR | 38,250 | ||||
Incremental risk | 9,463 | ||||
Comprehensive risk | 18,150 | ||||
Specific risk | 85,691 | ||||
Total Market RWAs | 164,979 | ||||
Total RWAs | $433,226 | ||||
1 | Represents resale and repurchase agreements and securities borrowed and loaned transactions. | ||||
2 | Principally includes receivables, other assets, and cash and cash equivalents. | ||||
Risk-weighted Assets Rollforward | ' | ||||
The table below presents the changes in RWAs for the period ended December 31, 2013 under the Prior Capital Rules. | |||||
in millions | Period Ended | ||||
December 2013 | |||||
Risk-weighted assets | |||||
Balance, December 31, 2012 | $399,928 | ||||
Credit RWAs | |||||
Decrease in derivatives | (12,516 | ) | |||
Increase in commitments, guarantees and loans | 18,151 | ||||
Decrease in securities financing transactions | (17,059 | ) | |||
Increase in equity investments | 1,077 | ||||
Change in other | (8,932 | ) | |||
Change in Credit RWAs | (19,279 | ) | |||
Market RWAs | |||||
Increase related to the revised market risk rules | 127,608 | ||||
Decrease in regulatory VaR | (2,038 | ) | |||
Decrease in stressed VaR | (13,700 | ) | |||
Decrease in incremental risk | (17,350 | ) | |||
Decrease in comprehensive risk | (9,568 | ) | |||
Decrease in specific risk | (32,375 | ) | |||
Change in Market RWAs | 52,577 | ||||
Total RWAs, December 31, 2013 | $433,226 | ||||
Hybrid Capital Rules [Member] | ' | ||||
Capital Ratios | ' | ||||
The ratios calculated under the Hybrid Capital Rules presented in the table below were lower than those calculated under the Basel III Advanced Rules, and therefore are the binding ratios for GS Bank USA as of June 2014. As a result of the changes in the applicable capital framework in 2014, GS Bank USA’s capital ratios as of June 2014 and December 2013 are calculated on a different basis and, accordingly, are not comparable. | |||||
$ in millions | As of | ||||
June 2014 | |||||
Common Equity Tier 1 | $ 20,453 | ||||
Tier 1 capital | $ 20,453 | ||||
Tier 2 capital | $ 2,161 | ||||
Total capital | $ 22,614 | ||||
Total Hybrid Capital RWAs | $140,859 | ||||
CET1 ratio | 14.50% | ||||
Tier 1 capital ratio | 14.50% | ||||
Total capital ratio | 16.10% | ||||
Tier 1 leverage ratio | 18.80% | ||||
Prior Capital Rules [Member] | ' | ||||
Capital Ratios | ' | ||||
The table below presents information as of December 2013 regarding GS Bank USA’s regulatory capital ratios under the Prior Capital Rules. | |||||
$ in millions | As of | ||||
December 2013 | |||||
Tier 1 capital | $ 20,086 | ||||
Tier 2 capital | $ 116 | ||||
Total capital | $ 20,202 | ||||
Risk-weighted assets | $134,935 | ||||
Tier 1 capital ratio | 14.90% | ||||
Total capital ratio | 15.00% | ||||
Tier 1 leverage ratio | 16.90% |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||
Earnings Per Common Share | ' | ||||||||||||||||||
The table below presents the computations of basic and diluted EPS. | |||||||||||||||||||
in millions, except | Three Months | Six Months | |||||||||||||||||
per share amounts | Ended June | Ended June | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Numerator for basic and diluted EPS — net earnings applicable to common shareholders | $1,953 | $1,861 | $3,902 | $4,049 | |||||||||||||||
Denominator for basic EPS —weighted average number of common shares | 461.7 | 473.2 | 465.1 | 477.5 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
RSUs | 5.9 | 7.2 | 5.4 | 6.7 | |||||||||||||||
Stock options and warrants | 8.3 | 23.1 | 9.6 | 22.4 | |||||||||||||||
Dilutive potential common shares | 14.2 | 30.3 | 15 | 29.1 | |||||||||||||||
Denominator for diluted EPS — weighted average number of common shares and dilutive potential common shares | 475.9 | 503.5 | 480.1 | 506.6 | |||||||||||||||
Basic EPS | $ 4.21 | $ 3.92 | $ 8.36 | $ 8.45 | |||||||||||||||
Diluted EPS | 4.1 | 3.7 | 8.13 | 7.99 | |||||||||||||||
Transactions_with_Affiliated_F1
Transactions with Affiliated Funds (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||
Fees Earned from Affiliated Funds | ' | ||||||||||||||||||
The tables below present fees earned from affiliated funds. | |||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Fees earned from affiliated funds | $718 | $682 | $ 1,610 | $ 1,382 | |||||||||||||||
Fees Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds | ' | ||||||||||||||||||
The tables below present fees receivable from affiliated funds and the aggregate carrying value of the firm’s interests in affiliated funds. | |||||||||||||||||||
As of | |||||||||||||||||||
in millions | June | December | |||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Fees receivable from funds | $ 640 | $ 817 | |||||||||||||||||
Aggregate carrying value of interests in funds | 12,715 | 13,124 |
Interest_Income_and_Interest_E1
Interest Income and Interest Expense (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Banking And Thrift Interest [Abstract] | ' | ||||||||||||||||||
Interest Income and Interest Expense | ' | ||||||||||||||||||
The table below presents the firm’s sources of interest income and interest expense. | |||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Interest income | |||||||||||||||||||
Deposits with banks | $ 49 | $ 50 | $ 99 | $ 98 | |||||||||||||||
Securities borrowed, securities purchased under agreements to resell and federal funds sold 1 | 19 | 14 | 37 | (10 | ) | ||||||||||||||
Financial instruments owned, at fair value | 1,968 | 2,192 | 4,013 | 4,430 | |||||||||||||||
Other interest 2 | 543 | 407 | 1,024 | 753 | |||||||||||||||
Total interest income | 2,579 | 2,663 | 5,173 | 5,271 | |||||||||||||||
Interest expense | |||||||||||||||||||
Deposits | 82 | 101 | 167 | 194 | |||||||||||||||
Securities loaned and securities sold under agreements to repurchase | 125 | 146 | 259 | 310 | |||||||||||||||
Financial instruments sold, but not yet purchased, at fair value | 446 | 599 | 979 | 1,110 | |||||||||||||||
Short-term borrowings 3 | 104 | 115 | 199 | 221 | |||||||||||||||
Long-term borrowings 3 | 925 | 972 | 1,828 | 1,882 | |||||||||||||||
Other interest 4 | (103 | ) | (96 | ) | (296 | ) | (197 | ) | |||||||||||
Total interest expense | 1,579 | 1,837 | 3,136 | 3,520 | |||||||||||||||
Net interest income | $1,000 | $ 826 | $2,037 | $1,751 | |||||||||||||||
1 | Includes rebates paid and interest income on securities borrowed. | ||||||||||||||||||
2 | Includes interest income on customer debit balances and other interest-earning assets. | ||||||||||||||||||
3 | Includes interest on unsecured borrowings and other secured financings. | ||||||||||||||||||
4 | Includes rebates received on other interest-bearing liabilities and interest expense on customer credit balances. |
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
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. | |||||
Jurisdiction | As of | ||||
June 2014 | |||||
U.S. Federal | 2008 | ||||
New York State and City | 2007 | ||||
United Kingdom | 2008 | ||||
Japan | 2010 | ||||
Hong Kong | 2006 | ||||
Korea | 2010 |
Business_Segments_Tables
Business Segments (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Segment Operating Results | ' | ||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||
Ended or as of June | Ended or as of June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Investment Banking | |||||||||||||||||||
Financial Advisory | $ 506 | $ 486 | $ 1,188 | $ 970 | |||||||||||||||
Equity underwriting | 545 | 371 | 982 | 761 | |||||||||||||||
Debt underwriting | 730 | 695 | 1,390 | 1,389 | |||||||||||||||
Total Underwriting | 1,275 | 1,066 | 2,372 | 2,150 | |||||||||||||||
Total net revenues | 1,781 | 1,552 | 3,560 | 3,120 | |||||||||||||||
Operating expenses | 1,076 | 1,025 | 2,121 | 2,089 | |||||||||||||||
Pre-tax earnings | $ 705 | $ 527 | $ 1,439 | $ 1,031 | |||||||||||||||
Segment assets | $ 2,188 | $ 1,862 | $ 2,188 | $ 1,862 | |||||||||||||||
Institutional Client Services | |||||||||||||||||||
Fixed Income, Currency and Commodities Client Execution | $ 2,223 | $ 2,463 | $ 5,073 | $ 5,680 | |||||||||||||||
Equities client execution | 483 | 638 | 899 | 1,447 | |||||||||||||||
Commissions and fees | 751 | 836 | 1,579 | 1,629 | |||||||||||||||
Securities services | 373 | 376 | 725 | 696 | |||||||||||||||
Total Equities | 1,607 | 1,850 | 3,203 | 3,772 | |||||||||||||||
Total net revenues | 3,830 | 4,313 | 2 | 8,276 | 9,452 | 2 | |||||||||||||
Operating expenses | 3,044 | 3,120 | 6,138 | 6,686 | |||||||||||||||
Pre-tax earnings | $ 786 | $ 1,193 | $ 2,138 | $ 2,766 | |||||||||||||||
Segment assets | $724,792 | $825,091 | $724,792 | $825,091 | |||||||||||||||
Investing & Lending | |||||||||||||||||||
Equity securities | $ 1,253 | $ 462 | $ 1,955 | $ 1,589 | |||||||||||||||
Debt securities and loans | 604 | 658 | 1,201 | 1,224 | |||||||||||||||
Other | 215 | 295 | 445 | 670 | |||||||||||||||
Total net revenues | 2,072 | 1,415 | 3,601 | 3,483 | |||||||||||||||
Operating expenses | 998 | 705 | 1,890 | 1,701 | |||||||||||||||
Pre-tax earnings | $ 1,074 | $ 710 | $ 1,711 | $ 1,782 | |||||||||||||||
Segment assets | $119,375 | $ 99,293 | $119,375 | $ 99,293 | |||||||||||||||
Investment Management | |||||||||||||||||||
Management and other fees | $ 1,203 | $ 1,098 | $ 2,355 | $ 2,158 | |||||||||||||||
Incentive fees | 139 | 118 | 443 | 258 | |||||||||||||||
Transaction revenues | 100 | 116 | 218 | 231 | |||||||||||||||
Total net revenues | 1,442 | 1,332 | 3,016 | 2,647 | |||||||||||||||
Operating expenses | 1,183 | 1,110 | 2,459 | 2,200 | |||||||||||||||
Pre-tax earnings | $ 259 | $ 222 | $ 557 | $ 447 | |||||||||||||||
Segment assets | $ 13,559 | $ 12,210 | $ 13,559 | $ 12,210 | |||||||||||||||
Total net revenues | $ 9,125 | $ 8,612 | $ 18,453 | $ 18,702 | |||||||||||||||
Total operating expenses 1 | 6,304 | 5,967 | 12,611 | 12,684 | |||||||||||||||
Total pre-tax earnings | $ 2,821 | $ 2,645 | $ 5,842 | $ 6,018 | |||||||||||||||
Total assets | $859,914 | $938,456 | $859,914 | $938,456 | |||||||||||||||
1 | Includes real estate-related exit costs of $3 million and $7 million for the three months ended June 2014 and June 2013, respectively, and $3 million and $8 million for the six months ended June 2014 and June 2013, respectively, that have not been allocated to the firm’s segments. Real estate-related exit costs are included in “Depreciation and amortization” and “Occupancy” in the condensed consolidated statements of earnings. | ||||||||||||||||||
2 | Includes $(3) million and $37 million for the three and six months ended June 2013, respectively, of realized gains/(losses) on available-for-sale securities. | ||||||||||||||||||
Net Interest Income | ' | ||||||||||||||||||
The tables below present the amounts of net interest income or interest expense included in net revenues. | |||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Investment Banking | $ — | $ — | $ — | $ — | |||||||||||||||
Institutional Client Services | 894 | 785 | 1,873 | 1,694 | |||||||||||||||
Investing & Lending | 77 | 13 | 103 | — | |||||||||||||||
Investment Management | 29 | 28 | 61 | 57 | |||||||||||||||
Total net interest income | $1,000 | $826 | $2,037 | $1,751 | |||||||||||||||
Depreciation and Amortization | ' | ||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||
Ended June | Ended June | ||||||||||||||||||
in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Investment Banking | $ 35 | $ 38 | $ 67 | $ 71 | |||||||||||||||
Institutional Client Services | 122 | 129 | 236 | 281 | |||||||||||||||
Investing & Lending | 97 | 58 | 304 | 133 | |||||||||||||||
Investment Management | 38 | 40 | 75 | 81 | |||||||||||||||
Total depreciation and amortization 1 | $ 294 | $266 | $ 684 | $ 568 | |||||||||||||||
1. Includes real estate-related exit costs of $2 million and $1 million for the three months ended June 2014 and June 2013, respectively, and $2 million for both the six months ended June 2014 and June 2013, that have not been allocated to the firm’s segments. | |||||||||||||||||||
Net Revenues and Pre-Tax Earnings for Each Geographic Region | ' | ||||||||||||||||||
The tables below present the total net revenues and pre-tax earnings of the firm by geographic region allocated based on the methodology referred to above, as well as the percentage of total net revenues and pre-tax earnings (excluding Corporate) for each geographic region. | |||||||||||||||||||
Three Months Ended June | |||||||||||||||||||
$ in millions | 2014 | 2013 | |||||||||||||||||
Net revenues | |||||||||||||||||||
Americas | $ 5,202 | 57% | $ 4,883 | 57% | |||||||||||||||
Europe, Middle East and Africa | 2,737 | 30% | 2,162 | 25% | |||||||||||||||
Asia (includes Australia and New Zealand) | 1,186 | 13% | 1,567 | 18% | |||||||||||||||
Total net revenues | $ 9,125 | 100% | $ 8,612 | 100% | |||||||||||||||
Pre-tax earnings | |||||||||||||||||||
Americas | $ 1,453 | 51% | $ 1,350 | 51% | |||||||||||||||
Europe, Middle East and Africa | 1,013 | 36% | 729 | 27% | |||||||||||||||
Asia (includes Australia and New Zealand) | 358 | 13% | 573 | 22% | |||||||||||||||
Subtotal | 2,824 | 100% | 2,652 | 100% | |||||||||||||||
Corporate | (3 | ) | (7 | ) | |||||||||||||||
Total pre-tax earnings | $ 2,821 | $ 2,645 | |||||||||||||||||
Six Months Ended June | |||||||||||||||||||
$ in millions | 2014 | 2013 | |||||||||||||||||
Net revenues | |||||||||||||||||||
Americas | $10,699 | 58% | $10,888 | 58% | |||||||||||||||
Europe, Middle East and Africa | 5,376 | 29% | 4,583 | 25% | |||||||||||||||
Asia (includes Australia and New Zealand) | 2,378 | 13% | 3,231 | 17% | |||||||||||||||
Total net revenues | $18,453 | 100% | $18,702 | 100% | |||||||||||||||
Pre-tax earnings | |||||||||||||||||||
Americas | $ 3,143 | 54% | $ 3,201 | 53% | |||||||||||||||
Europe, Middle East and Africa | 1,985 | 34% | 1,636 | 27% | |||||||||||||||
Asia (includes Australia and New Zealand) | 717 | 12% | 1,189 | 20% | |||||||||||||||
Subtotal | 5,845 | 100% | 6,026 | 100% | |||||||||||||||
Corporate | (3 | ) | (8 | ) | |||||||||||||||
Total pre-tax earnings | $ 5,842 | $ 6,018 |
Credit_Concentrations_Tables
Credit Concentrations (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||
Credit Concentration, Government and Federal Agency Obligations | ' | ||||||||
The table below presents the credit concentrations in cash instruments held by the firm. | |||||||||
As of | |||||||||
$ in millions | June | December | |||||||
2014 | 2013 | ||||||||
U.S. government and federal | $93,157 | $90,118 | |||||||
agency obligations 1 | |||||||||
% of total assets | 10.80% | 9.90% | |||||||
Non-U.S. government and | $44,787 | $40,944 | |||||||
agency obligations 1 | |||||||||
% of total assets | 5.20% | 4.50% | |||||||
1 | Included in “Financial instruments owned, at fair value” and “Cash and securities segregated for regulatory and other purposes.” | ||||||||
Credit Concentration, Resale Agreements and Securities Borrowed | ' | ||||||||
The table below presents U.S. government and federal agency obligations, and non-U.S. government and agency obligations, that collateralize resale agreements and securities borrowed transactions (including those in “Cash and securities segregated for regulatory and other purposes”). Because the firm’s primary credit exposure on such transactions is to the counterparty to the transaction, the firm would be exposed to the collateral issuer only in the event of counterparty default. | |||||||||
As of | |||||||||
in millions | June | December | |||||||
2014 | 2013 | ||||||||
U.S. government and federal | $61,865 | $100,672 | |||||||
agency obligations | |||||||||
Non-U.S. government and | 73,640 | 79,021 | |||||||
agency obligations 1 | |||||||||
1 | Principally consists of securities issued by the governments of France, the United Kingdom and Germany. |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Cash and due from banks | $6.26 | $4.14 |
Interest-bearing deposits with banks | $50.72 | $56.99 |
Financial_Instruments_Owned_at2
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value - Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | $345,806 | $339,121 |
Financial instruments sold, but not yet purchased, at fair value | 124,162 | 127,426 |
Cash Instruments [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 291,963 | 281,242 |
Financial instruments sold, but not yet purchased, at fair value | 77,967 | 77,704 |
Commercial Paper, Certificates of Deposit, Time Deposits and Other Money Market Instruments [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 6,537 | 8,608 |
Financial instruments sold, but not yet purchased, at fair value | ' | ' |
U.S. Government and Federal Agency Obligations [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 75,648 | 71,072 |
Financial instruments sold, but not yet purchased, at fair value | 15,734 | 20,920 |
Non-U.S. Government and Agency Obligations [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 44,787 | 40,944 |
Financial instruments sold, but not yet purchased, at fair value | 24,786 | 26,999 |
Loans and Securities Backed by Commercial Real Estate [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 6,374 | 6,596 |
Financial instruments sold, but not yet purchased, at fair value | 21 | 1 |
Loans and Securities Backed by Residential Real Estate [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 9,857 | 9,025 |
Financial instruments sold, but not yet purchased, at fair value | 1 | 2 |
Bank Loans and Bridge Loans [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 18,731 | 17,400 |
Financial instruments sold, but not yet purchased, at fair value | 732 | 925 |
Corporate Debt Securities [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 23,459 | 17,412 |
Financial instruments sold, but not yet purchased, at fair value | 5,505 | 5,253 |
State and Municipal Obligations [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 1,406 | 1,476 |
Financial instruments sold, but not yet purchased, at fair value | 0 | 51 |
Other Debt Obligations [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 3,645 | 3,129 |
Financial instruments sold, but not yet purchased, at fair value | 31 | 4 |
Equities and Convertible Debentures [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 97,462 | 101,024 |
Financial instruments sold, but not yet purchased, at fair value | 29,331 | 22,583 |
Commodities [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 4,057 | 4,556 |
Financial instruments sold, but not yet purchased, at fair value | 1,826 | 966 |
Derivatives [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Financial instruments owned, at fair value | 53,843 | 57,879 |
Financial instruments sold, but not yet purchased, at fair value | $46,195 | $49,722 |
Financial_Instruments_Owned_at3
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value - Gains and Losses from Market Making and Other Principal Transactions (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ' |
Other principal transactions | $1,995 | $1,402 | $3,498 | $3,483 |
Trading Activity, Gains and Losses, Net | 4,180 | 4,094 | 8,322 | 9,612 |
Market making [Member] | ' | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net | 2,185 | 2,692 | 4,824 | 6,129 |
Market making [Member] | Interest Rates [Member] | ' | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net | -176 | 131 | -456 | -1,033 |
Market making [Member] | Credit [Member] | ' | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net | 1,022 | -5 | 2,202 | 1,454 |
Market making [Member] | Foreign Exchange [Member] | ' | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net | 561 | 851 | 856 | 3,360 |
Market making [Member] | Equities [Member] | ' | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net | 544 | 767 | 1,227 | 1,269 |
Market making [Member] | Commodities [Member] | ' | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net | 234 | 261 | 995 | 649 |
Market making [Member] | Other Trading [Member] | ' | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net | $0 | $687 | $0 | $430 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets Liabilities Summary (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Total financial assets at fair value | $537,238 | $585,861 | $600,173 | ' |
Total assets | 859,914 | 915,665 | 911,507 | 938,456 |
Total level 3 financial assets as a percentage of Total assets | 4.60% | 4.50% | 4.40% | ' |
Total level 3 financial assets as a percentage of Total financial assets at fair value | 7.40% | 7.00% | 6.70% | ' |
Total financial liabilities at fair value | 299,445 | 333,695 | 355,173 | ' |
Total level 3 financial liabilities as a percentage of Total financial liabilities at fair value | 4.10% | 4.00% | 3.40% | ' |
Counterparty and Cash Collateral Netting [Member] | Derivatives [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Total financial assets at fair value | -96,842 | -92,834 | -95,350 | ' |
Total financial liabilities at fair value | -27,811 | -25,415 | -25,868 | ' |
Level 1 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Total financial assets at fair value | 153,025 | 153,199 | 156,030 | ' |
Total financial liabilities at fair value | 67,579 | 71,973 | 68,412 | ' |
Level 2 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Total financial assets at fair value | 441,295 | 484,573 | 499,480 | ' |
Total financial liabilities at fair value | 247,288 | 273,929 | 300,583 | ' |
Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Total financial assets at fair value | 39,760 | 40,923 | 40,013 | ' |
Total financial liabilities at fair value | $12,389 | $13,208 | $12,046 | ' |
Fair_Value_Measurements_Financ1
Fair Value Measurements - Financial Assets Liabilities Summary (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | ' | ' | ' |
Assets accounted at fair value or approximate fair value | $837 | $892 | $890 |
Cash_Instruments_Fair_Value_Ca
Cash Instruments - Fair Value, Cash Instruments, Measurement Inputs, Disclosure (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Bank Loans and Bridge Loans [Member] | Bank Loans and Bridge Loans [Member] | Corporate Debt Securities, State and Municipal Obligations, Non-U.S. Government and Agency Obligations, Other Debt Obligations [Member] | Corporate Debt Securities, State and Municipal Obligations, Non-U.S. Government and Agency Obligations, Other Debt Obligations [Member] | Equities and Convertible Debentures [Member] | Equities and Convertible Debentures [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | |||
Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Bank Loans and Bridge Loans [Member] | Bank Loans and Bridge Loans [Member] | Corporate Debt Securities, State and Municipal Obligations, Non-U.S. Government and Agency Obligations, Other Debt Obligations [Member] | Corporate Debt Securities, State and Municipal Obligations, Non-U.S. Government and Agency Obligations, Other Debt Obligations [Member] | Equities and Convertible Debentures [Member] | Equities and Convertible Debentures [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Bank Loans and Bridge Loans [Member] | Bank Loans and Bridge Loans [Member] | Corporate Debt Securities, State and Municipal Obligations, Non-U.S. Government and Agency Obligations, Other Debt Obligations [Member] | Corporate Debt Securities, State and Municipal Obligations, Non-U.S. Government and Agency Obligations, Other Debt Obligations [Member] | Equities and Convertible Debentures [Member] | Equities and Convertible Debentures [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Bank Loans and Bridge Loans [Member] | Bank Loans and Bridge Loans [Member] | Corporate Debt Securities, State and Municipal Obligations, Non-U.S. Government and Agency Obligations, Other Debt Obligations [Member] | Corporate Debt Securities, State and Municipal Obligations, Non-U.S. Government and Agency Obligations, Other Debt Obligations [Member] | Equities and Convertible Debentures [Member] | Equities and Convertible Debentures [Member] | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Unobservable Inputs, Yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 2.70% | 2.90% | 2.60% | 1.60% | 1.00% | 1.00% | 1.50% | ' | ' | 20.00% | 29.10% | 17.50% | 25.80% | 23.40% | 39.60% | 24.00% | 40.20% | ' | ' | 10.00% | 10.10% | 9.10% | 10.10% | 8.20% | 9.30% | 8.50% | 8.90% | ' | ' |
