Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 10, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GS | ||
Entity Registrant Name | GOLDMAN SACHS GROUP INC | ||
Entity Central Index Key | 886,982 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 398,377,814 | ||
Entity Public Float | $ 59.3 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Investment banking | $ 6,273 | $ 7,027 | $ 6,464 |
Investment management | 5,407 | 5,868 | 5,748 |
Commissions and fees | 3,208 | 3,320 | 3,316 |
Market making | 9,933 | 9,523 | 8,365 |
Other principal transactions | 3,200 | 5,018 | 6,588 |
Total non-interest revenues | 28,021 | 30,756 | 30,481 |
Interest income | 9,691 | 8,452 | 9,604 |
Interest expense | 7,104 | 5,388 | 5,557 |
Net interest income | 2,587 | 3,064 | 4,047 |
Net revenues, including net interest income | 30,608 | 33,820 | 34,528 |
Operating expenses | |||
Compensation and benefits | 11,647 | 12,678 | 12,691 |
Brokerage, clearing, exchange and distribution fees | 2,555 | 2,576 | 2,501 |
Market development | 457 | 557 | 549 |
Communications and technology | 809 | 806 | 779 |
Depreciation and amortization | 998 | 991 | 1,337 |
Occupancy | 788 | 772 | 827 |
Professional fees | 882 | 963 | 902 |
Other expenses | 2,168 | 5,699 | 2,585 |
Total non-compensation expenses | 8,657 | 12,364 | 9,480 |
Total operating expenses | 20,304 | 25,042 | 22,171 |
Pre-tax earnings | 10,304 | 8,778 | 12,357 |
Provision for taxes | 2,906 | 2,695 | 3,880 |
Net earnings | 7,398 | 6,083 | 8,477 |
Preferred stock dividends | 311 | 515 | 400 |
Net earnings applicable to common shareholders | $ 7,087 | $ 5,568 | $ 8,077 |
Earnings per common share | |||
Basic | $ 16.53 | $ 12.35 | $ 17.55 |
Diluted | $ 16.29 | $ 12.14 | $ 17.07 |
Average common shares | |||
Basic | 427.4 | 448.9 | 458.9 |
Diluted | 435.1 | 458.6 | 473.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 7,398 | $ 6,083 | $ 8,477 |
Other comprehensive income/(loss) adjustments, net of tax: | |||
Currency translation | (60) | (114) | (109) |
Debt valuation adjustment | (544) | ||
Pension and postretirement liabilities | (199) | 139 | (102) |
Cash flow hedges | (8) | ||
Other comprehensive income/(loss) | (803) | 25 | (219) |
Comprehensive income | $ 6,595 | $ 6,108 | $ 8,258 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 121,711 | $ 93,439 |
Collateralized agreements: | ||
Securities purchased under agreements to resell and federal funds sold (includes $116,077 as of December 2016 and $132,853 as of December 2015, at fair value) | 116,925 | 134,308 |
Securities borrowed (includes $82,398 as of December 2016 and $75,340 as of December 2015, at fair value) | 184,600 | 177,638 |
Receivables: | ||
Brokers, dealers and clearing organizations | 18,044 | 25,453 |
Customers and counterparties (includes $3,266 as of December 2016 and $4,992 as of December 2015, at fair value) | 47,780 | 46,430 |
Loans receivable | 49,672 | 45,407 |
Financial instruments owned, at fair value (includes $51,278 as of December 2016 and $54,426 as of December 2015, pledged as collateral) | 295,952 | 313,502 |
Other assets | 25,481 | 25,218 |
Total assets | 860,165 | 861,395 |
Liabilities and shareholders' equity | ||
Deposits (includes $13,782 as of December 2016 and $14,680 as of December 2015, at fair value) | 124,098 | 97,519 |
Collateralized financings: | ||
Securities sold under agreements to repurchase, at fair value | 71,816 | 86,069 |
Securities loaned (includes $2,647 as of December 2016 and $466 as of December 2015, at fair value) | 7,524 | 3,614 |
Other secured financings (includes $21,073 as of December 2016 and $23,207 as of December 2015, at fair value) | 21,523 | 24,753 |
Payables: | ||
Brokers, dealers and clearing organizations | 4,386 | 5,406 |
Customers and counterparties | 184,069 | 204,956 |
Financial instruments sold, but not yet purchased, at fair value | 117,143 | 115,248 |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings (includes $14,792 as of December 2016 and $17,743 as of December 2015, at fair value) | 39,265 | 42,787 |
Unsecured long-term borrowings (includes $29,410 as of December 2016 and $22,273 as of December 2015, at fair value) | 189,086 | 175,422 |
Other liabilities and accrued expenses (includes $621 as of December 2016 and $1,253 as of December 2015, at fair value) | 14,362 | 18,893 |
Total liabilities | 773,272 | 774,667 |
Commitments, contingencies and guarantees | ||
Shareholders' equity | ||
Preferred stock, par value $0.01 per share; aggregate liquidation preference of $11,203 as of December 2016 and $11,200 as of December 2015 | 11,203 | 11,200 |
Common stock, par value $0.01 per share; 4,000,000,000 shares authorized, 873,608,100 shares issued as of December 2016 and 863,976,731 shares issued as of December 2015, and 392,632,230 shares outstanding as of December 2016 and 419,480,736 shares outstanding as of December 2015 | 9 | 9 |
Share-based awards | 3,914 | 4,151 |
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 | 52,638 | 51,340 |
Retained earnings | 89,039 | 83,386 |
Accumulated other comprehensive loss | (1,216) | (718) |
Stock held in treasury, at cost, par value $0.01 per share; 480,975,872 shares as of December 2016 and 444,495,997 shares as of December 2015 | (68,694) | (62,640) |
Total shareholders' equity | 86,893 | 86,728 |
Total liabilities and shareholders' equity | $ 860,165 | $ 861,395 |
Consolidated Statements of Fin5
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Securities purchased under agreements to resell and federal funds sold at fair value | $ 116,077 | $ 132,853 |
Securities borrowed at fair value | 82,398 | 75,340 |
Receivables from customers and counterparties at fair value | 3,266 | 4,992 |
Financial instruments owned, at fair value pledged as collateral | 51,278 | 54,426 |
Deposits at fair value | 13,782 | 14,680 |
Securities loaned at fair value | 2,647 | 466 |
Other secured financings at fair value | 21,073 | 23,207 |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value | 14,792 | 17,743 |
Unsecured long-term borrowings at fair value | 29,410 | 22,273 |
Other liabilities and accrued expenses at fair value | $ 621 | $ 1,253 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference | $ 11,203 | $ 11,200 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued | 873,608,100 | 863,976,731 |
Common stock, shares outstanding | 392,632,230 | 419,480,736 |
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 | 480,975,872 | 444,495,997 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - 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] |
Beginning 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 | 8,477 | ||||||
Repurchased | (5,469) | (5,469) | ||||||
Issued | 2,000 | 1 | ||||||
Other comprehensive income/(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) | (400) | ||||||
Other | (33) | |||||||
Preferred stock issuance costs, net | (20) | |||||||
Exercise of share-based awards | (335) | |||||||
Excess net tax benefit related to share-based awards | 788 | |||||||
Cash settlement of share-based awards | (1) | |||||||
Ending 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 | 2,308 | |||||||
Net earnings | 6,083 | 6,083 | ||||||
Repurchased | (4,195) | (4,195) | ||||||
Issued | 2,000 | |||||||
Other comprehensive income/(loss) | 25 | 25 | ||||||
Delivery of common stock underlying share-based awards | (1,742) | 2,092 | ||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (1,166) | |||||||
Reissued | 32 | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (1,198) | |||||||
Forfeiture of share-based awards | (72) | |||||||
Dividends declared on preferred stock | (515) | (515) | ||||||
Other | (9) | |||||||
Preferred stock issuance costs, net | (7) | |||||||
Exercise of share-based awards | (109) | |||||||
Excess net tax benefit related to share-based awards | 406 | |||||||
Cash settlement of share-based awards | (2) | |||||||
Ending balance at Dec. 31, 2015 | 86,728 | 11,200 | 9 | 4,151 | 51,340 | 83,386 | (718) | (62,640) |
Ending balance (Accounting Standards Update 2016-01 [Member]) at Dec. 31, 2015 | 83,081 | (413) | ||||||
Reclassification of cumulative debt valuation adjustment, net of tax, from retained earnings to accumulated other comprehensive loss | Accounting Standards Update 2016-01 [Member] | (305) | 305 | ||||||
Issuance and amortization of share-based awards | 2,143 | |||||||
Net earnings | 7,398 | 7,398 | ||||||
Repurchased | (6,069) | (6,069) | ||||||
Issued | 1,325 | |||||||
Other comprehensive income/(loss) | (803) | (803) | ||||||
Delivery of common stock underlying share-based awards | (2,068) | 2,282 | ||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (1,129) | |||||||
Reissued | 22 | |||||||
Redeemed | (1,322) | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (1,121) | |||||||
Forfeiture of share-based awards | (102) | |||||||
Dividends declared on preferred stock | (577) | (577) | ||||||
Other | (7) | |||||||
Preferred stock issuance costs, net | (10) | |||||||
Exercise of share-based awards | (210) | |||||||
Preferred stock redemption discount | 266 | 266 | ||||||
Excess net tax benefit related to share-based awards | 147 | |||||||
Ending balance at Dec. 31, 2016 | $ 86,893 | $ 11,203 | $ 9 | $ 3,914 | $ 52,638 | $ 89,039 | $ (1,216) | $ (68,694) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net earnings | $ 7,398 | $ 6,083 | $ 8,477 |
Adjustments to reconcile net earnings to net cash provided by/(used for) operating activities | |||
Depreciation and amortization | 998 | 991 | 1,337 |
Deferred income taxes | 551 | 425 | 495 |
Share-based compensation | 2,111 | 2,272 | 2,085 |
Loss/(gain) related to extinguishment of junior subordinated debt | 3 | (34) | (289) |
Changes in operating assets and liabilities | |||
Receivables and payables (excluding loans receivable), net | (15,813) | 19,132 | 12,328 |
Collateralized transactions (excluding other secured financings), net | 78 | (14,825) | (52,793) |
Financial instruments owned, at fair value | 15,253 | 16,078 | 25,881 |
Financial instruments sold, but not yet purchased, at fair value | 1,960 | (16,835) | 4,642 |
Other, net | (6,969) | (5,417) | (10,095) |
Net cash provided by/(used for) operating activities | 5,570 | 7,870 | (7,932) |
Cash flows from investing activities | |||
Purchase of property, leasehold improvements and equipment | (2,876) | (1,833) | (678) |
Proceeds from sales of property, leasehold improvements and equipment | 381 | 228 | 30 |
Net cash acquired in/(used for) business acquisitions | 14,922 | (1,808) | (1,732) |
Proceeds from sales of investments | 1,512 | 1,019 | 1,514 |
Loans receivable, net | (4,669) | (16,180) | (14,043) |
Net cash provided by/(used for) investing activities | 9,270 | (18,574) | (14,909) |
Cash flows from financing activities | |||
Unsecured short-term borrowings, net | (1,506) | (369) | 1,659 |
Other secured financings (short-term), net | (808) | (867) | (837) |
Proceeds from issuance of other secured financings (long-term) | 4,186 | 10,349 | 6,900 |
Repayment of other secured financings (long-term), including the current portion | (7,375) | (6,502) | (7,636) |
Purchase of APEX, senior guaranteed securities and trust preferred securities | (1,171) | (1) | (1,611) |
Proceeds from issuance of unsecured long-term borrowings | 50,763 | 44,595 | 39,857 |
Repayment of unsecured long-term borrowings, including the current portion | (36,557) | (29,520) | (28,138) |
Derivative contracts with a financing element, net | 2,115 | (47) | 643 |
Deposits, net | 10,058 | 14,639 | 12,201 |
Common stock repurchased | (6,078) | (4,135) | (5,469) |
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (1,706) | (1,681) | (1,454) |
Proceeds from issuance of preferred stock, net of issuance costs | 1,303 | 1,993 | 1,980 |
Proceeds from issuance of common stock, including exercise of share-based awards | 6 | 259 | 123 |
Excess tax benefit related to share-based awards | 202 | 407 | 782 |
Cash settlement of share-based awards | (2) | (1) | |
Net cash provided by/(used for) financing activities | 13,432 | 29,118 | 18,999 |
Net increase/(decrease) in cash and cash equivalents | 28,272 | 18,414 | (3,842) |
Cash and cash equivalents, beginning balance | 93,439 | 75,025 | 78,867 |
Cash and cash equivalents, ending balance | $ 121,711 | $ 93,439 | $ 75,025 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of capitalized interest | $ 7,140 | $ 4,820 | $ 6,430 |
Cash payments for income taxes, net of refunds | 1,060 | 2,650 | 3,050 |
Non-cash activities: | |||
Impact of adoption of accounting standard ASU No. 2015-02 | 200 | ||
Sold assets previously classified as held for sale exchanged for financial instruments | 1,810 | ||
Sold liabilities previously classified as held for sale exchanged for financial instruments | 697 | ||
Financial instruments received in exchange for sold assets and liabilities previously classified as held for sale | 1,110 | ||
APEX exchanged, fair value | 1,040 | ||
Series E and Series F Preferred Stock cancelled, net carrying value | 1,310 | ||
Trust Securities, senior guaranteed trust securities exchanged with the firm's junior subordinated debt | 127 | ||
Firm's Junior subordinated debt exchanged with senior guaranteed trust securities | 124 | ||
Trust Preferred Securities and common beneficial interests exchanged with the firm's junior subordinated debt | 262 | ||
Firm's Junior subordinated debt exchanged for Trust Preferred Securities and common beneficial interests | 296 | ||
Trust Preferred Securities, common beneficial interests and senior guaranteed trust securities exchanged with the firm's junior subordinated debt | 1,580 | ||
Firm's Junior subordinated debt held by the trusts exchanged for Trust Preferred Securities, common beneficial interests and senior guaranteed trust securities held by the firm | 1,870 | ||
