Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 17, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GS | |
Entity Registrant Name | GOLDMAN SACHS GROUP INC | |
Entity Central Index Key | 886,982 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 432,870,999 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | ||||
Investment banking | $ 2,019 | $ 1,781 | $ 3,924 | $ 3,560 |
Investment management | 1,566 | 1,378 | 3,069 | 2,876 |
Commissions and fees | 805 | 786 | 1,658 | 1,658 |
Market making | 2,309 | 2,185 | 6,234 | 4,824 |
Other principal transactions | 1,707 | 1,995 | 3,279 | 3,498 |
Total non-interest revenues | 8,406 | 8,125 | 18,164 | 16,416 |
Interest income | 2,150 | 2,579 | 4,185 | 5,173 |
Interest expense | 1,487 | 1,579 | 2,663 | 3,136 |
Net interest income | 663 | 1,000 | 1,522 | 2,037 |
Net revenues, including net interest income | 9,069 | 9,125 | 19,686 | 18,453 |
Operating expenses | ||||
Compensation and benefits | 3,809 | 3,924 | 8,268 | 7,935 |
Brokerage, clearing, exchange and distribution fees | 647 | 613 | 1,285 | 1,208 |
Market development | 147 | 141 | 286 | 279 |
Communications and technology | 203 | 186 | 401 | 386 |
Depreciation and amortization | 265 | 294 | 484 | 684 |
Occupancy | 186 | 205 | 390 | 415 |
Professional fees | 250 | 224 | 461 | 436 |
Other expenses | 1,836 | 717 | 2,451 | 1,268 |
Total non-compensation expenses | 3,534 | 2,380 | 5,758 | 4,676 |
Total operating expenses | 7,343 | 6,304 | 14,026 | 12,611 |
Pre-tax earnings | 1,726 | 2,821 | 5,660 | 5,842 |
Provision for taxes | 678 | 784 | 1,768 | 1,772 |
Net earnings | 1,048 | 2,037 | 3,892 | 4,070 |
Preferred stock dividends | 132 | 84 | 228 | 168 |
Net earnings applicable to common shareholders | $ 916 | $ 1,953 | $ 3,664 | $ 3,902 |
Earnings per common share | ||||
Basic | $ 2.01 | $ 4.21 | $ 8.07 | $ 8.36 |
Diluted | 1.98 | 4.10 | 7.93 | 8.13 |
Dividends declared per common share | $ 0.65 | $ 0.55 | $ 1.25 | $ 1.10 |
Average common shares outstanding | ||||
Basic | 451.4 | 461.7 | 452.3 | 465.1 |
Diluted | 461.6 | 475.9 | 462.1 | 480.1 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 1,048 | $ 2,037 | $ 3,892 | $ 4,070 |
Other comprehensive income/(loss) adjustments, net of tax: | ||||
Currency translation | (30) | (30) | (55) | (59) |
Pension and postretirement liabilities | (107) | (6) | (110) | (14) |
Cash flow hedges | 1 | 2 | ||
Other comprehensive loss | (137) | (35) | (165) | (71) |
Comprehensive income | $ 911 | $ 2,002 | $ 3,727 | $ 3,999 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 60,845 | $ 57,600 |
Cash and securities segregated for regulatory and other purposes (includes $17,395 and $34,291 at fair value as of June 2015 and December 2014, respectively) | 35,340 | 51,716 |
Collateralized agreements: | ||
Securities purchased under agreements to resell and federal funds sold (includes $122,354 and $126,036 at fair value as of June 2015 and December 2014, respectively) | 123,619 | 127,938 |
Securities borrowed (includes $69,369 and $66,769 at fair value as of June 2015 and December 2014, respectively) | 177,978 | 160,722 |
Receivables: | ||
Brokers, dealers and clearing organizations | 38,336 | 30,671 |
Customers and counterparties (includes $5,714 and $6,944 at fair value as of June 2015 and December 2014, respectively) | 56,349 | 63,808 |
Loans receivable | 38,397 | 28,938 |
Financial instruments owned, at fair value (includes $57,529 and $64,473 pledged as collateral as of June 2015 and December 2014, respectively) | 303,463 | 312,248 |
Other assets | 25,552 | 22,599 |
Total assets | 859,879 | 856,240 |
Liabilities and shareholders' equity | ||
Deposits (includes $15,309 and $13,523 at fair value as of June 2015 and December 2014, respectively) | 89,064 | 83,008 |
Collateralized financings: | ||
Securities sold under agreements to repurchase, at fair value | 87,642 | 88,215 |
Securities loaned (includes $1,091 and $765 at fair value as of June 2015 and December 2014, respectively) | 7,262 | 5,570 |
Other secured financings (includes $22,537 and $21,450 at fair value as of June 2015 and December 2014, respectively) | 23,952 | 22,809 |
Payables: | ||
Brokers, dealers and clearing organizations | 8,007 | 6,636 |
Customers and counterparties | 198,105 | 206,936 |
Financial instruments sold, but not yet purchased, at fair value | 124,304 | 132,083 |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings (includes $18,865 and $18,826 at fair value as of June 2015 and December 2014, respectively) | 46,378 | 44,540 |
Unsecured long-term borrowings (includes $20,000 and $16,005 at fair value as of June 2015 and December 2014, respectively) | 170,259 | 167,571 |
Other liabilities and accrued expenses (includes $1,185 and $831 at fair value as of June 2015 and December 2014, respectively) | 17,252 | 16,075 |
Total liabilities | $ 772,225 | $ 773,443 |
Commitments, contingencies and guarantees | ||
Shareholders' equity | ||
Preferred stock, par value $0.01 per share; aggregate liquidation preference of $11,200 and $9,200 as of June 2015 and December 2014, respectively | $ 11,200 | $ 9,200 |
Common stock, par value $0.01 per share; 4,000,000,000 shares authorized, 863,046,524 and 852,784,764 shares issued as of June 2015 and December 2014, respectively, and 432,768,039 and 430,259,102 shares outstanding as of June 2015 and December 2014, respectively | 9 | 9 |
Share-based awards | 4,011 | 3,766 |
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 | 51,210 | 50,049 |
Retained earnings | 82,072 | 78,984 |
Accumulated other comprehensive loss | (908) | (743) |
Stock held in treasury, at cost, par value $0.01 per share; 430,278,487 and 422,525,664 shares as of June 2015 and December 2014, respectively | (59,940) | (58,468) |
Total shareholders' equity | 87,654 | 82,797 |
Total liabilities and shareholders' equity | $ 859,879 | $ 856,240 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Securities segregated for regulatory and other purposes | $ 17,395 | $ 34,291 |
Securities purchased under agreements to resell and federal funds sold at fair value | 122,354 | 126,036 |
Securities borrowed at fair value | 69,369 | 66,769 |
Receivables from customers and counterparties at fair value | 5,714 | 6,944 |
Financial instruments owned, at fair value pledged as collateral | 57,529 | 64,473 |
Deposits at fair value | 15,309 | 13,523 |
Securities loaned at fair value | 1,091 | 765 |
Other secured financings at fair value | 22,537 | 21,450 |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value | 18,865 | 18,826 |
Unsecured long-term borrowings at fair value | 20,000 | 16,005 |
Other liabilities and accrued expenses at fair value | $ 1,185 | $ 831 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference | $ 11,200 | $ 9,200 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued | 863,046,524 | 852,784,764 |
Common stock, shares outstanding | 432,768,039 | 430,259,102 |
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 | 430,278,487 | 422,525,664 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Share-Based Awards [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Stock Held in Treasury, at Cost [Member] |
Balance at Dec. 31, 2013 | $ 7,200 | $ 8 | $ 3,839 | $ 48,998 | $ 71,961 | $ (524) | $ (53,015) | |
Issuance and amortization of share-based awards | 2,079 | |||||||
Net earnings | 8,477 | |||||||
Repurchased | (5,469) | |||||||
Issued | 2,000 | 1 | ||||||
Other comprehensive loss | $ (219) | (219) | ||||||
Delivery of common stock underlying share-based awards | (1,725) | 2,206 | ||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (1,054) | |||||||
Reissued | 49 | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (1,922) | |||||||
Forfeiture of share-based awards | (92) | |||||||
Dividends declared on preferred stock | (400) | |||||||
Other | (33) | |||||||
Preferred stock issuance costs | (20) | |||||||
Exercise of share-based awards | (335) | |||||||
Excess net tax benefit related to share-based awards | 788 | |||||||
Cash settlement of share-based awards | (1) | |||||||
Balance at Dec. 31, 2014 | 82,797 | 9,200 | 9 | 3,766 | 50,049 | 78,984 | (743) | (58,468) |
Issuance and amortization of share-based awards | 1,997 | |||||||
Net earnings | 3,892 | 3,892 | ||||||
Repurchased | (1,495) | (1,495) | ||||||
Issued | 2,000 | |||||||
Other comprehensive loss | (165) | (165) | ||||||
Delivery of common stock underlying share-based awards | (1,615) | 1,904 | ||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (576) | |||||||
Reissued | 29 | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (1,101) | |||||||
Forfeiture of share-based awards | (49) | |||||||
Dividends declared on preferred stock | (228) | (228) | ||||||
Other | (6) | |||||||
Preferred stock issuance costs | (7) | |||||||
Exercise of share-based awards | (88) | |||||||
Excess net tax benefit related to share-based awards | 366 | |||||||
Cash settlement of share-based awards | (1) | |||||||
Balance at Jun. 30, 2015 | $ 87,654 | $ 11,200 | $ 9 | $ 4,011 | $ 51,210 | $ 82,072 | $ (908) | $ (59,940) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | ||
Net earnings | $ 3,892 | $ 4,070 |
Adjustments to reconcile net earnings to net cash provided by/(used for) operating activities | ||
Depreciation and amortization | 484 | 684 |
Share-based compensation | 1,972 | 1,775 |
Gain related to extinguishment of junior subordinated debt | (34) | |
Changes in operating assets and liabilities | ||
Cash and securities segregated for regulatory and other purposes | 16,376 | 9,003 |
Receivables and payables (excluding loans receivable), net | (7,825) | 6,772 |
Collateralized transactions (excluding other secured financings), net | (11,818) | (14,645) |
Financial instruments owned, at fair value | 7,140 | (4,531) |
Financial instruments sold, but not yet purchased, at fair value | (7,779) | (3,279) |
Other, net | (3,540) | (3,541) |
Net cash used for operating activities | (1,132) | (3,692) |
Cash flows from investing activities | ||
Purchase of property, leasehold improvements and equipment | (698) | (353) |
Proceeds from sales of property, leasehold improvements and equipment | 49 | 10 |
Business acquisitions, net of cash acquired | (1,583) | (449) |
Proceeds from sales of investments | 275 | 469 |
Loans receivable, net | (9,459) | (6,490) |
Net cash used for investing activities | (11,416) | (6,813) |
Cash flows from financing activities | ||
Unsecured short-term borrowings, net | (1,276) | 1,077 |
Other secured financings (short-term), net | (1,117) | 1,141 |
Proceeds from issuance of other secured financings (long-term) | 7,376 | 3,413 |
Repayment of other secured financings (long-term), including the current portion | (5,247) | (4,840) |
Proceeds from issuance of unsecured long-term borrowings | 27,077 | 19,804 |
Repayment of unsecured long-term borrowings, including the current portion | (17,256) | (15,320) |
Purchase of trust preferred securities | (1) | (1,362) |
Derivative contracts with a financing element, net | (96) | 574 |
Deposits, net | 6,056 | 2,943 |
Common stock repurchased | (1,495) | (2,969) |
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (804) | (691) |
Proceeds from issuance of preferred stock, net of issuance costs | 1,993 | 1,980 |
Proceeds from issuance of common stock, including exercise of share-based awards | 218 | 56 |
Excess tax benefit related to share-based awards | 366 | 550 |
Cash settlement of share-based awards | (1) | (1) |
Net cash provided by financing activities | 15,793 | 6,355 |
Net increase/(decrease) in cash and cash equivalents | 3,245 | (4,150) |
Cash and cash equivalents, beginning of year | 57,600 | 61,133 |
Cash and cash equivalents, end of period | $ 60,845 | $ 56,983 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
SUPPLEMENTAL DISCLOSURES: | ||
Cash payments for interest, net of capitalized interest | $ 2,510 | $ 3,260 |
Cash payments for income taxes, net of refunds | 1,910 | 2,060 |
Non-cash activities: | ||
Trust Preferred Securities and common beneficial interests held by the firm exchanged with the firm's junior subordinated debt held by the issuing trust | 262 | |
Firm's Junior subordinated debt held by the trusts exchanged for Trust Preferred Securities and common beneficial interests held by the firm | $ 296 | |
Senior guaranteed trust securities held by the firm exchanged with the firm's junior subordinated debt securities held by the Trust | 175 | |
Firm's Junior subordinated debt securities held by the Trust exchanged with senior guaranteed trust securities held by the firm | $ 175 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Description of Business | Note 1. Description of Business The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, together with its consolidated subsidiaries (collectively, the firm), is a leading global 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, restructurings, spin-offs and risk management, and debt and equity underwriting of public offerings and private placements, including local 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, 2015 | |
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, 2014. References to “the 2014 Form 10-K” are to the firm’s Annual Report on Form 10-K for the year ended December 31, 2014. The condensed consolidated financial information as of December 31, 2014 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 2015, March 2015 and June 2014 refer to the firm’s periods ended, or the dates, as the context requires, June 30, 2015, March 31, 2015 and June 30, 2014, respectively. All references to December 2014 refer to the date December 31, 2014. 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 Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The firm’s significant accounting policies include when and how to measure the fair value of assets and liabilities, 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 12 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 and Financial Instruments Sold, But Not Yet Purchased, at Fair Value Note 4 Fair Value Measurements Note 5 Cash Instruments Note 6 Derivatives and Hedging Activities Note 7 Fair Value Option Note 8 Loans Receivable Note 9 Collateralized Agreements and Financings Note 10 Securitization Activities Note 11 Variable Interest Entities Note 12 Other Assets, including 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 12 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 13 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, as well as over-the-counter (OTC) transactions. 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 recognized 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 10 for further information about transfers of assets accounted for as collateralized financings and Note 11 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 2015 and December 2014, “Cash and cash equivalents” included $6.78 billion and $5.79 billion, respectively, of cash and due from banks, and $54.07 billion and $51.81 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 and collateral posted in connection with certain derivative transactions. Substantially all of these receivables are accounted for at amortized cost net of estimated uncollectible amounts. 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. See Note 8 for further information about receivables from customers and counterparties accounted for at fair value under the fair value option. In addition, as of June 2015 and December 2014, the firm’s receivables from customers and counterparties included $2.39 billion and $400 million, respectively, of loans held for sale, accounted for at the lower of cost or fair value. See Note 5 for an overview of the firm’s fair value measurement policies. As of June 2015 and December 2014, the carrying value of receivables not accounted for at fair value generally approximated fair value. 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 through 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 2015 and December 2014. Interest on receivables from customers and counterparties is recognized over the life of the transaction and included in “Interest income.” 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 through 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 2015 and December 2014. 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 through 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 2015 and December 2014. Interest on payables to customers and counterparties is recognized over the life of the transaction and included in “Interest expense.” Offsetting Assets and Liabilities To reduce credit exposures on derivatives and securities financing transactions, the firm may enter into master netting agreements or similar arrangements (collectively, netting agreements) with counterparties that permit it to offset receivables and payables with such counterparties. A netting agreement is a contract with a counterparty that permits net settlement of multiple transactions with that counterparty, including upon the exercise of termination rights by a non-defaulting party. Upon exercise of such termination rights, all transactions governed by the netting agreement are terminated and a net settlement amount is calculated. In addition, the firm receives and posts cash and securities collateral with respect to its derivatives and securities financing transactions, subject to the terms of the related credit support agreements or similar arrangements (collectively, credit support agreements). An enforceable credit support agreement grants the non-defaulting party exercising termination rights the right to liquidate the collateral and apply the proceeds to any amounts owed. In order to assess enforceability of the firm’s right of setoff under netting and credit support agreements, the firm evaluates various factors including applicable bankruptcy laws, local statutes and regulatory provisions in the jurisdiction of the parties to the agreement. Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) in the 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 10 for further information about collateral received and pledged, including rights to deliver or repledge collateral. See Notes 7 and 10 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 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASC 205 and ASC 360). In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) — Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU No. 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The ASU requires expanded disclosures for discontinued operations and disposals of individually significant components of an entity that do not qualify for discontinued operations reporting. The ASU was effective for disposals and components classified as held for sale that occurred within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption was permitted. The firm early adopted ASU No. 2014-08 in 2014 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. In July 2015, the FASB voted to defer the effective date of ASU No. 2014-09 by one year, to annual reporting periods beginning after December 15, 2017. Early adoption will be permitted for annual reporting periods beginning after December 15, 2016. 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 were effective for the first interim and annual reporting periods beginning after December 15, 2014. The additional disclosures for certain securities financing transactions were required for annual reporting periods beginning after December 15, 2014 and for interim reporting periods beginning after March 15, 2015. Adoption of the accounting changes in ASU No. 2014-11 on January 1, 2015 did not materially affect the firm’s financial condition, results of operations, or cash flows. Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (ASC 810). In August 2014, the FASB issued ASU No. 2014-13, “Consolidation (Topic 810) — Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (CFE).” ASU No. 2014-13 provides an alternative to reflect changes in the fair value of the financial assets and the financial liabilities of the CFE by measuring either the fair value of the assets or liabilities, whichever is more observable. ASU No. 2014-13 provides new disclosure requirements for those electing this approach, and is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. Adoption of ASU No. 2014-13 will not materially affect the firm’s financial condition, results of operations, or cash flows. Amendments to the Consolidation Analysis (ASC 810). In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) — Amendments to the Consolidation Analysis.” ASU No. 2015-02 eliminates the deferral of the requirements of ASU No. 2009-17, “Consolidations (Topic 810) — Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities” for certain interests in investment funds and provides a scope exception from Topic 810 for certain investments in money market funds. The ASU also makes several modifications to the consolidation guidance for VIEs and general partners’ investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. ASU No. 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted and the firm intends to early adopt in 2015. Adoption of ASU No. 2015-02 is not expected to materially affect the firm’s financial condition, results of operations, or cash flows. Simplifying the Presentation of Debt Issuance Costs (ASC 835). In April 2015, the FASB issued ASU No. 2015-03, “Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs.” ASU No. 2015-03 simplifies the presentation of debt issuance costs by requiring that these costs related to a recognized debt liability be presented in the statement of financial condition as a direct reduction from the carrying amount of that liability. ASU No. 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted and the firm intends to early adopt in 2015. ASU No. 2015-03 is required to be applied retrospectively to all periods presented beginning in the year of adoption. Adoption will not materially affect the firm’s financial condition, results of operations, or cash flows. Disclosures for Investments in Certain Entities That Calculate Net Asset Value (NAV) per Share (or Its Equivalent) (ASC 820). In May 2015, the FASB issued ASU No. 2015–07, “Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” ASU No. 2015–07 requires that investments for which the fair value is measured at NAV using the practical expedient (investments in funds measured at NAV) under “Fair Value Measurements and Disclosures” (Topic 820) be excluded from the fair value hierarchy. ASU No. 2015–07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015–07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. The firm early adopted ASU No. 2015–07 in June 2015 and adoption did not affect the firm’s financial condition, results of operations, or cash flows. In accordance with ASU No. 2015-07, previously reported amounts have been conformed to the current presentation. See Notes 4 through 6 for the disclosures required by ASU No. 2015-07. |
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, 2015 | |
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 tables below present the firm’s financial instruments owned, at fair value, and financial instruments sold, but not yet purchased, at fair value. As of June 2015 $ in millions Financial Financial Commercial paper, certificates of deposit, time deposits and other money market instruments $ 2,767 $ — U.S. government and federal agency obligations 52,295 15,103 Non-U.S. government and agency obligations 34,006 21,794 Mortgage and other asset-backed loans and securities: Loans and securities backed by commercial real estate 4,483 1 1 Loans and securities backed by residential real estate 11,075 2 — Bank loans and bridge loans 12,064 371 Corporate debt securities 17,383 4,555 State and municipal obligations 1,417 — Other debt obligations 2,190 3 1 Equities and convertible debentures 98,073 30,049 Commodities 4,253 704 Investments in funds measured at NAV 8,956 — Subtotal 248,962 72,578 Derivatives 54,501 51,726 Total $303,463 $124,304 As of December 2014 $ in millions Financial Financial Commercial paper, certificates of deposit, time deposits and other money market instruments $ 3,654 $ — U.S. government and federal agency obligations 48,002 12,762 Non-U.S. government and agency obligations 37,059 20,500 Mortgage and other asset-backed loans and securities: Loans and securities backed by commercial real estate 6,463 1 1 Loans and securities backed by residential real estate 11,717 2 — Bank loans and bridge loans 14,848 464 Corporate debt securities 21,419 5,800 State and municipal obligations 1,203 — Other debt obligations 3,257 3 2 Equities and convertible debentures 87,900 28,314 Commodities 3,846 1,224 Investments in funds measured at NAV 9,610 — Subtotal 248,978 69,067 Derivatives 63,270 63,016 Total $ 312,248 $132,083 1. Includes $2.39 billion and $4.29 billion of loans backed by commercial real estate as of June 2015 and December 2014, respectively. 2. Includes $7.31 billion and $6.43 billion of loans backed by residential real estate as of June 2015 and December 2014, respectively. 3. Includes $493 million and $618 million of loans backed by consumer loans and other assets as of June 2015 and December 2014, respectively. 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) include both realized and unrealized gains and losses, and 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 Product Type Three Months Ended June Six Months Ended June 2015 2014 2015 2014 Interest rates $ 2,864 $ (176 ) $ 278 $ (456 ) Credit (12 ) 1,022 920 2,202 Currencies (1,861 ) 561 1,791 856 Equities 1,041 544 2,703 1,227 Commodities 277 234 542 995 Market making 2,309 2,185 6,234 4,824 Other principal transactions 1 1,707 1,995 3,279 3,498 Total $ 4,016 $4,180 $9,513 $8,322 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. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
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 through 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 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. 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 2015 March 2015 December Total level 1 financial assets $143,808 $ 146,659 $ 139,484 Total level 2 financial assets 423,629 448,886 466,030 Total level 3 financial assets 32,412 34,342 35,780 Investments in funds measured at NAV 8,956 9,216 9,610 Counterparty and cash collateral netting (90,510 ) (106,649 ) (104,616 ) Total financial assets at fair value $518,295 $ 532,454 $ 546,288 Total assets 1 $859,879 $ 865,458 $ 856,240 Total level 3 financial assets as a percentage of total assets 3.8% 4.0% 4.2% Total level 3 financial assets as a percentage of total financial assets at fair value 6.3% 6.4% 6.5% Total level 1 financial liabilities $ 63,772 $ 60,609 $ 59,697 Total level 2 financial liabilities 247,883 262,860 253,364 Total level 3 financial liabilities 18,353 16,309 15,904 Counterparty and cash collateral netting (39,075 ) (46,587 ) (37,267 ) Total financial liabilities at fair value $290,933 $ 293,191 $ 291,698 Total level 3 financial liabilities as a percentage of total financial liabilities at fair value 6.3% 5.6% 5.5% 1. Includes $834 billion, $842 billion and $834 billion as of June 2015, March 2015 and December 2014, respectively, that is carried at fair value or at amounts that generally approximate fair value. The table below presents a summary of level 3 financial assets. See Notes 6 through 8 for further information about level 3 financial assets. Level 3 Financial Assets as of $ in millions June 2015 March December Cash instruments $26,195 $27,235 $28,650 Derivatives 6,175 7,069 7,074 Other financial assets 42 38 56 Total $32,412 $34,342 $35,780 Level 3 financial assets as of June 2015 decreased compared with March 2015, primarily reflecting a decrease in level 3 cash instruments and derivative assets. See Note 6 for further information about changes in level 3 cash instruments. The decrease in level 3 derivative assets was primarily attributable to unrealized losses on certain credit derivative assets, and transfers to level 2 of certain equity derivative assets. Level 3 financial assets as of June 2015 decreased compared with December 2014, primarily reflecting a decrease in level 3 cash instruments. See Note 6 for further information about changes in level 3 cash instruments. |
Cash Instruments
Cash Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Cash Instruments | 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, investments in funds measured at NAV, 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. Significant inputs are generally determined based on relative value analyses and include: • • • • Loans and securities backed by residential real estate • • 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 to instruments with similar collateral and risk profiles. Significant inputs include: • • • • 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: • • • Commercial paper, certificates of deposit, time deposits and other money market instruments Non-U.S. government and agency obligations Corporate debt securities State and municipal obligations Other debt obligations 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: • • • 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: • • • • 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: • • • Significant Unobservable Inputs The table below presents the ranges and weighted averages of significant unobservable inputs used to value the firm’s level 3 cash instruments. In the table below: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of cash instrument. • Weighted averages are calculated by weighting each input by the relative fair value of the 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. • 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. • 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 Valuation Techniques and Significant Unobservable Inputs Range of Significant Unobservable Inputs (Weighted Average) As of June 2015 As of December 2014 Loans and securities backed by commercial real estate • • ($2.13 billion and $3.28 billion of level 3 assets as of June 2015 and December 2014, respectively.) Discounted cash flows: • 3.3% to 20.0% (12.0%) 3.2% to 20.0% (10.5%) • 15.1% to 95.3% (54.4%) 24.9% to 100.0% (68.3%) • 0.3 to 4.4 (1.9) 0.3 to 4.7 (2.0) • (6) points to 11 points (3 points) (8) points to 13 points (2 points) Loans and securities backed by residential real estate • • ($2.72 billion and $2.55 billion of level 3 assets as of June 2015 and December 2014, respectively.) Discounted cash flows: • 2.8% to 12.0% (6.7%) 1.9% to 17.5% (7.6%) • 6.0% to 42.6% (19.4%) 0.0% to 95.1% (24.4%) • 1.7 to 13.0 (5.1) 0.5 to 13.0 (4.3) Bank loans and bridge loans ($5.38 billion and $6.97 billion of level 3 assets as of June 2015 and December 2014, respectively.) Discounted cash flows: • 1.5% to 22.0% (8.6%) 1.4% to 29.5% (8.7%) • 15.3% to 88.9% (51.2%) 26.6% to 92.5% (60.6%) • 0.4 to 6.5 (2.4) 0.3 to 7.8 (2.5) Commercial paper, certificates of deposit, time deposits and other money market instruments Non-U.S. government and agency obligations Corporate debt securities State and municipal obligations Other debt obligations ($3.51 billion and $4.75 billion of level 3 assets as of June 2015 and December 2014, respectively.) Discounted cash flows: • 1.0% to 17.3% (9.4%) 0.9% to 24.4% (9.2%) • 0.0% to 71.7% (61.0%) 0.0% to 71.9% (59.2%) • 0.5 to 17.0 (4.4) 0.5 to 19.6 (3.7) Equities and convertible debentures (including private equity investments and investments in real estate entities) ($12.46 billion and $11.11 billion of level 3 assets as of June 2015 and December 2014, respectively.) Market comparables and discounted cash flows: • 0.7x to 23.2x (6.1x) 0.8x to 16.6x (6.5x) • 3.7% to 25.0% (14.3%) 3.7% to 30.0% (14.4%) • Long-term growth rate/ compound annual growth rate 3.0% to 10.7% (5.6%) 1.0% to 10.0% (6.0%) • 5.3% to 11.9% (7.5%) 3.8% to 13.0% (7.6%) Fair Value of Cash Instruments by Level The tables below present cash instrument assets and liabilities at fair value by level within the fair value hierarchy. 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 2015 $ in millions Level 1 Level 2 Level 3 Total Commercial paper, certificates of deposit, time deposits $ 69 $ 2,687 $ 11 $ 2,767 U.S. government and federal agency obligations 26,183 26,112 — 52,295 Non-U.S. government and agency obligations 28,255 5,730 21 34,006 Mortgage and other asset-backed loans and securities: Loans and securities backed by commercial real estate — 2,349 2,134 4,483 Loans and securities backed by residential real estate — 8,358 2,717 11,075 Bank loans and bridge loans — 6,687 5,377 12,064 Corporate debt securities 239 14,549 2,595 17,383 State and municipal obligations — 1,274 143 1,417 Other debt obligations — 1,450 740 2,190 Equities and convertible debentures 76,614 9,002 12,457 2 98,073 Commodities — 4,253 — 4,253 Subtotal $131,360 $82,451 $26,195 240,006 Investments in funds measured at NAV 8,956 Total 1 $248,962 Cash Instrument Liabilities at Fair Value as of June 2015 $ in millions Level 1 Level 2 Level 3 Total U.S. government and federal agency obligations $ 15,093 $ 10 $ — $ 15,103 Non-U.S. government and agency obligations 19,677 2,117 — 21,794 Mortgage and other asset-backed loans and securities: Loans and securities backed by commercial real estate — 1 — 1 Bank loans and bridge loans — 233 138 371 Corporate debt securities 3 4,551 1 4,555 Other debt obligations — — 1 1 Equities and convertible debentures 28,984 1,027 38 30,049 Commodities — 704 — 704 Total $ 63,757 $ 8,643 $ 178 $ 72,578 1. Includes collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs) backed by real estate and corporate obligations of $180 million in level 2 and $1.14 billion in level 3. 2. Includes $11.67 billion of private equity investments, $315 million of investments in real estate entities and $472 million of convertible debentures. Cash Instrument Assets at Fair Value as of December 2014 $ in millions Level 1 Level 2 Level 3 Total Commercial paper, certificates of deposit, time deposits $ — $ 3,654 $ — $ 3,654 U.S. government and federal agency obligations 18,540 29,462 — 48,002 Non-U.S. government and agency obligations 30,255 6,668 136 37,059 Mortgage and other asset-backed loans and securities: Loans and securities backed by commercial real estate — 3,188 3,275 6,463 Loans and securities backed by residential real estate — 9,172 2,545 11,717 Bank loans and bridge loans — 7,875 6,973 14,848 Corporate debt securities 249 17,537 3,633 21,419 State and municipal obligations — 1,093 110 1,203 Other debt obligations — 2,387 870 3,257 Equities and convertible debentures 68,974 7,818 11,108 2 87,900 Commodities — 3,846 — 3,846 Subtotal $118,018 $92,700 $28,650 239,368 Investments in funds measured at NAV 9,610 Total 1 $248,978 Cash Instrument Liabilities at Fair Value as of December 2014 $ in millions Level 1 Level 2 Level 3 Total U.S. government and federal agency obligations $ 12,746 $ 16 $ — $ 12,762 Non-U.S. government and agency obligations 19,256 1,244 — 20,500 Mortgage and other asset-backed loans and securities: Loans and securities backed by commercial real estate — 1 — 1 Bank loans and bridge loans — 286 178 464 Corporate debt securities — 5,741 59 5,800 Other debt obligations — — 2 2 Equities and convertible debentures 27,587 722 5 28,314 Commodities — 1,224 — 1,224 Total $ 59,589 $ 9,234 $ 244 $ 69,067 1. Includes CDOs and CLOs backed by real estate and corporate obligations of $234 million in level 2 and $1.34 billion in level 3. 2. Includes $10.25 billion of private equity investments, $294 million of investments in real estate entities and $562 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 2015, transfers into level 2 from level 1 of cash instruments were $480 million, reflecting transfers of public equity securities primarily due to decreased market activity in these instruments. During the three months ended June 2015, transfers into level 1 from level 2 of cash instruments were $211 million, reflecting transfers of public equity securities due to increased market activity in these instruments. 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 six months ended June 2015, transfers into level 2 from level 1 of cash instruments were $500 million, reflecting transfers of public equity securities primarily due to decreased market activity in these instruments. During the six months ended June 2015, transfers into level 1 from level 2 of cash instruments were $126 million, reflecting transfers of public equity securities 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. See level 3 rollforward below for information about transfers between level 2 and level 3. 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. In the tables below: • 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. • Purchases include both originations and secondary market purchases. • 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. Level 3 Cash Instrument Assets at Fair Value for the Three Months Ended June 2015 $ in millions Balance, Net Net unrealized Purchases Sales Settlements Transfers Transfers Balance, Commercial paper, certificates of deposit, time deposits and other money market instruments $ 10 $ — $ — $ 1 $ — $ — $ — $ — $ 11 Non-U.S. government and 95 2 1 — — (9 ) 1 (69 ) 21 Mortgage and other asset-backed Loans and securities backed by commercial real estate 2,763 43 65 81 (277 ) (436 ) 103 (208 ) 2,134 Loans and securities backed by residential real estate 2,773 37 87 179 (248 ) (71 ) 73 (113 ) 2,717 Bank loans and bridge loans 6,311 122 — 383 (394 ) (430 ) 180 (795 ) 5,377 Corporate debt securities 2,766 29 (35 ) 387 (112 ) (196 ) 164 (408 ) 2,595 State and municipal obligations 142 1 1 20 (13 ) — 19 (27 ) 143 Other debt obligations 886 4 (4 ) 105 (67 ) (6 ) 35 (213 ) 740 Equities and convertible debentures 11,489 92 1,098 251 (230 ) (379 ) 584 (448 ) 12,457 Total $27,235 $330 1 $1,213 1 $1,407 $(1,341 ) $(1,527 ) $1,159 $(2,281 ) $26,195 Level 3 Cash Instrument Liabilities at Fair Value for the Three Months Ended June 2015 $ in millions Balance, Net Net unrealized Purchases Sales Settlements Transfers Transfers Balance, Total $ 162 $ 1 $ 8 $ (34 ) $ 36 $ 2 $ 9 $ (6 ) $ 178 1. The aggregate amounts include gains/(losses) of approximately $(26) million, $1.36 billion and $206 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. The net unrealized gain on level 3 cash instruments of $1.21 billion (reflecting $1.21 billion of gains on cash instrument assets and $8 million of losses on cash instrument liabilities) for the three months ended June 2015 primarily reflected gains on private equity investments principally driven by strong corporate performance and company-specific events. Transfers into level 3 during the three months ended June 2015 primarily reflected transfers of certain private equity investments, bank loans and bridge loans and corporate debt securities from level 2 principally due to reduced price transparency as a result of a lack of market evidence, including fewer transactions in these instruments. Transfers out of level 3 during the three months ended June 2015 primarily reflected transfers of certain bank loans and bridge loans, private equity securities and corporate debt securities to level 2 principally due to increased price transparency as a result of market evidence, including additional market transactions in these instruments and due to certain unobservable yield and duration inputs no longer being significant to the valuation of these instruments. Level 3 Cash Instrument Assets at Fair Value for the Six Months Ended June 2015 $ in millions Balance, Net Net unrealized Purchases Sales Settlements Transfers Transfers Balance, Commercial paper, certificates of deposit, time deposits and other money market instruments $ — $ — $ — $ — $ (1 ) $ — $ 12 $ — $ 11 Non-U.S. government and 136 2 — 1 (18 ) (26 ) — (74 ) 21 Mortgage and other asset-backed Loans and securities backed by commercial real estate 3,275 65 67 214 (333 ) (1,212 ) 335 (277 ) 2,134 Loans and securities backed by residential real estate 2,545 95 67 496 (498 ) (177 ) 327 (138 ) 2,717 Bank loans and bridge loans 6,973 218 (92 ) 579 (668 ) (1,258 ) 589 (964 ) 5,377 Corporate debt securities 3,633 62 (46 ) 484 (454 ) (380 ) 309 (1,013 ) 2,595 State and municipal obligations 110 3 2 14 (1 ) (1 ) 40 (24 ) 143 Other debt obligations 870 18 3 189 (109 ) (63 ) 16 (184 ) 740 Equities and convertible debentures 11,108 135 1,560 486 (375 ) (800 ) 725 (382 ) 12,457 Total $28,650 $598 1 $1,561 1 $2,463 $(2,457 ) $(3,917 ) $2,353 $(3,056 ) $26,195 Level 3 Cash Instrument Liabilities at Fair Value for the Six Months Ended June 2015 $ in millions Balance, Net Net unrealized Purchases Sales Settlements Transfers Transfers Balance, Total $ 244 $ 2 $ (13 ) $ (112 ) $ 46 $ 2 $ 46 $ (37 ) $ 178 1. The aggregate amounts include gains of approximately $4 million, $1.80 billion and $358 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. The net unrealized gain on level 3 cash instruments of $1.57 billion (reflecting $1.56 billion on cash instrument assets and $13 million on cash instrument liabilities) for the six months ended June 2015 primarily reflected gains on private equity investments principally driven by strong corporate performance and company-specific events. Transfers into level 3 during the six months ended June 2015 primarily reflected transfers of certain private equity investments, bank loans and bridge loans, loans and securities backed by residential real estate, loans and securities backed by commercial real estate and corporate debt securities from level 2 principally due to reduced price transparency as a result of a lack of market evidence, including fewer transactions in these instruments. Transfers out of level 3 during the six months ended June 2015 primarily reflected transfers of certain corporate debt securities and bank loans and bridge loans to level 2 principally due to increased price transparency as a result of market evidence, including additional market transactions in these instruments and due to certain unobservable yield and duration inputs no longer being significant to the valuation of these instruments. 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, Non-U.S. government and $ 45 $ 1 $ 1 $ 9 $ (1 ) $ (2 ) $ — $ — $ 53 Mortgage and other asset-backed Loans and securities backed by commercial real estate 2,518 31 87 114 (155 ) (305 ) 417 (199 ) 2,508 Loans and securities backed by residential real estate 2,065 34 90 149 (194 ) (3 ) 27 (129 ) 2,039 Bank loans and bridge loans 6,798 86 102 714 (169 ) (1,134 ) 662 (779 ) 6,280 Corporate debt securities 2,496 85 32 211 (665 ) (177 ) 401 (191 ) 2,192 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 9,808 71 641 223 (416 ) (181 ) 676 (271 ) 10,551 Total $24,612 $314 1 $987 1 $1,501 $(1,692 ) $(1,827 ) $2,225 $(1,699 ) $24,421 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, Total $ 204 $ (6 ) $ (9 ) $ (49 ) $ 51 $ 11 $ 15 $ (20 ) $ 197 1. The aggregate amounts include gains of approximately $232 million, $743 million and $326 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. The net unrealized gain on level 3 cash instruments of $996 million (reflecting $987 million 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, private equity investments, loans and securities backed by commercial real estate and corporate debt securities 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 bank loans and bridge loans, private equity investments, loans and securities backed by commercial real estate and corporate debt securities 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, Non-U.S. government and $ 40 $ 1 $ — $ 22 $ (18 ) $ (1 ) $ 9 $ — $ 53 Mortgage and other asset-backed Loans and securities backed by commercial real estate 2,515 66 157 366 (259 ) (388 ) 404 (353 ) 2,508 Loans and securities backed by residential real estate 1,961 68 132 252 (177 ) (178 ) 199 (218 ) 2,039 Bank loans and bridge loans 6,071 149 179 1,813 (397 ) (1,406 ) 478 (607 ) 6,280 Corporate debt securities 2,744 155 61 629 (709 ) (401 ) 88 (375 ) 2,192 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 8,671 93 758 1,229 (609 ) (314 ) 1,436 (713 ) 10,551 Total $23,066 $549 1 $1,329 1 $4,467 $(2,411 ) $(2,766 ) $2,653 $(2,466 ) $24,421 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, Total $ 297 $ (6 ) $ (70 ) $ (110 ) $ 71 $ 11 $ 5 $ (1 ) $ 197 1. The aggregate amounts include gains of approximately $400 million, $881 million and $597 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. The net unrealized gain on level 3 cash instruments of $1.40 billion (reflecting $1.33 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, and gains on loans and securities backed by commercial and residential real estate primarily due to tighter credit spreads. Transfers into level 3 during the six months ended June 2014 primarily reflected transfers of certain private equity investments, bank loans and bridge loans and loans and securities backed by commercial real estate 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, bank loans and bridge loans, corporate debt securities and loans and securities backed by commercial real estate to level 2 principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. Investments in Funds That Are Measured at Net Asset Value Per Share Cash instruments at fair value include investments in funds that are measured at NAV of the investment fund. The firm uses NAV to measure the fair value of its 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 early adopted ASU No. 2015-07 in June 2015 and as required, disclosures in the paragraphs and tables below are limited to only those investments in funds that are measured at NAV. In accordance with ASU No. 2015-07, previously reported amounts have been conformed to the current presentation. The firm’s investments in funds measured at 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 or distributed. 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. The firm’s investments in hedge funds primarily include interests where the underlying assets are illiquid in nature, and proceeds from redemptions will not be received until the underlying assets are liquidated or distributed. 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). The Board of Governors of the Federal Reserve System (Federal Reserve Board) extended the conformance period through July 2016 for investments in, and relationships with, covered funds that were in place prior to December 31, 2013, and indicated that it intends to further extend the conformance period through July 2017. The firm currently expects to be able to exit substantially all such interests in these funds in orderly transactions prior to July 2017, subject to market conditions. However, to the extent that the underlying investments of particular funds are not sold, the firm may be required to sell its interests in such funds. If that occurs, the firm may receive a value for its interests that is less than the then carrying value as there could be a limited secondary market for these investments and the firm may be unable to sell them in orderly transactions. The firm continues to manage its existing funds, taking into account the conformance period outlined above, and has redeemed $3.09 billion of its interests in hedge funds since March 2012. 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 end of the conformance period. The tables below present the fair value of the firm’s investments in, and unfunded commitments to, funds that are measured at NAV. As of June 2015 $ in millions Fair Value of Unfunded Private equity funds $6,095 $2,093 Credit funds 775 363 Hedge funds 744 — Real estate funds 1,342 302 Total $8,956 $2,758 As of December 2014 $ in millions Fair Value of Unfunded Private equity funds $6,307 $2,175 Credit funds 1,008 383 Hedge funds 863 — Real estate funds 1,432 310 Total $9,610 $2,868 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2015 | |
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 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, and to manage foreign currency exposure on the net investment in certain non-U.S. operations. The firm enters into various types of derivatives, including: • Futures and Forwards. • Swaps. • Options. 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. Realized and unrealized gains and losses on derivatives not designated as hedges under ASC 815 are included in “Market making” and “Other principal transactions” in Note 4. The table below presents the gross fair value and the notional amount of derivative contracts by major product type, 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. In the table below: • Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses. As of June 2015 As of December 2014 $ in millions Derivative Derivative Notional Derivative Derivative Notional Derivatives not accounted for as hedges Exchange-traded $ 265 $ 261 $ 3,297,942 $ 228 $ 238 $ 3,151,865 OTC-cleared 243,453 220,466 26,297,086 351,801 330,298 30,408,636 Bilateral OTC 361,531 337,954 13,423,822 434,333 409,071 13,552,017 Total interest rates 605,249 558,681 43,018,850 786,362 739,607 47,112,518 OTC-cleared 6,109 5,979 441,067 5,812 5,663 378,099 Bilateral OTC 36,573 32,991 1,847,118 49,036 44,491 2,122,859 Total credit 42,682 38,970 2,288,185 54,848 50,154 2,500,958 Exchange-traded 76 242 19,955 69 69 17,214 OTC-cleared 107 58 12,665 100 96 13,304 Bilateral OTC 95,156 99,549 5,565,689 109,747 108,442 5,535,685 Total currencies 95,339 99,849 5,598,309 109,916 108,607 5,566,203 Exchange-traded 5,324 5,065 322,798 7,683 7,166 321,378 OTC-cleared 185 181 2,368 313 315 3,036 Bilateral OTC 13,149 15,124 287,989 20,994 21,065 345,065 Total commodities 18,658 20,370 613,155 28,990 28,546 669,479 Exchange-traded 9,243 9,055 585,950 9,592 9,636 541,711 Bilateral OTC 44,976 46,124 1,071,701 49,339 49,013 983,784 Total equities 54,219 55,179 1,657,651 58,931 58,649 1,525,495 Subtotal 816,147 773,049 53,176,150 1,039,047 985,563 57,374,653 Derivatives accounted for as hedges OTC-cleared 1,566 131 39,730 2,713 228 31,109 Bilateral OTC 9,634 11 80,626 11,559 34 95,389 Total interest rates 11,200 142 120,356 14,272 262 126,498 OTC-cleared 2 14 1,154 12 3 1,205 Bilateral OTC 101 35 8,069 113 13 8,431 Total currencies 103 49 9,223 125 16 9,636 Subtotal 11,303 191 129,579 14,397 278 136,134 Total gross fair value/notional amount of derivatives $ 827,450 1 $ 773,240 1 $53,305,729 $1,053,444 1 $ 985,841 1 $57,510,787 Amounts that have been offset in the condensed Exchange-traded $ (12,228 ) $ (12,228 ) $ (15,039 ) $ (15,039 ) OTC-cleared (224,199 ) (224,199 ) (335,792 ) (335,792 ) Bilateral OTC (447,672 ) (447,672 ) (535,839 ) (535,839 ) Total counterparty netting (684,099 ) (684,099 ) (886,670 ) (886,670 ) OTC-cleared (26,955 ) (2,553 ) (24,801 ) (738 ) Bilateral OTC (61,895 ) (34,862 ) (78,703 ) (35,417 ) Total cash collateral netting (88,850 ) (37,415 ) (103,504 ) (36,155 ) Total counterparty and cash collateral netting $(772,949 ) $(721,514 ) $ (990,174 ) $(922,825 ) Amounts included in financial instruments owned/ Exchange-traded $ 2,680 $ 2,395 $ 2,533 $ 2,070 OTC-cleared 268 77 158 73 Bilateral OTC 51,553 49,254 60,579 60,873 Total amounts included in the condensed consolidated $ 54,501 $ 51,726 $ 63,270 $ 63,016 Amounts that have not been offset in the condensed Cash collateral received/posted $ (577 ) $ (1,898 ) $ (980 ) $ (2,940 ) Securities collateral received/posted (13,358 ) (11,915 ) (14,742 ) (18,159 ) Total $ 40,566 $ 37,913 $ 47,548 $ 41,917 1. Includes derivative assets and derivative liabilities of $18.98 billion and $20.53 billion, respectively, as of June 2015, and derivative assets and derivative liabilities of $25.93 billion and $26.19 billion, respectively, as of December 2014, 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. • Interest Rate. • Credit. • Currency. • Commodity. • Equity. 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. • 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. • 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). • 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. • 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 table below presents the ranges, averages and medians of significant unobservable inputs used to value the firm’s level 3 derivatives. In the table below: • 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. • 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. Level 3 Derivative Product Type Valuation Techniques and Significant Unobservable Inputs Range of Significant Unobservable Inputs (Average / Median) As of June 2015 As of December 2014 Interest rates Option pricing models: Correlation 1 Volatility (25)% to 86% (53% / 55%) 31 basis points per annum (bpa) to 153 bpa (84 bpa / 57 bpa) (16)% to 84% (37% / 40%) 36 basis points per annum (bpa) to 156 bpa (100 bpa / 115 bpa) Credit Option pricing models, correlation models and discounted cash flows models: Correlation 1 Credit spreads Upfront credit points Recovery rates 5% to 97% (68% / 69%) 1 basis points (bps) to 803 bps (120 bps / 97 bps) 2 0 points to 99 points (41 points / 40 points) 10% to 72% (48% / 40%) 5% to 99% (71% / 72%) 1 basis points (bps) to 700 bps (116 bps / 79 bps) 2 0 points to 99 points (40 points / 30 points) 14% to 87% (44% / 40%) Currencies Option pricing models: Correlation 1 55% to 80% (69% / 73%) 55% to 80% (69% / 73%) Commodities Option pricing models and discounted cash flows models: Volatility Spread per million British Thermal units (MMBTU) of natural gas Spread per Metric Tonne (MT) of coal Spread per barrel of oil and refined products 15% to 56% (31% / 30%) $(1.76) to $6.99 ($(0.08) / $(0.05)) $(9.63) to $(4.50) ($(8.07) / $(8.21)) $(8.14) to $56.54 ($10.31 / $1.85) 2 16% to 68% (33% / 32%) $(1.66) to $4.45 ($(0.13) / $(0.03)) $(10.50) to $3.00 ($(4.04) / $(6.74)) $(15.35) to $80.55 ($22.32 / $13.50) 2 Equities Option pricing models: Correlation 1 Volatility 28% to 99% (63% / 61%) 5% to 83% (25% / 23%) 30% to 99% (62% / 55%) 5% to 90% (23% / 21%) 1. The range of unobservable inputs for correlation across derivative product types (i.e., cross-asset correlation) was (45)% to 80% (Average: 32% / Median: 40%) as of June 2015, and (34)% to 80% (Average: 33% / Median: 35%) as of December 2014. 2. The difference between the average and the median for these spread inputs 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. • Correlation. • Volatility. • Credit spreads, upfront credit points and recovery rates. • Commodity prices and spreads. 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. • Correlation. • Volatility. • Credit spreads, upfront credit points and recovery rates. • Commodity prices and spreads. 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. In the tables below: • 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 2015 $ in millions Level 1 Level 2 Level 3 Cross-Level Cash Collateral Total Interest rates $ 9 $ 616,049 $ 391 $ — $ — $ 616,449 Credit — 35,656 7,026 — — 42,682 Currencies — 95,283 159 — — 95,442 Commodities — 17,969 689 — — 18,658 Equities 10 53,731 478 — — 54,219 Gross fair value of derivative assets 19 818,688 8,743 — — 827,450 Counterparty and cash collateral netting — (679,871 ) (2,568 ) (1,660 ) (88,850 ) (772,949 ) Fair value included in financial instruments owned $ 19 $ 138,817 $ 6,175 $(1,660 ) $ (88,850 ) $ 54,501 Derivative Liabilities at Fair Value as of June 2015 $ in millions Level 1 Level 2 Level 3 Cross-Level Cash Collateral Total Interest rates $ 9 $ 558,345 $ 469 $ — $ — $ 558,823 Credit — 34,912 4,058 — — 38,970 Currencies — 99,590 308 — — 99,898 Commodities — 19,627 743 — — 20,370 Equities 6 52,346 2,827 — — 55,179 Gross fair value of derivative liabilities 15 764,820 8,405 — — 773,240 Counterparty and cash collateral netting — (679,871 ) (2,568 ) (1,660 ) (37,415 ) (721,514 ) Fair value included in financial instruments $ 15 $ 84,949 $ 5,837 $(1,660 ) $ (37,415 ) $ 51,726 Derivative Assets at Fair Value as of December 2014 $ in millions Level 1 Level 2 Level 3 Cross-Level Cash Collateral Total Interest rates $123 $ 800,028 $ 483 $ — $ — $ 800,634 Credit — 47,190 7,658 — — 54,848 Currencies — 109,891 150 — — 110,041 Commodities — 28,124 866 — — 28,990 Equities 175 58,122 634 — — 58,931 Gross fair value of derivative assets 298 1,043,355 9,791 — — 1,053,444 Counterparty and cash collateral netting — (882,841 ) (2,717 ) (1,112 ) (103,504 ) (990,174 ) Fair value included in financial instruments $298 $ 160,514 $ 7,074 $(1,112 ) $(103,504 ) $ 63,270 Derivative Liabilities at Fair Value as of December 2014 $ in millions Level 1 Level 2 Level 3 Cross-Level Cash Collateral Total Interest rates $ 14 $ 739,332 $ 523 $ — $ — $ 739,869 Credit — 46,026 4,128 — — 50,154 Currencies — 108,206 417 — — 108,623 Commodities — 26,538 2,008 — — 28,546 Equities 94 56,546 2,009 — — 58,649 Gross fair value of derivative liabilities 108 976,648 9,085 — — 985,841 Counterparty and cash collateral netting — (882,841 ) (2,717 ) (1,112 ) (36,155 ) (922,825 ) Fair value included in financial instruments $108 $ 93,807 $ 6,368 $(1,112 ) $ (36,155 ) $ 63,016 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. In the tables below: • 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. • Negative amounts for transfers into level 3 and positive amounts for transfers out of level 3 represent net transfers of derivative liabilities. • A derivative with level 1 and/or level 2 inputs is classified in level 3 in its entirety if it has at least one significant level 3 input. • If there is one significant level 3 input, the entire gain or loss from adjusting only observable inputs (i.e., level 1 and level 2 inputs) is classified as level 3. • 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. Level 3 Derivative Assets and Liabilities at Fair Value for the Three Months Ended June 2015 $ in millions Asset/ Net Net unrealized Purchases Sales Settlements Transfers Transfers Asset/ (liability) Interest rates — net $ (36 ) $(10 ) $ 17 $ 4 $ (4 ) $ (14 ) $ (45 ) $ 10 $ (78 ) Credit — net 3,589 16 (332 ) 39 (75 ) (205 ) (49 ) (15 ) 2,968 Currencies — net (182 ) (12 ) 10 14 (12 ) 32 13 (12 ) (149 ) Commodities — net (1,386 ) 21 136 4 (36 ) 18 (97 ) 1,286 (54 ) Equities — net (774 ) 20 (28 ) 44 (1,507 ) 184 (4 ) (284 ) (2,349 ) Total derivatives — net $ 1,211 $ 35 1 $(197 ) 1 $105 $(1,634 ) $ 15 $(182 ) $ 985 $ 338 1. The aggregate amounts include gains/(losses) of approximately $(168) million and $6 million reported in “Market making” and “Other principal transactions,” respectively. The net unrealized loss on level 3 derivatives of $197 million for the three months ended June 2015 was primarily attributable to losses on certain credit derivatives, principally reflecting the impact of an increase in interest rates and changes in foreign exchange rates, partially offset by gains on certain commodity derivatives, primarily reflecting the impact of an increase in commodity prices. Transfers into level 3 derivatives during the three months ended June 2015 reflected transfers of certain commodity derivative liabilities into level 3, 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 2015 primarily reflected transfers of certain commodity derivative liabilities to level 2, principally due to increased transparency of oil and refined products spread inputs used to value these derivatives and transfers of certain equity derivative assets to level 2, principally due to unobservable inputs no longer being significant to the valuation of these derivatives. Level 3 Derivative Assets and Liabilities at Fair Value for the Six Months Ended June 2015 $ in millions Asset/ Net Net unrealized Purchases Sales Settlements Transfers Transfers Asset/ (liability) Interest rates — net $ (40 ) $ 17 $ (4 ) $ 4 $ (33 ) $ 9 $ 15 $ (46 ) $ (78 ) Credit — net 3,530 134 3 97 (205 ) (737 ) 261 (115 ) 2,968 Currencies — net (267 ) (51 ) 50 24 (17 ) 90 16 6 (149 ) Commodities — net (1,142 ) 29 55 27 (13 ) (87 ) (40 ) 1,117 (54 ) Equities — net (1,375 ) 49 (200 ) 80 (1,825 ) 872 (18 ) 68 (2,349 ) Total derivatives — net $ 706 $178 1 $ (96 ) 1 $232 $(2,093 ) $ 147 $234 $1,030 $ 338 1. The aggregate amounts include gains/(losses) of approximately $108 million and $(26) million reported in “Market making” and “Other principal transactions,” respectively. The net unrealized loss on level 3 derivatives of $96 million for the six months ended June 2015 reflected losses on certain equity derivatives, primarily due to an increase in equity prices. Transfers into level 3 derivatives during the six months ended June 2015 reflected transfers of certain credit derivative assets from level 2, principally due to unobservable credit spread inputs becoming significant to the valuation of certain credit derivatives and to the net risk of certain portfolios. Transfers out of level 3 derivatives during the six months ended June 2015 reflected transfers of certain commodity derivative liabilities to level 2, principally due to increased transparency of oil and refined products spread inputs used to value these derivatives. Level 3 Derivative Assets and Liabilities at Fair Value for the Three Months Ended June 2014 $ in millions Asset/ Net Net unrealized period-end Purchases Sales Settlements Transfers Transfers level 3 Asset/ balance, end of 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 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 still held at Purchases Sales Settlements Transfers Transfers Asset/ balance, end of 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. 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/(loss), including hedges, attributable to the impact of changes in credit exposure and credit spreads (counterparty and the firm’s) on derivatives was $78 million and $56 million for the three months ended June 2015 and June 2014, respectively, and $(21) million and $149 million for the six months ended June 2015 and June 2014, 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 Fair value of assets $ 394 $ 390 Fair value of liabilities 850 690 Net liability $ 456 $ 300 Notional amount $7,224 $7,735 OTC Derivatives The tables below present the fair values of OTC derivative assets and liabilities by tenor and major product type. In the tables below: • 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 2015 $ in millions Less than 1 - 5 Greater than Cross-Tenor Cash Collateral Total Interest rates $ 5,356 $24,710 $ 82,916 $ — $ — $ 112,982 Credit 1,264 5,051 5,139 — — 11,454 Currencies 13,188 8,910 6,321 — — 28,419 Commodities 4,871 3,188 170 — — 8,229 Equities 5,566 7,338 3,642 — — 16,546 Counterparty and cash collateral netting (3,557 ) (6,755 ) (4,961 ) (21,686 ) (88,850 ) (125,809 ) Total $26,688 $42,442 $ 93,227 $(21,686 ) $ (88,850 ) $ 51,821 OTC Derivative Liabilities as of June 2015 $ in millions Less than 1 - 5 Greater than Cross-Tenor Cash Collateral Total Interest rates $ 6,170 $15,847 $ 33,346 $ — $ — $ 55,363 Credit 1,655 4,605 1,481 — — 7,741 Currencies 14,128 9,369 9,211 — — 32,708 Commodities 4,784 2,227 3,188 — — 10,199 Equities 8,780 5,497 3,417 — — 17,694 Counterparty and cash collateral netting (3,557 ) (6,755 ) (4,961 ) (21,686 ) (37,415 ) (74,374 ) Total $31,960 $30,790 $ 45,682 $(21,686 ) $ (37,415 ) $ 49,331 OTC Derivative Assets as of December 2014 $ in millions Less than 1 - 5 Greater than Cross-Tenor Cash Collateral Total Interest rates $ 7,064 $25,049 $ 90,553 $ — $ — $ 122,666 Credit 1,696 6,093 5,707 — — 13,496 Currencies 17,835 9,897 6,386 — — 34,118 Commodities 8,298 4,068 161 — — 12,527 Equities 4,771 9,285 3,750 — — 17,806 Counterparty and cash collateral netting (4,479 ) (7,016 ) (4,058 ) (20,819 ) (103,504 ) (139,876 ) Total $35,185 $47,376 $102,499 $(20,819 ) $(103,504 ) $ 60,737 OTC Derivative Liabilities as of December 2014 $ in millions Less than 1 - 5 Greater than Cross-Tenor Cash Collateral Total Interest rates $ 7,001 $17,649 $ 37,242 $ — $ — $ 61,892 Credit 2,154 4,942 1,706 — — 8,802 Currencies 18,549 7,667 6,482 — — 32,698 Commodities 5,686 4,105 2,810 — — 12,601 Equities 7,064 6,845 3,571 — — 17,480 Counterparty and cash collateral netting (4,479 ) (7,016 ) (4,058 ) (20,819 ) (36,155 ) (72,527 ) Total $35,975 $34,192 $ 47,753 $(20,819 ) $ (36,155 ) $ 60,946 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 compa |