Fair Value Unobservable Inputs, Recovery Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.60% | 26.20% | ' | ' | 34.70% | 40.00% | 0.00% | 0.00% | ' | ' | 97.40% | 88.10% | ' | ' | 87.10% | 85.00% | 70.00% | 70.00% | ' | ' | 70.80% | 74.40% | ' | ' | 60.50% | 54.90% | 63.20% | 61.90% | ' | ' |
Fair Value Unobservable Inputs, Cumulative Loss Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 9.80% | ' | ' | ' | ' | ' | ' | ' | ' | 89.60% | 56.60% | ' | ' | ' | ' | ' | ' | ' | ' | 25.40% | 24.90% | ' | ' | ' | ' | ' | ' |
Fair Value Unobservable Inputs, Duration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 months 12 days | '7 months 6 days | '1 year 2 months 12 days | '1 year 4 months 24 days | '4 months 24 days | '6 months | '1 year | '7 months 6 days | ' | ' | '5 years 3 months 18 days | '5 years 8 months 12 days | '10 years 6 months | '16 years 8 months 12 days | '4 years 6 months | '5 years 3 months 18 days | '16 years 8 months 12 days | '16 years 1 month 6 days | ' | ' | '2 years 2 months 12 days | '2 years | '3 years 1 month 6 days | '3 years 7 months 6 days | '1 year 8 months 12 days | '2 years 1 month 6 days | '4 years 6 months | '4 years 2 months 12 days | ' | ' |
Fair Value Unobservable Inputs, Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '(2) points | '(9) points | ' | ' | ' | ' | ' | ' | ' | ' | '18 points | '20 points | ' | ' | ' | ' | ' | ' | ' | ' | '4 points | '5 points | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Unobservable Inputs, Multiples | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | 19 | 18.8 | ' | ' | ' | ' | ' | ' | ' | ' | 6.6 | 6.9 |
Fair Value Unobservable Inputs, Discount Rate/Yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 29.10% | ' | ' | ' | ' | ' | ' | ' | ' | 14.60% | 14.60% |
Fair Value Unobservable Inputs, Long-term Growth Rate And Compound Annual Growth Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 19.00% | ' | ' | ' | ' | ' | ' | ' | ' | 7.10% | 8.10% |
Fair Value Unobservable Inputs, Capitalization Rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.10% | 4.60% | ' | ' | ' | ' | ' | ' | ' | ' | 12.10% | 11.30% | ' | ' | ' | ' | ' | ' | ' | ' | 7.20% | 7.10% |
AssetsFairValueDisclosure | $537,238 | $585,861 | $600,173 | $39,760 | $40,923 | $40,013 | $2,620 | $2,692 | $2,039 | $1,961 | $8,947 | $9,324 | $3,181 | $3,977 | $16,259 | $14,685 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash_Instruments_Cash_Instrume
Cash Instruments - Cash Instruments by Level (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | $537,238 | $585,861 | $600,173 |
Total financial liabilities at fair value | 299,445 | 333,695 | 355,173 |
Financial instruments owned, at fair value | 345,806 | ' | 339,121 |
Financial instruments sold, but not yet purchased, at fair value | 124,162 | ' | 127,426 |
Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 153,025 | 153,199 | 156,030 |
Total financial liabilities at fair value | 67,579 | 71,973 | 68,412 |
Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 441,295 | 484,573 | 499,480 |
Total financial liabilities at fair value | 247,288 | 273,929 | 300,583 |
Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 39,760 | 40,923 | 40,013 |
Total financial liabilities at fair value | 12,389 | 13,208 | 12,046 |
Commercial Paper, Certificates of Deposit, Time Deposits and Other Money Market Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Financial instruments owned, at fair value | 6,537 | ' | 8,608 |
Commercial Paper, Certificates of Deposit, Time Deposits and Other Money Market Instruments [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 183 | ' | 216 |
Commercial Paper, Certificates of Deposit, Time Deposits and Other Money Market Instruments [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 6,354 | ' | 8,392 |
U.S. Government and Federal Agency Obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Financial instruments owned, at fair value | 75,648 | ' | 71,072 |
Financial instruments sold, but not yet purchased, at fair value | 15,734 | ' | 20,920 |
U.S. Government and Federal Agency Obligations [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 29,912 | ' | 29,582 |
Total financial liabilities at fair value | 15,616 | ' | 20,871 |
U.S. Government and Federal Agency Obligations [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 45,736 | ' | 41,490 |
Total financial liabilities at fair value | 118 | ' | 49 |
Non-U.S. Government and Agency Obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Financial instruments owned, at fair value | 44,787 | ' | 40,944 |
Financial instruments sold, but not yet purchased, at fair value | 24,786 | ' | 26,999 |
Non-U.S. Government and Agency Obligations [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 34,522 | ' | 29,451 |
Total financial liabilities at fair value | 22,997 | ' | 25,325 |
Non-U.S. Government and Agency Obligations [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 10,212 | ' | 11,453 |
Total financial liabilities at fair value | 1,789 | ' | 1,674 |
Non-U.S. Government and Agency Obligations [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 53 | ' | 40 |
Loans and Securities Backed by Commercial Real Estate [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Financial instruments owned, at fair value | 6,374 | ' | 6,596 |
Financial instruments sold, but not yet purchased, at fair value | 21 | ' | 1 |
Loans and Securities Backed by Commercial Real Estate [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 3,754 | ' | 3,904 |
Total financial liabilities at fair value | 14 | ' | ' |
Loans and Securities Backed by Commercial Real Estate [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 2,620 | ' | 2,692 |
Total financial liabilities at fair value | 7 | ' | 1 |
Loans and Securities Backed by Residential Real Estate [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Financial instruments owned, at fair value | 9,857 | ' | 9,025 |
Financial instruments sold, but not yet purchased, at fair value | 1 | ' | 2 |
Loans and Securities Backed by Residential Real Estate [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 7,818 | ' | 7,064 |
Total financial liabilities at fair value | 1 | ' | 2 |
Loans and Securities Backed by Residential Real Estate [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 2,039 | ' | 1,961 |
Bank Loans and Bridge Loans [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Financial instruments owned, at fair value | 18,731 | ' | 17,400 |
Financial instruments sold, but not yet purchased, at fair value | 732 | ' | 925 |
Bank Loans and Bridge Loans [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 9,784 | ' | 8,076 |
Total financial liabilities at fair value | 554 | ' | 641 |
Bank Loans and Bridge Loans [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 8,947 | ' | 9,324 |
Total financial liabilities at fair value | 178 | ' | 284 |
Corporate Debt Securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Financial instruments owned, at fair value | 23,459 | ' | 17,412 |
Financial instruments sold, but not yet purchased, at fair value | 5,505 | ' | 5,253 |
Corporate Debt Securities [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 272 | ' | 240 |
Total financial liabilities at fair value | 10 | ' | 10 |
Corporate Debt Securities [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 20,857 | ' | 14,299 |
Total financial liabilities at fair value | 5,492 | ' | 5,241 |
Corporate Debt Securities [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 2,330 | ' | 2,873 |
Total financial liabilities at fair value | 3 | ' | 2 |
State and Municipal Obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Financial instruments owned, at fair value | 1,406 | ' | 1,476 |
Financial instruments sold, but not yet purchased, at fair value | ' | ' | 51 |
State and Municipal Obligations [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | ' | ' | ' |
State and Municipal Obligations [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 1,237 | ' | 1,219 |
Total financial liabilities at fair value | ' | ' | 50 |
State and Municipal Obligations [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 169 | ' | 257 |
Total financial liabilities at fair value | ' | ' | 1 |
Other Debt Obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Financial instruments owned, at fair value | 3,645 | ' | 3,129 |
Financial instruments sold, but not yet purchased, at fair value | 31 | ' | 4 |
Other Debt Obligations [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 3,016 | ' | 2,322 |
Total financial liabilities at fair value | 29 | ' | 3 |
Other Debt Obligations [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 629 | ' | 807 |
Total financial liabilities at fair value | 2 | ' | 1 |
Equities and Convertible Debentures [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Financial instruments owned, at fair value | 97,462 | ' | 101,024 |
Financial instruments sold, but not yet purchased, at fair value | 29,331 | ' | 22,583 |
Equities and Convertible Debentures [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 70,611 | ' | 76,945 |
Total financial liabilities at fair value | 28,901 | ' | 22,107 |
Equities and Convertible Debentures [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 10,592 | ' | 9,394 |
Total financial liabilities at fair value | 423 | ' | 468 |
Equities and Convertible Debentures [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 16,259 | ' | 14,685 |
Total financial liabilities at fair value | 7 | ' | 8 |
Commodities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Financial instruments owned, at fair value | 4,057 | ' | 4,556 |
Financial instruments sold, but not yet purchased, at fair value | 1,826 | ' | 966 |
Commodities [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 4,057 | ' | 4,556 |
Total financial liabilities at fair value | 1,826 | ' | 966 |
Cash Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Financial instruments owned, at fair value | 291,963 | ' | 281,242 |
Financial instruments sold, but not yet purchased, at fair value | 77,967 | ' | 77,704 |
Cash Instruments [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 135,500 | ' | 136,434 |
Total financial liabilities at fair value | 67,524 | ' | 68,313 |
Cash Instruments [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 123,417 | ' | 112,169 |
Total financial liabilities at fair value | 10,246 | ' | 9,094 |
Cash Instruments [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 33,046 | ' | 32,639 |
Total financial liabilities at fair value | $197 | ' | $297 |
Cash_Instruments_Cash_Instrume1
Cash Instruments - Cash Instruments by Level (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | $537,238 | $585,861 | $600,173 |
Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 441,295 | 484,573 | 499,480 |
Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 39,760 | 40,923 | 40,013 |
CDOs and CLOs Backed by Corporate and Other Debt Obligations Assets [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 364 | ' | 451 |
CDOs and CLOs Backed by Corporate and Other Debt Obligations Assets [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 1,050 | ' | 1,620 |
Private Equity Investments [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 14,410 | ' | 12,820 |
Real Estate Investment [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 1,430 | ' | 1,370 |
Convertible Debentures [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 416 | ' | 491 |
CDOs Backed by Real Estate Assets [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | 317 | ' | 295 |
CDOs Backed by Real Estate Assets [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total financial assets at fair value | $570 | ' | $411 |
Cash_Instruments_Additional_In
Cash Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 28 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Transfers of cash instruments from level 1 to level 2 | $552 | $51 | $67 | $5 | ' |
Transfers of cash instruments from level 2 to level 1 | 7 | 105 | 81 | 77 | ' |
Fair value investments, entities that calculate net asset value per share, investment redemption description | ' | ' | '91 days | ' | ' |
Fair value investments, entities that calculate net asset value per share, redemption restriction, description | ' | ' | '25% | ' | ' |
Fair value investments, entities that calculate net asset value per share, investment redemption amount in certain hedge funds | 20 | ' | 60 | ' | 2,250 |
Public Equity Securities [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Transfers of cash instruments from level 1 to level 2 | 346 | 48 | 49 | ' | ' |
U.S. Government And Federal Agency Obligations Held By The Firm [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Transfers of cash instruments from level 1 to level 2 | 206 | ' | 18 | ' | ' |
Cash Instruments [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Net unrealized gains / (losses) relating to instruments still held at the reporting date | 1,310 | 723 | 1,970 | 1,730 | ' |
Cash Instruments Assets [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Net unrealized gains / (losses) relating to instruments still held at the reporting date | 1,300 | ' | 1,900 | ' | ' |
Cash Instruments Liabilities [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Net unrealized gains / (losses) relating to instruments still held at the reporting date | $9 | ' | $70 | ' | ' |
Cash_Instruments_Cash_Instrume2
Cash Instruments - Cash Instruments, Level 3 Rollforward (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Non-U.S. Government and Agency Obligations [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | $45 | $47 | $40 | $26 |
Net Realized (Gains) / Losses | 1 | 2 | 1 | 3 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 1 | 3 | 0 | 6 |
Purchases | 9 | 42 | 22 | 64 |
Sales | -1 | -95 | -18 | -9 |
Settlements | -2 | 0 | -1 | -2 |
Transfers Into Level 3 | 0 | 92 | 9 | 5 |
Transfers Out Of Level 3 | 0 | -1 | 0 | -3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 53 | 90 | 53 | 90 |
Loans and Securities Backed by Commercial Real Estate [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 2,626 | 3,164 | 2,692 | 3,389 |
Net Realized (Gains) / Losses | 31 | 44 | 66 | 60 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 90 | 75 | 165 | 132 |
Purchases | 114 | 216 | 366 | 391 |
Sales | -155 | -431 | -259 | -569 |
Settlements | -304 | -258 | -461 | -624 |
Transfers Into Level 3 | 417 | 305 | 404 | 385 |
Transfers Out Of Level 3 | -199 | -146 | -353 | -195 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 2,620 | 2,969 | 2,620 | 2,969 |
Loans and Securities Backed by Residential Real Estate [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 2,065 | 1,683 | 1,961 | 1,619 |
Net Realized (Gains) / Losses | 34 | 30 | 68 | 65 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 90 | 61 | 132 | 79 |
Purchases | 149 | 223 | 252 | 475 |
Sales | -194 | -163 | -177 | -365 |
Settlements | -3 | -156 | -178 | -182 |
Transfers Into Level 3 | 27 | 106 | 199 | 124 |
Transfers Out Of Level 3 | -129 | -46 | -218 | -77 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 2,039 | 1,738 | 2,039 | 1,738 |
Bank Loans and Bridge Loans [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 9,687 | 11,688 | 9,324 | 11,235 |
Net Realized (Gains) / Losses | 130 | 160 | 244 | 289 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 116 | 180 | 236 | 220 |
Purchases | 798 | 1,530 | 2,250 | 2,669 |
Sales | -272 | -1,217 | -855 | -1,163 |
Settlements | -1,641 | -1,780 | -2,213 | -3,007 |
Transfers Into Level 3 | 990 | 518 | 651 | 969 |
Transfers Out Of Level 3 | -861 | -1,082 | -690 | -1,215 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 8,947 | 9,997 | 8,947 | 9,997 |
Corporate Debt Securities [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 2,632 | 2,442 | 2,873 | 2,821 |
Net Realized (Gains) / Losses | 86 | 63 | 155 | 187 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 34 | 58 | 66 | 347 |
Purchases | 211 | 365 | 629 | 502 |
Sales | -666 | -364 | -713 | -1,183 |
Settlements | -177 | -90 | -405 | -290 |
Transfers Into Level 3 | 401 | 187 | 100 | 268 |
Transfers Out Of Level 3 | -191 | -169 | -375 | -160 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 2,330 | 2,492 | 2,330 | 2,492 |
State and Municipal Obligations [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 242 | 334 | 257 | 619 |
Net Realized (Gains) / Losses | 1 | 2 | 2 | 6 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 2 | 3 | 4 | 4 |
Purchases | 28 | 58 | 34 | 118 |
Sales | -41 | -162 | -82 | -421 |
Settlements | 0 | 0 | -2 | -2 |
Transfers Into Level 3 | 1 | 93 | 1 | 6 |
Transfers Out Of Level 3 | -64 | -6 | -45 | -8 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 169 | 322 | 169 | 322 |
Other Debt Obligations [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 640 | 855 | 807 | 1,185 |
Net Realized (Gains) / Losses | 5 | 9 | 15 | 22 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 32 | -3 | 38 | 18 |
Purchases | 53 | 183 | 122 | 423 |
Sales | -51 | -92 | -160 | -390 |
Settlements | -25 | -132 | -76 | -104 |
Transfers Into Level 3 | 41 | 260 | 38 | 160 |
Transfers Out Of Level 3 | -66 | -204 | -155 | -438 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 629 | 876 | 629 | 876 |
Equities and Convertible Debentures [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 15,807 | 15,224 | 14,685 | 14,855 |
Net Realized (Gains) / Losses | 76 | 42 | 102 | 86 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 939 | 346 | 1,262 | 920 |
Purchases | 590 | 740 | 1,886 | 968 |
Sales | -606 | -178 | -1,025 | -491 |
Settlements | -328 | -330 | -597 | -916 |
Transfers Into Level 3 | 796 | 349 | 1,515 | 1,097 |
Transfers Out Of Level 3 | -1,015 | -776 | -1,569 | -1,102 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 16,259 | 15,417 | 16,259 | 15,417 |
Cash Instruments [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 33,744 | 35,437 | 32,639 | 35,749 |
Net Realized (Gains) / Losses | 364 | 352 | 653 | 718 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 1,304 | 723 | 1,903 | 1,726 |
Purchases | 1,952 | 3,357 | 5,561 | 5,610 |
Sales | -1,986 | -2,702 | -3,289 | -4,591 |
Settlements | -2,480 | -2,746 | -3,933 | -5,127 |
Transfers Into Level 3 | 2,673 | 1,910 | 2,917 | 3,014 |
Transfers Out Of Level 3 | -2,525 | -2,430 | -3,405 | -3,198 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 33,046 | 33,901 | 33,046 | 33,901 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 204 | 441 | 297 | 642 |
Net Realized (Gains) / Losses | -6 | 14 | -6 | 47 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | -9 | ' | -70 | ' |
Purchases | -49 | -210 | -110 | -423 |
Sales | 51 | 89 | 71 | 172 |
Settlements | 11 | 3 | 11 | 7 |
Transfers Into Level 3 | 15 | 75 | 5 | 64 |
Transfers Out Of Level 3 | -20 | -27 | -1 | -124 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $197 | $385 | $197 | $385 |
Cash_Instruments_Cash_Instrume3
Cash Instruments - Cash Instruments, Level 3 Rollforward (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Instruments [Abstract] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Gain (Loss) Included in Market Making Revenue | $232 | $241 | $400 | $662 |
Fair Value, Assets Measured on Recurring Basis, Gain (Loss) Included in Other Principal Transactions Revenue | 1,110 | 612 | 1,560 | 1,380 |
Fair Value, Assets Measured on Recurring Basis, Gain (Loss) Included in Interest Income | $326 | $222 | $597 | $400 |
Cash_Instruments_Investments_i
Cash Instruments - Investments in Funds that are Calculated Using Net Asset Value Per Share (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value of Investments | $13,745 | $14,372 |
Unfunded Commitments | 4,416 | 5,561 |
Private Equity Funds [Member] | ' | ' |
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value of Investments | 7,510 | 7,446 |
Unfunded Commitments | 2,351 | 2,575 |
Credit Funds [Member] | ' | ' |
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value of Investments | 3,001 | 3,624 |
Unfunded Commitments | 1,683 | 2,515 |
Hedge Funds [Member] | ' | ' |
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value of Investments | 1,461 | 1,394 |
Real Estate Funds [Member] | ' | ' |
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value of Investments | 1,773 | 1,908 |
Unfunded Commitments | $382 | $471 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Exchange Traded and OTC Derivatives (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Financial instruments owned, at fair value | $345,806 | $339,121 |
Financial instruments sold, but not yet purchased, at fair value | 124,162 | 127,426 |
Exchange-Traded [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 3,059 | 4,277 |
Derivative Liabilities | 2,666 | 6,366 |
OTC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 50,784 | 53,602 |
Derivative Liabilities | 43,529 | 43,356 |
Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Financial instruments owned, at fair value | 53,843 | 57,879 |
Financial instruments sold, but not yet purchased, at fair value | $46,195 | $49,722 |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Fair Value of Derivatives on a Gross Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | $824,097 | $858,933 |
Gross Fair Value of Derivative Liability Contracts | 747,418 | 781,294 |
Notional amount | 57,862,436 | 53,618,940 |
Financial instruments owned, at fair value | 345,806 | 339,121 |
Financial instruments sold, but not yet purchased, at fair value | 124,162 | 127,426 |
Counterparty Netting [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | -674,863 | -707,411 |
Gross Fair Value of Derivative Liability Contracts | -674,863 | -707,411 |
Counterparty Netting [Member] | Exchange-Traded [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | -11,998 | -10,845 |
Gross Fair Value of Derivative Liability Contracts | -11,998 | -10,845 |
Counterparty Netting [Member] | OTC-Cleared [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | -220,564 | -254,756 |
Gross Fair Value of Derivative Liability Contracts | -220,564 | -254,756 |
Counterparty Netting [Member] | Bilateral OTC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | -442,301 | -441,810 |
Gross Fair Value of Derivative Liability Contracts | -442,301 | -441,810 |
Cash Collateral Netting [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | -95,391 | -93,643 |
Gross Fair Value of Derivative Liability Contracts | -26,360 | -24,161 |
Cash Collateral Netting [Member] | OTC-Cleared [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | -21,460 | -16,353 |
Gross Fair Value of Derivative Liability Contracts | -1,428 | -2,515 |
Cash Collateral Netting [Member] | Bilateral OTC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | -73,931 | -77,290 |
Gross Fair Value of Derivative Liability Contracts | -24,932 | -21,646 |