Non-cash increase to loans receivable due to seller financing provided for the sale of certain consolidated investments | $ 115 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, together with its consolidated subsidiaries (collectively, the firm), is a leading global 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 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 and acquisition financing, 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, infrastructure and real estate entities. The firm also makes unsecured loans to individuals through its online platform. 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 | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of Group Inc. and all other entities in which the firm has a controlling financial interest. Intercompany transactions and balances have been eliminated. All references to 2016, 2015 and 2014 refer to the firm’s years ended, or the dates, as the context requires, December 31, 2016, December 31, 2015 and December 31, 2014, respectively. Any reference to a future year refers to a year ending on December 31 of that year. Certain reclassifications have been made to previously reported amounts to conform to the current presentation. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 3. Significant Accounting Policies The firm’s significant accounting policies include when and how to measure the fair value of assets and liabilities, accounting for goodwill and identifiable intangible assets, and when to consolidate an entity. See Notes 5 through 8 for policies on fair value measurements, Note 13 for policies on goodwill and identifiable intangible assets, and below and Note 12 for policies on consolidation accounting. All other significant accounting policies are either described 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 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 Employee Benefit Plans Note 28 Employee Incentive Plans Note 29 Parent Company Note 30 Consolidation The firm consolidates entities in which the firm has a controlling financial interest. The firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE). Voting Interest Entities. Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the firm has a controlling majority voting interest in a voting interest entity, the entity is consolidated. Variable Interest Entities. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The firm has a controlling financial interest in a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 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 generally measured at net asset value (NAV) and 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 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, the provisions for losses that may arise from litigation, regulatory proceedings (including governmental investigations) and tax audits, and the allowance for losses on loans and lending commitments held for investment. 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 calculated 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 gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred assets are initially recognized at fair value. For transfers of assets that are not accounted for as sales, the assets generally 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 December 2016 and December 2015, “Cash and cash equivalents” included $11.15 billion and $14.71 billion, respectively, of cash and due from banks, and $110.56 billion and $78.73 billion, respectively, of interest-bearing deposits with banks. The firm segregates cash for regulatory and other purposes related to client activity. As of December 2016 and December 2015, $14.65 billion and $18.33 billion, respectively, of “Cash and cash equivalents” were segregated for regulatory and other purposes. See “Recent Accounting Developments” for further information. In addition, the firm segregates securities for regulatory and other purposes related to client activity. See Note 10 for further information about segregated securities. 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 December 2016 and December 2015. 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 December 2016 and December 2015, the firm’s receivables from customers and counterparties included $2.60 billion and $2.35 billion, 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 December 2016 and December 2015, the carrying value of receivables not accounted for at fair value generally approximated fair value. While these receivables 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 been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of December 2016 and December 2015. Interest on receivables from customers and counterparties is recognized over the life of the transaction and included in “Interest income.” 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 December 2016 and December 2015. 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 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 consolidated statements of financial condition when such transactions meet certain settlement criteria and are subject to netting agreements. In the 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 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. Foreign Currency Translation Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the date of the consolidated 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 consolidated statements of comprehensive income. Recent Accounting Developments Revenue from Contracts with Customers (ASC 606). In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU, as amended, provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services, guidance on accounting for certain contract costs, and new disclosures. The ASU is effective for the firm in January 2018 under a modified retrospective approach or retrospectively to all periods presented. The firm’s implementation efforts include identifying revenues and costs within the scope of the ASU, reviewing contracts, and analyzing any changes to its existing revenue recognition policies. As a result of adopting this ASU, the firm may, among other things, be required to recognize incentive fees earlier than under the firm’s current revenue recognition policy, which defers recognition until all contingencies are resolved. The firm may also be required to change the current presentation of certain costs from a net presentation within net revenues to a gross basis, or vice versa. Based on implementation work to date, the firm does not currently expect that the ASU will have a material impact on its financial condition, results of operations or cash flows on the date of adoption. 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).” This ASU 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, and provides new disclosure requirements for those electing this approach. The firm adopted the ASU in January 2016. Adoption of the ASU did 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.” This ASU 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 for certain investments in money market funds. It 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. The firm adopted the ASU in January 2016, using a modified retrospective approach. The impact of adoption was a net reduction to both total assets and total liabilities of approximately $200 million, substantially all included in “Financial instruments owned, at fair value” and in “Other liabilities and accrued expenses,” respectively. Adoption of this ASU did not have an impact on the firm’s results of operations. See Note 12 for further information about the adoption. Simplifying the Presentation of Debt Issuance Costs (ASC 835). In April 2015, the FASB issued ASU No. 2015-03, The firm early adopted the ASU in September 2015, using a modified retrospective approach. Adoption of the ASU did not materially affect the firm’s financial condition, results of operations or cash flows. Improvements to Employee Share-Based Payment Accounting (ASC 718). In March 2016, the FASB issued ASU No. 2016-09, “Compensation — Stock Compensation (Topic 718) — Improvements to Employee Share-Based Payment Accounting.” This ASU includes a requirement that the tax effect related to the settlement of share-based awards be recorded in income tax benefit or expense in the statements of earnings rather than directly to additional paid-in-capital. This change has no impact on total shareholders’ equity and is required to be adopted prospectively. In addition, the ASU modifies the classification of certain share-based payment activities within the statements of cash flows and this change is generally required to be applied retrospectively. The ASU also allows for forfeitures to be recorded when they occur rather than estimated over the vesting period. This change is required to be applied on a modified retrospective basis. The firm adopted the ASU in January 2017 and the impact of the restricted stock unit (RSU) deliveries and option exercises in the first quarter of 2017 is estimated to be a reduction to the provision for taxes of approximately $450 million that will be recognized in the condensed consolidated statements of earnings. This amount may vary in future periods depending upon, among other things, the number of RSUs delivered and their change in value since grant. Prior to the adoption of this ASU, this amount would have been recorded directly to additional paid-in-capital. Other provisions of the ASU will not have a material impact on the firm’s financial condition, results of operations or cash flows. Simplifying the Accounting for Measurement-Period Adjustments (ASC 805). In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805) — Simplifying the Accounting for Measurement-Period Adjustments.” This ASU eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. The firm adopted the ASU in January 2016. Adoption of the ASU did not materially affect the firm’s financial condition, results of operations or cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities (ASC 825). In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments (Topic 825) — Recognition and Measurement of Financial Assets and Financial Liabilities.” This ASU amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. It includes a requirement to present separately in other comprehensive income changes in fair value attributable to a firm’s own credit spreads (debt valuation adjustment or DVA), net of tax, on financial liabilities for which the fair value option was elected. The ASU is effective for the firm in January 2018. Early adoption is permitted under a modified retrospective approach for the requirements related to DVA. In January 2016, the firm early adopted this ASU for the requirements related to DVA, and reclassified the cumulative DVA, a gain of $305 million (net of tax), from retained earnings to accumulated other comprehensive loss. The firm does not expect the adoption of the remaining provisions of the ASU to have a material impact on its financial condition, results of operations or cash flows. Leases (ASC 842). In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU requires that, for leases longer than one year, a lessee recognize in the statements of financial condition a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. It also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. In addition, this ASU requires expanded disclosures about the nature and terms of lease agreements. The ASU is effective for the firm in January 2019 under a modified retrospective approach. Early adoption is permitted. The firm’s implementation efforts include reviewing existing leases and service contracts, which may include embedded leases. The firm expects a gross up on its consolidated statements of financial condition upon recognition of the right-of-use assets and lease liabilities and does not expect the amount of the gross up to have a material impact on its financial condition. Measurement of Credit Losses on Financial Instruments (ASC 326). In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments.” This ASU amends several aspects of the measurement of credit losses on financial instruments, including replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses (CECL) model and amending certain aspects of accounting for purchased financial assets with deterioration in credit quality since origination. Under CECL, the allowance for losses for financial assets that are measured at amortized cost should reflect management’s estimate of credit losses over the remaining expected life of the financial assets. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, would be recognized in earnings. For certain purchased financial assets with deterioration in credit quality since origination, an initial allowance would be recorded for expected credit losses and recognized as an increase to the purchase price rather than as an expense. Expected credit losses, including losses on off-balance-sheet exposures such as lending commitments, will be measured based on historical experience, current conditions and forecasts that affect the collectability of the reported amount. The ASU is effective for the firm in January 2020 under a modified retrospective approach. Early adoption is permitted in January 2019. Adoption of the ASU will result in earlier recognition of credit losses and an increase in the recorded allowance for certain purchased loans with deterioration in credit quality since origination with a corresponding increase to their gross carrying value. The impact of adoption of this ASU on the firm’s financial condition, results of operations and cash flows will depend on, among other things, the economic environment and the type of financial assets held by the firm on the date of adoption. Classification of Certain Cash Receipts and Cash Payments (ASC 230). In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230) — Classification of Certain Cash Receipts and Cash Payments.” This ASU provides guidance on the disclosure and classification of certain items within the statement of cash flows. The ASU is effective for the firm in January 2018 under a retrospective approach. Early adoption is permitted. Since the ASU only impacts classification in the statements of cash flows, adoption will not affect the firm’s cash and cash equivalents. Clarifying the Definition of a Business (ASC 805). In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805) — Clarifying the Definition of a Business.” The ASU amends the definition of a business and provides a threshold which must be considered to determine whether a transaction is an asset acquisition or a business combination. The ASU is effective for the firm in January 2018 under a prospective approach. Early adoption is permitted. The firm is still evaluating the effect of the ASU on its financial condition, results of operations and cash flows. Restricted Cash (ASC 230). In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230) — Restricted Cash.” This ASU requires that cash segregated for regulatory and other purposes be included in cash and cash equivalents disclosed in the statements of cash flows and is required to be applied retrospectively. The firm early adopted the ASU in December 2016 and reclassified cash segregated for regulatory and other purposes into “Cash and cash equivalents” disclosed in the consolidated statements of cash flows. The impact of adoption was a decrease of $3.69 billion, an increase of $909 million and a decrease of $309 million for the years ended December 2016, December 2015 and December 2014, respectively, to “Net cash provided by/(used for) operating activities.” In December 2016, to be consistent with the presentation of segregated cash in the consolidated statements of cash flows under the ASU, the firm reclassified amounts previously included in “Cash and securities segregated for regulatory and other purposes” into “Cash and cash equivalents,” “Securities purchased under agreements to resell and federal funds sold,” “Securities borrowed” and “Financial instruments owned, at fair value,” in the consolidated statements of financial condition. Previously reported amounts in the consolidated statements of financial condition and notes to the consolidated financial statements have been conformed to the current presentation. |