Fair Value Option
Fair Value Option | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | 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: • Reflect economic events in earnings on a timely basis; • 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 • 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: • Repurchase agreements and substantially all resale agreements; • Securities borrowed and loaned within Fixed Income, Currency and Commodities Client Execution; • Substantially all other secured financings, including transfers of assets accounted for as financings rather than sales; • Certain unsecured short-term borrowings, consisting of all promissory notes and commercial paper and certain hybrid financial instruments; • Certain unsecured long-term borrowings, including certain prepaid commodity transactions and certain hybrid financial instruments; • Certain receivables from customers and counterparties, including transfers of assets accounted for as secured loans rather than purchases and certain margin loans; • 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 • 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 other secured financings 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 2015 and December 2014, there were no level 3 resale agreements, securities borrowed or securities loaned. As of both June 2015 and December 2014, the firm’s level 3 repurchase agreements were not material. See Note 10 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 2015: • Funding spreads: 32 bps to 325 bps (weighted average: 196 bps) • Yield: 0.6% to 10.0% (weighted average: 2.6%) • Duration: 1.5 to 9.3 years (weighted average: 3.0 years) As of December 2014: • Funding spreads: 210 bps to 325 bps (weighted average: 278 bps) • Yield: 1.1% to 10.0% (weighted average: 3.1%) • Duration: 0.7 to 3.8 years (weighted average: 2.6 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 10 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 both June 2015 and December 2014, the firm’s level 3 receivables from customers and counterparties were not material. 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 2015 $ in millions Level 1 Level 2 Level 3 Total Securities segregated for regulatory and other purposes 1 $12,429 $ 4,966 $ — $ 17,395 Securities purchased under agreements to resell — 122,354 — 122,354 Securities borrowed — 69,369 — 69,369 Receivables from customers and counterparties — 5,672 42 5,714 Total $12,429 $202,361 $ 42 $214,832 Other Financial Liabilities at Fair Value as of June 2015 $ in millions Level 1 Level 2 Level 3 Total Deposits $ — $ 13,629 $ 1,680 $ 15,309 Securities sold under agreements to repurchase — 87,560 82 87,642 Securities loaned — 1,091 — 1,091 Other secured financings — 21,058 1,479 22,537 Unsecured short-term borrowings — 14,375 4,490 18,865 Unsecured long-term borrowings — 16,538 3,462 20,000 Other liabilities and accrued expenses — 40 1,145 1,185 Total $ — $154,291 $12,338 $166,629 Other Financial Assets at Fair Value as of December 2014 $ in millions Level 1 Level 2 Level 3 Total Securities segregated for regulatory and other purposes 1 $21,168 $ 13,123 $ — $ 34,291 Securities purchased under agreements to resell — 126,036 — 126,036 Securities borrowed — 66,769 — 66,769 Receivables from customers and counterparties — 6,888 56 6,944 Total $21,168 $212,816 $ 56 $234,040 Other Financial Liabilities at Fair Value as of December 2014 $ in millions Level 1 Level 2 Level 3 Total Deposits $ — $ 12,458 $ 1,065 $ 13,523 Securities sold under agreements to repurchase — 88,091 124 88,215 Securities loaned — 765 — 765 Other secured financings — 20,359 1,091 21,450 Unsecured short-term borrowings — 15,114 3,712 18,826 Unsecured long-term borrowings — 13,420 2,585 16,005 Other liabilities and accrued expenses — 116 715 831 Total $ — $150,323 $ 9,292 $159,615 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 U.S. Treasury securities segregated for regulatory and other purposes accounted for at fair value under other U.S. GAAP. 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 2015 and June 2014. The tables below present information about transfers between level 2 and level 3. 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. In the tables below: • 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. • 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 2015 $ in millions Balance, Net Net unrealized Purchases Sales Issuances Settlements Transfers Transfers Balance, Receivables from customers and counterparties $ 38 $— $ — $ 4 $— $ — $ — $ — $ — $ 42 Total $ 38 $— $ — $ 4 $— $ — $ — $ — $ — $ 42 Level 3 Other Financial Liabilities at Fair Value for the Three Months Ended June 2015 $ in millions Balance, Net Net unrealized (gains)/losses Purchases Sales Issuances Settlements Transfers Transfers Balance, Deposits $ 1,350 $ 2 $ (74 ) $— $— $ 404 $ (2 ) $ — $ — $ 1,680 Securities sold under agreements to repurchase 83 — 1 — — — (2 ) — — 82 Other secured financings 1,066 8 25 — — 250 (55 ) 235 (50 ) 1,479 Unsecured short-term borrowings 4,009 (5 ) 78 — — 1,503 (1,170 ) 189 (114 ) 4,490 Unsecured long-term borrowings 2,903 1 (95 ) — — 934 (157 ) 44 (168 ) 3,462 Other liabilities and accrued expenses 878 (1 ) 276 — — 1 (9 ) — — 1,145 Total $10,289 $ 5 1 $211 1 $— $— $3,092 $(1,395 ) $468 $(332 ) $12,338 1. The aggregate amounts include (gains)/losses of approximately $(216) million, $424 million and $8 million reported in “Market making,” “Other principal transactions” and “Interest expense,” respectively. The net unrealized loss on level 3 other financial liabilities of $211 million for the three months ended June 2015 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. Transfers into level 3 of other financial liabilities during the three months ended June 2015 primarily reflected transfers of certain hybrid financial instruments included in other secured financings and unsecured short-term borrowings from level 2, principally due to reduced transparency of certain yield, correlation and volatility inputs used to value these instruments. Transfers out of level 3 of other financial liabilities during the three months ended June 2015 primarily reflected transfers of certain hybrid financial instruments included in unsecured long-term and short-term borrowings to level 2, principally due to increased transparency of certain correlation and volatility inputs used to value these instruments. Level 3 Other Financial Assets at Fair Value for the Six Months Ended June 2015 $ in millions Balance, Net Net unrealized Purchases Sales Issuances Settlements Transfers Transfers Balance, Receivables from customers and counterparties $ 56 $ 1 $ (4 ) $ 4 $— $ — $ (22 ) $ 7 $ — $ 42 Total $ 56 $ 1 1 $ (4 ) 1 $ 4 $— $ — $ (22 ) $ 7 $ — $ 42 1. The aggregate amounts include gains/(losses) of approximately $1 million and $(4) million included in “Market making” and “Other principal transactions,” respectively. Level 3 Other Financial Liabilities at Fair Value for the Six Months Ended June 2015 $ in millions Balance, Net Net unrealized (gains)/losses Purchases Sales Issuances Settlements Transfers Transfers Balance, Deposits $1,065 $ 3 $ (53 ) $— $— $ 703 $ (38 ) $ — $ — $ 1,680 Securities sold under agreements to repurchase 124 — 1 — — — (43 ) — — 82 Other secured financings 1,091 15 (20 ) — — 253 (227 ) 420 (53 ) 1,479 Unsecured short-term borrowings 3,712 5 167 — — 1,936 (1,533 ) 564 (361 ) 4,490 Unsecured long-term borrowings 2,585 2 (137 ) — — 1,771 (633 ) 251 (377 ) 3,462 Other liabilities and accrued expenses 715 — 439 — — 1 (10 ) — — 1,145 Total $9,292 $25 1 $ 397 1 $— $— $4,664 $(2,484 ) $1,235 $(791 ) $12,338 1. The aggregate amounts include (gains)/losses of approximately $(215) million, $621 million and $16 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 $401 million (reflecting $4 million of losses on other financial assets and $397 million of losses on other financial liabilities) for the six months ended June 2015 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 equity prices, partially offset by gains on certain hybrid financial instruments included in unsecured long-term borrowings, principally due to the impact of wider credit spreads and changes in interest and foreign exchange rates. Transfers into level 3 of other financial liabilities during the six months ended June 2015 reflected transfers of certain hybrid financial instruments included in unsecured short-term and long-term borrowings and other secured financings from level 2, principally due to reduced transparency of certain correlation, volatility and yield inputs used to value these instruments and 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 2015 primarily reflected transfers of certain hybrid financial instruments included in unsecured long-term and short-term borrowings 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 Three Months Ended June 2014 $ in millions Balance, beginning of period Net realized gains/ (losses) Net unrealized gains/(losses) relating to instruments still held at period-end Purchases Sales Issuances Settlements Transfers into level 3 Transfers out of level 3 Balance, end of period 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, 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 realized gains/ (losses) Net unrealized at period-end Purchases Sales Issuances Settlements Transfers Transfers Balance, Securities purchased under $ 63 $ — $ — $ — $— $ — $ (13 ) $ — $ — $ 50 Receivables from customers 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 at period-end Purchases Sales Issuances Settlements Transfers Transfers Balance, Deposits $ 385 $— $ 16 $ — $— $ 128 $ (4 ) $ — $ — $ 525 Securities sold under 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 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. 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 Ended June Six Months Ended June $ in millions 2015 2014 2015 2014 Unsecured short-term borrowings 1 $(193 ) $ (723 ) $(898 ) $ (800 ) Unsecured long-term borrowings 2 539 (500 ) 473 (776 ) Other liabilities and accrued expenses 3 (275 ) (98 ) (439 ) (79 ) Other 4 162 (115 ) (62 ) (114 ) Total $ 233 $(1,436 ) $(926 ) $(1,769 ) 1. Includes losses on the embedded derivative component of hybrid financial instruments of $216 million and $698 million for the three months ended June 2015 and June 2014, respectively, and $911 million and $766 million for the six months ended June 2015 and June 2014, respectively. 2. Includes gains/(losses) on the embedded derivative component of hybrid financial instruments of $566 million and $(490) million for the three months ended June 2015 and June 2014, respectively, and $533 million and $(775) million for the six months ended June 2015 and June 2014, respectively. 3. Includes gains/(losses) on certain subordinated liabilities issued by consolidated VIEs. 4. Primarily consists of gains/(losses) on securities borrowed, receivables from customers and counterparties, deposits and other secured financings. 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 Performing loans and long-term Aggregate contractual principal in excess $ 888 $ 1,699 Loans on nonaccrual status and/or 1 Aggregate contractual principal in excess 12,191 13,106 Aggregate fair value of loans on 3,131 3,333 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 2015 and December 2014, the fair value of unfunded lending commitments for which the fair value option was elected was a liability of $214 million and $402 million, respectively, and the related total contractual amount of these lending commitments was $18.90 billion and $26.19 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 $96 million and $203 million as of June 2015 and December 2014, 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 $405 million and $163 million as of June 2015 and December 2014, 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 $295 million and $597 million for the three months ended June 2015 and June 2014, respectively, and $670 million and $1.21 billion for the six months ended June 2015 and June 2014, 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 $ in millions 2015 2014 2015 2014 Net gains/(losses) including hedges $185 $(19 ) $141 $(4 ) Net gains/(losses) excluding hedges 186 (20 ) 141 (6 ) |
Loans Receivable
Loans Receivable | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans Receivable | Note 9. Loans Receivable Loans receivable is comprised of loans held for investment that are accounted for at amortized cost net of allowance for loan losses. Interest on such loans is recognized over the life of the loan and is recorded on an accrual basis. The table below presents details about loans receivable. As of $ in millions June 2015 December Corporate loans $18,843 $15,044 Loans to private wealth management clients 13,084 11,289 Loans backed by commercial real estate 2,890 1,705 Other loans 3,854 1,128 Subtotal 38,671 29,166 Allowance for loan losses (274 ) (228 ) Total loans receivable $38,397 $28,938 As of June 2015 and December 2014, the fair value of loans receivable was $38.26 billion and $28.90 billion, respectively. As of June 2015, had these loans been carried at fair value and included in the fair value hierarchy, $18.17 billion and $20.09 billion would have been classified in level 2 and level 3, respectively. As of December 2014, had these loans been carried at fair value and included in the fair value hierarchy, $13.75 billion and $15.15 billion would have been classified in level 2 and level 3, respectively. The firm also extends lending commitments that are held for investment and accounted for on an accrual basis. As of June 2015 and December 2014, such lending commitments were $87.56 billion and $66.22 billion, respectively, substantially all of which were extended to corporate borrowers. The carrying value and the estimated fair value of such lending commitments were liabilities of $245 million and $2.20 billion, respectively, as of June 2015, and $199 million and $1.86 billion, respectively, as of December 2014. Had these commitments been included in the firm’s fair value hierarchy, they would have primarily been classified in level 3 as of both June 2015 and December 2014. Below is a description of the captions in the table above. • Corporate Loans. • Loans to Private Wealth Management Clients. • Loans Backed by Commercial Real Estate. • Other Loans. Credit Quality The firm’s risk assessment process includes evaluating the credit quality of its loans receivable. The firm performs credit reviews which include initial and ongoing analyses of its borrowers. A credit review is an independent analysis of the capacity and willingness of a borrower to meet its financial obligations, resulting in an internal credit rating. The determination of internal credit ratings also incorporates assumptions with respect to the nature of and outlook for the borrower’s industry, and the economic environment. The firm also assigns a regulatory risk rating to such loans based on the definitions provided by the U.S. federal bank regulatory agencies. As of June 2015 and December 2014, loans receivable were primarily extended to non-investment-grade borrowers and lending commitments held for investment and accounted for on an accrual basis were primarily extended to investment-grade borrowers. Substantially all of these loans and lending commitments align with the U.S. federal bank regulatory agencies’ definition of Pass. Loans and lending commitments meet the definition of Pass when they are performing and/or do not demonstrate adverse characteristics that are likely to result in a credit loss. Impaired Loans and Loans on Non-Accrual Status A loan is determined to be impaired when it is probable that the firm will not be able to collect all principal and interest due under the contractual terms of the loan. At that time, loans are placed on non-accrual status and all accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis to the extent the loan balance is deemed collectible. Otherwise all cash received is used to reduce the outstanding loan balance. As of June 2015 and December 2014, impaired loans receivable in non-accrual status were not material. Allowance for Losses on Loans and Lending Commitments The firm’s allowance for loan losses is comprised of two components: specific loan level reserves and a collective, portfolio level reserve. Specific loan level reserves are determined on loans that exhibit credit quality weakness and are therefore individually evaluated for impairment. Portfolio level reserves are determined on the remaining loans, not deemed impaired, by aggregating groups of loans with similar risk characteristics and estimating the probable loss inherent in the portfolio. As of June 2015 and December 2014, substantially all of the firm’s loans receivable were evaluated for impairment at the portfolio level. The allowance for loan losses is determined using various inputs, including industry default and loss data, current macroeconomic indicators, borrower’s capacity to meet its financial obligations, borrower’s country of risk, loan seniority, and collateral type. Management’s estimate of loan losses entails judgment about loan collectability based on information at the reporting dates, and there are uncertainties inherent in those judgments. While management uses the best information available to determine this estimate, future adjustments to the allowance may be necessary based on, among other things, changes in the economic environment or variances between actual results and the original assumptions used. Loans are charged off against the allowance for loan losses when deemed to be uncollectible. The firm also records an allowance for losses on lending commitments that are held for investment and accounted for on an accrual basis. Such allowance is determined using the same methodology as the allowance for loan losses, while also taking into consideration the probability of drawdowns or funding and is included in “Other liabilities and accrued expenses” in the condensed consolidated statements of financial condition. As of June 2015 and December 2014, substantially all of such lending commitments were evaluated for impairment at the portfolio level. The tables below present changes in the allowance for loan losses and the allowance for losses on lending commitments. $ in millions Allowance for loan losses Six Months Ended Year Ended Balance, beginning of period $228 $139 Charge-offs (1 ) (3 ) Provision for loan losses 47 92 Balance, end of period $274 $228 $ in millions Allowance for losses on lending commitments Six Months Ended Year Ended Balance, beginning of period $ 86 $ 57 Provision for losses 47 29 Balance, end of period $133 $ 86 The provision for losses on loans and lending commitments is included in “Other principal transactions” in the condensed consolidated statements of earnings. As of June 2015 and December 2014, substantially all of the allowance for loan losses and allowance for losses on lending commitments were related to corporate loans and corporate lending commitments. Substantially all of these allowances were determined at the portfolio level. |
Collateralized Agreements and F
Collateralized Agreements and Financings | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Collateralized Agreements and Financings | 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 Securities purchased under 1 $123,619 $127,938 Securities borrowed 2 177,978 160,722 Securities sold under 1 87,642 88,215 Securities loaned 2 7,262 5,570 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 2015 and December 2014, $69.37 billion and $66.77 billion of securities borrowed, and $1.09 billion and $765 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 and makes delivery of financial instruments sold under repurchase agreements. To mitigate credit exposure, the firm monitors the market value of these financial instruments on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the financial instruments, as appropriate. For resale agreements, the firm typically requires collateral with a fair value approximately equal to the carrying value of the relevant assets in the condensed consolidated statements of financial condition. Even though repurchase and resale agreements (including “repos- and reverses-to-maturity”) involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold at the maturity of the agreement. 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. Prior to January 2015, repos-to-maturity were accounted for as sales. The firm had no repos-to-maturity as of June 2015 and December 2014. See Note 3 for information about changes to the accounting for repos-to-maturity which became effective in January 2015. Securities Borrowed and Loaned Transactions In a securities borrowed transaction, the firm borrows securities from a counterparty in exchange for cash or securities. When the firm returns the securities, the counterparty returns the cash or securities. Interest is generally paid periodically over the life of the transaction. In a securities loaned transaction, the firm lends securities to a counterparty in exchange for cash or securities. When the counterparty returns the securities, the firm returns the cash or securities posted as collateral. Interest is generally paid periodically over the life of the transaction. The firm receives securities borrowed and makes delivery of securities loaned. To mitigate credit exposure, the firm monitors the market value of these securities on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the securities, as appropriate. For securities borrowed transactions, the firm typically requires collateral with a fair value approximately equal to the carrying value of the securities borrowed transaction. Securities borrowed and loaned within 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 through 8. Had these arrangements been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of June 2015 and December 2014. 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 counterparty netting included in the condensed consolidated statements of financial condition. 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. As of June 2015 Assets Liabilities $ in millions Resale Securities Repurchase Securities Amounts included in the condensed consolidated statements of financial condition Gross carrying value $ 160,793 $ 182,946 $121,568 $10,512 Counterparty netting (33,926 ) (3,250 ) (33,926 ) (3,250 ) Total 126,867 1 179,696 1 87,642 7,262 Amounts not offset in the condensed consolidated statements of financial condition Counterparty netting (3,305 ) (1,222 ) (3,305 ) (1,222 ) Collateral (119,066 ) (168,915 ) (79,337 ) (5,606 ) Total $ 4,496 $ 9,559 $ 5,000 $ 434 As of December 2014 Assets Liabilities $ in millions Resale Securities Repurchase Securities Amounts included in the condensed consolidated statements of financial condition Gross carrying value $ 160,644 $ 171,384 $114,879 $ 9,150 Counterparty netting (26,664 ) (3,580 ) (26,664 ) (3,580 ) Total 133,980 1 167,804 1 88,215 5,570 Amounts not offset in the condensed consolidated statements of financial condition Counterparty netting (3,834 ) (641 ) (3,834 ) (641 ) Collateral (124,528 ) (154,058 ) (78,457 ) (4,882 ) Total $ 5,618 $ 13,105 $ 5,924 $ 47 1. As of June 2015 and December 2014, the firm had $3.25 billion and $6.04 billion, respectively, of securities received under resale agreements, and $1.72 billion and $7.08 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.” In the tables above: • Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. Gross Carrying Value of Repurchase Agreements and Securities Loaned The tables below present the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged. As of June 2015 $ in millions Repurchase Securities Commercial paper, certificates of deposit, time deposits and other money market instruments $ 1,168 $ — U.S. government and federal agency obligations 57,771 296 Non-U.S. government and agency obligations 29,602 3,177 Mortgage and other asset-backed securities: Securities backed by commercial real estate 493 — Securities backed by residential real estate 1,851 — Corporate debt securities 6,765 47 State and municipal obligations 534 — Other debt obligations 487 — Equities and convertible debentures 22,897 6,992 Total $121,568 $10,512 As of December 2014 $ in millions Repurchase Securities Commercial paper, certificates of deposit, time deposits and other money market instruments $ 900 $ — U.S. government and federal agency obligations 56,788 123 Non-U.S. government and agency obligations 27,169 3,463 Mortgage and other asset-backed securities: Securities backed by commercial real estate 419 — Securities backed by residential real estate 1,574 — Corporate debt securities 8,028 26 State and municipal obligations 984 — Other debt obligations 562 — Equities and convertible debentures 18,455 5,538 Total $114,879 $ 9,150 The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity date. As of June 2015 $ in millions Repurchase Securities No stated maturity and overnight $ 41,661 $ 7,797 2 - 30 days 31,197 1,636 31 - 90 days 14,668 — 91 days - 1 year 26,751 1,079 Greater than 1 year 7,291 — Total $121,568 $10,512 In the table above: • Repurchase agreements and securities loaned that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Repurchase agreements and securities loaned that are redeemable prior to maturity at the option of the holders are reflected at the earliest dates such options become exercisable. Other Secured Financings In addition to repurchase agreements and securities loaned transactions, the firm funds certain assets through the use of other secured financings and pledges financial instruments and other assets as collateral in these transactions. These other secured financings consist of: • Liabilities of consolidated VIEs; • Transfers of assets accounted for as financings rather than sales (primarily collateralized central bank financings, pledged commodities, bank loans and mortgage whole loans); and • Other structured financing arrangements. Other secured financings include arrangements that are nonrecourse. As of June 2015 and December 2014, nonrecourse other secured financings were $2.81 billion and $1.94 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 through 8. Had these financings been included in the firm’s fair value hierarchy, they would have been primarily classified in level 2 as of June 2015 and December 2014. The tables below present information about other secured financings. As of June 2015 $ in millions U.S. Non-U.S. Total Other secured financings (short-term): At fair value $ 7,156 $ 4,971 $12,127 At amortized cost 20 100 120 Weighted average interest rates 3.05% 7.38% Other secured financings (long-term): At fair value 5,593 4,817 10,410 At amortized cost 751 544 1,295 Weighted average interest rates 2.88% 1.77% Total 1 $13,520 $10,432 $23,952 Amount of other secured financings collateralized by: Financial instruments 2 $12,702 $ 9,195 $21,897 Other assets 818 1,237 2,055 As of December 2014 $ in millions U.S. Non-U.S. Total Other secured financings (short-term): At fair value $ 7,887 $ 7,668 $15,555 At amortized cost 5 — 5 Weighted average interest rates 4.33% —% Other secured financings (long-term): At fair value 3,290 2,605 5,895 At amortized cost 580 774 1,354 Weighted average interest rates 2.69% 2.31% Total 1 $11,762 $11,047 $22,809 Amount of other secured financings collateralized by: Financial instruments 2 $11,460 $10,483 $21,943 Other assets 302 564 866 1. Includes $340 million and $974 million related to transfers of financial assets accounted for as financings rather than sales as of June 2015 and December 2014, respectively. Such financings were collateralized by financial assets included in “Financial instruments owned, at fair value” of $343 million and $995 million as of June 2015 and December 2014, respectively. 2. Includes $11.89 billion and $10.24 billion of other secured financings collateralized by financial instruments owned, at fair value as of June 2015 and December 2014, respectively, and includes $10.01 billion and $11.70 billion of other secured financings collateralized by financial instruments received as collateral and repledged as of June 2015 and December 2014, respectively. In the tables above: • 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. • 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. The table below presents other secured financings by maturity date. $ in millions As of Other secured financings (short-term) $12,247 Other secured financings (long-term): 2016 4,057 2017 3,126 2018 2,178 2019 1,078 2020 858 2021 - thereafter 408 Total other secured financings (long-term) 11,705 Total other secured financings $23,952 In the table above: • Long-term secured financings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Long-term secured financings that are redeemable prior to maturity at the option of the holders are reflected at the earliest dates such options become exercisable. Collateral Received and Pledged The firm receives cash and securities (e.g., U.S. government and 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 loaned transactions, primarily in connection with secured client financing activities. The firm is also permitted to deliver or repledge these financial instruments in connection with other secured financings, collateralized derivative transactions and firm or customer settlement requirements. The firm also pledges certain financial instruments owned, at fair value in connection with repurchase agreements, securities loaned transactions 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 Collateral available to be delivered or repledged 1 $665,251 $630,046 Collateral that was delivered or repledged 502,847 474,057 1. As of June 2015 and December 2014, amounts exclude $3.25 billion and $6.04 billion, respectively, of securities received under resale agreements, and $1.72 billion and $7.08 billion, respectively, of securities borrowed transactions that contractually had the right to be delivered or repledged, but were segregated to satisfy certain regulatory requirements. The table below presents information about assets pledged. As of $ in millions June December Financial instruments owned, at fair value pledged to counterparties that: Had the right to deliver or repledge $ 57,529 $ 64,473 Did not have the right to deliver or repledge 64,367 68,027 Other assets pledged to counterparties that: Did not have the right to deliver or repledge 2,638 1,304 |
Securitization Activities
Securitization Activities | 6 Months Ended |
Jun. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Securitization Activities | Note 11. 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 10 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 $ in millions 2015 2014 2015 2014 Residential mortgages $4,921 $5,477 $ 9,531 $11,698 Commercial mortgages 4,130 1,040 5,380 1,040 Other financial assets — 481 — 481 Total $9,051 $6,998 $14,911 $13,219 Cash flows on $ 66 $ 114 $ 117 $ 177 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. As of June 2015 $ in millions Outstanding Fair Value of Fair Value of U.S. government $45,223 $1,370 $ — Other residential mortgage-backed 2,369 176 — Other commercial 7,164 123 55 CDOs, CLOs and other 2,932 48 9 Total $57,688 $1,717 $64 As of December 2014 $ in millions Outstanding Fair Value of Fair Value of U.S. government $56,792 $2,140 $ — Other residential mortgage-backed 2,273 144 5 Other commercial mortgage-backed 3,313 86 45 CDOs, CLOs and other 4,299 59 17 Total $66,677 $2,429 $67 In the tables above: • 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. • For retained or purchased interests, the firm’s risk of loss is limited to the fair value of these interests. • Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests. 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: • The outstanding principal amount and fair value of retained interests for U.S. government agency-issued collateralized mortgage obligations as of June 2015 primarily relate to securitizations during 2015 and 2014, and as of December 2014 primarily relate to securitizations during 2014 and 2013. • The outstanding principal amount and fair value of retained interests for other residential mortgage-backed obligations as of June 2015 primarily relate to resecuritizations during 2015 and 2014, and prime and Alt-A securitizations during 2007, and as of December 2014 primarily relate to resecuritizations during 2014, and prime and Alt-A securitizations during 2007. • The outstanding principal amount and fair value of retained interests for other commercial mortgage-backed obligations as of June 2015 primarily relate to securitizations during 2015 and 2014, and as of December 2014 primarily relate to securitizations during 2014. • The outstanding principal amount and fair value of retained interests for CDOs, CLOs and other as of June 2015 primarily relate to securitizations during 2014 and 2007, and as of December 2014 primarily relate to securitizations during 2014 and 2007. In addition to the interests in the tables above, the firm had other continuing involvement in the form of derivative transactions with certain nonconsolidated VIEs. The carrying value of these derivatives was a net asset of $110 million and $115 million as of June 2015 and December 2014, respectively. The notional amounts of these derivatives are included in maximum exposure to loss in the nonconsolidated VIE table in Note 12. 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 2015 Type of Retained Interests $ in millions Mortgage-Backed Other 1 Fair value of retained interests $ 1,669 $ 48 Weighted average life (years) 8.6 3.8 Constant prepayment rate 10.4% N.M. Impact of 10% adverse change $ (28 ) N.M. Impact of 20% adverse change (52 ) N.M. Discount rate 4.9% N.M. Impact of 10% adverse change $ (43 ) N.M. Impact of 20% adverse change (84 ) N.M. As of December 2014 Type of Retained Interests $ in millions Mortgage-Backed Other 1 Fair value of retained interests $ 2,370 $ 59 Weighted average life (years) 7.6 3.6 Constant prepayment rate 13.2% N.M. Impact of 10% adverse change $ (33 ) N.M. Impact of 20% adverse change (66 ) N.M. Discount rate 4.1% N.M. Impact of 10% adverse change $ (50 ) N.M. Impact of 20% adverse change (97 ) 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 2015 and December 2014. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $48 million and $59 million as of June 2015 and December 2014, respectively. In the tables above: • Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests. • Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear. • The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above. • The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value. • The discount rate for retained interests that relate to U.S. government agency-issued collateralized mortgage obligations does not include any credit loss. • Expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Variable Interest Entities | 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 11, and investments in and loans to other types of VIEs, as described below. See Note 11 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: • Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; • Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; • The VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; • The VIE’s capital structure; • The terms between the VIE and its variable interest holders and other parties involved with the VIE; and • Related-party relationships. The firm reassesses its 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 table below presents information about nonconsolidated VIEs in which the firm holds variable interests. Nonconsolidated VIEs as of $ in millions June 2015 December Mortgage-backed 1 Assets in VIE $66,446 $ 78,107 Carrying value of variable interests - assets 3,072 4,348 Maximum Exposure to Loss Retained interests 1,669 2,370 Purchased interests 1,402 1,978 Derivatives 222 392 Loans and investments 24 — Total $ 3,293 $ 4,740 Corporate CDOs and CLOs Assets in VIE $ 7,586 $ 8,317 Carrying value of variable interests - assets 575 463 Carrying value of variable interests - liabilities 3 3 Maximum Exposure to Loss Retained interests 3 4 Purchased interests 275 184 Derivatives 2,204 2,053 Total $ 2,482 $ 2,241 Real estate, credit-related and other investing Assets in VIE $ 9,414 $ 8,720 Carrying value of variable interests - assets 3,349 3,051 Carrying value of variable interests - liabilities 2 3 Maximum Exposure to Loss Commitments and guarantees 541 604 Loans and investments 3,349 3,051 Total $ 3,890 $ 3,655 Other asset-backed Assets in VIE $ 5,000 $ 8,253 Carrying value of variable interests - assets 236 509 Carrying value of variable interests - liabilities 67 16 Maximum Exposure to Loss Retained interests 45 55 Purchased interests 87 322 Commitments and guarantees 213 213 Derivatives 3,507 3,221 Total $ 3,852 $ 3,811 Other Assets in VIE $ 4,562 $ 5,677 Carrying value of variable interests - assets 269 290 Maximum Exposure to Loss Commitments and guarantees 327 307 Derivatives 6 88 Loans and investments 269 290 Total $ 602 $ 685 Total Assets in VIE $93,008 $109,074 Carrying value of variable interests - assets 7,501 8,661 Carrying value of variable interests - liabilities 72 22 Maximum Exposure to Loss Retained interests 1,717 2,429 Purchased interests 1,764 2,484 Commitments and guarantees 1,081 1,124 Derivatives 2 5,939 5,754 Loans and investments 3,618 3,341 Total $14,119 $ 15,132 1. Assets in VIE and maximum exposure to loss include $4.17 billion and $523 million, respectively, as of June 2015, and $3.57 billion and $662 million, respectively, as of December 2014, related to CDOs backed by mortgage obligations. 2. Includes $1.28 billion and $1.64 billion as of June 2015 and December 2014, respectively, related to derivative transactions with VIEs to which the firm transferred assets. 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. In the table above, 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 table above: • The maximum exposure to loss excludes the benefit of offsetting financial instruments that are held to mitigate the risks associated with these variable interests. • For retained and purchased interests, and loans and investments, the maximum exposure to loss is the carrying value of these interests. • 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: • Substantially all assets held by the firm related to mortgage-backed and corporate CDO and CLO VIEs are included in “Financial instruments owned, at fair value.” Substantially all liabilities held by the firm related to corporate CDO and CLO VIEs are included in “Financial instruments sold, but not yet purchased, at fair value;” • Substantially all assets held by the firm related to other asset-backed VIEs are included in “Financial instruments owned, at fair value” and “Loans Receivable.” Substantially all liabilities held by the firm related to other asset-backed VIEs are included in “Financial instruments sold, but not yet purchased, at fair value;” • 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,” “Loans receivable,” 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” and “Other liabilities and accrued expenses;” and • Substantially all assets held by the firm related to other VIEs are included in “Financial instruments owned, at fair value.” Consolidated VIEs The table below presents 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 $ in millions June December Real estate, credit-related and other investing Assets Cash and cash equivalents $ 271 $ 218 Cash and securities segregated for regulatory and other purposes 16 19 Loans receivable 1,095 589 Financial instruments owned, at fair value 2,991 2,608 Other assets 390 349 Total $4,763 $3,783 Liabilities Other secured financings $ 334 $ 419 Financial instruments sold, but not yet purchased, at fair value 258 10 Unsecured long-term borrowings — 12 Other liabilities and accrued expenses 1,217 906 Total $1,809 $1,347 CDOs, mortgage-backed and other asset-backed Assets Financial instruments owned, at fair value $ 88 $ 121 Total $ 88 $ 121 Liabilities Other secured financings $ 87 $ 99 Financial instruments sold, but not yet purchased, at fair value 1 8 Total $ 88 $ 107 Principal-protected notes Assets Cash and securities segregated for regulatory and other purposes $ $ 31 Financial instruments owned, at fair value 184 276 Total $ 184 $ 307 Liabilities Other secured financings $ 300 $ 439 Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings 349 1,090 Unsecured long-term borrowings 480 103 Total $1,129 $1,632 Total Assets Cash and cash equivalents $ 271 $ 218 Cash and securities segregated for regulatory and other purposes 16 50 Loans receivable 1,095 589 Financial instruments owned, at fair value 3,263 3,005 Other assets 390 349 Total $5,035 $4,211 Liabilities Other secured financings $ 721 $ 957 Financial instruments sold, but not yet purchased, at fair value 259 18 Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings 349 1,090 Unsecured long-term borrowings 480 115 Other liabilities and accrued expenses 1,217 906 Total $3,026 $3,086 In the table above: • 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. • VIEs in which the firm holds a majority voting interest are excluded if (i) the VIE meets the definition of a business and (ii) the VIE’s assets can be used for purposes other than the settlement of its obligations. • Substantially all the assets can only be used to settle obligations of the VIE. 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. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 13. 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 Property, leasehold improvements and equipment $11,600 $ 9,344 Goodwill and identifiable intangible assets 4,166 4,160 Income tax-related assets 5,866 5,181 Equity-method investments 1 287 360 Miscellaneous receivables and other 2 3,633 3,554 Total $25,552 $22,599 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 $7.43 billion and $6.62 billion as of June 2015 and December 2014, respectively, substantially all of 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 $545 million and $461 million of investments in qualified affordable housing projects as of June 2015 and December 2014, respectively. Property, Leasehold Improvements and Equipment Property, leasehold improvements and equipment in the table above is net of accumulated depreciation and amortization of $8.23 billion and $8.98 billion as of June 2015 and December 2014, respectively. Property, leasehold improvements and equipment included $5.77 billion and $5.81 billion as of June 2015 and December 2014, 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. Goodwill and Identifiable Intangible Assets The tables below present the carrying values of goodwill and identifiable intangible assets. Goodwill as of $ in millions June December Investment Banking: Financial Advisory $ 98 $ 98 Underwriting 183 183 Institutional Client Services: Fixed Income, Currency and Commodities Client Execution 269 269 Equities Client Execution 2,403 2,403 Securities Services 105 105 Investment Management 587 587 Total $3,645 $3,645 Identifiable Intangible Assets as of $ in millions June December Institutional Client Services: Fixed Income, Currency and Commodities Client Execution $ 111 $ 138 Equities Client Execution 219 246 Investing & Lending 86 18 Investment Management 105 113 Total $ 521 $ 515 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. 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. 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: • 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. • 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, if any. An impairment is equal to the excess of the carrying amount of goodwill over its fair value. The firm performed a quantitative goodwill impairment test during the fourth quarter of 2012 (2012 quantitative goodwill test). When performing this test, the firm estimated the fair value of each reporting unit and compared it to the respective reporting unit’s net book value (estimated carrying value). The reporting units were valued using relative value and residual income valuation techniques because the firm believes market participants would use these techniques to value the firm’s reporting units. The net book value of each reporting unit reflected an allocation of total shareholders’ equity and represented the estimated amount of shareholders’ equity required to support the activities of the reporting unit under guidelines issued by the Basel Committee on Banking Supervision (Basel Committee) in December 2010. In performing its 2012 quantitative goodwill test, the firm determined that goodwill was not impaired, and the estimated fair value of the firm’s reporting units, in which substantially all of the firm’s goodwill is held, significantly exceeded their estimated carrying values. During the fourth quarter of 2014, 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 2012 quantitative goodwill test. As a result of the 2014 qualitative assessment, 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. There were no events or changes in circumstances during the six months ended June 2015 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 2015. 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 useful lives. As of $ in millions June Weighted Average (years) December Customer lists Gross carrying amount $1,036 $1,036 Accumulated amortization (745 ) (715 ) Net carrying amount 291 6 321 Commodities-related Gross carrying amount 188 216 Accumulated amortization (77 ) (78 ) Net carrying amount 111 1 8 138 Other Gross carrying amount 267 200 Accumulated amortization (148 ) (144 ) Net carrying amount 119 2 6 56 Total Gross carrying amount 1,491 1,452 Accumulated amortization (970 ) (937 ) Net carrying amount $ 521 6 $ 515 1. Primarily includes commodities-related transportation rights. 2. Primarily includes intangible assets related to acquired leases. Substantially all of the firm’s identifiable intangible assets are considered to have finite useful lives and are amortized over their estimated useful lives using the straight-line method or based on economic usage for certain commodities-related intangibles. The tables below present amortization for the three and six months ended June 2015 and June 2014, and the estimated future amortization through 2020 for identifiable intangible assets. Three Months Six Months $ in millions 2015 2014 2015 2014 Amortization $27 $38 $70 $86 $ in millions Estimated future amortization As of Remainder of 2015 $ 61 2016 122 2017 111 2018 100 2019 65 2020 18 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 equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset if the carrying value of the asset exceeds its estimated fair value. During the first half of 2015, the firm recorded impairments of $77 million attributable to consolidated investments. The impairments reflected challenging market conditions for certain companies in the energy industry resulting from continued low energy commodity prices. These impairments consisted of $55 million related to property, leasehold improvements and equipment, which was included in “Depreciation and amortization,” and $22 million related to other assets, which was included in “Other Expenses.” 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 impairments of $194 million. These impairments consisted of $180 million related to property, leasehold improvements and equipment and $14 million related to identifiable intangible assets, and were included within “Depreciation and amortization.” The impairments, all of which were included 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. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2015 | |
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 U.S. offices $73,923 $69,270 Non-U.S. offices 15,141 13,738 Total $89,064 $83,008 The table below presents maturities of time deposits held in U.S. and non-U.S. offices. As of June 2015 $ in millions U.S. Non-U.S. Total Remainder of 2015 $ 3,795 $7,987 $11,782 2016 5,725 1,393 7,118 2017 5,534 — 5,534 2018 3,254 — 3,254 2019 3,422 — 3,422 2020 2,039 — 2,039 2021 - thereafter 6,593 39 6,632 Total $30,362 1 $9,419 2 $39,781 3 1. Includes $1.65 billion greater than $100,000, of which $699 million matures within three months, $391 million matures within three to six months, $294 million matures within six to twelve months, and $266 million matures after twelve months. 2. Includes $6.70 billion greater than $100,000. 3. Includes $15.31 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 2015 and December 2014, deposits include $49.28 billion and $49.29 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 to convert substantially all of its time deposits not accounted for at fair value from fixed-rate obligations into floating-rate obligations. Accordingly, the carrying value of time deposits approximated fair value as of June 2015 and December 2014. 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 through 8. Had these deposits been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of June 2015 and December 2014. |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2015 | |
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 Other secured financings (short-term) $12,247 $15,560 Unsecured short-term borrowings 46,378 44,540 Total $58,625 $60,100 See Note 10 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 through 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 2015 and December 2014. The table below presents details about the firm’s unsecured short-term borrowings. As of $ in millions June December Current portion of unsecured long-term borrowings $27,753 $25,126 Hybrid financial instruments 14,176 14,083 Promissory notes 20 338 Commercial paper 294 617 Other short-term borrowings 4,135 4,376 Total $46,378 $44,540 Weighted average interest rate 1 1.41% 1.52% 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. |