Derivative Contract not Designated as Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 811,432 | 847,420 |
Gross Fair Value of Derivative Liability Contracts | 746,999 | 780,809 |
Notional amount | 57,728,571 | 53,476,430 |
Derivative Contracts Accounted for as Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 12,665 | 11,513 |
Gross Fair Value of Derivative Liability Contracts | 419 | 485 |
Notional amount | 133,865 | 142,510 |
Cash Collateral [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | -692 | -636 |
Gross Fair Value of Derivative Liability Contracts | -2,166 | -2,806 |
Securities Collateral [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | -10,951 | -13,225 |
Gross Fair Value of Derivative Liability Contracts | -10,331 | -10,521 |
Total [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 42,200 | 44,018 |
Gross Fair Value of Derivative Liability Contracts | 33,698 | 36,395 |
Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Financial instruments owned, at fair value | 53,843 | 57,879 |
Financial instruments sold, but not yet purchased, at fair value | 46,195 | 49,722 |
Interest Rate Contract [Member] | Derivative Contract not Designated as Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 626,078 | 641,186 |
Gross Fair Value of Derivative Liability Contracts | 573,843 | 587,110 |
Notional amount | 47,606,176 | 44,110,483 |
Interest Rate Contract [Member] | Derivative Contract not Designated as Hedges [Member] | Exchange-Traded [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 163 | 157 |
Gross Fair Value of Derivative Liability Contracts | 231 | 271 |
Notional amount | 3,429,506 | 2,366,448 |
Interest Rate Contract [Member] | Derivative Contract not Designated as Hedges [Member] | OTC-Cleared [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 232,572 | 266,230 |
Gross Fair Value of Derivative Liability Contracts | 216,279 | 252,596 |
Notional amount | 28,501,398 | 24,888,301 |
Interest Rate Contract [Member] | Derivative Contract not Designated as Hedges [Member] | Bilateral OTC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 393,343 | 374,799 |
Gross Fair Value of Derivative Liability Contracts | 357,333 | 334,243 |
Notional amount | 15,675,272 | 16,855,734 |
Interest Rate Contract [Member] | Derivative Contracts Accounted for as Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 12,609 | 11,403 |
Gross Fair Value of Derivative Liability Contracts | 303 | 429 |
Notional amount | 124,034 | 132,879 |
Interest Rate Contract [Member] | Derivative Contracts Accounted for as Hedges [Member] | OTC-Cleared [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 4,056 | 1,327 |
Gross Fair Value of Derivative Liability Contracts | 26 | 27 |
Notional amount | 38,365 | 10,637 |
Interest Rate Contract [Member] | Derivative Contracts Accounted for as Hedges [Member] | Bilateral OTC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 8,553 | 10,076 |
Gross Fair Value of Derivative Liability Contracts | 277 | 402 |
Notional amount | 85,669 | 122,242 |
Credit Risk Contract [Member] | Derivative Contract not Designated as Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 53,990 | 60,751 |
Gross Fair Value of Derivative Liability Contracts | 51,338 | 56,340 |
Notional amount | 2,754,868 | 2,946,376 |
Credit Risk Contract [Member] | Derivative Contract not Designated as Hedges [Member] | OTC-Cleared [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 5,433 | 3,943 |
Gross Fair Value of Derivative Liability Contracts | 5,332 | 4,482 |
Notional amount | 381,086 | 348,848 |
Credit Risk Contract [Member] | Derivative Contract not Designated as Hedges [Member] | Bilateral OTC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 48,557 | 56,808 |
Gross Fair Value of Derivative Liability Contracts | 46,006 | 51,858 |
Notional amount | 2,373,782 | 2,597,528 |
Foreign Exchange Contract [Member] | Derivative Contract not Designated as Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 59,009 | 70,757 |
Gross Fair Value of Derivative Liability Contracts | 51,532 | 63,659 |
Notional amount | 5,123,746 | 4,311,971 |
Foreign Exchange Contract [Member] | Derivative Contract not Designated as Hedges [Member] | Exchange-Traded [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 68 | 98 |
Gross Fair Value of Derivative Liability Contracts | 63 | 122 |
Notional amount | 14,698 | 23,908 |
Foreign Exchange Contract [Member] | Derivative Contract not Designated as Hedges [Member] | OTC-Cleared [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 116 | 88 |
Gross Fair Value of Derivative Liability Contracts | 125 | 97 |
Notional amount | 13,404 | 11,319 |
Foreign Exchange Contract [Member] | Derivative Contract not Designated as Hedges [Member] | Bilateral OTC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 58,825 | 70,571 |
Gross Fair Value of Derivative Liability Contracts | 51,344 | 63,440 |
Notional amount | 5,095,644 | 4,276,744 |
Foreign Exchange Contract [Member] | Derivative Contracts Accounted for as Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 16 | 74 |
Gross Fair Value of Derivative Liability Contracts | 116 | 56 |
Notional amount | 9,684 | 9,296 |
Foreign Exchange Contract [Member] | Derivative Contracts Accounted for as Hedges [Member] | OTC-Cleared [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 3 | 1 |
Gross Fair Value of Derivative Liability Contracts | 14 | 10 |
Notional amount | 1,442 | 869 |
Foreign Exchange Contract [Member] | Derivative Contracts Accounted for as Hedges [Member] | Bilateral OTC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 13 | 73 |
Gross Fair Value of Derivative Liability Contracts | 102 | 46 |
Notional amount | 8,242 | 8,427 |
Commodity Contract [Member] | Derivative Contract not Designated as Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 17,711 | 18,007 |
Gross Fair Value of Derivative Liability Contracts | 17,515 | 18,228 |
Notional amount | 719,827 | 701,101 |
Commodity Contract [Member] | Derivative Contract not Designated as Hedges [Member] | Exchange-Traded [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 4,863 | 4,323 |
Gross Fair Value of Derivative Liability Contracts | 3,790 | 3,661 |
Notional amount | 367,968 | 346,057 |
Commodity Contract [Member] | Derivative Contract not Designated as Hedges [Member] | OTC-Cleared [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 266 | 11 |
Gross Fair Value of Derivative Liability Contracts | 298 | 12 |
Notional amount | 3,267 | 135 |
Commodity Contract [Member] | Derivative Contract not Designated as Hedges [Member] | Bilateral OTC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 12,582 | 13,673 |
Gross Fair Value of Derivative Liability Contracts | 13,427 | 14,555 |
Notional amount | 348,592 | 354,909 |
Commodity Contract [Member] | Derivative Contracts Accounted for as Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 40 | 36 |
Notional amount | 147 | 335 |
Commodity Contract [Member] | Derivative Contracts Accounted for as Hedges [Member] | Exchange-Traded [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount | ' | 23 |
Commodity Contract [Member] | Derivative Contracts Accounted for as Hedges [Member] | Bilateral OTC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 40 | 36 |
Notional amount | 147 | 312 |
Equity Contract [Member] | Derivative Contract not Designated as Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 54,644 | 56,719 |
Gross Fair Value of Derivative Liability Contracts | 52,771 | 55,472 |
Notional amount | 1,523,954 | 1,406,499 |
Equity Contract [Member] | Derivative Contract not Designated as Hedges [Member] | Exchange-Traded [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 9,963 | 10,544 |
Gross Fair Value of Derivative Liability Contracts | 10,580 | 13,157 |
Notional amount | 551,650 | 534,840 |
Equity Contract [Member] | Derivative Contract not Designated as Hedges [Member] | OTC-Cleared [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 10 | ' |
Gross Fair Value of Derivative Liability Contracts | 1 | ' |
Notional amount | 299 | ' |
Equity Contract [Member] | Derivative Contract not Designated as Hedges [Member] | Bilateral OTC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Fair Value of Derivative Asset Contracts | 44,671 | 46,175 |
Gross Fair Value of Derivative Liability Contracts | 42,190 | 42,315 |
Notional amount | $972,005 | $871,659 |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities - Fair Value of Derivatives on a Gross Basis (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' |
Gross Fair Value of Derivative Asset Contracts Not Enforceable | $24.49 | $23.18 |
Gross Fair Value of Derivative Liability Contracts Not Enforceable | $23.37 | $23.46 |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities - Fair Value, Derivatives, Measurement Inputs, Disclosure (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Credit Risk Contract [Member] | Credit Risk Contract [Member] | Credit Risk Contract [Member] | Credit Risk Contract [Member] | Credit Risk Contract [Member] | Credit Risk Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Equity Contract [Member] | Equity Contract [Member] | Equity Contract [Member] | Equity Contract [Member] | Equity Contract [Member] | Equity Contract [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Average [Member] | Average [Member] | Average [Member] | Average [Member] | Average [Member] | Average [Member] | Average [Member] | Average [Member] | Average [Member] | Average [Member] | Median [Member] | Median [Member] | Median [Member] | Median [Member] | Median [Member] | Median [Member] | Median [Member] | Median [Member] | Median [Member] | Median [Member] | |
Interest Rate Contract [Member] | Interest Rate Contract [Member] | Credit Risk Contract [Member] | Credit Risk Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Equity Contract [Member] | Equity Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Credit Risk Contract [Member] | Credit Risk Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Equity Contract [Member] | Equity Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Credit Risk Contract [Member] | Credit Risk Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Equity Contract [Member] | Equity Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Credit Risk Contract [Member] | Credit Risk Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Equity Contract [Member] | Equity Contract [Member] | |||||||||||||||||||||||||||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | ($129,000,000) | ($31,000,000) | ($86,000,000) | ($230,000,000) | ($305,000,000) | ($355,000,000) | $3,900,000,000 | $3,958,000,000 | $4,176,000,000 | $4,621,000,000 | $5,882,000,000 | $6,228,000,000 | ($81,000,000) | ($143,000,000) | ($200,000,000) | $30,000,000 | ($289,000,000) | $35,000,000 | ($7,000,000) | $43,000,000 | $60,000,000 | $25,000,000 | ($27,000,000) | ($304,000,000) | ($1,499,000,000) | ($1,883,000,000) | ($959,000,000) | ($2,605,000,000) | ($1,135,000,000) | ($1,248,000,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Unobservable Inputs, Correlation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16.00% | 22.00% | 5.00% | 5.00% | 65.00% | 65.00% | ' | ' | 25.00% | 23.00% | 84.00% | 84.00% | 95.00% | 93.00% | 79.00% | 79.00% | ' | ' | 99.00% | 99.00% | 46.00% | 58.00% | 62.00% | 61.00% | 72.00% | 72.00% | ' | ' | 55.00% | 58.00% | 60.00% | 60.00% | 63.00% | 61.00% | 72.00% | 72.00% | ' | ' | 54.00% | 59.00% |
Fair Value Unobservable Inputs, Credit spreads | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 bps | '1 bps | ' | ' | ' | ' | ' | ' | ' | ' | '616 bps | '1395 bps | ' | ' | ' | ' | ' | ' | ' | ' | '124 bps | '153 bps | ' | ' | ' | ' | ' | ' | ' | ' | '84 bps | '116 bps | ' | ' | ' | ' | ' | ' |
Fair Value Unobservable Inputs, Volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 15.00% | 5.00% | 6.00% | ' | ' | ' | ' | ' | ' | 43.00% | 52.00% | 69.00% | 63.00% | ' | ' | ' | ' | ' | ' | 21.00% | 23.00% | 19.00% | 20.00% | ' | ' | ' | ' | ' | ' | 19.00% | 21.00% | 19.00% | 20.00% |
Fair Value Unobservable Input, Volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 bpa | '36 bpa | ' | ' | ' | ' | ' | ' | ' | ' | '165 bpa | '165 bpa | ' | ' | ' | ' | ' | ' | ' | ' | '107 bpa | '107 bpa | ' | ' | ' | ' | ' | ' | ' | ' | '130 bpa | '112 bpa | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Unobservable Inputs, Upfront Credit Points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 points | '0 points | ' | ' | ' | ' | ' | ' | ' | ' | '99 points | '100 points | ' | ' | ' | ' | ' | ' | ' | ' | '40 points | '46 points | ' | ' | ' | ' | ' | ' | ' | ' | '35 points | '43 points | ' | ' | ' | ' | ' | ' |
Fair Value Unobservable Inputs, Spread per million British Thermal units (MMBTU) of natural gas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.31 | -1.74 | ' | ' | ' | ' | ' | ' | ' | ' | 4.55 | 5.62 | ' | ' | ' | ' | ' | ' | ' | ' | -0.08 | -0.11 | ' | ' | ' | ' | ' | ' | ' | ' | -0.03 | -0.04 | ' | ' |
Fair Value Unobservable Inputs, Recovery rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | 47.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | 40.00% | ' | ' | ' | ' | ' | ' |
Fair Value Unobservable Inputs, Spread Per Metric Tonne (MT) Of Coal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($13.38) | ($17) | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | ($7.05) | ($6.54) | ' | ' | ' | ' | ' | ' | ' | ' | ($10.35) | ($5) | ' | ' |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities - Fair Value, Derivatives, Measurement Inputs, Disclosure (Parenthetical) (Detail) (Cross Asset [Member]) | 0 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Minimum [Member] | ' | ' |
Fair Value Measurement Inputs Disclosure [Line Items] | ' | ' |
Fair Value Unobservable Inputs, Correlation | -40.00% | -42.00% |
Maximum [Member] | ' | ' |
Fair Value Measurement Inputs Disclosure [Line Items] | ' | ' |
Fair Value Unobservable Inputs, Correlation | 78.00% | 78.00% |
Average [Member] | ' | ' |
Fair Value Measurement Inputs Disclosure [Line Items] | ' | ' |
Fair Value Unobservable Inputs, Correlation | 28.00% | 25.00% |
Median [Member] | ' | ' |
Fair Value Measurement Inputs Disclosure [Line Items] | ' | ' |
Fair Value Unobservable Inputs, Correlation | 34.00% | 30.00% |
Derivatives_and_Hedging_Activi7
Derivatives and Hedging Activities - Fair Value of Derivatives by Level (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | $537,238 | $585,861 | $600,173 |
Total financial liabilities at fair value | 299,445 | 333,695 | 355,173 |
Fair value included in financial instruments owned | 345,806 | ' | 339,121 |
Fair value included in financial instruments sold, but not yet purchased | 124,162 | ' | 127,426 |
Derivatives [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value included in financial instruments owned | 53,843 | ' | 57,879 |
Fair value included in financial instruments sold, but not yet purchased | 46,195 | ' | 49,722 |
Interest Rate Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 638,687 | ' | 652,589 |
Total financial liabilities at fair value | 574,146 | ' | 587,539 |
Credit Risk Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 53,990 | ' | 60,751 |
Total financial liabilities at fair value | 51,338 | ' | 56,340 |
Foreign Exchange Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 59,025 | ' | 70,831 |
Total financial liabilities at fair value | 51,648 | ' | 63,715 |
Commodity Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 17,751 | ' | 18,043 |
Total financial liabilities at fair value | 17,515 | ' | 18,228 |
Equity Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 54,644 | ' | 56,719 |
Total financial liabilities at fair value | 52,771 | ' | 55,472 |
Gross Fair Value Of Derivative [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 824,097 | ' | 858,933 |
Total financial liabilities at fair value | 747,418 | ' | 781,294 |
Level 1 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 153,025 | 153,199 | 156,030 |
Total financial liabilities at fair value | 67,579 | 71,973 | 68,412 |
Level 1 [Member] | Derivatives [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value included in financial instruments owned | 16 | ' | 94 |
Fair value included in financial instruments sold, but not yet purchased | 55 | ' | 99 |
Level 1 [Member] | Interest Rate Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 4 | ' | 91 |
Total financial liabilities at fair value | 41 | ' | 93 |
Level 1 [Member] | Commodity Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 2 | ' | ' |
Level 1 [Member] | Equity Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 10 | ' | 3 |
Total financial liabilities at fair value | 14 | ' | 6 |
Level 1 [Member] | Gross Fair Value Of Derivative [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 16 | ' | 94 |
Total financial liabilities at fair value | 55 | ' | 99 |
Level 2 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 441,295 | 484,573 | 499,480 |
Total financial liabilities at fair value | 247,288 | 273,929 | 300,583 |
Level 2 [Member] | Derivatives [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value included in financial instruments owned | 144,060 | ' | 146,059 |
Fair value included in financial instruments sold, but not yet purchased | 69,526 | ' | 71,406 |
Level 2 [Member] | Interest Rate Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 638,313 | ' | 652,104 |
Total financial liabilities at fair value | 573,606 | ' | 586,966 |
Level 2 [Member] | Credit Risk Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 46,655 | ' | 52,834 |
Total financial liabilities at fair value | 47,903 | ' | 52,599 |
Level 2 [Member] | Foreign Exchange Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 58,699 | ' | 70,481 |
Total financial liabilities at fair value | 51,241 | ' | 63,165 |
Level 2 [Member] | Commodity Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 17,278 | ' | 17,517 |
Total financial liabilities at fair value | 17,037 | ' | 17,762 |
Level 2 [Member] | Equity Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 53,649 | ' | 55,826 |
Total financial liabilities at fair value | 50,273 | ' | 53,617 |
Level 2 [Member] | Gross Fair Value Of Derivative [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 814,594 | ' | 848,762 |
Total financial liabilities at fair value | 740,060 | ' | 774,109 |
Level 3 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 39,760 | 40,923 | 40,013 |
Total financial liabilities at fair value | 12,389 | 13,208 | 12,046 |
Level 3 [Member] | Derivatives [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value included in financial instruments owned | 6,609 | ' | 7,076 |
Fair value included in financial instruments sold, but not yet purchased | 4,425 | ' | 4,085 |
Level 3 [Member] | Interest Rate Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 370 | ' | 394 |
Total financial liabilities at fair value | 499 | ' | 480 |
Level 3 [Member] | Credit Risk Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 7,335 | ' | 7,917 |
Total financial liabilities at fair value | 3,435 | ' | 3,741 |
Level 3 [Member] | Foreign Exchange Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 326 | ' | 350 |
Total financial liabilities at fair value | 407 | ' | 550 |
Level 3 [Member] | Commodity Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 471 | ' | 526 |
Total financial liabilities at fair value | 478 | ' | 466 |
Level 3 [Member] | Equity Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 985 | ' | 890 |
Total financial liabilities at fair value | 2,484 | ' | 1,849 |
Level 3 [Member] | Gross Fair Value Of Derivative [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | 9,487 | ' | 10,077 |
Total financial liabilities at fair value | 7,303 | ' | 7,086 |
Cash Collateral Netting [Member] | Derivatives [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value included in financial instruments owned | -95,391 | ' | -93,643 |
Fair value included in financial instruments sold, but not yet purchased | -26,360 | ' | -24,161 |
Counterparty and Cash Collateral Netting [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | -770,254 | ' | -801,054 |
Total financial liabilities at fair value | -701,223 | ' | -731,572 |
Counterparty and Cash Collateral Netting [Member] | Level 2 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | -670,534 | ' | -702,703 |
Total financial liabilities at fair value | -670,534 | ' | -702,703 |
Counterparty and Cash Collateral Netting [Member] | Level 3 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | -2,878 | ' | -3,001 |
Total financial liabilities at fair value | -2,878 | ' | -3,001 |
Counterparty and Cash Collateral Netting [Member] | Cash Collateral Netting [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | -95,391 | ' | -93,643 |
Total financial liabilities at fair value | -26,360 | ' | -24,161 |
Cross-Level Netting [Member] | Derivatives [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value included in financial instruments owned | -1,451 | ' | -1,707 |
Fair value included in financial instruments sold, but not yet purchased | -1,451 | ' | -1,707 |
Cross-Level Netting [Member] | Counterparty and Cash Collateral Netting [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial assets at fair value | -1,451 | ' | -1,707 |
Cross-Level Netting [Member] | Cross Level, Counterparty And Cash Collateral Netting [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | ($1,451) | ' | ($1,707) |
Derivatives_and_Hedging_Activi8
Derivatives and Hedging Activities - Fair Value of Derivatives, Level 3 Rollforward (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest Rate Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | ($31) | ($305) | ($86) | ($355) |
Net Realized Gains / (Losses) | -10 | 2 | -34 | -19 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | -51 | 77 | -83 | 86 |
Purchases | 2 | 1 | 4 | 2 |
Sales | -6 | ' | -7 | ' |
Settlements | 4 | 5 | 81 | 56 |
Transfers Into Level 3 | -5 | -22 | 13 | ' |
Transfers Out Of Level 3 | -32 | 12 | -17 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | -129 | -230 | -129 | -230 |
Credit Risk Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 3,958 | 5,882 | 4,176 | 6,228 |
Net Realized Gains / (Losses) | 26 | 31 | 69 | 10 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | 233 | -599 | 564 | -463 |
Purchases | 122 | 109 | 90 | 183 |
Sales | -110 | -307 | -122 | -362 |
Settlements | -429 | -314 | -891 | -740 |
Transfers Into Level 3 | 195 | 77 | 117 | 295 |
Transfers Out Of Level 3 | -95 | -258 | -103 | -530 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 3,900 | 4,621 | 3,900 | 4,621 |
Foreign Exchange Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | -143 | -289 | -200 | 35 |
Net Realized Gains / (Losses) | -17 | -18 | -43 | -45 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | -36 | 96 | -3 | -192 |
Purchases | 2 | 6 | 6 | 6 |
Sales | ' | -3 | -15 | -5 |
Settlements | 120 | 156 | 177 | 63 |
Transfers Into Level 3 | ' | 84 | -2 | 162 |
Transfers Out Of Level 3 | -7 | -2 | -1 | 6 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | -81 | 30 | -81 | 30 |
Commodity Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 43 | -27 | 60 | -304 |
Net Realized Gains / (Losses) | 5 | 15 | 64 | -5 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | -42 | 133 | -91 | 62 |
Purchases | ' | 14 | 10 | 9 |
Sales | -9 | -50 | -38 | -2 |
Settlements | -22 | 19 | 39 | 55 |
Transfers Into Level 3 | -3 | -80 | -12 | 19 |
Transfers Out Of Level 3 | 21 | 1 | -39 | 191 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | -7 | 25 | -7 | 25 |