Financial Instruments Owned, at
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
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Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value | Note 4. Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value Financial instruments owned, at fair value and financial instruments sold, but not yet purchased, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP. See Note 8 for further information about other financial assets and financial liabilities accounted for at fair value primarily under the fair value option. The table below presents the firm’s financial instruments owned, at fair value, and financial instruments sold, but not yet purchased, at fair value. $ in millions Financial Financial As of December 2016 Money market instruments $ 1,319 $ — U.S. government and federal agency obligations 57,657 16,627 Non-U.S. government and agency obligations 29,381 20,502 Loans and securities backed by: Commercial real estate 3,842 — Residential real estate 12,195 3 Corporate loans and debt securities 28,659 6,570 State and municipal obligations 1,059 — Other debt obligations 1,358 1 Equities and convertible debentures 94,692 25,941 Commodities 5,653 — Investments in funds at NAV 6,465 — Subtotal 242,280 69,644 Derivatives 53,672 47,499 Total $295,952 $117,143 As of December 2015 Money market instruments $ 4,683 $ — U.S. government and federal agency obligations 63,844 15,516 Non-U.S. government and agency obligations 31,772 14,973 Loans and securities backed by: Commercial real estate 4,975 4 Residential real estate 13,183 2 Corporate loans and debt securities 28,804 6,584 State and municipal obligations 992 2 Other debt obligations 1,595 2 Equities and convertible debentures 98,072 31,394 Commodities 3,935 — Investments in funds at NAV 7,757 — Subtotal 259,612 68,477 Derivatives 53,890 46,771 Total $313,502 $115,248 In the table above, money market instruments include commercial paper, certificates of deposit and time deposits. Substantially all money market instruments have a maturity of less than one year. 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. Year Ended December $ in millions 2016 2015 2014 Product Type Interest rates $ (1,979 ) $ (1,360 ) $ (5,316 ) Credit 1,854 920 2,982 Currencies 6,158 3,345 6,566 Equities 2,873 5,515 2,683 Commodities 1,027 1,103 1,450 Market making 9,933 9,523 8,365 Other principal transactions 3,200 5,018 6,588 Total $13,133 $14,541 $14,953 In the table above: • 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. • Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense. • Gains/(losses) on 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. • Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
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 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. This hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in this hierarchy is based on the lowest level of input that is significant to its fair value measurement. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio’s net risk exposure to that input. The fair value hierarchy is as follows: Level 1. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities. Level 2. Inputs to valuation techniques are observable, either directly or indirectly. Level 3. One or more inputs to valuation techniques are significant and unobservable. The fair values for substantially all of the firm’s financial assets and 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 December $ in millions 2016 2015 Total level 1 financial assets $135,401 $153,051 Total level 2 financial assets 419,585 432,445 Total level 3 financial assets 23,280 24,046 Investments in funds at NAV 6,465 7,757 Counterparty and cash collateral netting (87,038 ) (90,612 ) Total financial assets at fair value $497,693 $526,687 Total assets $860,165 $861,395 Total level 3 financial assets divided by: Total assets 2.7% 2.8% Total financial assets at fair value 4.7% 4.6% Total level 1 financial liabilities $ 62,504 $ 59,798 Total level 2 financial liabilities 232,027 245,759 Total level 3 financial liabilities 21,448 16,812 Counterparty and cash collateral netting (44,695 ) (41,430 ) Total financial liabilities at fair value $271,284 $280,939 Total level 3 financial liabilities divided by 7.9% 6.0% In the table above, total assets includes $835 billion and $836 billion as of December 2016 and December 2015, 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. As of December $ in millions 2016 2015 Cash instruments $ 18,035 $ 18,131 Derivatives 5,190 5,870 Other financial assets 55 45 Total $ 23,280 $ 24,046 Level 3 financial assets as of December 2016 slightly decreased compared with December 2015, primarily reflecting a decrease in level 3 derivative assets. The decrease in level 3 derivative assets was primarily attributable to settlements and transfers out of level 3 of certain credit derivative assets. See Notes 6 through 8 for further information about level 3 financial assets. |
Cash Instruments
Cash Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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Cash Instruments | Note 6. Cash Instruments Cash instruments include U.S. government and federal agency obligations, non-U.S. government and agency obligations, mortgage-backed loans and securities, corporate loans and debt securities, equities and convertible debentures, investments in funds 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 certain money market instruments, U.S. government obligations, most non-U.S. government obligations, certain government agency obligations, certain corporate debt securities and actively traded listed equities. These instruments are valued using quoted prices for identical unrestricted instruments in active markets. The firm defines active markets for equity instruments based on the average daily trading volume both in absolute terms and relative to the market capitalization for the instrument. The firm defines active markets for debt instruments based on both the average daily trading volume and the number of days with trading activity. Level 2 Cash Instruments Level 2 cash instruments include most money market instruments, most government agency obligations, certain non-U.S. government obligations, most mortgage-backed loans and securities, most corporate loans and debt securities, most state and municipal obligations, most other debt obligations, restricted or less liquid listed equities, commodities 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 of Level 3 Cash Instruments Valuation techniques of level 3 cash instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 cash instrument are described below: Loans and Securities Backed by Commercial Real Estate. Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single commercial real estate property or a portfolio of properties, and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include: • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral and the basis, or price difference, to such prices; • Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices such as the CMBX (an index that tracks the performance of commercial mortgage bonds); • A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral, capitalization rates and multiples. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and • Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of other unobservable inputs (e.g., prepayment speeds). Loans and Securities Backed by Residential Real Estate. Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • Market yields implied by transactions of similar or related assets; • Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines, related costs and subsequent recoveries; and • Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines. Corporate Loans and Debt Securities. Corporate loans and debt securities includes bank loans and bridge loans and corporate debt securities. 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: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices such as CDX and LCDX (indices that track the performance of corporate credit and loans, respectively); • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related cash instrument, the cost of borrowing the underlying reference obligation; and • Duration. Equities and Convertible Debentures. Equities and convertible debentures include private equity investments and investments in real estate. 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: • Industry multiples (primarily EBITDA multiples) and public comparables; • Transactions in similar instruments; • Discounted cash flow techniques; and • Third-party appraisals. The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include: • Market and transaction multiples; • Discount rates, growth rates and capitalization rates; and • For equity instruments with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration. Other Cash Instruments. Other cash instruments consists of non-U.S. government and agency obligations, state and municipal obligations, and other debt obligations. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices; • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related cash instrument, the cost of borrowing the underlying reference obligation; and • Duration. 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. In the tables below: • 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 are shown as positive amounts and cash instrument liabilities are shown as negative amounts. As of December 2016 $ in millions Level 1 Level 2 Level 3 Total Assets Money market instruments $ 188 $ 1,131 $ — $ 1,319 U.S. government and federal agency obligations 35,254 22,403 — 57,657 Non-U.S. government and agency obligations 22,433 6,933 15 29,381 Loans and securities backed by: Commercial real estate — 2,197 1,645 3,842 Residential real estate — 11,350 845 12,195 Corporate loans and debt securities 215 23,804 4,640 28,659 State and municipal obligations — 960 99 1,059 Other debt obligations — 830 528 1,358 Equities and convertible debentures 77,276 7,153 10,263 94,692 Commodities — 5,653 — 5,653 Subtotal $135,366 $82,414 $18,035 $235,815 Investments in funds at NAV 6,465 Total cash instrument assets $242,280 Liabilities U.S. government and federal agency obligations $ (16,615 ) $ (12 ) $ — $ (16,627 ) Non-U.S. government and agency obligations (19,137 ) (1,364 ) (1 ) (20,502 ) Loans and securities backed by residential real estate — (3 ) — (3 ) Corporate loans and debt securities (2 ) (6,524 ) (44 ) (6,570 ) Other debt obligations — (1 ) — (1 ) Equities and convertible debentures (25,768 ) (156 ) (17 ) (25,941 ) Total cash instrument liabilities $ (61,522 ) $ (8,060 ) $ (62 ) $ (69,644 ) As of December 2015 $ in millions Level 1 Level 2 Level 3 Total Assets Money market instruments $ 2,725 $ 1,958 $ — $ 4,683 U.S. government and federal agency obligations 42,306 21,538 — 63,844 Non-U.S. government and agency obligations 26,500 5,260 12 31,772 Loans and securities backed by: Commercial real estate — 3,051 1,924 4,975 Residential real estate — 11,418 1,765 13,183 Corporate loans and debt securities 218 23,344 5,242 28,804 State and municipal obligations — 891 101 992 Other debt obligations — 1,057 538 1,595 Equities and convertible debentures 81,252 8,271 8,549 98,072 Commodities — 3,935 — 3,935 Subtotal $153,001 $80,723 $18,131 $251,855 Investments in funds at NAV 7,757 Total cash instrument assets $259,612 Liabilities U.S. government and federal agency obligations $ (15,455 ) $ (61 ) $ — $ (15,516 ) Non-U.S. government and agency obligations (13,522 ) (1,451 ) — (14,973 ) Loans and securities backed by: Commercial real estate — (4 ) — (4 ) Residential real estate — (2 ) — (2 ) Corporate loans and debt securities (2 ) (6,456 ) (126 ) (6,584 ) State and municipal obligations — (2 ) — (2 ) Other debt obligations — (1 ) (1 ) (2 ) Equities and convertible debentures (30,790 ) (538 ) (66 ) (31,394 ) Total cash instrument liabilities $ (59,769 ) $ (8,515 ) $ (193 ) $ (68,477 ) In the tables above: • Total cash instrument assets include collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs) backed by real estate and corporate obligations of $461 million and $405 million in level 2, and $624 million and $774 million in level 3 as of December 2016 and December 2015, respectively. • Level 3 equities and convertible debenture assets include $9.44 billion and $7.69 billion of private equity investments, $374 million and $308 million of investments in real estate entities, and $451 million and $552 million of convertible debentures as of December 2016 and December 2015, respectively. • Money market instruments include commercial paper, certificates of deposit and time deposits. Significant Unobservable Inputs The table below presents the amount of level 3 assets, and ranges and weighted averages of significant unobservable inputs used to value the firm’s level 3 cash instruments. Level 3 Assets and Range of Significant Unobservable $ in millions 2016 2015 Loans and securities backed by commercial real estate Level 3 assets $1,645 $1,924 Yield 3.7% to 23.0% (13.0% ) 3.5% to 22.0% (11.8% ) Recovery rate 8.9% to 99.0% (60.6% ) 19.6% to 96.5% (59.4% ) Duration (years) 0.8 to 6.2 (2.1 ) 0.3 to 5.3 (2.3 ) Basis (points) N/A (11) to 4 ((2) ) Loans and securities backed by residential real estate Level 3 assets $845 $1,765 Yield 0.8% to 15.6% (8.7% ) 3.2% to 17.0% (7.9% ) Cumulative loss rate 8.9% to 47.1% (24.2% ) 4.6% to 44.2% (27.3% ) Duration (years) 1.1 to 16.1 (7.3 ) 1.5 to 13.8 (7.0 ) Corporate loans and debt securities Level 3 assets $4,640 $5,242 Yield 2.5% to 25.0% (10.3% ) 1.6% to 36.6% (10.7% ) Recovery rate 0.0% to 85.0% (56.5% ) 0.0% to 85.6% (54.8% ) Duration (years) 0.6 to 15.7 (2.9 ) 0.7 to 6.1 (2.5 ) Equities and convertible debentures Level 3 assets $10,263 $8,549 Multiples 0.8x to 19.7x (6.8x ) 0.7x to 21.4x (6.4x ) Discount rate/yield 6.5% to 25.0% (16.0% ) 7.1% to 20.0% (14.8% ) Growth rate N/A 3.0% to 5.2% (4.5% ) Capitalization rate 4.2% to 12.5% (6.8% ) 5.5% to 12.5% (7.6% ) Other cash instruments Level 3 assets $642 $651 Yield 1.9% to 14.0% (8.8% ) 0.9% to 17.9% (8.7% ) Recovery rate 0.0% to 93.0% (61.4% ) 2.7% to 35.5% (25.0% ) Duration (years) 0.9 to 12.0 (4.3 ) 1.1 to 11.4 (7.0 ) In the table above: • 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 cash instruments. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one cash instrument. For example, the highest multiple 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 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 or 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. • Equities and convertible debentures include private equity investments and investments in real estate entities. Growth rate includes long-term growth rate and compound annual growth rate. • Basis (points) and growth rate were not significant to the valuation of level 3 assets as of December 2016. • Loans and securities backed by commercial and residential real estate, corporate loans and debt securities and other cash instruments are valued using discounted cash flows, and equities and convertible debentures are valued using market comparables and discounted cash flows. • 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. 