Long-Term Borrowings
Long-Term Borrowings | 6 Months Ended |
Jun. 30, 2015 | |
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 Other secured financings (long-term) $ 11,705 $ 7,249 Unsecured long-term borrowings 170,259 167,571 Total $181,964 $174,820 See Note 10 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 2015 $ in millions U.S. Non-U.S. Total Fixed-rate obligations 1 $ 90,355 $31,406 $121,761 Floating-rate obligations 2 32,390 16,108 48,498 Total $122,745 $47,514 $170,259 As of December 2014 $ in millions U.S. Dollar Non-U.S. Total Fixed-rate obligations 1 $ 89,477 $34,857 $124,334 Floating-rate obligations 2 27,541 15,696 43,237 Total $117,018 $50,553 $167,571 1. Interest rates on U.S. dollar-denominated debt ranged from 1.60% to 10.04% (with a weighted average rate of 4.99%) and 1.55% to 10.04% (with a weighted average rate of 5.08%) as of June 2015 and December 2014, respectively. Interest rates on non-U.S. dollar-denominated debt ranged from 0.33% to 13.00% (with a weighted average rate of 3.87%) and 0.02% to 13.00% (with a weighted average rate of 4.06%) as of June 2015 and December 2014, 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 2016 $ 8,185 2017 22,580 2018 23,932 2019 16,073 2020 15,726 2021 - thereafter 83,763 Total 1 $170,259 1. Includes $8.21 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: $150 million in 2016, $601 million in 2017, $756 million in 2018, $443 million in 2019, $452 million in 2020 and $5.81 billion in 2021 and thereafter. In the table above: • Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holders are excluded from the table as they are included as unsecured short-term borrowings. • Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holders are reflected at the earliest dates such options become exercisable. The firm designates certain derivatives as fair value hedges to convert a substantial portion of its fixed-rate unsecured long-term borrowings 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 2015 and December 2014. 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 1% and 2% in the carrying value of total unsecured long-term borrowings as of June 2015 and December 2014, respectively. 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 through 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 2015 and December 2014. 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 Fixed-rate obligations At fair value $ 214 $ 861 At amortized cost 1 49,770 33,748 Floating-rate obligations At fair value 19,786 15,144 At amortized cost 1 100,489 117,818 Total $170,259 $167,571 1. The weighted average interest rates on the aggregate amounts were 2.80% (4.68% related to fixed-rate obligations and 1.89% related to floating-rate obligations) and 2.68% (5.09% related to fixed-rate obligations and 2.01% related to floating-rate obligations) as of June 2015 and December 2014, 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 2015 and December 2014, subordinated debt had maturities ranging from 2017 to 2045, and 2017 to 2038, respectively. The tables below present subordinated borrowings. As of June 2015 $ in millions Par Carrying Rate 1 Subordinated debt $16,149 $18,879 3.82% Junior subordinated debt 1,360 1,822 5.99% Total subordinated borrowings $17,509 $20,701 3.99% As of December 2014 $ in millions Par Carrying Rate 1 Subordinated debt $14,254 $17,241 3.77% Junior subordinated debt 1,582 2,122 6.21% Total subordinated borrowings $15,836 $19,363 4.02% 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 purchase $1.75 billion of junior subordinated debt issued by Group Inc. that pays interest semi-annually at a fixed annual rate of 4.647% and matures on March 9, 2017, and $500 million of junior subordinated debt issued by Group Inc. that pays interest semi-annually at a fixed annual rate of 4.404% and matures on September 1, 2016. During 2014, the firm exchanged $175 million of the senior guaranteed trust securities held by the firm for $175 million of junior subordinated debt held by the Murray Street Investment Trust I. Following the exchange, these senior guaranteed trust securities and junior subordinated debt 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, included in “Unsecured long-term borrowings” in the condensed consolidated statements of financial condition, is not classified as subordinated borrowings. 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 debt 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 debt 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 debt from Group Inc. During 2014 and the first quarter of 2015, the firm purchased $1.43 billion (par amount) of Trust Preferred Securities and delivered these securities, along with $44.2 million of common beneficial interests, to the Trust in exchange for a corresponding par amount of the junior subordinated debt. Following the exchanges, these Trust Preferred Securities, common beneficial interests and junior subordinated debt were extinguished. Subsequent to these extinguishments, the outstanding par amount of junior subordinated debt held by the Trust was $1.36 billion and the outstanding par amount of Trust Preferred Securities and common beneficial interests issued by the Trust was $1.32 billion and $40.8 million, respectively. 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 junior subordinated debt at an annual rate of 6.345% and the debt matures 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 junior subordinated debt. The firm has the right, from time to time, to defer payment of interest on the junior subordinated debt, 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 E
Other Liabilities and Accrued Expenses | 6 Months Ended |
Jun. 30, 2015 | |
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 Compensation and benefits $ 7,571 $ 8,368 Noncontrolling interests 1 652 404 Income tax-related liabilities 1,580 1,533 Employee interests in consolidated funds 161 176 Subordinated liabilities issued by consolidated VIEs 1,193 843 Accrued expenses and other 2 6,095 4,751 Total $17,252 $16,075 1. Primarily relates to consolidated investment funds. 2. The increase in the first half of 2015 relates to net provisions for mortgage-related litigation and regulatory matters. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 6 Months Ended |
Jun. 30, 2015 | |
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 of Expiration as of June 2015 Total Commitments as of $ in millions Remainder 2016 - 2018 - 2020 - June December Commitments to extend credit Commercial lending: Investment-grade $ 4,371 $18,819 $27,977 $13,843 $ 65,010 $ 63,634 Non-investment-grade 744 11,545 13,165 18,084 43,538 29,605 Warehouse financing 627 1,343 94 1,365 3,429 2,710 Total commitments to extend credit 5,742 31,707 41,236 33,292 111,977 95,949 Contingent and forward starting resale and securities borrowing agreements 48,381 2,246 1 — 50,628 35,225 Forward starting repurchase and secured lending agreements 8,358 — — — 8,358 8,180 Letters of credit 102 108 13 4 227 308 Investment commitments 661 2,806 19 731 4,217 5,164 Other 6,121 134 50 56 6,361 6,321 Total commitments $69,365 $37,001 $41,319 $34,083 $181,768 $151,147 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 2015 and December 2014, $87.56 billion and $66.22 billion, respectively, of the firm’s lending commitments were held for investment and were accounted for on an accrual basis. See Note 9 for further information about such commitments. In addition, as of June 2015 and December 2014, $5.80 billion and $3.12 billion, respectively, of the firm’s lending commitments were held for sale and were accounted for at the lower of cost or fair value. 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 $26.47 billion and $27.51 billion as of June 2015 and December 2014, 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 $768 million of protection had been provided as of both June 2015 and December 2014. 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 consumer and corporate 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. Letters of Credit The firm has 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. Investment Commitments The firm’s investment commitments of $4.22 billion and $5.16 billion as of June 2015 and December 2014, respectively, include commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages. Of these amounts, $2.76 billion and $2.87 billion as of June 2015 and December 2014, 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 Remainder of 2015 $ 161 2016 303 2017 282 2018 234 2019 198 2020 164 2021 - thereafter 732 Total $2,074 Rent charged to operating expense was $63 million and $78 million for the three months ended June 2015 and June 2014, respectively, and $127 million and $158 million for the six months ended June 2015 and June 2014, respectively. 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. • Representations and Warranties. 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 2015 and June 2014, the firm repurchased loans with an unpaid principal balance of less than $10 million and related losses were not material. The firm received a communication from counsel in 2013 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. 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: (i) the extent to which these claims are 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 so, 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. • Foreclosure and Other Mortgage Loan Servicing Practices and Procedures. 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 2015, 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 U.S. states’ attorneys general or in consent orders with the U.S. federal bank regulatory agencies 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 Federal Reserve Board relating to foreclosure and servicing matters. 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 Board or the New York State Department of Financial Services in connection with certain compliance matters. 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. Other Contingencies. In connection with the sale of Metro International Trade Services (Metro), the firm provided customary representations and warranties, and indemnities for breaches of these representations and warranties, to the buyer. The firm further agreed to provide indemnities to the buyer, which primarily relate to potential liabilities for legal or regulatory proceedings arising out of the conduct of Metro’s business while the firm owned it. 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 2015 $ in millions Derivatives Securities Other Carrying Value of Net Liability $ 9,441 $ $ 91 Maximum Payout/Notional Amount by Period of Expiration Remainder of 2015 $249,517 $30,042 $ 2016 - 2017 344,010 — 796 2018 - 2019 68,480 — 1,197 2020 - thereafter 74,657 — 1,747 Total $736,664 $30,042 $4,568 As of December 2014 $ in millions Derivatives Securities lending indemnifications Other Carrying Value of Net Liability $ 11,201 $ $ 119 Maximum Payout/Notional Amount by Period of Expiration 2015 $351,308 $27,567 $ 471 2016 - 2017 150,989 — 935 2018 - 2019 51,927 — 1,390 2020 - thereafter 58,511 — 1,690 Total $612,735 $27,567 $4,486 In the tables above: • The maximum payout is based on the notional amount of the contract and does not represent anticipated losses. • Amounts exclude certain commitments to issue standby letters of credit that are included in “Commitments to extend credit.” See the table in “Commitments” above for a summary of the firm’s commitments. 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 above 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 above. In addition, see Note 7 for information about credit derivatives that meet the definition of a guarantee, which are not included in the table above. Derivatives are accounted for at fair value and therefore the carrying value is considered the best indication of payment/performance risk for individual contracts. However, the carrying values in the tables above 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 $31.00 billion and $28.49 billion as of June 2015 and December 2014, 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. 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 2015 and December 2014. 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 2015 and December 2014. 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, 2015 | |
Text Block [Abstract] | |
Shareholders' Equity | Note 19. Shareholders’ Equity Common Equity On July 15, 2015, the Board of Directors of Group Inc. (Board) declared a dividend of $0.65 per common share to be paid on September 29, 2015 to common shareholders of record on September 1, 2015. The firm’s share repurchase program is intended to help maintain the appropriate level of common equity. The share repurchase program is effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1), 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. The table below presents the amount of common stock repurchased by the firm under the share repurchase program during the three and six months ended June 2015. June 2015 in millions, except per share amounts Three Months Ended Six Months Ended Common share repurchases 1.2 7.9 Average cost per share $208.20 $188.59 Total cost of common share repurchases $ 245 $ 1,495 Pursuant to the terms of certain share-based compensation plans, employees may remit shares to the firm or the firm may cancel restricted stock units (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 2015, employees remitted 35,217 shares with a total value of $6 million, and the firm cancelled 5.4 million RSUs with a total value of $969 million and 1.6 million stock options with a total value of $326 million. Preferred Equity The tables below present details about the perpetual preferred stock issued and outstanding as of June 2015. Series Shares Shares Shares Depositary Shares A 50,000 30,000 29,999 1,000 B 50,000 32,000 32,000 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 17,500 17,500 N/A F 5,000 5,000 5,000 N/A I 34,500 34,000 34,000 1,000 J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 L 52,000 52,000 52,000 25 M 1 80,000 80,000 80,000 25 Total 452,200 380,500 380,498 1. In April 2015, Group Inc. issued 80,000 shares of Series M perpetual 5.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series M Preferred Stock). Series Liquidation Redemption Price Per Share Redemption ($ in millions) A $25,000 $25,000 plus declared and unpaid dividends $ B 25,000 $25,000 plus declared and unpaid dividends 800 C 25,000 $25,000 plus declared and unpaid dividends 200 D 25,000 $25,000 plus declared and unpaid dividends 1,350 E 100,000 $100,000 plus declared and unpaid dividends 1,750 F 100,000 $100,000 plus declared and unpaid dividends 500 I 25,000 $25,000 plus accrued and unpaid dividends 850 J 25,000 $25,000 plus accrued and unpaid dividends 1,000 K 25,000 $25,000 plus accrued and unpaid dividends 700 L 25,000 $25,000 plus accrued and unpaid dividends 1,300 M 25,000 $25,000 plus accrued and unpaid dividends 2,000 Total $11,200 In the tables above: • Each share of non-cumulative Series A, Series B, Series C and Series D Preferred Stock issued and outstanding is redeemable at the firm’s option. • Each share of non-cumulative Series E and Series F Preferred Stock issued and outstanding is redeemable at the firm’s option, 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. 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 Preferred Stock issued and outstanding is redeemable at the firm’s option beginning November 10, 2017. • Each share of non-cumulative Series J Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2023. • Each share of non-cumulative Series K Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2024. • Each share of non-cumulative Series L Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2019. • Each share of non-cumulative Series M Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2020. • All shares of preferred stock have a par value of $0.01 per share and, where applicable, each share of preferred stock is represented by the specified number of depositary shares. Prior to 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 and Series M Preferred Stock, if declared, are payable quarterly in arrears. Dividends on Series L and Series M Preferred Stock, if declared, are payable semi-annually in arrears from the issuance date to, but excluding, May 10, 2019 and May 10, 2020, respectively, 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. The table below presents the dividend rates of the firm’s perpetual preferred stock as of June 2015. 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 M 5.375% per annum to, but excluding, May 10, 2020; 3 month LIBOR + 3.922% per annum thereafter The tables below present preferred dividends declared on the firm’s preferred stock. Three Months Ended June 2015 2014 Series per share $ in millions per share $ in millions A $ 234.38 $ 7 $ 236.98 $ 7 B 387.50 13 387.50 12 C 250.00 2 252.78 2 D 250.00 13 252.78 14 E 1,011.11 17 1,011.11 17 F 1,011.11 5 1,011.11 5 I 371.88 13 371.88 13 J 343.75 14 343.75 14 K 398.44 11 — — L 712.50 37 — — Total $132 $ 84 Six Months Ended June 2015 2014 Series per share $ in millions per share $ in millions A $ 473.96 $ 14 $ 471.36 $ 14 B 775.00 25 775.00 24 C 505.56 4 502.78 4 D 505.56 27 502.78 27 E 2,022.22 35 2,022.22 35 F 2,022.22 10 2,022.22 10 I 743.76 26 743.76 26 J 687.50 28 687.50 28 K 796.88 22 — — L 712.50 37 — — Total $228 $168 Accumulated Other Comprehensive Loss The tables below present accumulated other comprehensive loss, net of tax by type. June 2015 $ in millions Balance, beginning of year Other comprehensive income/(loss) adjustments, net of tax Balance, Currency translation $(473) $ (55) $(528 ) Pension and postretirement liabilities (270) (110) (380 ) Accumulated other comprehensive loss, net of tax $(743) $(165) $(908 ) December 2014 $ in millions Balance, beginning of year Other comprehensive income/(loss) adjustments, net of tax Balance, Currency translation $(364) $(109) $(473 ) Pension and postretirement liabilities (168) (102) (270 ) Cash flow hedges 8 (8) — Accumulated other comprehensive loss, net of tax $(524) $(219) $(743 ) |
Regulation and Capital Adequacy
Regulation and Capital Adequacy | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Regulation and Capital Adequacy | 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 regulatory capital requirements which are calculated in accordance with the revised risk-based capital and leverage regulations of the Federal Reserve Board, subject to certain transitional provisions (Revised Capital Framework). The risk-based capital requirements are expressed as capital ratios that compare measures of regulatory capital to risk-weighted assets (RWAs). Failure to comply with these requirements could result in restrictions being imposed by the firm’s regulators. The firm’s capital levels are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Furthermore, certain of the firm’s subsidiaries are subject to separate regulations and capital requirements as described below. Capital Framework The firm is subject to the Revised Capital Framework. 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. As of June 2015, the firm calculated its Common Equity Tier 1 (CET1), Tier 1 capital and Total capital ratios in accordance with (i) the Standardized approach and market risk rules set out in the Revised Capital Framework (together, the Standardized Capital Rules) and (ii) the Advanced approach and market risk rules set out in the Revised Capital Framework (together, the Basel III Advanced Rules). The lower of each ratio calculated in (i) and (ii) is the ratio against which the firm’s compliance with its minimum ratio requirements is assessed. Each of the ratios calculated in accordance with the Standardized Capital Rules was lower than that calculated in accordance with the Basel III Advanced Rules and therefore the Standardized Capital ratios were the ratios that applied to the firm as of June 2015. The capital requirements that apply to the firm can change in future reporting periods as a result of these regulatory requirements. As of December 2014, the firm calculated its CET1, Tier 1 capital and Total capital ratios using the Revised Capital Framework for regulatory capital, but RWAs were calculated in accordance with (i) the Basel I Capital Accord of the Basel Committee, incorporating the market risk requirements set out in the Revised Capital Framework, and adjusted for certain items related to capital deductions and for the phase-in of capital deductions (Hybrid Capital Rules), and (ii) the Basel III Advanced Rules. The lower of each ratio calculated in (i) and (ii) was the ratio against which the firm’s compliance with its minimum ratio requirements was assessed. Each of the ratios calculated in accordance with the Basel III Advanced Rules was lower than that calculated in accordance with the Hybrid Capital Rules and therefore the Basel III Advanced ratios were the ratios that applied to the firm as of December 2014. Regulatory Capital and Capital Ratios. The table below presents the minimum ratios required for the firm as of June 2015. Minimum Ratio CET1 ratio 4.5% Tier 1 capital ratio 6.0% Total capital ratio 1 8.0% Tier 1 leverage ratio 2 4.0% 1. In order to meet the quantitative requirements for being “well-capitalized” under the Federal Reserve Board’s regulations, the firm must meet a higher required minimum Total capital ratio of 10.0%. 2. Tier 1 leverage ratio is defined as Tier 1 capital divided by quarterly 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 Capital Framework’s requirements phase in over time (transitional provisions). These include the introduction of capital buffers (including surcharges) and certain deductions from regulatory capital (such as investments in nonconsolidated financial institutions). These deductions from regulatory capital are required to be phased in ratably per year from 2014 to 2018, with residual amounts subject to risk weighting. In addition, junior subordinated debt issued to trusts is being phased out of regulatory capital. The minimum CET1, Tier 1 and Total capital ratios that apply to the firm will increase as the transitional provisions phase in and capital buffers (including surcharges) are introduced. Definition of Risk-Weighted Assets. As of June 2015, RWAs were calculated in accordance with both the Standardized Capital Rules and the Basel III Advanced Rules. The following is a comparison of RWA calculations under these rules: • RWAs for credit risk in accordance with the Standardized Capital Rules are calculated in a different manner than the Basel III Advanced Rules. The primary difference is that the Standardized Capital Rules do 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, credit RWAs calculated in accordance with the Standardized Capital Rules utilize prescribed risk-weights which depend largely on the type of counterparty, rather than on internal assessments of the creditworthiness of such counterparties; • RWAs for market risk in accordance with the Standardized Capital Rules and the Basel III Advanced Rules are generally consistent; and • RWAs for operational risk are not required by the Standardized Capital Rules, whereas the Basel III Advanced Rules do include such a requirement. As of December 2014, the firm calculated RWAs in accordance with both the Basel III Advanced Rules and the Hybrid Capital Rules. Credit Risk Credit RWAs are calculated based upon measures of exposure, which are then risk weighted. The following is a description of the calculation of credit RWAs in accordance with the Standardized Capital Rules, the Basel III Advanced Rules and the Hybrid Capital Rules: • For credit RWAs calculated in accordance with the Standardized Capital Rules, the firm utilizes prescribed risk-weights which depend largely on the type of counterparty (e.g., whether the counterparty is a sovereign, bank, broker-dealer or other entity). The exposure measure for derivatives is based on a combination of positive net current exposure and a percentage of the notional amount of each derivative. The exposure measure for securities financing transactions is calculated to reflect adjustments for potential price volatility, the size of which depends on factors such as the type and maturity of the security, and whether it is denominated in the same currency as the other side of the financing transaction. The firm utilizes specific required formula approaches to measure exposure for securitizations and equities; • For credit RWAs calculated in accordance with the Basel III Advanced Rules, the firm has been given permission by its regulators to compute risk weights for wholesale and retail credit exposures in accordance with the Advanced Internal Ratings-Based approach. This approach is based on internal assessments of the creditworthiness of counterparties, with key inputs being the probability of default, loss given default and the effective maturity. The firm utilizes internal models to measure exposure for 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 internal models for such purposes. The firm utilizes specific required formula approaches to measure exposure for securitizations and equities; and • For credit RWAs calculated in accordance with the Hybrid Capital Rules, the firm utilized prescribed risk-weights depending on, among other things, the type of counterparty. The exposure amount for derivatives was based on a combination of positive net exposure and a percentage of the notional amount for each derivative; for securities financing transactions, it was based on the carrying value without the application of potential price volatility adjustments required under the Standardized Capital Rules. Market Risk Market RWAs are calculated based on measures of exposure which include 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. The following is further information regarding the measures of exposure for market RWAs calculated in accordance with the Standardized Capital Rules, Basel III Advanced Rules and Hybrid Capital Rules: • 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 rules 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. As a result, there may be differences in the number of VaR exceptions and the amount of daily trading net revenues calculated for regulatory VaR compared to the amounts calculated for risk management VaR. The firm’s positional losses observed on a single day did not exceed its 99% one-day regulatory VaR during the three and six months ended June 2015, but did exceed its 99% one-day regulatory VaR on three occasions during 2014. There was no change in the VaR multiplier used to calculate Market RWAs; • Stressed VaR is the potential loss in value of inventory positions during a period of significant market stress; • 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; • Comprehensive risk is the potential loss in value, due to price risk and defaults, within the firm’s credit correlation positions; and • Specific risk is the risk of loss on a position that could result from factors other than broad market movements, including event risk, default risk and idiosyncratic risk. The standardized measurement method is used to determine specific risk RWAs, by applying supervisory defined risk-weighting factors after applicable netting is performed. Operational Risk Operational RWAs are only required to be included in the Basel III Advanced Rules. The firm has been given permission by its regulators to calculate operational RWAs in accordance with the “Advanced Measurement Approach,” and therefore utilizes an internal risk-based model to quantify operational RWAs. Consolidated Regulatory Capital Ratios Capital Ratios and RWAs. Each of the ratios calculated in accordance with the Standardized Capital Rules was lower than the ratio calculated in accordance with the Basel III Advanced Rules as of June 2015 and therefore such lower ratios applied to the firm as of that date. Each of the ratios calculated in accordance with the Basel III Advanced Rules was lower than the ratio calculated in accordance with the Hybrid Capital Rules as of December 2014 and therefore such lower ratios applied to the firm as of that date. The table below presents the ratios calculated in accordance with both the Standardized and Basel III Advanced rules as of both June 2015 and December 2014. While the ratios calculated in accordance with the Standardized Capital Rules were not applicable until January 2015, the December 2014 ratios are presented in the table below for comparative purposes. As of $ in millions June 2015 December 2014 Standardized Common shareholders’ equity $ 76,454 $ 73,597 Deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities (2,874 ) (2,787 ) Deductions for investments in nonconsolidated financial institutions (1,482 ) (953 ) Other adjustments (347 ) (27 ) Common Equity Tier 1 71,751 69,830 Perpetual non-cumulative preferred stock 11,200 9,200 Junior subordinated debt issued to trusts 330 660 Other adjustments (906 ) (1,257 ) Tier 1 capital 82,375 78,433 Qualifying subordinated debt 13,201 11,894 Junior subordinated debt issued to trusts 990 660 Allowance for losses on loans and 408 316 Other adjustments (9 ) (9 ) Tier 2 capital 14,590 12,861 Total capital $ 96,965 $ 91,294 RWAs $608,254 $619,216 CET1 ratio 11.8% 11.3% Tier 1 capital ratio 13.5% 12.7% Total capital ratio 15.9% 14.7% Basel III Advanced Standardized Tier 2 capital $ 14,590 $ 12,861 Allowance for losses on loans and (408 ) (316 ) Tier 2 capital 14,182 12,545 Total capital $ 96,557 $ 90,978 RWAs $574,067 $570,313 CET1 ratio 12.5% 12.2% Tier 1 capital ratio 14.3% 13.8% Total capital ratio 16.8% 16.0% Tier 1 leverage ratio 9.6% 9.0% In the table above: • The deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities, include goodwill of $3.65 billion as of both June 2015 and December 2014, and identifiable intangible assets of $208 million (40% of $521 million) and $103 million (20% of $515 million) as of June 2015 and December 2014, respectively, net of associated deferred tax liabilities of $979 million and $961 million as of June 2015 and December 2014, respectively. The deduction for identifiable intangible assets is required to be phased into CET1 ratably over five years from 2014 to 2018. As of June 2015 and December 2014, CET1 reflects 40% and 20% of the deduction, respectively. The balance that is not deducted during the transitional period is risk weighted. • The deductions for investments in nonconsolidated financial institutions represent the amount by which the firm’s investments in the capital of nonconsolidated financial institutions exceed certain prescribed thresholds. The deduction for such investments is required to be phased into CET1 ratably over five years from 2014 to 2018. As of June 2015 and December 2014, CET1 reflects 40% and 20% of the deduction, respectively. The balance that is not deducted during the transitional period is risk weighted. • Other adjustments within CET1 and Tier 1 capital 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. The deductions for such items are generally required to be phased into CET1 ratably over five years from 2014 to 2018. As of June 2015 and December 2014, CET1 reflects 40% and 20% of such deductions, respectively. The balance that is not deducted from CET1 during the transitional period is generally deducted from Tier 1 capital within other adjustments. • Junior subordinated debt issued to trusts is reflected in both Tier 1 capital (25%) and Tier 2 capital (75%) as of June 2015. Such percentages were 50% for both Tier 1 and Tier 2 capital as of December 2014. Junior subordinated debt issued to trusts is reduced by the amount of trust preferred securities purchased by the firm and will be fully phased out of Tier 1 capital into Tier 2 capital by 2016, and then out of 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. • 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 tables below present the changes in CET1, Tier 1 capital and Tier 2 capital for the six months ended June 2015 and the period from December 31, 2013 to December 31, 2014. Six Months Ended June 2015 $ in millions Standardized Basel III Common Equity Tier 1 Beginning balance $69,830 $69,830 Increased deductions due to transitional provisions (1,368 ) (1,368 ) Increase in common shareholders’ equity 2,857 2,857 Change in deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities 15 15 Change in deduction for investments in nonconsolidated financial institutions 441 441 Change in other adjustments (24 ) (24 ) Ending balance $71,751 $71,751 Tier 1 capital Beginning balance $78,433 $78,433 Increased deductions due to transitional provisions (1,073 ) (1,073 ) Other net increase in CET1 3,289 3,289 Redesignation of junior subordinated debt issued to trusts (330 ) (330 ) Increase in perpetual non-cumulative preferred stock 2,000 2,000 Change in other adjustments 56 56 Ending balance 82,375 82,375 Tier 2 capital Beginning balance 12,861 12,545 Increased deductions due to transitional provisions (53 ) (53 ) Increase in qualifying subordinated debt 1,307 1,307 Redesignation of junior subordinated debt issued to trusts 330 330 Change in the allowance for losses on loans and lending commitments 92 — Change in other adjustments 53 53 Ending balance 14,590 14,182 Total capital $96,965 $96,557 $ in millions Period Ended Common Equity Tier 1 Balance, December 31, 2013 $63,248 Change in CET1 related to the transition to the Revised Capital Framework 1 3,177 Increase in common shareholders’ equity 2,330 Change in deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities 144 Change in deduction for investments in nonconsolidated financial institutions 839 Change in other adjustments 92 Balance, December 31, 2014 $69,830 Tier 1 capital Balance, December 31, 2013 $72,471 Change in CET1 related to the transition to the Revised Capital Framework 1 3,177 Change in Tier 1 capital related to the transition to the Revised Capital Framework 2 (443 ) Other net increase in CET1 3,405 Increase in perpetual non-cumulative preferred stock 2,000 Redesignation of junior subordinated debt issued to trusts and decrease related to trust preferred securities purchased by the firm (1,403 ) Change in other adjustments (774 ) Balance, December 31, 2014 78,433 Tier 2 capital Balance, December 31, 2013 13,632 Change in Tier 2 capital related to the transition to the Revised Capital Framework 3 (197 ) Decrease in qualifying subordinated debt (879 ) Trust preferred securities purchased by the firm, net of redesignation of junior subordinated debt issued to trusts (27 ) Change in other adjustments 16 Balance, December 31, 2014 12,545 Total capital $90,978 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 application of 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 firm’s application of 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 firm’s application of the Basel III Advanced Rules on April 1, 2014. In the table above, “Change in CET1 related to the transition to the Revised Capital Framework” primarily reflects the change in the treatment of equity investments in certain nonconsolidated entities. The Revised Capital Framework requires only a portion of such investments that exceed certain prescribed thresholds to be treated as deductions from CET1 and the remainder are risk-weighted, subject to the applicable transitional provisions. As of December 2013, in accordance with the previous capital regulations, these equity investments were treated as deductions. The tables below present the components of RWAs calculated in accordance with the Standardized and Basel III Advanced rules as of June 2015 and December 2014. Standardized Capital Rules $ in millions June 2015 December 2014 Credit RWAs Derivatives $155,874 $180,771 Commitments, guarantees and loans 103,844 89,783 Securities financing transactions 1 92,288 92,116 Equity investments 42,582 38,526 Other 2 76,878 71,499 Total Credit RWAs 471,466 472,695 Market RWAs Regulatory VaR 12,863 10,238 Stressed VaR 27,938 29,625 Incremental risk 16,275 16,950 Comprehensive risk 7,375 9,855 Specific risk 72,337 79,853 Total Market RWAs 136,788 146,521 Total RWAs $608,254 $619,216 Basel III Advanced Rules $ in millions June 2015 December 2014 Credit RWAs Derivatives $107,358 $122,501 Commitments, guarantees and loans 105,223 95,209 Securities financing transactions 1 20,557 15,618 Equity investments 44,515 40,146 Other 2 59,837 54,470 Total Credit RWAs 337,490 327,944 Market RWAs Regulatory VaR 12,863 10,238 Stressed VaR 27,938 29,625 Incremental risk 16,275 16,950 Comprehensive risk 6,188 8,150 Specific risk 72,338 79,918 Total Market RWAs 135,602 144,881 Total Operational RWAs 100,975 97,488 Total RWAs $574,067 $570,313 1. Represents resale and repurchase agreements and securities borrowed and loaned transactions. 2. Includes receivables, other assets, and cash and cash equivalents. The table below presents the changes in RWAs calculated in accordance with the Standardized and Basel III Advanced rules for the six months ended June 2015. Six Months Ended $ in millions Standardized Basel III Risk-Weighted Assets Beginning balance $619,216 $570,313 Credit RWAs Increased deductions due to transitional provisions (1,073 ) (1,073 ) Increase/(decrease) in derivatives (24,897 ) (15,143 ) Increase/(decrease) in commitments, guarantees and loans 14,061 10,014 Increase/(decrease) in securities financing transactions 172 4,939 Increase/(decrease) in equity investments 5,026 5,339 Change in other 5,482 5,470 Change in Credit RWAs (1,229 ) 9,546 Market RWAs Increase/(decrease) in regulatory VaR 2,625 2,625 Increase/(decrease) in stressed VaR (1,687 ) (1,687 ) Increase/(decrease) in incremental risk (675 ) (675 ) Increase/(decrease) in comprehensive risk (2,480 ) (1,962 ) Increase/(decrease) in specific risk (7,516 ) (7,580 ) Change in Market RWAs (9,733 ) (9,279 ) Operational RWAs Increase/(decrease) in operational risk — 3,487 Change in Operational RWAs — 3,487 Ending balance $608,254 $574,067 Standardized Credit RWAs as of June 2015 decreased by $1.23 billion compared with December 2014, reflecting a decrease in derivatives, primarily due to lower exposures to interest rate and commodity derivatives. This decrease was partially offset by an increase in lending activity and in equity investments. Standardized Market RWAs as of June 2015 decreased by $9.73 billion compared with December 2014, as a result of reduced specific risk exposures. Basel III Advanced Credit RWAs as of June 2015 increased by $9.55 billion compared with December 2014, reflecting increases in lending activity, securities financing exposures and in equity investments. These increases were partially offset by a decrease in RWAs related to derivatives, due to lower counterparty credit risk. Basel III Advanced Market RWAs as of June 2015 decreased by $9.28 billion compared with December 2014, as a result of reduced specific risk exposures. The table below presents the changes in RWAs from December 31, 2013 to December 31, 2014. As of December 31, 2013, the firm was subject to the capital regulations of the Federal Reserve Board that were based on the Basel Committee’s Basel I Capital Accord, including the revised market risk capital requirements. $ in millions Period Ended 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 (24,109 ) Increase in commitments, guarantees and loans 18,208 Decrease in securities financing transactions (2,782 ) Decrease in equity investments (2,728 ) Increase in other 2,007 Change in Credit RWAs 59,697 Market RWAs Change related to the transition to the Revised Capital Framework 1,626 Decrease in regulatory VaR (5,175 ) Decrease in stressed VaR (11,512 ) Increase in incremental risk 7,487 Decrease in comprehensive risk (6,617 ) Decrease in specific risk (5,907 ) Change in Market RWAs (20,098 ) Operational RWAs Change related to the transition to the Revised Capital Framework 88,938 Increase in operational risk 8,550 Change in Operational RWAs 97,488 Ending balance (Basel III Advanced) $570,313 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 in accordance with the Basel III Advanced Rules related to the firm’s application of the Basel III Advanced Rules on April 1, 2014. Credit RWAs as of December 2014 increased by $59.70 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 December 2014 decreased by $20.10 billion compared with December 2013, primarily due to a decrease in stressed VaR, reflecting reduced fixed income and equities exposures. Operational RWAs as of December 2014 increased by $97.49 billion compared with December 2013, substantially all of which was due to the transition to the Revised Capital Framework. Bank Subsidiaries Regulatory Capital Ratios. 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 regulatory capital requirements 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 calculates its capital ratios in accordance with the risk-based capital and leverage requirements applicable to state member banks. Those requirements are based on the Revised Capital Framework described above. GS Bank USA is an Advanced approach banking organization under the Revised Capital Framework. The minimum CET1 ratio required for GS Bank USA as of June 2015 is 4.5%. Under the regulatory framework for prompt corrective action applicable to GS Bank USA as of June 2015, in order to meet the quantitative requirements for being a “well-capitalized” depository institution, GS Bank USA was required to maintain a CET1 ratio of at least 6.5%, a Tier 1 capital ratio of at least 8.0%, a Total capital ratio of at least 10.0% and a Tier 1 leverage ratio of at least 5.0%. GS Bank USA was in compliance with its minimum capital requirements as of June 2015 and December 2014. GS Bank USA’s capital levels and prompt corrective action classification are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Failure to comply with these capital requirements could result in restrictions being imposed by GS Bank USA’s regulators. As of June 2015, similar to the firm, GS Bank USA is required to calculate each of the CET1, Tier 1 capital and Total capital ratios in accordance with both the Standardized Capital Rules and Basel III Advanced Rules. The lower of each ratio calculated in accordance with the Standardized Capital Rules and Basel III Advanced Rules is the ratio against which GS Bank USA’s compliance with its minimum ratio requirements is assessed. Each of the ratios calculated in accordance with the Standardized Capital Rules was lower than that calculated in accordance with the Basel III Advanced Rules and therefore each of the Standardized Capital ratios applied to GS Bank USA as of June 2015. As of December 2014, GS Bank USA was required to calculate each of the CET1, Tier 1 capital and Total capital ratios in accordance with both the Basel III Advanced Rules and Hybrid Capital Rules. The lower of each ratio calculated in accordance with the Basel III Advanced Rules and the Hybrid Capital Rules was the ratio against which GS Bank USA’s compliance with its minimum ratio requirements was assessed. Each of the ratios calculated in accordance with the Hybrid Capital Rules was lower than that calculated in accordance with the Basel III Advanced Rules and therefore each of the Hybrid Capital ratios applied to GS Bank USA as of December 2014. The table below presents the ratios for GS Bank USA calculated in accordance with both the Standardized and Basel III Advanced rules as of both June 2015 and December 2014, and with the Hybrid Capital Rules as of December 2014. While the ratios calculated in accordance with the Standardized Capital Rules were not applicable until January 2015, the December 2014 ratios are presented in the table below for comparative purposes. As of $ in millions June 2015 December 2014 Standardized Common Equity Tier 1 $ 21,988 $ 21,293 Tier 1 capital $ 21,988 $ 21,293 Tier 2 capital $ 2,222 $ 2,182 Total capital $ 24,210 $ 23,475 RWAs $208,221 $200,605 CET1 ratio 10.6% 10.6% Tier 1 capital ratio 10.6% 10.6% Total capital ratio 11.6% 11.7% Basel III Advanced Standardized Tier 2 capital $ 2,222 $ 2,182 Allowance for losses on loans and lending commitments (222 ) (182 ) Tier 2 capital 2,000 2,000 Total capital $ 23,988 $ 23,293 RWAs $136,642 $141,978 CET1 ratio 16.1% 15.0% Tier 1 capital ratio 16.1% 15.0% Total capital ratio 17.6% 16.4% Hybrid RWAs N/A $149,963 CET1 ratio N/A 14.2% Tier 1 capital ratio N/A 14.2% Total capital ratio N/A 15.7% Tier 1 leverage ratio 17.0% 17.3% 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 2015 and December 2014, 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 calculate their minimum capital requirements in accordance with the “Alternative Net Capital Requirement” as permitted by Rule 15c3-1. As of June 2015 and December 2014, GS&Co. had regulatory net capital, as defined by Rule 15c3-1, of $15.35 billion and $14.83 billion, respectively, which exceeded the amount required by $12.88 billion and $12.46 billion, respectively. As of June 2015 and December 2014, GSEC had regulatory net capital, as defined by Rule 15c3-1, of $1.62 billion and $1.67 bill |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2015 | |
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 per share amounts Three Months Six Months Ended June 2015 2014 2015 2014 Numerator for basic and diluted EPS - net earnings applicable to common shareholders $ 916 $1,953 $3,664 $3,902 Denominator for basic EPS - weighted average number of common shares 451.4 461.7 452.3 465.1 Effect of dilutive securities: RSUs 5.2 5.9 4.8 5.4 Stock options 5.0 8.3 5.0 9.6 Dilutive potential common shares 10.2 14.2 9.8 15.0 Denominator for diluted EPS - weighted average number of common shares and dilutive potential common shares 461.6 475.9 462.1 480.1 Basic EPS $ 2.01 $ 4.21 $ 8.07 $ 8.36 Diluted EPS 1.98 4.10 7.93 8.13 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 for both the three months ended June 2015 and June 2014, and $0.03 for both the six months ended June 2015 and June 2014. The diluted EPS computations in the table above do not include antidilutive RSUs and common shares underlying antidilutive stock options of 3.4 million and 6.0 million for the three months ended June 2015 and June 2014, respectively, and 6.1 million and 6.0 million for the six months ended June 2015 and June 2014, respectively. |
Transactions with Affiliated Fu
Transactions with Affiliated Funds | 6 Months Ended |
Jun. 30, 2015 | |
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 $ in millions 2015 2014 2015 2014 Fees earned from funds $917 $718 $1,802 $1,610 As of $ in millions June December Fees receivable from funds $ 628 $ 724 Aggregate carrying value of interests in funds 8,904 9,099 As of June 2015 and December 2014, the firm had outstanding guarantees on behalf of its funds of $300 million and $304 million, respectively. This amount primarily related 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 2015 and December 2014, 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 conformance period. 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 Ex
Interest Income and Interest Expense | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift, Interest [Abstract] | |
Interest Income and Interest Expense | Note 23. Interest Income and Interest Expense Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates. The table below presents the firm’s sources of interest income and interest expense. Three Months Six Months Ended June $ in millions 2015 2014 2015 2014 Interest income Deposits with banks $ 41 $ 49 $ 79 $ 99 Securities borrowed, securities purchased under agreements to resell and federal funds sold 1 29 19 (1 ) 37 Financial instruments owned, at fair value 1,474 1,968 2,948 4,013 Loans receivable 273 160 526 296 Other interest 2 333 383 633 728 Total interest income 2,150 2,579 4,185 5,173 Interest expense Deposits 98 82 183 167 Securities loaned and securities sold under agreements to repurchase 75 125 148 259 Financial instruments sold, but not yet purchased, at fair value 328 446 657 979 Short-term borrowings 3 126 104 251 199 Long-term borrowings 3 1,097 925 1,908 1,828 Other interest 4 (237 ) (103 ) (484 ) (296 ) Total interest expense 1,487 1,579 2,663 3,136 Net interest income $ 663 $1,000 $1,522 $2,037 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, 2015 | |
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 U.S. Federal 2008 New York State and City 2007 United Kingdom 2012 Japan 2010 Hong Kong 2006 Korea 2010 The U.S. Federal examinations of fiscal 2008 through calendar 2010 have been finalized, but the settlement is subject to review by the Joint Committee of Taxation. The examinations of 2011 and 2012 began in 2013. New York State and City examinations of fiscal 2007 through 2010 began in 2013. All years including and subsequent to the years in the table above remain open to examination by the taxing authorities. The firm believes that the liability for unrecognized tax benefits it has established is adequate in relation to the potential for additional assessments. 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 that was examined under the program, and remains subject to post-filing review. The firm was also accepted into the program for the 2014 and 2015 tax years. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | 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 global core liquid assets 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. Management believes that the information in the table below provides a reasonable representation of each segment’s contribution to consolidated pre-tax Three Months Six Months $ in millions 2015 2014 2015 2014 Investment Banking Financial Advisory $ 821 $ 506 $ 1,782 $ 1,188 Equity underwriting 595 545 1,128 982 Debt underwriting 603 730 1,014 1,390 Total Underwriting 1,198 1,275 2,142 2,372 Total net revenues 2,019 1,781 3,924 3,560 Operating expenses 1,157 1,077 2,261 2,122 Pre-tax earnings $ 862 $ 704 $ 1,663 $ 1,438 Segment assets $ 2,530 $ 2,188 Institutional Client Services Fixed Income, Currency and Commodities Client Execution $ 1,604 $ 2,223 $ 4,738 $ 5,073 Equities client execution 787 483 1,911 899 Commissions and fees 767 751 1,575 1,579 Securities services 443 373 836 725 Total Equities 1,997 1,607 4,322 3,203 Total net revenues 3,601 3,830 9,060 8,276 Operating expenses 1 4,008 3,045 7,579 6,139 Pre-tax earnings/(loss) 1 $ (407 ) $ 785 $ 1,481 $ 2,137 Segment assets $688,406 $724,792 Investing & Lending Equity securities $ 1,254 $ 1,447 $ 2,414 $ 2,354 Debt securities and loans 547 625 1,056 1,247 Total net revenues 2 1,801 2,072 3,470 3,601 Operating expenses 853 999 1,590 1,891 Pre-tax earnings $ 948 $ 1,073 $ 1,880 $ 1,710 Segment assets $154,232 $119,375 Investment Management Management and other fees $ 1,245 $ 1,203 $ 2,439 $ 2,355 Incentive fees 263 139 517 443 Transaction revenues 140 100 276 218 Total net revenues 1,648 1,442 3,232 3,016 Operating expenses 1,325 1,183 2,596 2,459 Pre-tax earnings $ 323 $ 259 $ 636 $ 557 Segment assets $ 14,711 $ 13,559 Total net revenues $ 9,069 $ 9,125 $19,686 $18,453 Total operating expenses 1, 3 7,343 6,304 14,026 12,611 Total pre-tax earnings 1 $ 1,726 $ 2,821 $ 5,660 $ 5,842 Total assets $859,879 $859,914 1. Both the three and six months ended June 2015 include the net provision of $1.45 billion for mortgage-related litigation and regulatory matters recorded during the second quarter ended June 2015. 2. Net revenues related to the firm’s consolidated investments, previously reported in other net revenues within Investing & Lending, are now reported in equity securities and debt securities and loans, as results from these activities ($84 million and $166 million for the three and six months ended June 2015, respectively) are no longer significant due to the sale of Metro in the fourth quarter of 2014. Reclassifications have been made to previously reported amounts to conform to the current presentation. 3. Operating expenses related to real estate-related exit costs, previously not allocated to the firm’s segments, have now been allocated. This allocation reflects the change in the manner in which management views the performance of the firm’s segments. Reclassifications have been made to previously reported segment amounts to conform to the current presentation. The segment information presented in the table above is prepared according to the following methodologies: • Revenues and expenses directly associated with each segment are included in determining pre-tax earnings. • Net revenues in the firm’s segments include allocations of interest income and 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. • 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 Ended June Six Months Ended June $ in millions 2015 2014 2015 2014 Investment Banking $ — $ — $ — $ — Institutional Client Services 525 894 1,251 1,873 Investing & Lending 94 77 191 103 Investment Management 44 29 80 61 Total net interest income $663 $1,000 $1,522 $2,037 Three Months Six Months $ in millions 2015 2014 2015 2014 Investment Banking $ 29 $ 35 $ 58 $ 67 Institutional Client Services 121 124 222 238 Investing & Lending 79 97 132 304 Investment Management 36 38 72 75 Total depreciation and amortization 1 $265 $ 294 $ 484 $ 684 1. Depreciation and amortization related to real estate-related exit costs, previously not allocated to the firm’s segments, have now been allocated. This allocation reflects the change in the manner in which management views the performance of the firm’s segments. Reclassifications have been made to previously reported segment amounts to conform to the current presentation. 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: • Investment Banking: location of the client and investment banking team. • 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. • Investing & Lending: Investing: location of the investment; Lending: location of the client. • 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 for each geographic region. In the tables below, Asia includes Australia and New Zealand. Three Months Ended June $ in millions 2015 2014 Net revenues Americas $ 5,141 56% $ 5,202 57% Europe, Middle East and Africa 2,230 25% 2,737 30% Asia 1,698 19% 1,186 13% Total net revenues $ 9,069 100% $ 9,125 100% Pre-tax earnings Americas 1 $ 363 21% $ 1,452 51% Europe, Middle East and Africa 716 41% 1,011 36% Asia 647 38% 358 13% Total pre-tax earnings 1, 2 $ 1,726 100% $ 2,821 100% Six Months Ended June $ in millions 2015 2014 Net revenues Americas $11,013 56% $10,699 58% Europe, Middle East and Africa 5,115 26% 5,376 29% Asia 3,558 18% 2,378 13% Total net revenues $19,686 100% $18,453 100% Pre-tax earnings Americas 1 $ 2,436 43% $ 3,142 54% Europe, Middle East and Africa 1,813 32% 1,983 34% Asia 1,411 25% 717 12% Total pre-tax earnings 1, 2 $ 5,660 100% $ 5,842 100% 1. Both the three and six months ended June 2015 include the net provision of $1.45 billion for mortgage-related litigation and regulatory matters recorded during the second quarter ended June 2015. 2. Operating expenses related to real estate-related exit costs, previously not allocated to the firm’s geographic regions, have now been allocated. This allocation reflects the change in the manner in which management views the performance of the geographic regions. Reclassifications have been made to previously reported geographic region amounts to conform to the current presentation. |
Credit Concentrations
Credit Concentrations | 6 Months Ended |
Jun. 30, 2015 | |
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 U.S. government and federal agency 1 $64,724 $69,170 % of total assets 7.5% 8.1% Non-U.S. government and agency obligations 1 $34,006 $37,059 % of total assets 4.0% 4.3% 1. Included in “Financial instruments owned, at fair value” and “Cash and securities segregated for regulatory and other purposes.” As of June 2015 and December 2014, 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 10 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 U.S. government and federal agency $80,766 $103,263 Non-U.S. government and agency obligations 1 84,968 71,302 1. Principally consists of securities issued by the governments of France, the United Kingdom, Japan and Germany. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2015 | |