Equity Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | -1,883 | -1,135 | -959 | -1,248 |
Net Realized Gains / (Losses) | -25 | 12 | -33 | -86 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | 1,004 | 204 | 1,393 | 90 |
Purchases | 144 | 130 | 155 | 169 |
Sales | -1,110 | -2,290 | -2,210 | -2,382 |
Settlements | 2 | 198 | 217 | 943 |
Transfers Into Level 3 | -23 | 16 | -45 | -29 |
Transfers Out Of Level 3 | 392 | 260 | -17 | -62 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | -1,499 | -2,605 | -1,499 | -2,605 |
Derivatives [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 1,944 | 4,126 | 2,991 | 4,356 |
Net Realized Gains / (Losses) | -21 | 42 | 23 | -145 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | 1,108 | -89 | 1,780 | -417 |
Purchases | 270 | 260 | 265 | 369 |
Sales | -1,235 | -2,650 | -2,392 | -2,751 |
Settlements | -325 | 64 | -377 | 377 |
Transfers Into Level 3 | 164 | 75 | 71 | 447 |
Transfers Out Of Level 3 | 279 | 13 | -177 | -395 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $2,184 | $1,841 | $2,184 | $1,841 |
Derivatives_and_Hedging_Activi9
Derivatives and Hedging Activities - Fair Value of Derivatives, Level 3 Rollforward (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
Fair Value, Net Derivatives Measured on Recurring Basis, Gain (Loss) Included in Market Making Revenue | $1,110 | $16 | $1,850 | ($375) |
Fair Value, Net Derivatives Measured on Recurring Basis, Gain (Loss) Included in Other Principal Transactions Revenue | ($26) | ($63) | ($49) | ($187) |
Recovered_Sheet1
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | $1,110,000,000 | ($89,000,000) | $1,780,000,000 | ($417,000,000) | ' |
Net Gains (Losses), Including Hedges, Attributable to the Impact of Changes in Credit Exposure and Credit Spreads on Derivative Contracts | 56,000,000 | 120,000,000 | 149,000,000 | 37,000,000 | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 1,340,091,000,000 | ' | 1,340,091,000,000 | ' | 1,434,396,000,000 |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 1,420,000,000,000 | ' | 1,420,000,000,000 | ' | 1,520,000,000,000 |
Net purchased protection notional value of credit derivatives | 76,170,000,000 | ' | 76,170,000,000 | ' | 81,550,000,000 |
Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | $2,050,000,000 | ' | $2,050,000,000 | ' | $1,970,000,000 |
Commodities [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Approximate length of time of the cash flow hedge | ' | ' | '18 months | ' | ' |
Recovered_Sheet2
Derivatives and Hedging Activities - Bifurcated Embedded Derivatives (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Embedded Derivative, Fair Value of Embedded Derivative Asset | $249 | $285 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | 440 | 373 |
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability | 191 | 88 |
Notional amount | 57,862,436 | 53,618,940 |
Embedded Derivatives Classified In Debt [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount | $8,124 | $7,580 |
Recovered_Sheet3
Derivatives and Hedging Activities - OTC Derivatives by Product Type and Tenor (Detail) (OTC [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Derivative Assets | $50,784 | $53,602 |
Derivative Liabilities | 43,529 | 43,356 |
Interest Rate Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 114,388 | 108,995 |
Derivative Liabilities | 49,275 | 43,832 |
Credit Risk Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 13,659 | 15,430 |
Derivative Liabilities | 11,258 | 11,018 |
Foreign Exchange Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 22,104 | 25,338 |
Derivative Liabilities | 14,984 | 18,198 |
Commodity Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 6,805 | 7,026 |
Derivative Liabilities | 7,643 | 7,873 |
Equity Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 20,454 | 21,217 |
Derivative Liabilities | 17,964 | 17,357 |
Counterparty and Cash Collateral Netting [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | -126,626 | -124,404 |
Derivative Liabilities | -57,595 | -54,922 |
0-12 Months [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 20,060 | 25,267 |
Derivative Liabilities | 21,582 | 23,029 |
0-12 Months [Member] | Interest Rate Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 5,747 | 7,235 |
Derivative Liabilities | 5,443 | 5,019 |
0-12 Months [Member] | Credit Risk Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 1,646 | 1,233 |
Derivative Liabilities | 3,490 | 2,339 |
0-12 Months [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 6,172 | 9,499 |
Derivative Liabilities | 6,086 | 8,843 |
0-12 Months [Member] | Commodity Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 3,076 | 2,843 |
Derivative Liabilities | 3,065 | 3,062 |
0-12 Months [Member] | Equity Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 5,778 | 7,016 |
Derivative Liabilities | 5,857 | 6,325 |
0-12 Months [Member] | Counterparty and Cash Collateral Netting [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | -2,359 | -2,559 |
Derivative Liabilities | -2,359 | -2,559 |
1-5 Years [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 49,539 | 51,123 |
Derivative Liabilities | 33,401 | 33,055 |
1-5 Years [Member] | Interest Rate Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 26,406 | 26,029 |
Derivative Liabilities | 17,288 | 16,910 |
1-5 Years [Member] | Credit Risk Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 6,476 | 8,410 |
Derivative Liabilities | 5,411 | 6,778 |
1-5 Years [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 7,732 | 8,478 |
Derivative Liabilities | 4,117 | 5,042 |
1-5 Years [Member] | Commodity Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 3,553 | 4,040 |
Derivative Liabilities | 2,391 | 2,424 |
1-5 Years [Member] | Equity Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 9,702 | 9,229 |
Derivative Liabilities | 8,524 | 6,964 |
1-5 Years [Member] | Counterparty and Cash Collateral Netting [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | -4,330 | -5,063 |
Derivative Liabilities | -4,330 | -5,063 |
5 Years or Greater [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 97,602 | 90,599 |
Derivative Liabilities | 35,932 | 31,177 |
5 Years or Greater [Member] | Interest Rate Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 82,235 | 75,731 |
Derivative Liabilities | 26,544 | 21,903 |
5 Years or Greater [Member] | Credit Risk Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 5,537 | 5,787 |
Derivative Liabilities | 2,357 | 1,901 |
5 Years or Greater [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 8,200 | 7,361 |
Derivative Liabilities | 4,781 | 4,313 |
5 Years or Greater [Member] | Commodity Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 176 | 143 |
Derivative Liabilities | 2,187 | 2,387 |
5 Years or Greater [Member] | Equity Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 4,974 | 4,972 |
Derivative Liabilities | 3,583 | 4,068 |
5 Years or Greater [Member] | Counterparty and Cash Collateral Netting [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | -3,520 | -3,395 |
Derivative Liabilities | -3,520 | -3,395 |
Cross Tenor Netting [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | -21,026 | -19,744 |
Derivative Liabilities | -21,026 | -19,744 |
Cross Tenor Netting [Member] | Counterparty and Cash Collateral Netting [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | -21,026 | -19,744 |
Derivative Liabilities | -21,026 | -19,744 |
Cash Collateral Netting [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | -95,391 | -93,643 |
Derivative Liabilities | -26,360 | -24,161 |
Cash Collateral Netting [Member] | Counterparty and Cash Collateral Netting [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | -95,391 | -93,643 |
Derivative Liabilities | ($26,360) | ($24,161) |
Recovered_Sheet4
Derivatives and Hedging Activities - Derivatives with Credit-Related Contingent Features (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Aggregate fair value of derivative contracts which are in net liability position | $24,229 | $22,176 |
Aggregate fair value of assets as a collateral for derivative contracts | 20,617 | 18,178 |
One-Notch Reduction [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Additional collateral or termination payments pursuant to bilateral agreements with certain counterparties which could have been called by counterparties in the event of a reduction in the firm's long-term credit ratings | 1,191 | 911 |
Two-Notch Reduction [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Additional collateral or termination payments pursuant to bilateral agreements with certain counterparties which could have been called by counterparties in the event of a reduction in the firm's long-term credit ratings | $3,071 | $2,989 |
Recovered_Sheet5
Derivatives and Hedging Activities - Credit Derivatives (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | $1,340,091,000,000 | $1,434,396,000,000 |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 1,420,000,000,000 | 1,520,000,000,000 |
Fair Value Asset of Written Credit Derivatives | 36,364,000,000 | 35,960,000,000 |
Fair Value Liability of Written Credit Derivatives | 16,168,000,000 | 19,741,000,000 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 20,196,000,000 | 16,219,000,000 |
Offsetting Purchased Credit Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 1,218,798,000,000 | 1,306,234,000,000 |
Other Purchased Credit Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 197,462,000,000 | 209,710,000,000 |
0-250 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 1,253,296,000,000 | 1,315,396,000,000 |
Fair Value Asset of Written Credit Derivatives | 33,443,000,000 | 32,508,000,000 |
Fair Value Liability of Written Credit Derivatives | 4,533,000,000 | 4,396,000,000 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 28,910,000,000 | 28,112,000,000 |
0-250 [Member] | Offsetting Purchased Credit Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 1,145,055,000,000 | 1,208,334,000,000 |
0-250 [Member] | Other Purchased Credit Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 182,760,000,000 | 183,665,000,000 |
251-500 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 34,446,000,000 | 59,804,000,000 |
Fair Value Asset of Written Credit Derivatives | 1,865,000,000 | 2,837,000,000 |
Fair Value Liability of Written Credit Derivatives | 399,000,000 | 1,147,000,000 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 1,466,000,000 | 1,690,000,000 |
251-500 [Member] | Offsetting Purchased Credit Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 27,722,000,000 | 44,642,000,000 |
251-500 [Member] | Other Purchased Credit Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 8,229,000,000 | 16,884,000,000 |
501-1000 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 26,427,000,000 | 24,459,000,000 |
Fair Value Asset of Written Credit Derivatives | 656,000,000 | 101,000,000 |
Fair Value Liability of Written Credit Derivatives | 1,753,000,000 | 1,762,000,000 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | -1,097,000,000 | -1,661,000,000 |
501-1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 22,481,000,000 | 22,748,000,000 |
501-1000 [Member] | Other Purchased Credit Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 2,242,000,000 | 2,992,000,000 |
Greater than 1000 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 25,922,000,000 | 34,737,000,000 |
Fair Value Asset of Written Credit Derivatives | 400,000,000 | 514,000,000 |
Fair Value Liability of Written Credit Derivatives | 9,483,000,000 | 12,436,000,000 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | -9,083,000,000 | -11,922,000,000 |
Greater than 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 23,540,000,000 | 30,510,000,000 |
Greater than 1000 [Member] | Other Purchased Credit Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 4,231,000,000 | 6,169,000,000 |
0-12 Months [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 308,388,000,000 | 302,745,000,000 |
0-12 Months [Member] | 0-250 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 293,126,000,000 | 286,029,000,000 |
0-12 Months [Member] | 251-500 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 5,533,000,000 | 7,148,000,000 |
0-12 Months [Member] | 501-1000 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 4,550,000,000 | 3,968,000,000 |
0-12 Months [Member] | Greater than 1000 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 5,179,000,000 | 5,600,000,000 |
1-5 Years [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 938,036,000,000 | 1,039,244,000,000 |
1-5 Years [Member] | 0-250 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 874,691,000,000 | 950,126,000,000 |
1-5 Years [Member] | 251-500 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 23,683,000,000 | 42,570,000,000 |
1-5 Years [Member] | 501-1000 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 19,802,000,000 | 18,637,000,000 |
1-5 Years [Member] | Greater than 1000 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 19,860,000,000 | 27,911,000,000 |
5 Years or Greater [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 93,667,000,000 | 92,407,000,000 |
5 Years or Greater [Member] | 0-250 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 85,479,000,000 | 79,241,000,000 |
5 Years or Greater [Member] | 251-500 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 5,230,000,000 | 10,086,000,000 |
5 Years or Greater [Member] | 501-1000 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | 2,075,000,000 | 1,854,000,000 |
5 Years or Greater [Member] | Greater than 1000 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum Payout/Notional Amount of Written Credit Derivative | $883,000,000 | $1,226,000,000 |
Recovered_Sheet6
Derivatives and Hedging Activities - Gain (Loss) from Interest Rate Hedges and Related Hedged Borrowings and Bank Deposits (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (Loss) Recognized On Hedged Borrowings and Bank Deposits | ($583) | $3,805 | ($1,204) | $5,198 |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | -222 | -456 | -348 | -906 |
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Derivative Contracts Accounted for as Hedges [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $361 | ($4,261) | $856 | ($6,104) |
Recovered_Sheet7
Derivatives and Hedging Activities - Gains and Losses on Net Investment Hedges (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (Loss) Recognized On Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | ($39) | $130 | ($78) | $350 |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | ($159) | $225 | ($271) | $445 |
Fair_Value_Option_Additional_I
Fair Value Option - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Long-term Other Secured Financings At Fair Value [Member] | Long-term Other Secured Financings At Fair Value [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | Other Secured Financings at Fair Value [Member] | Other Secured Financings at Fair Value [Member] | Other Secured Financings at Fair Value [Member] | Other Secured Financings at Fair Value [Member] | Receivables from Customers and Counterparties at Fair Value [Member] | Receivables from Customers and Counterparties at Fair Value [Member] | Receivables from Customers and Counterparties at Fair Value [Member] | Receivables from Customers and Counterparties at Fair Value [Member] | Other Financial Assets and Liabilities at Fair Value [Member] | Other Financial Assets and Liabilities at Fair Value [Member] | Other Financial Assets and Liabilities at Fair Value [Member] | Other Financial Assets and Liabilities at Fair Value [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | ||||||
Resale and Repurchase Agreements and Securities Borrowed and Loaned at Fair Value [Member] | Resale and Repurchase Agreements and Securities Borrowed and Loaned at Fair Value [Member] | Other Secured Financings at Fair Value [Member] | Other Secured Financings at Fair Value [Member] | Receivables from Customers and Counterparties at Fair Value [Member] | Resale and Repurchase Agreements and Securities Borrowed and Loaned at Fair Value [Member] | Resale and Repurchase Agreements and Securities Borrowed and Loaned at Fair Value [Member] | Other Secured Financings at Fair Value [Member] | Other Secured Financings at Fair Value [Member] | Receivables from Customers and Counterparties at Fair Value [Member] | Resale and Repurchase Agreements and Securities Borrowed and Loaned at Fair Value [Member] | Resale and Repurchase Agreements and Securities Borrowed and Loaned at Fair Value [Member] | Other Secured Financings at Fair Value [Member] | Other Secured Financings at Fair Value [Member] | Receivables from Customers and Counterparties at Fair Value [Member] | |||||||||||||||||||||||||||||
Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Unobservable Inputs, Yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | 1.30% | 1.10% | 0.90% | ' | 4.70% | 3.90% | 14.20% | 14.30% | ' | 1.60% | 1.40% | 5.00% | 5.00% | ' |
Fair Value Unobservable Inputs, Duration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 month 6 days | '2 months 12 days | '3 months 18 days | '9 months 18 days | ' | '2 years 4 months 24 days | '2 years 8 months 12 days | '16 years 8 months 12 days | '16 years 1 month 6 days | ' | '2 years 2 months 12 days | '2 years 6 months | '4 years 4 months 24 days | '3 years 8 months 12 days | ' |
Fair Value Unobservable Inputs, Funding Spreads | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '210 bps | '40 bps | '40 bps | ' | ' | '325 bps | '250 bps | '477 bps | ' | ' | '267 bps | '162 bps | '142 bps |
Loans Held for Investment at Amortized Cost | $21,390,000,000 | ' | $21,390,000,000 | ' | $14,900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Fair Value of Loans Held for Investment at Amortized Cost | ' | ' | ' | ' | ' | 10,240,000,000 | 6,160,000,000 | 11,200,000,000 | 8,750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Unrealized Gains/ (Losses) Relating to Instruments Still Held at Period-End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -233,000,000 | 683,000,000 | -230,000,000 | 892,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains/(Losses) on other financial assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,000,000 | 3,000,000 | -1,000,000 | 0 | 20,000,000 | 3,000,000 | -4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gains)/Losses on other financial liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | -30,000,000 | 42,000,000 | -72,000,000 | ' | -6,000,000 | -30,000,000 | -6,000,000 | -20,000,000 | ' | ' | ' | ' | 233,000,000 | -663,000,000 | 233,000,000 | -896,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of unfunded commitments for which the fair value option was elected | 710,000,000 | ' | 710,000,000 | ' | 1,220,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total contractual amount of unfunded commitments for which the fair value option was elected | 42,110,000,000 | ' | 42,110,000,000 | ' | 51,540,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Difference between aggregate contractual principal amount of long-term debt instruments for which the fair value option was elected and related fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,000,000 | 154,000,000 | 192,000,000 | ' | 192,000,000 | ' | 92,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Gains (Losses) Attributable to the Impact of Changes in Instrument-Specific Credit Spreads on Loans and Lending Commitments For Which the Fair Value Option Was Elected | $597,000,000 | $671,000,000 | $1,210,000,000 | $1,470,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Option_Financial_As
Fair Value Option - Financial Assets and Financial Liabilities by Level (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | $537,238 | $585,861 | $600,173 |
Total financial liabilities at fair value | 299,445 | 333,695 | 355,173 |
Securities Segregated for Regulatory and Other Purposes at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 23,947 | ' | 31,937 |
Securities Purchased under Agreements to Resell at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 108,504 | ' | 161,297 |
Securities Borrowed at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 51,971 | ' | 60,384 |
Receivables from Customers and Counterparties at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 7,010 | ' | 7,416 |
Other Assets at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | ' | ' | 18 |
Other Financial Assets and Liabilities at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 191,432 | ' | 261,052 |
Total financial liabilities at fair value | 175,283 | ' | 227,747 |
Deposits at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 10,134 | ' | 7,255 |
Securities Sold under Agreements to Repurchase at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 106,966 | ' | 164,782 |
Securities Loaned at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 1,529 | ' | 973 |
Other Secured Financings at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 23,846 | ' | 23,591 |
Unsecured Short-Term Borrowings Including Current Portion of Unsecured Long-Term Borrowings at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 17,617 | ' | 19,067 |
Unsecured Long-Term Borrowings at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 14,703 | ' | 11,691 |
Other Liabilities and Accrued Expenses at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 488 | ' | 388 |
Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 153,025 | 153,199 | 156,030 |
Total financial liabilities at fair value | 67,579 | 71,973 | 68,412 |
Level 1 [Member] | Securities Segregated for Regulatory and Other Purposes at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 17,509 | ' | 19,502 |
Level 1 [Member] | Other Financial Assets and Liabilities at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 17,509 | ' | 19,502 |
Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 441,295 | 484,573 | 499,480 |
Total financial liabilities at fair value | 247,288 | 273,929 | 300,583 |
Level 2 [Member] | Securities Segregated for Regulatory and Other Purposes at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 6,438 | ' | 12,435 |
Level 2 [Member] | Securities Purchased under Agreements to Resell at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 108,454 | ' | 161,234 |
Level 2 [Member] | Securities Borrowed at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 51,971 | ' | 60,384 |
Level 2 [Member] | Receivables from Customers and Counterparties at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 6,955 | ' | 7,181 |
Level 2 [Member] | Other Assets at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | ' | ' | 18 |
Level 2 [Member] | Other Financial Assets and Liabilities at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 173,818 | ' | 241,252 |
Total financial liabilities at fair value | 167,516 | ' | 220,083 |
Level 2 [Member] | Deposits at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 9,609 | ' | 6,870 |
Level 2 [Member] | Securities Sold under Agreements to Repurchase at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 106,411 | ' | 163,772 |
Level 2 [Member] | Securities Loaned at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 1,529 | ' | 973 |
Level 2 [Member] | Other Secured Financings at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 22,811 | ' | 22,572 |
Level 2 [Member] | Unsecured Short-Term Borrowings Including Current Portion of Unsecured Long-Term Borrowings at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 14,560 | ' | 15,680 |