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. See “Level 3 Rollforward” below for information about transfers between level 2 and level 3. During 2016, transfers into level 2 from level 1 of cash instruments were $135 million, reflecting transfers of public equity securities due to decreased market activity in these instruments. Transfers into level 1 from level 2 of cash instruments during 2016 were $267 million, reflecting transfers of public equity securities due to increased market activity in these instruments. During 2015, transfers into level 2 from level 1 of cash instruments were $260 million, reflecting transfers of public equity securities primarily due to decreased market activity in these instruments. Transfers into level 1 from level 2 of cash instruments during 2015 were $283 million, reflecting transfers of public equity securities due to increased market activity in these instruments. Level 3 Rollforward The table below presents a summary of the changes in fair value for level 3 cash instrument assets and liabilities. In the table below: • Changes in fair value are presented for all cash instrument assets and liabilities that are categorized as level 3 as of the end of the period. • Net unrealized gains/(losses) relate to instruments that were still held at period-end. • Purchases include originations and secondary purchases. • 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. For level 3 cash instrument assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 cash instrument liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • 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. Year Ended December $ in millions 2016 2015 Total cash instrument assets Beginning balance $18,131 $28,650 Net realized gains/(losses) 574 957 Net unrealized gains/(losses) 397 701 Purchases 3,072 3,840 Sales (2,326 ) (3,842 ) Settlements (3,503 ) (6,472 ) Transfers into level 3 3,405 1,798 Transfers out of level 3 (1,715 ) (7,501 ) Ending balance $18,035 $18,131 Total cash instrument liabilities Beginning balance $ (193 ) $ (244 ) Net realized gains/(losses) 20 (28 ) Net unrealized gains/(losses) 19 (21 ) Purchases 91 205 Sales (49 ) (38 ) Settlements (7 ) (14 ) Transfers into level 3 (12 ) (116 ) Transfers out of level 3 69 63 Ending balance $ (62 ) $ (193 ) The table below disaggregates, by product type, the information for cash instrument assets included in the summary table above. Year Ended December $ in millions 2016 2015 Loans and securities backed by commercial real estate Beginning balance $ 1,924 $ 3,275 Net realized gains/(losses) 60 120 Net unrealized gains/(losses) (19 ) 44 Purchases 331 566 Sales (320 ) (598 ) Settlements (617 ) (1,569 ) Transfers into level 3 510 351 Transfers out of level 3 (224 ) (265 ) Ending balance $ 1,645 $ 1,924 Loans and securities backed by residential real estate Beginning balance $ 1,765 $ 2,545 Net realized gains/(losses) 60 150 Net unrealized gains/(losses) 26 34 Purchases 298 564 Sales (791 ) (609 ) Settlements (278 ) (327 ) Transfers into level 3 73 188 Transfers out of level 3 (308 ) (780 ) Ending balance $ 845 $ 1,765 Corporate loans and debt securities Beginning balance $ 5,242 $10,606 Net realized gains/(losses) 261 406 Net unrealized gains/(losses) 34 (234 ) Purchases 1,078 1,279 Sales (645 ) (1,668 ) Settlements (1,823 ) (3,152 ) Transfers into level 3 1,023 752 Transfers out of level 3 (530 ) (2,747 ) Ending balance $ 4,640 $ 5,242 Equities and convertible debentures Beginning balance $ 8,549 $11,108 Net realized gains/(losses) 158 251 Net unrealized gains/(losses) 371 844 Purchases 1,122 1,295 Sales (412 ) (744 ) Settlements (634 ) (1,193 ) Transfers into level 3 1,732 466 Transfers out of level 3 (623 ) (3,478 ) Ending balance $10,263 $ 8,549 Other cash instruments Beginning balance $ 651 $ 1,116 Net realized gains/(losses) 35 30 Net unrealized gains/(losses) (15 ) 13 Purchases 243 136 Sales (158 ) (223 ) Settlements (151 ) (231 ) Transfers into level 3 67 41 Transfers out of level 3 (30 ) (231 ) Ending balance $ 642 $ 651 Level 3 Rollforward Commentary Year Ended December 2016. The net realized and unrealized gains on level 3 cash instrument assets of $971 million (reflecting $574 million of net realized gains and $397 million of net unrealized gains) for 2016 include gains/(losses) of approximately $(311) million, $625 million and $657 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. The net unrealized gain on level 3 cash instrument assets of $397 million for 2016 primarily reflected gains on private equity investments, principally driven by strong corporate performance and company-specific events. Transfers into level 3 during 2016 primarily reflected transfers of certain private equity investments, corporate loans and debt securities, 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 2016 primarily reflected transfers of certain private equity investments, corporate loans and debt securities, and loans and securities backed by residential real estate to level 2, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. Year Ended December 2015. The net realized and unrealized gains on level 3 cash instrument assets of $1.66 billion (reflecting $957 million of net realized gains and $701 million of net unrealized gains) for 2015 include gains/(losses) of approximately $(142) million, $1.08 billion and $718 million reported in “Market making,” “Other principal transactions” and “Interest income,” respectively. The net unrealized gain on level 3 cash instrument assets of $701 million for 2015 primarily reflected gains on private equity investments, principally driven by company-specific events and strong corporate performance. Transfers into level 3 during 2015 primarily reflected transfers of certain corporate loans and debt securities, private equity investments 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 2015 primarily reflected transfers of certain private equity investments, corporate loans and debt securities, and loans and securities backed by residential real estate to level 2, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments, and transfers of certain corporate loans and debt securities to level 2 principally due to certain unobservable yield and duration inputs not being significant to the valuation of these instruments. Investments in Funds 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 investments at fair value. The firm’s investments in funds 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, including leveraged buyouts, recapitalizations, growth investments and distressed investments. Credit funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for leveraged and management buyout transactions, recapitalizations, financings, refinancings, acquisitions and restructurings for private equity firms, private family companies and corporate issuers. Real estate funds invest globally, primarily in real estate companies, loan portfolios, debt recapitalizations and property. 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. 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 for investments in, and relationships with, covered funds that were in place prior to December 2013 through July 2017, and in December 2016 permitted banking entities to apply for an extension of up to an additional five years for legacy “illiquid funds” (as defined by the Volcker Rule). The firm has applied for this extension for substantially all of its investments in, and relationships with, covered funds in the table below. To the extent that the firm does not receive an extension, the firm will be required to sell its interests in such funds by July 2017. If that occurs, the firm will likely receive a value for its interests that is significantly 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 table below presents the fair value of the firm’s investments in funds at NAV and related unfunded commitments. $ in millions Fair Value of Unfunded As of December 2016 Private equity funds $4,628 $1,393 Credit funds 421 166 Hedge funds 410 — Real estate funds 1,006 272 Total $6,465 $1,831 As of December 2015 Private equity funds $5,414 $2,057 Credit funds 611 344 Hedge funds 560 — Real estate funds 1,172 296 Total $7,757 $2,697 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Derivative Activities Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. Derivatives may be traded on an exchange (exchange-traded) or they may be privately negotiated contracts, which are usually referred to as OTC derivatives. Certain of the firm’s OTC derivatives are cleared and settled through central clearing counterparties (OTC-cleared), while others are bilateral contracts between two counterparties (bilateral OTC). Market-Making. As a market maker, the firm enters into derivative transactions to provide liquidity to clients and to facilitate the transfer and hedging of their risks. In this role, the firm typically acts as principal and is required to commit capital to provide execution, and maintains inventory in response to, or in anticipation of, client demand. Risk Management. The firm also enters into derivatives to actively manage risk exposures that arise from its market-making and investing and 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 tables below present 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 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. As of December 2016 As of December 2015 $ in millions Derivative Derivative Derivative Derivative Not accounted for as hedges Exchange-traded $ 443 $ 382 $ 310 $ 280 OTC-cleared 189,471 168,946 211,272 192,401 Bilateral OTC 309,037 289,491 345,516 321,458 Total interest rates 498,951 458,819 557,098 514,139 OTC-cleared 4,837 4,811 5,203 5,596 Bilateral OTC 21,530 18,770 35,679 31,179 Total credit 26,367 23,581 40,882 36,775 Exchange-traded 36 176 183 204 OTC-cleared 796 798 165 128 Bilateral OTC 111,032 106,318 96,660 99,235 Total currencies 111,864 107,292 97,008 99,567 Exchange-traded 3,219 3,187 2,997 3,623 OTC-cleared 189 197 232 233 Bilateral OTC 8,945 10,487 17,445 17,215 Total commodities 12,353 13,871 20,674 21,071 Exchange-traded 8,576 8,064 9,372 7,908 Bilateral OTC 39,516 45,826 37,788 38,290 Total equities 48,092 53,890 47,160 46,198 Subtotal 697,627 657,453 762,822 717,750 Accounted for as hedges OTC-cleared 4,347 156 4,567 85 Bilateral OTC 4,180 10 6,660 20 Total interest rates 8,527 166 11,227 105 OTC-cleared 30 40 24 6 Bilateral OTC 55 64 116 27 Total currencies 85 104 140 33 Subtotal 8,612 270 11,367 138 Total gross fair value $ 706,239 $ 657,723 $ 774,189 $ 717,888 Offset in the consolidated statements of financial condition Exchange-traded $ (9,727 ) $ (9,727 ) $ (9,398 ) $ (9,398 ) OTC-cleared (171,864 ) (171,864 ) (194,928 ) (194,928 ) Bilateral OTC (385,647 ) (385,647 ) (426,841 ) (426,841 ) Total counterparty netting (567,238 ) (567,238 ) (631,167 ) (631,167 ) OTC-cleared (27,560 ) (2,940 ) (26,151 ) (3,305 ) Bilateral OTC (57,769 ) (40,046 ) (62,981 ) (36,645 ) Total cash collateral netting (85,329 ) (42,986 ) (89,132 ) (39,950 ) Total amounts offset $(652,567 ) $(610,224 ) $(720,299 ) $(671,117 ) Included in the consolidated statements of financial condition Exchange-traded $ 2,547 $ 2,082 $ 3,464 $ 2,617 OTC-cleared 246 144 384 216 Bilateral OTC 50,879 45,273 50,042 43,938 Total $ 53,672 $ 47,499 $ 53,890 $ 46,771 Not offset in the consolidated statements of financial condition Cash collateral $ (535 ) $ (2,085 ) $ (498 ) $ (1,935 ) Securities collateral (15,518 ) (10,224 ) (14,008 ) (10,044 ) Total $ 37,619 $ 35,190 $ 39,384 $ 34,792 Notional Amounts as of December $ in millions 2016 2015 Not accounted for as hedges Exchange-traded $ 4,425,532 $ 4,402,843 OTC-cleared 16,646,145 20,738,687 Bilateral OTC 11,131,442 12,953,830 Total interest rates 32,203,119 38,095,360 OTC-cleared 378,432 339,244 Bilateral OTC 1,045,913 1,552,806 Total credit 1,424,345 1,892,050 Exchange-traded 13,800 13,073 OTC-cleared 62,799 14,617 Bilateral OTC 5,576,748 5,461,940 Total currencies 5,653,347 5,489,630 Exchange-traded 227,707 203,465 OTC-cleared 3,506 2,839 Bilateral OTC 196,899 230,750 Total commodities 428,112 437,054 Exchange-traded 605,335 528,419 Bilateral OTC 959,112 927,078 Total equities 1,564,447 1,455,497 Subtotal 41,273,370 47,369,591 Accounted for as hedges OTC-cleared 55,328 51,446 Bilateral OTC 36,607 62,022 Total interest rates 91,935 113,468 OTC-cleared 1,703 1,333 Bilateral OTC 8,544 8,615 Total currencies 10,247 9,948 Subtotal 102,182 123,416 Total notional amount $41,375,552 $47,493,007 In the tables above: • Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses. • Total gross fair value of derivatives includes derivative assets and derivative liabilities of $19.92 billion and $20.79 billion, respectively, as of December 2016, and derivative assets and derivative liabilities of $17.09 billion and $18.16 billion, respectively, as of December 2015, 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. A clearing organization adopted a rule change in the first quarter of 2017 that requires transactions to be considered settled each day. Certain other clearing organizations allow for similar treatment. To the extent transactions with these clearing organizations are considered settled, the impact would be a reduction in gross interest rate and credit derivative assets and liabilities, and a corresponding decrease in counterparty and cash collateral netting, with no impact to the consolidated statements of financial condition. 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, as described below. • 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. 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. The significant unobservable inputs used to value the firm’s level 3 derivatives are described below. • 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 derivatives (e.g., the likelihood of default of the underlying reference obligation relative to one another). • For level 3 commodity derivatives, significant unobservable inputs include volatilities for options with strike prices that differ significantly from current market prices and prices or spreads for certain products for which the product quality or physical location of the commodity is not aligned with benchmark indices. • For level 3 equity derivatives, significant unobservable inputs generally include equity volatility inputs for options that are long-dated and/or have strike prices that differ significantly from current market prices. In addition, the valuation of certain structured trades requires the use of level 3 correlation inputs, such as the correlation of the price performance of two or more individual stocks or the correlation of the price performance for a basket of stocks to another asset class such as commodities. Subsequent to the initial valuation of a level 3 derivative, the firm updates the level 1 and level 2 inputs to reflect observable market changes and any resulting gains and losses are 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. 