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 difference between the initial sales price of the securities that the firm sold in such underwriting and the estimated lowest subsequent price of such securities and (c) in the case of (iii), the price that purchasers paid for the securities less the estimated value, if any, as of June 2015 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 $5.9 billion in excess of the aggregate reserves for such matters. Management is generally unable to estimate a range of reasonably possible loss for matters other than those included in the estimate above, including where (i) actual or potential plaintiffs have not claimed an amount of money damages, except in those instances where management can otherwise determine an appropriate amount, (ii) matters are in early stages, (iii) matters relate to regulatory investigations or reviews, except in those instances where management can otherwise determine an appropriate amount, (iv) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (v) there is uncertainty as to the outcome of pending appeals or motions, (vi) there are significant factual issues to be resolved, and/or (vii) there are novel legal issues presented. For example, the firm’s potential liabilities with respect to future mortgage-related “put-back” claims and the action filed by the Libyan Investment Authority discussed below may ultimately result in an increase in the firm’s liabilities, but are not included in management’s estimate of reasonably possible loss. As another example, the firm’s potential liabilities with respect to the investigations and reviews discussed below under “Regulatory Investigations and Reviews and Related Litigation” also generally are not included in management’s estimate of reasonably possible loss. However, management does not believe, based on currently available information, that the outcomes of such other matters will have a material adverse effect on the firm’s financial condition, though the outcomes could be material to the firm’s operating results for any particular period, depending, in part, upon the operating results for such period. See Note 18 for further information about 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. On January 30, 2015, the plaintiffs moved for class certification. 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 rescissory 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 March 23, 2015, the plaintiff moved for class certification. On June 5, 2015, the plaintiff and the defendants agreed to a settlement in principle, subject to definitive documentation and court approval, which would resolve the claims of the plaintiff and the separate plaintiff discussed below. The firm has reserved the full amount of the proposed settlement. 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. On March 20, 2015, the separate plaintiff moved for class certification. The securitization trusts issued, and GS&Co. underwrote, approximately $11 billion principal amount of certificates to all purchasers in the 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. On January 30, 2015, defendants moved for summary judgment. 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 ACA Financial Guaranty Corp., Aozora Bank, Ltd., Basis Yield Alpha Fund (Master), the Charles Schwab Corporation, CIFG Assurance of North America, Inc., Deutsche Zentral-Genossenschaftbank, the FDIC (as receiver for Guaranty Bank), the Federal Home Loan Banks of Chicago and Seattle, IKB Deutsche Industriebank AG, Massachusetts Mutual Life Insurance Company, 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, Watertown Savings Bank, Commerzbank, Texas County & District Retirement System, the Commonwealth of Virginia (on behalf of the Virginia Retirement System) and the Tennessee Consolidated 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. Norges Bank Investment Management, Selective Insurance Company and the State of Illinois (on behalf of Illinois state retirement systems) 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 one 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 $6.6 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 $11.1 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 September 29, 2014, the court denied without prejudice and with leave to renew at a later date Group Inc.’s motion to sever the claims against it and certain other defendants. On February 20, 2015, the defendants moved to dismiss. The firm has also received, and continues to receive, requests for information and/or subpoenas from, and is engaged in discussions with, the U.S. Department of Justice, other members of the Residential Mortgage-Backed Securities Working Group of the U.S. Financial Fraud Enforcement Task Force (RMBS Working Group) and other federal, state and local regulators and law enforcement authorities as part of inquiries or investigations 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, which may subject the firm to actions, including litigation, penalties and fines. As part of the RMBS Working Group investigation, the U.S. Attorney for the Eastern District of California, in connection with potentially bringing a civil action, has concluded that the firm violated federal law in connection with its underwriting, securitization and sale of residential mortgage-backed securities. The firm is in discussions with the RMBS Working Group with respect to potential resolution of this matter and were it to be resolved, of which there can be no assurance, such resolution may result in significant penalties and other costs. The firm 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. 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 October 17, 2014, the plaintiffs and defendants moved for summary judgment. On February 19, 2015, the court preliminarily approved the settlement among GS&Co., the other underwriter defendants and the plaintiffs. The firm has paid the full amount of its contribution to the settlement. 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. GT Advanced Technologies Securities Litigation. GS&Co. is among the underwriters named as defendants in several putative securities class actions filed in October 2014 in the U.S. District Court for the District of New Hampshire. In addition to the underwriters, the defendants include certain directors and officers of GT Advanced Technologies Inc. (GT Advanced Technologies). As to the underwriters, the complaints generally allege misstatements and omissions in connection with the December 2013 offerings by GT Advanced Technologies of approximately $86 million of common stock and $214 million principal amount of convertible senior notes, assert claims under the federal securities laws, and seek compensatory damages in an unspecified amount and rescission. On July 20, 2015, the plaintiffs filed a consolidated amended complaint. GS&Co. underwrote 3,479,769 shares of common stock and $75 million principal amount of notes for an aggregate offering price of approximately $105 million. On October 6, 2014, GT Advanced Technologies filed for Chapter 11 bankruptcy. FireEye Securities Litigation. GS&Co. is among the underwriters named as defendants in several putative securities class actions, filed beginning in June 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 complaints generally allege misstatements and omissions in connection with the offering materials for the March 2014 offering of approximately $1.15 billion of FireEye common stock, assert claims under the federal securities laws, and seek compensatory damages in an unspecified amount and rescission. On July 9, 2015, the court overruled the defendants’ demurrers, which sought to have the consolidated amended complaint dismissed. GS&Co. underwrote 2,100,000 shares for a total offering price of approximately $172 million. Cobalt International Energy Securities Litigation. Cobalt International Energy, Inc. (Cobalt), certain of its officers and directors (including employees of affiliates of Group Inc. who served as directors of Cobalt), affiliates of shareholders of Cobalt (including Group Inc.) and underwriters (including GS&Co.) for certain offerings of Cobalt’s securities are defendants in a putative securities class action filed on November 30, 2014 in the U.S. District Court for the Southern District of Texas. The consolidated amended complaint, filed on May 1, 2015, asserts claims under the federal securities laws, seeks compensatory and rescissory damages in unspecified amounts and alleges material misstatements and omissions concerning Cobalt in connection with a $1.67 billion February 2012 offering of Cobalt common stock, a $1.38 billion December 2012 offering of Cobalt’s convertible notes, a $1.00 billion January 2013 offering of Cobalt’s common stock, a $1.33 billion May 2013 offering of Cobalt’s common stock, and a $1.30 billion May 2014 offering of Cobalt’s convertible notes. The consolidated amended complaint alleges that, among others, Group Inc. and GS&Co. are liable as controlling persons with respect to all five offerings. The consolidated amended complaint also seeks damages from GS&Co. in connection with its acting as an underwriter of 14,430,000 shares of common stock representing an aggregate offering price of approximately $465 million, $690 million principal amount of convertible notes, and approximately $508 million principal amount of convertible notes in the February 2012, December 2012 and May 2014 offerings, respectively, for an aggregate offering price of approximately $1.66 billion. On June 30, 2015, all defendants moved to dismiss the consolidated amended complaint. Solazyme, Inc. Securities Litigation. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on June 24, 2015 in the U.S. District Court for the Northern District of California. In addition to the underwriters, the defendants include Solazyme, Inc. (Solazyme) and certain of its directors and officers. As to the underwriters, the complaints generally allege misstatements and omissions in connection with March 2014 offerings by Solazyme of approximately $63 million of common stock and $150 million principal amount of convertible senior subordinated notes, assert claims under the federal securities laws, and seek compensatory damages in an unspecified amount and rescission. GS&Co. underwrote 3,450,000 shares of common stock and $150 million principal amount of notes for an aggregate offering price of approximately $187 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 March 10, 2015, the magistrate judge to whom the district judge assigned the remaining plaintiffs’ May 2014 motion for class certification recommended that the motion be denied in all respects. On March 24, 2015, plaintiffs moved for reconsideration of that recommendation. On April 13, 2015, plaintiffs’ counsel requested that two female individuals, one of whom was employed by the firm as of September 2010 and the other of whom is a current employee of the firm, be permitted to intervene as plaintiffs. 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. 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.’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 OTC 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. On September 4, 2014, the court granted in part and denied in part the defendants’ motion to dismiss, permitting the claim alleging an antitrust conspiracy to proceed but confining it to a period after the fall of 2008. 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 August 4, 2014, GSI withdrew its April 10, 2014 motion for summary judgment, and on December 4, 2014, the Libyan Investment Authority filed an amended statement of claim. Municipal Securities Matters. GS&Co. (along with, in some cases, other financial services firms) is named by municipalities, municipal-owned entities, state-owned agencies or instrumentalities and non-profit entities in a number of FINRA arbitrations and federal court cases based on GS&Co.’s role as underwriter of the claimants’ issuances of an aggregate of approximately $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. Certain of the arbitrations have been enjoined in accordance with the exclusive forum selection clauses in the transaction documents. In addition, GS&Co. has filed motions with the FINRA Panels to dismiss the arbitrations, one of which has been granted, and has filed a motion to dismiss one of the proceedings pending in federal court. GS&Co. has also reached settlements in two actions and settlements in principle in two actions. U.S. Treasury Securities-Related Litigation. GS&Co. is among the primary dealers named as defendants in several putative class actions relating to the market for U.S. Treasury securities, filed beginning in July 2015, in the U.S. District Court for the Southern District of New York. The complaints generally allege that the defendants violated the federal antitrust laws and the Commodity Exchange Act in connection with an alleged conspiracy to manipulate the when-issued market and auctions for U.S. Treasury securities, as well as related futures and options, and seek declaratory and injunctive relief, treble damages in an unspecified amount and restitution. Commodities-Related Litigation. GS&Co., GSI, J. Aron & Company and Metro, a previously consolidated subsidiary of Group Inc. that was sold in the fourth quarter of 2014, 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. On August 29, 2014, the court granted the Goldman Sachs defendants’ motion to dismiss. Certain plaintiffs appealed on September 24, 2014, and the remaining plaintiffs filed proposed amended complaints on October 9 and 10, 2014. On March 26, 2015, the court granted in part and denied in part plaintiffs’ motions for leave to amend their complaints, rejecting their monopolization claims and most state law claims but permitting their antitrust conspiracy claims and certain parallel state law and unjust enrichment claims to proceed, and the remaining plaintiffs filed amended complaints on April 9, 2015. GS Power, Metro and GSI are among the defendants named in putative class actions, filed beginning on 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. On June 17, 2015, the plaintiffs filed a consolidated amended complaint. GSI is among the defendants named in putative class actions relating to trading in platinum and palladium, filed beginning on November 25, 2014, in the U.S. District Court for the Southern District of New York. The complaint |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014. References to “the 2014 Form 10-K” are to the firm’s Annual Report on Form 10-K for the year ended December 31, 2014. The condensed consolidated financial information as of December 31, 2014 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 2015, March 2015 and June 2014 refer to the firm’s periods ended, or the dates, as the context requires, June 30, 2015, March 31, 2015 and June 30, 2014, respectively. All references to December 2014 refer to the date December 31, 2014. 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 12 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 13 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, as well as over-the-counter (OTC) transactions. 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 recognized 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 10 for further information about transfers of assets accounted for as collateralized financings and Note 11 for further information about transfers of assets accounted for as sales. |
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. As of June 2015 and December 2014, “Cash and cash equivalents” included $6.78 billion and $5.79 billion, respectively, of cash and due from banks, and $54.07 billion and $51.81 billion, respectively, of interest-bearing deposits with banks. |
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 and collateral posted in connection with certain derivative transactions. Substantially all of these receivables are accounted for at amortized cost net of estimated uncollectible amounts. 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. See Note 8 for further information about receivables from customers and counterparties accounted for at fair value under the fair value option. In addition, as of June 2015 and December 2014, the firm’s receivables from customers and counterparties included $2.39 billion and $400 million, respectively, of loans held for sale, accounted for at the lower of cost or fair value. See Note 5 for an overview of the firm’s fair value measurement policies. As of June 2015 and December 2014 the carrying value of receivables not accounted for at fair value generally approximated fair value. 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 through 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 2015 and December 2014. Interest on receivables from customers and counterparties is recognized over the life of the transaction and included in “Interest income.” |
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 through 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 2015 and December 2014. |
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 through 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 2015 and December 2014. Interest on payables to customers and counterparties is recognized over the life of the transaction and included in “Interest expense.” |
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 10 for further information about collateral received and pledged, including rights to deliver or repledge collateral. See Notes 7 and 10 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 Translation 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 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASC 205 and ASC 360). In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) — Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU No. 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The ASU requires expanded disclosures for discontinued operations and disposals of individually significant components of an entity that do not qualify for discontinued operations reporting. The ASU was effective for disposals and components classified as held for sale that occurred within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption was permitted. The firm early adopted ASU No. 2014-08 in 2014 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. In July 2015, the FASB voted to defer the effective date of ASU No. 2014-09 by one year, to annual reporting periods beginning after December 15, 2017. Early adoption will be permitted for annual reporting periods beginning after December 15, 2016. 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 were effective for the first interim and annual reporting periods beginning after December 15, 2014. The additional disclosures for certain securities financing transactions were required for annual reporting periods beginning after December 15, 2014 and for interim reporting periods beginning after March 15, 2015. Adoption of the accounting changes in ASU No. 2014-11 on January 1, 2015 did not materially affect the firm’s financial condition, results of operations, or cash flows. Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (ASC 810). In August 2014, the FASB issued ASU No. 2014-13, “Consolidation (Topic 810) — Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (CFE).” ASU No. 2014-13 provides an alternative to reflect changes in the fair value of the financial assets and the financial liabilities of the CFE by measuring either the fair value of the assets or liabilities, whichever is more observable. ASU No. 2014-13 provides new disclosure requirements for those electing this approach, and is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. Adoption of ASU No. 2014-13 will not materially affect the firm’s financial condition, results of operations, or cash flows. Amendments to the Consolidation Analysis (ASC 810). In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) — Amendments to the Consolidation Analysis.” ASU No. 2015-02 eliminates the deferral of the requirements of ASU No. 2009-17, “Consolidations (Topic 810) — Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities” for certain interests in investment funds and provides a scope exception from Topic 810 for certain investments in money market funds. The ASU also makes several modifications to the consolidation guidance for VIEs and general partners’ investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. ASU No. 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted and the firm intends to early adopt in 2015. Adoption of ASU No. 2015-02 is not expected to materially affect the firm’s financial condition, results of operations, or cash flows. Simplifying the Presentation of Debt Issuance Costs (ASC 835). In April 2015, the FASB issued ASU No. 2015-03, “Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs.” ASU No. 2015-03 simplifies the presentation of debt issuance costs by requiring that these costs related to a recognized debt liability be presented in the statement of financial condition as a direct reduction from the carrying amount of that liability. ASU No. 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted and the firm intends to early adopt in 2015. ASU No. 2015-03 is required to be applied retrospectively to all periods presented beginning in the year of adoption. Adoption will not materially affect the firm’s financial condition, results of operations, or cash flows. Disclosures for Investments in Certain Entities That Calculate Net Asset Value (NAV) per Share (or Its Equivalent) (ASC 820). In May 2015, the FASB issued ASU No. 2015–07, “Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” ASU No. 2015–07 requires that investments for which the fair value is measured at NAV using the practical expedient (investments in funds measured at NAV) under “Fair Value Measurements and Disclosures” (Topic 820) be excluded from the fair value hierarchy. ASU No. 2015–07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015–07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. The firm early adopted ASU No. 2015–07 in June 2015 and adoption did not affect the firm’s financial condition, results of operations, or cash flows. In accordance with ASU No. 2015-07, previously reported amounts have been conformed to the current presentation. See Notes 4 through 6 for the disclosures required by ASU No. 2015-07. |
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, investments in funds measured at NAV, 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. Significant inputs are generally determined based on relative value analyses and include: • • • • Loans and securities backed by residential real estate • • 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 to instruments with similar collateral and risk profiles. Significant inputs include: • • • • 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: • • • Commercial paper, certificates of deposit, time deposits and other money market instruments Non-U.S. government and agency obligations Corporate debt securities State and municipal obligations Other debt obligations 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: • • • 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: • • • • 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: • • • Investments in Funds That Are Measured at Net Asset Value Per Share Cash instruments at fair value include investments in funds that are measured at NAV of the investment fund. The firm uses NAV to measure the fair value of its 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 early adopted ASU No. 2015-07 in June 2015 and as required, disclosures in the paragraphs and tables below are limited to only those investments in funds that are measured at NAV. In accordance with ASU No. 2015-07, previously reported amounts have been conformed to the current presentation. 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. • Interest Rate. • Credit. • Currency. • Commodity. • Equity. 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. As of both June 2015 and December 2014, there were no level 3 resale agreements, securities borrowed or securities loaned. As of both June 2015 and December 2014, the firm’s level 3 repurchase agreements were not material. See Note 10 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 2015: • Funding spreads: 32 bps to 325 bps (weighted average: 196 bps) • Yield: 0.6% to 10.0% (weighted average: 2.6%) • Duration: 1.5 to 9.3 years (weighted average: 3.0 years) As of December 2014: • Funding spreads: 210 bps to 325 bps (weighted average: 278 bps) • Yield: 1.1% to 10.0% (weighted average: 3.1%) • Duration: 0.7 to 3.8 years (weighted average: 2.6 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 10 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 both June 2015 and December 2014, the firm’s level 3 receivables from customers and counterparties were not material. 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 and (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. 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 Overnight Index Swap Rate (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 During 2013, the firm designated certain commodities-related swap and forward contracts as cash flow hedges. These swap and forward contracts hedged 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. During the fourth quarter of 2014, the firm de-designated these swaps and forward contracts as cash flow hedges as it became probable that the hedged forecasted sales would not occur. Prior to de-designation, the firm applied a statistical method that utilized regression analysis when assessing hedge effectiveness. A cash flow hedge was considered highly effective in offsetting changes in forecasted cash flows attributable to the hedged risk when the regression analysis resulted 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, were included in “Cash flow hedges” within the condensed consolidated statements of comprehensive income. Such gains or losses were reclassified to “Other principal transactions” within the condensed consolidated statements of earnings when it became probable that the hedged forecasted sales would not occur. Gains or losses resulting from hedge ineffectiveness were 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. |
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: • Reflect economic events in earnings on a timely basis; • 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 • 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: • Repurchase agreements and substantially all resale agreements; • Securities borrowed and loaned within Fixed Income, Currency and Commodities Client Execution; • Substantially all other secured financings, including transfers of assets accounted for as financings rather than sales; • Certain unsecured short-term borrowings, consisting of all promissory notes and commercial paper and certain hybrid financial instruments; • Certain unsecured long-term borrowings, including certain prepaid commodity transactions and certain hybrid financial instruments; • Certain receivables from customers and counterparties, including transfers of assets accounted for as secured loans rather than purchases and certain margin loans; • 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 • Certain subordinated liabilities issued by consolidated VIEs. |
Loans Receivable, Policy | Loans receivable is comprised of loans held for investment that are accounted for at amortized cost net of allowance for loan losses. Interest on such loans is recognized over the life of the loan and is recorded on an accrual basis. Loans are charged off against the allowance for loan losses when deemed to be uncollectible. A loan is determined to be impaired when it is probable that the firm will not be able to collect all principal and interest due under the contractual terms of the loan. At that time, loans are placed on non-accrual status and all accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis to the extent the loan balance is deemed collectible. Otherwise all cash received is used to reduce the outstanding loan balance. As of June 2015 and December 2014, impaired loans receivable in non-accrual status were not material. |
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 (including “repos- and reverses-to-maturity”) involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold at the maturity of the agreement. 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. Prior to January 2015, repos-to-maturity were accounted for as sales. The firm had no repos-to-maturity as of June 2015 and December 2014. See Note 3 for information about changes to the accounting for repos-to-maturity which became effective in January 2015. Other Secured Financings In addition to repurchase agreements and securities loaned transactions, the firm funds certain assets through the use of other secured financings and pledges financial instruments and other assets as collateral in these transactions. These other secured financings consist of: • Liabilities of consolidated VIEs; • Transfers of assets accounted for as financings rather than sales (primarily collateralized central bank financings, pledged commodities, bank loans and mortgage whole loans); and • Other structured financing arrangements. Other secured financings include arrangements that are nonrecourse. As of June 2015 and December 2014, nonrecourse other secured financings were $2.81 billion and $1.94 billion, respectively. 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 through 8. Had these financings been included in the firm’s fair value hierarchy, they would have been primarily classified in level 2 as of June 2015 and December 2014. |
Consolidation, Variable Interest Entity, Policy | Variable Interest Entities. The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The firm determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: • Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; • Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; • The VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; • The VIE’s capital structure; • The terms between the VIE and its variable interest holders and other parties involved with the VIE; and • Related-party relationships. The firm reassesses its 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. |
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. 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. 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: • 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. • 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, if any. An impairment is equal to the excess of the carrying amount of goodwill over its fair value. |
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 equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset if the carrying value of the asset exceeds its estimated fair value. |
Commitments to Extend Credit, Policy | As of June 2015 and December 2014, $87.56 billion and $66.22 billion, respectively, of the firm’s lending commitments were held for investment and were accounted for on an accrual basis. See Note 9 for further information about such commitments. 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, 37
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased | The tables below present the firm’s financial instruments owned, at fair value, and financial instruments sold, but not yet purchased, at fair value. As of June 2015 $ in millions Financial Financial Commercial paper, certificates of deposit, time deposits and other money market instruments $ 2,767 $ — U.S. government and federal agency obligations 52,295 15,103 Non-U.S. government and agency obligations 34,006 21,794 Mortgage and other asset-backed loans and securities: Loans and securities backed by commercial real estate 4,483 1 1 Loans and securities backed by residential real estate 11,075 2 — Bank loans and bridge loans 12,064 371 Corporate debt securities 17,383 4,555 State and municipal obligations 1,417 — Other debt obligations 2,190 3 1 Equities and convertible debentures 98,073 30,049 Commodities 4,253 704 Investments in funds measured at NAV 8,956 — Subtotal 248,962 72,578 Derivatives 54,501 51,726 Total $303,463 $124,304 As of December 2014 $ in millions Financial Financial Commercial paper, certificates of deposit, time deposits and other money market instruments $ 3,654 $ — U.S. government and federal agency obligations 48,002 12,762 Non-U.S. government and agency obligations 37,059 20,500 Mortgage and other asset-backed loans and securities: Loans and securities backed by commercial real estate 6,463 1 1 Loans and securities backed by residential real estate 11,717 2 — Bank loans and bridge loans 14,848 464 Corporate debt securities 21,419 5,800 State and municipal obligations 1,203 — Other debt obligations 3,257 3 2 Equities and convertible debentures 87,900 28,314 Commodities 3,846 1,224 Investments in funds measured at NAV 9,610 — Subtotal 248,978 69,067 Derivatives 63,270 63,016 Total $ 312,248 $132,083 1. Includes $2.39 billion and $4.29 billion of loans backed by commercial real estate as of June 2015 and December 2014, respectively. 2. Includes $7.31 billion and $6.43 billion of loans backed by residential real estate as of June 2015 and December 2014, respectively. 3. Includes $493 million and $618 million of loans backed by consumer loans and other assets as of June 2015 and December 2014, respectively. |
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 Product Type Three Months Ended June Six Months Ended June 2015 2014 2015 2014 Interest rates $ 2,864 $ (176 ) $ 278 $ (456 ) Credit (12 ) 1,022 920 2,202 Currencies (1,861 ) 561 1,791 856 Equities 1,041 544 2,703 1,227 Commodities 277 234 542 995 Market making 2,309 2,185 6,234 4,824 Other principal transactions 1 1,707 1,995 3,279 3,498 Total $ 4,016 $4,180 $9,513 $8,322 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. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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. 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 2015 March 2015 December Total level 1 financial assets $143,808 $ 146,659 $ 139,484 Total level 2 financial assets 423,629 448,886 466,030 Total level 3 financial assets 32,412 34,342 35,780 Investments in funds measured at NAV 8,956 9,216 9,610 Counterparty and cash collateral netting (90,510 ) (106,649 ) (104,616 ) Total financial assets at fair value $518,295 $ 532,454 $ 546,288 Total assets 1 $859,879 $ 865,458 $ 856,240 Total level 3 financial assets as a percentage of total assets 3.8% 4.0% 4.2% Total level 3 financial assets as a percentage of total financial assets at fair value 6.3% 6.4% 6.5% Total level 1 financial liabilities $ 63,772 $ 60,609 $ 59,697 Total level 2 financial liabilities 247,883 262,860 253,364 Total level 3 financial liabilities 18,353 16,309 15,904 Counterparty and cash collateral netting (39,075 ) (46,587 ) (37,267 ) Total financial liabilities at fair value $290,933 $ 293,191 $ 291,698 Total level 3 financial liabilities as a percentage of total financial liabilities at fair value 6.3% 5.6% 5.5% 1. Includes $834 billion, $842 billion and $834 billion as of June 2015, March 2015 and December 2014, respectively, that is carried at fair value or at amounts that generally approximate fair value. |
Total Level 3 Financial Assets | The table below presents a summary of level 3 financial assets. See Notes 6 through 8 for further information about level 3 financial assets. Level 3 Financial Assets as of $ in millions June 2015 March December Cash instruments $26,195 $27,235 $28,650 Derivatives 6,175 7,069 7,074 Other financial assets 42 38 56 Total $32,412 $34,342 $35,780 |
Cash Instruments (Tables)
Cash Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Fair Value, Cash Instruments, Measurement Inputs, Disclosure | The table below presents the ranges and weighted averages of significant unobservable inputs used to value the firm’s level 3 cash instruments. In the table below: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of cash instrument. • Weighted averages are calculated by weighting each input by the relative fair value of the 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. • 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. • The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows models may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. Level 3 Cash Instruments Valuation Techniques and Significant Unobservable Inputs Range of Significant Unobservable Inputs (Weighted Average) As of June 2015 As of December 2014 Loans and securities backed by commercial real estate • • ($2.13 billion and $3.28 billion of level 3 assets as of June 2015 and December 2014, respectively.) Discounted cash flows: • 3.3% to 20.0% (12.0%) 3.2% to 20.0% (10.5%) • 15.1% to 95.3% (54.4%) 24.9% to 100.0% (68.3%) • 0.3 to 4.4 (1.9) 0.3 to 4.7 (2.0) • (6) points to 11 points (3 points) (8) points to 13 points (2 points) Loans and securities backed by residential real estate • • ($2.72 billion and $2.55 billion of level 3 assets as of June 2015 and December 2014, respectively.) Discounted cash flows: • 2.8% to 12.0% (6.7%) 1.9% to 17.5% (7.6%) • 6.0% to 42.6% (19.4%) 0.0% to 95.1% (24.4%) • 1.7 to 13.0 (5.1) 0.5 to 13.0 (4.3) Bank loans and bridge loans ($5.38 billion and $6.97 billion of level 3 assets as of June 2015 and December 2014, respectively.) Discounted cash flows: • 1.5% to 22.0% (8.6%) 1.4% to 29.5% (8.7%) • 15.3% to 88.9% (51.2%) 26.6% to 92.5% (60.6%) • 0.4 to 6.5 (2.4) 0.3 to 7.8 (2.5) Commercial paper, certificates of deposit, time deposits and other money market instruments Non-U.S. government and agency obligations Corporate debt securities State and municipal obligations Other debt obligations ($3.51 billion and $4.75 billion of level 3 assets as of June 2015 and December 2014, respectively.) Discounted cash flows: • 1.0% to 17.3% (9.4%) 0.9% to 24.4% (9.2%) • 0.0% to 71.7% (61.0%) 0.0% to 71.9% (59.2%) • 0.5 to 17.0 (4.4) 0.5 to 19.6 (3.7) Equities and convertible debentures (including private equity investments and investments in real estate entities) ($12.46 billion and $11.11 billion of level 3 assets as of June 2015 and December 2014, respectively.) Market comparables and discounted cash flows: • 0.7x to 23.2x (6.1x) 0.8x to 16.6x (6.5x) • 3.7% to 25.0% (14.3%) 3.7% to 30.0% (14.4%) • Long-term growth rate/ compound annual growth rate 3.0% to 10.7% (5.6%) 1.0% to 10.0% (6.0%) • 5.3% to 11.9% (7.5%) 3.8% to 13.0% (7.6%) |
Cash Instruments by Level | The tables below present cash instrument assets and liabilities at fair value by level within the fair value hierarchy. 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 2015 $ in millions Level 1 Level 2 Level 3 Total Commercial paper, certificates of deposit, time deposits $ 69 $ 2,687 $ 11 $ 2,767 U.S. government and federal agency obligations 26,183 26,112 — 52,295 Non-U.S. government and agency obligations 28,255 5,730 21 34,006 Mortgage and other asset-backed loans and securities: Loans and securities backed by commercial real estate — 2,349 2,134 4,483 Loans and securities backed by residential real estate — 8,358 2,717 11,075 Bank loans and bridge loans — 6,687 5,377 12,064 Corporate debt securities 239 14,549 2,595 17,383 State and municipal obligations — 1,274 143 1,417 Other debt obligations — 1,450 740 2,190 Equities and convertible debentures 76,614 9,002 12,457 2 98,073 Commodities — 4,253 — 4,253 Subtotal $131,360 $82,451 $26,195 240,006 Investments in funds measured at NAV 8,956 Total 1 $248,962 Cash Instrument Liabilities at Fair Value as of June 2015 $ in millions Level 1 Level 2 Level 3 Total U.S. government and federal agency obligations $ 15,093 $ 10 $ — $ 15,103 Non-U.S. government and agency obligations 19,677 2,117 — 21,794 Mortgage and other asset-backed loans and securities: Loans and securities backed by commercial real estate — 1 — 1 Bank loans and bridge loans — 233 138 371 Corporate debt securities 3 4,551 1 4,555 Other debt obligations — — 1 1 Equities and convertible debentures 28,984 1,027 38 30,049 Commodities — 704 — 704 Total $ 63,757 $ 8,643 $ 178 $ 72,578 1. Includes collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs) backed by real estate and corporate obligations of $180 million in level 2 and $1.14 billion in level 3. 2. Includes $11.67 billion of private equity investments, $315 million of investments in real estate entities and $472 million of convertible debentures. Cash Instrument Assets at Fair Value as of December 2014 $ in millions Level 1 Level 2 Level 3 Total Commercial paper, certificates of deposit, time deposits $ — $ 3,654 $ — $ 3,654 U.S. government and federal agency obligations 18,540 29,462 — 48,002 Non-U.S. government and agency obligations 30,255 6,668 136 37,059 Mortgage and other asset-backed loans and securities: Loans and securities backed by commercial real estate — 3,188 3,275 6,463 Loans and securities backed by residential real estate — 9,172 2,545 11,717 Bank loans and bridge loans — 7,875 6,973 14,848 Corporate debt securities 249 17,537 3,633 21,419 State and municipal obligations — 1,093 110 1,203 Other debt obligations — 2,387 870 3,257 Equities and convertible debentures 68,974 7,818 11,108 2 87,900 Commodities — 3,846 — 3,846 Subtotal $118,018 $92,700 $28,650 239,368 Investments in funds measured at NAV 9,610 Total 1 $248,978 Cash Instrument Liabilities at Fair Value as of December 2014 $ in millions Level 1 Level 2 Level 3 Total U.S. government and federal agency obligations $ 12,746 $ 16 $ — $ 12,762 Non-U.S. government and agency obligations 19,256 1,244 — 20,500 Mortgage and other asset-backed loans and securities: Loans and securities backed by commercial real estate — 1 — 1 Bank loans and bridge loans — 286 178 464 Corporate debt securities — 5,741 59 5,800 Other debt obligations — — 2 2 Equities and convertible debentures 27,587 722 5 28,314 Commodities — 1,224 — 1,224 Total $ 59,589 $ 9,234 $ 244 $ 69,067 1. Includes CDOs and CLOs backed by real estate and corporate obligations of $234 million in level 2 and $1.34 billion in level 3. 2. Includes $10.25 billion of private equity investments, $294 million of investments in real estate entities and $562 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. In the tables below: • 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. • Purchases include both originations and secondary market purchases. • 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. Level 3 Cash Instrument Assets at Fair Value for the Three Months Ended June 2015 $ in millions Balance, Net Net unrealized Purchases Sales Settlements Transfers Transfers Balance, Commercial paper, certificates of deposit, time deposits and other money market instruments $ 10 $ — $ — $ 1 $ — $ — $ — $ — $ 11 Non-U.S. government and 95 2 1 — — (9 ) 1 (69 ) 21 Mortgage and other asset-backed Loans and securities backed by commercial real estate 2,763 43 65 81 (277 ) (436 ) 103 (208 ) 2,134 Loans and securities backed by residential real estate 2,773 37 87 179 (248 ) (71 ) 73 (113 ) 2,717 Bank loans and bridge loans 6,311 122 — 383 (394 ) (430 ) 180 (795 ) 5,377 Corporate debt securities 2,766 29 (35 ) 387 (112 ) (196 ) 164 (408 ) 2,595 State and municipal obligations 142 1 1 20 (13 ) — 19 (27 ) 143 Other debt obligations 886 4 (4 ) 105 (67 ) (6 ) 35 (213 ) 740 Equities and convertible debentures 11,489 92 1,098 251 (230 ) (379 ) 584 (448 ) 12,457 Total $27,235 $330 1 $1,213 1 $1,407 $(1,341 ) $(1,527 ) $1,159 $(2,281 ) $26,195 Level 3 Cash Instrument Liabilities at Fair Value for the Three Months Ended June 2015 $ in millions Balance, Net Net unrealized Purchases Sales Settlements Transfers Transfers Balance, Total $ 162 $ 1 $ 8 $ (34 ) $ 36 $ 2 $ 9 $ (6 ) $ 178 1. The aggregate amounts include gains/(losses) of approximately $(26) million, $1.36 billion and $206 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. The net unrealized gain on level 3 cash instruments of $1.21 billion (reflecting $1.21 billion of gains on cash instrument assets and $8 million of losses on cash instrument liabilities) for the three months ended June 2015 primarily reflected gains on private equity investments principally driven by strong corporate performance and company-specific events. Transfers into level 3 during the three months ended June 2015 primarily reflected transfers of certain private equity investments, bank loans and bridge loans and corporate debt securities from level 2 principally due to reduced price transparency as a result of a lack of market evidence, including fewer transactions in these instruments. Transfers out of level 3 during the three months ended June 2015 primarily reflected transfers of certain bank loans and bridge loans, private equity securities and corporate debt securities to level 2 principally due to increased price transparency as a result of market evidence, including additional market transactions in these instruments and due to certain unobservable yield and duration inputs no longer being significant to the valuation of these instruments. Level 3 Cash Instrument Assets at Fair Value for the Six Months Ended June 2015 $ in millions Balance, Net Net unrealized Purchases Sales Settlements Transfers Transfers Balance, Commercial paper, certificates of deposit, time deposits and other money market instruments $ — $ — $ — $ — $ (1 ) $ — $ 12 $ — $ 11 Non-U.S. government and 136 2 — 1 (18 ) (26 ) — (74 ) 21 Mortgage and other asset-backed Loans and securities backed by commercial real estate 3,275 65 67 214 (333 ) (1,212 ) 335 (277 ) 2,134 Loans and securities backed by residential real estate 2,545 95 67 496 (498 ) (177 ) 327 (138 ) 2,717 Bank loans and bridge loans 6,973 218 (92 ) 579 (668 ) (1,258 ) 589 (964 ) 5,377 Corporate debt securities 3,633 62 (46 ) 484 (454 ) (380 ) 309 (1,013 ) 2,595 State and municipal obligations 110 3 2 14 (1 ) (1 ) 40 (24 ) 143 Other debt obligations 870 18 3 189 (109 ) (63 ) 16 (184 ) 740 Equities and convertible debentures 11,108 135 1,560 486 (375 ) (800 ) 725 (382 ) 12,457 Total $28,650 $598 1 $1,561 1 $2,463 $(2,457 ) $(3,917 ) $2,353 $(3,056 ) $26,195 Level 3 Cash Instrument Liabilities at Fair Value for the Six Months Ended June 2015 $ in millions Balance, Net Net unrealized Purchases Sales Settlements Transfers Transfers Balance, Total $ 244 $ 2 $ (13 ) $ (112 ) $ 46 $ 2 $ 46 $ (37 ) $ 178 1. The aggregate amounts include gains of approximately $4 million, $1.80 billion and $358 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. The net unrealized gain on level 3 cash instruments of $1.57 billion (reflecting $1.56 billion on cash instrument assets and $13 million on cash instrument liabilities) for the six months ended June 2015 primarily reflected gains on private equity investments principally driven by strong corporate performance and company-specific events. Transfers into level 3 during the six months ended June 2015 primarily reflected transfers of certain private equity investments, bank loans and bridge loans, loans and securities backed by residential real estate, loans and securities backed by commercial real estate and corporate debt securities from level 2 principally due to reduced price transparency as a result of a lack of market evidence, including fewer transactions in these instruments. Transfers out of level 3 during the six months ended June 2015 primarily reflected transfers of certain corporate debt securities and bank loans and bridge loans to level 2 principally due to increased price transparency as a result of market evidence, including additional market transactions in these instruments and due to certain unobservable yield and duration inputs no longer being significant to the valuation of these instruments. 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, Non-U.S. government and $ 45 $ 1 $ 1 $ 9 $ (1 ) $ (2 ) $ — $ — $ 53 Mortgage and other asset-backed Loans and securities backed by commercial real estate 2,518 31 87 114 (155 ) (305 ) 417 (199 ) 2,508 Loans and securities backed by residential real estate 2,065 34 90 149 (194 ) (3 ) 27 (129 ) 2,039 Bank loans and bridge loans 6,798 86 102 714 (169 ) (1,134 ) 662 (779 ) 6,280 Corporate debt securities 2,496 85 32 211 (665 ) (177 ) 401 (191 ) 2,192 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 9,808 71 641 223 (416 ) (181 ) 676 (271 ) 10,551 Total $24,612 $314 1 $987 1 $1,501 $(1,692 ) $(1,827 ) $2,225 $(1,699 ) $24,421 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, Total $ 204 $ (6 ) $ (9 ) $ (49 ) $ 51 $ 11 $ 15 $ (20 ) $ 197 1. The aggregate amounts include gains of approximately $232 million, $743 million and $326 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. The net unrealized gain on level 3 cash instruments of $996 million (reflecting $987 million 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, private equity investments, loans and securities backed by commercial real estate and corporate debt securities 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 bank loans and bridge loans, private equity investments, loans and securities backed by commercial real estate and corporate debt securities 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, Non-U.S. government and $ 40 $ 1 $ — $ 22 $ (18 ) $ (1 ) $ 9 $ — $ 53 Mortgage and other asset-backed Loans and securities backed by commercial real estate 2,515 66 157 366 (259 ) (388 ) 404 (353 ) 2,508 Loans and securities backed by residential real estate 1,961 68 132 252 (177 ) (178 ) 199 (218 ) 2,039 Bank loans and bridge loans 6,071 149 179 1,813 (397 ) (1,406 ) 478 (607 ) 6,280 Corporate debt securities 2,744 155 61 629 (709 ) (401 ) 88 (375 ) 2,192 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 8,671 93 758 1,229 (609 ) (314 ) 1,436 (713 ) 10,551 Total $23,066 $549 1 $1,329 1 $4,467 $(2,411 ) $(2,766 ) $2,653 $(2,466 ) $24,421 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, Total $ 297 $ (6 ) $ (70 ) $ (110 ) $ 71 $ 11 $ 5 $ (1 ) $ 197 1. The aggregate amounts include gains of approximately $400 million, $881 million and $597 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 measured at NAV. As of June 2015 $ in millions Fair Value of Unfunded Private equity funds $6,095 $2,093 Credit funds 775 363 Hedge funds 744 — Real estate funds 1,342 302 Total $8,956 $2,758 As of December 2014 $ in millions Fair Value of Unfunded Private equity funds $6,307 $2,175 Credit funds 1,008 383 Hedge funds 863 — Real estate funds 1,432 310 Total $9,610 $2,868 |
Derivatives and Hedging Activ40
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivatives on a Gross Basis | The table below presents the gross fair value and the notional amount of derivative contracts by major product type, 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. In the table below: • Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses. As of June 2015 As of December 2014 $ in millions Derivative Derivative Notional Derivative Derivative Notional Derivatives not accounted for as hedges Exchange-traded $ 265 $ 261 $ 3,297,942 $ 228 $ 238 $ 3,151,865 OTC-cleared 243,453 220,466 26,297,086 351,801 330,298 30,408,636 Bilateral OTC 361,531 337,954 13,423,822 434,333 409,071 13,552,017 Total interest rates 605,249 558,681 43,018,850 786,362 739,607 47,112,518 OTC-cleared 6,109 5,979 441,067 5,812 5,663 378,099 Bilateral OTC 36,573 32,991 1,847,118 49,036 44,491 2,122,859 Total credit 42,682 38,970 2,288,185 54,848 50,154 2,500,958 Exchange-traded 76 242 19,955 69 69 17,214 OTC-cleared 107 58 12,665 100 96 13,304 Bilateral OTC 95,156 99,549 5,565,689 109,747 108,442 5,535,685 Total currencies 95,339 99,849 5,598,309 109,916 108,607 5,566,203 Exchange-traded 5,324 5,065 322,798 7,683 7,166 321,378 OTC-cleared 185 181 2,368 313 315 3,036 Bilateral OTC 13,149 15,124 287,989 20,994 21,065 345,065 Total commodities 18,658 20,370 613,155 28,990 28,546 669,479 Exchange-traded 9,243 9,055 585,950 9,592 9,636 541,711 Bilateral OTC 44,976 46,124 1,071,701 49,339 49,013 983,784 Total equities 54,219 55,179 1,657,651 58,931 58,649 1,525,495 Subtotal 816,147 773,049 53,176,150 1,039,047 985,563 57,374,653 Derivatives accounted for as hedges OTC-cleared 1,566 131 39,730 2,713 228 31,109 Bilateral OTC 9,634 11 80,626 11,559 34 95,389 Total interest rates 11,200 142 120,356 14,272 262 126,498 OTC-cleared 2 14 1,154 12 3 1,205 Bilateral OTC 101 35 8,069 113 13 8,431 Total currencies 103 49 9,223 125 16 9,636 Subtotal 11,303 191 129,579 14,397 278 136,134 Total gross fair value/notional amount of derivatives $ 827,450 1 $ 773,240 1 $53,305,729 $1,053,444 1 $ 985,841 1 $57,510,787 Amounts that have been offset in the condensed consolidated statements of financial condition Exchange-traded $ (12,228 ) $ (12,228 ) $ (15,039 ) $ (15,039 ) OTC-cleared (224,199 ) (224,199 ) (335,792 ) (335,792 ) Bilateral OTC (447,672 ) (447,672 ) (535,839 ) (535,839 ) Total counterparty netting (684,099 ) (684,099 ) (886,670 ) (886,670 ) OTC-cleared (26,955 ) (2,553 ) (24,801 ) (738 ) Bilateral OTC (61,895 ) (34,862 ) (78,703 ) (35,417 ) Total cash collateral netting (88,850 ) (37,415 ) (103,504 ) (36,155 ) Total counterparty and cash collateral netting $(772,949 ) $(721,514 ) $ (990,174 ) $(922,825 ) Amounts included in financial instruments owned/financial instruments sold, but not yet purchased Exchange-traded $ 2,680 $ 2,395 $ 2,533 $ 2,070 OTC-cleared 268 77 158 73 Bilateral OTC 51,553 49,254 60,579 60,873 Total amounts included in the condensed consolidated statements of financial condition $ 54,501 $ 51,726 $ 63,270 $ 63,016 Amounts that have not been offset in the condensed consolidated statements of financial condition Cash collateral received/posted $ (577 ) $ (1,898 ) $ (980 ) $ (2,940 ) Securities collateral received/posted (13,358 ) (11,915 ) (14,742 ) (18,159 ) Total $ 40,566 $ 37,913 $ 47,548 $ 41,917 1. Includes derivative assets and derivative liabilities of $18.98 billion and $20.53 billion, respectively, as of June 2015, and derivative assets and derivative liabilities of $25.93 billion and $26.19 billion, respectively, as of December 2014, 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 table below presents the ranges, averages and medians of significant unobservable inputs used to value the firm’s level 3 derivatives. In the table below: • 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. • 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. Level 3 Derivative Product Type Valuation Techniques and Significant Unobservable Inputs Range of Significant Unobservable Inputs (Average / Median) As of June 2015 As of December 2014 Interest rates Option pricing models: Correlation 1 Volatility (25)% to 86% (53% / 55%) 31 basis points per annum (bpa) to 153 bpa (84 bpa / 57 bpa) (16)% to 84% (37% / 40%) 36 basis points per annum (bpa) to 156 bpa (100 bpa / 115 bpa) Credit Option pricing models, correlation models and discounted cash flows models: Correlation 1 Credit spreads Upfront credit points Recovery rates 5% to 97% (68% / 69%) 1 basis points (bps) to 803 bps (120 bps / 97 bps) 2 0 points to 99 points (41 points / 40 points) 10% to 72% (48% / 40%) 5% to 99% (71% / 72%) 1 basis points (bps) to 700 bps (116 bps / 79 bps) 2 0 points to 99 points (40 points / 30 points) 14% to 87% (44% / 40%) Currencies Option pricing models: Correlation 1 55% to 80% (69% / 73%) 55% to 80% (69% / 73%) Commodities Option pricing models and discounted cash flows models: Volatility Spread per million British Thermal units (MMBTU) of natural gas Spread per Metric Tonne (MT) of coal Spread per barrel of oil and refined products 15% to 56% (31% / 30%) $(1.76) to $6.99 ($(0.08) / $(0.05)) $(9.63) to $(4.50) ($(8.07) / $(8.21)) $(8.14) to $56.54 ($10.31 / $1.85) 2 16% to 68% (33% / 32%) $(1.66) to $4.45 ($(0.13) / $(0.03)) $(10.50) to $3.00 ($(4.04) / $(6.74)) $(15.35) to $80.55 ($22.32 / $13.50) 2 Equities Option pricing models: Correlation 1 Volatility 28% to 99% (63% / 61%) 5% to 83% (25% / 23%) 30% to 99% (62% / 55%) 5% to 90% (23% / 21%) 1. The range of unobservable inputs for correlation across derivative product types (i.e., cross-asset correlation) was (45)% to 80% (Average: 32% / Median: 40%) as of June 2015, and (34)% to 80% (Average: 33% / Median: 35%) as of December 2014. 2. The difference between the average and the median for these spread inputs 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. In the tables below: • 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 2015 $ in millions Level 1 Level 2 Level 3 Cross-Level Cash Collateral Total Interest rates $ 9 $ 616,049 $ 391 $ — $ — $ 616,449 Credit — 35,656 7,026 — — 42,682 Currencies — 95,283 159 — — 95,442 Commodities — 17,969 689 — — 18,658 Equities 10 53,731 478 — — 54,219 Gross fair value of derivative assets 19 818,688 8,743 — — 827,450 Counterparty and cash collateral netting — (679,871 ) (2,568 ) (1,660 ) (88,850 ) (772,949 ) Fair value included in financial instruments owned $ 19 $ 138,817 $ 6,175 $(1,660 ) $ (88,850 ) $ 54,501 Derivative Liabilities at Fair Value as of June 2015 $ in millions Level 1 Level 2 Level 3 Cross-Level Cash Collateral Total Interest rates $ 9 $ 558,345 $ 469 $ — $ — $ 558,823 Credit — 34,912 4,058 — — 38,970 Currencies — 99,590 308 — — 99,898 Commodities — 19,627 743 — — 20,370 Equities 6 52,346 2,827 — — 55,179 Gross fair value of derivative liabilities 15 764,820 8,405 — — 773,240 Counterparty and cash collateral netting — (679,871 ) (2,568 ) (1,660 ) (37,415 ) (721,514 ) Fair value included in financial instruments $ 15 $ 84,949 $ 5,837 $(1,660 ) $ (37,415 ) $ 51,726 Derivative Assets at Fair Value as of December 2014 $ in millions Level 1 Level 2 Level 3 Cross-Level Cash Collateral Total Interest rates $123 $ 800,028 $ 483 $ — $ — $ 800,634 Credit — 47,190 7,658 — — 54,848 Currencies — 109,891 150 — — 110,041 Commodities — 28,124 866 — — 28,990 Equities 175 58,122 634 — — 58,931 Gross fair value of derivative assets 298 1,043,355 9,791 — — 1,053,444 Counterparty and cash collateral netting — (882,841 ) (2,717 ) (1,112 ) (103,504 ) (990,174 ) Fair value included in financial instruments $298 $ 160,514 $ 7,074 $(1,112 ) $(103,504 ) $ 63,270 Derivative Liabilities at Fair Value as of December 2014 $ in millions Level 1 Level 2 Level 3 Cross-Level Cash Collateral Total Interest rates $ 14 $ 739,332 $ 523 $ — $ — $ 739,869 Credit — 46,026 4,128 — — 50,154 Currencies — 108,206 417 — — 108,623 Commodities — 26,538 2,008 — — 28,546 Equities 94 56,546 2,009 — — 58,649 Gross fair value of derivative liabilities 108 976,648 9,085 — — 985,841 Counterparty and cash collateral netting — (882,841 ) (2,717 ) (1,112 ) (36,155 ) (922,825 ) Fair value included in financial instruments $108 $ 93,807 $ 6,368 $(1,112 ) $ (36,155 ) $ 63,016 |