Level 2 [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 12,540 | ' | 9,854 |
Level 2 [Member] | Other Liabilities and Accrued Expenses at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 56 | ' | 362 |
Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 39,760 | 40,923 | 40,013 |
Total financial liabilities at fair value | 12,389 | 13,208 | 12,046 |
Level 3 [Member] | Securities Purchased under Agreements to Resell at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 50 | ' | 63 |
Level 3 [Member] | Receivables from Customers and Counterparties at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 55 | ' | 235 |
Level 3 [Member] | Other Financial Assets and Liabilities at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial assets at fair value | 105 | ' | 298 |
Total financial liabilities at fair value | 7,767 | ' | 7,664 |
Level 3 [Member] | Deposits at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 525 | ' | 385 |
Level 3 [Member] | Securities Sold under Agreements to Repurchase at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 555 | ' | 1,010 |
Level 3 [Member] | Other Secured Financings at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 1,035 | ' | 1,019 |
Level 3 [Member] | Unsecured Short-Term Borrowings Including Current Portion of Unsecured Long-Term Borrowings at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 3,057 | ' | 3,387 |
Level 3 [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | 2,163 | ' | 1,837 |
Level 3 [Member] | Other Liabilities and Accrued Expenses at Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Total financial liabilities at fair value | $432 | ' | $26 |
Fair_Value_Option_Level_3_Roll
Fair Value Option - Level 3 Rollforward (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Securities Purchased under Agreements to Resell at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | $63 | $104 | $63 | $278 |
Net Realized Gains / (Losses) | 0 | 1 | 0 | 2 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | -13 | -4 | -13 | -20 |
Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Transfers Out Of Level 3 | 0 | 0 | 0 | -159 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 50 | 101 | 50 | 101 |
Receivables from Customers and Counterparties at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 34 | 633 | 235 | 641 |
Net Realized Gains / (Losses) | 1 | 0 | 1 | 0 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | 0 | 2 | 3 | -1 |
Purchases | 22 | 0 | 22 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | -2 | -1 | -26 | -1 |
Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Transfers Out Of Level 3 | 0 | -469 | -180 | -474 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 55 | 165 | 55 | 165 |
Other Financial Assets and Liabilities at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 97 | 1,302 | 298 | 1,426 |
Net Realized Gains / (Losses) | 1 | 1 | 1 | 2 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | 0 | 20 | 3 | -4 |
Purchases | 22 | 104 | 22 | 136 |
Sales | 0 | -555 | 0 | -507 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | -15 | -15 | -39 | -21 |
Transfers Into Level 3 | 0 | 940 | 0 | 929 |
Transfers Out Of Level 3 | 0 | -469 | -180 | -633 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 105 | 1,328 | 105 | 1,328 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 7,866 | 19,160 | 7,664 | 19,473 |
Net Realized (Gains) / Losses | 24 | 8 | 42 | 29 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 233 | -663 | 233 | -896 |
Purchases | -5 | 0 | -5 | 301 |
Sales | 0 | -677 | 0 | -702 |
Issuances | 740 | 818 | 2,016 | 1,594 |
Settlements | -904 | -1,792 | -2,134 | -3,188 |
Transfers Into Level 3 | 570 | 220 | 1,735 | 581 |
Transfers Out Of Level 3 | -757 | -649 | -1,784 | -767 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 7,767 | 16,425 | 7,767 | 16,425 |
Deposits at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 435 | 398 | 385 | 359 |
Net Realized (Gains) / Losses | 0 | 0 | 0 | 0 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 10 | -16 | 16 | -12 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 82 | 38 | 128 | 74 |
Settlements | -2 | -2 | -4 | -3 |
Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Transfers Out Of Level 3 | 0 | -58 | 0 | -58 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 525 | 360 | 525 | 360 |
Securities Sold under Agreements to Repurchase at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 785 | 1,777 | 1,010 | 1,927 |
Net Realized (Gains) / Losses | 0 | 0 | 0 | 0 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 2 | 0 | 2 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | -232 | -759 | -457 | -909 |
Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Transfers Out Of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 555 | 1,018 | 555 | 1,018 |
Other Secured Financings at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 1,132 | 1,165 | 1,019 | 1,412 |
Net Realized (Gains) / Losses | 5 | 4 | 9 | 6 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | -6 | -30 | -6 | -20 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 15 | 4 | 407 | 169 |
Settlements | -99 | -257 | -231 | -808 |
Transfers Into Level 3 | 0 | 0 | 29 | 127 |
Transfers Out Of Level 3 | -12 | 0 | -192 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 1,035 | 886 | 1,035 | 886 |
Unsecured Short-Term Borrowings Including Current Portion of Unsecured Long-Term Borrowings at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 3,392 | 2,735 | 3,387 | 2,584 |
Net Realized (Gains) / Losses | 4 | 1 | 8 | 11 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 121 | -80 | 79 | -96 |
Purchases | -3 | 0 | -3 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 321 | 651 | 1,033 | 1,044 |
Settlements | -468 | -437 | -1,239 | -830 |
Transfers Into Level 3 | 332 | 205 | 500 | 386 |
Transfers Out Of Level 3 | -642 | -162 | -708 | -186 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 3,057 | 2,913 | 3,057 | 2,913 |
Unsecured Long-Term Borrowings at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 1,789 | 1,808 | 1,837 | 1,917 |
Net Realized (Gains) / Losses | 11 | 3 | 20 | 12 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 12 | -30 | 42 | -72 |
Purchases | -2 | 0 | -2 | -3 |
Sales | 0 | 0 | 0 | -10 |
Issuances | 322 | 125 | 448 | 307 |
Settlements | -104 | -219 | -203 | -423 |
Transfers Into Level 3 | 238 | 15 | 905 | 68 |
Transfers Out Of Level 3 | -103 | -429 | -884 | -523 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 2,163 | 1,273 | 2,163 | 1,273 |
Other Liabilities and Accrued Expenses at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 333 | 11,277 | 26 | 11,274 |
Net Realized (Gains) / Losses | 4 | 0 | 5 | 0 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 94 | -507 | 100 | -696 |
Purchases | 0 | 0 | 0 | 304 |
Sales | 0 | -677 | 0 | -692 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 1 | -118 | 0 | -215 |
Transfers Into Level 3 | 0 | 0 | 301 | 0 |
Transfers Out Of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 432 | 9,975 | 432 | 9,975 |
Other Assets at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | ' | 565 | ' | 507 |
Net Realized Gains / (Losses) | ' | 0 | ' | 0 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | ' | 18 | ' | -3 |
Purchases | ' | 104 | ' | 136 |
Sales | ' | -555 | ' | -507 |
Issuances | ' | 0 | ' | 0 |
Settlements | ' | -10 | ' | 0 |
Transfers Into Level 3 | ' | 940 | ' | 929 |
Transfers Out Of Level 3 | ' | 0 | ' | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | ' | $1,062 | ' | $1,062 |
Fair_Value_Option_Level_3_Roll1
Fair Value Option - Level 3 Rollforward (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Fair Value, Other Financial Assets Measured on Recurring Basis, Gain (Loss) Included in Market Making Revenue | $1 | $20 | $4 | ($4) |
Fair Value, Other Financial Assets Measured on Recurring Basis, Gain (Loss) Included in Interest Income | ' | 1 | ' | 2 |
Fair Value, Other Financial Liabilities Measured on Recurring Basis, Gain (Loss) Included in Market Making Revenue | -113 | 713 | -120 | 1,000 |
Fair Value, Other Financial Liabilities Measured on Recurring Basis, Gain (Loss) Included in Other Principal Transactions Revenue | -138 | -56 | -144 | -133 |
Fair Value, Other Financial Liabilities Measured on Recurring Basis, Gain (Loss) Included in Interest Expense | ($6) | ($2) | ($11) | ($4) |
Fair_Value_Option_Gains_and_Lo
Fair Value Option - Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Fair Value Option Gains/(Losses) | ($1,102) | $1,687 | ($1,201) | $1,792 |
Unsecured Short-Term Borrowings Including Current Portion of Unsecured Long-Term Borrowings at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Fair Value Option Gains/(Losses) | -389 | 764 | -232 | 616 |
Unsecured Long-Term Borrowings at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Fair Value Option Gains/(Losses) | -500 | 350 | -776 | 548 |
Other Liabilities and Accrued Expenses at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Fair Value Option Gains/(Losses) | -98 | 592 | -79 | 784 |
Fair Value Option Other [Member] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Fair Value Option Gains/(Losses) | ($115) | ($19) | ($114) | ($156) |
Fair_Value_Option_Gains_and_Lo1
Fair Value Option - Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Unsecured Short-Term Borrowings Including Current Portion of Unsecured Long-Term Borrowings at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Gains/(Losses) on the embedded derivative component of hybrid financial instruments | ($364) | $738 | ($198) | $608 |
Unsecured Long-Term Borrowings at Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Gains/(Losses) on the embedded derivative component of hybrid financial instruments | ($490) | $308 | ($775) | $592 |
Fair_Value_Option_Loans_and_Le
Fair Value Option - Loans and Lending Commitments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Aggregate contractual principal amount of performing loans and long-term receivables in excess of the related fair value | $2,361 | $3,106 |
Aggregate contractual principal amount of loans on nonaccrual status and/or more than 90 days past due in excess of the related fair value (excluding loans carried at zero fair value and considered uncollectible) | 12,431 | 11,041 |
Aggregate fair value of loans on nonaccrual status and/or more than 90 days past due | $3,122 | $2,781 |
Fair_Value_Option_Impact_of_Cr
Fair Value Option - Impact of Credit Spreads on Borrowings (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Net Gains (Losses), Including Hedges, Attributable to the Impact of Changes in the Firm's Own Credit Spreads on Borrowings For Which the Fair Value Option Was Elected | ($19) | $59 | ($4) | ($18) |
Net Gains (Losses), Excluding Hedges, Attributable to the Impact of Changes in the Firm's Own Credit Spreads on Borrowings For Which the Fair Value Option Was Elected | ($20) | $67 | ($6) | ($42) |
Collateralized_Agreements_and_2
Collateralized Agreements and Financings - Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Collateralized Agreements And Financings [Abstract] | ' | ' |
Securities purchased under agreements to resell and federal funds sold (includes $108,504 and $161,297 at fair value as of June 2014 and December 2013, respectively) | $109,103 | $161,732 |
Securities borrowed (includes $51,971 and $60,384 at fair value as of June 2014 and December 2013, respectively) | 164,719 | 164,566 |
Securities sold under agreements to repurchase, at fair value | 106,966 | 164,782 |
Securities loaned (includes $1,529 and $973 at fair value as of June 2014 and December 2013, respectively) | $9,440 | $18,745 |
Collateralized_Agreements_and_3
Collateralized Agreements and Financings - Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Collateralized Agreements And Financings [Abstract] | ' | ' |
Securities borrowed at fair value | $51,971 | $60,384 |
Securities loaned at fair value | $1,529 | $973 |
Collateralized_Agreements_and_4
Collateralized Agreements and Financings - Offsetting Arrangements (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Collateralized Agreements And Financings [Abstract] | ' | ' |
Securities purchased under agreements to resell, Gross carrying value | $143,277 | $190,536 |
Securities purchased under agreements to resell, Counterparty Netting | -30,535 | -19,131 |
Securities purchased under agreements to resell | 112,742 | 171,405 |
Securities purchased under agreements to resell, Counterparty Netting | -10,161 | -10,725 |
Securities purchased under agreements to resell, Collateral | -95,550 | -152,914 |
Securities purchased under agreements to resell | 7,031 | 7,766 |
Securities borrowed, Gross carrying value | 173,022 | 172,283 |
Securities borrowed, Counterparty Netting | -5,504 | -4,955 |
Securities borrowed | 167,518 | 167,328 |
Securities borrowed, Counterparty Netting | -1,491 | -2,224 |
Securities borrowed, Collateral | -147,451 | -147,223 |
Securities borrowed | 18,576 | 17,881 |
Securities sold under agreements to repurchase, Gross carrying value | 137,501 | 183,913 |
Securities sold under agreements to repurchase, Counterparty Netting | -30,535 | -19,131 |
Securities sold under agreements to repurchase | 106,966 | 164,782 |
Securities sold under agreements to repurchase, Counterparty Netting | -10,161 | -10,725 |
Securities sold under agreements to repurchase, Collateral | -87,486 | -141,300 |
Securities sold under agreements to repurchase | 9,319 | 12,757 |
Securities loaned, Gross carrying value | 14,944 | 23,700 |
Securities loaned, Counterparty Netting | -5,504 | -4,955 |
Securities loaned | 9,440 | 18,745 |
Securities loaned, Counterparty Netting | -1,491 | -2,224 |
Securities loaned, Collateral | -7,750 | -16,278 |
Securities loaned | $199 | $243 |
Collateralized_Agreements_and_5
Collateralized Agreements and Financings - Offsetting Arrangements (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Collateralized Agreements And Financings [Abstract] | ' | ' |
Securities received under resale agreements segregated to satisfy certain regulatory requirements | $3.64 | $9.67 |
Securities borrowed transactions segregated to satisfy certain regulatory requirements | $2.80 | $2.77 |
Collateralized_Agreements_and_6
Collateralized Agreements and Financings - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Collateralized Agreements And Financings [Abstract] | ' | ' |
Nonrecourse obligations included in other secured financings | $1.81 | $1.54 |
Collateralized_Agreements_and_7
Collateralized Agreements and Financings - Other Secured Financings (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Secured Financings [Line Items] | ' | ' |
Other Secured Financings Short Term At Fair Value | $18,699 | $17,202 |
Other Secured Financings Short Term At Amortized Cost | 40 | 88 |
Other Secured Financings Long Term At Fair Value | 5,147 | 6,389 |
Other Secured Financings Long Term At Amortized Cost | 1,292 | 1,135 |
Other secured financings | 25,178 | 24,814 |
Other secured financings collateralized by financial instruments | 24,284 | 24,246 |
Other secured financings collateralized by other assets | 894 | 568 |
U.S. Dollar [Member] | ' | ' |
Other Secured Financings [Line Items] | ' | ' |
Other Secured Financings Short Term At Fair Value | 8,646 | 9,374 |
Other Secured Financings Short Term At Amortized Cost | 40 | 88 |
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (short-term) | 5.37% | 2.86% |
Other Secured Financings Long Term At Fair Value | 3,046 | 3,711 |
Other Secured Financings Long Term At Amortized Cost | 503 | 372 |
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (long-term) | 3.12% | 3.78% |
Other secured financings | 12,235 | 13,545 |
Other secured financings collateralized by financial instruments | 12,000 | 13,366 |
Other secured financings collateralized by other assets | 235 | 179 |
Non-U.S. Dollar [Member] | ' | ' |
Other Secured Financings [Line Items] | ' | ' |
Other Secured Financings Short Term At Fair Value | 10,053 | 7,828 |
Other Secured Financings Short Term At Amortized Cost | 0 | 0 |
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (short-term) | 0.00% | 0.00% |
Other Secured Financings Long Term At Fair Value | 2,101 | 2,678 |
Other Secured Financings Long Term At Amortized Cost | 789 | 763 |
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (long-term) | 1.59% | 1.53% |
Other secured financings | 12,943 | 11,269 |
Other secured financings collateralized by financial instruments | 12,284 | 10,880 |
Other secured financings collateralized by other assets | $659 | $389 |
Collateralized_Agreements_and_8
Collateralized Agreements and Financings - Other Secured Financings (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Collateralized Agreements And Financings [Abstract] | ' | ' |
Transfers of financial assets accounted for as financings included in other secured financings | $1.21 | $1.54 |
Financial assets collateralizing other secured financings related to failed sales | 1.21 | 1.58 |
Other secured financings collateralized by financial instruments owned | 14.21 | 14.75 |
Other secured financings collateralized by financial instruments received as collateral and repledged | $10.07 | $9.50 |
Collateralized_Agreements_and_9
Collateralized Agreements and Financings - Other Secured Financings by Maturity Date (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Secured Financings By Maturity Period [Line Items] | ' | ' |
Total other secured financings (long-term) | $6,439 | $7,524 |
Other secured financings | 25,178 | 24,814 |
Other secured financings (short-term) [Member] | ' | ' |
Other Secured Financings By Maturity Period [Line Items] | ' | ' |
Other secured financings | 18,739 | 17,290 |
Other secured financings (long-term) [Member] | ' | ' |
Other Secured Financings By Maturity Period [Line Items] | ' | ' |
2015 | 1,654 | ' |
2016 | 2,028 | ' |
2017 | 707 | ' |
2018 | 803 | ' |
2019 | 469 | ' |
2020-thereafter | $778 | ' |
Recovered_Sheet8
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Collateralized Agreements And Financings [Abstract] | ' | ' |
Fair value of financial instruments received as collateral by the firm that it was permitted to deliver or repledge | $588,135 | $608,390 |
Financial instruments received as collateral which the firm delivered or repledged | $447,809 | $450,127 |
Recovered_Sheet9
Collateralized Agreements and Financings - Financial Instruments Owned, at Fair Value and Other Assets Pledged as Collateral (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Collateralized Agreements And Financings [Abstract] | ' | ' |
Financial instruments owned at fair value pledged in connection with repurchase agreements, securities lending agreements and other secured financings to counterparties that had the right to deliver or repledge | $72,244 | $62,348 |
Financial instruments owned at fair value pledged in connection with repurchase agreements, securities lending agreements and other secured financings to counterparties that did not have right to deliver or repledge | 78,591 | 84,799 |
Other assets (primarily real estate and cash) owned and pledged in connection with other secured financings to counterparties that did not have the right to deliver or repledge | $1,081 | $769 |
Securitization_Activities_Amou
Securitization Activities - Amount of Financial Assets Securitized and Cash Flows Received on Retained Interests (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Transfers And Servicing Of Financial Assets [Abstract] | ' | ' | ' | ' |
Securitization of residential mortgages | $5,477 | $7,373 | $11,698 | $14,640 |
Securitization of commercial mortgages | 1,040 | 1,197 | 1,040 | 3,365 |
Securitization of other financial assets | 481 | ' | 481 | ' |
Securitization of Financial Assets | 6,998 | 8,570 | 13,219 | 18,005 |
Cash flows received on retained interests | $114 | $135 | $177 | $246 |
Securitization_Activities_Firm
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ' | ' |
Outstanding principal amount | $69,250 | $77,563 |
Fair value of retained interests | 3,813 | 3,727 |
Fair value of purchased interests | 212 | 161 |
U.S. Government Agency-Issued Collateralized Mortgage Obligations [Member] | ' | ' |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ' | ' |
Outstanding principal amount | 60,183 | 61,543 |
Fair value of retained interests | 3,552 | 3,455 |
Other Residential Mortgage Backed Securities [Member] | ' | ' |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ' | ' |
Outstanding principal amount | 2,163 | 2,072 |
Fair value of retained interests | 91 | 46 |
Other Commercial Mortgage-backed [Member] | ' | ' |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ' | ' |
Outstanding principal amount | 1,785 | 7,087 |
Fair value of retained interests | 63 | 140 |
Fair value of purchased interests | 97 | 153 |
CDOs, CLOs And Other [Member] | ' | ' |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ' | ' |
Outstanding principal amount | 5,119 | 6,861 |
Fair value of retained interests | 107 | 86 |
Fair value of purchased interests | $115 | $8 |
Securitization_Activities_Firm1
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Transfers And Servicing Of Financial Assets [Abstract] | ' |
Outstanding principal amount related to securitization entities in which the firm's only continuing involvement is retained servicing | $418 |
Securitization_Activities_Addi
Securitization Activities - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Transfers And Servicing Of Financial Assets [Abstract] | ' | ' |
Net Asset related to Other Continuing Involvement | $51 | $26 |
Securitization_Activities_Weig
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 $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule Of Weighted Average Key Economic Assumptions Used In Measuring Fair Value Of Firms Retained Interests And Sensitivity Of This Fair Value To Immediate Adverse Changes [Line Items] | ' | ' |
Fair value of retained interests | $3,813 | $3,727 |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule Of Weighted Average Key Economic Assumptions Used In Measuring Fair Value Of Firms Retained Interests And Sensitivity Of This Fair Value To Immediate Adverse Changes [Line Items] | ' | ' |
Fair value of retained interests | 3,706 | 3,641 |
Weighted average life (years) | '6 years 8 months 12 days | '8 years 3 months 18 days |
Constant prepayment rate | 10.90% | 7.50% |
Impact of 10% adverse change | -29 | -36 |
Impact of 20% adverse change | -55 | -64 |
Discount rate | 3.20% | 3.90% |
Impact of 10% adverse change | -62 | -85 |
Impact of 20% adverse change | -122 | -164 |
CDOs, CLOs And Other [Member] | ' | ' |
Schedule Of Weighted Average Key Economic Assumptions Used In Measuring Fair Value Of Firms Retained Interests And Sensitivity Of This Fair Value To Immediate Adverse Changes [Line Items] | ' | ' |
Fair value of retained interests | $107 | $86 |
Weighted average life (years) | '3 years 7 months 6 days | '1 year 10 months 24 days |
Securitization_Activities_Weig1
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 (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Transfers And Servicing Of Financial Assets [Abstract] | ' | ' |
Maximum Exposure to Adverse Changes in the value of retained interests relating to Other securities | $107 | $86 |
Variable_Interest_Entities_Non