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, included in the consolidated statements of financial condition. As of December 2016 $ in millions Level 1 Level 2 Level 3 Total Assets Interest rates $ 46 $ 506,818 $ 614 $ 507,478 Credit — 21,388 4,979 26,367 Currencies — 111,762 187 111,949 Commodities — 11,950 403 12,353 Equities 1 47,667 424 48,092 Gross fair value 47 699,585 6,607 706,239 Counterparty netting within levels (12 ) (564,100 ) (1,417 ) (565,529 ) Subtotal $ 35 $ 135,485 $ 5,190 $ 140,710 Cross-level counterparty netting (1,709 ) Cash collateral netting (85,329 ) Net fair value $ 53,672 Liabilities Interest rates $ (27 ) $(457,963 ) $ (995 ) $ (458,985 ) Credit — (21,106 ) (2,475 ) (23,581 ) Currencies — (107,212 ) (184 ) (107,396 ) Commodities — (13,541 ) (330 ) (13,871 ) Equities (967 ) (49,083 ) (3,840 ) (53,890 ) Gross fair value (994 ) (648,905 ) (7,824 ) (657,723 ) Counterparty netting within levels 12 564,100 1,417 565,529 Subtotal $(982 ) $ (84,805 ) $(6,407 ) $ (92,194 ) Cross-level counterparty netting 1,709 Cash collateral netting 42,986 Net fair value $ (47,499 ) As of December 2015 $ in millions Level 1 Level 2 Level 3 Total Assets Interest rates $ 4 $ 567,761 $ 560 $ 568,325 Credit — 34,832 6,050 40,882 Currencies — 96,959 189 97,148 Commodities — 20,087 587 20,674 Equities 46 46,491 623 47,160 Gross fair value 50 766,130 8,009 774,189 Counterparty netting within levels — (627,548 ) (2,139 ) (629,687 ) Subtotal $ 50 $ 138,582 $ 5,870 $ 144,502 Cross-level counterparty netting (1,480 ) Cash collateral netting (89,132 ) Net fair value $ 53,890 Liabilities Interest rates $ (11 ) $(513,275 ) $ (958 ) $ (514,244 ) Credit — (33,518 ) (3,257 ) (36,775 ) Currencies — (99,377 ) (223 ) (99,600 ) Commodities — (20,222 ) (849 ) (21,071 ) Equities (18 ) (43,953 ) (2,227 ) (46,198 ) Gross fair value (29 ) (710,345 ) (7,514 ) (717,888 ) Counterparty netting within levels — 627,548 2,139 629,687 Subtotal $ (29 ) $ (82,797 ) $(5,375 ) $ (88,201 ) Cross-level counterparty netting 1,480 Cash collateral netting 39,950 Net fair value $ (46,771 ) In the tables above: • 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 netting within levels. Where the counterparty netting is across levels, the netting is reflected in cross-level counterparty netting. • Derivative assets are shown as positive amounts and derivative liabilities are shown as negative amounts. Significant Unobservable Inputs The table below presents the amount of level 3 assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value the firm’s level 3 derivatives. Level 3 Assets (Liabilities) and Range of Significant $ in millions 2016 2015 Interest rates, net $(381) $(398) Correlation (10)% to 86% (56%/60%) (25)% to 92% (53%/55%) Volatility (bps) 31 to 151 (84/57) 31 to 152 (84/57) Credit, net $2,504 $2,793 Correlation 35% to 91% (65%/68%) 46% to 99% (68%/66%) Credit spreads (bps) 1 to 993 (122/73) 1 to 1,019 (129/86) Upfront credit points 0 to 100 (43/35) 0 to 100 (41/40) Recovery rates 1% to 97% (58%/70%) 2% to 97% (58%/70%) Currencies, net $3 $(34) Correlation 25% to 70% (50%/55%) 25% to 70% (50%/51%) Commodities, net $73 $(262) Volatility 13% to 68% (33%/33%) 11% to 77% (35%/34%) Natural gas spread $(1.81) to $4.33 ($(0.14)/$(0.05)) $(1.32) to $4.15 ($(0.05)/$(0.01)) Oil spread $(19.72) to $64.92 ($25.30/$16.43) $(10.64) to $65.29 ($3.34/$(3.31)) Equities, net $(3,416) $(1,604) Correlation (39)% to 88% (41%/41%) (65)% to 94% (42%/48%) Volatility 5% to 72% (24%/23%) 5% to 76% (24%/23%) In the table above: • Derivative assets are shown as positive amounts and derivative liabilities are shown as negative amounts. • Ranges represent the significant unobservable inputs that were used in the valuation of each type of derivative. • Averages represent the arithmetic average of the inputs and are not weighted by the relative fair value or notional of the respective financial instruments. An average greater than the median indicates that the majority of inputs are below the average. For example, the difference between the average and the median for credit spreads and oil spread inputs indicates that the majority of the inputs fall in the lower end of the range. • The ranges, averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative. For example, the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of the firm’s level 3 derivatives. • Interest rates, currencies and equities derivatives are valued using option pricing models, credit derivatives are valued using option pricing, correlation and discounted cash flow models, and commodities derivatives are valued using option pricing and discounted cash flow models. • The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flows models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. • Correlation within currencies and equities includes cross-product correlation. • Natural gas spread represents the spread per million British thermal units of natural gas. • Oil spread represents the spread per barrel of oil and refined products. Range of Significant Unobservable Inputs The following is 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 is a description of the directional sensitivity of the firm’s level 3 fair value measurements to changes in significant unobservable inputs, in isolation: • Correlation. • Volatility. • Credit spreads, upfront credit points and recovery rates. • Commodity prices and spreads. 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. Level 3 Rollforward The table below presents a summary of the changes in fair value for all level 3 derivatives. In the table below: • Changes in fair value are presented for all derivative assets and liabilities that are categorized as level 3 as of the end of the period. • Net unrealized gains/(losses) relate to instruments that were still held at period-end. • 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. • Positive amounts for transfers into level 3 and negative amounts for transfers out of level 3 represent net transfers of derivative assets. Negative amounts for transfers into level 3 and positive amounts for transfers out of level 3 represent net transfers of derivative liabilities. • A derivative with level 1 and/or level 2 inputs is classified in level 3 in its entirety if it has at least one significant level 3 input. • If there is one significant level 3 input, the entire gain or loss from adjusting only observable inputs (i.e., level 1 and level 2 inputs) is classified 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. Year Ended December $ in millions 2016 2015 Total level 3 derivatives Beginning balance $ 495 $ 706 Net realized gains/(losses) (37 ) 67 Net unrealized gains/(losses) 777 679 Purchases 115 240 Sales (3,557 ) (1,864 ) Settlements 782 1,498 Transfers into level 3 352 (4 ) Transfers out of level 3 (144 ) (827 ) Ending balance $(1,217 ) $ 495 The table below disaggregates, by product type, the information for level 3 derivatives included in the summary table above. Year Ended December $ in millions 2016 2015 Interest rates, net Beginning balance $ (398 ) $ (40 ) Net realized gains/(losses) (41 ) (53 ) Net unrealized gains/(losses) (138 ) 66 Purchases 5 3 Sales (3 ) (31 ) Settlements 36 (144 ) Transfers into level 3 195 (149 ) Transfers out of level 3 (37 ) (50 ) Ending balance $ (381 ) $ (398 ) Credit, net Beginning balance $ 2,793 $ 3,530 Net realized gains/(losses) — 92 Net unrealized gains/(losses) 196 804 Purchases 20 80 Sales (73 ) (237 ) Settlements (516 ) (640 ) Transfers into level 3 179 206 Transfers out of level 3 (95 ) (1,042 ) Ending balance $ 2,504 $ 2,793 Currencies, net Beginning balance $ (34 ) $ (267 ) Net realized gains/(losses) (30 ) (49 ) Net unrealized gains/(losses) (42 ) 40 Purchases 14 32 Sales (2 ) (10 ) Settlements 90 162 Transfers into level 3 1 (1 ) Transfers out of level 3 6 59 Ending balance $ 3 $ (34 ) Commodities, net Beginning balance $ (262 ) $(1,142 ) Net realized gains/(losses) (23 ) 34 Net unrealized gains/(losses) 101 (52 ) Purchases 24 — Sales (119 ) (234 ) Settlements 391 1,034 Transfers into level 3 (23 ) (35 ) Transfers out of level 3 (16 ) 133 Ending balance $ 73 $ (262 ) Equities, net Beginning balance $(1,604 ) $(1,375 ) Net realized gains/(losses) 57 43 Net unrealized gains/(losses) 660 (179 ) Purchases 52 125 Sales (3,360 ) (1,352 ) Settlements 781 1,086 Transfers into level 3 — (25 ) Transfers out of level 3 (2 ) 73 Ending balance $(3,416 ) $(1,604 ) Level 3 Rollforward Commentary Year Ended December 2016. The net realized and unrealized gains on level 3 derivatives of $740 million (reflecting $37 million of net realized losses and $777 million of net unrealized gains) for 2016, include gains/losses of approximately $980 million and $(240) million reported in “Market making” and “Other principal transactions” respectively. The net unrealized gain on level 3 derivatives of $777 million for the year ended December 2016 was primarily attributable to gains on certain equity derivatives, reflecting the impact of an increase in equity prices. Transfers into level 3 derivatives during 2016 primarily reflected transfers of certain interest rate derivative assets from level 2, principally due to reduced transparency of certain unobservable inputs used to value these derivatives, and transfers of certain credit derivative assets from level 2 primarily due to unobservable credit spread inputs becoming significant to the net risk of certain portfolios. Transfers out of level 3 derivatives during 2016 primarily reflected transfers of certain credit derivatives assets to level 2, primarily due to unobservable credit spread inputs no longer being significant to the net risk of certain portfolios. Year Ended December 2015. The net realized and unrealized gains on level 3 derivative assets and liabilities of $746 million (reflecting $67 million of net realized gains and $679 million of net unrealized gains) for 2015, include gains of approximately $518 million and $228 million reported in “Market making” and “Other principal transactions” respectively. The net unrealized gain on level 3 derivatives of $679 million for 2015 was primarily attributable to gains on certain credit derivatives, reflecting the impact of wider credit spreads, and changes in foreign exchange and interest rates. Transfers into level 3 derivatives during 2015 primarily reflected transfers of certain credit derivative assets from level 2, primarily due to unobservable credit spread inputs becoming significant to the valuations of these derivatives, and transfers of certain interest rate derivative liabilities from level 2, primarily due to certain unobservable inputs becoming significant to the valuations of these derivatives. Transfers out of level 3 derivatives during 2015 primarily reflected transfers of certain credit derivative assets to level 2, principally due to increased transparency and reduced significance of certain unobservable credit spread inputs used to value these derivatives. OTC Derivatives The table below presents the fair values of OTC derivative assets and liabilities by tenor and major product type. $ in millions Less than 1 Year 1 - 5 Years Greater than 5 Years Total As of December 2016 Assets Interest rates $ 5,845 $18,376 $79,507 $103,728 Credit 1,763 2,695 4,889 9,347 Currencies 18,344 8,292 8,428 35,064 Commodities 3,273 1,415 179 4,867 Equities 3,141 9,249 1,341 13,731 Counterparty netting within tenors (3,543 ) (5,550 ) (3,794 ) (12,887 ) Subtotal $28,823 $34,477 $90,550 $153,850 Cross-tenor counterparty netting (17,396 ) Cash collateral netting (85,329 ) Total $ 51,125 Liabilities Interest rates $ 5,679 $10,814 $38,812 $ 55,305 Credit 2,060 3,328 1,167 6,555 Currencies 14,720 9,771 5,879 30,370 Commodities 2,546 1,555 2,315 6,416 Equities 7,000 10,426 2,614 20,040 Counterparty netting within tenors (3,543 ) (5,550 ) (3,794 ) (12,887 ) Subtotal $28,462 $30,344 $46,993 $105,799 Cross-tenor counterparty netting (17,396 ) Cash collateral netting (42,986 ) Total $ 45,417 As of December 2015 Assets Interest rates $ 4,231 $23,278 $81,401 $108,910 Credit 1,664 4,547 5,842 12,053 Currencies 14,646 8,936 6,353 29,935 Commodities 6,228 3,897 231 10,356 Equities 4,806 7,091 1,550 13,447 Counterparty netting within tenors (3,660 ) (5,751 ) (5,270 ) (14,681 ) Subtotal $27,915 $41,998 $90,107 $160,020 Cross-tenor counterparty netting (20,462 ) Cash collateral netting (89,132 ) Total $ 50,426 Liabilities Interest rates $ 5,323 $13,945 $35,592 $ 54,860 Credit 1,804 4,704 1,437 7,945 Currencies 12,378 9,940 10,048 32,366 Commodities 4,464 3,136 2,526 10,126 Equities 5,154 5,802 2,994 13,950 Counterparty netting within tenors (3,660 ) (5,751 ) (5,270 ) (14,681 ) Subtotal $25,463 $31,776 $47,327 $104,566 Cross-tenor counterparty netting (20,462 ) Cash collateral netting (39,950 ) Total $ 44,154 In the table above: • 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 netting within tenors. Where the counterparty netting is across tenor categories, the netting is reflected in cross-tenor counterparty netting. Credit Derivatives The firm enters into a broad array of credit derivatives in locations around the world to facilitate client transactions and to manage the credit risk associated with market-making and investing and lending activities. Credit derivatives are actively managed based on the firm’s net risk position. Credit derivatives are individually negotiated contracts and can have various settlement and payment conventions. Credit events include failure to pay, bankruptcy, acceleration of indebtedness, restructuring, repudiation and dissolution of the reference entity. The firm enters into the following types of credit derivatives: • Credit Default Swaps. • Credit Options. • Credit Indices, Baskets and Tranches. • Total Return Swaps. The firm economically hedges its exposure to written credit derivatives primarily by entering into offsetting purchased credit derivatives with identical underliers. Substantially all of the firm’s purchased credit derivative transactions are with financial institutions and are subject to stringent collateral thresholds. In addition, upon the occurrence of a specified trigger event, the firm may take possession of the reference obligations underlying a particular written credit derivative, and consequently may, upon liquidation of the reference obligations, recover amounts on the underlying reference obligations in the event of default. As of December 2016, written and purchased credit derivatives had total gross notional amounts of $690.47 billion and $733.98 billion, respectively, for total net notional purchased protection of $43.51 billion. As of December 2015, written and purchased credit derivatives had total gross notional amounts of $923.48 billion and $968.68 billion, respectively, for total net notional purchased protection of $45.20 billion. Substantially all of the firm’s written and purchased credit derivatives are credit default swaps. The table below presents certain information about credit derivatives. Credit Spread on Underlier (basis points) $ in millions 0 - 250 251 - 500 501 - 1,000 Greater 1,000 Total As of December 2016 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $207,727 $ 5,819 $ 1,016 $ 8,629 $223,191 1 – 5 years 375,208 17,255 8,643 7,986 409,092 Greater than 5 years 52,977 3,928 1,045 233 58,183 Total $635,912 $27,002 $10,704 $ 16,848 $690,466 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $558,305 $20,588 $10,133 $ 15,186 $604,212 Other 119,509 7,712 1,098 1,446 129,765 Fair Value of Written Credit Derivatives Asset $ 13,919 $ 606 $ 187 $ 45 $ 14,757 Liability 2,436 902 809 5,686 9,833 Net asset/(liability) $ 11,483 $ (296 ) $ (622 ) $ (5,641 ) $ 4,924 As of December 2015 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $240,468 $ 2,859 $ 2,881 $ 10,533 $256,741 1 – 5 years 514,986 42,399 16,327 26,271 599,983 Greater than 5 years 57,054 6,481 1,567 1,651 66,753 Total $812,508 $51,739 $20,775 $ 38,455 $923,477 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $722,436 $46,313 $19,556 $ 33,266 $821,571 Other 132,757 6,383 3,372 4,598 147,110 Fair Value of Written Credit Derivatives Asset $ 17,110 $ 924 $ 108 $ 190 $ 18,332 Liability 2,756 2,596 1,942 12,485 19,779 Net asset/(liability) $ 14,354 $ (1,672 ) $ (1,834 ) $(12,295 ) $ (1,447 ) In the table above: • Fair values exclude the effects of both netting of receivable balances with payable balances under enforceable netting agreements, and netting of cash received or posted under enforceable credit support agreements, and therefore are not representative of the firm’s credit exposure. • Tenor is based on expected duration for mortgage-related credit de |