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 2015 $ in millions Asset/ Net Net unrealized Purchases Sales Settlements Transfers Transfers Asset/ (liability) Interest rates — net $ (36 ) $(10 ) $ 17 $ 4 $ (4 ) $ (14 ) $ (45 ) $ 10 $ (78 ) Credit — net 3,589 16 (332 ) 39 (75 ) (205 ) (49 ) (15 ) 2,968 Currencies — net (182 ) (12 ) 10 14 (12 ) 32 13 (12 ) (149 ) Commodities — net (1,386 ) 21 136 4 (36 ) 18 (97 ) 1,286 (54 ) Equities — net (774 ) 20 (28 ) 44 (1,507 ) 184 (4 ) (284 ) (2,349 ) Total derivatives — net $ 1,211 $ 35 1 $(197 ) 1 $105 $(1,634 ) $ 15 $(182 ) $ 985 $ 338 1. The aggregate amounts include gains/(losses) of approximately $(168) million and $6 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 2015 $ in millions Asset/ Net Net unrealized Purchases Sales Settlements Transfers Transfers Asset/ (liability) Interest rates — net $ (40 ) $ 17 $ (4 ) $ 4 $ (33 ) $ 9 $ 15 $ (46 ) $ (78 ) Credit — net 3,530 134 3 97 (205 ) (737 ) 261 (115 ) 2,968 Currencies — net (267 ) (51 ) 50 24 (17 ) 90 16 6 (149 ) Commodities — net (1,142 ) 29 55 27 (13 ) (87 ) (40 ) 1,117 (54 ) Equities — net (1,375 ) 49 (200 ) 80 (1,825 ) 872 (18 ) 68 (2,349 ) Total derivatives — net $ 706 $178 1 $ (96 ) 1 $232 $(2,093 ) $ 147 $234 $1,030 $ 338 1. The aggregate amounts include gains/(losses) of approximately $108 million and $(26) 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 2014 $ in millions Asset/ Net Net unrealized period-end Purchases Sales Settlements Transfers Transfers level 3 Asset/ balance, end of 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 still held at Purchases Sales Settlements Transfers Transfers Asset/ balance, end of 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. |
Bifurcated Embedded Derivatives | The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings. As of $ in millions June December Fair value of assets $ 394 $ 390 Fair value of liabilities 850 690 Net liability $ 456 $ 300 Notional amount $7,224 $7,735 |
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. In the tables below: • 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 2015 $ in millions Less than 1 - 5 Greater than Cross-Tenor Cash Collateral Total Interest rates $ 5,356 $24,710 $ 82,916 $ — $ — $ 112,982 Credit 1,264 5,051 5,139 — — 11,454 Currencies 13,188 8,910 6,321 — — 28,419 Commodities 4,871 3,188 170 — — 8,229 Equities 5,566 7,338 3,642 — — 16,546 Counterparty and cash collateral netting (3,557 ) (6,755 ) (4,961 ) (21,686 ) (88,850 ) (125,809 ) Total $26,688 $42,442 $ 93,227 $(21,686 ) $ (88,850 ) $ 51,821 OTC Derivative Liabilities as of June 2015 $ in millions Less than 1 - 5 Greater than Cross-Tenor Cash Collateral Total Interest rates $ 6,170 $15,847 $ 33,346 $ — $ — $ 55,363 Credit 1,655 4,605 1,481 — — 7,741 Currencies 14,128 9,369 9,211 — — 32,708 Commodities 4,784 2,227 3,188 — — 10,199 Equities 8,780 5,497 3,417 — — 17,694 Counterparty and cash collateral netting (3,557 ) (6,755 ) (4,961 ) (21,686 ) (37,415 ) (74,374 ) Total $31,960 $30,790 $ 45,682 $(21,686 ) $ (37,415 ) $ 49,331 OTC Derivative Assets as of December 2014 $ in millions Less than 1 - 5 Greater than Cross-Tenor Cash Collateral Total Interest rates $ 7,064 $25,049 $ 90,553 $ — $ — $ 122,666 Credit 1,696 6,093 5,707 — — 13,496 Currencies 17,835 9,897 6,386 — — 34,118 Commodities 8,298 4,068 161 — — 12,527 Equities 4,771 9,285 3,750 — — 17,806 Counterparty and cash collateral netting (4,479 ) (7,016 ) (4,058 ) (20,819 ) (103,504 ) (139,876 ) Total $35,185 $47,376 $102,499 $(20,819 ) $(103,504 ) $ 60,737 OTC Derivative Liabilities as of December 2014 $ in millions Less than 1 - 5 Greater than Cross-Tenor Cash Collateral Total Interest rates $ 7,001 $17,649 $ 37,242 $ — $ — $ 61,892 Credit 2,154 4,942 1,706 — — 8,802 Currencies 18,549 7,667 6,482 — — 32,698 Commodities 5,686 4,105 2,810 — — 12,601 Equities 7,064 6,845 3,571 — — 17,480 Counterparty and cash collateral netting (4,479 ) (7,016 ) (4,058 ) (20,819 ) (36,155 ) (72,527 ) Total $35,975 $34,192 $ 47,753 $(20,819 ) $ (36,155 ) $ 60,946 |
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 2015 December Net derivative liabilities under bilateral agreements $30,199 $35,764 Collateral posted 24,168 30,824 Additional collateral or termination payments 988 1,072 Additional collateral or termination payments 2,776 2,815 |
Credit Derivatives | The table below presents certain information about credit derivatives. In the table below: • Fair values exclude the effects of both netting of receivable balances with payable balances under enforceable netting agreements, and netting of cash received or posted under enforceable credit support agreements, and therefore are not representative of the firm’s credit exposure. • Tenor is based on expected duration for mortgage-related credit derivatives and on remaining contractual maturity for other credit derivatives. • The credit spread on the underlier, together with the tenor of the contract, are indicators of payment/performance risk. The firm is less likely to pay or otherwise be required to perform where the credit spread and the tenor are lower. Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Maximum Payout/Notional Amount of Purchased Credit Derivatives Fair Value of Written Credit Derivatives $ in millions Less than 1 - 5 Years Greater than Total Offsetting 1 Other 2 Asset Liability Net As of June 2015 Credit spread on underlier (basis points) 0 - 250 $232,797 $716,153 $69,499 $1,018,449 $ 920,862 $144,214 $22,975 $ 3,318 $ 19,657 251 - 500 4,225 42,433 6,158 52,816 48,224 7,442 1,424 1,909 (485 ) 501 - 1,000 3,025 13,071 1,513 17,609 15,374 3,438 281 940 (659 ) Greater than 1,000 6,691 22,282 1,669 30,642 26,147 3,140 148 9,105 (8,957 ) Total $246,738 $793,939 $78,839 $1,119,516 $1,010,607 $158,234 $24,828 $15,272 $ 9,556 As of December 2014 Credit spread on underlier (basis points) 0 - 250 $261,591 $775,784 $68,830 $1,106,205 $1,012,874 $152,465 $28,004 $ 3,629 $ 24,375 251 - 500 7,726 37,255 5,042 50,023 41,657 8,426 1,542 2,266 (724 ) 501 - 1,000 8,449 18,046 1,309 27,804 26,240 1,949 112 1,909 (1,797 ) Greater than 1,000 8,728 26,834 1,279 36,841 33,112 3,499 82 13,943 (13,861 ) Total $286,494 $857,919 $76,460 $1,220,873 $1,113,883 $166,339 $29,740 $21,747 $ 7,993 1. Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underliers. 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 $ in millions 2015 2014 2015 2014 Interest rate hedges $(2,465 ) $ 361 $(1,523 ) $ 856 Hedged borrowings and bank deposits 2,140 (583 ) 1,090 (1,204 ) Hedge ineffectiveness $ (325 ) $(222 ) $(433 ) $ (348 ) |
Gains and Losses on Net Investment Hedges | The table below presents the gains/(losses) from net investment hedging. Three Months Six Months Ended June $ in millions 2015 2014 2015 2014 Foreign currency forward $(197 ) $(159 ) $247 $(271 ) Foreign currency-denominated debt hedges 29 (39 ) 31 (78 ) |
Fair Value Option (Tables)
Fair Value Option (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 2015 $ in millions Level 1 Level 2 Level 3 Total Securities segregated for regulatory and other purposes 1 $12,429 $ 4,966 $ — $ 17,395 Securities purchased under agreements to resell — 122,354 — 122,354 Securities borrowed — 69,369 — 69,369 Receivables from customers and counterparties — 5,672 42 5,714 Total $12,429 $202,361 $ 42 $214,832 Other Financial Liabilities at Fair Value as of June 2015 $ in millions Level 1 Level 2 Level 3 Total Deposits $ — $ 13,629 $ 1,680 $ 15,309 Securities sold under agreements to repurchase — 87,560 82 87,642 Securities loaned — 1,091 — 1,091 Other secured financings — 21,058 1,479 22,537 Unsecured short-term borrowings — 14,375 4,490 18,865 Unsecured long-term borrowings — 16,538 3,462 20,000 Other liabilities and accrued expenses — 40 1,145 1,185 Total $ — $154,291 $12,338 $166,629 Other Financial Assets at Fair Value as of December 2014 $ in millions Level 1 Level 2 Level 3 Total Securities segregated for regulatory and other purposes 1 $21,168 $ 13,123 $ — $ 34,291 Securities purchased under agreements to resell — 126,036 — 126,036 Securities borrowed — 66,769 — 66,769 Receivables from customers and counterparties — 6,888 56 6,944 Total $21,168 $212,816 $ 56 $234,040 Other Financial Liabilities at Fair Value as of December 2014 $ in millions Level 1 Level 2 Level 3 Total Deposits $ — $ 12,458 $ 1,065 $ 13,523 Securities sold under agreements to repurchase — 88,091 124 88,215 Securities loaned — 765 — 765 Other secured financings — 20,359 1,091 21,450 Unsecured short-term borrowings — 15,114 3,712 18,826 Unsecured long-term borrowings — 13,420 2,585 16,005 Other liabilities and accrued expenses — 116 715 831 Total $ — $150,323 $ 9,292 $159,615 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 U.S. Treasury securities segregated for regulatory and other purposes accounted for at fair value under other U.S. GAAP. |
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 2015 $ in millions Balance, Net Net unrealized Purchases Sales Issuances Settlements Transfers Transfers Balance, Receivables from customers and counterparties $ 38 $— $ — $ 4 $— $ — $ — $ — $ — $ 42 Total $ 38 $— $ — $ 4 $— $ — $ — $ — $ — $ 42 Level 3 Other Financial Liabilities at Fair Value for the Three Months Ended June 2015 $ in millions Balance, Net Net unrealized (gains)/losses Purchases Sales Issuances Settlements Transfers Transfers Balance, Deposits $ 1,350 $ 2 $ (74 ) $— $— $ 404 $ (2 ) $ — $ — $ 1,680 Securities sold under agreements to repurchase 83 — 1 — — — (2 ) — — 82 Other secured financings 1,066 8 25 — — 250 (55 ) 235 (50 ) 1,479 Unsecured short-term borrowings 4,009 (5 ) 78 — — 1,503 (1,170 ) 189 (114 ) 4,490 Unsecured long-term borrowings 2,903 1 (95 ) — — 934 (157 ) 44 (168 ) 3,462 Other liabilities and accrued expenses 878 (1 ) 276 — — 1 (9 ) — — 1,145 Total $10,289 $ 5 1 $211 1 $— $— $3,092 $(1,395 ) $468 $(332 ) $12,338 1. The aggregate amounts include (gains)/losses of approximately $(216) million, $424 million and $8 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 2015 $ in millions Balance, Net Net unrealized Purchases Sales Issuances Settlements Transfers Transfers Balance, Receivables from customers and counterparties $ 56 $ 1 $ (4 ) $ 4 $— $ — $ (22 ) $ 7 $ — $ 42 Total $ 56 $ 1 1 $ (4 ) 1 $ 4 $— $ — $ (22 ) $ 7 $ — $ 42 1. The aggregate amounts include gains/(losses) of approximately $1 million and $(4) million included in “Market making” and “Other principal transactions,” respectively. Level 3 Other Financial Liabilities at Fair Value for the Six Months Ended June 2015 $ in millions Balance, Net Net unrealized (gains)/losses Purchases Sales Issuances Settlements Transfers Transfers Balance, Deposits $1,065 $ 3 $ (53 ) $— $— $ 703 $ (38 ) $ — $ — $ 1,680 Securities sold under agreements to repurchase 124 — 1 — — — (43 ) — — 82 Other secured financings 1,091 15 (20 ) — — 253 (227 ) 420 (53 ) 1,479 Unsecured short-term borrowings 3,712 5 167 — — 1,936 (1,533 ) 564 (361 ) 4,490 Unsecured long-term borrowings 2,585 2 (137 ) — — 1,771 (633 ) 251 (377 ) 3,462 Other liabilities and accrued expenses 715 — 439 — — 1 (10 ) — — 1,145 Total $9,292 $25 1 $ 397 1 $— $— $4,664 $(2,484 ) $1,235 $(791 ) $12,338 1. The aggregate amounts include (gains)/losses of approximately $(215) million, $621 million and $16 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 2014 $ in millions Balance, beginning of period Net realized gains/ (losses) Net unrealized gains/(losses) relating to instruments still held at period-end Purchases Sales Issuances Settlements Transfers into level 3 Transfers out of level 3 Balance, end of period 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, 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 realized gains/ (losses) Net unrealized at period-end Purchases Sales Issuances Settlements Transfers Transfers Balance, Securities purchased under $ 63 $ — $ — $ — $— $ — $ (13 ) $ — $ — $ 50 Receivables from customers 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 at period-end Purchases Sales Issuances Settlements Transfers Transfers Balance, Deposits $ 385 $— $ 16 $ — $— $ 128 $ (4 ) $ — $ — $ 525 Securities sold under 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 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. |
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. 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 Ended June Six Months Ended June $ in millions 2015 2014 2015 2014 Unsecured short-term borrowings 1 $(193 ) $ (723 ) $(898 ) $ (800 ) Unsecured long-term borrowings 2 539 (500 ) 473 (776 ) Other liabilities and accrued expenses 3 (275 ) (98 ) (439 ) (79 ) Other 4 162 (115 ) (62 ) (114 ) Total $ 233 $(1,436 ) $(926 ) $(1,769 ) 1. Includes losses on the embedded derivative component of hybrid financial instruments of $216 million and $698 million for the three months ended June 2015 and June 2014, respectively, and $911 million and $766 million for the six months ended June 2015 and June 2014, respectively. 2. Includes gains/(losses) on the embedded derivative component of hybrid financial instruments of $566 million and $(490) million for the three months ended June 2015 and June 2014, respectively, and $533 million and $(775) million for the six months ended June 2015 and June 2014, respectively. 3. Includes gains/(losses) on certain subordinated liabilities issued by consolidated VIEs. 4. Primarily consists of gains/(losses) on securities borrowed, receivables from customers and counterparties, deposits and other secured financings. |
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 Performing loans and long-term Aggregate contractual principal in excess $ 888 $ 1,699 Loans on nonaccrual status and/or 1 Aggregate contractual principal in excess 12,191 13,106 Aggregate fair value of loans on 3,131 3,333 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. 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 $ in millions 2015 2014 2015 2014 Net gains/(losses) including hedges $185 $(19 ) $141 $(4 ) Net gains/(losses) excluding hedges 186 (20 ) 141 (6 ) |
Loans Receivable (Tables)
Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Summary of Loans Receivable | The table below presents details about loans receivable. As of $ in millions June 2015 December Corporate loans $18,843 $15,044 Loans to private wealth management clients 13,084 11,289 Loans backed by commercial real estate 2,890 1,705 Other loans 3,854 1,128 Subtotal 38,671 29,166 Allowance for loan losses (274 ) (228 ) Total loans receivable $38,397 $28,938 |
Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments | The tables below present changes in the allowance for loan losses and the allowance for losses on lending commitments. $ in millions Allowance for loan losses Six Months Ended Year Ended Balance, beginning of period $228 $139 Charge-offs (1 ) (3 ) Provision for loan losses 47 92 Balance, end of period $274 $228 $ in millions Allowance for losses on lending commitments Six Months Ended Year Ended Balance, beginning of period $ 86 $ 57 Provision for losses 47 29 Balance, end of period $133 $ 86 |
Collateralized Agreements and43
Collateralized Agreements and Financings (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 Securities purchased under 1 $123,619 $127,938 Securities borrowed 2 177,978 160,722 Securities sold under 1 87,642 88,215 Securities loaned 2 7,262 5,570 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 2015 and December 2014, $69.37 billion and $66.77 billion of securities borrowed, and $1.09 billion and $765 million of securities loaned were at fair value, respectively. |
Offsetting Arrangements | 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. As of June 2015 Assets Liabilities $ in millions Resale Securities Repurchase Securities Amounts included in the condensed consolidated statements of financial condition Gross carrying value $ 160,793 $ 182,946 $121,568 $10,512 Counterparty netting (33,926 ) (3,250 ) (33,926 ) (3,250 ) Total 126,867 1 179,696 1 87,642 7,262 Amounts not offset in the condensed consolidated statements of financial condition Counterparty netting (3,305 ) (1,222 ) (3,305 ) (1,222 ) Collateral (119,066 ) (168,915 ) (79,337 ) (5,606 ) Total $ 4,496 $ 9,559 $ 5,000 $ 434 As of December 2014 Assets Liabilities $ in millions Resale Securities Repurchase Securities Amounts included in the condensed consolidated statements of financial condition Gross carrying value $ 160,644 $ 171,384 $114,879 $ 9,150 Counterparty netting (26,664 ) (3,580 ) (26,664 ) (3,580 ) Total 133,980 1 167,804 1 88,215 5,570 Amounts not offset in the condensed consolidated statements of financial condition Counterparty netting (3,834 ) (641 ) (3,834 ) (641 ) Collateral (124,528 ) (154,058 ) (78,457 ) (4,882 ) Total $ 5,618 $ 13,105 $ 5,924 $ 47 1. As of June 2015 and December 2014, the firm had $3.25 billion and $6.04 billion, respectively, of securities received under resale agreements, and $1.72 billion and $7.08 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.” |
Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged | The tables below present the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged. As of June 2015 $ in millions Repurchase Securities Commercial paper, certificates of deposit, time deposits and other money market instruments $ 1,168 $ — U.S. government and federal agency obligations 57,771 296 Non-U.S. government and agency obligations 29,602 3,177 Mortgage and other asset-backed securities: Securities backed by commercial real estate 493 — Securities backed by residential real estate 1,851 — Corporate debt securities 6,765 47 State and municipal obligations 534 — Other debt obligations 487 — Equities and convertible debentures 22,897 6,992 Total $121,568 $10,512 As of December 2014 $ in millions Repurchase Securities Commercial paper, certificates of deposit, time deposits and other money market instruments $ 900 $ — U.S. government and federal agency obligations 56,788 123 Non-U.S. government and agency obligations 27,169 3,463 Mortgage and other asset-backed securities: Securities backed by commercial real estate 419 — Securities backed by residential real estate 1,574 — Corporate debt securities 8,028 26 State and municipal obligations 984 — Other debt obligations 562 — Equities and convertible debentures 18,455 5,538 Total $114,879 $ 9,150 |
Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Maturity Date | The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity date. As of June 2015 $ in millions Repurchase Securities No stated maturity and overnight $ 41,661 $ 7,797 2 - 30 days 31,197 1,636 31 - 90 days 14,668 — 91 days - 1 year 26,751 1,079 Greater than 1 year 7,291 — Total $121,568 $10,512 |
Other Secured Financings | The tables below present information about other secured financings. As of June 2015 $ in millions U.S. Non-U.S. Total Other secured financings (short-term): At fair value $ 7,156 $ 4,971 $12,127 At amortized cost 20 100 120 Weighted average interest rates 3.05% 7.38% Other secured financings (long-term): At fair value 5,593 4,817 10,410 At amortized cost 751 544 1,295 Weighted average interest rates 2.88% 1.77% Total 1 $13,520 $10,432 $23,952 Amount of other secured financings collateralized by: Financial instruments 2 $12,702 $ 9,195 $21,897 Other assets 818 1,237 2,055 As of December 2014 $ in millions U.S. Non-U.S. Total Other secured financings (short-term): At fair value $ 7,887 $ 7,668 $15,555 At amortized cost 5 — 5 Weighted average interest rates 4.33% —% Other secured financings (long-term): At fair value 3,290 2,605 5,895 At amortized cost 580 774 1,354 Weighted average interest rates 2.69% 2.31% Total 1 $11,762 $11,047 $22,809 Amount of other secured financings collateralized by: Financial instruments 2 $11,460 $10,483 $21,943 Other assets 302 564 866 1. Includes $340 million and $974 million related to transfers of financial assets accounted for as financings rather than sales as of June 2015 and December 2014, respectively. Such financings were collateralized by financial assets included in “Financial instruments owned, at fair value” of $343 million and $995 million as of June 2015 and December 2014, respectively. 2. Includes $11.89 billion and $10.24 billion of other secured financings collateralized by financial instruments owned, at fair value as of June 2015 and December 2014, respectively, and includes $10.01 billion and $11.70 billion of other secured financings collateralized by financial instruments received as collateral and repledged as of June 2015 and December 2014, respectively. |
Other Secured Financings by Maturity Date | The table below presents other secured financings by maturity date. $ in millions As of Other secured financings (short-term) $12,247 Other secured financings (long-term): 2016 4,057 2017 3,126 2018 2,178 2019 1,078 2020 858 2021 - thereafter 408 Total other secured financings (long-term) 11,705 Total other secured financings $23,952 |
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 Collateral available to be delivered or repledged 1 $665,251 $630,046 Collateral that was delivered or repledged 502,847 474,057 1. As of June 2015 and December 2014, amounts exclude $3.25 billion and $6.04 billion, respectively, of securities received under resale agreements, and $1.72 billion and $7.08 billion, respectively, of securities borrowed transactions that contractually had the right to be delivered or repledged, but were segregated to satisfy certain regulatory requirements. |
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 Financial instruments owned, at fair value pledged to counterparties that: Had the right to deliver or repledge $ 57,529 $ 64,473 Did not have the right to deliver or repledge 64,367 68,027 Other assets pledged to counterparties that: Did not have the right to deliver or repledge 2,638 1,304 |
Securitization Activities (Tabl
Securitization Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 $ in millions 2015 2014 2015 2014 Residential mortgages $4,921 $5,477 $ 9,531 $11,698 Commercial mortgages 4,130 1,040 5,380 1,040 Other financial assets — 481 — 481 Total $9,051 $6,998 $14,911 $13,219 Cash flows on $ 66 $ 114 $ 117 $ 177 |
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. As of June 2015 $ in millions Outstanding Fair Value of Fair Value of U.S. government $45,223 $1,370 $ — Other residential mortgage-backed 2,369 176 — Other commercial 7,164 123 55 CDOs, CLOs and other 2,932 48 9 Total $57,688 $1,717 $64 As of December 2014 $ in millions Outstanding Fair Value of Fair Value of U.S. government $56,792 $2,140 $ — Other residential mortgage-backed 2,273 144 5 Other commercial mortgage-backed 3,313 86 45 CDOs, CLOs and other 4,299 59 17 Total $66,677 $2,429 $67 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: • The outstanding principal amount and fair value of retained interests for U.S. government agency-issued collateralized mortgage obligations as of June 2015 primarily relate to securitizations during 2015 and 2014, and as of December 2014 primarily relate to securitizations during 2014 and 2013. • The outstanding principal amount and fair value of retained interests for other residential mortgage-backed obligations as of June 2015 primarily relate to resecuritizations during 2015 and 2014, and prime and Alt-A securitizations during 2007, and as of December 2014 primarily relate to resecuritizations during 2014, and prime and Alt-A securitizations during 2007. • The outstanding principal amount and fair value of retained interests for other commercial mortgage-backed obligations as of June 2015 primarily relate to securitizations during 2015 and 2014, and as of December 2014 primarily relate to securitizations during 2014. • The outstanding principal amount and fair value of retained interests for CDOs, CLOs and other as of June 2015 primarily relate to securitizations during 2014 and 2007, and as of December 2014 primarily relate to securitizations during 2014 and 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 2015 Type of Retained Interests $ in millions Mortgage-Backed Other 1 Fair value of retained interests $ 1,669 $ 48 Weighted average life (years) 8.6 3.8 Constant prepayment rate 10.4% N.M. Impact of 10% adverse change $ (28 ) N.M. Impact of 20% adverse change (52 ) N.M. Discount rate 4.9% N.M. Impact of 10% adverse change $ (43 ) N.M. Impact of 20% adverse change (84 ) N.M. As of December 2014 Type of Retained Interests $ in millions Mortgage-Backed Other 1 Fair value of retained interests $ 2,370 $ 59 Weighted average life (years) 7.6 3.6 Constant prepayment rate 13.2% N.M. Impact of 10% adverse change $ (33 ) N.M. Impact of 20% adverse change (66 ) N.M. Discount rate 4.1% N.M. Impact of 10% adverse change $ (50 ) N.M. Impact of 20% adverse change (97 ) 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 2015 and December 2014. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $48 million and $59 million as of June 2015 and December 2014, respectively. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Nonconsolidated Variable Interest Entities | The firm’s exposure to the obligations of VIEs is generally limited to its interests in these entities. Nonconsolidated VIEs as of $ in millions June 2015 December Mortgage-backed 1 Assets in VIE $66,446 $ 78,107 Carrying value of variable interests - assets 3,072 4,348 Maximum Exposure to Loss Retained interests 1,669 2,370 Purchased interests 1,402 1,978 Derivatives 222 392 Loans and investments 24 — Total $ 3,293 $ 4,740 Corporate CDOs and CLOs Assets in VIE $ 7,586 $ 8,317 Carrying value of variable interests - assets 575 463 Carrying value of variable interests - liabilities 3 3 Maximum Exposure to Loss Retained interests 3 4 Purchased interests 275 184 Derivatives 2,204 2,053 Total $ 2,482 $ 2,241 Real estate, credit-related and other investing Assets in VIE $ 9,414 $ 8,720 Carrying value of variable interests - assets 3,349 3,051 Carrying value of variable interests - liabilities 2 3 Maximum Exposure to Loss Commitments and guarantees 541 604 Loans and investments 3,349 3,051 Total $ 3,890 $ 3,655 Other asset-backed Assets in VIE $ 5,000 $ 8,253 Carrying value of variable interests - assets 236 509 Carrying value of variable interests - liabilities 67 16 Maximum Exposure to Loss Retained interests 45 55 Purchased interests 87 322 Commitments and guarantees 213 213 Derivatives 3,507 3,221 Total $ 3,852 $ 3,811 Other Assets in VIE $ 4,562 $ 5,677 Carrying value of variable interests - assets 269 290 Maximum Exposure to Loss Commitments and guarantees 327 307 Derivatives 6 88 Loans and investments 269 290 Total $ 602 $ 685 Total Assets in VIE $93,008 $109,074 Carrying value of variable interests - assets 7,501 8,661 Carrying value of variable interests - liabilities 72 22 Maximum Exposure to Loss Retained interests 1,717 2,429 Purchased interests 1,764 2,484 Commitments and guarantees 1,081 1,124 Derivatives 2 5,939 5,754 Loans and investments 3,618 3,341 Total $14,119 $ 15,132 1. Assets in VIE and maximum exposure to loss include $4.17 billion and $523 million, respectively, as of June 2015, and $3.57 billion and $662 million, respectively, as of December 2014, related to CDOs backed by mortgage obligations. 2. Includes $1.28 billion and $1.64 billion as of June 2015 and December 2014, respectively, related to derivative transactions with VIEs to which the firm transferred assets. |
Consolidated Variable Interest Entities | 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 $ in millions June December Real estate, credit-related and other investing Assets Cash and cash equivalents $ 271 $ 218 Cash and securities segregated for regulatory and other purposes 16 19 Loans receivable 1,095 589 Financial instruments owned, at fair value 2,991 2,608 Other assets 390 349 Total $4,763 $3,783 Liabilities Other secured financings $ 334 $ 419 Financial instruments sold, but not yet purchased, at fair value 258 10 Unsecured long-term borrowings — 12 Other liabilities and accrued expenses 1,217 906 Total $1,809 $1,347 CDOs, mortgage-backed and other asset-backed Assets Financial instruments owned, at fair value $ 88 $ 121 Total $ 88 $ 121 Liabilities Other secured financings $ 87 $ 99 Financial instruments sold, but not yet purchased, at fair value 1 8 Total $ 88 $ 107 Principal-protected notes Assets Cash and securities segregated for regulatory and other purposes $ $ 31 Financial instruments owned, at fair value 184 276 Total $ 184 $ 307 Liabilities Other secured financings $ 300 $ 439 Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings 349 1,090 Unsecured long-term borrowings 480 103 Total $1,129 $1,632 Total Assets Cash and cash equivalents $ 271 $ 218 Cash and securities segregated for regulatory and other purposes 16 50 Loans receivable 1,095 589 Financial instruments owned, at fair value 3,263 3,005 Other assets 390 349 Total $5,035 $4,211 Liabilities Other secured financings $ 721 $ 957 Financial instruments sold, but not yet purchased, at fair value 259 18 Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings 349 1,090 Unsecured long-term borrowings 480 115 Other liabilities and accrued expenses 1,217 906 Total $3,026 $3,086 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 Property, leasehold improvements and equipment $11,600 $ 9,344 Goodwill and identifiable intangible assets 4,166 4,160 Income tax-related assets 5,866 5,181 Equity-method investments 1 287 360 Miscellaneous receivables and other 2 3,633 3,554 Total $25,552 $22,599 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 $7.43 billion and $6.62 billion as of June 2015 and December 2014, respectively, substantially all of 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 $545 million and $461 million of investments in qualified affordable housing projects as of June 2015 and December 2014, respectively. |
Goodwill and Intangible Assets | The tables below present the carrying values of goodwill and identifiable intangible assets. Goodwill as of $ in millions June December Investment Banking: Financial Advisory $ 98 $ 98 Underwriting 183 183 Institutional Client Services: Fixed Income, Currency and Commodities Client Execution 269 269 Equities Client Execution 2,403 2,403 Securities Services 105 105 Investment Management 587 587 Total $3,645 $3,645 Identifiable Intangible Assets as of $ in millions June December Institutional Client Services: Fixed Income, Currency and Commodities Client Execution $ 111 $ 138 Equities Client Execution 219 246 Investing & Lending 86 18 Investment Management 105 113 Total $ 521 $ 515 |
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 useful lives. As of $ in millions June Weighted Average (years) December Customer lists Gross carrying amount $1,036 $1,036 Accumulated amortization (745 ) (715 ) Net carrying amount 291 6 321 Commodities-related Gross carrying amount 188 216 Accumulated amortization (77 ) (78 ) Net carrying amount 111 1 8 138 Other Gross carrying amount 267 200 Accumulated amortization (148 ) (144 ) Net carrying amount 119 2 6 56 Total Gross carrying amount 1,491 1,452 Accumulated amortization (970 ) (937 ) Net carrying amount $ 521 6 $ 515 1. Primarily includes commodities-related transportation rights. 2. Primarily includes intangible assets related to acquired leases. |
Amortization Expense | The tables below present amortization for the three and six months ended June 2015 and June 2014. Three Months Six Months $ in millions 2015 2014 2015 2014 Amortization $27 $38 $70 $86 |
Estimated Future Amortization for Existing Identifiable Intangible Assets Through 2020 | The tables below present estimated future amortization through 2020 for identifiable intangible assets. $ in millions Estimated future amortization As of Remainder of 2015 $ 61 2016 122 2017 111 2018 100 2019 65 2020 18 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 U.S. offices $73,923 $69,270 Non-U.S. offices 15,141 13,738 Total $89,064 $83,008 |
Maturities of Time Deposits | The table below presents maturities of time deposits held in U.S. and non-U.S. offices. As of June 2015 $ in millions U.S. Non-U.S. Total Remainder of 2015 $ 3,795 $7,987 $11,782 2016 5,725 1,393 7,118 2017 5,534 — 5,534 2018 3,254 — 3,254 2019 3,422 — 3,422 2020 2,039 — 2,039 2021 - thereafter 6,593 39 6,632 Total $30,362 1 $9,419 2 $39,781 3 1. Includes $1.65 billion greater than $100,000, of which $699 million matures within three months, $391 million matures within three to six months, $294 million matures within six to twelve months, and $266 million matures after twelve months. 2. Includes $6.70 billion greater than $100,000. 3. Includes $15.31 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. |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | The table below presents details about the firm’s short-term borrowings. As of $ in millions June December Other secured financings (short-term) $12,247 $15,560 Unsecured short-term borrowings 46,378 44,540 Total $58,625 $60,100 |
Unsecured Short-Term Borrowings | The table below presents details about the firm’s unsecured short-term borrowings. As of $ in millions June December Current portion of unsecured long-term borrowings $27,753 $25,126 Hybrid financial instruments 14,176 14,083 Promissory notes 20 338 Commercial paper 294 617 Other short-term borrowings 4,135 4,376 Total $46,378 $44,540 Weighted average interest rate 1 1.41% 1.52% 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. |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | The table below presents details about the firm’s long-term borrowings. As of $ in millions June December Other secured financings (long-term) $ 11,705 $ 7,249 Unsecured long-term borrowings 170,259 167,571 Total $181,964 $174,820 |
Unsecured Long-Term Borrowings | The tables below present unsecured long-term borrowings extending through 2061 and consisting principally of senior borrowings. As of June 2015 $ in millions U.S. Non-U.S. Total Fixed-rate obligations 1 $ 90,355 $31,406 $121,761 Floating-rate obligations 2 32,390 16,108 48,498 Total $122,745 $47,514 $170,259 As of December 2014 $ in millions U.S. Dollar Non-U.S. Total Fixed-rate obligations 1 $ 89,477 $34,857 $124,334 Floating-rate obligations 2 27,541 15,696 43,237 Total $117,018 $50,553 $167,571 1. Interest rates on U.S. dollar-denominated debt ranged from 1.60% to 10.04% (with a weighted average rate of 4.99%) and 1.55% to 10.04% (with a weighted average rate of 5.08%) as of June 2015 and December 2014, respectively. Interest rates on non-U.S. dollar-denominated debt ranged from 0.33% to 13.00% (with a weighted average rate of 3.87%) and 0.02% to 13.00% (with a weighted average rate of 4.06%) as of June 2015 and December 2014, 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 Dat | The table below presents unsecured long-term borrowings by maturity date. $ in millions As of 2016 $ 8,185 2017 22,580 2018 23,932 2019 16,073 2020 15,726 2021 - thereafter 83,763 Total 1 $170,259 1. Includes $8.21 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: $150 million in 2016, $601 million in 2017, $756 million in 2018, $443 million in 2019, $452 million in 2020 and $5.81 billion in 2021 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 Fixed-rate obligations At fair value $ 214 $ 861 At amortized cost 1 49,770 33,748 Floating-rate obligations At fair value 19,786 15,144 At amortized cost 1 100,489 117,818 Total $170,259 $167,571 1. The weighted average interest rates on the aggregate amounts were 2.80% (4.68% related to fixed-rate obligations and 1.89% related to floating-rate obligations) and 2.68% (5.09% related to fixed-rate obligations and 2.01% related to floating-rate obligations) as of June 2015 and December 2014, 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 2015 $ in millions Par Carrying Rate 1 Subordinated debt $16,149 $18,879 3.82% Junior subordinated debt 1,360 1,822 5.99% Total subordinated borrowings $17,509 $20,701 3.99% As of December 2014 $ in millions Par Carrying Rate 1 Subordinated debt $14,254 $17,241 3.77% Junior subordinated debt 1,582 2,122 6.21% Total subordinated borrowings $15,836 $19,363 4.02% 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 Accrued50
Other Liabilities and Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities and Accrued Expenses | The table below presents other liabilities and accrued expenses by type. As of $ in millions June December Compensation and benefits $ 7,571 $ 8,368 Noncontrolling interests 1 652 404 Income tax-related liabilities 1,580 1,533 Employee interests in consolidated funds 161 176 Subordinated liabilities issued by consolidated VIEs 1,193 843 Accrued expenses and other 2 6,095 4,751 Total $17,252 $16,075 1. Primarily relates to consolidated investment funds. 2. The increase in the first half of 2015 relates to net provisions for mortgage-related litigation and regulatory matters. |
Commitments, Contingencies an51
Commitments, Contingencies and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | The table below presents the firm’s commitments. Commitment Amount by Period of Expiration as of June 2015 Total Commitments as of $ in millions Remainder 2016 - 2018 - 2020 - June December Commitments to extend credit Commercial lending: Investment-grade $ 4,371 $18,819 $27,977 $13,843 $ 65,010 $ 63,634 Non-investment-grade 744 11,545 13,165 18,084 43,538 29,605 Warehouse financing 627 1,343 94 1,365 3,429 2,710 Total commitments to extend credit 5,742 31,707 41,236 33,292 111,977 95,949 Contingent and forward starting resale and securities borrowing agreements 48,381 2,246 1 — 50,628 35,225 Forward starting repurchase and secured lending agreements 8,358 — — — 8,358 8,180 Letters of credit 102 108 13 4 227 308 Investment commitments 661 2,806 19 731 4,217 5,164 Other 6,121 134 50 56 6,361 6,321 Total commitments $69,365 $37,001 $41,319 $34,083 $181,768 $151,147 |
Leases | The table below presents future minimum rental payments, net of minimum sublease rentals. $ in millions As of Remainder of 2015 $ 161 2016 303 2017 282 2018 234 2019 198 2020 164 2021 - thereafter 732 Total $2,074 |
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 2015 $ in millions Derivatives Securities Other Carrying Value of Net Liability $ 9,441 $ $ 91 Maximum Payout/Notional Amount by Period of Expiration Remainder of 2015 $249,517 $30,042 $ 2016 - 2017 344,010 — 796 2018 - 2019 68,480 — 1,197 2020 - thereafter 74,657 — 1,747 Total $736,664 $30,042 $4,568 As of December 2014 $ in millions Derivatives Securities lending indemnifications Other Carrying Value of Net Liability $ 11,201 $ $ 119 Maximum Payout/Notional Amount by Period of Expiration 2015 $351,308 $27,567 $ 471 2016 - 2017 150,989 — 935 2018 - 2019 51,927 — 1,390 2020 - thereafter 58,511 — 1,690 Total $612,735 $27,567 $4,486 In the tables above: • The maximum payout is based on the notional amount of the contract and does not represent anticipated losses. • Amounts exclude certain commitments to issue standby letters of credit that are included in “Commitments to extend credit.” See the table in “Commitments” above for a summary of the firm’s commitments. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Summary of Amount of Common Stock Repurchased by the Firm | The table below presents the amount of common stock repurchased by the firm under the share repurchase program during the three and six months ended June 2015. June 2015 in millions, except per share amounts Three Months Ended Six Months Ended Common share repurchases 1.2 7.9 Average cost per share $208.20 $188.59 Total cost of common share repurchases $ 245 $ 1,495 |
Summary of Perpetual Preferred Stock Issued and Outstanding | The tables below present details about the perpetual preferred stock issued and outstanding as of June 2015. Series Shares Shares Shares Depositary Shares A 50,000 30,000 29,999 1,000 B 50,000 32,000 32,000 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 17,500 17,500 N/A F 5,000 5,000 5,000 N/A I 34,500 34,000 34,000 1,000 J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 L 52,000 52,000 52,000 25 M 1 80,000 80,000 80,000 25 Total 452,200 380,500 380,498 1. In April 2015, Group Inc. issued 80,000 shares of Series M perpetual 5.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series M Preferred Stock). Series Liquidation Redemption Price Per Share Redemption ($ in millions) A $25,000 $25,000 plus declared and unpaid dividends $ B 25,000 $25,000 plus declared and unpaid dividends 800 C 25,000 $25,000 plus declared and unpaid dividends 200 D 25,000 $25,000 plus declared and unpaid dividends 1,350 E 100,000 $100,000 plus declared and unpaid dividends 1,750 F 100,000 $100,000 plus declared and unpaid dividends 500 I 25,000 $25,000 plus accrued and unpaid dividends 850 J 25,000 $25,000 plus accrued and unpaid dividends 1,000 K 25,000 $25,000 plus accrued and unpaid dividends 700 L 25,000 $25,000 plus accrued and unpaid dividends 1,300 M 25,000 $25,000 plus accrued and unpaid dividends 2,000 Total $11,200 In the tables above: • Each share of non-cumulative Series A, Series B, Series C and Series D Preferred Stock issued and outstanding is redeemable at the firm’s option. • Each share of non-cumulative Series E and Series F Preferred Stock issued and outstanding is redeemable at the firm’s option, 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. 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 Preferred Stock issued and outstanding is redeemable at the firm’s option beginning November 10, 2017. • Each share of non-cumulative Series J Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2023. • Each share of non-cumulative Series K Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2024. • Each share of non-cumulative Series L Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2019. • Each share of non-cumulative Series M Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2020. • All shares of preferred stock have a par value of $0.01 per share and, where applicable, each share of preferred stock is represented by the specified number of depositary shares. |
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 2015. 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 M 5.375% per annum to, but excluding, May 10, 2020; 3 month LIBOR + 3.922% 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 2015 2014 Series per share $ in millions per share $ in millions A $ 234.38 $ 7 $ 236.98 $ 7 B 387.50 13 387.50 12 C 250.00 2 252.78 2 D 250.00 13 252.78 14 E 1,011.11 17 1,011.11 17 F 1,011.11 5 1,011.11 5 I 371.88 13 371.88 13 J 343.75 14 343.75 14 K 398.44 11 — — L 712.50 37 — — Total $132 $ 84 Six Months Ended June 2015 2014 Series per share $ in millions per share $ in millions A $ 473.96 $ 14 $ 471.36 $ 14 B 775.00 25 775.00 24 C 505.56 4 502.78 4 D 505.56 27 502.78 27 E 2,022.22 35 2,022.22 35 F 2,022.22 10 2,022.22 10 I 743.76 26 743.76 26 J 687.50 28 687.50 28 K 796.88 22 — — L 712.50 37 — — Total $228 $168 |
Accumulated Other Comprehensive Income, Net of Tax | The tables below present accumulated other comprehensive loss, net of tax by type. June 2015 $ in millions Balance, beginning of year Other comprehensive income/(loss) adjustments, net of tax Balance, Currency translation $(473) $ (55) $(528 ) Pension and postretirement liabilities (270) (110) (380 ) Accumulated other comprehensive loss, net of tax $(743) $(165) $(908 ) December 2014 $ in millions Balance, beginning of year Other comprehensive income/(loss) adjustments, net of tax Balance, Currency translation $(364) $(109) $(473 ) Pension and postretirement liabilities (168) (102) (270 ) Cash flow hedges 8 (8) — Accumulated other comprehensive loss, net of tax $(524) $(219) $(743 ) |
Regulation and Capital Adequa53
Regulation and Capital Adequacy (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Minimum Capital Ratios | The table below presents the minimum ratios required for the firm as of June 2015. Minimum Ratio CET1 ratio 4.5% Tier 1 capital ratio 6.0% Total capital ratio 1 8.0% Tier 1 leverage ratio 2 4.0% 1. In order to meet the quantitative requirements for being “well-capitalized” under the Federal Reserve Board’s regulations, the firm must meet a higher required minimum Total capital ratio of 10.0%. 2. Tier 1 leverage ratio is defined as Tier 1 capital divided by quarterly average adjusted total assets (which includes adjustments for goodwill and identifiable intangible assets, and certain investments in nonconsolidated financial institutions). |
Capital Rollforward | The tables below present the changes in CET1, Tier 1 capital and Tier 2 capital for the six months ended June 2015 and the period from December 31, 2013 to December 31, 2014. Six Months Ended June 2015 $ in millions Standardized Basel III Common Equity Tier 1 Beginning balance $69,830 $69,830 Increased deductions due to transitional provisions (1,368 ) (1,368 ) Increase in common shareholders’ equity 2,857 2,857 Change in deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities 15 15 Change in deduction for investments in nonconsolidated financial institutions 441 441 Change in other adjustments (24 ) (24 ) Ending balance $71,751 $71,751 Tier 1 capital Beginning balance $78,433 $78,433 Increased deductions due to transitional provisions (1,073 ) (1,073 ) Other net increase in CET1 3,289 3,289 Redesignation of junior subordinated debt issued to trusts (330 ) (330 ) Increase in perpetual non-cumulative preferred stock 2,000 2,000 Change in other adjustments 56 56 Ending balance 82,375 82,375 Tier 2 capital Beginning balance 12,861 12,545 Increased deductions due to transitional provisions (53 ) (53 ) Increase in qualifying subordinated debt 1,307 1,307 Redesignation of junior subordinated debt issued to trusts 330 330 Change in the allowance for losses on loans and lending commitments 92 — Change in other adjustments 53 53 Ending balance 14,590 14,182 Total capital $96,965 $96,557 $ in millions Period Ended Common Equity Tier 1 Balance, December 31, 2013 $63,248 Change in CET1 related to the transition to the Revised Capital Framework 1 3,177 Increase in common shareholders’ equity 2,330 Change in deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities 144 Change in deduction for investments in nonconsolidated financial institutions 839 Change in other adjustments 92 Balance, December 31, 2014 $69,830 Tier 1 capital Balance, December 31, 2013 $72,471 Change in CET1 related to the transition to the Revised Capital Framework 1 3,177 Change in Tier 1 capital related to the transition to the Revised Capital Framework 2 (443 ) Other net increase in CET1 3,405 Increase in perpetual non-cumulative preferred stock 2,000 Redesignation of junior subordinated debt issued to trusts and decrease related to trust preferred securities purchased by the firm (1,403 ) Change in other adjustments (774 ) Balance, December 31, 2014 78,433 Tier 2 capital Balance, December 31, 2013 13,632 Change in Tier 2 capital related to the transition to the Revised Capital Framework 3 (197 ) Decrease in qualifying subordinated debt (879 ) Trust preferred securities purchased by the firm, net of redesignation of junior subordinated debt issued to trusts (27 ) Change in other adjustments 16 Balance, December 31, 2014 12,545 Total capital $90,978 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 application of 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 firm’s application of 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 firm’s application of the Basel III Advanced Rules on April 1, 2014. |
Basel III Advanced Rules [Member] | |
Capital Ratios | The table below presents the ratios calculated in accordance with both the Standardized and Basel III Advanced rules as of both June 2015 and December 2014. While the ratios calculated in accordance with the Standardized Capital Rules were not applicable until January 2015, the December 2014 ratios are presented in the table below for comparative purposes. As of $ in millions June 2015 December 2014 Standardized Common shareholders’ equity $ 76,454 $ 73,597 Deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities (2,874 ) (2,787 ) Deductions for investments in nonconsolidated financial institutions (1,482 ) (953 ) Other adjustments (347 ) (27 ) Common Equity Tier 1 71,751 69,830 Perpetual non-cumulative preferred stock 11,200 9,200 Junior subordinated debt issued to trusts 330 660 Other adjustments (906 ) (1,257 ) Tier 1 capital 82,375 78,433 Qualifying subordinated debt 13,201 11,894 Junior subordinated debt issued to trusts 990 660 Allowance for losses on loans and 408 316 Other adjustments (9 ) (9 ) Tier 2 capital 14,590 12,861 Total capital $ 96,965 $ 91,294 RWAs $608,254 $619,216 CET1 ratio 11.8% 11.3% Tier 1 capital ratio 13.5% 12.7% Total capital ratio 15.9% 14.7% Basel III Advanced Standardized Tier 2 capital $ 14,590 $ 12,861 Allowance for losses on loans and (408 ) (316 ) Tier 2 capital 14,182 12,545 Total capital $ 96,557 $ 90,978 RWAs $574,067 $570,313 CET1 ratio 12.5% 12.2% Tier 1 capital ratio 14.3% 13.8% Total capital ratio 16.8% 16.0% Tier 1 leverage ratio 9.6% 9.0% In the table above: • The deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities, include goodwill of $3.65 billion as of both June 2015 and December 2014, and identifiable intangible assets of $208 million (40% of $521 million) and $103 million (20% of $515 million) as of June 2015 and December 2014, respectively, net of associated deferred tax liabilities of $979 million and $961 million as of June 2015 and December 2014, respectively. The deduction for identifiable intangible assets is required to be phased into CET1 ratably over five years from 2014 to 2018. As of June 2015 and December 2014, CET1 reflects 40% and 20% of the deduction, respectively. The balance that is not deducted during the transitional period is risk weighted. • The deductions for investments in nonconsolidated financial institutions represent the amount by which the firm’s investments in the capital of nonconsolidated financial institutions exceed certain prescribed thresholds. The deduction for such investments is required to be phased into CET1 ratably over five years from 2014 to 2018. As of June 2015 and December 2014, CET1 reflects 40% and 20% of the deduction, respectively. The balance that is not deducted during the transitional period is risk weighted. • Other adjustments within CET1 and Tier 1 capital 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. The deductions for such items are generally required to be phased into CET1 ratably over five years from 2014 to 2018. As of June 2015 and December 2014, CET1 reflects 40% and 20% of such deductions, respectively. The balance that is not deducted from CET1 during the transitional period is generally deducted from Tier 1 capital within other adjustments. • Junior subordinated debt issued to trusts is reflected in both Tier 1 capital (25%) and Tier 2 capital (75%) as of June 2015. Such percentages were 50% for both Tier 1 and Tier 2 capital as of December 2014. Junior subordinated debt issued to trusts is reduced by the amount of trust preferred securities purchased by the firm and will be fully phased out of Tier 1 capital into Tier 2 capital by 2016, and then out of 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. • 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 tables below present the components of RWAs calculated in accordance with the Standardized and Basel III Advanced rules as of June 2015 and December 2014. Standardized Capital Rules $ in millions June 2015 December 2014 Credit RWAs Derivatives $155,874 $180,771 Commitments, guarantees and loans 103,844 89,783 Securities financing transactions 1 92,288 92,116 Equity investments 42,582 38,526 Other 2 76,878 71,499 Total Credit RWAs 471,466 472,695 Market RWAs Regulatory VaR 12,863 10,238 Stressed VaR 27,938 29,625 Incremental risk 16,275 16,950 Comprehensive risk 7,375 9,855 Specific risk 72,337 79,853 Total Market RWAs 136,788 146,521 Total RWAs $608,254 $619,216 Basel III Advanced Rules $ in millions June 2015 December 2014 Credit RWAs Derivatives $107,358 $122,501 Commitments, guarantees and loans 105,223 95,209 Securities financing transactions 1 20,557 15,618 Equity investments 44,515 40,146 Other 2 59,837 54,470 Total Credit RWAs 337,490 327,944 Market RWAs Regulatory VaR 12,863 10,238 Stressed VaR 27,938 29,625 Incremental risk 16,275 16,950 Comprehensive risk 6,188 8,150 Specific risk 72,338 79,918 Total Market RWAs 135,602 144,881 Total Operational RWAs 100,975 97,488 Total RWAs $574,067 $570,313 1. Represents resale and repurchase agreements and securities borrowed and loaned transactions. 2. Includes receivables, other assets, and cash and cash equivalents. |
Risk-weighted Assets Rollforward | The table below presents the changes in RWAs calculated in accordance with the Standardized and Basel III Advanced rules for the six months ended June 2015. Six Months Ended $ in millions Standardized Basel III Risk-Weighted Assets Beginning balance $619,216 $570,313 Credit RWAs Increased deductions due to transitional provisions (1,073 ) (1,073 ) Increase/(decrease) in derivatives (24,897 ) (15,143 ) Increase/(decrease) in commitments, guarantees and loans 14,061 10,014 Increase/(decrease) in securities financing transactions 172 4,939 Increase/(decrease) in equity investments 5,026 5,339 Change in other 5,482 5,470 Change in Credit RWAs (1,229 ) 9,546 Market RWAs Increase/(decrease) in regulatory VaR 2,625 2,625 Increase/(decrease) in stressed VaR (1,687 ) (1,687 ) Increase/(decrease) in incremental risk (675 ) (675 ) Increase/(decrease) in comprehensive risk (2,480 ) (1,962 ) Increase/(decrease) in specific risk (7,516 ) (7,580 ) Change in Market RWAs (9,733 ) (9,279 ) Operational RWAs Increase/(decrease) in operational risk — 3,487 Change in Operational RWAs — 3,487 Ending balance $608,254 $574,067 The table below presents the changes in RWAs from December 31, 2013 to December 31, 2014. As of December 31, 2013, the firm was subject to the capital regulations of the Federal Reserve Board that were based on the Basel Committee’s Basel I Capital Accord, including the revised market risk capital requirements. $ in millions Period Ended 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 (24,109 ) Increase in commitments, guarantees and loans 18,208 Decrease in securities financing transactions (2,782 ) Decrease in equity investments (2,728 ) Increase in other 2,007 Change in Credit RWAs 59,697 Market RWAs Change related to the transition to the Revised Capital Framework 1,626 Decrease in regulatory VaR (5,175 ) Decrease in stressed VaR (11,512 ) Increase in incremental risk 7,487 Decrease in comprehensive risk (6,617 ) Decrease in specific risk (5,907 ) Change in Market RWAs (20,098 ) Operational RWAs Change related to the transition to the Revised Capital Framework 88,938 Increase in operational risk 8,550 Change in Operational RWAs 97,488 Ending balance (Basel III Advanced) $570,313 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 in accordance with the Basel III Advanced Rules related to the firm’s application of the Basel III Advanced Rules on April 1, 2014. |
Hybrid Capital Rules [Member] | |
Capital Ratios | The table below presents the ratios for GS Bank USA calculated in accordance with both the Standardized and Basel III Advanced rules as of both June 2015 and December 2014, and with the Hybrid Capital Rules as of December 2014. While the ratios calculated in accordance with the Standardized Capital Rules were not applicable until January 2015, the December 2014 ratios are presented in the table below for comparative purposes. As of $ in millions June 2015 December 2014 Standardized Common Equity Tier 1 $ 21,988 $ 21,293 Tier 1 capital $ 21,988 $ 21,293 Tier 2 capital $ 2,222 $ 2,182 Total capital $ 24,210 $ 23,475 RWAs $208,221 $200,605 CET1 ratio 10.6% 10.6% Tier 1 capital ratio 10.6% 10.6% Total capital ratio 11.6% 11.7% Basel III Advanced Standardized Tier 2 capital $ 2,222 $ 2,182 Allowance for losses on loans and lending commitments (222 ) (182 ) Tier 2 capital 2,000 2,000 Total capital $ 23,988 $ 23,293 RWAs $136,642 $141,978 CET1 ratio 16.1% 15.0% Tier 1 capital ratio 16.1% 15.0% Total capital ratio 17.6% 16.4% Hybrid RWAs N/A $149,963 CET1 ratio N/A 14.2% Tier 1 capital ratio N/A 14.2% Total capital ratio N/A 15.7% Tier 1 leverage ratio 17.0% 17.3% |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | The table below presents the computations of basic and diluted EPS. in millions, except per share amounts Three Months Six Months Ended June 2015 2014 2015 2014 Numerator for basic and diluted EPS - net earnings applicable to common shareholders $ 916 $1,953 $3,664 $3,902 Denominator for basic EPS - weighted average number of common shares 451.4 461.7 452.3 465.1 Effect of dilutive securities: RSUs 5.2 5.9 4.8 5.4 Stock options 5.0 8.3 5.0 9.6 Dilutive potential common shares 10.2 14.2 9.8 15.0 Denominator for diluted EPS - weighted average number of common shares and dilutive potential common shares 461.6 475.9 462.1 480.1 Basic EPS $ 2.01 $ 4.21 $ 8.07 $ 8.36 Diluted EPS 1.98 4.10 7.93 8.13 |