Variable Interest Entities - Nonconsolidated Variable Interest Entities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Assets in VIE | $114,349 | $122,248 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 10,170 | 9,537 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 27 | 45 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 16,696 | 17,352 |
Retained Interests, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,813 | 3,727 |
Purchased Interests, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,564 | 2,428 |
Commitments and Guarantees, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,062 | 766 |
Derivatives, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 5,900 | 7,510 |
Loans and Investments, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,357 | 2,921 |
Mortgage-Backed Securities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Assets in VIE | 79,998 | 86,562 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 5,649 | 5,269 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 5,988 | 5,854 |
Mortgage-Backed Securities [Member] | Retained Interests, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,706 | 3,641 |
Mortgage-Backed Securities [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,943 | 1,627 |
Mortgage-Backed Securities [Member] | Derivatives, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 339 | 586 |
Corporate CDOs and CLOs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Assets in VIE | 13,769 | 19,761 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 738 | 1,063 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 11 | 3 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,540 | 5,548 |
Corporate CDOs and CLOs [Member] | Retained Interests, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 34 | 80 |
Corporate CDOs and CLOs [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 447 | 659 |
Corporate CDOs and CLOs [Member] | Derivatives, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,059 | 4,809 |
Real Estate, Credit-Related and Other Investing [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Assets in VIE | 9,842 | 8,599 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 3,118 | 2,756 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 1 | 2 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,585 | 3,241 |
Real Estate, Credit-Related and Other Investing [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 467 | 485 |
Real Estate, Credit-Related and Other Investing [Member] | Loans and Investments, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,118 | 2,756 |
Other asset-backed [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Assets in VIE | 5,961 | 4,401 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 426 | 284 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 15 | 40 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,855 | 2,263 |
Other asset-backed [Member] | Retained Interests, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 73 | 6 |
Other asset-backed [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 174 | 142 |
Other asset-backed [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 186 | ' |
Other asset-backed [Member] | Derivatives, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,422 | 2,115 |
Other [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Assets in VIE | 4,779 | 2,925 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 239 | 165 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 728 | 446 |
Other [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 409 | 281 |
Other [Member] | Derivatives, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | 80 | ' |
Other [Member] | Loans and Investments, Maximum Exposure to Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Maximum Exposure to Loss in Nonconsolidated VIEs | $239 | $165 |
Variable_Interest_Entities_Non1
Variable Interest Entities - Nonconsolidated Variable Interest Entities (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | ' | ' |
Commitments and Derivative transactions with VIEs to which the firm transferred assets | $1,720,000,000 | $2,010,000,000 |
Assets in VIE | 114,349,000,000 | 122,248,000,000 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 16,696,000,000 | 17,352,000,000 |
CDOs Backed by Mortgage Obligations [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Assets in VIE | 4,340,000,000 | 4,550,000,000 |
Maximum Exposure to Loss in Nonconsolidated VIEs | $850,000,000 | $900,000,000 |
Variable_Interest_Entities_Con
Variable Interest Entities - Consolidated Variable Interest Entities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Assets of Consolidated VIEs | ' | ' | ' | ' |
Cash and cash equivalents | $56,983 | $61,133 | $72,398 | $72,669 |
Cash and securities segregated for regulatory and other purposes | 40,668 | 49,671 | ' | ' |
Financial instruments owned, at fair value | 345,806 | 339,121 | ' | ' |
Other assets | 23,391 | 22,509 | ' | ' |
Liabilities of Consolidated VIEs | ' | ' | ' | ' |
Other secured financings | 25,178 | 24,814 | ' | ' |
Financial instruments sold, but not yet purchased, at fair value | 124,162 | 127,426 | ' | ' |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings | 45,755 | 44,692 | ' | ' |
Unsecured long-term borrowings | 167,019 | 160,965 | ' | ' |
Other liabilities and accrued expenses | 14,499 | 16,044 | ' | ' |
Real Estate, Credit-Related and Other Investing [Member] | ' | ' | ' | ' |
Assets of Consolidated VIEs | ' | ' | ' | ' |
Cash and cash equivalents | 98 | 183 | ' | ' |
Cash and securities segregated for regulatory and other purposes | 81 | 84 | ' | ' |
Receivables from customers and counterparties | 52 | 50 | ' | ' |
Financial instruments owned, at fair value | 2,309 | 1,309 | ' | ' |
Other assets | 581 | 921 | ' | ' |
Total | 3,121 | 2,547 | ' | ' |
Liabilities of Consolidated VIEs | ' | ' | ' | ' |
Other secured financings | 317 | 417 | ' | ' |
Unsecured long-term borrowings | 37 | 57 | ' | ' |
Other liabilities and accrued expenses | 444 | 556 | ' | ' |
Total | 798 | 1,030 | ' | ' |
CDOs, Mortgage-Backed and Other Asset-Backed [Member] | ' | ' | ' | ' |
Assets of Consolidated VIEs | ' | ' | ' | ' |
Financial instruments owned, at fair value | 150 | 310 | ' | ' |
Total | 150 | 310 | ' | ' |
Liabilities of Consolidated VIEs | ' | ' | ' | ' |
Other secured financings | 129 | 198 | ' | ' |
Financial instruments sold, but not yet purchased, at fair value | 9 | ' | ' | ' |
Total | 138 | 198 | ' | ' |
Principal-Protected Notes [Member] | ' | ' | ' | ' |
Assets of Consolidated VIEs | ' | ' | ' | ' |
Cash and securities segregated for regulatory and other purposes | 43 | 63 | ' | ' |
Financial instruments owned, at fair value | 159 | 155 | ' | ' |
Total | 202 | 218 | ' | ' |
Liabilities of Consolidated VIEs | ' | ' | ' | ' |
Other secured financings | 403 | 404 | ' | ' |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings | 1,187 | 1,258 | ' | ' |
Unsecured long-term borrowings | 139 | 193 | ' | ' |
Total | 1,729 | 1,855 | ' | ' |
Consolidated Variable Interest Entity, Total Carrying Amount [Member] | ' | ' | ' | ' |
Assets of Consolidated VIEs | ' | ' | ' | ' |
Cash and cash equivalents | 98 | 183 | ' | ' |
Cash and securities segregated for regulatory and other purposes | 124 | 147 | ' | ' |
Receivables from customers and counterparties | 52 | 50 | ' | ' |
Financial instruments owned, at fair value | 2,618 | 1,774 | ' | ' |
Other assets | 581 | 921 | ' | ' |
Total | 3,473 | 3,075 | ' | ' |
Liabilities of Consolidated VIEs | ' | ' | ' | ' |
Other secured financings | 849 | 1,019 | ' | ' |
Financial instruments sold, but not yet purchased, at fair value | 9 | ' | ' | ' |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings | 1,187 | 1,258 | ' | ' |
Unsecured long-term borrowings | 176 | 250 | ' | ' |
Other liabilities and accrued expenses | 444 | 556 | ' | ' |
Total | $2,665 | $3,083 | ' | ' |
Other_Assets_Other_Assets_Deta
Other Assets - Other Assets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Assets [Abstract] | ' | ' |
Property, leasehold improvements and equipment | $8,884 | $9,196 |
Goodwill and identifiable assets | 4,469 | 4,376 |
Income tax-related assets | 5,769 | 5,241 |
Equity-method investments | 405 | 417 |
Miscellaneous receivables and other | 3,864 | 3,279 |
Total | $23,391 | $22,509 |
Other_Assets_Other_Assets_Pare
Other Assets - Other Assets (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Other Assets [Abstract] | ' | ' |
Investments accounted for at fair value excluded from equity-method investments | $6,330,000,000 | $6,070,000,000 |
Investments in qualified affordable housing projects | $415,000,000 | ' |
Other_Assets_Additional_Inform
Other Assets - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Other Assets [Abstract] | ' | ' |
Accumulated depreciation and amortization | $9,510,000,000 | $9,040,000,000 |
Property, leasehold improvements and equipment used for operation | 6,010,000,000 | 6,020,000,000 |
Impairment charges related to consolidated investments | 194,000,000 | ' |
Impairment charges related to property, leasehold improvements and equipment | 180,000,000 | ' |
Impairment charges related to identifiable intangible assets | $14,000,000 | ' |
Goodwill_and_Identifiable_Inta2
Goodwill and Identifiable Intangible Assets - Goodwill and Intangible Assets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ' | ' |
Goodwill | $3,707 | $3,705 |
Identifiable Intangible Assets | 762 | 671 |
Institutional Client Services - Fixed Income, Currency and Commodities Client Execution [Member] | ' | ' |
Schedule Of Intangible Assets And Goodwill [Line Items] | ' | ' |
Goodwill | 269 | 269 |
Identifiable Intangible Assets | 178 | 35 |
Institutional Client Services - Equities Client Execution [Member] | ' | ' |
Schedule Of Intangible Assets And Goodwill [Line Items] | ' | ' |
Goodwill | 2,404 | 2,404 |
Identifiable Intangible Assets | 320 | 348 |
Investing and Lending [Member] | ' | ' |
Schedule Of Intangible Assets And Goodwill [Line Items] | ' | ' |
Goodwill | 60 | 60 |
Identifiable Intangible Assets | 142 | 180 |
Investment Management [Member] | ' | ' |
Schedule Of Intangible Assets And Goodwill [Line Items] | ' | ' |
Goodwill | 588 | 586 |
Identifiable Intangible Assets | 122 | 108 |
Investment Banking - Financial Advisory [Member] | ' | ' |
Schedule Of Intangible Assets And Goodwill [Line Items] | ' | ' |
Goodwill | 98 | 98 |
Investment Banking - Underwriting [Member] | ' | ' |
Schedule Of Intangible Assets And Goodwill [Line Items] | ' | ' |
Goodwill | 183 | 183 |
Institutional Client Services - Securities Services [Member] | ' | ' |
Schedule Of Intangible Assets And Goodwill [Line Items] | ' | ' |
Goodwill | $105 | $105 |
Goodwill_and_Identifiable_Inta3
Goodwill and Identifiable Intangible Assets - Intangible Assets Disclosure (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $2,634 | $2,518 |
Accumulated amortization | -1,872 | -1,847 |
Net carrying amount | 762 | 671 |
Identifiable intangible assets approximate weighted average remaining life in years | '8 years | ' |
Customer Lists [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 1,088 | 1,102 |
Accumulated amortization | -710 | -706 |
Net carrying amount | 378 | 396 |
Identifiable intangible assets approximate weighted average remaining life in years | '7 years | ' |
Commodities-Related Intangibles [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 631 | 510 |
Accumulated amortization | -356 | -341 |
Net carrying amount | 275 | 169 |
Identifiable intangible assets approximate weighted average remaining life in years | '8 years | ' |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 915 | 906 |
Accumulated amortization | -806 | -800 |
Net carrying amount | $109 | $106 |
Identifiable intangible assets approximate weighted average remaining life in years | '11 years | ' |
Goodwill_and_Identifiable_Inta4
Goodwill and Identifiable Intangible Assets - Amortization Expense (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization related to identifiable intangible assets | $38 | $30 | $86 | $72 |
Goodwill_and_Identifiable_Inta5
Goodwill and Identifiable Intangible Assets - Estimated Future Amortization for Existing Identifiable Intangible Assets Through 2019 (Detail) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ' |
Remainder of 2014 | $78 |
Future amortization, 2015 | 136 |
Future amortization, 2016 | 124 |
Future amortization, 2017 | 117 |
Future amortization, 2018 | 98 |
Future amortization, 2019 | $69 |
Deposits_Deposits_Detail
Deposits - Deposits (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
U.S. offices | $61,532 | $61,016 |
Non-U.S. offices | 12,218 | 9,791 |
Total | $73,750 | $70,807 |
Deposits_Maturities_of_Time_De
Deposits - Maturities of Time Deposits (Detail) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Time Deposits By Maturity [Line Items] | ' |
Remainder of 2014 | $8,855 |
2015 | 5,376 |
2016 | 2,945 |
2017 | 3,416 |
2018 | 2,207 |
2019 | 2,261 |
2020 - thereafter | 4,237 |
Total | 29,297 |
U.S. [Member] | ' |
Time Deposits By Maturity [Line Items] | ' |
Remainder of 2014 | 2,220 |
2015 | 4,375 |
2016 | 2,945 |
2017 | 3,416 |
2018 | 2,207 |
2019 | 2,261 |
2020 - thereafter | 4,190 |
Total | 21,614 |
Non-U.S. [Member] | ' |
Time Deposits By Maturity [Line Items] | ' |
Remainder of 2014 | 6,635 |
2015 | 1,001 |
2020 - thereafter | 47 |
Total | $7,683 |
Deposits_Maturities_of_Time_De1
Deposits - Maturities of Time Deposits (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Deposits [Abstract] | ' | ' |
Total domestic time deposits greater than $100,000 | $10,000,000 | ' |
Domestic time deposits greater than $100,000 maturing within three months | 4,000,000 | ' |
Domestic time deposits greater than $100,000 maturing within three to six months | 1,000,000 | ' |
Domestic time deposits greater than $100,000 maturing within six to twelve months | 3,000,000 | ' |
Domestic time deposits greater than $100,000 maturing after twelve months | 2,000,000 | ' |
Total foreign time deposits greater than $100,000 | 6,000,000,000 | ' |
Deposits at fair value | $10,134,000,000 | $7,255,000,000 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Total savings and demand deposits | $44.45 | $46.02 |
Time deposits not accounted for at fair value under the fair value option | $19.17 | $17.53 |
ShortTerm_Borrowings_ShortTerm
Short-Term Borrowings - Short-Term Borrowings (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Other secured financings | $25,178 | $24,814 |
Unsecured short-term borrowings | 45,755 | 44,692 |
Other secured financings (short-term) [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Other secured financings | 18,739 | 17,290 |
Unsecured short-term borrowings | 45,755 | 44,692 |
Total Short-term borrowings | $64,494 | $61,982 |
ShortTerm_Borrowings_Unsecured
Short-Term Borrowings - Unsecured Short-Term Borrowings (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Current portion of unsecured long-term borrowings | $27,448 | $25,312 |
Hybrid financial instruments | 12,189 | 13,391 |
Promissory notes | 333 | 292 |
Commercial paper | 819 | 1,011 |
Other short-term borrowings | 4,966 | 4,686 |
Total unsecured short-term borrowings | $45,755 | $44,692 |
Unsecured short-term debt, weighted average interest rate, after giving effect to hedging activities | 1.43% | 1.65% |
LongTerm_Borrowings_LongTerm_B
Long-Term Borrowings - Long-Term Borrowings (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long Term Debt Noncurrent [Abstract] | ' | ' |
Other secured financings (long-term) | $6,439 | $7,524 |
Unsecured long-term borrowings | 167,019 | 160,965 |
Long-term borrowings | $173,458 | $168,489 |
LongTerm_Borrowings_Additional
Long-Term Borrowings - Additional Information (Detail) (USD $) | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Goldman Sachs Capital I [Member] | The 2012 Trusts [Member] | The 2012 Trusts [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
The latest year through which the firm's unsecured long-term borrowings extend | '2061 | ' | ' | ' | ' | ' |
Percentage increase in the carrying value of total unsecured long-term borrowings for which the firm did not elect the fair value option due to the change in the firm's credit spreads | 3.00% | 3.00% | 3.00% | ' | ' | ' |
Maturity date range start for long-term subordinated debt | ' | '2017 | '2015 | ' | ' | ' |
Maturity date range end for long-term subordinated debt | ' | '2038 | '2038 | ' | ' | ' |
Junior subordinated debt held by Murray Street | ' | ' | ' | ' | $1,750,000,000 | $1,750,000,000 |
Interest Rate of Junior Subordinated Debt held by Murray Street Trust, Fixed | ' | ' | ' | ' | 4.65% | 4.65% |
Maturity date of Junior Subordinated Debt held by Murray Street Trust | ' | ' | ' | ' | 9-Mar-17 | ' |
Junior subordinated debt held by Vesey Street | ' | ' | ' | ' | 500,000,000 | 500,000,000 |
Interest Rate of Junior Subordinated Debt held by Vesey Street Trust, Fixed | ' | ' | ' | ' | 4.40% | 4.40% |
Maturity date of Junior Subordinated Debt held by Vesey Street Trust | ' | ' | ' | ' | 1-Sep-16 | ' |
Senior guaranteed trust securities issued by the Murray Street Trust and Vesey Street Trust (together, the 2012 Trusts) | ' | ' | ' | ' | 2,250,000,000 | 2,250,000,000 |
Junior subordinated debt held by the 2012 Trusts | ' | ' | ' | ' | 2,080,000,000 | 2,080,000,000 |
Senior guaranteed trust securities held by the firm exchanged with the firm's junior subordinated debt securities held by the Trust | ' | 175,000,000 | ' | ' | ' | 175,000,000 |
Firm's Junior subordinated debt securities held by the Trust exchanged with senior guaranteed trust securities held by the firm | ' | 175,000,000 | ' | ' | ' | 175,000,000 |
Interest Rate of Junior Subordinated Debentures issued to Trust, Fixed | ' | ' | ' | 6.35% | ' | ' |
Maturity date of Junior Subordinated Debentures issued to Trust | ' | ' | ' | 15-Feb-34 | ' | ' |
Junior subordinated debentures issued to Goldman Sachs Capital I (Trust) | ' | ' | ' | 2,840,000,000 | ' | ' |
Guaranteed preferred beneficial interests issued to third parties | ' | ' | ' | 2,750,000,000 | ' | ' |
Common beneficial interests issued to Group Inc. | ' | ' | ' | 85,000,000 | ' | ' |
Trust Preferred Securities purchased, amount paid | ' | ' | ' | 1,360,000,000 | ' | ' |
Common beneficial interests to be delivered to the Trust | ' | ' | ' | 37,600,000 | ' | ' |
Trust Preferred Securities purchased, par amount | ' | ' | ' | $1,220,000,000 | ' | ' |
Interest Rate of Junior Subordinated Debentures held by certain third parties | ' | ' | ' | 6.35% | ' | ' |
Maturity date of Junior Subordinated Debentures held by certain third parties | ' | ' | ' | 15-Feb-34 | ' | ' |
LongTerm_Borrowings_Unsecured_
Long-Term Borrowings - Unsecured Long-Term Borrowings (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Fixed-rate obligations | $125,897 | $120,866 |
Floating-rate obligations | 41,122 | 40,099 |
Unsecured long-term borrowings | 167,019 | 160,965 |
U.S. Dollar [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Fixed-rate obligations | 87,257 | 85,515 |
Floating-rate obligations | 25,830 | 22,590 |
Unsecured long-term borrowings | 113,087 | 108,105 |
Non-U.S. Dollar [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Fixed-rate obligations | 38,640 | 35,351 |
Floating-rate obligations | 15,292 | 17,509 |
Unsecured long-term borrowings | $53,932 | $52,860 |
LongTerm_Borrowings_Unsecured_1
Long-Term Borrowings - Unsecured Long-Term Borrowings (Parenthetical) (Detail) | Jun. 30, 2014 | Dec. 31, 2013 |
U.S. Dollar [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Fixed interest rate debt obligations interest rates range, minimum | 1.55% | 1.35% |
Fixed interest rate debt obligations interest rates range, maximum | 10.04% | 10.04% |
Weighted average interest rates for fixed rate unsecured long-term borrowings | 5.11% | 5.19% |
Non-U.S. Dollar [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Fixed interest rate debt obligations interest rates range, minimum | 0.02% | 0.33% |
Fixed interest rate debt obligations interest rates range, maximum | 13.00% | 13.00% |
Weighted average interest rates for fixed rate unsecured long-term borrowings | 4.11% | 4.29% |
LongTerm_Borrowings_Unsecured_2
Long-Term Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Unsecured long-term borrowings | $167,019 | $160,965 |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2015 | 10,475 | ' |
2016 | 23,124 | ' |
2017 | 21,575 | ' |
2018 | 23,891 | ' |
2019 | 11,227 | ' |
2020 - thereafter | 76,727 | ' |
Unsecured long-term borrowings | $167,019 | ' |
LongTerm_Borrowings_Unsecured_3
Long-Term Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 |
Debt Disclosure [Abstract] | ' |
2015 | $97,000,000 |
2016 | 636,000,000 |
2017 | 897,000,000 |
2018 | 960,000,000 |
2019 | 499,000,000 |
2020 and thereafter | 5,710,000,000 |
Amount related to interest rate hedges on certain unsecured long-term borrowings | $8,800,000,000 |
LongTerm_Borrowings_Unsecured_4
Long-Term Borrowings - Unsecured Long-Term Borrowings after Hedging (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Fixed rate obligations at fair value | $471 | $471 |
Fixed rate obligations at amortized cost | 38,227 | 33,700 |
Floating rate obligations at fair value | 14,232 | 11,220 |
Floating rate obligations at amortized cost | 114,089 | 115,574 |
Unsecured long-term borrowings | $167,019 | $160,965 |
LongTerm_Borrowings_Unsecured_5
Long-Term Borrowings - Unsecured Long-Term Borrowings after Hedging (Parenthetical) (Detail) | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' | ' |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - total | 2.82% | 2.73% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging fixed rate obligations | 4.95% | 5.23% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - floating rate obligations | 2.13% | 2.04% |
LongTerm_Borrowings_Subordinat
Long-Term Borrowings - Subordinated Long-Term Borrowings (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Long-term subordinated debt outstanding, par amount | $14,613 | $14,508 |
Long-term junior subordinated debt, par amount | 2,835 | 2,835 |
Total subordinated Long-term Borrowings, par amount | 17,448 | 17,343 |
Long-term subordinated debt outstanding | 17,285 | 16,982 |
Long-term junior subordinated debt | 3,811 | 3,760 |
Total subordinated Long-term Borrowings | $21,096 | $20,742 |
Effective weighted average interest rate of long-term subordinated debt, after hedging | 3.84% | 4.16% |
Effective weighted average interest rate of long-term junior subordinated debt, after hedging | 5.89% | 4.79% |
Effective weighted average interest rate on long-term subordinated borrowings, after hedging | 4.18% | 4.26% |
Other_Liabilities_and_Accrued_2
Other Liabilities and Accrued Expenses - Other Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Compensation and benefits | $6,931 | $7,874 |
Noncontrolling interests | 213 | 326 |
Income tax-related liabilities | 1,342 | 1,974 |
Employee interests in consolidated funds | 191 | 210 |
Subordinated liabilities issued by consolidated VIEs | 552 | 477 |
Accrued expenses and other | 5,270 | 5,183 |
Total | $14,499 | $16,044 |
Commitments_Contingencies_and_2
Commitments, Contingencies and Guarantees - Commitments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | $89,505 | $87,627 |
Contingent and forward starting resale and securities borrowing agreements | 44,254 | 34,410 |
Forward starting repurchase and secured lending agreements | 18,246 | 8,256 |
Letters of credit | 343 | 501 |
Investment commitments | 5,458 | 7,116 |
Other | 6,356 | 3,955 |
Total commitments | 164,162 | 141,865 |
Maturities, Current Fiscal Year [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 4,624 | ' |