Fair Value Option
Fair Value Option | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Note 8. Fair Value Option Other Financial Assets and Financial Liabilities at Fair Value In addition to all cash and derivative instruments included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” the firm accounts for certain of its other financial assets and financial liabilities at fair value primarily under the fair value option. The primary reasons for electing the fair value option are to: • 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 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 of consolidated VIEs. Fair Value of Other Financial Assets and Financial Liabilities by Level The table below presents, by level within the fair value hierarchy, other financial assets and financial liabilities accounted for at fair value primarily under the fair value option. $ in millions Level 1 Level 2 Level 3 Total As of December 2016 Assets Securities purchased under agreements to resell $ — $ 116,077 $ — $ 116,077 Securities borrowed — 82,398 — 82,398 Receivables from customers and counterparties — 3,211 55 3,266 Total $ — $ 201,686 $ 55 $ 201,741 Liabilities Deposits $ — $ (10,609 ) $ (3,173 ) $ (13,782) Securities sold under agreements to repurchase — (71,750 ) (66 ) (71,816) Securities loaned — (2,647 ) — (2,647) Other secured financings — (20,516 ) (557 ) (21,073) Unsecured borrowings: Short-term — (10,896 ) (3,896 ) (14,792) Long-term — (22,185 ) (7,225 ) (29,410) Other liabilities and accrued expenses — (559 ) (62 ) (621) Total $ — $(139,162 ) $(14,979 ) $(154,141) As of December 2015 Assets Securities purchased under agreements to resell $ — $ 132,853 $ — $ 132,853 Securities borrowed — 75,340 — 75,340 Receivables from customers and counterparties — 4,947 45 4,992 Total $ — $ 213,140 $ 45 $ 213,185 Liabilities Deposits $ — $ (12,465 ) $ (2,215 ) $ (14,680) Securities sold under agreements to repurchase — (85,998 ) (71 ) (86,069) Securities loaned — (466 ) — (466) Other secured financings — (22,658 ) (549 ) (23,207) Unsecured borrowings: Short-term — (13,610 ) (4,133 ) (17,743) Long-term — (18,049 ) (4,224 ) (22,273) Other liabilities and accrued expenses — (1,201 ) (52 ) (1,253) Total $ — $(154,447 ) $(11,244 ) $(165,691) In the table above, other financial assets are shown as positive amounts and other financial liabilities are shown as negative amounts. Valuation Techniques and Significant Inputs Other 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 December 2016 and December 2015, the firm had no level 3 resale agreements, securities borrowed or securities loaned. As of both December 2016 and December 2015, 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 December 2016: • Yield: 0.4% to 16.6% (weighted average: 3.5%) • Duration: 0.1 to 5.7 years (weighted average: 2.3 years) As of December 2015: • Yield: 0.6% to 10.0% (weighted average: 2.7%) • Duration: 1.6 to 8.8 years (weighted average: 2.8 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 borrowings 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 December 2016 and December 2015, 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. 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 2016 or 2015. See “Level 3 Rollforward” below for information about transfers between level 2 and level 3. Level 3 Rollforward The table below presents a summary of the changes in fair value for other level 3 financial assets and financial liabilities accounted for at fair value. In the table below: • Changes in fair value are presented for all other financial assets and liabilities that are categorized as level 3 as of the end of the period. • Net unrealized gains/(losses) relate to instruments that were still held at period-end. • 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. For level 3 other financial assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 other financial liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • Level 3 other financial assets and liabilities are frequently economically hedged with 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. Year Ended December $ in millions 2016 2015 Total other financial assets Beginning balance $ 45 $ 56 Net realized gains/(losses) 6 2 Net unrealized gains/(losses) 1 2 Purchases 10 8 Settlements (7 ) (22 ) Transfers out of level 3 — (1 ) Ending balance $ 55 $ 45 Total other financial liabilities Beginning balance $(11,244 ) $ (9,292 ) Net realized gains/(losses) (99 ) 75 Net unrealized gains/(losses) (7 ) 783 Purchases (8 ) (1 ) Issuances (10,236 ) (8,024 ) Settlements 5,983 3,604 Transfers into level 3 (759 ) (1,213 ) Transfers out of level 3 1,391 2,824 Ending balance $(14,979 ) $(11,244 ) The table below disaggregates, by the consolidated statements of financial condition line items, the information for other financial liabilities included in the summary table above. Year Ended December $ in millions 2016 2015 Deposits Beginning balance $(2,215 ) $(1,065 ) Net realized gains/(losses) (22 ) (9 ) Net unrealized gains/(losses) (89 ) 56 Issuances (993 ) (1,252 ) Settlements 146 55 Ending balance $(3,173 ) $(2,215 ) Securities sold under agreements to repurchase Beginning balance $ (71 ) $ (124 ) Net unrealized gains/(losses) (6 ) (2 ) Settlements 11 55 Ending balance $ (66 ) $ (71 ) Other secured financings Beginning balance $ (549 ) $(1,091 ) Net realized gains/(losses) (8 ) (10 ) Net unrealized gains/(losses) (3 ) 34 Purchases (5 ) (1 ) Issuances (150 ) (504 ) Settlements 273 363 Transfers into level 3 (117 ) (85 ) Transfers out of level 3 2 745 Ending balance $ (557 ) $ (549 ) Unsecured short-term borrowings Beginning balance $(4,133 ) $(3,712 ) Net realized gains/(losses) (57 ) 96 Net unrealized gains/(losses) (115 ) 355 Issuances (3,837 ) (3,377 ) Settlements 3,492 2,275 Transfers into level 3 (370 ) (641 ) Transfers out of level 3 1,124 871 Ending balance $(3,896 ) $(4,133 ) Unsecured long-term borrowings Beginning balance $(4,224 ) $(2,585 ) Net realized gains/(losses) (27 ) (7 ) Net unrealized gains/(losses) 190 352 Purchases (3 ) — Issuances (5,201 ) (2,888 ) Settlements 2,047 846 Transfers into level 3 (272 ) (464 ) Transfers out of level 3 265 522 Ending balance $(7,225 ) $(4,224 ) Other liabilities and accrued expenses Beginning balance $ (52 ) $ (715 ) Net realized gains/(losses) 15 5 Net unrealized gains/(losses) 16 (12 ) Issuances (55 ) (3 ) Settlements 14 10 Transfers into level 3 — (23 ) Transfers out of level 3 — 686 Ending balance $ (62 ) $ (52 ) Level 3 Rollforward Commentary Year Ended December 2016. The net realized and unrealized losses on level 3 other financial liabilities of $106 million (reflecting $99 million of net realized losses and $7 million of net unrealized losses) for 2016 include losses of approximately $21 million and $10 million reported in “Market making” and “Interest expense,” respectively, in the consolidated statements of earnings and losses of $75 million reported in “Debt valuation adjustment” in the consolidated statements of comprehensive income. The net unrealized loss on level 3 other financial liabilities of $7 million for 2016 primarily reflected losses on certain hybrid financial instruments included in unsecured short-term borrowings, principally due to an increase in global equity prices, and losses on certain hybrid financial instruments included in deposits, principally due to the impact of an increase in the market value of the underlying assets, partially offset by gains on certain hybrid financial instruments included in unsecured long-term borrowings, principally due to changes in foreign exchange rates. Transfers into level 3 of other financial liabilities during 2016 primarily reflected transfers of certain hybrid financial instruments included in unsecured short-term and long-term borrowings from level 2, principally due to reduced transparency of certain inputs, including correlation and volatility inputs used to value these instruments. Transfers out of level 3 of other financial liabilities during 2016 primarily reflected transfers of certain hybrid financial instruments included in unsecured short-term and long-term borrowings to level 2, principally due to increased transparency of correlation and volatility inputs used to value these instruments. Year Ended December 2015. The net realized and unrealized gains on level 3 other financial liabilities of $858 million (reflecting $75 million of net realized gains and $783 million of net unrealized gains) for 2015 include gains/(losses) of approximately $841 million, $28 million and $(11) million reported in “Market making,” “Other principal transactions” and “Interest expense,” respectively. The net unrealized gain on level 3 other financial liabilities of $783 million for 2015 primarily reflected gains on certain hybrid financial instruments included in unsecured short-term and long-term borrowings, principally due to a decrease in global equity prices, the impact of wider credit spreads, and changes in interest and foreign exchange rates. Transfers into level 3 of other financial liabilities during 2015 primarily reflected transfers of certain hybrid financial instruments included in unsecured short-term and long-term borrowings from level 2, principally due to reduced transparency of certain correlation and volatility 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 2015 primarily reflected transfers of certain hybrid financial instruments included in unsecured short-term and long-term borrowings and certain other secured financings to level 2, principally due to increased transparency of certain correlation, volatility and funding spread inputs used to value these instruments, transfers to level 3 unsecured short-term borrowings from level 3 unsecured long-term borrowings, as these borrowings neared maturity, and transfers of certain subordinated liabilities included in other liabilities and accrued expenses to level 2, principally due to increased price transparency as a result of market transactions in the related underlying investments. 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 in earnings 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. Year Ended December $ in millions 2016 2015 2014 Unsecured short-term borrowings $(1,028 ) $ 346 $(1,180 ) Unsecured long-term borrowings 584 771 (592 ) Other liabilities and accrued expenses (55 ) (684 ) (441 ) Other (630 ) (217 ) (366 ) Total $(1,129 ) $ 216 $(2,579 ) In the table above: • Gains/(losses) exclude contractual interest, which is included in “Interest income” and “Interest expense,” for all instruments other than hybrid financial instruments. See Note 23 for further information about interest income and interest expense. • Unsecured short-term borrowings includes gains/(losses) on the embedded derivative component of hybrid financial instruments of $(1.05) billion for 2016, $339 million for 2015 and $(1.22) billion for 2014, respectively. • Unsecured long-term borrowings includes gains/(losses) on the embedded derivative component of hybrid financial instruments of $737 million for 2016, $653 million for 2015 and $(697) million for 2014, respectively. • Other liabilities and accrued expenses includes gains/(losses) on certain subordinated liabilities of consolidated VIEs. • Other primarily consists of gains/(losses) on 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. In the table below, the aggregate contractual principal amount of loans on non-accrual status and/or more than 90 days past due (which excludes loans carried at zero fair value and considered uncollectible) exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below the contractual principal amounts. As of December $ in millions 2016 2015 Performing loans and long-term receivables Aggregate contractual principal in excess of fair value $ 478 $1,330 Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value 8,101 9,600 Aggregate fair value of loans on nonaccrual status and/or more than 90 days past due 2,138 2,391 As of December 2016 and December 2015, the fair value of unfunded lending commitments for which the fair value option was elected was a liability of $80 million and $211 million, respectively, and the related total contractual amount of these lending commitments was $7.19 billion and $14.01 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 $361 million and $362 million as of December 2016 and December 2015, 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 $1.56 billion and $1.12 billion as of December 2016 and December 2015, 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 $281 million for 2016, $751 million for 2015 and $1.83 billion for 2014, respectively. The firm generally calculates the fair value of loans and lending commitments for which the fair value option is elected by discounting future cash flows at a rate which incorporates the instrument-specific credit spreads. For floating-rate loans and lending commitments, substantially all changes in fair value are attributable to changes in instrument-specific credit spreads, whereas for fixed-rate loans and lending commitments, changes in fair value are also attributable to changes in interest rates. Debt Valuation Adjustment The firm calculates the fair value of financial liabilities for which the fair value option is elected by discounting future cash flows at a rate which incorporates the firm’s credit spreads. The net DVA on such financial liabilities was a loss of $844 million ($544 million, net of tax) for 2016 and was included in “Debt valuation adjustment” in the consolidated statements of comprehensive income. The gains/(losses) reclassified to earnings from accumulated other comprehensive loss upon extinguishment of such financial liabilities were not material for 2016. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans Receivable | 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 loans receivable 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 December $ in millions 2016 2015 Corporate loans $24,837 $20,740 Loans to private wealth management clients 13,828 13,961 Loans backed by commercial real estate 4,761 5,271 Loans backed by residential real estate 3,865 2,316 Other loans 2,890 3,533 Total loans receivable, gross 50,181 45,821 Allowance for loan losses (509 ) (414 ) Total loans receivable $49,672 $45,407 As of December 2016 and December 2015, the fair value of loans receivable was $49.80 billion and $45.19 billion, respectively. As of December 2016, had these loans been carried at fair value and included in the fair value hierarchy, $28.40 billion and $21.40 billion would have been classified in level 2 and level 3, respectively. As of December 2015, had these loans been carried at fair value and included in the fair value hierarchy, $23.91 billion and $21.28 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 December 2016 and December 2015, such lending commitments were $98.05 billion and $93.92 billion, respectively. Substantially all of these commitments were extended to corporate borrowers and were primarily related to the firm’s relationship lending activities. The carrying value and the estimated fair value of such lending commitments were liabilities of $327 million and $2.55 billion, respectively, as of December 2016, and $291 million and $3.32 billion, respectively, as of December 2015. As of December 2016, had these lending commitments been carried at fair value and included in the fair value hierarchy, $1.10 billion and $1.45 billion would have been classified in level 2 and level 3, respectively. As of December 2015, had these lending commitments been carried at fair value and included in the fair value hierarchy, $1.35 billion and $1.97 billion would have been classified in level 2 and level 3, respectively. The following is a description of the captions in the table above: • Corporate Loans. • Loans to Private Wealth Management Clients. • Loans Backed by Commercial Real Estate. • Loans Backed by Residential Real Estate. • Other Loans. Loans receivable includes Purchased Credit Impaired (PCI) loans. PCI loans represent acquired loans or pools of loans with evidence of credit deterioration subsequent to their origination and where it is probable, at acquisition, that the firm will not be able to collect all contractually required payments. Loans acquired within the same reporting period, which have at least two common risk characteristics, one of which relates to their credit risk, are eligible to be pooled together and considered a single unit of account. PCI loans are initially recorded at acquisition price and the difference between the acquisition price and the expected cash flows (accretable yield) is recognized as interest income over the life of such loans or pools of loans on an effective yield method. Expected cash flows on PCI loans are determined using various inputs and assumptions, including default rates, loss severities, recoveries, amount and timing of prepayments and other macroeconomic indicators. As of December 2016, the gross carrying value of PCI loans was $3.97 billion (including $1.44 billion, $2.51 billion and $18 million related to loans backed by commercial real estate, loans backed by residential real estate and other consumer loans, respectively). The outstanding principal balance and accretable yield related to such loans was $8.52 billion and $526 million, respectively, as of December 2016. At the time of acquisition, the fair value, related expected cash flows, and the contractually required cash flows of PCI loans acquired during 2016 were $2.51 billion, $2.82 billion and $6.39 billion, respectively. As of December 2015, the gross carrying value of PCI loans was $2.12 billion (including $1.16 billion, $941 million and $23 million related to loans backed by commercial real estate, loans backed by residential real estate and other consumer loans, respectively). The outstanding principal balance and accretable yield related to such loans was $5.54 billion and $234 million, respectively, as of December 2015. At the time of acquisition, the fair value, related expected cash flows, and the contractually required cash flows of PCI loans acquired during 2015 were $2.27 billion, $2.50 billion and $6.47 billion, respectively. Credit Quality The firm’s risk assessment process includes evaluating the credit quality of its loans receivable. For loans receivable (excluding PCI loans), 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. The table below presents gross loans receivable (excluding PCI loans of $3.97 billion and $2.12 billion as of December 2016 and December 2015, respectively, which are not assigned a credit rating equivalent) and related lending commitments by the firm’s internally determined public rating agency equivalent and by regulatory risk rating. Non-criticized/pass loans and lending commitments represent loans and lending commitments that are performing and/or do not demonstrate adverse characteristics that are likely to result in a credit loss. $ in millions Loans Lending Commitments Total Credit Rating Equivalent As of December 2016 Investment-grade $18,434 $72,323 $ 90,757 Non-investment-grade 27,777 25,722 53,499 Total $46,211 $98,045 $144,256 As of December 2015 Investment-grade $19,459 $64,898 $ 84,357 Non-investment-grade 24,241 29,021 53,262 Total $43,700 $93,919 $137,619 Regulatory Risk Rating As of December 2016 Non-criticized/pass $43,146 $94,966 $138,112 Criticized 3,065 3,079 6,144 Total $46,211 $98,045 $144,256 As of December 2015 Non-criticized/pass $40,967 $92,021 $132,988 Criticized 2,733 1,898 4,631 Total $43,700 $93,919 $137,619 The firm enters into economic hedges to mitigate credit risk on certain loans receivable and commercial lending commitments (both of which are held for investment) related to the firm’s relationship lending activities. Such hedges are accounted for at fair value. See Note 18 for further information about commercial lending commitments and associated hedges. Loans receivable (excluding PCI loans) are 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 generally 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. In certain circumstances, the firm may also modify the original terms of a loan agreement by granting a concession to a borrower experiencing financial difficulty. Such modifications are considered troubled debt restructurings and typically include interest rate reductions, payment extensions, and modification of loan covenants. Loans modified in a troubled debt restructuring are considered impaired and are subject to specific loan-level reserves. As of December 2016 and December 2015, the gross carrying value of impaired loans receivable (excluding PCI loans) on non-accrual status were $404 million and $223 million, respectively. As of December 2016, such loans included $142 million of corporate loans that were modified in a troubled debt restructuring, and the firm had $144 million in lending commitments related to these loans. There were no such loans as of December 2015. For PCI loans, the firm’s risk assessment process includes reviewing certain key metrics, such as delinquency status, collateral values, credit scores and other risk factors. When it is determined that the firm cannot reasonably estimate expected cash flows on the PCI loans or pools of loans, such loans are placed on non-accrual status. Allowance for Losses on Loans and Lending Commitments The firm’s allowance for loan losses is comprised of specific loan-level reserves, portfolio level reserves, and reserves on PCI loans as described below: • Specific loan-level reserves are determined on loans (excluding PCI loans) that exhibit credit quality weakness and are therefore individually evaluated for impairment. • Portfolio level reserves are determined on loans (excluding PCI loans) not deemed impaired by aggregating groups of loans with similar risk characteristics and estimating the probable loss inherent in the portfolio. • Reserves on PCI loans are recorded when it is determined that the expected cash flows, which are reassessed on a quarterly basis, will be lower than those used to establish the current effective yield for such loans or pools of loans. If the expected cash flows are determined to be significantly higher than those used to establish the current effective yield, such increases are initially recognized as a reduction to any previously recorded allowances for loan losses and any remaining increases are recognized as interest income prospectively over the life of the loan or pools of loans as an increase to the effective yield. 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 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. As of December 2016 and December 2015, substantially all of the firm’s loans receivable were evaluated for impairment at the portfolio level. 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.” As of December 2016 and December 2015, substantially all of such lending commitments were evaluated for impairment at the portfolio level. The table below presents changes in the allowance for loan losses and the allowance for losses on lending commitments. Year Ended December $ in millions 2016 2015 Allowance for loan losses Beginning balance $414 $228 Charge-offs (8 ) (1 ) Provision 138 187 Other (35 ) — Ending balance $509 $414 Allowance for losses on lending commitments Beginning balance $188 $ 86 Provision 44 102 Other (20 ) — Ending balance $212 $188 In the table above: • The provision for losses on loans and lending commitments is included in “Other principal transactions.” Substantially all of this provision was related to corporate loans and corporate lending commitments. • Other represents the reduction to the allowance related to loans and lending commitments transferred to held for sale. • As of December 2016 and December 2015, substantially all of the allowance for loan losses and allowance for losses on lending commitments were related to corporate loans and corporate lending commitments and were primarily determined at the portfolio level. • The firm’s allowance for losses on PCI loans as of December 2016 was not material. There was no allowance for losses on PCI loans as of December 2015. |
Collateralized Agreements and F
Collateralized Agreements and Financings | 12 Months Ended |
Dec. 31, 2016 | |
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 December $ in millions 2016 2015 Securities purchased under agreements to resell $116,925 $134,308 Securities borrowed 184,600 177,638 Securities sold under agreements to repurchase 71,816 86,069 Securities loaned 7,524 3,614 In the table above: • 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. • As of December 2016 and December 2015, $82.40 billion and $75.34 billion of securities borrowed, and $2.65 billion and $466 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. Even though repurchase and resale agreements (including “repos- and reverses-to-maturity”) involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold before or at the maturity of the agreement. The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and 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 consolidated statements of financial condition. 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 December 2016 and December 2015. Offsetting Arrangements The table below presents the gross and net resale and repurchase agreements and securities borrowed and loaned transactions, and the related amount of counterparty netting included in the consolidated statements of financial condition. The table below also presents the amounts not offset in the 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. Assets Liabilities $ in millions Resale Securities Repurchase Securities As of December 2016 Included in the consolidated statements of financial condition Gross carrying value $ 173,561 $ 189,571 $128,452 $12,495 Counterparty netting (56,636 ) (4,971 ) (56,636 ) (4,971 ) Total 116,925 184,600 71,816 7,524 Amounts not offset Counterparty netting (8,319 ) (4,045 ) (8,319 ) (4,045 ) Collateral (107,148 ) (170,625 ) (62,081 ) (3,087 ) Total $ 1,458 $ 9,930 $ 1,416 $ 392 As of December 2015 Included in the consolidated statements of financial condition Gross carrying value $ 163,199 $ 180,203 $114,960 $ 6,179 Counterparty netting (28,891 ) (2,565 ) (28,891 ) (2,565 ) Total 134,308 177,638 86,069 3,614 Amounts not offset Counterparty netting (4,979 ) (1,732 ) (4,979 ) (1,732 ) Collateral (125,561 ) (167,061 ) (78,958 ) (1,721 ) Total $ 3,768 $ 8,845 $ 2,132 $ 161 In the table above: • Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. Gross Carrying Value of Repurchase Agreements and Securities Loaned The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged. $ in millions Repurchase Securities As of December 2016 Money market instruments $ 317 $ — U.S. government and federal agency obligations 47,207 115 Non-U.S. government and agency obligations 56,156 1,846 Securities backed by commercial real estate 208 — Securities backed by residential real estate 122 — Corporate debt securities 8,297 39 State and municipal obligations 831 — Other debt obligations 286 — Equities and convertible debentures 15,028 10,495 Total $128,452 $12,495 As of December 2015 Money market instruments $ 806 $ — U.S. government and federal agency obligations 54,856 101 Non-U.S. government and agency obligations 31,547 2,465 Securities backed by commercial real estate 269 — Securities backed by residential real estate 2,059 — Corporate debt securities 6,877 30 State and municipal obligations 609 — Other debt obligations 101 — Equities and convertible debentures 17,836 3,583 Total $114,960 $ 6,179 The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity date. As of December 2016 $ in millions Repurchase Securities No stated maturity and overnight $ 35,939 $ 4,825 2 - 30 days 47,339 5,034 