Transactions with Affiliated 55
Transactions with Affiliated Funds (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Fees Earned from Affiliated Funds | The tables below present fees earned from affiliated funds. Three Months Six Months Ended June $ in millions 2015 2014 2015 2014 Fees earned from funds $917 $718 $1,802 $1,610 |
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 Fees receivable from funds $ 628 $ 724 Aggregate carrying value of interests in funds 8,904 9,099 |
Interest Income and Interest 56
Interest Income and Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 $ in millions 2015 2014 2015 2014 Interest income Deposits with banks $ 41 $ 49 $ 79 $ 99 Securities borrowed, securities purchased under agreements to resell and federal funds sold 1 29 19 (1 ) 37 Financial instruments owned, at fair value 1,474 1,968 2,948 4,013 Loans receivable 273 160 526 296 Other interest 2 333 383 633 728 Total interest income 2,150 2,579 4,185 5,173 Interest expense Deposits 98 82 183 167 Securities loaned and securities sold under agreements to repurchase 75 125 148 259 Financial instruments sold, but not yet purchased, at fair value 328 446 657 979 Short-term borrowings 3 126 104 251 199 Long-term borrowings 3 1,097 925 1,908 1,828 Other interest 4 (237 ) (103 ) (484 ) (296 ) Total interest expense 1,487 1,579 2,663 3,136 Net interest income $ 663 $1,000 $1,522 $2,037 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, 2015 | |
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 U.S. Federal 2008 New York State and City 2007 United Kingdom 2012 Japan 2010 Hong Kong 2006 Korea 2010 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Operating Results | Three Months Six Months $ in millions 2015 2014 2015 2014 Investment Banking Financial Advisory $ 821 $ 506 $ 1,782 $ 1,188 Equity underwriting 595 545 1,128 982 Debt underwriting 603 730 1,014 1,390 Total Underwriting 1,198 1,275 2,142 2,372 Total net revenues 2,019 1,781 3,924 3,560 Operating expenses 1,157 1,077 2,261 2,122 Pre-tax earnings $ 862 $ 704 $ 1,663 $ 1,438 Segment assets $ 2,530 $ 2,188 Institutional Client Services Fixed Income, Currency and Commodities Client Execution $ 1,604 $ 2,223 $ 4,738 $ 5,073 Equities client execution 787 483 1,911 899 Commissions and fees 767 751 1,575 1,579 Securities services 443 373 836 725 Total Equities 1,997 1,607 4,322 3,203 Total net revenues 3,601 3,830 9,060 8,276 Operating expenses 1 4,008 3,045 7,579 6,139 Pre-tax earnings/(loss) 1 $ (407 ) $ 785 $ 1,481 $ 2,137 Segment assets $688,406 $724,792 Investing & Lending Equity securities $ 1,254 $ 1,447 $ 2,414 $ 2,354 Debt securities and loans 547 625 1,056 1,247 Total net revenues 2 1,801 2,072 3,470 3,601 Operating expenses 853 999 1,590 1,891 Pre-tax earnings $ 948 $ 1,073 $ 1,880 $ 1,710 Segment assets $154,232 $119,375 Investment Management Management and other fees $ 1,245 $ 1,203 $ 2,439 $ 2,355 Incentive fees 263 139 517 443 Transaction revenues 140 100 276 218 Total net revenues 1,648 1,442 3,232 3,016 Operating expenses 1,325 1,183 2,596 2,459 Pre-tax earnings $ 323 $ 259 $ 636 $ 557 Segment assets $ 14,711 $ 13,559 Total net revenues $ 9,069 $ 9,125 $19,686 $18,453 Total operating expenses 1, 3 7,343 6,304 14,026 12,611 Total pre-tax earnings 1 $ 1,726 $ 2,821 $ 5,660 $ 5,842 Total assets $859,879 $859,914 1. Both the three and six months ended June 2015 include the net provision of $1.45 billion for mortgage-related litigation and regulatory matters recorded during the second quarter ended June 2015. 2. Net revenues related to the firm’s consolidated investments, previously reported in other net revenues within Investing & Lending, are now reported in equity securities and debt securities and loans, as results from these activities ($84 million and $166 million for the three and six months ended June 2015, respectively) are no longer significant due to the sale of Metro in the fourth quarter of 2014. Reclassifications have been made to previously reported amounts to conform to the current presentation. 3. Operating expenses related to real estate-related exit costs, previously not allocated to the firm’s segments, have now been allocated. This allocation reflects the change in the manner in which management views the performance of the firm’s segments. Reclassifications have been made to previously reported segment amounts to conform to the current presentation. |
Net Interest Income | The tables below present the amounts of net interest income or interest expense included in net revenues. Three Months Ended June Six Months Ended June $ in millions 2015 2014 2015 2014 Investment Banking $ — $ — $ — $ — Institutional Client Services 525 894 1,251 1,873 Investing & Lending 94 77 191 103 Investment Management 44 29 80 61 Total net interest income $663 $1,000 $1,522 $2,037 |
Depreciation and Amortization | Three Months Six Months $ in millions 2015 2014 2015 2014 Investment Banking $ 29 $ 35 $ 58 $ 67 Institutional Client Services 121 124 222 238 Investing & Lending 79 97 132 304 Investment Management 36 38 72 75 Total depreciation and amortization 1 $265 $ 294 $ 484 $ 684 1. Depreciation and amortization related to real estate-related exit costs, previously not allocated to the firm’s segments, have now been allocated. This allocation reflects the change in the manner in which management views the performance of the firm’s segments. Reclassifications have been made to previously reported segment amounts to conform to the current presentation. |
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 for each geographic region. In the tables below, Asia includes Australia and New Zealand. Three Months Ended June $ in millions 2015 2014 Net revenues Americas $ 5,141 56% $ 5,202 57% Europe, Middle East and Africa 2,230 25% 2,737 30% Asia 1,698 19% 1,186 13% Total net revenues $ 9,069 100% $ 9,125 100% Pre-tax earnings Americas 1 $ 363 21% $ 1,452 51% Europe, Middle East and Africa 716 41% 1,011 36% Asia 647 38% 358 13% Total pre-tax earnings 1, 2 $ 1,726 100% $ 2,821 100% Six Months Ended June $ in millions 2015 2014 Net revenues Americas $11,013 56% $10,699 58% Europe, Middle East and Africa 5,115 26% 5,376 29% Asia 3,558 18% 2,378 13% Total net revenues $19,686 100% $18,453 100% Pre-tax earnings Americas 1 $ 2,436 43% $ 3,142 54% Europe, Middle East and Africa 1,813 32% 1,983 34% Asia 1,411 25% 717 12% Total pre-tax earnings 1, 2 $ 5,660 100% $ 5,842 100% 1. Both the three and six months ended June 2015 include the net provision of $1.45 billion for mortgage-related litigation and regulatory matters recorded during the second quarter ended June 2015. 2. Operating expenses related to real estate-related exit costs, previously not allocated to the firm’s geographic regions, have now been allocated. This allocation reflects the change in the manner in which management views the performance of the geographic regions. Reclassifications have been made to previously reported geographic region amounts to conform to the current presentation. |
Credit Concentrations (Tables)
Credit Concentrations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 U.S. government and federal agency 1 $64,724 $69,170 % of total assets 7.5% 8.1% Non-U.S. government and agency obligations 1 $34,006 $37,059 % of total assets 4.0% 4.3% 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 U.S. government and federal agency $80,766 $103,263 Non-U.S. government and agency obligations 1 84,968 71,302 1. Principally consists of securities issued by the governments of France, the United Kingdom, Japan and Germany. |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable business segments | 4 |
Significant Accounting Polici61
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Cash and due from banks | $ 6,780 | $ 5,790 |
Interest-bearing deposits with banks | 54,070 | 51,810 |
Loans held for sale | $ 2,390 | $ 400 |
Financial Instruments Owned, 62
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 ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | $ 303,463 | $ 312,248 |
Financial instruments sold, but not yet purchased, at fair value | 124,304 | 132,083 |
Cash Instruments [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 248,962 | 248,978 |
Financial instruments sold, but not yet purchased, at fair value | 72,578 | 69,067 |
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 | 2,767 | 3,654 |
U.S. Government and Federal Agency Obligations [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 52,295 | 48,002 |
Financial instruments sold, but not yet purchased, at fair value | 15,103 | 12,762 |
Non-U.S. Government and Agency Obligations [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 34,006 | 37,059 |
Financial instruments sold, but not yet purchased, at fair value | 21,794 | 20,500 |
Loans and Securities Backed by Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 4,483 | 6,463 |
Financial instruments sold, but not yet purchased, at fair value | 1 | 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 | 11,075 | 11,717 |
Bank Loans and Bridge Loans [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 12,064 | 14,848 |
Financial instruments sold, but not yet purchased, at fair value | 371 | 464 |
Corporate Debt Securities [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 17,383 | 21,419 |
Financial instruments sold, but not yet purchased, at fair value | 4,555 | 5,800 |
State and Municipal Obligations [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 1,417 | 1,203 |
Other Debt Obligations [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 2,190 | 3,257 |
Financial instruments sold, but not yet purchased, at fair value | 1 | 2 |
Equities and Convertible Debentures [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 98,073 | 87,900 |
Financial instruments sold, but not yet purchased, at fair value | 30,049 | 28,314 |
Commodities [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 4,253 | 3,846 |
Financial instruments sold, but not yet purchased, at fair value | 704 | 1,224 |
Investments in Funds Measured at NAV [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 8,956 | 9,610 |
Derivatives [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 54,501 | 63,270 |
Financial instruments sold, but not yet purchased, at fair value | $ 51,726 | $ 63,016 |
Financial Instruments Owned, 63
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 (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned at fair value | $ 303,463 | $ 312,248 |
Loans Backed by Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned at fair value | 2,390 | 4,290 |
Loans Backed by Residential Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned at fair value | 7,310 | 6,430 |
Loans Backed by Consumer Loans and Other Assets [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned at fair value | $ 493 | $ 618 |
Financial Instruments Owned, 64
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 ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Other principal transactions | $ 1,707 | $ 1,995 | $ 3,279 | $ 3,498 |
Trading Activity, Gains and Losses, Net | 4,016 | 4,180 | 9,513 | 8,322 |
Market making [Member] | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Trading Activity, Gains and Losses, Net | 2,309 | 2,185 | 6,234 | 4,824 |
Market making [Member] | Interest Rates [Member] | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Trading Activity, Gains and Losses, Net | 2,864 | (176) | 278 | (456) |
Market making [Member] | Credit [Member] | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Trading Activity, Gains and Losses, Net | (12) | 1,022 | 920 | 2,202 |
Market making [Member] | Foreign Exchange [Member] | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Trading Activity, Gains and Losses, Net | (1,861) | 561 | 1,791 | 856 |
Market making [Member] | Equities [Member] | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Trading Activity, Gains and Losses, Net | 1,041 | 544 | 2,703 | 1,227 |
Market making [Member] | Commodities [Member] | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Trading Activity, Gains and Losses, Net | $ 277 | $ 234 | $ 542 | $ 995 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Liabilities Summary (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total financial assets at fair value | $ 518,295 | $ 532,454 | $ 546,288 | |
Total assets | $ 859,879 | $ 865,458 | $ 856,240 | $ 859,914 |
Total level 3 financial assets as a percentage of total assets | 3.80% | 4.00% | 4.20% | |
Total level 3 financial assets as a percentage of total financial assets at fair value | 6.30% | 6.40% | 6.50% | |
Total financial liabilities at fair value | $ 290,933 | $ 293,191 | $ 291,698 | |
Total level 3 financial liabilities as a percentage of total financial liabilities at fair value | 6.30% | 5.60% | 5.50% | |
Investments in Funds Measured at NAV [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total financial assets at fair value | $ 8,956 | $ 9,216 | $ 9,610 | |
Counterparty and Cash Collateral Netting [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total financial assets at fair value | (772,949) | (990,174) | ||
Total financial liabilities at fair value | (721,514) | (922,825) | ||
Counterparty and Cash Collateral Netting [Member] | Derivatives [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total financial assets at fair value | (90,510) | (106,649) | (104,616) | |
Total financial liabilities at fair value | (39,075) | (46,587) | (37,267) | |
Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total financial assets at fair value | 143,808 | 146,659 | 139,484 | |
Total financial liabilities at fair value | 63,772 | 60,609 | 59,697 | |
Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total financial assets at fair value | 423,629 | 448,886 | 466,030 | |
Total financial liabilities at fair value | 247,883 | 262,860 | 253,364 | |
Level 2 [Member] | Counterparty and Cash Collateral Netting [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total financial assets at fair value | (679,871) | (882,841) | ||
Total financial liabilities at fair value | (679,871) | (882,841) | ||
Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total financial assets at fair value | 32,412 | 34,342 | 35,780 | |
Total financial liabilities at fair value | 18,353 | 16,309 | 15,904 | |
Level 3 [Member] | Derivatives [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total financial assets at fair value | 6,175 | $ 7,069 | 7,074 | |
Level 3 [Member] | Counterparty and Cash Collateral Netting [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total financial assets at fair value | (2,568) | (2,717) | ||
Total financial liabilities at fair value | $ (2,568) | $ (2,717) |
Fair Value Measurements - Fin66
Fair Value Measurements - Financial Assets Liabilities Summary (Parenthetical) (Detail) - USD ($) $ in Billions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | |||
Assets accounted at fair value or approximate fair value | $ 834 | $ 842 | $ 834 |
Fair Value Measurements - Total
Fair Value Measurements - Total Level 3 Financial Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | $ 518,295 | $ 532,454 | $ 546,288 |
Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 32,412 | 34,342 | 35,780 |
Level 3 [Member] | Cash Instruments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 26,195 | 27,235 | 28,650 |
Level 3 [Member] | Derivatives [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 6,175 | 7,069 | 7,074 |
Level 3 [Member] | Other Assets at Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | $ 42 | $ 38 | $ 56 |
Cash Instruments - Fair Value,
Cash Instruments - Fair Value, Cash Instruments, Measurement Inputs, Disclosure (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2015 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total financial assets at fair value | $ 518,295 | $ 546,288 | $ 532,454 |
Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total financial assets at fair value | 32,412 | 35,780 | $ 34,342 |
Loans and Securities Backed by Commercial Real Estate [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total financial assets at fair value | 2,134 | 3,275 | |
Loans and Securities Backed by Residential Real Estate [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total financial assets at fair value | 2,717 | 2,545 | |
Bank Loans and Bridge Loans [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total financial assets at fair value | 5,377 | 6,973 | |
Commercial Paper Certificates of Deposit Time Deposits and Other Money Market Instruments Corporate Debt Securities State and Municipal Foreign Government Debt Securities Other Debt Securities [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total financial assets at fair value | 3,510 | 4,750 | |
Equities and Convertible Debentures [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total financial assets at fair value | $ 12,457 | $ 11,108 | |
Minimum [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 3.30% | 3.20% | |
Fair Value Unobservable Inputs, Recovery Rate | 15.10% | 24.90% | |
Fair Value Unobservable Inputs, Duration | 3 months 18 days | 3 months 18 days | |
Fair Value Unobservable Inputs, Basis | (6) points | (8) points | |
Minimum [Member] | Loans and Securities Backed by Residential Real Estate [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 2.80% | 1.90% | |
Fair Value Unobservable Inputs, Cumulative Loss Rate | 6.00% | 0.00% | |
Fair Value Unobservable Inputs, Duration | 1 year 8 months 12 days | 6 months | |
Minimum [Member] | Bank Loans and Bridge Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 1.50% | 1.40% | |
Fair Value Unobservable Inputs, Recovery Rate | 15.30% | 26.60% | |
Fair Value Unobservable Inputs, Duration | 4 months 24 days | 3 months 18 days | |
Minimum [Member] | Commercial Paper Certificates of Deposit Time Deposits and Other Money Market Instruments Corporate Debt Securities State and Municipal Foreign Government Debt Securities Other Debt Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 1.00% | 0.90% | |
Fair Value Unobservable Inputs, Recovery Rate | 0.00% | 0.00% | |
Fair Value Unobservable Inputs, Duration | 6 months | 6 months | |
Minimum [Member] | Equities and Convertible Debentures [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Multiples | 0.7 | 0.8 | |
Fair Value Unobservable Inputs, Discount Rate/Yield | 3.70% | 3.70% | |
Fair Value Unobservable Inputs, Long-term Growth Rate And Compound Annual Growth Rate | 3.00% | 1.00% | |
Fair Value Unobservable Inputs, Capitalization Rates | 5.30% | 3.80% | |
Maximum [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 20.00% | 20.00% | |
Fair Value Unobservable Inputs, Recovery Rate | 95.30% | 100.00% | |
Fair Value Unobservable Inputs, Duration | 4 years 4 months 24 days | 4 years 8 months 12 days | |
Fair Value Unobservable Inputs, Basis | 11 points | 13 points | |
Maximum [Member] | Loans and Securities Backed by Residential Real Estate [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 12.00% | 17.50% | |
Fair Value Unobservable Inputs, Cumulative Loss Rate | 42.60% | 95.10% | |
Fair Value Unobservable Inputs, Duration | 13 years | 13 years | |
Maximum [Member] | Bank Loans and Bridge Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 22.00% | 29.50% | |
Fair Value Unobservable Inputs, Recovery Rate | 88.90% | 92.50% | |
Fair Value Unobservable Inputs, Duration | 6 years 6 months | 7 years 9 months 18 days | |
Maximum [Member] | Commercial Paper Certificates of Deposit Time Deposits and Other Money Market Instruments Corporate Debt Securities State and Municipal Foreign Government Debt Securities Other Debt Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 17.30% | 24.40% | |
Fair Value Unobservable Inputs, Recovery Rate | 71.70% | 71.90% | |
Fair Value Unobservable Inputs, Duration | 17 years | 19 years 7 months 6 days | |
Maximum [Member] | Equities and Convertible Debentures [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Multiples | 23.2 | 16.6 | |
Fair Value Unobservable Inputs, Discount Rate/Yield | 25.00% | 30.00% | |
Fair Value Unobservable Inputs, Long-term Growth Rate And Compound Annual Growth Rate | 10.70% | 10.00% | |
Fair Value Unobservable Inputs, Capitalization Rates | 11.90% | 13.00% | |
Weighted Average [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 12.00% | 10.50% | |
Fair Value Unobservable Inputs, Recovery Rate | 54.40% | 68.30% | |
Fair Value Unobservable Inputs, Duration | 1 year 10 months 24 days | 2 years | |
Fair Value Unobservable Inputs, Basis | (3 points) | (2 points) | |
Weighted Average [Member] | Loans and Securities Backed by Residential Real Estate [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 6.70% | 7.60% | |
Fair Value Unobservable Inputs, Cumulative Loss Rate | 19.40% | 24.40% | |
Fair Value Unobservable Inputs, Duration | 5 years 1 month 6 days | 4 years 3 months 18 days | |
Weighted Average [Member] | Bank Loans and Bridge Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 8.60% | 8.70% | |
Fair Value Unobservable Inputs, Recovery Rate | 51.20% | 60.60% | |
Fair Value Unobservable Inputs, Duration | 2 years 4 months 24 days | 2 years 6 months | |
Weighted Average [Member] | Commercial Paper Certificates of Deposit Time Deposits and Other Money Market Instruments Corporate Debt Securities State and Municipal Foreign Government Debt Securities Other Debt Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 9.40% | 9.20% | |
Fair Value Unobservable Inputs, Recovery Rate | 61.00% | 59.20% | |
Fair Value Unobservable Inputs, Duration | 4 years 4 months 24 days | 3 years 8 months 12 days | |
Weighted Average [Member] | Equities and Convertible Debentures [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Inputs, Multiples | 6.1 | 6.5 | |
Fair Value Unobservable Inputs, Discount Rate/Yield | 14.30% | 14.40% | |
Fair Value Unobservable Inputs, Long-term Growth Rate And Compound Annual Growth Rate | 5.60% | 6.00% | |
Fair Value Unobservable Inputs, Capitalization Rates | 7.50% | 7.60% |
Cash Instruments - Cash Instrum
Cash Instruments - Cash Instruments by Level (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | $ 518,295 | $ 532,454 | $ 546,288 |
Total financial liabilities at fair value | 290,933 | 293,191 | 291,698 |
Financial instruments owned, at fair value | 303,463 | 312,248 | |
Financial instruments sold, but not yet purchased, at fair value | 124,304 | 132,083 | |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | 423,629 | 448,886 | 466,030 |
Total financial liabilities at fair value | 247,883 | 262,860 | 253,364 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | 32,412 | 34,342 | 35,780 |
Total financial liabilities at fair value | 18,353 | 16,309 | 15,904 |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | 143,808 | 146,659 | 139,484 |
Total financial liabilities at fair value | 63,772 | 60,609 | 59,697 |
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 | 2,767 | 3,654 | |
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 | 2,687 | 3,654 | |
Commercial Paper, Certificates of Deposit, Time Deposits and Other Money Market Instruments [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | 11 | ||
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 | 69 | ||
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 | 52,295 | 48,002 | |
Financial instruments sold, but not yet purchased, at fair value | 15,103 | 12,762 | |
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 | 26,112 | 29,462 | |
Total financial liabilities at fair value | 10 | 16 | |
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 | 26,183 | 18,540 | |
Total financial liabilities at fair value | 15,093 | 12,746 | |
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 | 34,006 | 37,059 | |
Financial instruments sold, but not yet purchased, at fair value | 21,794 | 20,500 | |
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 | 5,730 | 6,668 | |
Total financial liabilities at fair value | 2,117 | 1,244 | |
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 | 21 | 136 | |
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 | 28,255 | 30,255 | |
Total financial liabilities at fair value | 19,677 | 19,256 | |
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 | 4,483 | 6,463 | |
Financial instruments sold, but not yet purchased, at fair value | 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 | 2,349 | 3,188 | |
Total financial liabilities at fair value | 1 | 1 | |
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 | 2,134 | 3,275 | |
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 | 11,075 | 11,717 | |
Financial instruments sold, but not yet purchased, at fair value | 1 | ||
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 | 8,358 | 9,172 | |
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 | 2,717 | 2,545 | |
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 | 12,064 | 14,848 | |
Financial instruments sold, but not yet purchased, at fair value | 371 | 464 | |
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 | 6,687 | 7,875 | |
Total financial liabilities at fair value | 233 | 286 | |
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 | 5,377 | 6,973 | |
Total financial liabilities at fair value | 138 | 178 | |
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial instruments owned, at fair value | 17,383 | 21,419 | |
Financial instruments sold, but not yet purchased, at fair value | 4,555 | 5,800 | |
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 | 14,549 | 17,537 | |
Total financial liabilities at fair value | 4,551 | 5,741 | |
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 | 2,595 | 3,633 | |
Total financial liabilities at fair value | 1 | 59 | |
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 | 239 | 249 | |
Total financial liabilities at fair value | 3 | ||
State and Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial instruments owned, at fair value | 1,417 | 1,203 | |
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 | 1,274 | 1,093 | |
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 | 143 | 110 | |
Other Debt Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial instruments owned, at fair value | 2,190 | 3,257 | |
Financial instruments sold, but not yet purchased, at fair value | 1 | 2 | |
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 | 1,450 | 2,387 | |
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 | 740 | 870 | |
Total financial liabilities at fair value | 1 | 2 | |
Equities and Convertible Debentures [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial instruments owned, at fair value | 98,073 | 87,900 | |
Financial instruments sold, but not yet purchased, at fair value | 30,049 | 28,314 | |
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 | 9,002 | 7,818 | |
Total financial liabilities at fair value | 1,027 | 722 | |
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 | 12,457 | 11,108 | |
Total financial liabilities at fair value | 38 | 5 | |
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 | 76,614 | 68,974 | |
Total financial liabilities at fair value | 28,984 | 27,587 | |
Commodities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial instruments owned, at fair value | 4,253 | 3,846 | |
Financial instruments sold, but not yet purchased, at fair value | 704 | 1,224 | |
Commodities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | 4,253 | 3,846 | |
Total financial liabilities at fair value | 704 | 1,224 | |
Subtotal [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial instruments owned, at fair value | 240,006 | 239,368 | |
Investments in Funds Measured at NAV [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | 8,956 | 9,216 | 9,610 |
Financial instruments owned, at fair value | 8,956 | 9,610 | |
Cash Instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial instruments owned, at fair value | 248,962 | 248,978 | |
Financial instruments sold, but not yet purchased, at fair value | 72,578 | 69,067 | |
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 | 82,451 | 92,700 | |
Total financial liabilities at fair value | 8,643 | 9,234 | |
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 | 26,195 | $ 27,235 | 28,650 |
Total financial liabilities at fair value | 178 | 244 | |
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 | 131,360 | 118,018 | |
Total financial liabilities at fair value | $ 63,757 | $ 59,589 |
Cash Instruments - Cash Instr70
Cash Instruments - Cash Instruments by Level (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | $ 518,295 | $ 532,454 | $ 546,288 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | 423,629 | 448,886 | 466,030 |
Level 2 [Member] | CDOs and CLOs Backed by Real Estate and Corporate Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | 180 | 234 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | 32,412 | $ 34,342 | 35,780 |
Level 3 [Member] | CDOs and CLOs Backed by Real Estate and Corporate Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | 1,140 | 1,340 | |
Level 3 [Member] | Private Equity Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | 11,670 | 10,250 | |
Level 3 [Member] | Real Estate Investment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | 315 | 294 | |
Level 3 [Member] | Convertible Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total financial assets at fair value | $ 472 | $ 562 |
Cash Instruments - Additional I
Cash Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 40 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Transfers of cash instruments from level 1 to level 2 | $ 480 | $ 552 | $ 500 | $ 67 | |
Transfers of cash instruments from level 2 to level 1 | 211 | 7 | 126 | 81 | |
Fair value investments, entities that calculate net asset value per share, investment redemption amount in certain hedge funds | $ 3,090 | ||||
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 | 1,210 | 996 | 1,570 | 1,400 | |
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 | 1,210 | 987 | 1,560 | 1,330 | |
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 | $ 8 | 9 | $ 13 | 70 | |
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 | 49 | |||
U.S. Government and Federal Agency Obligations [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 - Cash Instr72
Cash Instruments - Cash Instruments, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Commercial Paper, Certificates of Deposit, Time Deposits and Other Money Market 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 | $ 10 | |||
Purchases | 1 | |||
Sales | $ (1) | |||
Transfers Into Level 3 | 12 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 11 | 11 | ||
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 | 95 | $ 45 | 136 | $ 40 |
Net Realized Gains / (Losses) | 2 | 1 | 2 | 1 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | 1 | 1 | ||
Purchases | 9 | 1 | 22 | |
Sales | (1) | (18) | (18) | |
Settlements | (9) | (2) | (26) | (1) |
Transfers Into Level 3 | 1 | 9 | ||
Transfers Out Of Level 3 | (69) | (74) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 21 | 53 | 21 | 53 |
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 | 2,763 | 2,518 | 3,275 | 2,515 |
Net Realized Gains / (Losses) | 43 | 31 | 65 | 66 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | 65 | 87 | 67 | 157 |
Purchases | 81 | 114 | 214 | 366 |
Sales | (277) | (155) | (333) | (259) |
Settlements | (436) | (305) | (1,212) | (388) |
Transfers Into Level 3 | 103 | 417 | 335 | 404 |
Transfers Out Of Level 3 | (208) | (199) | (277) | (353) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 2,134 | 2,508 | 2,134 | 2,508 |
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 | 2,773 | 2,065 | 2,545 | 1,961 |
Net Realized Gains / (Losses) | 37 | 34 | 95 | 68 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | 87 | 90 | 67 | 132 |
Purchases | 179 | 149 | 496 | 252 |
Sales | (248) | (194) | (498) | (177) |
Settlements | (71) | (3) | (177) | (178) |
Transfers Into Level 3 | 73 | 27 | 327 | 199 |
Transfers Out Of Level 3 | (113) | (129) | (138) | (218) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 2,717 | 2,039 | 2,717 | 2,039 |
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 | 6,311 | 6,798 | 6,973 | 6,071 |
Net Realized Gains / (Losses) | 122 | 86 | 218 | 149 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | 102 | (92) | 179 | |
Purchases | 383 | 714 | 579 | 1,813 |
Sales | (394) | (169) | (668) | (397) |
Settlements | (430) | (1,134) | (1,258) | (1,406) |
Transfers Into Level 3 | 180 | 662 | 589 | 478 |
Transfers Out Of Level 3 | (795) | (779) | (964) | (607) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 5,377 | 6,280 | 5,377 | 6,280 |
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 | 2,766 | 2,496 | 3,633 | 2,744 |
Net Realized Gains / (Losses) | 29 | 85 | 62 | 155 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | (35) | 32 | (46) | 61 |
Purchases | 387 | 211 | 484 | 629 |
Sales | (112) | (665) | (454) | (709) |
Settlements | (196) | (177) | (380) | (401) |
Transfers Into Level 3 | 164 | 401 | 309 | 88 |
Transfers Out Of Level 3 | (408) | (191) | (1,013) | (375) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 2,595 | 2,192 | 2,595 | 2,192 |
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 | 142 | 242 | 110 | 257 |
Net Realized Gains / (Losses) | 1 | 1 | 3 | 2 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | 1 | 2 | 2 | 4 |
Purchases | 20 | 28 | 14 | 34 |
Sales | (13) | (41) | (1) | (82) |
Settlements | (1) | (2) | ||
Transfers Into Level 3 | 19 | 1 | 40 | 1 |
Transfers Out Of Level 3 | (27) | (64) | (24) | (45) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 143 | 169 | 143 | 169 |
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 | 886 | 640 | 870 | 807 |
Net Realized Gains / (Losses) | 4 | 5 | 18 | 15 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | (4) | 32 | 3 | 38 |
Purchases | 105 | 53 | 189 | 122 |
Sales | (67) | (51) | (109) | (160) |
Settlements | (6) | (25) | (63) | (76) |
Transfers Into Level 3 | 35 | 41 | 16 | 38 |
Transfers Out Of Level 3 | (213) | (66) | (184) | (155) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 740 | 629 | 740 | 629 |
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 | 11,489 | 9,808 | 11,108 | 8,671 |
Net Realized Gains / (Losses) | 92 | 71 | 135 | 93 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | 1,098 | 641 | 1,560 | 758 |
Purchases | 251 | 223 | 486 | 1,229 |
Sales | (230) | (416) | (375) | (609) |
Settlements | (379) | (181) | (800) | (314) |
Transfers Into Level 3 | 584 | 676 | 725 | 1,436 |
Transfers Out Of Level 3 | (448) | (271) | (382) | (713) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 12,457 | 10,551 | 12,457 | 10,551 |
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 | 27,235 | 24,612 | 28,650 | 23,066 |
Net Realized Gains / (Losses) | 330 | 314 | 598 | 549 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | 1,213 | 987 | 1,561 | 1,329 |
Purchases | 1,407 | 1,501 | 2,463 | 4,467 |
Sales | (1,341) | (1,692) | (2,457) | (2,411) |
Settlements | (1,527) | (1,827) | (3,917) | (2,766) |
Transfers Into Level 3 | 1,159 | 2,225 | 2,353 | 2,653 |
Transfers Out Of Level 3 | (2,281) | (1,699) | (3,056) | (2,466) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 26,195 | 24,421 | 26,195 | 24,421 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 162 | 204 | 244 | 297 |
Net Realized (Gains) / Losses | 1 | (6) | 2 | (6) |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 8 | (9) | (13) | (70) |
Purchases | (34) | (49) | (112) | (110) |
Sales | 36 | 51 | 46 | 71 |
Settlements | 2 | 11 | 2 | 11 |
Transfers Into Level 3 | 9 | 15 | 46 | 5 |
Transfers Out Of Level 3 | (6) | (20) | (37) | (1) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ 178 | $ 197 | $ 178 | $ 197 |
Cash Instruments - Cash Instr73
Cash Instruments - Cash Instruments, Level 3 Rollforward (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Instruments [Abstract] | ||||
Fair Value, Assets Measured on Recurring Basis, Gain (Loss) Included in Market Making Revenue | $ (26) | $ 232 | $ 4 | $ 400 |
Fair Value, Assets Measured on Recurring Basis, Gain (Loss) Included in Other Principal Transactions Revenue | 1,360 | 743 | 1,800 | 881 |
Fair Value, Assets Measured on Recurring Basis, Gain (Loss) Included in Interest Income | $ 206 | $ 326 | $ 358 | $ 597 |
Cash Instruments - Investments
Cash Instruments - Investments in Funds that are Calculated Using Net Asset Value Per Share (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | $ 8,956 | $ 9,610 |
Unfunded Commitments | 2,758 | 2,868 |
Private Equity Funds [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 6,095 | 6,307 |
Unfunded Commitments | 2,093 | 2,175 |
Credit Funds [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 775 | 1,008 |
Unfunded Commitments | 363 | 383 |
Hedge Funds [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 744 | 863 |
Real Estate Funds [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 1,342 | 1,432 |
Unfunded Commitments | $ 302 | $ 310 |
Derivatives and Hedging Activ75
Derivatives and Hedging Activities - Fair Value of Derivatives on a Gross Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Total Counterparty and Cash Collateral Netting | $ (772,949) | $ (990,174) |
Total Counterparty and Cash Collateral Netting | (721,514) | (922,825) |
Securities collateral received | (13,358) | (14,742) |
Securities collateral posted | (11,915) | (18,159) |
Cash collateral received | (577) | (980) |
Cash collateral posted | (1,898) | (2,940) |
Total Cash collateral netting | (88,850) | (103,504) |
Total Cash collateral netting | (37,415) | (36,155) |
Total Counterparty Netting | (684,099) | (886,670) |
Total Counterparty Netting | (684,099) | (886,670) |
Total | 40,566 | 47,548 |
Total | 37,913 | 41,917 |
Total Gross Fair Value of Derivative Asset Contracts | 827,450 | 1,053,444 |
Total Gross Fair Value of Derivative Liability Contracts | 773,240 | 985,841 |
Notional amount | 53,305,729 | 57,510,787 |
Financial instruments owned, at fair value | 303,463 | 312,248 |
Financial instruments sold, but not yet purchased, at fair value | 124,304 | 132,083 |
Derivatives [Member] | ||
Derivative [Line Items] | ||
Financial instruments owned, at fair value | 54,501 | 63,270 |
Financial instruments sold, but not yet purchased, at fair value | 51,726 | 63,016 |
Derivative Contract not Designated as Hedges [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 816,147 | 1,039,047 |
Total Gross Fair Value of Derivative Liability Contracts | 773,049 | 985,563 |
Notional amount | 53,176,150 | 57,374,653 |
Derivative Contract not Designated as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 605,249 | 786,362 |
Total Gross Fair Value of Derivative Liability Contracts | 558,681 | 739,607 |
Notional amount | 43,018,850 | 47,112,518 |
Derivative Contract not Designated as Hedges [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 42,682 | 54,848 |
Total Gross Fair Value of Derivative Liability Contracts | 38,970 | 50,154 |
Notional amount | 2,288,185 | 2,500,958 |
Derivative Contract not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 95,339 | 109,916 |
Total Gross Fair Value of Derivative Liability Contracts | 99,849 | 108,607 |
Notional amount | 5,598,309 | 5,566,203 |
Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 18,658 | 28,990 |
Total Gross Fair Value of Derivative Liability Contracts | 20,370 | 28,546 |
Notional amount | 613,155 | 669,479 |
Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 54,219 | 58,931 |
Total Gross Fair Value of Derivative Liability Contracts | 55,179 | 58,649 |
Notional amount | 1,657,651 | 1,525,495 |
Derivative Contracts Accounted for as Hedges [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 11,303 | 14,397 |
Total Gross Fair Value of Derivative Liability Contracts | 191 | 278 |
Notional amount | 129,579 | 136,134 |
Derivative Contracts Accounted for as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 11,200 | 14,272 |
Total Gross Fair Value of Derivative Liability Contracts | 142 | 262 |
Notional amount | 120,356 | 126,498 |
Derivative Contracts Accounted for as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 103 | 125 |
Total Gross Fair Value of Derivative Liability Contracts | 49 | 16 |
Notional amount | 9,223 | 9,636 |
Exchange-Traded [Member] | ||
Derivative [Line Items] | ||
Total Counterparty Netting | (12,228) | (15,039) |
Total Counterparty Netting | (12,228) | (15,039) |
Derivative Assets | 2,680 | 2,533 |
Derivative Liabilities | 2,395 | 2,070 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 265 | 228 |
Total Gross Fair Value of Derivative Liability Contracts | 261 | 238 |
Notional amount | 3,297,942 | 3,151,865 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 76 | 69 |
Total Gross Fair Value of Derivative Liability Contracts | 242 | 69 |
Notional amount | 19,955 | 17,214 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 5,324 | 7,683 |
Total Gross Fair Value of Derivative Liability Contracts | 5,065 | 7,166 |
Notional amount | 322,798 | 321,378 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 9,243 | 9,592 |
Total Gross Fair Value of Derivative Liability Contracts | 9,055 | 9,636 |
Notional amount | 585,950 | 541,711 |
OTC-Cleared [Member] | ||
Derivative [Line Items] | ||
Total Cash collateral netting | (26,955) | (24,801) |
Total Cash collateral netting | (2,553) | (738) |
Total Counterparty Netting | (224,199) | (335,792) |
Total Counterparty Netting | (224,199) | (335,792) |
Derivative Assets | 268 | 158 |
Derivative Liabilities | 77 | 73 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 243,453 | 351,801 |
Total Gross Fair Value of Derivative Liability Contracts | 220,466 | 330,298 |
Notional amount | 26,297,086 | 30,408,636 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 6,109 | 5,812 |
Total Gross Fair Value of Derivative Liability Contracts | 5,979 | 5,663 |
Notional amount | 441,067 | 378,099 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 107 | 100 |
Total Gross Fair Value of Derivative Liability Contracts | 58 | 96 |
Notional amount | 12,665 | 13,304 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 185 | 313 |
Total Gross Fair Value of Derivative Liability Contracts | 181 | 315 |
Notional amount | 2,368 | 3,036 |
OTC-Cleared [Member] | Derivative Contracts Accounted for as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 1,566 | 2,713 |
Total Gross Fair Value of Derivative Liability Contracts | 131 | 228 |
Notional amount | 39,730 | 31,109 |
OTC-Cleared [Member] | Derivative Contracts Accounted for as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 2 | 12 |
Total Gross Fair Value of Derivative Liability Contracts | 14 | 3 |
Notional amount | 1,154 | 1,205 |
Bilateral OTC [Member] | ||
Derivative [Line Items] | ||
Total Cash collateral netting | (61,895) | (78,703) |
Total Cash collateral netting | (34,862) | (35,417) |
Total Counterparty Netting | (447,672) | (535,839) |
Total Counterparty Netting | (447,672) | (535,839) |
Derivative Assets | 51,553 | 60,579 |
Derivative Liabilities | 49,254 | 60,873 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 361,531 | 434,333 |
Total Gross Fair Value of Derivative Liability Contracts | 337,954 | 409,071 |
Notional amount | 13,423,822 | 13,552,017 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 36,573 | 49,036 |
Total Gross Fair Value of Derivative Liability Contracts | 32,991 | 44,491 |
Notional amount | 1,847,118 | 2,122,859 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 95,156 | 109,747 |
Total Gross Fair Value of Derivative Liability Contracts | 99,549 | 108,442 |
Notional amount | 5,565,689 | 5,535,685 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 13,149 | 20,994 |
Total Gross Fair Value of Derivative Liability Contracts | 15,124 | 21,065 |
Notional amount | 287,989 | 345,065 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 44,976 | 49,339 |
Total Gross Fair Value of Derivative Liability Contracts | 46,124 | 49,013 |
Notional amount | 1,071,701 | 983,784 |
Bilateral OTC [Member] | Derivative Contracts Accounted for as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 9,634 | 11,559 |
Total Gross Fair Value of Derivative Liability Contracts | 11 | 34 |
Notional amount | 80,626 | 95,389 |
Bilateral OTC [Member] | Derivative Contracts Accounted for as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 101 | 113 |
Total Gross Fair Value of Derivative Liability Contracts | 35 | 13 |
Notional amount | $ 8,069 | $ 8,431 |
Derivatives and Hedging Activ76
Derivatives and Hedging Activities - Fair Value of Derivatives on a Gross Basis (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Fair Value of Derivative Asset Contracts Not Enforceable | $ 18,980 | $ 25,930 |
Gross Fair Value of Derivative Liability Contracts Not Enforceable | $ 20,530 | $ 26,190 |
Derivatives and Hedging Activ77
Derivatives and Hedging Activities - Fair Value, Derivatives, Measurement Inputs, Disclosure (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ 338,000,000 | $ 706,000,000 | $ 1,211,000,000 | $ 2,184,000,000 | $ 1,944,000,000 | $ 2,991,000,000 |
Interest Rate Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | (78,000,000) | (40,000,000) | (36,000,000) | (129,000,000) | (31,000,000) | (86,000,000) |
Credit Risk Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 2,968,000,000 | 3,530,000,000 | 3,589,000,000 | 3,900,000,000 | 3,958,000,000 | 4,176,000,000 |
Foreign Exchange Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | (149,000,000) | (267,000,000) | (182,000,000) | (81,000,000) | (143,000,000) | (200,000,000) |
Commodity Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | (54,000,000) | (1,142,000,000) | (1,386,000,000) | (7,000,000) | 43,000,000 | 60,000,000 |
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 | $ (2,349,000,000) | $ (1,375,000,000) | $ (774,000,000) | $ (1,499,000,000) | $ (1,883,000,000) | $ (959,000,000) |
Minimum [Member] | Interest Rate Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | (25.00%) | (16.00%) | ||||
Fair Value Unobservable Input, Volatility | 31 bpa | 36 bpa | ||||
Minimum [Member] | Credit Risk Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 5.00% | 5.00% | ||||
Fair Value Unobservable Inputs, Credit spreads | 1 bps | 1 bps | ||||
Fair Value Unobservable Inputs, Upfront Credit Points | 0 points | 0 points | ||||
Fair Value Unobservable Inputs, Recovery rates | 10.00% | 14.00% | ||||
Minimum [Member] | Foreign Exchange Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 55.00% | 55.00% | ||||
Minimum [Member] | Commodity Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Volatility | 15.00% | 16.00% | ||||
Fair Value Unobservable Inputs, Spread per million British Thermal units (MMBTU) of natural gas | $ (1.76) | $ (1.66) | ||||
Fair Value Unobservable Inputs, Spread Per Metric Tonne (MT) Of Coal | (9.63) | (10.50) | ||||
Fair Value Unobservable Inputs, Spread per barrel of oil and refined products | $ (8.14) | $ (15.35) | ||||
Minimum [Member] | Equity Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 28.00% | 30.00% | ||||
Fair Value Unobservable Inputs, Volatility | 5.00% | 5.00% | ||||
Maximum [Member] | Interest Rate Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 86.00% | 84.00% | ||||
Fair Value Unobservable Input, Volatility | 153 bpa | 156 bpa | ||||
Maximum [Member] | Credit Risk Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 97.00% | 99.00% | ||||
Fair Value Unobservable Inputs, Credit spreads | 803 bps | 700 bps | ||||
Fair Value Unobservable Inputs, Upfront Credit Points | 99 points | 99 points | ||||
Fair Value Unobservable Inputs, Recovery rates | 72.00% | 87.00% | ||||
Maximum [Member] | Foreign Exchange Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 80.00% | 80.00% | ||||
Maximum [Member] | Commodity Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Volatility | 56.00% | 68.00% | ||||
Fair Value Unobservable Inputs, Spread per million British Thermal units (MMBTU) of natural gas | $ 6.99 | $ 4.45 | ||||
Fair Value Unobservable Inputs, Spread Per Metric Tonne (MT) Of Coal | (4.50) | 3 | ||||
Fair Value Unobservable Inputs, Spread per barrel of oil and refined products | $ 56.54 | $ 80.55 | ||||
Maximum [Member] | Equity Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 99.00% | 99.00% | ||||
Fair Value Unobservable Inputs, Volatility | 83.00% | 90.00% | ||||
Average [Member] | Interest Rate Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 53.00% | 37.00% | ||||
Fair Value Unobservable Input, Volatility | 84 bpa | 100 bpa | ||||
Average [Member] | Credit Risk Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 68.00% | 71.00% | ||||
Fair Value Unobservable Inputs, Credit spreads | 120 bps | 116 bps | ||||
Fair Value Unobservable Inputs, Upfront Credit Points | 41 points | 40 points | ||||
Fair Value Unobservable Inputs, Recovery rates | 48.00% | 44.00% | ||||
Average [Member] | Foreign Exchange Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 69.00% | 69.00% | ||||
Average [Member] | Commodity Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Volatility | 31.00% | 33.00% | ||||
Fair Value Unobservable Inputs, Spread per million British Thermal units (MMBTU) of natural gas | $ (0.08) | $ (0.13) | ||||
Fair Value Unobservable Inputs, Spread Per Metric Tonne (MT) Of Coal | (8.07) | (4.04) | ||||
Fair Value Unobservable Inputs, Spread per barrel of oil and refined products | $ 10.31 | $ 22.32 | ||||
Average [Member] | Equity Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 63.00% | 62.00% | ||||
Fair Value Unobservable Inputs, Volatility | 25.00% | 23.00% | ||||
Median [Member] | Interest Rate Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 55.00% | 40.00% | ||||
Fair Value Unobservable Input, Volatility | 57 bpa | 115 bpa | ||||
Median [Member] | Credit Risk Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 69.00% | 72.00% | ||||
Fair Value Unobservable Inputs, Credit spreads | 97 bps | 79 bps | ||||
Fair Value Unobservable Inputs, Upfront Credit Points | 40 points | 30 points | ||||
Fair Value Unobservable Inputs, Recovery rates | 40.00% | 40.00% | ||||
Median [Member] | Foreign Exchange Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 73.00% | 73.00% | ||||
Median [Member] | Commodity Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Volatility | 30.00% | 32.00% | ||||
Fair Value Unobservable Inputs, Spread per million British Thermal units (MMBTU) of natural gas | $ (0.05) | $ (0.03) | ||||
Fair Value Unobservable Inputs, Spread Per Metric Tonne (MT) Of Coal | (8.21) | (6.74) | ||||
Fair Value Unobservable Inputs, Spread per barrel of oil and refined products | $ 1.85 | $ 13.50 | ||||
Median [Member] | Equity Contract [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value Unobservable Inputs, Correlation | 61.00% | 55.00% | ||||
Fair Value Unobservable Inputs, Volatility | 23.00% | 21.00% |
Derivatives and Hedging Activ78
Derivatives and Hedging Activities - Fair Value, Derivatives, Measurement Inputs, Disclosure (Parenthetical) (Detail) - Cross Asset [Member] | Jun. 30, 2015 | Dec. 31, 2014 |
Minimum [Member] | ||
Fair Value Measurement Inputs Disclosure [Line Items] | ||
Fair Value Unobservable Inputs, Correlation | (45.00%) | (34.00%) |
Maximum [Member] | ||
Fair Value Measurement Inputs Disclosure [Line Items] | ||
Fair Value Unobservable Inputs, Correlation | 80.00% | 80.00% |
Average [Member] | ||
Fair Value Measurement Inputs Disclosure [Line Items] | ||
Fair Value Unobservable Inputs, Correlation | 32.00% | 33.00% |
Median [Member] | ||
Fair Value Measurement Inputs Disclosure [Line Items] | ||
Fair Value Unobservable Inputs, Correlation | 40.00% | 35.00% |
Derivatives and Hedging Activ79
Derivatives and Hedging Activities - Fair Value of Derivatives by Level (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | |||
Cash collateral netting | $ (88,850) | $ (103,504) | |
Cash collateral netting | (37,415) | (36,155) | |
Total financial assets at fair value | 518,295 | $ 532,454 | 546,288 |
Fair value included in financial instruments owned | 303,463 | 312,248 | |
Total financial liabilities at fair value | 290,933 | 293,191 | 291,698 |
Fair value included in financial instruments sold, but not yet purchased | 124,304 | 132,083 | |
Derivatives [Member] | |||
Derivative [Line Items] | |||
Fair value included in financial instruments owned | 54,501 | 63,270 | |
Fair value included in financial instruments sold, but not yet purchased | 51,726 | 63,016 | |
Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 616,449 | 800,634 | |
Total financial liabilities at fair value | 558,823 | 739,869 | |
Credit Risk Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 42,682 | 54,848 | |
Total financial liabilities at fair value | 38,970 | 50,154 | |
Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 95,442 | 110,041 | |
Total financial liabilities at fair value | 99,898 | 108,623 | |
Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 18,658 | 28,990 | |
Total financial liabilities at fair value | 20,370 | 28,546 | |
Equity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 54,219 | 58,931 | |
Total financial liabilities at fair value | 55,179 | 58,649 | |
Gross Fair Value Of Derivative [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 827,450 | 1,053,444 | |
Total financial liabilities at fair value | 773,240 | 985,841 | |
Level 1 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 143,808 | 146,659 | 139,484 |
Total financial liabilities at fair value | 63,772 | 60,609 | 59,697 |
Level 1 [Member] | Derivatives [Member] | |||
Derivative [Line Items] | |||
Fair value included in financial instruments owned | 19 | 298 | |
Fair value included in financial instruments sold, but not yet purchased | 15 | 108 | |
Level 1 [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 9 | 123 | |
Total financial liabilities at fair value | 9 | 14 | |
Level 1 [Member] | Equity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 10 | 175 | |
Total financial liabilities at fair value | 6 | 94 | |
Level 1 [Member] | Gross Fair Value Of Derivative [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 19 | 298 | |
Total financial liabilities at fair value | 15 | 108 | |
Level 2 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 423,629 | 448,886 | 466,030 |
Total financial liabilities at fair value | 247,883 | 262,860 | 253,364 |
Level 2 [Member] | Derivatives [Member] | |||
Derivative [Line Items] | |||
Fair value included in financial instruments owned | 138,817 | 160,514 | |
Fair value included in financial instruments sold, but not yet purchased | 84,949 | 93,807 | |
Level 2 [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 616,049 | 800,028 | |
Total financial liabilities at fair value | 558,345 | 739,332 | |
Level 2 [Member] | Credit Risk Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 35,656 | 47,190 | |
Total financial liabilities at fair value | 34,912 | 46,026 | |
Level 2 [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 95,283 | 109,891 | |
Total financial liabilities at fair value | 99,590 | 108,206 | |
Level 2 [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 17,969 | 28,124 | |
Total financial liabilities at fair value | 19,627 | 26,538 | |
Level 2 [Member] | Equity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 53,731 | 58,122 | |
Total financial liabilities at fair value | 52,346 | 56,546 | |
Level 2 [Member] | Gross Fair Value Of Derivative [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 818,688 | 1,043,355 | |
Total financial liabilities at fair value | 764,820 | 976,648 | |
Level 3 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 32,412 | 34,342 | 35,780 |
Total financial liabilities at fair value | 18,353 | $ 16,309 | 15,904 |
Level 3 [Member] | Derivatives [Member] | |||
Derivative [Line Items] | |||
Fair value included in financial instruments owned | 6,175 | 7,074 | |
Fair value included in financial instruments sold, but not yet purchased | 5,837 | 6,368 | |
Level 3 [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 391 | 483 | |
Total financial liabilities at fair value | 469 | 523 | |
Level 3 [Member] | Credit Risk Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 7,026 | 7,658 | |
Total financial liabilities at fair value | 4,058 | 4,128 | |
Level 3 [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 159 | 150 | |
Total financial liabilities at fair value | 308 | 417 | |
Level 3 [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 689 | 866 | |