Contingent and forward starting resale and securities borrowing agreements | 44,210 | ' |
Forward starting repurchase and secured lending agreements | 18,246 | ' |
Letters of credit | 203 | ' |
Investment commitments | 819 | ' |
Other | 6,104 | ' |
Total commitments | 74,206 | ' |
Maturities, Year 1 and Year 2 [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 23,407 | ' |
Contingent and forward starting resale and securities borrowing agreements | 10 | ' |
Letters of credit | 125 | ' |
Investment commitments | 4,313 | ' |
Other | 138 | ' |
Total commitments | 27,993 | ' |
Maturities, Year 3 and Year 4 [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 38,867 | ' |
Contingent and forward starting resale and securities borrowing agreements | 34 | ' |
Letters of credit | 10 | ' |
Investment commitments | 13 | ' |
Other | 50 | ' |
Total commitments | 38,974 | ' |
Maturities, Year 5 and Thereafter [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 22,607 | ' |
Letters of credit | 5 | ' |
Investment commitments | 313 | ' |
Other | 64 | ' |
Total commitments | 22,989 | ' |
Investment Grade Commercial Lending [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 59,076 | 60,499 |
Investment Grade Commercial Lending [Member] | Maturities, Current Fiscal Year [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 3,255 | ' |
Investment Grade Commercial Lending [Member] | Maturities, Year 1 and Year 2 [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 15,317 | ' |
Investment Grade Commercial Lending [Member] | Maturities, Year 3 and Year 4 [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 28,401 | ' |
Investment Grade Commercial Lending [Member] | Maturities, Year 5 and Thereafter [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 12,103 | ' |
Non Investment Grade Commercial Lending [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 28,610 | 25,412 |
Non Investment Grade Commercial Lending [Member] | Maturities, Current Fiscal Year [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 1,119 | ' |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 1 and Year 2 [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 6,752 | ' |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 3 and Year 4 [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 10,235 | ' |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 5 and Thereafter [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 10,504 | ' |
Warehouse Financing [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 1,819 | 1,716 |
Warehouse Financing [Member] | Maturities, Current Fiscal Year [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 250 | ' |
Warehouse Financing [Member] | Maturities, Year 1 and Year 2 [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | 1,338 | ' |
Warehouse Financing [Member] | Maturities, Year 3 and Year 4 [Member] | ' | ' |
Commitment Liabilities [Line Items] | ' | ' |
Total commitments to extend credit | $231 | ' |
Commitments_Contingencies_and_3
Commitments, Contingencies and Guarantees - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' |
Approximate amount of lending commitments held for investment | $48,210,000,000 | ' | $48,210,000,000 | ' | $35,660,000,000 |
Carrying value of the liabilities relating to lending commitments held for investment | 149,000,000 | ' | 149,000,000 | ' | 132,000,000 |
Estimated fair value of the liabilities relating to lending commitments held for investment | 1,250,000,000 | ' | 1,250,000,000 | ' | 1,020,000,000 |
Notional amount of loan commitments which are protected by SMFG against credit loss | 29,450,000,000 | ' | 29,450,000,000 | ' | 29,240,000,000 |
Credit loss protection percentage of first loss on loan commitments provided by SMFG | 95.00% | ' | 95.00% | ' | ' |
Approximate amount of maximum protection of first loss on loan commitments provided by SMFG | 950,000,000 | ' | 950,000,000 | ' | ' |
SMFG credit loss protection for additional losses percentage | 70.00% | ' | 70.00% | ' | ' |
Maximum protection on additional losses on loan commitments provided by SMFG | 1,130,000,000 | ' | 1,130,000,000 | ' | ' |
Protection provided by SMFG for additional losses | 870,000,000 | ' | 870,000,000 | ' | 870,000,000 |
Commitments to invest in real estate private investments | 435,000,000 | ' | 435,000,000 | ' | 659,000,000 |
Commitments to invest in corporate and other private investments | 5,020,000,000 | ' | 5,020,000,000 | ' | 6,460,000,000 |
Commitments to invest in funds managed by the firm | 4,340,000,000 | ' | 4,340,000,000 | ' | 5,480,000,000 |
The latest year through which the firm's noncancelable lease agreements extend | '2069 | ' | ' | ' | ' |
Amount of loans sold to government sponsored enterprises during the period 2005 through 2008 | ' | ' | 10,000,000,000 | ' | ' |
Amount of loans sold to other third parties during the period 2005 through 2008 | ' | ' | 11,000,000,000 | ' | ' |
Outstanding balance for loans transferred to trusts and other mortgage securitization vehicles during the period 2005 through 2008 | 27,000,000,000 | ' | 27,000,000,000 | ' | 29,000,000,000 |
Approximate amount of paydowns and cumulative losses of loans transferred by the firm to trusts and other mortgage securitization vehicles during the period 2005 through 2008 | ' | ' | 98,000,000,000 | ' | 96,000,000,000 |
Cumulative losses incurred by trusts and other mortgage securitization vehicles during the period 2005 through 2008 | ' | ' | 22,000,000,000 | ' | 22,000,000,000 |
Outstanding principal balance of loans relating to Goldman Sachs-issued securitizations that were transferred to trusts and other mortgage securitization vehicles during the period 2005 through 2008 and were structured with credit protection obtained from monoline insurers | 430,000,000 | ' | 430,000,000 | ' | 463,000,000 |
Paydowns and cumulative losses of loans relating to Goldman Sachs-issued securitizations that were transferred to trusts and other mortgage securitization vehicles during the period 2005 through 2008 and were structured with credit protection obtained from monoline insurers | ' | ' | 1,630,000,000 | ' | 1,600,000,000 |
Cumulative losses incurred by trusts and other mortgage securitization vehicles relating to Goldman Sachs-issued securitizations during the period 2005 through 2008 that were structured with credit protection obtained from monoline insurers | ' | ' | 544,000,000 | ' | 534,000,000 |
Amount of unpaid principal balance of loans repurchased by the firm | 'Less than $10 million | 'Less than $10 million | 'Less than $10 million | 'Less than $10 million | ' |
Total original notional face amount of portions of firm issued securitizations between 2003 and 2007 | 150,000,000,000 | ' | 150,000,000,000 | ' | ' |
Approximate capped amount of indemnities associated with certain customary representation and warranties relating to Litton | 50,000,000 | ' | 50,000,000 | ' | ' |
Approximate capped amount of specific indemnities relating to Litton | 125,000,000 | ' | 125,000,000 | ' | ' |
Collateral held by lenders in connection with securities lending indemnifications | $33,260,000,000 | ' | $33,260,000,000 | ' | $27,140,000,000 |
Commitments_Contingencies_and_4
Commitments, Contingencies and Guarantees - Leases (Detail) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Remainder of 2014 | $180 |
2015 | 345 |
2016 | 303 |
2017 | 283 |
2018 | 234 |
2019 | 213 |
2020 - thereafter | 1,013 |
Total | $2,571 |
Commitments_Contingencies_and_5
Commitments, Contingencies and Guarantees - Guarantees (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Guarantee [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Carrying Value of Net Liability | $6,480 | $7,634 |
Maximum Payout/Notional Amount by Period of Expiration | 770,160 | 795,280 |
Derivative Guarantee [Member] | Maturities, Year 1 [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | ' | 517,634 |
Derivative Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | ' | 180,543 |
Derivative Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | ' | 39,367 |
Derivative Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | ' | 57,736 |
Derivative Guarantee [Member] | Maturities, Current Fiscal Year [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | 290,593 | ' |
Derivative Guarantee [Member] | Maturities, Year 1 and Year 2 [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | 369,924 | ' |
Derivative Guarantee [Member] | Maturities, Year 3 and Year 4 [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | 39,502 | ' |
Derivative Guarantee [Member] | Maturities, Year 5 and Thereafter [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | 70,141 | ' |
Securities Lending Indemnification [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | 32,153 | 26,384 |
Securities Lending Indemnification [Member] | Maturities, Year 1 [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | ' | 26,384 |
Securities Lending Indemnification [Member] | Maturities, Current Fiscal Year [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | 32,153 | ' |
Financial Guarantee [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Carrying Value of Net Liability | 91 | 213 |
Maximum Payout/Notional Amount by Period of Expiration | 3,952 | 4,167 |
Financial Guarantee [Member] | Maturities, Year 1 [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | ' | 1,361 |
Financial Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | ' | 620 |
Financial Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | ' | 1,140 |
Financial Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | ' | 1,046 |
Financial Guarantee [Member] | Maturities, Current Fiscal Year [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | 1,047 | ' |
Financial Guarantee [Member] | Maturities, Year 1 and Year 2 [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | 498 | ' |
Financial Guarantee [Member] | Maturities, Year 3 and Year 4 [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | 1,210 | ' |
Financial Guarantee [Member] | Maturities, Year 5 and Thereafter [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum Payout/Notional Amount by Period of Expiration | $1,197 | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||
Jul. 14, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | |
Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series F Preferred Stock [Member] | Series I Preferred Stock [Member] | Series J Preferred Stock [Member] | Series K Preferred Stock [Member] | Series K Preferred Stock [Member] | Series L Preferred Stock [Member] | Series L Preferred Stock [Member] | |||||||
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per common share | $0.55 | $0.55 | $0.50 | $1.10 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends payable date declared | ' | ' | ' | 14-Jul-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends payable date to be paid | ' | ' | ' | 29-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends payable date of record | ' | ' | ' | 29-Aug-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchased shares of common stock | ' | 7,800,000 | ' | 18,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average cost per share | ' | $160.89 | ' | $164.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cost of repurchased shares | ' | $1,250,000,000 | ' | $2,970,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares remitted by employees to satisfy minimum statutory employee tax withholding | ' | ' | ' | 173,875 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remitted Shares, Total | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of RSUs to satisfy minimum statutory employee tax withholding | ' | ' | ' | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled RSUs, Total | ' | ' | ' | 936,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of stock options to satisfy minimum statutory employee tax withholding requirements and the exercise price of stock options | ' | ' | ' | 9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled stock options, Total | ' | ' | ' | $1,630,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock | ' | $0.01 | ' | $0.01 | ' | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | ' | $0.01 | ' | $0.01 |
Depositary shares of non-cumulative preferred stock | ' | ' | ' | ' | ' | ' | 1,000 | 1,000 | 1,000 | 1,000 | ' | ' | 1,000 | 1,000 | ' | 1,000 | ' | 25 |
Liquidation preference of non-cumulative preferred stock | ' | ' | ' | ' | ' | ' | $25,000 | $25,000 | $25,000 | $25,000 | $100,000 | $100,000 | $25,000 | $25,000 | ' | $25,000 | ' | $25,000 |
Redemption price | ' | ' | ' | ' | ' | ' | '$25,000 plus declared and unpaid dividends. | '$25,000 plus declared and unpaid dividends. | '$25,000 plus declared and unpaid dividends. | '$25,000 plus declared and unpaid dividends. | '$100,000 plus declared and unpaid dividends | '$100,000 plus declared and unpaid dividends | '25,000 plus accrued and unpaid dividends | '25,000 plus accrued and unpaid dividends | '$25,000 plus accrued and unpaid dividends | ' | '$25,000 plus accrued and unpaid dividends | ' |
Shares Issued | ' | 300,500 | ' | 300,500 | ' | ' | 30,000 | 32,000 | 8,000 | 54,000 | 17,500 | 5,000 | 34,000 | 40,000 | 28,000 | 28,000 | 52,000 | 52,000 |
Shareholders_Equity_Summary_of
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Detail) (USD $) | 6 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Apr. 30, 2014 |
Class of Stock [Line Items] | ' | ' |
Shares Authorized | 372,200 | ' |
Shares Issued | 300,500 | ' |
Shares Outstanding | 300,498 | ' |
Redemption Value | $9,200 | ' |
Series A Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Shares Authorized | 50,000 | ' |
Shares Issued | 30,000 | ' |
Shares Outstanding | 29,999 | ' |
Redemption Value | 750 | ' |
Dividend Rate | '3 month LIBOR + 0.75%, with floor of 3.75% per annum | ' |
Series B Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Shares Authorized | 50,000 | ' |
Shares Issued | 32,000 | ' |
Shares Outstanding | 32,000 | ' |
Redemption Value | 800 | ' |
Dividend Rate | '6.20% per annum | ' |
Series C Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Shares Authorized | 25,000 | ' |
Shares Issued | 8,000 | ' |
Shares Outstanding | 8,000 | ' |
Redemption Value | 200 | ' |
Dividend Rate | '3 month LIBOR + 0.75%, with floor of 4.00% per annum | ' |
Series D Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Shares Authorized | 60,000 | ' |
Shares Issued | 54,000 | ' |
Shares Outstanding | 53,999 | ' |
Redemption Value | 1,350 | ' |
Dividend Rate | '3 month LIBOR + 0.67%, with floor of 4.00% per annum | ' |
Series E Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Shares Authorized | 17,500 | ' |
Shares Issued | 17,500 | ' |
Shares Outstanding | 17,500 | ' |
Redemption Value | 1,750 | ' |
Dividend Rate | '3 month LIBOR + 0.77%, with floor of 4.00% per annum | ' |
Series F Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Shares Authorized | 5,000 | ' |
Shares Issued | 5,000 | ' |
Shares Outstanding | 5,000 | ' |
Redemption Value | 500 | ' |
Dividend Rate | '3 month LIBOR + 0.77%, with floor of 4.00% per annum | ' |
Series I Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Shares Authorized | 34,500 | ' |
Shares Issued | 34,000 | ' |
Shares Outstanding | 34,000 | ' |
Redemption Value | 850 | ' |
Dividend Rate | '5.95% per annum | ' |
Series J Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Shares Authorized | 46,000 | ' |
Shares Issued | 40,000 | ' |
Shares Outstanding | 40,000 | ' |
Redemption Value | 1,000 | ' |
Dividend Rate | '5.50% per annum to, but excluding, May 10, 2013; 3 month LIBOR + 3.64% per annum thereafter | ' |
Series K Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Shares Authorized | 32,200 | ' |
Shares Issued | 28,000 | 28,000 |
Shares Outstanding | 28,000 | ' |
Redemption Value | 700 | ' |
Dividend Rate | '6.375% per annum to, but excluding, May 10, 2014; 3 month LIBOR + 3.55% per annum thereafter | ' |
Series L Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Shares Authorized | 52,000 | ' |
Shares Issued | 52,000 | 52,000 |
Shares Outstanding | 52,000 | ' |
Redemption Value | $1,300 | ' |
Dividend Rate | '5.70% per annum to, but excluding, May 10, 2019; 3 month LIBOR + 3.884% per annum thereafter | ' |
Shareholders_Equity_Summary_of1
Shareholders' Equity - Summary of Preferred Dividends Declared on Preferred Stock Issued (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Class of Stock [Line Items] | ' | ' | ' | ' |
Total preferred stock dividends declared | $84 | $70 | $168 | $142 |
Series A Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred stock dividends declared | $236.98 | $229.17 | $471.36 | $463.55 |
Total preferred stock dividends declared | 7 | 7 | 14 | 14 |
Series B Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred stock dividends declared | $387.50 | $387.50 | $775 | $775 |
Total preferred stock dividends declared | 12 | 12 | 24 | 24 |
Series C Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred stock dividends declared | $252.78 | $244.44 | $502.78 | $494.44 |
Total preferred stock dividends declared | 2 | 2 | 4 | 4 |
Series D Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred stock dividends declared | $252.78 | $244.44 | $502.78 | $494.44 |
Total preferred stock dividends declared | 14 | 13 | 27 | 27 |
Series E Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred stock dividends declared | $1,011.11 | $1,044.44 | $2,022.22 | $2,022.22 |
Total preferred stock dividends declared | 17 | 18 | 35 | 35 |
Series F Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred stock dividends declared | $1,011.11 | $1,044.44 | $2,022.22 | $2,022.22 |
Total preferred stock dividends declared | 5 | 5 | 10 | 10 |
Series I Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred stock dividends declared | $371.88 | $371.88 | $743.76 | $809.87 |
Total preferred stock dividends declared | 13 | 13 | 26 | 28 |
Series J Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred stock dividends declared | $343.75 | ' | $687.50 | ' |
Total preferred stock dividends declared | $14 | ' | $28 | ' |
Shareholders_Equity_Accumulate
Shareholders' Equity - Accumulated Other Comprehensive Loss, Net of Tax (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Equity [Abstract] | ' | ' | ' | ' | ' |
Currency translation, Beginning Balance | ' | ' | ($364) | ($314) | ($314) |
Pension and postretirement liabilities, Beginning Balance | ' | ' | -168 | -206 | -206 |
Available-for-sale securities, Beginning Balance | ' | ' | ' | 327 | 327 |
Cash flow hedges, Beginning Balance | ' | ' | 8 | ' | ' |
Total accumulated other comprehensive loss, net of tax, Beginning Balance | ' | ' | -524 | -193 | -193 |
Currency translation | -30 | -30 | -59 | -56 | -50 |
Pension and postretirement liabilities | -6 | -3 | -14 | -7 | 38 |
Available-for-sale securities | ' | -342 | ' | -327 | -327 |
Cash flow hedges | 1 | ' | 2 | ' | 8 |
Other comprehensive income/(loss) | -35 | -375 | -71 | -390 | -331 |
Currency translation, Ending Balance | -423 | ' | -423 | ' | -364 |
Pension and postretirement liabilities, Ending Balance | -182 | ' | -182 | ' | -168 |
Cash flow hedges, Ending Balance | 10 | ' | 10 | ' | 8 |
Total accumulated other comprehensive loss, net of tax, Ending Balance | ($595) | ' | ($595) | ' | ($524) |
Regulation_and_Capital_Adequac2
Regulation and Capital Adequacy - Minimum Capital Ratios (Detail) (Minimum [Member]) | Jun. 30, 2014 |
Minimum [Member] | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' |
CET1 ratio | 4.00% |
Tier 1 capital ratio | 5.50% |
Total capital ratio | 8.00% |
Tier 1 leverage ratio | 4.00% |
Regulation_and_Capital_Adequac3
Regulation and Capital Adequacy - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Well-capitalized minimum Tier 1 capital ratio | 6.00% | ' |
Well-capitalized minimum total capital ratio | 10.00% | ' |
Confidence level for regulatory VaR | 99.00% | ' |
Confidence level for risk management VaR | 95.00% | ' |
Time horizon for regulatory VaR (in days) | '10 days | ' |
Time horizon for risk management VaR (in days) | '1 day | ' |
Minimum equity capital that is required to be maintained in regulated subsidiaries | $37,390,000,000 | $31,200,000,000 |
GS Bank USA [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Well-capitalized minimum Tier 1 capital ratio | 6.00% | ' |
Well-capitalized minimum total capital ratio | 10.00% | ' |
Minimum CET1 ratio effective January 2014 applicable to advanced approach banking institutions | 4.00% | ' |
Well-capitalized minimum Tier 1 leverage ratio | 5.00% | ' |
Tier 1 capital ratio expected to be maintained by GS Bank USA for a period of time | 8.00% | ' |
Total capital ratio expected to be maintained by GS Bank USA for a period of time | 11.00% | ' |
Tier 1 leverage ratio expected to be maintained by GS Bank USA for a period of time | 6.00% | ' |
Amount deposited by the firm's depository institution subsidiaries held at the Federal Reserve Bank | 43,920,000,000 | 50,390,000,000 |
Excess amount deposited by the firm's depository institution subsidiaries held at the Federal Reserve Bank | 43,760,000,000 | 50,290,000,000 |
GS&Co [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Regulatory net capital as defined by Rule 15c3-1 | 13,790,000,000 | 15,810,000,000 |
Excess amount of regulatory net capital as defined by Rule 15c3-1 | 11,500,000,000 | 13,760,000,000 |
Amount of broker-dealer tentative net capital required to be held in accordance with Appendix E of Rule 15c3-1 | 1,000,000,000 | ' |
Amount of broker-dealer net capital required to be held in accordance with Appendix E of Rule 15c3-1 | 500,000,000 | ' |
Minimum tentative net capital required to be maintained by GS&Co or must notify the SEC | 5,000,000,000 | ' |
GSEC [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Regulatory net capital as defined by Rule 15c3-1 | 1,530,000,000 | 1,380,000,000 |
Excess amount of regulatory net capital as defined by Rule 15c3-1 | $1,370,000,000 | $1,210,000,000 |
Regulation_and_Capital_Adequac4
Regulation and Capital Adequacy - Consolidated Regulatory Capital Ratios (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Common shareholders' equity | $72,429 | $71,267 | ' |
Deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities | -2,954 | ' | ' |
Deduction for investments in nonconsolidated financial institutions | -1,755 | ' | ' |
Other adjustments | -98 | ' | ' |
Common Equity Tier 1 | 67,622 | 63,248 | ' |
Perpetual non-cumulative preferred stock | 9,200 | 7,200 | ' |
Junior subordinated debt issued to trusts | 767 | 2,063 | ' |
Deduction for goodwill and identifiable intangible assets | ' | -4,376 | ' |
Deduction for equity investments in certain entities | ' | -3,314 | ' |
Other adjustments | -1,393 | -369 | ' |
Tier 1 capital | 76,196 | 72,471 | 66,977 |
Qualifying subordinated debt | 12,209 | 12,773 | ' |
Junior subordinated debt issued to trusts | 767 | 687 | ' |
Other adjustments | -12 | 172 | ' |
Tier 2 capital | 12,964 | 13,632 | 13,429 |
Total capital | 89,160 | 86,103 | ' |
Credit RWAs | 344,302 | 268,247 | ' |
Market RWAs | 154,246 | 164,979 | ' |
Operational RWAs | 93,769 | ' | ' |
Total RWAs | 592,317 | 433,226 | 399,928 |
Prior Capital Rules [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Credit RWAs | ' | 268,247 | ' |
Market RWAs | ' | 164,979 | ' |
Total RWAs | ' | 433,226 | ' |
Tier 1 capital ratio | ' | 16.70% | ' |
Total capital ratio | ' | 19.90% | ' |
Tier 1 leverage ratio | ' | 8.10% | ' |
Basel III Advanced Transitional [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Credit RWAs | 344,302 | ' | ' |