Total financial liabilities at fair value | 743 | 2,008 | |
Level 3 [Member] | Equity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 478 | 634 | |
Total financial liabilities at fair value | 2,827 | 2,009 | |
Level 3 [Member] | Gross Fair Value Of Derivative [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 8,743 | 9,791 | |
Total financial liabilities at fair value | 8,405 | 9,085 | |
Cross-Level Netting [Member] | Derivatives [Member] | |||
Derivative [Line Items] | |||
Fair value included in financial instruments owned | (1,660) | (1,112) | |
Fair value included in financial instruments sold, but not yet purchased | (1,660) | (1,112) | |
Counterparty and Cash Collateral Netting [Member] | |||
Derivative [Line Items] | |||
Cash collateral netting | (88,850) | (103,504) | |
Cash collateral netting | (37,415) | (36,155) | |
Total financial assets at fair value | (772,949) | (990,174) | |
Total financial liabilities at fair value | (721,514) | (922,825) | |
Counterparty and Cash Collateral Netting [Member] | Level 2 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | (679,871) | (882,841) | |
Total financial liabilities at fair value | (679,871) | (882,841) | |
Counterparty and Cash Collateral Netting [Member] | Level 3 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | (2,568) | (2,717) | |
Total financial liabilities at fair value | (2,568) | (2,717) | |
Counterparty and Cash Collateral Netting [Member] | Cross-Level Netting [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 1,660 | 1,112 | |
Cross Level, Counterparty And Cash Collateral Netting [Member] | Cross-Level Netting [Member] | |||
Derivative [Line Items] | |||
Total financial liabilities at fair value | $ 1,660 | $ 1,112 |
Derivatives and Hedging Activ80
Derivatives and Hedging Activities - Fair Value of Derivatives, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | $ 1,211 | $ 1,944 | $ 706 | $ 2,991 |
Net Realized Gains / (Losses) | 35 | (21) | 178 | 23 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | (197) | 1,108 | (96) | 1,780 |
Purchases | 105 | 270 | 232 | 265 |
Sales | (1,634) | (1,235) | (2,093) | (2,392) |
Settlements | 15 | (325) | 147 | (377) |
Transfers Into Level 3 | (182) | 164 | 234 | 71 |
Transfers Out Of Level 3 | 985 | 279 | 1,030 | (177) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 338 | 2,184 | 338 | 2,184 |
Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (36) | (31) | (40) | (86) |
Net Realized Gains / (Losses) | (10) | (10) | 17 | (34) |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | 17 | (51) | (4) | (83) |
Purchases | 4 | 2 | 4 | 4 |
Sales | (4) | (6) | (33) | (7) |
Settlements | (14) | 4 | 9 | 81 |
Transfers Into Level 3 | (45) | (5) | 15 | 13 |
Transfers Out Of Level 3 | 10 | (32) | (46) | (17) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | (78) | (129) | (78) | (129) |
Credit Risk Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 3,589 | 3,958 | 3,530 | 4,176 |
Net Realized Gains / (Losses) | 16 | 26 | 134 | 69 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | (332) | 233 | 3 | 564 |
Purchases | 39 | 122 | 97 | 90 |
Sales | (75) | (110) | (205) | (122) |
Settlements | (205) | (429) | (737) | (891) |
Transfers Into Level 3 | (49) | 195 | 261 | 117 |
Transfers Out Of Level 3 | (15) | (95) | (115) | (103) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 2,968 | 3,900 | 2,968 | 3,900 |
Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (182) | (143) | (267) | (200) |
Net Realized Gains / (Losses) | (12) | (17) | (51) | (43) |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | 10 | (36) | 50 | (3) |
Purchases | 14 | 2 | 24 | 6 |
Sales | (12) | (17) | (15) | |
Settlements | 32 | 120 | 90 | 177 |
Transfers Into Level 3 | 13 | 16 | (2) | |
Transfers Out Of Level 3 | (12) | (7) | 6 | (1) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | (149) | (81) | (149) | (81) |
Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (1,386) | 43 | (1,142) | 60 |
Net Realized Gains / (Losses) | 21 | 5 | 29 | 64 |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | 136 | (42) | 55 | (91) |
Purchases | 4 | 27 | 10 | |
Sales | (36) | (9) | (13) | (38) |
Settlements | 18 | (22) | (87) | 39 |
Transfers Into Level 3 | (97) | (3) | (40) | (12) |
Transfers Out Of Level 3 | 1,286 | 21 | 1,117 | (39) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | (54) | (7) | (54) | (7) |
Equity Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (774) | (1,883) | (1,375) | (959) |
Net Realized Gains / (Losses) | 20 | (25) | 49 | (33) |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end | (28) | 1,004 | (200) | 1,393 |
Purchases | 44 | 144 | 80 | 155 |
Sales | (1,507) | (1,110) | (1,825) | (2,210) |
Settlements | 184 | 2 | 872 | 217 |
Transfers Into Level 3 | (4) | (23) | (18) | (45) |
Transfers Out Of Level 3 | (284) | 392 | 68 | (17) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ (2,349) | $ (1,499) | $ (2,349) | $ (1,499) |
Derivatives and Hedging Activ81
Derivatives and Hedging Activities - Fair Value of Derivatives, Level 3 Rollforward (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Fair Value, Net Derivatives Measured on Recurring Basis, Gain (Loss) Included in Market Making Revenue | $ (168) | $ 1,110 | $ 108 | $ 1,850 |
Fair Value, Net Derivatives Measured on Recurring Basis, Gain (Loss) Included in Other Principal Transactions Revenue | $ 6 | $ (26) | $ (26) | $ (49) |
Derivatives and Hedging Activ82
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Net Unrealized (Losses) Relating to Instruments Still Held at period-end | $ (197) | $ 1,110 | $ (96) | $ 1,780 | |
Net Gains (Losses), Including Hedges, Attributable to the Impact of Changes in Credit Exposure and Credit Spreads on Derivative Contracts | 78 | $ 56 | (21) | $ 149 | |
Maximum Payout/Notional Amount of Written Credit Derivative | 1,119,516 | 1,119,516 | $ 1,220,873 | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 1,170,000 | 1,170,000 | 1,280,000 | ||
Net purchased protection notional value of credit derivatives | 49,330 | 49,330 | 59,350 | ||
Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | $ 2,160 | $ 2,160 | $ 1,360 |
Derivatives and Hedging Activ83
Derivatives and Hedging Activities - Bifurcated Embedded Derivatives (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | $ 394 | $ 390 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | 850 | 690 |
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability | 456 | 300 |
Notional amount | 53,305,729 | 57,510,787 |
Embedded Derivatives Classified In Debt [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 7,224 | $ 7,735 |
Derivatives and Hedging Activ84
Derivatives and Hedging Activities - OTC Derivatives by Product Type and Tenor (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Cash collateral netting | $ (88,850) | $ (103,504) |
Cash collateral netting | (37,415) | (36,155) |
Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Cash collateral netting | (88,850) | (103,504) |
Cash collateral netting | (37,415) | (36,155) |
OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 51,821 | 60,737 |
Derivative Liabilities | 49,331 | 60,946 |
OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 112,982 | 122,666 |
Derivative Liabilities | 55,363 | 61,892 |
OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 11,454 | 13,496 |
Derivative Liabilities | 7,741 | 8,802 |
OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 28,419 | 34,118 |
Derivative Liabilities | 32,708 | 32,698 |
OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,229 | 12,527 |
Derivative Liabilities | 10,199 | 12,601 |
OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 16,546 | 17,806 |
Derivative Liabilities | 17,694 | 17,480 |
OTC [Member] | Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (125,809) | (139,876) |
Derivative Liabilities | (74,374) | (72,527) |
Less than 1 Year [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 26,688 | 35,185 |
Derivative Liabilities | 31,960 | 35,975 |
Less than 1 Year [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 5,356 | 7,064 |
Derivative Liabilities | 6,170 | 7,001 |
Less than 1 Year [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,264 | 1,696 |
Derivative Liabilities | 1,655 | 2,154 |
Less than 1 Year [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 13,188 | 17,835 |
Derivative Liabilities | 14,128 | 18,549 |
Less than 1 Year [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 4,871 | 8,298 |
Derivative Liabilities | 4,784 | 5,686 |
Less than 1 Year [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 5,566 | 4,771 |
Derivative Liabilities | 8,780 | 7,064 |
Less than 1 Year [Member] | OTC [Member] | Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (3,557) | (4,479) |
Derivative Liabilities | (3,557) | (4,479) |
1 - 5 Years [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 42,442 | 47,376 |
Derivative Liabilities | 30,790 | 34,192 |
1 - 5 Years [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 24,710 | 25,049 |
Derivative Liabilities | 15,847 | 17,649 |
1 - 5 Years [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 5,051 | 6,093 |
Derivative Liabilities | 4,605 | 4,942 |
1 - 5 Years [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,910 | 9,897 |
Derivative Liabilities | 9,369 | 7,667 |
1 - 5 Years [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 3,188 | 4,068 |
Derivative Liabilities | 2,227 | 4,105 |
1 - 5 Years [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 7,338 | 9,285 |
Derivative Liabilities | 5,497 | 6,845 |
1 - 5 Years [Member] | OTC [Member] | Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (6,755) | (7,016) |
Derivative Liabilities | (6,755) | (7,016) |
Greater than 5 Years [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 93,227 | 102,499 |
Derivative Liabilities | 45,682 | 47,753 |
Greater than 5 Years [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 82,916 | 90,553 |
Derivative Liabilities | 33,346 | 37,242 |
Greater than 5 Years [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 5,139 | 5,707 |
Derivative Liabilities | 1,481 | 1,706 |
Greater than 5 Years [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 6,321 | 6,386 |
Derivative Liabilities | 9,211 | 6,482 |
Greater than 5 Years [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 170 | 161 |
Derivative Liabilities | 3,188 | 2,810 |
Greater than 5 Years [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 3,642 | 3,750 |
Derivative Liabilities | 3,417 | 3,571 |
Greater than 5 Years [Member] | OTC [Member] | Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (4,961) | (4,058) |
Derivative Liabilities | (4,961) | (4,058) |
Cross Tenor Netting [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (21,686) | (20,819) |
Derivative Liabilities | (21,686) | (20,819) |
Cross Tenor Netting [Member] | OTC [Member] | Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (21,686) | (20,819) |
Derivative Liabilities | $ (21,686) | $ (20,819) |
Derivatives and Hedging Activ85
Derivatives and Hedging Activities - Derivatives with Credit-Related Contingent Features (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Aggregate fair value of derivative contracts which are in net liability position | $ 30,199 | $ 35,764 |
Aggregate fair value of assets as a collateral for derivative contracts | 24,168 | 30,824 |
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 | 988 | 1,072 |
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 | $ 2,776 | $ 2,815 |
Derivatives and Hedging Activ86
Derivatives and Hedging Activities - Credit Derivatives (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | $ 1,119,516 | $ 1,220,873 |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 1,170,000 | 1,280,000 |
Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 1,010,607 | 1,113,883 |
Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 158,234 | 166,339 |
Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 246,738 | 286,494 |
1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 793,939 | 857,919 |
Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 78,839 | 76,460 |
0 - 250 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 1,018,449 | 1,106,205 |
0 - 250 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 920,862 | 1,012,874 |
0 - 250 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 144,214 | 152,465 |
0 - 250 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 232,797 | 261,591 |
0 - 250 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 716,153 | 775,784 |
0 - 250 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 69,499 | 68,830 |
251 - 500 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 52,816 | 50,023 |
251 - 500 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 48,224 | 41,657 |
251 - 500 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 7,442 | 8,426 |
251 - 500 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 4,225 | 7,726 |
251 - 500 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 42,433 | 37,255 |
251 - 500 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 6,158 | 5,042 |
501 - 1000 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 17,609 | 27,804 |
501 - 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 15,374 | 26,240 |
501 - 1000 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 3,438 | 1,949 |
501 - 1000 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 3,025 | 8,449 |
501 - 1000 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 13,071 | 18,046 |
501 - 1000 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 1,513 | 1,309 |
Greater than 1000 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 30,642 | 36,841 |
Greater than 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 26,147 | 33,112 |
Greater than 1000 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 3,140 | 3,499 |
Greater than 1000 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 6,691 | 8,728 |
Greater than 1000 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 22,282 | 26,834 |
Greater than 1000 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 1,669 | 1,279 |
Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 24,828 | 29,740 |
Fair Value Liability of Written Credit Derivatives | 15,272 | 21,747 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 9,556 | 7,993 |
Written Credit Derivative [Member] | 0 - 250 [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 22,975 | 28,004 |
Fair Value Liability of Written Credit Derivatives | 3,318 | 3,629 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 19,657 | 24,375 |
Written Credit Derivative [Member] | 251 - 500 [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 1,424 | 1,542 |
Fair Value Liability of Written Credit Derivatives | 1,909 | 2,266 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (485) | (724) |
Written Credit Derivative [Member] | 501 - 1000 [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 281 | 112 |
Fair Value Liability of Written Credit Derivatives | 940 | 1,909 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (659) | (1,797) |
Written Credit Derivative [Member] | Greater than 1000 [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 148 | 82 |
Fair Value Liability of Written Credit Derivatives | 9,105 | 13,943 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | $ (8,957) | $ (13,861) |
Derivatives and Hedging Activ87
Derivatives and Hedging Activities - Gain (Loss) from Interest Rate Hedges and Related Hedged Borrowings and Bank Deposits (Detail) - Interest Rate Contract [Member] - Fair Value Hedging [Member] - Derivative Contracts Accounted for as Hedges [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ (2,465) | $ 361 | $ (1,523) | $ 856 |
Gain (Loss) Recognized On Hedged Borrowings and Bank Deposits | 2,140 | (583) | 1,090 | (1,204) |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ (325) | $ (222) | $ (433) | $ (348) |
Derivatives and Hedging Activ88
Derivatives and Hedging Activities - Gains and Losses on Net Investment Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative [Line Items] | ||||
Gain (Loss) Recognized On Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | $ 29 | $ (39) | $ 31 | $ (78) |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ (197) | $ (159) | $ 247 | $ (271) |
Fair Value Option - Additional
Fair Value Option - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value [Line Items] | |||||
Fair value of unfunded commitments for which the fair value option was elected | $ 214 | $ 214 | $ 402 | ||
Total contractual amount of unfunded commitments for which the fair value option was elected | 18,900 | 18,900 | 26,190 | ||
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 | 295 | $ 597 | 670 | $ 1,210 | |
Other Secured Financings at Fair Value [Member] | |||||
Fair Value [Line Items] | |||||
(Gains)/Losses on other financial liabilities | 25 | (6) | (20) | (6) | |
Long-term Other Secured Financings At Fair Value [Member] | |||||
Fair Value [Line Items] | |||||
Difference between aggregate contractual principal amount of long-term debt instruments for which the fair value option was elected and related fair value | 96 | 96 | 203 | ||
Unsecured Long-Term Borrowings at Fair Value [Member] | |||||
Fair Value [Line Items] | |||||
(Gains)/Losses on other financial liabilities | (95) | 12 | (137) | 42 | |
Difference between aggregate contractual principal amount of long-term debt instruments for which the fair value option was elected and related fair value | 405 | 405 | $ 163 | ||
Other Financial Assets and Liabilities at Fair Value [Member] | |||||
Fair Value [Line Items] | |||||
Net Unrealized (Gains)/Losses Relating to Instruments Still Held at Period-End | 211 | 233 | 401 | 230 | |
Gains/(Losses) on other financial assets | (4) | 3 | |||
(Gains)/Losses on other financial liabilities | $ 211 | $ 233 | $ 397 | $ 233 | |
Minimum [Member] | Other Secured Financings at Fair Value [Member] | |||||
Fair Value [Line Items] | |||||
Fair Value Unobservable Inputs, Funding Spreads | 32 bps | 210 bps | |||
Fair Value Unobservable Inputs, Yield | 0.60% | 1.10% | |||
Fair Value Unobservable Inputs, Duration | 1 year 6 months | 8 months 12 days | |||
Maximum [Member] | Other Secured Financings at Fair Value [Member] | |||||
Fair Value [Line Items] | |||||
Fair Value Unobservable Inputs, Funding Spreads | 325 bps | 325 bps | |||
Fair Value Unobservable Inputs, Yield | 10.00% | 10.00% | |||
Fair Value Unobservable Inputs, Duration | 9 years 3 months 18 days | 3 years 9 months 18 days | |||
Weighted Average [Member] | Other Secured Financings at Fair Value [Member] | |||||
Fair Value [Line Items] | |||||
Fair Value Unobservable Inputs, Funding Spreads | 196 bps | 278 bps | |||
Fair Value Unobservable Inputs, Yield | 2.60% | 3.10% | |||
Fair Value Unobservable Inputs, Duration | 3 years | 2 years 7 months 6 days |
Fair Value Option - Financial A
Fair Value Option - Financial Assets and Financial Liabilities by Level (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | $ 518,295 | $ 532,454 | $ 546,288 |
Total financial liabilities at fair value | 290,933 | 293,191 | 291,698 |
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 | 17,395 | 34,291 | |
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 | 122,354 | 126,036 | |
Securities Borrowed at Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 69,369 | 66,769 | |
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 | 5,714 | 6,944 | |
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 | 214,832 | 234,040 | |
Total financial liabilities at fair value | 166,629 | 159,615 | |
Deposits at Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial liabilities at fair value | 15,309 | 13,523 | |
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 | 87,642 | 88,215 | |
Securities Loaned at Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial liabilities at fair value | 1,091 | 765 | |
Other Secured Financings at Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial liabilities at fair value | 22,537 | 21,450 | |
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 | 18,865 | 18,826 | |
Unsecured Long-Term Borrowings at Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial liabilities at fair value | 20,000 | 16,005 | |
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 | 1,185 | 831 | |
Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 143,808 | 146,659 | 139,484 |
Total financial liabilities at fair value | 63,772 | 60,609 | 59,697 |
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 | 12,429 | 21,168 | |
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 | 12,429 | 21,168 | |
Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 423,629 | 448,886 | 466,030 |
Total financial liabilities at fair value | 247,883 | 262,860 | 253,364 |
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 | 4,966 | 13,123 | |
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 | 122,354 | 126,036 | |
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 | 69,369 | 66,769 | |
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 | 5,672 | 6,888 | |
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 | 202,361 | 212,816 | |
Total financial liabilities at fair value | 154,291 | 150,323 | |
Level 2 [Member] | Deposits at Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial liabilities at fair value | 13,629 | 12,458 | |
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 | 87,560 | 88,091 | |
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 | 1,091 | 765 | |
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 | 21,058 | 20,359 | |
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 | 14,375 | 15,114 | |
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 | 16,538 | 13,420 | |
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 | 40 | 116 | |
Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 32,412 | 34,342 | 35,780 |
Total financial liabilities at fair value | 18,353 | $ 16,309 | 15,904 |
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 | 42 | 56 | |
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 | 42 | 56 | |
Total financial liabilities at fair value | 12,338 | 9,292 | |
Level 3 [Member] | Deposits at Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial liabilities at fair value | 1,680 | 1,065 | |
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 | 82 | 124 | |
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 | 1,479 | 1,091 | |
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 | 4,490 | 3,712 | |
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 | 3,462 | 2,585 | |
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 | $ 1,145 | $ 715 |
Fair Value Option - Level 3 Rol
Fair Value Option - Level 3 Rollforward (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
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 | $ 63 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (13) | (13) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 50 | 50 | ||
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 | $ 38 | 34 | $ 56 | 235 |
Net Realized Gains / (Losses) | 1 | 1 | 1 | |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | (4) | 3 | ||
Purchases | 4 | 22 | 4 | 22 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (2) | (22) | (26) | |
Transfers Into Level 3 | 7 | |||
Transfers Out Of Level 3 | (180) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 42 | 55 | 42 | 55 |
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 | 38 | 97 | 56 | 298 |
Net Realized Gains / (Losses) | 1 | 1 | 1 | |
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Period-End | (4) | 3 | ||
Purchases | 4 | 22 | 4 | 22 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (15) | (22) | (39) | |
Transfers Into Level 3 | 7 | |||
Transfers Out Of Level 3 | (180) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 42 | 105 | 42 | 105 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 10,289 | 7,866 | 9,292 | 7,664 |
Net Realized (Gains) / Losses | 5 | 24 | 25 | 42 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 211 | 233 | 397 | 233 |
Purchases | (5) | (5) | ||
Sales | 0 | 0 | 0 | 0 |
Issuances | 3,092 | 740 | 4,664 | 2,016 |
Settlements | (1,395) | (904) | (2,484) | (2,134) |
Transfers Into Level 3 | 468 | 570 | 1,235 | 1,735 |
Transfers Out Of Level 3 | (332) | (757) | (791) | (1,784) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 12,338 | 7,767 | 12,338 | 7,767 |
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 | 1,350 | 435 | 1,065 | 385 |
Net Realized (Gains) / Losses | 2 | 3 | ||
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | (74) | 10 | (53) | 16 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 404 | 82 | 703 | 128 |
Settlements | (2) | (2) | (38) | (4) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 1,680 | 525 | 1,680 | 525 |
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 | 83 | 785 | 124 | 1,010 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 1 | 2 | 1 | 2 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (2) | (232) | (43) | (457) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 82 | 555 | 82 | 555 |
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 | 1,066 | 1,132 | 1,091 | 1,019 |
Net Realized (Gains) / Losses | 8 | 5 | 15 | 9 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 25 | (6) | (20) | (6) |
Sales | 0 | 0 | 0 | 0 |
Issuances | 250 | 15 | 253 | 407 |
Settlements | (55) | (99) | (227) | (231) |
Transfers Into Level 3 | 235 | 420 | 29 | |
Transfers Out Of Level 3 | (50) | (12) | (53) | (192) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 1,479 | 1,035 | 1,479 | 1,035 |
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 | 4,009 | 3,392 | 3,712 | 3,387 |
Net Realized (Gains) / Losses | (5) | 4 | 5 | 8 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 78 | 121 | 167 | 79 |
Purchases | (3) | (3) | ||
Sales | 0 | 0 | 0 | 0 |
Issuances | 1,503 | 321 | 1,936 | 1,033 |
Settlements | (1,170) | (468) | (1,533) | (1,239) |
Transfers Into Level 3 | 189 | 332 | 564 | 500 |
Transfers Out Of Level 3 | (114) | (642) | (361) | (708) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 4,490 | 3,057 | 4,490 | 3,057 |
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 | 2,903 | 1,789 | 2,585 | 1,837 |
Net Realized (Gains) / Losses | 1 | 11 | 2 | 20 |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | (95) | 12 | (137) | 42 |
Purchases | (2) | (2) | ||
Sales | 0 | 0 | 0 | 0 |
Issuances | 934 | 322 | 1,771 | 448 |
Settlements | (157) | (104) | (633) | (203) |
Transfers Into Level 3 | 44 | 238 | 251 | 905 |
Transfers Out Of Level 3 | (168) | (103) | (377) | (884) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 3,462 | 2,163 | 3,462 | 2,163 |
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 | 878 | 333 | 715 | 26 |
Net Realized (Gains) / Losses | (1) | 4 | 5 | |
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Period-End | 276 | 94 | 439 | 100 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 1 | 1 | ||
Settlements | (9) | 1 | (10) | |
Transfers Into Level 3 | 301 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ 1,145 | $ 432 | $ 1,145 | $ 432 |
Fair Value Option - Level 3 R92
Fair Value Option - Level 3 Rollforward (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||||
Fair Value, Other Financial Assets Measured on Recurring Basis, Gains/(Losses) Included in Market Making Revenue | $ 1 | $ 4 | ||
Fair Value, Other Financial Assets Measured on Recurring Basis, Gains/(Losses) Included in Other Principal Transactions Revenue | (4) | |||
Fair Value, Other Financial Liabilities Measured on Recurring Basis, (Gains)/Losses Included in Market Making Revenue | $ (216) | $ 113 | (215) | 120 |
Fair Value, Other Financial Liabilities Measured on Recurring Basis, (Gains)/Losses Included in Other Principal Transactions Revenue | 424 | 138 | 621 | 144 |
Fair Value, Other Financial Liabilities Measured on Recurring Basis, (Gains)/Losses Included in Interest Expense | $ 8 | $ 6 | $ 16 | $ 11 |
Fair Value Option - Gains and L
Fair Value Option - Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Option Gains/(Losses) | $ 233 | $ (1,436) | $ (926) | $ (1,769) |
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) | (193) | (723) | (898) | (800) |
Unsecured Long-Term Borrowings at Fair Value [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Option Gains/(Losses) | 539 | (500) | 473 | (776) |
Other Liabilities and Accrued Expenses at Fair Value [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Option Gains/(Losses) | (275) | (98) | (439) | (79) |
Fair Value Option Other [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Option Gains/(Losses) | $ 162 | $ (115) | $ (62) | $ (114) |
Fair Value Option - Gains and94
Fair Value Option - Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
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 | $ (216) | $ (698) | $ (911) | $ (766) |
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 | $ 566 | $ (490) | $ 533 | $ (775) |
Fair Value Option - Loans and L
Fair Value Option - Loans and Lending Commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Aggregate contractual principal amount of performing loans and long-term receivables in excess of the related fair value | $ 888 | $ 1,699 |
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) | 12,191 | 13,106 |
Aggregate fair value of loans on nonaccrual status and/or more than 90 days past due | $ 3,131 | $ 3,333 |
Fair Value Option - Impact of C
Fair Value Option - Impact of Credit Spreads on Borrowings (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
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 | $ 185 | $ (19) | $ 141 | $ (4) |
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 | $ 186 | $ (20) | $ 141 | $ (6) |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Loans Receivable [Line Items] | |||
Subtotal | $ 38,671 | $ 29,166 | |
Allowance for loan losses | (274) | (228) | $ (139) |
Total loans receivable | 38,397 | 28,938 | |
Corporate Loans [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 18,843 | 15,044 | |
Loans to Private Wealth Management Clients [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 13,084 | 11,289 | |
Loans Backed by Commercial Real Estate [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 2,890 | 1,705 | |
Other Loans [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | $ 3,854 | $ 1,128 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Loans Receivable [Line Items] | ||
Estimated fair Value of loans receivable | $ 38,260 | $ 28,900 |
Amount of lending commitments held for investment | 87,560 | 66,220 |
Carrying value of the liabilities relating to lending commitments held for investment | 245 | 199 |
Estimated fair value of the liabilities relating to lending commitments held for investment | 2,200 | 1,860 |
Level 2 [Member] | ||
Loans Receivable [Line Items] | ||
Estimated fair Value of loans receivable | 18,170 | 13,750 |
Level 3 [Member] | ||
Loans Receivable [Line Items] | ||
Estimated fair Value of loans receivable | $ 20,090 | $ 15,150 |
Loans Receivable - Summary of C
Loans Receivable - Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | $ 228 | $ 139 |
Charge-offs | (1) | (3) |
Provision for loan losses | 47 | 92 |
Balance, end of period | 274 | 228 |
Allowance for Losses on Lending Commitments [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | 86 | 57 |
Provision for losses on lending commitments | 47 | 29 |
Balance, end of period | $ 133 | $ 86 |
Collateralized Agreements an100
Collateralized Agreements and Financings - Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Collateralized Agreements And Financings [Abstract] | ||
Securities purchased under agreements to resell and federal funds sold (includes $122,354 and $126,036 at fair value as of June 2015 and December 2014, respectively) | $ 123,619 | $ 127,938 |
Securities borrowed (includes $69,369 and $66,769 at fair value as of June 2015 and December 2014, respectively) | 177,978 | 160,722 |
Securities sold under agreements to repurchase, at fair value | 87,642 | 88,215 |
Securities loaned (includes $1,091 and $765 at fair value as of June 2015 and December 2014, respectively) | $ 7,262 | $ 5,570 |
Collateralized Agreements an101
Collateralized Agreements and Financings - Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Collateralized Agreements And Financings [Abstract] | ||
Securities borrowed at fair value | $ 69,369 | $ 66,769 |
Securities loaned at fair value | $ 1,091 | $ 765 |
Collateralized Agreements an102
Collateralized Agreements and Financings - Offsetting Arrangements (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Collateralized Agreements And Financings [Abstract] | ||
Resale agreements, Gross carrying value | $ 160,793 | $ 160,644 |
Resale agreements, Counterparty Netting | (33,926) | (26,664) |
Resale agreements | 126,867 | 133,980 |
Resale agreements, Counterparty Netting | (3,305) | (3,834) |
Resale agreements, Collateral | (119,066) | (124,528) |
Resale agreements | 4,496 | 5,618 |
Securities borrowed, Gross carrying value | 182,946 | 171,384 |
Securities borrowed, Counterparty Netting | (3,250) | (3,580) |
Securities borrowed | 179,696 | 167,804 |
Securities borrowed, Counterparty Netting | (1,222) | (641) |
Securities borrowed, Collateral | (168,915) | (154,058) |
Securities borrowed | 9,559 | 13,105 |
Repurchase agreements, Gross carrying value | 121,568 | 114,879 |
Repurchase agreements, Counterparty Netting | (33,926) | (26,664) |
Repurchase agreements | 87,642 | 88,215 |
Repurchase agreements, Counterparty Netting | (3,305) | (3,834) |
Repurchase agreements, Collateral | (79,337) | (78,457) |
Repurchase agreements | 5,000 | 5,924 |
Securities loaned, Gross carrying value | 10,512 | 9,150 |
Securities loaned, Counterparty Netting | (3,250) | (3,580) |
Securities loaned | 7,262 | 5,570 |
Securities loaned, Counterparty Netting | (1,222) | (641) |
Securities loaned, Collateral | (5,606) | (4,882) |
Securities loaned | $ 434 | $ 47 |
Collateralized Agreements an103
Collateralized Agreements and Financings - Offsetting Arrangements (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Collateralized Agreements And Financings [Abstract] | ||
Securities received under resale agreements segregated to satisfy certain regulatory requirements | $ 3,250 | $ 6,040 |
Securities borrowed transactions segregated to satisfy certain regulatory requirements | $ 1,720 | $ 7,080 |
Collateralized Agreements an104
Collateralized Agreements and Financings - Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 121,568 | $ 114,879 |
Securities loaned | 10,512 | 9,150 |
Commercial Paper, Certificates of Deposit, Time Deposits and Other Money Market Instruments [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 1,168 | 900 |
U.S. Government and Federal Agency Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 57,771 | 56,788 |
Securities loaned | 296 | 123 |
Non-U.S. Government and Agency Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 29,602 | 27,169 |
Securities loaned | 3,177 | 3,463 |
Securities Backed by Commercial Real Estate [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 493 | 419 |
Securities Backed by Residential Real Estate [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 1,851 | 1,574 |
Corporate Debt Securities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 6,765 | 8,028 |
Securities loaned | 47 | 26 |
State and Municipal Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 534 | 984 |
Other Debt Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 487 | 562 |
Equities and Convertible Debentures [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 22,897 | 18,455 |
Securities loaned | $ 6,992 | $ 5,538 |
Collateralized Agreements an105
Collateralized Agreements and Financings - Schedule of Repurchase Agreements and Securities Loaned (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 121,568 | $ 114,879 |
Securities loaned | 10,512 | $ 9,150 |
No Stated Maturity and Overnight [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 41,661 | |
Securities loaned | 7,797 | |
2 - 30 Days [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 31,197 | |
Securities loaned | 1,636 | |
31 - 90 Days [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 14,668 | |
91 Days - 1 Year [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 26,751 | |
Securities loaned | 1,079 | |
Greater than 1 Year [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 7,291 |
Collateralized Agreements an106
Collateralized Agreements and Financings - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Collateralized Agreements And Financings [Abstract] | ||
Nonrecourse obligations included in other secured financings | $ 2,810 | $ 1,940 |
Collateralized Agreements an107
Collateralized Agreements and Financings - Other Secured Financings (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | $ 12,127 | $ 15,555 |
Other Secured Financings Short Term At Amortized Cost | 120 | 5 |
Other Secured Financings Long Term At Fair Value | 10,410 | 5,895 |
Other Secured Financings Long Term At Amortized Cost | 1,295 | 1,354 |
Other secured financings | 23,952 | 22,809 |
Other secured financings collateralized by financial instruments | 21,897 | 21,943 |
Other secured financings collateralized by other assets | 2,055 | 866 |
U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | 7,156 | 7,887 |
Other Secured Financings Short Term At Amortized Cost | $ 20 | $ 5 |
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (short-term) | 3.05% | 4.33% |
Other Secured Financings Long Term At Fair Value | $ 5,593 | $ 3,290 |
Other Secured Financings Long Term At Amortized Cost | $ 751 | $ 580 |
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (long-term) | 2.88% | 2.69% |
Other secured financings | $ 13,520 | $ 11,762 |
Other secured financings collateralized by financial instruments | 12,702 | 11,460 |
Other secured financings collateralized by other assets | 818 | 302 |
Non-U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | 4,971 | 7,668 |
Other Secured Financings Short Term At Amortized Cost | $ 100 | |
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (short-term) | 7.38% | |
Other Secured Financings Long Term At Fair Value | $ 4,817 | 2,605 |
Other Secured Financings Long Term At Amortized Cost | $ 544 | $ 774 |
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (long-term) | 1.77% | 2.31% |
Other secured financings | $ 10,432 | $ 11,047 |
Other secured financings collateralized by financial instruments | 9,195 | 10,483 |
Other secured financings collateralized by other assets | $ 1,237 | $ 564 |
Collateralized Agreements an108
Collateralized Agreements and Financings - Other Secured Financings (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Collateralized Agreements And Financings [Abstract] | ||
Transfers of financial assets accounted for as financings included in other secured financings | $ 340 | $ 974 |
Financial assets collateralizing other secured financings related to failed sales | 343 | 995 |
Other secured financings collateralized by financial instruments owned | 11,890 | 10,240 |
Other secured financings collateralized by financial instruments received as collateral and repledged | $ 10,010 | $ 11,700 |
Collateralized Agreements an109
Collateralized Agreements and Financings - Other Secured Financings by Maturity Date (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other Secured Financings By Maturity Period [Line Items] | ||
Other secured financings | $ 12,247 | $ 15,560 |
Total other secured financings (long-term) | 11,705 | 7,249 |
Total other secured financings | 23,952 | $ 22,809 |
Other secured financings (long-term) [Member] | ||
Other Secured Financings By Maturity Period [Line Items] | ||
2,016 | 4,057 | |
2,017 | 3,126 | |
2,018 | 2,178 | |
2,019 | 1,078 | |
2,020 | 858 | |
2021 - thereafter | $ 408 |
Collateralized Agreements an110
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Collateralized Agreements And Financings [Abstract] | ||
Fair value of financial instruments received as collateral by the firm that it was permitted to deliver or repledge | $ 665,251 | $ 630,046 |
Financial instruments received as collateral which the firm delivered or repledged | $ 502,847 | $ 474,057 |
Collateralized Agreements an111
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Collateralized Agreements And Financings [Abstract] | ||
Securities received under resale agreements segregated to satisfy certain regulatory requirements | $ 3,250 | $ 6,040 |
Securities borrowed transactions segregated to satisfy certain regulatory requirements | $ 1,720 | $ 7,080 |
Collateralized Agreements an112
Collateralized Agreements and Financings - Financial Instruments Owned, at Fair Value and Other Assets Pledged as Collateral (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
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 | $ 57,529 | $ 64,473 |
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 | 64,367 | 68,027 |
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 | $ 2,638 | $ 1,304 |
Securitization Activities - Amo
Securitization Activities - Amount of Financial Assets Securitized and Cash Flows Received on Retained Interests (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Transfers and Servicing of Financial Assets [Abstract] | ||||
Securitization of residential mortgages | $ 4,921 | $ 5,477 | $ 9,531 | $ 11,698 |
Securitization of commercial mortgages | 4,130 | 1,040 | 5,380 | 1,040 |
Securitization of other financial assets | 481 | 481 | ||
Securitization of Financial Assets | 9,051 | 6,998 | 14,911 | 13,219 |
Cash flows received on retained interests | $ 66 | $ 114 | $ 117 | $ 177 |
Securitization Activities - Fir
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | $ 57,688 | $ 66,677 |
Fair value of retained interests | 1,717 | 2,429 |
Fair value of purchased interests | 64 | 67 |
U.S. Government Agency-Issued Collateralized Mortgage Obligations [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 45,223 | 56,792 |
Fair value of retained interests | 1,370 | 2,140 |
Other Residential Mortgage-backed Securities [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 2,369 | 2,273 |
Fair value of retained interests | 176 | 144 |
Fair value of purchased interests | 5 | |
Other Commercial Mortgage-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 7,164 | 3,313 |
Fair value of retained interests | 123 | 86 |
Fair value of purchased interests | 55 | 45 |
CDOs, CLOs And Other [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 2,932 | 4,299 |
Fair value of retained interests | 48 | 59 |
Fair value of purchased interests | $ 9 | $ 17 |
Securitization Activities - Add
Securitization Activities - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Transfers and Servicing of Financial Assets [Abstract] | ||
Net Asset related to Other Continuing Involvement | $ 110 | $ 115 |
Securitization Activities - Wei
Securitization Activities - Weighted Average Key Economic Assumptions Used in Measuring Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value to Immediate Adverse Changes (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
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 | $ 1,717 | $ 2,429 |
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 | $ 1,669 | $ 2,370 |
Weighted average life (years) | 8 years 7 months 6 days | 7 years 7 months 6 days |
Constant prepayment rate | 10.40% | 13.20% |
Impact of 10% adverse change | $ (28) | $ (33) |
Impact of 20% adverse change | $ (52) | $ (66) |
Discount rate | 4.90% | 4.10% |
Impact of 10% adverse change | $ (43) | $ (50) |
Impact of 20% adverse change | (84) | (97) |
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 | $ 48 | $ 59 |
Weighted average life (years) | 3 years 9 months 18 days | 3 years 7 months 6 days |
Securitization Activities - 117
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 ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Transfers and Servicing of Financial Assets [Abstract] | ||
Maximum Exposure to Adverse Changes in the value of retained interests relating to Other securities | $ 48 | $ 59 |
Variable Interest Entities - No
Variable Interest Entities - Nonconsolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Assets in VIE | $ 93,008 | $ 109,074 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 7,501 | 8,661 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 14,119 | 15,132 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 72 | 22 |
Retained Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,717 | 2,429 |
Purchased Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,764 | 2,484 |
Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,081 | 1,124 |
Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 5,939 | 5,754 |
Loans and Investments, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,618 | 3,341 |
Mortgage-Backed Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 66,446 | 78,107 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 3,072 | 4,348 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,293 | 4,740 |
Mortgage-Backed Securities [Member] | Retained Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,669 | 2,370 |
Mortgage-Backed Securities [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,402 | 1,978 |
Mortgage-Backed Securities [Member] | Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 222 | 392 |
Corporate CDOs and CLOs [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 7,586 | 8,317 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 575 | 463 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,482 | 2,241 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 3 | 3 |
Corporate CDOs and CLOs [Member] | Retained Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3 | 4 |
Corporate CDOs and CLOs [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 275 | 184 |
Corporate CDOs and CLOs [Member] | Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,204 | 2,053 |
Real Estate, Credit-Related and Other Investing [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 9,414 | 8,720 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 3,349 | 3,051 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,890 | 3,655 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 2 | 3 |
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 | 541 | 604 |
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 | 3,349 | 3,051 |
Other Asset-Backed [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 5,000 | 8,253 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 236 | 509 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,852 | 3,811 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 67 | 16 |
Other Asset-Backed [Member] | Retained Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 45 | 55 |
Other Asset-Backed [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 87 | 322 |
Other Asset-Backed [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 213 | 213 |
Other Asset-Backed [Member] | Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,507 | 3,221 |
Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 4,562 | 5,677 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 269 | 290 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 602 | 685 |
Other [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 327 | 307 |
Other [Member] | Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 6 | 88 |
Other [Member] | Loans and Investments, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | $ 269 | $ 290 |
Variable Interest Entities -119
Variable Interest Entities - Nonconsolidated Variable Interest Entities (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Assets in VIE | $ 93,008 | $ 109,074 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 14,119 | 15,132 |
Derivative transactions with VIEs to which the firm transferred assets | 1,280 | 1,640 |
CDOs Backed by Mortgage Obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 4,170 | 3,570 |
Maximum Exposure to Loss in Nonconsolidated VIEs | $ 523 | $ 662 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Assets of Consolidated VIEs | ||||
Cash and cash equivalents | $ 60,845 | $ 57,600 | $ 56,983 | $ 61,133 |
Cash and securities segregated for regulatory and other purposes | 35,340 | 51,716 | ||
Loans receivable | 38,397 | 28,938 | ||
Financial instruments owned, at fair value | 303,463 | 312,248 | ||
Other assets | 25,552 | 22,599 | ||
Liabilities of Consolidated VIEs | ||||
Other secured financings | 23,952 | 22,809 | ||
Financial instruments sold, but not yet purchased, at fair value | 124,304 | 132,083 | ||
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings | 46,378 | 44,540 | ||
Unsecured long-term borrowings | 170,259 | 167,571 | ||
Other liabilities and accrued expenses | 17,252 | 16,075 | ||
Real Estate, Credit-Related and Other Investing [Member] | ||||
Assets of Consolidated VIEs | ||||
Cash and cash equivalents | 271 | 218 | ||
Cash and securities segregated for regulatory and other purposes | 16 | 19 | ||
Loans receivable | 1,095 | 589 | ||
Financial instruments owned, at fair value | 2,991 | 2,608 | ||
Other assets | 390 | 349 | ||
Total | 4,763 | 3,783 | ||
Liabilities of Consolidated VIEs | ||||
Other secured financings | 334 | 419 | ||
Financial instruments sold, but not yet purchased, at fair value | 258 | 10 | ||
Unsecured long-term borrowings | 12 | |||
Other liabilities and accrued expenses | 1,217 | 906 | ||
Total | 1,809 | 1,347 | ||
CDOs, Mortgage-Backed and Other Asset-Backed [Member] | ||||
Assets of Consolidated VIEs | ||||
Financial instruments owned, at fair value | 88 | 121 | ||
Total | 88 | 121 | ||
Liabilities of Consolidated VIEs | ||||
Other secured financings | 87 | 99 | ||
Financial instruments sold, but not yet purchased, at fair value | 1 | 8 | ||
Total | 88 | 107 | ||
Principal-Protected Notes [Member] | ||||
Assets of Consolidated VIEs | ||||
Cash and securities segregated for regulatory and other purposes | 31 | |||
Financial instruments owned, at fair value | 184 | 276 | ||
Total | 184 | 307 | ||
Liabilities of Consolidated VIEs | ||||
Other secured financings | 300 | 439 | ||
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings | 349 | 1,090 | ||
Unsecured long-term borrowings | 480 | 103 | ||
Total | 1,129 | 1,632 | ||
Consolidated Variable Interest Entity, Total Carrying Amount [Member] | ||||
Assets of Consolidated VIEs | ||||
Cash and cash equivalents | 271 | 218 | ||
Cash and securities segregated for regulatory and other purposes | 16 | 50 | ||
Loans receivable | 1,095 | 589 | ||
Financial instruments owned, at fair value | 3,263 | 3,005 | ||
Other assets | 390 | 349 | ||
Total | 5,035 | 4,211 | ||
Liabilities of Consolidated VIEs | ||||
Other secured financings | 721 | 957 | ||
Financial instruments sold, but not yet purchased, at fair value | 259 | 18 | ||
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings | 349 | 1,090 | ||
Unsecured long-term borrowings | 480 | 115 | ||
Other liabilities and accrued expenses | 1,217 | 906 | ||
Total | $ 3,026 | $ 3,086 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other Assets [Abstract] | ||
Property, leasehold improvements and equipment | $ 11,600 | $ 9,344 |
Goodwill and identifiable intangible assets | 4,166 | 4,160 |
Income tax-related assets | 5,866 | 5,181 |
Equity-method investments | 287 | 360 |
Miscellaneous receivables and other | 3,633 | 3,554 |
Total | $ 25,552 | $ 22,599 |
Other Assets - Other Assets (Pa
Other Assets - Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other Assets [Abstract] | ||
Investments accounted for at fair value excluded from equity-method investments | $ 7,430 | $ 6,620 |
Investments in qualified affordable housing projects | $ 545 | $ 461 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Other Assets [Abstract] | |||
Accumulated depreciation and amortization | $ 8,230 | $ 8,980 | |
Property, leasehold improvements and equipment used for operation | 5,770 | $ 5,810 | |
Impairment charges related to property, leasehold improvements and equipment | 55 | $ 180 | |
Impairment charges related to identifiable intangible assets | 14 | ||
Impairment charges related to other assets | 22 | ||
Impairment charges related to consolidated investments | $ 77 | $ 194 |
Other Assets - Goodwill and Int
Other Assets - Goodwill and Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 3,645 | $ 3,645 |
Identifiable Intangible Assets | 521 | 515 |
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 | 111 | 138 |
Institutional Client Services - Equities Client Execution [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 2,403 | 2,403 |
Identifiable Intangible Assets | 219 | 246 |
Investing and Lending [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Identifiable Intangible Assets | 86 | 18 |
Investment Management [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 587 | 587 |
Identifiable Intangible Assets | 105 | 113 |
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 |
Other Assets - Intangible Asset
Other Assets - Intangible Assets Disclosure (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 1,491 | $ 1,452 |
Accumulated amortization | (970) | (937) |
Net carrying amount | $ 521 | 515 |
Identifiable intangible assets approximate weighted average remaining life in years | 6 years | |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 1,036 | 1,036 |
Accumulated amortization | (745) | (715) |
Net carrying amount | $ 291 | 321 |
Identifiable intangible assets approximate weighted average remaining life in years | 6 years | |
Commodities-Related Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 188 | 216 |
Accumulated amortization | (77) | (78) |
Net carrying amount | $ 111 | 138 |
Identifiable intangible assets approximate weighted average remaining life in years | 8 years | |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 267 | 200 |
Accumulated amortization | (148) | (144) |
Net carrying amount | $ 119 | $ 56 |
Identifiable intangible assets approximate weighted average remaining life in years | 6 years |
Other Assets - Amortization Exp
Other Assets - Amortization Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization related to identifiable intangible assets | $ 27 | $ 38 | $ 70 | $ 86 |
Other Assets - Estimated Future
Other Assets - Estimated Future Amortization for Existing Identifiable Intangible Assets Through 2020 (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2015 | $ 61 |
Future amortization, 2016 | 122 |
Future amortization, 2017 | 111 |
Future amortization, 2018 | 100 |
Future amortization, 2019 | 65 |
Future amortization, 2020 | $ 18 |
Deposits - Deposits (Detail)
Deposits - Deposits (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
U.S. offices | $ 73,923 | $ 69,270 |
Non-U.S. offices | 15,141 | 13,738 |
Total | $ 89,064 | $ 83,008 |
Deposits - Maturities of Time D
Deposits - Maturities of Time Deposits (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Time Deposits By Maturity [Line Items] | |
Remainder of 2015 | $ 11,782 |
2,016 | 7,118 |
2,017 | 5,534 |
2,018 | 3,254 |
2,019 | 3,422 |
2,020 | 2,039 |
2021 - thereafter | 6,632 |
Total | 39,781 |
U.S. [Member] | |
Time Deposits By Maturity [Line Items] | |
Remainder of 2015 | 3,795 |
2,016 | 5,725 |
2,017 | 5,534 |
2,018 | 3,254 |
2,019 | 3,422 |
2,020 | 2,039 |
2021 - thereafter | 6,593 |
Total | 30,362 |
Non-U.S. [Member] | |
Time Deposits By Maturity [Line Items] | |
Remainder of 2015 | 7,987 |
2,016 | 1,393 |
2021 - thereafter | 39 |
Total | $ 9,419 |
Deposits - Maturities of Tim130
Deposits - Maturities of Time Deposits (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Time Deposits By Maturity [Line Items] | ||
Total domestic time deposits greater than $100,000 | $ 1,650 | |
Total foreign time deposits greater than $100,000 | 6,700 | |
Deposits at fair value | 15,309 | $ 13,523 |
U.S. [Member] | ||
Time Deposits By Maturity [Line Items] | ||
Domestic time deposits greater than $100,000 maturing within three months | 699 | |
Domestic time deposits greater than $100,000 maturing within three to six months | 391 | |
Domestic time deposits greater than $100,000 maturing within six to twelve months | 294 | |
Domestic time deposits greater than $100,000 maturing after twelve months | $ 266 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Total savings and demand deposits | $ 49,280 | $ 49,290 |
Short-Term Borrowings - Short-T
Short-Term Borrowings - Short-Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Other secured financings (short-term) | $ 12,247 | $ 15,560 |
Unsecured short-term borrowings | 46,378 | 44,540 |
Total | $ 58,625 | $ 60,100 |
Short-Term Borrowings - Unsecur
Short-Term Borrowings - Unsecured Short-Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Current portion of unsecured long-term borrowings | $ 27,753 | $ 25,126 |
Hybrid financial instruments | 14,176 | 14,083 |
Promissory notes | 20 | 338 |
Commercial paper | 294 | 617 |
Other short-term borrowings | 4,135 | 4,376 |
Total unsecured short-term borrowings | $ 46,378 | $ 44,540 |
Unsecured short-term debt, weighted average interest rate, after giving effect to hedging activities | 1.41% | 1.52% |
Long-Term Borrowings - Long-Ter
Long-Term Borrowings - Long-Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Other secured financings (long-term) | $ 11,705 | $ 7,249 |