Market RWAs | 154,246 | ' | ' |
Operational RWAs | 93,769 | ' | ' |
Total RWAs | $592,317 | ' | ' |
CET1 ratio | 11.40% | ' | ' |
Tier 1 capital ratio | 12.90% | ' | ' |
Total capital ratio | 15.10% | ' | ' |
Tier 1 leverage ratio | 8.40% | ' | ' |
Regulation_and_Capital_Adequac5
Regulation and Capital Adequacy - Consolidated Regulatory Capital Ratios (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Regulation And Capital Adequacy [Abstract] | ' | ' |
Goodwill | $3,707 | $3,705 |
Identifiable intangible assets deducted from CET1 during transitional period | 152 | ' |
Identifiable Intangible Assets | 762 | 671 |
Deferred tax liabilities associated with goodwill and identifiable intangible assets | $905 | ' |
Regulation_and_Capital_Adequac6
Regulation and Capital Adequacy - Capital Rollforward (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Regulation And Capital Adequacy [Abstract] | ' | ' |
Common Equity Tier 1, beginning balance | $63,248 | ' |
Change in CET1 related to the transition to the Revised Capital Framework | 3,177 | ' |
Increase in common shareholders' equity | 1,162 | 1,751 |
Change in deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities | -23 | ' |
Change in deduction for investments in nonconsolidated financial institutions | 37 | ' |
Change in other adjustments | 21 | ' |
Common Equity Tier 1, ending balance | 67,622 | 63,248 |
Tier 1 Capital, beginning balance | 72,471 | 66,977 |
Change in CET1 related to the transition to the Revised Capital Framework | 3,177 | ' |
Change in Tier 1 capital related to the transition to the Revised Capital Framework | -443 | ' |
Other net increase in Common Equity Tier 1 | 1,197 | ' |
Redesignation of junior subordinated debt issued to trusts, excluding trust preferred securities purchased by the firm | -1,296 | ' |
Increase in perpetual non-cumulative preferred stock | 2,000 | 1,000 |
Redesignation of junior subordinated debt issued to trusts | ' | -687 |
Change in goodwill and identifiable intangible assets | ' | 723 |
Change in equity investments in certain entities | ' | 1,491 |
Change in other adjustments | -910 | 1,216 |
Tier 1 Capital, Ending balance | 76,196 | 72,471 |
Tier 2 Capital, Beginning balance | 13,632 | 13,429 |
Change in Tier 2 capital related to the transition to the Revised Capital Framework | -197 | ' |
Decrease in qualifying subordinated debt | -564 | -569 |
Redesignation of junior subordinated debt issued to trusts, excluding trust preferred securities purchased by the firm | 80 | ' |
Redesignation of junior subordinated debt issued to trusts | ' | 687 |
Change in other adjustments | 13 | 85 |
Tier 2 Capital, Ending balance | 12,964 | 13,632 |
Total capital | $89,160 | $86,103 |
Regulation_and_Capital_Adequac7
Regulation and Capital Adequacy - Capital Rollforward (Parenthetical) (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Regulation And Capital Adequacy [Abstract] | ' |
Change in CET1 related to the transition to the Revised Capital Framework on January 1, 2014 | $3,660,000,000 |
Change in CET1 related to the transition to the Basel III Advanced Rules on April 1, 2014 | -479,000,000 |
Change in Tier 1 capital related to the transition to the Revised Capital Framework on January 1, 2014 | -219,000,000 |
Change in Tier 1 capital related to the transition to the Basel III Advanced Rules on April 1, 2014 | -224,000,000 |
Change in Tier 2 capital related to the transition to the Revised Capital Framework on January 1, 2014 | -2,000,000 |
Change in Tier 2 capital related to the transition to the Basel III Advanced Rules on April 1, 2014 | ($195,000,000) |
Regulation_and_Capital_Adequac8
Regulation and Capital Adequacy - Risk-weighted Assets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Credit RWAs | $344,302 | $268,247 | ' |
Market RWAs | 154,246 | 164,979 | ' |
Total Operational RWAs | 93,769 | ' | ' |
Total RWAs | 592,317 | 433,226 | 399,928 |
Derivatives [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Credit RWAs | 139,776 | 94,753 | ' |
Commitments Guarantees And Loans [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Credit RWAs | 84,776 | 78,997 | ' |
Securities Financing Transactions [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Credit RWAs | 20,266 | 30,010 | ' |
Equity Investments [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Credit RWAs | 42,790 | 3,673 | ' |
Other [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Credit RWAs | 56,694 | 60,814 | ' |
Regulatory VaR [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Market RWAs | 12,188 | 13,425 | ' |
Stressed VaR [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Market RWAs | 32,288 | 38,250 | ' |
Incremental Risk [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Market RWAs | 15,775 | 9,463 | ' |
Comprehensive Risk [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Market RWAs | 9,963 | 18,150 | ' |
Specific Risk [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Market RWAs | $84,032 | $85,691 | ' |
Regulation_and_Capital_Adequac9
Regulation and Capital Adequacy - Risk-weighted Assets Rollforward (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Risk-Weighted Assets, Beginning balance | $433,226 | $399,928 |
Change in Credit RWAs related to the transition to the Revised Capital Framework | 69,101 | ' |
Change in Credit RWAs | 76,055 | -19,279 |
Change in Market RWAs related to the transition to the Revised Capital Framework | 1,626 | ' |
Increase related to the revised market risk rules | ' | 127,608 |
Change in Market RWAs | -10,733 | 52,577 |
Change in Operational RWAs related to the transition to the Revised Capital Framework | 88,938 | ' |
Change in operational risk | 4,831 | ' |
Change in Operational RWAs | 93,769 | ' |
Risk-Weighted Assets, end of period | 592,317 | 433,226 |
Derivatives [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Change in Credit RWAs | -6,834 | -12,516 |
Commitments Guarantees And Loans [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Change in Credit RWAs | 7,775 | 18,151 |
Securities Financing Transactions [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Change in Credit RWAs | 1,866 | -17,059 |
Equity Investments [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Change in Credit RWAs | -84 | 1,077 |
Other [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Change in Credit RWAs | 4,231 | -8,932 |
Regulatory VaR [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Change in Market RWAs | -3,225 | -2,038 |
Stressed VaR [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Change in Market RWAs | -8,849 | -13,700 |
Incremental Risk [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Change in Market RWAs | 6,312 | -17,350 |
Comprehensive Risk [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Change in Market RWAs | -4,804 | -9,568 |
Specific Risk [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Change in Market RWAs | ($1,793) | ($32,375) |
Recovered_Sheet10
Regulation and Capital Adequacy - Risk-weighted Assets Rollforward (Parenthetical) (Detail) (USD $) | 6 Months Ended |
In Billions, unless otherwise specified | Jun. 30, 2014 |
Regulation And Capital Adequacy [Abstract] | ' |
Change in Credit RWAs related to the transition to the Revised Capital Framework on January 1, 2014 | $26.67 |
Change in Credit RWAs related to the transition to the Basel III Advanced Rules on April 1, 2014 | $42.43 |
Recovered_Sheet11
Regulation and Capital Adequacy - Capital Ratios (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Common Equity Tier 1 | $67,622 | $63,248 | ' |
Tier 1 capital | 76,196 | 72,471 | 66,977 |
Tier 2 capital | 12,964 | 13,632 | 13,429 |
Total capital | 89,160 | 86,103 | ' |
Risk-weighted assets | 592,317 | 433,226 | 399,928 |
Prior Capital Rules [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Risk-weighted assets | ' | 433,226 | ' |
Tier 1 capital ratio | ' | 16.70% | ' |
Total capital ratio | ' | 19.90% | ' |
Tier 1 leverage ratio | ' | 8.10% | ' |
GS Bank USA [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Common Equity Tier 1 | 20,453 | ' | ' |
Tier 1 capital | 20,453 | 20,086 | ' |
Tier 2 capital | 2,161 | 116 | ' |
Total capital | 22,614 | 20,202 | ' |
GS Bank USA [Member] | Hybrid Capital Rules [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Risk-weighted assets | 140,859 | ' | ' |
CET1 ratio | 14.50% | ' | ' |
Tier 1 capital ratio | 14.50% | ' | ' |
Total capital ratio | 16.10% | ' | ' |
Tier 1 leverage ratio | 18.80% | ' | ' |
GS Bank USA [Member] | Prior Capital Rules [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Risk-weighted assets | ' | $134,935 | ' |
Tier 1 capital ratio | ' | 14.90% | ' |
Total capital ratio | ' | 15.00% | ' |
Tier 1 leverage ratio | ' | 16.90% | ' |
Earnings_Per_Common_Share_Earn
Earnings Per Common Share - Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Numerator for basic and diluted EPS - net earnings applicable to common shareholders | $1,953 | $1,861 | $3,902 | $4,049 |
Denominator for basic EPS - weighted average number of common shares | 461.7 | 473.2 | 465.1 | 477.5 |
Effect of dilutive securities: | ' | ' | ' | ' |
RSUs | 5.9 | 7.2 | 5.4 | 6.7 |
Stock options and warrants | 8.3 | 23.1 | 9.6 | 22.4 |
Dilutive potential common shares | 14.2 | 30.3 | 15 | 29.1 |
Denominator for diluted EPS - weighted average number of common shares and dilutive potential common shares | 475.9 | 503.5 | 480.1 | 506.6 |
Basic EPS | $4.21 | $3.92 | $8.36 | $8.45 |
Diluted EPS | $4.10 | $3.70 | $8.13 | $7.99 |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Reduction per common share due to impact of applying the amended principles to basic earnings per common share | $0.02 | $0.01 | $0.03 | $0.03 |
Number of antidilutive RSUs and common shares underlying antidilutive stock options | 6 | 6.1 | 6 | 6.1 |
Transactions_with_Affiliated_F2
Transactions with Affiliated Funds - Fees Earned from Affiliated Funds (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Transactions With Affiliated Funds [Abstract] | ' | ' | ' | ' |
Fees earned from affiliated funds | $718 | $682 | $1,610 | $1,382 |
Transactions_with_Affiliated_F3
Transactions with Affiliated Funds - Fees Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Transactions With Affiliated Funds [Abstract] | ' | ' |
Fees receivable from funds | $640 | $817 |
Aggregate carrying value of interests in funds | $12,715 | $13,124 |
Transactions_with_Affiliated_F4
Transactions with Affiliated Funds - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Transactions With Affiliated Funds [Abstract] | ' | ' |
Outstanding guarantees on behalf of certain nonconsolidated investment funds | $304 | $147 |
Outstanding loans or commitments to extend credit to nonconsolidated investment funds | $0 | $0 |
Interest_Income_and_Interest_E2
Interest Income and Interest Expense - Interest Income and Interest Expense (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income | ' | ' | ' | ' |
Deposits with banks | $49 | $50 | $99 | $98 |
Securities borrowed, securities purchased under agreements to resell and federal funds sold | 19 | 14 | 37 | -10 |
Financial instruments owned, at fair value | 1,968 | 2,192 | 4,013 | 4,430 |
Other interest | 543 | 407 | 1,024 | 753 |
Total interest income | 2,579 | 2,663 | 5,173 | 5,271 |
Interest expense | ' | ' | ' | ' |
Deposits | 82 | 101 | 167 | 194 |
Securities loaned and securities sold under agreements to repurchase | 125 | 146 | 259 | 310 |
Financial instruments sold, but not yet purchased, at fair value | 446 | 599 | 979 | 1,110 |
Short-term borrowings | 104 | 115 | 199 | 221 |
Long-term borrowings | 925 | 972 | 1,828 | 1,882 |
Other interest | -103 | -96 | -296 | -197 |
Total interest expense | 1,579 | 1,837 | 3,136 | 3,520 |
Net interest income | $1,000 | $826 | $2,037 | $1,751 |
Income_Taxes_Earliest_Tax_Year
Income Taxes - Earliest Tax Years Subject to Examination by Major Jurisdiction (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
U.S. Federal [Member] | ' |
Income Tax Examination [Line Items] | ' |
Open tax years by major tax jurisdiction | '2008 |
New York State and City [Member] | ' |
Income Tax Examination [Line Items] | ' |
Open tax years by major tax jurisdiction | '2007 |
United Kingdom [Member] | ' |
Income Tax Examination [Line Items] | ' |
Open tax years by major tax jurisdiction | '2008 |
Japan [Member] | ' |
Income Tax Examination [Line Items] | ' |
Open tax years by major tax jurisdiction | '2010 |
Hong Kong [Member] | ' |
Income Tax Examination [Line Items] | ' |
Open tax years by major tax jurisdiction | '2006 |
Korea [Member] | ' |
Income Tax Examination [Line Items] | ' |
Open tax years by major tax jurisdiction | '2010 |
Business_Segments_Segment_Oper
Business Segments - Segment Operating Results (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | $9,125 | $8,612 | $18,453 | $18,702 | ' | ' |
Operating expenses | 6,304 | 5,967 | 12,611 | 12,684 | ' | ' |
Pre-tax earnings | 2,821 | 2,645 | 5,842 | 6,018 | ' | ' |
Total assets | 859,914 | 938,456 | 859,914 | 938,456 | 915,665 | 911,507 |
Investment Banking - Financial Advisory [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 506 | 486 | 1,188 | 970 | ' | ' |
Investment Banking - Equity Underwriting [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 545 | 371 | 982 | 761 | ' | ' |
Investment Banking - Debt Underwriting [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 730 | 695 | 1,390 | 1,389 | ' | ' |
Investment Banking - Underwriting [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 1,275 | 1,066 | 2,372 | 2,150 | ' | ' |
Investment Banking [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 1,781 | 1,552 | 3,560 | 3,120 | ' | ' |
Operating expenses | 1,076 | 1,025 | 2,121 | 2,089 | ' | ' |
Pre-tax earnings | 705 | 527 | 1,439 | 1,031 | ' | ' |
Total assets | 2,188 | 1,862 | 2,188 | 1,862 | ' | ' |
Institutional Client Services - Fixed Income, Currency and Commodities Client Execution [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 2,223 | 2,463 | 5,073 | 5,680 | ' | ' |
Institutional Client Services - Equities Client Execution [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 483 | 638 | 899 | 1,447 | ' | ' |
Institutional Client Services - Commissions and Fees [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 751 | 836 | 1,579 | 1,629 | ' | ' |
Institutional Client Services - Securities Services [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 373 | 376 | 725 | 696 | ' | ' |
Institutional Client Services - Equities [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 1,607 | 1,850 | 3,203 | 3,772 | ' | ' |
Institutional Client Services [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 3,830 | 4,313 | 8,276 | 9,452 | ' | ' |
Operating expenses | 3,044 | 3,120 | 6,138 | 6,686 | ' | ' |
Pre-tax earnings | 786 | 1,193 | 2,138 | 2,766 | ' | ' |
Total assets | 724,792 | 825,091 | 724,792 | 825,091 | ' | ' |
Investing and Lending - Equity Securities [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 1,253 | 462 | 1,955 | 1,589 | ' | ' |
Investing and Lending - Debt Securities and Loans [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 604 | 658 | 1,201 | 1,224 | ' | ' |
Investing and Lending - Other [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 215 | 295 | 445 | 670 | ' | ' |
Investing and Lending [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 2,072 | 1,415 | 3,601 | 3,483 | ' | ' |
Operating expenses | 998 | 705 | 1,890 | 1,701 | ' | ' |
Pre-tax earnings | 1,074 | 710 | 1,711 | 1,782 | ' | ' |
Total assets | 119,375 | 99,293 | 119,375 | 99,293 | ' | ' |
Investment Management - Management and Other Fees [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 1,203 | 1,098 | 2,355 | 2,158 | ' | ' |
Investment Management - Incentive Fees [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 139 | 118 | 443 | 258 | ' | ' |
Investment Management - Transaction Revenues [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 100 | 116 | 218 | 231 | ' | ' |
Investment Management [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | 1,442 | 1,332 | 3,016 | 2,647 | ' | ' |
Operating expenses | 1,183 | 1,110 | 2,459 | 2,200 | ' | ' |
Pre-tax earnings | 259 | 222 | 557 | 447 | ' | ' |
Total assets | $13,559 | $12,210 | $13,559 | $12,210 | ' | ' |
Business_Segments_Segment_Oper1
Business Segments - Segment Operating Results (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Real estate-related exit costs included in operating expenses | $3 | $7 | $3 | $8 |
Realized Gains/(Losses) on available-for-sale securities held within the firm's Americas reinsurance business | ' | ($3) | ' | $37 |
Business_Segments_Net_Interest
Business Segments - Net Interest Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net interest income | $1,000 | $826 | $2,037 | $1,751 |
Investment Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net interest income | ' | ' | ' | ' |
Institutional Client Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net interest income | 894 | 785 | 1,873 | 1,694 |
Investing and Lending [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net interest income | 77 | 13 | 103 | ' |
Investment Management [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net interest income | $29 | $28 | $61 | $57 |
Business_Segments_Depreciation
Business Segments - Depreciation and Amortization (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | $294 | $266 | $684 | $568 |
Investment Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 35 | 38 | 67 | 71 |
Institutional Client Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 122 | 129 | 236 | 281 |
Investing and Lending [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 97 | 58 | 304 | 133 |
Investment Management [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | $38 | $40 | $75 | $81 |
Business_Segments_Depreciation1
Business Segments - Depreciation and Amortization (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Real estate-related exit costs included in depreciation and amortization and not allocated to the firm's segments | $2 | $1 | $2 | $2 |
Business_Segments_Net_Revenues
Business Segments - Net Revenues and Pre-tax Earnings for Each Geographic Region (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | $9,125 | $8,612 | $18,453 | $18,702 |
Pre-tax earnings/(loss) | 2,821 | 2,645 | 5,842 | 6,018 |
Pre-tax earnings/(loss) - subtotal | 2,824 | 2,652 | 5,845 | 6,026 |
Percentage of total net revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Percentage of total pre-tax earnings - subtotal | 100.00% | 100.00% | 100.00% | 100.00% |
Americas [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | 5,202 | 4,883 | 10,699 | 10,888 |
Pre-tax earnings/(loss) | 1,453 | 1,350 | 3,143 | 3,201 |
Percentage of total net revenue | 57.00% | 57.00% | 58.00% | 58.00% |
Percentage of total pre-tax earnings - subtotal | 51.00% | 51.00% | 54.00% | 53.00% |
Europe, Middle East and Africa [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | 2,737 | 2,162 | 5,376 | 4,583 |
Pre-tax earnings/(loss) | 1,013 | 729 | 1,985 | 1,636 |
Percentage of total net revenue | 30.00% | 25.00% | 29.00% | 25.00% |
Percentage of total pre-tax earnings - subtotal | 36.00% | 27.00% | 34.00% | 27.00% |
Asia (includes Australia and New Zealand) [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | 1,186 | 1,567 | 2,378 | 3,231 |
Pre-tax earnings/(loss) | 358 | 573 | 717 | 1,189 |
Percentage of total net revenue | 13.00% | 18.00% | 13.00% | 17.00% |
Percentage of total pre-tax earnings - subtotal | 13.00% | 22.00% | 12.00% | 20.00% |
Corporate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Pre-tax earnings/(loss) | ($3) | ($7) | ($3) | ($8) |
Credit_Concentrations_Credit_C
Credit Concentrations - Credit Concentration, Government and Federal Agency Obligations (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
U.S. Government And Federal Agency Obligations Held By The Firm [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $93,157 | $90,118 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 10.80% | 9.90% |
Non-U.S. Government and Agency Obligations Held By The Firm [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $44,787 | $40,944 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 5.20% | 4.50% |
Credit_Concentrations_Credit_C1
Credit Concentrations - Credit Concentration, Resale Agreements and Securities Borrowed (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
U.S. Government and Federal Agency Obligations that Collateralize Securities Purchased Under Agreements to Resell and Securities Borrowed [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $61,865 | $100,672 |
Non-U.S. Government and Agency Obligations that Collateralize Securities Purchased Under Agreements to Resell and Securities Borrowed [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $73,640 | $79,021 |
Legal_Proceedings_Additional_I
Legal Proceedings - Additional Information (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Other Commitments [Line Items] | ' |
Estimated aggregate amount of reasonably possible losses for legal proceedings | $3,200,000,000 |
Mortgage-Related Matters. Disgorgement and civil penalty amount related to settlement of SEC action | 550,000,000 |
Mortgage-Related Matters. Approximate principal amount of certificates underwritten by GS&Co. to purchasers of various mortgage pass-through certificates and asset-backed certificates issued by various securitization trusts in 2007 at issue in the complaint | 11,000,000,000 |
Mortgage-Related Matters. Amount of notes issued in 2006 and 2007 by two synthetic CDOs | 823,000,000 |
Mortgage-Related Matters. Approximate amount of aggregate notional amount of mortgage-related securities sold to plaintiffs in active cases brought against the firm where plaintiffs are seeking rescission of such securities | 17,700,000,000 |
Mortgage-Related Matters. Face amount of securitizations claimed for repurchase | 11,400,000,000 |
RALI Pass-Through Certificates Litigation. Approximate principal amount of securities underwritten by GS&Co. to all purchasers in the offerings included in the amended complaint | 5,570,000,000 |
MF Global Securities Litigation. Approximate principal amount of MF Global Holdings Ltd. convertible notes offerings | 575,000,000 |
MF Global Securities Litigation. Approximate principal amount of notes underwritten by GS&Co. | 227,000,000 |
Zynga Securities Litigation. Amount of secondary offering of Zynga common stock by certain of Zynga's shareholders | 516,000,000 |
Zynga Securities Litigation. Number of shares underwritten by GS&Co. in connection with the secondary offering of Zynga | 14,824,358 |
Zynga Securities Litigation. Approximate total offering price of shares underwritten by GS&Co. in connection with the secondary offering of Zynga | 178,000,000 |
FireEye Securities Litigation. Amount of offering of FireEye common stock | 1,150,000,000 |
FireEye Securities Litigation. Number of shares underwritten by GS&Co. in connection with the secondary offering of FireEye | 2,100,000 |
FireEye Securities Litigation. Approximate total offering price of shares underwritten by GS&Co. in connection with the secondary offering of FireEye | 172,000,000 |
Municipal Securities Matters. Amount of auction rate securities issued by claimants from 2003 through 2007 | 2,200,000,000 |
Minimum [Member] | ' |
Other Commitments [Line Items] | ' |
Libya-Related Litigation. Contingent damages related to Libya amount in relation to derivative transactions | $1,000,000,000 |