Unsecured long-term borrowings | 170,259 | 167,571 |
Total | $ 181,964 | $ 174,820 |
Long-Term Borrowings - Unsecure
Long-Term Borrowings - Unsecured Long-Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Fixed-rate obligations | $ 121,761 | $ 124,334 |
Floating-rate obligations | 48,498 | 43,237 |
Total | 170,259 | 167,571 |
U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 90,355 | 89,477 |
Floating-rate obligations | 32,390 | 27,541 |
Total | 122,745 | 117,018 |
Non-U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 31,406 | 34,857 |
Floating-rate obligations | 16,108 | 15,696 |
Total | $ 47,514 | $ 50,553 |
Long-Term Borrowings - Unsec136
Long-Term Borrowings - Unsecured Long-Term Borrowings (Parenthetical) (Detail) - Unsecured Debt [Member] | Jun. 30, 2015 | Dec. 31, 2014 |
Minimum [Member] | U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 1.60% | 1.55% |
Minimum [Member] | Non-U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 0.33% | 0.02% |
Maximum [Member] | U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 10.04% | 10.04% |
Maximum [Member] | Non-U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 13.00% | 13.00% |
Weighted Average [Member] | U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 4.99% | 5.08% |
Weighted Average [Member] | Non-U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 3.87% | 4.06% |
Long-Term Borrowings - Unsec137
Long-Term Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total | $ 170,259 | $ 167,571 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 8,185 | |
2,017 | 22,580 | |
2,018 | 23,932 | |
2,019 | 16,073 | |
2,020 | 15,726 | |
2021 - thereafter | 83,763 | |
Total | $ 170,259 |
Long-Term Borrowings - Unsec138
Long-Term Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Parenthetical) (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 150 |
2,017 | 601 |
2,018 | 756 |
2,019 | 443 |
2,020 | 452 |
2021 and thereafter | 5,810 |
Amount related to interest rate hedges on certain unsecured long-term borrowings | $ 8,210 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
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 | 1.00% | 1.00% | 2.00% | |
Senior guaranteed trust securities held by the firm exchanged with the firm's junior subordinated debt securities held by the Trust | $ 175 | |||
Firm's Junior subordinated debt securities held by the Trust exchanged with senior guaranteed trust securities held by the firm | $ 175 | |||
Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated debt maturities, description | As of June 2015 and December 2014, subordinated debt had maturities ranging from 2017 to 2045, and 2017 to 2038, respectively. | |||
Subordinated debt maturities, range, start | Dec. 31, 2017 | Dec. 31, 2017 | ||
Subordinated debt maturities, range, end | Dec. 31, 2045 | Dec. 31, 2038 | ||
The 2012 Trusts [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt held by Murray Street | $ 1,750 | $ 1,750 | ||
Interest Rate of Junior Subordinated Debt held by Murray Street Trust, Fixed | 4.647% | 4.647% | ||
Maturity date of Junior Subordinated Debt held by Murray Street Trust | Mar. 9, 2017 | |||
Junior subordinated debt held by Vesey Street | $ 500 | $ 500 | ||
Interest Rate of Junior Subordinated Debt held by Vesey Street Trust, Fixed | 4.404% | 4.404% | ||
Maturity date of Junior Subordinated Debt held by Vesey Street Trust | Sep. 1, 2016 | |||
Senior guaranteed trust securities issued by the Murray Street Trust and Vesey Street Trust (together, the 2012 Trusts) | $ 2,250 | $ 2,250 | ||
Junior subordinated debt held by the 2012 Trusts | $ 2,080 | $ 2,080 | ||
Senior guaranteed trust securities held by the firm exchanged with the firm's junior subordinated debt securities held by the Trust | $ 175 | |||
Firm's Junior subordinated debt securities held by the Trust exchanged with senior guaranteed trust securities held by the firm | 175 | |||
Goldman Sachs Capital I [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate of Junior Subordinated Debentures issued to Trust, Fixed | 6.345% | 6.345% | ||
Maturity date of Junior Subordinated Debentures issued to Trust | Feb. 15, 2034 | |||
Junior subordinated debentures issued to Goldman Sachs Capital I (Trust) | $ 2,840 | $ 2,840 | ||
Guaranteed preferred beneficial interests issued to third parties | 2,750 | 2,750 | ||
Common beneficial interests issued to Group Inc. | 85 | 85 | ||
Common beneficial interests delivered to the Trust | 44.2 | 44.2 | 44.2 | |
Trust Preferred Securities purchased, par amount | 1,430 | 1,430 | $ 1,430 | |
Junior subordinated debt, outstanding par amount | 1,360 | 1,360 | ||
Trust Preferred Securities, outstanding par amount | 1,320 | 1,320 | ||
Common beneficial interests, outstanding par amount | $ 40.8 | $ 40.8 | ||
Interest Rate of Junior Subordinated Debentures held by certain third parties | 6.345% | 6.345% | ||
Maturity date of Junior Subordinated Debentures held by certain third parties | Feb. 15, 2034 |
Long-Term Borrowings - Unsec140
Long-Term Borrowings - Unsecured Long-Term Borrowings after Hedging (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Fixed rate obligations at fair value | $ 214 | $ 861 |
Fixed rate obligations at amortized cost | 49,770 | 33,748 |
Floating rate obligations at fair value | 19,786 | 15,144 |
Floating rate obligations at amortized cost | 100,489 | 117,818 |
Total | $ 170,259 | $ 167,571 |
Long-Term Borrowings - Unsec141
Long-Term Borrowings - Unsecured Long-Term Borrowings after Hedging (Parenthetical) (Detail) | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - total | 2.80% | 2.68% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging fixed rate obligations | 4.68% | 5.09% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - floating rate obligations | 1.89% | 2.01% |
Long-Term Borrowings - Subordin
Long-Term Borrowings - Subordinated Long-Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total subordinated Long-term Borrowings, par amount | $ 17,509 | $ 15,836 |
Long-term subordinated debt outstanding | 18,879 | 17,241 |
Long-term junior subordinated debt | 1,822 | 2,122 |
Total subordinated Long-term Borrowings | $ 20,701 | $ 19,363 |
Effective weighted average interest rate of long-term subordinated debt, after hedging | 3.82% | 3.77% |
Effective weighted average interest rate of long-term junior subordinated debt, after hedging | 5.99% | 6.21% |
Effective weighted average interest rate on long-term subordinated borrowings, after hedging | 3.99% | 4.02% |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, par amount | $ 16,149 | $ 14,254 |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, par amount | $ 1,360 | $ 1,582 |
Other Liabilities and Accrue143
Other Liabilities and Accrued Expenses - Other Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Compensation and benefits | $ 7,571 | $ 8,368 |
Noncontrolling interests | 652 | 404 |
Income tax-related liabilities | 1,580 | 1,533 |
Employee interests in consolidated funds | 161 | 176 |
Subordinated liabilities issued by consolidated VIEs | 1,193 | 843 |
Accrued expenses and other | 6,095 | 4,751 |
Total | $ 17,252 | $ 16,075 |
Commitments, Contingencies a144
Commitments, Contingencies and Guarantees - Commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | $ 111,977 | $ 95,949 |
Contingent and forward starting resale and securities borrowing agreements | 50,628 | 35,225 |
Forward starting repurchase and secured lending agreements | 8,358 | 8,180 |
Letters of credit | 227 | 308 |
Investment commitments | 4,217 | 5,164 |
Other | 6,361 | 6,321 |
Total commitments | 181,768 | 151,147 |
Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 65,010 | 63,634 |
Non Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 43,538 | 29,605 |
Warehouse Financing [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 3,429 | $ 2,710 |
Maturities, Remainder of Current Fiscal Year [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 5,742 | |
Contingent and forward starting resale and securities borrowing agreements | 48,381 | |
Forward starting repurchase and secured lending agreements | 8,358 | |
Letters of credit | 102 | |
Investment commitments | 661 | |
Other | 6,121 | |
Total commitments | 69,365 | |
Maturities, Remainder of Current Fiscal Year [Member] | Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 4,371 | |
Maturities, Remainder of Current Fiscal Year [Member] | Non Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 744 | |
Maturities, Remainder of Current Fiscal Year [Member] | Warehouse Financing [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 627 | |
Maturities, Year 1 and Year 2 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 31,707 | |
Contingent and forward starting resale and securities borrowing agreements | 2,246 | |
Letters of credit | 108 | |
Investment commitments | 2,806 | |
Other | 134 | |
Total commitments | 37,001 | |
Maturities, Year 1 and Year 2 [Member] | Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 18,819 | |
Maturities, Year 1 and Year 2 [Member] | Non Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 11,545 | |
Maturities, Year 1 and Year 2 [Member] | Warehouse Financing [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 1,343 | |
Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 41,236 | |
Contingent and forward starting resale and securities borrowing agreements | 1 | |
Letters of credit | 13 | |
Investment commitments | 19 | |
Other | 50 | |
Total commitments | 41,319 | |
Maturities, Year 3 and Year 4 [Member] | Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 27,977 | |
Maturities, Year 3 and Year 4 [Member] | Non Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 13,165 | |
Maturities, Year 3 and Year 4 [Member] | Warehouse Financing [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 94 | |
Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 33,292 | |
Letters of credit | 4 | |
Investment commitments | 731 | |
Other | 56 | |
Total commitments | 34,083 | |
Maturities, Year 5 and Thereafter [Member] | Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 13,843 | |
Maturities, Year 5 and Thereafter [Member] | Non Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 18,084 | |
Maturities, Year 5 and Thereafter [Member] | Warehouse Financing [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | $ 1,365 |
Commitments, Contingencies a145
Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Approximate amount of lending commitments held for investment | $ 87,560,000,000 | $ 87,560,000,000 | $ 66,220,000,000 | ||
Approximate amount of lending commitments held for sale | 5,800,000,000 | 5,800,000,000 | 3,120,000,000 | ||
Notional amount of loan commitments which are protected by SMFG against credit loss | $ 26,470,000,000 | $ 26,470,000,000 | 27,510,000,000 | ||
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 | 768,000,000 | 768,000,000 | 768,000,000 | ||
Investment commitments | 4,217,000,000 | 4,217,000,000 | 5,164,000,000 | ||
Commitments to invest in funds managed by the firm | 2,760,000,000 | $ 2,760,000,000 | 2,870,000,000 | ||
The latest year through which the firm's noncancelable lease agreements extend | 2,069 | ||||
Operating Leases, Rent Expense | 63,000,000 | $ 78,000,000 | $ 127,000,000 | $ 158,000,000 | |
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 | 24,000,000,000 | 24,000,000,000 | 25,000,000,000 | ||
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 | 101,000,000,000 | 100,000,000,000 | |||
Cumulative losses incurred by trusts and other mortgage securitization vehicles during the period 2005 through 2008 | 23,000,000,000 | 23,000,000,000 | |||
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 | $ 373,000,000 | 373,000,000 | 401,000,000 | ||
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 | 1,690,000,000 | 1,660,000,000 | |||
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 | $ 557,000,000 | 550,000,000 | |||
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 | $ 31,000,000,000 | $ 31,000,000,000 | $ 28,490,000,000 |
Commitments, Contingencies a146
Commitments, Contingencies and Guarantees - Leases (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2015 | $ 161 |
2,016 | 303 |
2,017 | 282 |
2,018 | 234 |
2,019 | 198 |
2,020 | 164 |
2021 - thereafter | 732 |
Total | $ 2,074 |
Commitments, Contingencies a147
Commitments, Contingencies and Guarantees - Guarantees (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | $ 9,441 | $ 11,201 |
Maximum Payout/Notional Amount by Period of Expiration | 736,664 | 612,735 |
Derivative Guarantee [Member] | Maturities, Remainder of Current Fiscal Year [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 249,517 | |
Derivative Guarantee [Member] | Maturities, Year 1 and Year 2 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 344,010 | |
Derivative Guarantee [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 68,480 | |
Derivative Guarantee [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 74,657 | |
Derivative Guarantee [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 351,308 | |
Derivative Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 150,989 | |
Derivative Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 51,927 | |
Derivative Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 58,511 | |
Securities Lending Indemnification [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 30,042 | 27,567 |
Securities Lending Indemnification [Member] | Maturities, Remainder of Current Fiscal Year [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 30,042 | |
Securities Lending Indemnification [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 27,567 | |
Financial Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | 91 | 119 |
Maximum Payout/Notional Amount by Period of Expiration | 4,568 | 4,486 |
Financial Guarantee [Member] | Maturities, Remainder of Current Fiscal Year [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 828 | |
Financial Guarantee [Member] | Maturities, Year 1 and Year 2 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 796 | |
Financial Guarantee [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 1,197 | |
Financial Guarantee [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | $ 1,747 | |
Financial Guarantee [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 471 | |
Financial Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 935 | |
Financial Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 1,390 | |
Financial Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | $ 1,690 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jul. 15, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Equity [Line Items] | |||||
Dividends declared per common share | $ 0.65 | $ 0.55 | $ 1.25 | $ 1.10 | |
Shares remitted by employees to satisfy minimum statutory employee tax withholding | 35,217 | ||||
Remitted Shares, Total | $ 6 | ||||
Cancellation of RSUs to satisfy minimum statutory employee tax withholding | 5,400,000 | ||||
Cancelled RSUs, Total | $ 969 | ||||
Cancellation of stock options to satisfy minimum statutory employee tax withholding | 1,600,000 | ||||
Cancelled stock options, Total | $ 326 | ||||
Subsequent Event [Member] | |||||
Equity [Line Items] | |||||
Dividends declared per common share | $ 0.65 | ||||
Dividends payable date declared | Jul. 15, 2015 | ||||
Dividends payable date to be paid | Sep. 29, 2015 | ||||
Dividends payable date of record | Sep. 1, 2015 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Amount of Common Stock Repurchased by the Firm (Detail) - Jun. 30, 2015 - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Total | Total |
Equity [Abstract] | ||
Common share repurchases | 1.2 | 7.9 |
Average cost per share | $ 208.20 | $ 188.59 |
Total cost of common share repurchases | $ 245 | $ 1,495 |
Shareholders' Equity - Summa150
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Detail) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Millions | Total |
Class of Stock [Line Items] | |
Shares Authorized | 452,200 |
Shares Issued | 380,500 |
Shares Outstanding | 380,498 |
Redemption Value | $ 11,200 |
Series A Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 50,000 |
Shares Issued | 30,000 |
Shares Outstanding | 29,999 |
Depositary Shares Per Share | 1,000 |
Liquidation Preference | $ 25,000 |
Redemption Price Per Share | $25,000 plus declared and unpaid dividends |
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 |
Depositary Shares Per Share | 1,000 |
Liquidation Preference | $ 25,000 |
Redemption Price Per Share | $25,000 plus declared and unpaid dividends |
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 |
Depositary Shares Per Share | 1,000 |
Liquidation Preference | $ 25,000 |
Redemption Price Per Share | $25,000 plus declared and unpaid dividends |
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 |
Depositary Shares Per Share | 1,000 |
Liquidation Preference | $ 25,000 |
Redemption Price Per Share | $25,000 plus declared and unpaid dividends |
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 |
Liquidation Preference | $ 100,000 |
Redemption Price Per Share | $100,000 plus declared and unpaid dividends |
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 |
Liquidation Preference | $ 100,000 |
Redemption Price Per Share | $100,000 plus declared and unpaid dividends |
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 |
Depositary Shares Per Share | 1,000 |
Liquidation Preference | $ 25,000 |
Redemption Price Per Share | $25,000 plus accrued and unpaid dividends |
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 |
Depositary Shares Per Share | 1,000 |
Liquidation Preference | $ 25,000 |
Redemption Price Per Share | $25,000 plus accrued and unpaid dividends |
Redemption Value | $ 1,000 |
Dividend Rate | 5.50% per annum to, but excluding, May 10, 2023; 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 |
Shares Outstanding | 28,000 |
Depositary Shares Per Share | 1,000 |
Liquidation Preference | $ 25,000 |
Redemption Price Per Share | $25,000 plus accrued and unpaid dividends |
Redemption Value | $ 700 |
Dividend Rate | 6.375% per annum to, but excluding, May 10, 2024; 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 |
Shares Outstanding | 52,000 |
Depositary Shares Per Share | 25 |
Liquidation Preference | $ 25,000 |
Redemption Price Per Share | $25,000 plus accrued and unpaid dividends |
Redemption Value | $ 1,300 |
Dividend Rate | 5.70% per annum to, but excluding, May 10, 2019; 3 month LIBOR + 3.884% per annum thereafter |
Series M Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 80,000 |
Shares Issued | 80,000 |
Shares Outstanding | 80,000 |
Depositary Shares Per Share | 25 |
Liquidation Preference | $ 25,000 |
Redemption Price Per Share | $25,000 plus accrued and unpaid dividends |
Redemption Value | $ 2,000 |
Dividend Rate | 5.375% per annum to, but excluding, May 10, 2020; 3 month LIBOR + 3.922% per annum thereafter |
Shareholders' Equity - Summa151
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Parenthetical) (Detail) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||
Preferred Stock | $ 0.01 | $ 0.01 |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock | 0.01 | |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock | 0.01 | |
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock | 0.01 | |
Series D Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock | 0.01 | |
Series E Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock | 0.01 | |
Series F Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock | 0.01 | |
Series I Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock | 0.01 | |
Series J Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock | 0.01 | |
Series K Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock | 0.01 | |
Series L Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock | 0.01 | |
Series M Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock | $ 0.01 |
Shareholders' Equity - Summa152
Shareholders' Equity - Summary of Preferred Dividends Declared on Preferred Stock Issued (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Class of Stock [Line Items] | ||||
Total preferred stock dividends declared | $ 132 | $ 84 | $ 228 | $ 168 |
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 234.38 | $ 236.98 | $ 473.96 | $ 471.36 |
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 | $ 13 | $ 12 | $ 25 | $ 24 |
Series C Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 250 | $ 252.78 | $ 505.56 | $ 502.78 |
Total preferred stock dividends declared | $ 2 | $ 2 | $ 4 | $ 4 |
Series D Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 250 | $ 252.78 | $ 505.56 | $ 502.78 |
Total preferred stock dividends declared | $ 13 | $ 14 | $ 27 | $ 27 |
Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 1,011.11 | $ 1,011.11 | $ 2,022.22 | $ 2,022.22 |
Total preferred stock dividends declared | $ 17 | $ 17 | $ 35 | $ 35 |
Series F Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 1,011.11 | $ 1,011.11 | $ 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 | $ 743.76 |
Total preferred stock dividends declared | $ 13 | $ 13 | $ 26 | $ 26 |
Series J Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 343.75 | $ 343.75 | $ 687.50 | $ 687.50 |
Total preferred stock dividends declared | $ 14 | $ 14 | $ 28 | $ 28 |
Series K Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 398.44 | $ 796.88 | ||
Total preferred stock dividends declared | $ 11 | $ 22 | ||
Series L Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 712.50 | $ 712.50 | ||
Total preferred stock dividends declared | $ 37 | $ 37 |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Equity [Abstract] | |||||
Currency translation, Beginning Balance | $ (473) | $ (364) | $ (364) | ||
Pension and postretirement liabilities, Beginning Balance | (270) | (168) | (168) | ||
Cash flow hedges, Beginning Balance | 8 | 8 | |||
Total accumulated other comprehensive loss, net of tax, Beginning Balance | (743) | (524) | (524) | ||
Currency translation | $ (30) | $ (30) | (55) | (59) | (109) |
Pension and postretirement liabilities | (107) | (6) | (110) | (14) | (102) |
Cash flow hedges | 1 | 2 | (8) | ||
Other comprehensive income/(loss) | (137) | $ (35) | (165) | $ (71) | (219) |
Currency translation, Ending Balance | (528) | (528) | (473) | ||
Pension and postretirement liabilities, Ending Balance | (380) | (380) | (270) | ||
Accumulated other comprehensive loss, net of tax | $ (908) | $ (908) | $ (743) |
Regulation and Capital Adequ154
Regulation and Capital Adequacy - Minimum Capital Ratios (Detail) - Minimum [Member] | Jun. 30, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
CET1 ratio | 4.50% |
Tier 1 capital ratio | 6.00% |
Total capital ratio | 8.00% |
Tier 1 leverage ratio | 4.00% |
Regulation and Capital Adequ155
Regulation and Capital Adequacy - Minimum Capital Ratios (Parenthetical) (Detail) | Jun. 30, 2015 |
Regulation And Capital Adequacy [Abstract] | |
Well-capitalized minimum total capital ratio | 10.00% |
Regulation and Capital Adequ156
Regulation and Capital Adequacy - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
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 | |
Well-capitalized minimum total capital ratio | 10.00% | |
Minimum equity capital that is required to be maintained in regulated subsidiaries | $ 48,700 | $ 33,620 |
Standardized Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (1,229) | |
Change in Market RWAs | (9,733) | |
Basel III Advanced Transitional [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 9,546 | 59,697 |
Change in Market RWAs | (9,279) | (20,098) |
Change in Operational RWAs | $ 3,487 | 97,488 |
Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum CET1 ratio applicable to advanced approach banking institutions | 4.50% | |
GS Bank USA [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum CET1 ratio applicable to advanced approach banking institutions | 4.50% | |
Amount deposited by GS Bank USA held at the Federal Reserve Bank of New York | $ 37,940 | 38,680 |
Excess amount deposited by GS Bank USA held at the Federal Reserve Bank of New York | $ 37,800 | 38,570 |
GS Bank USA [Member] | Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Well-capitalized minimum CET1 ratio | 6.50% | |
Well-capitalized minimum Tier 1 capital ratio | 8.00% | |
Well-capitalized minimum total capital ratio | 10.00% | |
Well-capitalized minimum Tier 1 leverage ratio | 5.00% | |
GS&Co [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Regulatory net capital as defined by Rule 15c3-1 | $ 15,350 | 14,830 |
Excess amount of regulatory net capital as defined by Rule 15c3-1 | 12,880 | 12,460 |
Amount of broker-dealer tentative net capital required to be held in accordance with Appendix E of Rule 15c3-1 | 1,000 | |
Amount of broker-dealer net capital required to be held in accordance with Appendix E of Rule 15c3-1 | 500 | |
Minimum tentative net capital required to be maintained by GS&Co or must notify the SEC | 5,000 | |
GSEC [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Regulatory net capital as defined by Rule 15c3-1 | 1,620 | 1,670 |
Excess amount of regulatory net capital as defined by Rule 15c3-1 | $ 1,440 | $ 1,530 |
Regulation and Capital Adequ157
Regulation and Capital Adequacy - Consolidated Regulatory Capital Ratios (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier 1 | $ 69,830 | $ 63,248 | |
Perpetual non-cumulative preferred stock | $ 11,200 | 9,200 | |
Tier 1 capital | 78,433 | 72,471 | |
Tier 2 capital | 12,545 | 13,632 | |
Total capital | $ 90,978 | ||
Tier 1 leverage ratio | 9.60% | 9.00% | |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common shareholders' equity | $ 76,454 | $ 73,597 | |
Deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities | (2,874) | (2,787) | |
Deductions for investments in nonconsolidated financial institutions | (1,482) | (953) | |
Other adjustments | (347) | (27) | |
Common Equity Tier 1 | 71,751 | 69,830 | |
Perpetual non-cumulative preferred stock | 11,200 | 9,200 | |
Junior subordinated debt issued to trusts | 330 | 660 | |
Other adjustments | (906) | (1,257) | |
Tier 1 capital | 82,375 | 78,433 | |
Qualifying subordinated debt | 13,201 | 11,894 | |
Junior subordinated debt issued to trusts | 990 | 660 | |
Allowance for losses on loans and lending commitments | 408 | 316 | |
Other adjustments | (9) | (9) | |
Tier 2 capital | 14,590 | 12,861 | |
Total capital | 96,965 | 91,294 | |
RWAs | $ 608,254 | $ 619,216 | |
CET1 ratio | 11.80% | 11.30% | |
Tier 1 capital ratio | 13.50% | 12.70% | |
Total capital ratio | 15.90% | 14.70% | |
Basel III Advanced Transitional [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Standardized Tier 2 capital | $ 14,590 | $ 12,861 | |
Common Equity Tier 1 | 71,751 | 69,830 | |
Tier 1 capital | 82,375 | 78,433 | |
Allowance for losses on loans and lending commitments | (408) | (316) | |
Tier 2 capital | 14,182 | 12,545 | |
Total capital | 96,557 | 90,978 | |
RWAs | $ 574,067 | $ 570,313 | $ 433,226 |
CET1 ratio | 12.50% | 12.20% | |
Tier 1 capital ratio | 14.30% | 13.80% | |
Total capital ratio | 16.80% | 16.00% |
Regulation and Capital Adequ158
Regulation and Capital Adequacy - Consolidated Regulatory Capital Ratios (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Regulation And Capital Adequacy [Abstract] | ||
Goodwill | $ 3,645 | $ 3,645 |
Identifiable intangible assets deducted from CET1 during transitional period | 208 | 103 |
Identifiable Intangible Assets | 521 | 515 |
Deferred tax liabilities associated with goodwill and identifiable intangible assets | $ 979 | $ 961 |
Subordinated debt maturity period | 5 years |
Regulation and Capital Adequ159
Regulation and Capital Adequacy - Capital Rollforward (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1, Beginning balance | $ 69,830 | $ 63,248 |
Change in CET1 related to the transition to the Revised Capital Framework | 3,177 | |
Increase in common shareholders' equity | 2,330 | |
Change in deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities | 144 | |
Change in deduction for investments in nonconsolidated financial institutions | 839 | |
Change in other adjustments | 92 | |
Common Equity Tier 1, Ending balance | 69,830 | |
Tier 1 Capital, Beginning balance | 78,433 | 72,471 |
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 CET1 | 3,405 | |
Increase in perpetual non-cumulative preferred stock | 2,000 | |
Redesignation of junior subordinated debt issued to trusts and decrease related to trust preferred securities purchased by the firm | (1,403) | |
Change in other adjustments | (774) | |
Tier 1 Capital, Ending balance | 78,433 | |
Tier 2 Capital, Beginning balance | 12,545 | 13,632 |
Change in Tier 2 capital related to the transition to the Revised Capital Framework | (197) | |
Increase (Decrease) in qualifying subordinated debt | (879) | |
Trust preferred securities purchased by the firm, net of redesignation of junior subordinated debt issued to trusts | (27) | |
Change in other adjustments | 16 | |
Tier 2 Capital, Ending balance | 12,545 | |
Total capital | 90,978 | |
Standardized Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1, Beginning balance | 69,830 | |
Increased deductions due to transitional provisions | (1,368) | |
Increase in common shareholders' equity | 2,857 | |
Change in deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities | 15 | |
Change in deduction for investments in nonconsolidated financial institutions | 441 | |
Change in other adjustments | (24) | |
Common Equity Tier 1, Ending balance | 71,751 | 69,830 |
Tier 1 Capital, Beginning balance | 78,433 | |
Increased deductions due to transitional provisions | (1,073) | |
Other net increase in CET1 | 3,289 | |
Redesignation of junior subordinated debt issued to trusts | (330) | |
Increase in perpetual non-cumulative preferred stock | 2,000 | |
Change in other adjustments | 56 | |
Tier 1 Capital, Ending balance | 82,375 | 78,433 |
Tier 2 Capital, Beginning balance | 12,861 | |
Increased deductions due to transitional provisions | (53) | |
Increase (Decrease) in qualifying subordinated debt | 1,307 | |
Redesignation of junior subordinated debt issued to trusts | 330 | |
Change in the allowance for losses on loans and lending commitments | 92 | |
Change in other adjustments | 53 | |
Tier 2 Capital, Ending balance | 14,590 | 12,861 |
Total capital | 96,965 | 91,294 |
Basel III Advanced Transitional [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1, Beginning balance | 69,830 | |
Increased deductions due to transitional provisions | (1,368) | |
Increase in common shareholders' equity | 2,857 | |
Change in deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities | 15 | |
Change in deduction for investments in nonconsolidated financial institutions | 441 | |
Change in other adjustments | (24) | |
Common Equity Tier 1, Ending balance | 71,751 | 69,830 |
Tier 1 Capital, Beginning balance | 78,433 | |
Increased deductions due to transitional provisions | (1,073) | |
Other net increase in CET1 | 3,289 | |
Redesignation of junior subordinated debt issued to trusts | (330) | |
Increase in perpetual non-cumulative preferred stock | 2,000 | |
Change in other adjustments | 56 | |
Tier 1 Capital, Ending balance | 82,375 | 78,433 |
Tier 2 Capital, Beginning balance | 12,545 | |
Increased deductions due to transitional provisions | (53) | |
Increase (Decrease) in qualifying subordinated debt | 1,307 | |
Redesignation of junior subordinated debt issued to trusts | 330 | |
Change in other adjustments | 53 | |
Tier 2 Capital, Ending balance | 14,182 | 12,545 |
Total capital | $ 96,557 | $ 90,978 |
Regulation and Capital Adequ160
Regulation and Capital Adequacy - Capital Rollforward (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Regulation And Capital Adequacy [Abstract] | |
Change in CET1 related to the transition to the Revised Capital Framework on January 1, 2014 | $ 3,660 |
Change in CET1 related to the transition to the Basel III Advanced Rules on April 1, 2014 | (479) |
Change in Tier 1 capital related to the transition to the Revised Capital Framework on January 1, 2014 | (219) |
Change in Tier 1 capital related to the transition to the Basel III Advanced Rules on April 1, 2014 | (224) |
Change in Tier 2 capital related to the transition to the Revised Capital Framework on January 1, 2014 | (2) |
Change in Tier 2 capital related to the transition to the Basel III Advanced Rules on April 1, 2014 | $ (195) |
Regulation and Capital Adequ161
Regulation and Capital Adequacy - Risk-weighted Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | $ 471,466 | $ 472,695 | |
Market RWAs | 136,788 | 146,521 | |
Total RWAs | 608,254 | 619,216 | |
Standardized Capital Rules [Member] | Derivatives [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 155,874 | 180,771 | |
Standardized Capital Rules [Member] | Commitments Guarantees and Loans [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 103,844 | 89,783 | |
Standardized Capital Rules [Member] | Securities Financing Transactions [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 92,288 | 92,116 | |
Standardized Capital Rules [Member] | Equity Investments [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 42,582 | 38,526 | |
Standardized Capital Rules [Member] | Other [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 76,878 | 71,499 | |
Standardized Capital Rules [Member] | Regulatory VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 12,863 | 10,238 | |
Standardized Capital Rules [Member] | Stressed VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 27,938 | 29,625 | |
Standardized Capital Rules [Member] | Incremental Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 16,275 | 16,950 | |
Standardized Capital Rules [Member] | Comprehensive Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 7,375 | 9,855 | |
Standardized Capital Rules [Member] | Specific Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 72,337 | 79,853 | |
Basel III Advanced Transitional [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 337,490 | 327,944 | |
Market RWAs | 135,602 | 144,881 | |
Total Operational RWAs | 100,975 | 97,488 | |
Total RWAs | 574,067 | 570,313 | $ 433,226 |
Basel III Advanced Transitional [Member] | Derivatives [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 107,358 | 122,501 | |
Basel III Advanced Transitional [Member] | Commitments Guarantees and Loans [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 105,223 | 95,209 | |
Basel III Advanced Transitional [Member] | Securities Financing Transactions [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 20,557 | 15,618 | |
Basel III Advanced Transitional [Member] | Equity Investments [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 44,515 | 40,146 | |
Basel III Advanced Transitional [Member] | Other [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 59,837 | 54,470 | |
Basel III Advanced Transitional [Member] | Regulatory VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 12,863 | 10,238 | |
Basel III Advanced Transitional [Member] | Stressed VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 27,938 | 29,625 | |
Basel III Advanced Transitional [Member] | Incremental Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 16,275 | 16,950 | |
Basel III Advanced Transitional [Member] | Comprehensive Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 6,188 | 8,150 | |
Basel III Advanced Transitional [Member] | Specific Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | $ 72,338 | $ 79,918 |
Regulation and Capital Adequ162
Regulation and Capital Adequacy - Risk-weighted Assets Rollforward (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Standardized Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-Weighted Assets, Beginning balance | $ 619,216 | |
Change in deductions due to transitional provisions | (1,073) | |
Change in Credit RWAs | (1,229) | |
Change in Market RWAs | (9,733) | |
Risk-Weighted Assets, end of period | 608,254 | $ 619,216 |
Standardized Capital Rules [Member] | Derivatives [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (24,897) | |
Standardized Capital Rules [Member] | Commitments Guarantees and Loans [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 14,061 | |
Standardized Capital Rules [Member] | Securities Financing Transactions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 172 | |
Standardized Capital Rules [Member] | Equity Investments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 5,026 | |
Standardized Capital Rules [Member] | Other [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 5,482 | |
Standardized Capital Rules [Member] | Regulatory VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 2,625 | |
Standardized Capital Rules [Member] | Stressed VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (1,687) | |
Standardized Capital Rules [Member] | Incremental Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (675) | |
Standardized Capital Rules [Member] | Comprehensive Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (2,480) | |
Standardized Capital Rules [Member] | Specific Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (7,516) | |
Basel III Advanced Transitional [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-Weighted Assets, Beginning balance | 570,313 | 433,226 |
Change in Credit RWAs related to the transition to the Revised Capital Framework | 69,101 | |
Change in deductions due to transitional provisions | (1,073) | |
Change in Credit RWAs | 9,546 | 59,697 |
Change in Market RWAs related to the transition to the Revised Capital Framework | 1,626 | |
Change in Market RWAs | (9,279) | (20,098) |
Change in Operational RWAs related to the transition to the Revised Capital Framework | 88,938 | |
Increase in operational risk | 8,550 | |
Change in operational risk | 3,487 | 97,488 |
Change in Operational RWAs | 3,487 | 97,488 |
Risk-Weighted Assets, end of period | 574,067 | 570,313 |
Basel III Advanced Transitional [Member] | Derivatives [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (15,143) | (24,109) |
Basel III Advanced Transitional [Member] | Commitments Guarantees and Loans [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 10,014 | 18,208 |
Basel III Advanced Transitional [Member] | Securities Financing Transactions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 4,939 | (2,782) |
Basel III Advanced Transitional [Member] | Equity Investments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 5,339 | (2,728) |
Basel III Advanced Transitional [Member] | Other [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 5,470 | 2,007 |
Basel III Advanced Transitional [Member] | Regulatory VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 2,625 | (5,175) |
Basel III Advanced Transitional [Member] | Stressed VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (1,687) | (11,512) |
Basel III Advanced Transitional [Member] | Incremental Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (675) | 7,487 |
Basel III Advanced Transitional [Member] | Comprehensive Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (1,962) | (6,617) |
Basel III Advanced Transitional [Member] | Specific Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | $ (7,580) | $ (5,907) |
Regulation and Capital Adequ163
Regulation and Capital Adequacy - Risk-weighted Assets Rollforward (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Regulation And Capital Adequacy [Abstract] | |
Change in Credit RWAs related to the transition to the Revised Capital Framework on January 1, 2014 | $ 26,670 |
Change in Credit RWAs related to the transition to the Basel III Advanced Rules on April 1, 2014 | $ 42,430 |
Regulation and Capital Adequ164
Regulation and Capital Adequacy - Capital Ratios (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier 1 | $ 69,830 | $ 63,248 | |
Tier 1 capital | 78,433 | 72,471 | |
Tier 2 capital | 12,545 | 13,632 | |
Total capital | $ 90,978 | ||
Tier 1 leverage ratio | 9.60% | 9.00% | |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier 1 | $ 71,751 | $ 69,830 | |
Tier 1 capital | 82,375 | 78,433 | |
Allowance for losses on loans and lending commitments | 408 | 316 | |
Tier 2 capital | 14,590 | 12,861 | |
Total capital | 96,965 | 91,294 | |
Risk-weighted assets | $ 608,254 | $ 619,216 | |
CET1 ratio | 11.80% | 11.30% | |
Tier 1 capital ratio | 13.50% | 12.70% | |
Total capital ratio | 15.90% | 14.70% | |
Basel III Advanced Transitional [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier 1 | $ 71,751 | $ 69,830 | |
Standardized Tier 2 capital | 14,590 | 12,861 | |
Tier 1 capital | 82,375 | 78,433 | |
Allowance for losses on loans and lending commitments | (408) | (316) | |
Tier 2 capital | 14,182 | 12,545 | |
Total capital | 96,557 | 90,978 | |
Risk-weighted assets | $ 574,067 | $ 570,313 | $ 433,226 |
CET1 ratio | 12.50% | 12.20% | |
Tier 1 capital ratio | 14.30% | 13.80% | |
Total capital ratio | 16.80% | 16.00% | |
GS Bank USA [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 leverage ratio | 17.00% | 17.30% | |
GS Bank USA [Member] | Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier 1 | $ 21,988 | $ 21,293 | |
Tier 1 capital | 21,988 | 21,293 | |
Tier 2 capital | 2,222 | 2,182 | |
Total capital | 24,210 | 23,475 | |
Risk-weighted assets | $ 208,221 | $ 200,605 | |
CET1 ratio | 10.60% | 10.60% | |
Tier 1 capital ratio | 10.60% | 10.60% | |
Total capital ratio | 11.60% | 11.70% | |
GS Bank USA [Member] | Basel III Advanced Transitional [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Standardized Tier 2 capital | $ 2,222 | $ 2,182 | |
Allowance for losses on loans and lending commitments | (222) | (182) | |
Tier 2 capital | 2,000 | 2,000 | |
Total capital | 23,988 | 23,293 | |
Risk-weighted assets | $ 136,642 | $ 141,978 | |
CET1 ratio | 16.10% | 15.00% | |
Tier 1 capital ratio | 16.10% | 15.00% | |
Total capital ratio | 17.60% | 16.40% | |
GS Bank USA [Member] | Hybrid Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Risk-weighted assets | $ 149,963 | ||
CET1 ratio | 14.20% | ||
Tier 1 capital ratio | 14.20% | ||
Total capital ratio | 15.70% |
Earnings Per Common Share - Ear
Earnings Per Common Share - Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Numerator for basic and diluted EPS - net earnings applicable to common shareholders | $ 916 | $ 1,953 | $ 3,664 | $ 3,902 |
Denominator for basic EPS - weighted average number of common shares | 451.4 | 461.7 | 452.3 | 465.1 |
Effect of dilutive securities: | ||||
RSUs | 5.2 | 5.9 | 4.8 | 5.4 |
Stock options | 5 | 8.3 | 5 | 9.6 |
Dilutive potential common shares | 10.2 | 14.2 | 9.8 | 15 |
Denominator for diluted EPS - weighted average number of common shares and dilutive potential common shares | 461.6 | 475.9 | 462.1 | 480.1 |
Basic EPS | $ 2.01 | $ 4.21 | $ 8.07 | $ 8.36 |
Diluted EPS | $ 1.98 | $ 4.10 | $ 7.93 | $ 8.13 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Reduction per common share due to impact of applying the amended principles to basic earnings per common share | $ 0.02 | $ 0.02 | $ 0.03 | $ 0.03 |
Number of antidilutive RSUs and common shares underlying antidilutive stock options | 3.4 | 6 | 6.1 | 6 |
Transactions with Affiliated167
Transactions with Affiliated Funds - Fees Earned from Affiliated Funds (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Transactions With Affiliated Funds [Abstract] | ||||
Fees earned from funds | $ 917 | $ 718 | $ 1,802 | $ 1,610 |
Transactions with Affiliated168
Transactions with Affiliated Funds - Fees Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Transactions With Affiliated Funds [Abstract] | ||
Fees receivable from funds | $ 628 | $ 724 |
Aggregate carrying value of interests in funds | $ 8,904 | $ 9,099 |
Transactions with Affiliated169
Transactions with Affiliated Funds - Additional Information (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Transactions With Affiliated Funds [Abstract] | ||
Outstanding guarantees on behalf of certain nonconsolidated investment funds | $ 300,000,000 | $ 304,000,000 |
Outstanding loans or commitments to extend credit to nonconsolidated investment funds | $ 0 | $ 0 |
Interest Income and Interest170
Interest Income and Interest Expense - Interest Income and Interest Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income | ||||
Deposits with banks | $ 41 | $ 49 | $ 79 | $ 99 |
Securities borrowed, securities purchased under agreements to resell and federal funds sold | 29 | 19 | (1) | 37 |
Financial instruments owned, at fair value | 1,474 | 1,968 | 2,948 | 4,013 |
Loans receivable | 273 | 160 | 526 | 296 |
Other interest | 333 | 383 | 633 | 728 |
Total interest income | 2,150 | 2,579 | 4,185 | 5,173 |
Interest expense | ||||
Deposits | 98 | 82 | 183 | 167 |
Securities loaned and securities sold under agreements to repurchase | 75 | 125 | 148 | 259 |
Financial instruments sold, but not yet purchased, at fair value | 328 | 446 | 657 | 979 |
Short-term borrowings | 126 | 104 | 251 | 199 |
Long-term borrowings | 1,097 | 925 | 1,908 | 1,828 |
Other interest | (237) | (103) | (484) | (296) |
Total interest expense | 1,487 | 1,579 | 2,663 | 3,136 |
Net interest income | $ 663 | $ 1,000 | $ 1,522 | $ 2,037 |
Income Taxes - Earliest Tax Yea
Income Taxes - Earliest Tax Years Subject to Examination by Major Jurisdiction (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
U.S. Federal [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2,008 |
New York State and City [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2,007 |
United Kingdom [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2,012 |
Japan [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2,010 |
Hong Kong [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2,006 |
Korea [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2,010 |
Business Segments - Segment Ope
Business Segments - Segment Operating Results (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||||
Net revenues | $ 9,069 | $ 9,125 | $ 19,686 | $ 18,453 | ||
Operating expenses | 7,343 | 6,304 | 14,026 | 12,611 | ||
Pre-tax earnings/(loss) | 1,726 | 2,821 | 5,660 | 5,842 | ||
Total assets | 859,879 | 859,914 | 859,879 | 859,914 | $ 865,458 | $ 856,240 |
Investment Banking - Financial Advisory [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 821 | 506 | 1,782 | 1,188 | ||
Investment Banking - Equity Underwriting [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 595 | 545 | 1,128 | 982 | ||
Investment Banking - Debt Underwriting [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 603 | 730 | 1,014 | 1,390 | ||
Investment Banking - Underwriting [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 1,198 | 1,275 | 2,142 | 2,372 | ||
Investment Banking [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 2,019 | 1,781 | 3,924 | 3,560 | ||
Operating expenses | 1,157 | 1,077 | 2,261 | 2,122 | ||
Pre-tax earnings/(loss) | 862 | 704 | 1,663 | 1,438 | ||
Total assets | 2,530 | 2,188 | 2,530 | 2,188 | ||
Institutional Client Services - Fixed Income, Currency and Commodities Client Execution [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 1,604 | 2,223 | 4,738 | 5,073 | ||
Institutional Client Services - Equities Client Execution [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 787 | 483 | 1,911 | 899 | ||
Institutional Client Services - Commissions and Fees [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 767 | 751 | 1,575 | 1,579 | ||
Institutional Client Services - Securities Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 443 | 373 | 836 | 725 | ||
Institutional Client Services - Equities [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 1,997 | 1,607 | 4,322 | 3,203 | ||
Institutional Client Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 3,601 | 3,830 | 9,060 | 8,276 | ||
Operating expenses | 4,008 | 3,045 | 7,579 | 6,139 | ||
Pre-tax earnings/(loss) | (407) | 785 | 1,481 | 2,137 | ||
Total assets | 688,406 | 724,792 | 688,406 | 724,792 | ||
Investing and Lending - Equity Securities [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 1,254 | 1,447 | 2,414 | 2,354 | ||
Investing and Lending - Debt Securities and Loans [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 547 | 625 | 1,056 | 1,247 | ||
Investing and Lending [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 1,801 | 2,072 | 3,470 | 3,601 | ||
Operating expenses | 853 | 999 | 1,590 | 1,891 | ||
Pre-tax earnings/(loss) | 948 | 1,073 | 1,880 | 1,710 | ||
Total assets | 154,232 | 119,375 | 154,232 | 119,375 | ||
Investment Management - Management and Other Fees [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 1,245 | 1,203 | 2,439 | 2,355 | ||
Investment Management - Incentive Fees [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 263 | 139 | 517 | 443 | ||
Investment Management - Transaction Revenues [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 140 | 100 | 276 | 218 | ||
Investment Management [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues | 1,648 | 1,442 | 3,232 | 3,016 | ||
Operating expenses | 1,325 | 1,183 | 2,596 | 2,459 | ||
Pre-tax earnings/(loss) | 323 | 259 | 636 | 557 | ||
Total assets | $ 14,711 | $ 13,559 | $ 14,711 | $ 13,559 |
Business Segments - Segment 173
Business Segments - Segment Operating Results (Parenthetical) (Detail) - Jun. 30, 2015 - USD ($) $ in Millions | Total | Total |
Segment Reporting [Abstract] | ||
Net provision for mortgage-related litigation and regulatory matters recorded during the second quarter ended June 2015. | $ 1,450 | $ 1,450 |
Net revenues related to the firm's consolidated investments | $ 84 | $ 166 |
Business Segments - Net Interes
Business Segments - Net Interest Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total net interest income | $ 663 | $ 1,000 | $ 1,522 | $ 2,037 |
Investment Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net interest income | 0 | 0 | 0 | 0 |
Institutional Client Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net interest income | 525 | 894 | 1,251 | 1,873 |
Investing and Lending [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net interest income | 94 | 77 | 191 | 103 |
Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net interest income | $ 44 | $ 29 | $ 80 | $ 61 |
Business Segments - Depreciatio
Business Segments - Depreciation and Amortization (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 265 | $ 294 | $ 484 | $ 684 |
Investment Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 29 | 35 | 58 | 67 |
Institutional Client Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 121 | 124 | 222 | 238 |
Investing and Lending [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 79 | 97 | 132 | 304 |
Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 36 | $ 38 | $ 72 | $ 75 |
Business Segments - Net Revenue
Business Segments - Net Revenues and Pre-tax Earnings for Each Geographic Region (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 9,069 | $ 9,125 | $ 19,686 | $ 18,453 |
Pre-tax earnings/(loss) | $ 1,726 | $ 2,821 | $ 5,660 | $ 5,842 |
Percentage of total net revenues | 100.00% | 100.00% | 100.00% | 100.00% |
Percentage of total pre-tax earnings | 100.00% | 100.00% | 100.00% | 100.00% |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 5,141 | $ 5,202 | $ 11,013 | $ 10,699 |
Pre-tax earnings/(loss) | $ 363 | $ 1,452 | $ 2,436 | $ 3,142 |
Percentage of total net revenues | 56.00% | 57.00% | 56.00% | 58.00% |
Percentage of total pre-tax earnings | 21.00% | 51.00% | 43.00% | 54.00% |
Europe, Middle East and Africa [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 2,230 | $ 2,737 | $ 5,115 | $ 5,376 |
Pre-tax earnings/(loss) | $ 716 | $ 1,011 | $ 1,813 | $ 1,983 |
Percentage of total net revenues | 25.00% | 30.00% | 26.00% | 29.00% |
Percentage of total pre-tax earnings | 41.00% | 36.00% | 32.00% | 34.00% |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 1,698 | $ 1,186 | $ 3,558 | $ 2,378 |
Pre-tax earnings/(loss) | $ 647 | $ 358 | $ 1,411 | $ 717 |
Percentage of total net revenues | 19.00% | 13.00% | 18.00% | 13.00% |
Percentage of total pre-tax earnings | 38.00% | 13.00% | 25.00% | 12.00% |
Business Segments - Net Reve177
Business Segments - Net Revenues and Pre-tax Earnings for Each Geographic Region (Parenthetical) (Detail) - Jun. 30, 2015 - USD ($) $ in Millions | Total | Total |
Segment Reporting [Abstract] | ||
Net provision for mortgage-related litigation and regulatory matters recorded during the second quarter ended June 2015. | $ 1,450 | $ 1,450 |
Credit Concentrations - Credit
Credit Concentrations - Credit Concentration, Government and Federal Agency Obligations (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
U.S. Government And Federal Agency Obligations Held By The Firm [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 64,724 | $ 69,170 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 7.50% | 8.10% |
Non-U.S. Government and Agency Obligations Held By The Firm [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 34,006 | $ 37,059 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 4.00% | 4.30% |
Credit Concentrations - Cred179
Credit Concentrations - Credit Concentration, Resale Agreements and Securities Borrowed (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
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 | $ 80,766 | $ 103,263 |
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 | $ 84,968 | $ 71,302 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) - Jun. 30, 2015 - USD ($) | Total |
Other Commitments [Line Items] | |
Estimated aggregate amount of reasonably possible losses for legal proceedings | $ 5,900,000,000 |
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 | 6,600,000,000 |
Mortgage-Related Matters. Face amount of securitizations claimed for repurchase | 11,100,000,000 |
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 |
Municipal Securities Matters. Amount of auction rate securities issued by claimants from 2003 through 2007 | $ 2,000,000,000 |
Cobalt International Energy Securities Litigation [Member] | February 2012 Common Stock Offering [Member] | |
Other Commitments [Line Items] | |
Number of shares underwritten by GS&Co. in connection with the offering | 14,430,000 |
Aggregate offering price | $ 465,000,000 |
Aggregate value of offering | 1,670,000,000 |
Cobalt International Energy Securities Litigation [Member] | December 2012 Convertible Notes Offering [Member] | |
Other Commitments [Line Items] | |
Approximate principal amount of notes underwritten by GS&Co. | 690,000,000 |
Aggregate value of offering | 1,380,000,000 |
Cobalt International Energy Securities Litigation [Member] | May 2014 Convertible Notes Offering [Member] | |
Other Commitments [Line Items] | |
Approximate principal amount of notes underwritten by GS&Co. | 508,000,000 |
Aggregate value of offering | 1,300,000,000 |
Cobalt International Energy Securities Litigation [Member] | February 2012, December 2012 and May 2014 Offerings [Member] | |
Other Commitments [Line Items] | |
Aggregate offering price | 1,660,000,000 |
Cobalt International Energy Securities Litigation [Member] | January 2013 Common Stock Offering [Member] | |
Other Commitments [Line Items] | |
Aggregate value of offering | 1,000,000,000 |
Cobalt International Energy Securities Litigation [Member] | May 2013 Common Stock Offering [Member] | |
Other Commitments [Line Items] | |
Aggregate value of offering | 1,330,000,000 |
Libya Related Litigation [Member] | Minimum [Member] | |
Other Commitments [Line Items] | |
Libya-Related Litigation. Contingent damages related to Libya amount in relation to derivative transactions | $ 1,000,000,000 |
GT Advanced Technologies Securities Litigation [Member] | Common Stock Offering [Member] | |
Other Commitments [Line Items] | |
Number of shares underwritten by GS&Co. in connection with the offering | 3,479,769 |
Aggregate value of offering | $ 86,000,000 |
GT Advanced Technologies Securities Litigation [Member] | Convertible Senior Notes [Member] | |
Other Commitments [Line Items] | |
Approximate principal amount of notes underwritten by GS&Co. | 75,000,000 |
Principal amount of convertible senior notes | 214,000,000 |
GT Advanced Technologies Securities Litigation [Member] | Convertible Senior Notes And Common Stock Offering [Member] | |
Other Commitments [Line Items] | |
Aggregate offering price | $ 105,000,000 |
Fire Eye Securities Litigation [Member] | Common Stock Offering [Member] | |
Other Commitments [Line Items] | |
Number of shares underwritten by GS&Co. in connection with the offering | 2,100,000 |
Aggregate offering price | $ 172,000,000 |
Aggregate value of offering | $ 1,150,000,000 |
Solazyme, Inc. Securities Litigation [Member] | Common Stock Offering [Member] | |
Other Commitments [Line Items] | |
Number of shares underwritten by GS&Co. in connection with the offering | 3,450,000 |
Aggregate value of offering | $ 63,000,000 |
Solazyme, Inc. Securities Litigation [Member] | Convertible Senior Notes [Member] | |
Other Commitments [Line Items] | |
Approximate principal amount of notes underwritten by GS&Co. | 150,000,000 |
Principal amount of convertible senior notes | 150,000,000 |
Solazyme, Inc. Securities Litigation [Member] | Convertible Senior Notes And Common Stock Offering [Member] | |
Other Commitments [Line Items] | |
Aggregate offering price | $ 187,000,000 |