31 - 90 days 16,553 500 91 days - 1 year 18,968 1,636 Greater than 1 year 9,653 500 Total $128,452 $12,495 In the table above: • Repurchase agreements and securities loaned that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Repurchase agreements and securities loaned that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable. Other Secured Financings In addition to repurchase agreements and securities loaned transactions, the firm funds certain assets through the use of other secured financings and pledges financial instruments and other assets as collateral in these transactions. These other secured financings 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 December 2016 and December 2015, nonrecourse other secured financings were $2.54 billion and $2.20 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 December 2016 and December 2015. The table below presents information about other secured financings. $ in millions U.S. Non-U.S. Total As of December 2016 Other secured financings (short-term): At fair value $ 9,380 $ 3,738 $13,118 At amortized cost — — — Weighted average interest rates —% —% Other secured financings (long-term): At fair value 5,562 2,393 7,955 At amortized cost 145 305 450 Weighted average interest rates 4.06% 2.16% Total $15,087 $ 6,436 $21,523 Other secured financings collateralized by: Financial instruments $13,858 $ 5,974 $19,832 Other assets 1,229 462 1,691 As of December 2015 Other secured financings (short-term): At fair value $ 7,952 $ 5,448 $13,400 At amortized cost 514 319 833 Weighted average interest rates 2.93% 3.83% Other secured financings (long-term): At fair value 6,702 3,105 9,807 At amortized cost 370 343 713 Weighted average interest rates 2.87% 1.54% Total $15,538 $ 9,215 $24,753 Other secured financings collateralized by: Financial instruments $14,862 $ 8,872 $23,734 Other assets 676 343 1,019 In the table 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. • Total other secured financings include $285 million and $334 million related to transfers of financial assets accounted for as financings rather than sales as of December 2016 and December 2015, respectively. Such financings were collateralized by financial assets of $285 million and $336 million as of December 2016 and December 2015, respectively, primarily included in “Financial instruments owned, at fair value.” • Other secured financings collateralized by financial instruments include $13.65 billion and $14.98 billion of other secured financings collateralized by financial instruments owned, at fair value as of December 2016 and December 2015, respectively, and include $6.18 billion and $8.76 billion of other secured financings collateralized by financial instruments received as collateral and repledged as of December 2016 and December 2015, respectively. The table below presents other secured financings by maturity date. $ in millions As of Other secured financings (short-term) $13,118 Other secured financings (long-term): 2018 5,575 2019 702 2020 1,158 2021 321 2022 - thereafter 649 Total other secured financings (long-term) 8,405 Total other secured financings $21,523 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 holder are reflected at the earliest dates such options become exercisable. Collateral Received and Pledged The firm receives cash and securities (e.g., U.S. government and 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 (substantially all real estate and cash) in connection with other secured financings to counterparties who may or may not have the right to deliver or repledge them. The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged by the firm. As of December $ in millions 2016 2015 Collateral available to be delivered or repledged $634,609 $636,684 Collateral that was delivered or repledged 495,717 496,240 In the table above, as of December 2016 and December 2015, collateral available to be delivered or repledged excludes $15.47 billion and $18.94 billion, respectively, of securities received under resale agreements and securities borrowed transactions that contractually had the right to be delivered or repledged, but were segregated for regulatory and other purposes. The table below presents information about assets pledged. As of December $ in millions 2016 2015 Financial instruments owned, at fair value pledged to counterparties that: Had the right to deliver or repledge $ 51,278 $ 54,426 Did not have the right to deliver or repledge 61,099 63,880 Other assets pledged to counterparties that did not have the right to deliver or repledge 3,287 1,841 The firm also segregated $15.29 billion and $19.56 billion of securities included in “Financial instruments owned, at fair value” as of December 2016 and December 2015, respectively, for regulatory and other purposes. See Note 3 for information about segregated cash. |
Securitization Activities
Securitization Activities | 12 Months Ended |
Dec. 31, 2016 | |
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 primarily 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 primarily accounted for at fair value and are classified in level 2 of the fair value hierarchy. Beneficial interests and other interests not accounted for at fair value are carried at amounts that approximate fair value. 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 as of the end of the period. Year Ended December $ in millions 2016 2015 2014 Residential mortgages $12,164 $10,479 $19,099 Commercial mortgages 233 6,043 2,810 Other financial assets 181 — 1,009 Total $12,578 $16,522 $22,918 Retained interests cash flows $ 189 $ 174 $ 215 The table below presents the firm’s continuing involvement in nonconsolidated securitization entities to which the firm sold assets, as well as the total outstanding principal amount of transferred assets in which the firm has continuing involvement. $ in millions Outstanding Retained Purchased As of December 2016 U.S. government agency-issued collateralized mortgage obligations $25,140 $ 953 $24 Other residential mortgage-backed 3,261 540 6 Other commercial mortgage-backed 357 15 — CDOs, CLOs and other 2,284 56 6 Total $31,042 $1,564 $36 As of December 2015 U.S. government agency-issued collateralized mortgage obligations $39,088 $ 846 $20 Other residential mortgage-backed 2,195 154 17 Other commercial mortgage-backed 6,842 115 28 CDOs, CLOs and other 2,732 44 7 Total $50,857 $1,159 $72 In the table 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 carrying value of these interests. • Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests. • Substantially all of the total outstanding principal amount and total retained interests as of December 2016 and December 2015 relate to securitizations during 2012 and thereafter. • The fair value of retained interests was $1.58 billion and $1.16 billion as of December 2016 and December 2015, respectively. In addition to the interests in the table above, the firm had other continuing involvement in the form of derivative transactions and commitments with certain nonconsolidated VIEs. The carrying value of these derivatives and commitments was a net asset of $48 million and $92 million as of December 2016 and December 2015, respectively. The notional amounts of these derivatives and commitments are included in maximum exposure to loss in the nonconsolidated VIE table in Note 12. The table below presents the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests and the sensitivity of this fair value to immediate adverse changes of 10% and 20% in those assumptions. As of December $ in millions 2016 2015 Fair value of retained interests $1,519 $1,115 Weighted average life (years) 7.5 7.5 Constant prepayment rate 8.1% 10.4% Impact of 10% adverse change $ (14 ) $ (22 ) Impact of 20% adverse change (28 ) (43 ) Discount rate 5.3% 5.5% Impact of 10% adverse change $ (37 ) $ (28 ) Impact of 20% adverse change (71 ) (55 ) In the table above: • Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests. • Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear. • The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above. • The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value. • The discount rate for retained interests that relate to U.S. government agency-issued 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. The firm has other retained interests not reflected in the table above with a fair value of $56 million and a weighted average life of 3.5 years as of December 2016, and a fair value of $44 million and a weighted average life of 3.5 years as of December 2015. 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 December 2016 and December 2015. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $56 million and $44 million as of December 2016 and December 2015, respectively. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 12. Variable Interest Entities 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) 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. 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. VIE Consolidation Analysis The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The firm determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: • Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; • Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; • The VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; • The VIE’s capital structure; • The terms between the VIE and its variable interest holders and other parties involved with the VIE; and • Related-party relationships. The firm reassesses its 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. VIE Activities 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. Investments in Funds and Other VIEs. The firm 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. Other VIEs primarily includes nonconsolidated power-related VIEs. The firm purchases debt and equity securities issued by VIEs that hold power-related assets and may provide commitments to these VIEs. Adoption of ASU No. 2015-02 The firm adopted ASU No. 2015-02 as of January 1, 2016. Upon adoption, certain of the firm’s investments in entities that were previously classified as voting interest entities are now classified as VIEs. These include investments in certain limited partnership entities that have been deconsolidated upon adoption as certain fee interests are not considered significant interests under the guidance, and the firm is no longer deemed to have a controlling financial interest in such entities. See Note 3 for further information about the adoption of ASU No. 2015-02. Nonconsolidated VIEs. As a result of adoption as of January 1, 2016, “Investments in funds and other” nonconsolidated VIEs included $10.70 billion in “Assets in VIEs,” $543 million in “Carrying value of variable interests – assets” and $559 million in “Maximum exposure to loss” related to investments in limited partnership entities that were previously classified as nonconsolidated voting interest entities. Consolidated VIEs. As a result of adoption as of January 1, 2016, “Real estate, credit-related and other investing” consolidated VIEs included $302 million of assets, substantially all included in “Financial instruments owned, at fair value,” and $122 million of liabilities, included in “Other liabilities and accrued expenses” primarily related to investments in limited partnership entities that were previously classified as consolidated voting interest entities. Nonconsolidated VIEs The table below presents a summary of the nonconsolidated VIEs in which the firm holds variable interests. The firm’s exposure to the obligations of VIEs is generally limited to its interests in these entities. In certain instances, the firm provides guarantees, including derivative guarantees, to VIEs or holders of variable interests in VIEs. The nature of the firm’s variable interests can take different forms, as described in the rows under maximum exposure to loss. In the table below: • 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. • Total maximum exposure to loss for commitments and guarantees, and derivatives include $1.28 billion and $1.52 billion as of December 2016 and December 2015, respectively, related to transactions with VIEs to which the firm transferred assets. As of December $ in millions 2016 2015 Total nonconsolidated VIEs Assets in VIEs $70,083 $90,145 Carrying value of variable interests — assets 6,199 7,171 Carrying value of variable interests — liabilities 254 177 Maximum exposure to loss: Retained interests 1,564 1,159 Purchased interests 544 1,528 Commitments and guarantees 2,196 2,020 Derivatives 7,144 6,936 Loans and investments 3,760 4,108 Total maximum exposure to loss $15,208 $15,751 The table below disaggregates, by principal business activity, the information for nonconsolidated VIEs included in the summary table above. As of December $ in millions 2016 2015 Mortgage-backed Assets in VIEs $32,714 $62,672 Carrying value of variable interests — assets 1,936 2,439 Maximum exposure to loss: Retained interests 1,508 1,115 Purchased interests 429 1,324 Commitments and guarantees 9 40 Derivatives 163 222 Total maximum exposure to loss $ 2,109 $ 2,701 Corporate CDOs and CLOs Assets in VIEs $ 5,391 $ 6,493 Carrying value of variable interests — assets 393 624 Carrying value of variable interests — liabilities 25 29 Maximum exposure to loss: Retained interests 2 3 Purchased interests 43 106 Commitments and guarantees 186 647 Derivatives 2,841 2,633 Loans and investments 94 265 Total maximum exposure to loss $ 3,166 $ 3,654 Real estate, credit-related and other investing Assets in VIEs $ 8,617 $ 9,793 Carrying value of variable interests — assets 2,550 3,557 Carrying value of variable interests — liabilities 3 3 Maximum exposure to loss: Commitments and guarantees 693 570 Loans and investments 2,550 3,557 Total maximum exposure to loss $ 3,243 $ 4,127 Other asset-backed Assets in VIEs $ 6,405 $ 7,026 Carrying value of variable interests — assets 293 265 Carrying value of variable interests — liabilities 220 145 Maximum exposure to loss: Retained interests 54 41 Purchased interests 72 98 Commitments and guarantees 275 500 Derivatives 4,134 4,075 Loans and investments 89 — Total maximum exposure to loss $ 4,624 $ 4,714 Investments in funds and other Assets in VIEs $16,956 $ 4,161 Carrying value of variable interests — assets 1,027 286 Carrying value of variable interests — liabilities 6 — Maximum exposure to loss: Commitments and guarantees 1,033 263 Derivatives 6 6 Loans and investments 1,027 286 Total maximum exposure to loss $ 2,066 $ 555 In the table above, mortgage-backed includes assets in VIEs of $1.54 billion and $4.08 billion, and maximum exposure to loss of $279 million and $502 million, as of December 2016 and December 2015, respectively, related to CDOs backed by mortgage obligations. The carrying values of the firm’s variable interests in nonconsolidated VIEs are included in the consolidated statements of financial condition as follows: • Mortgage-backed: As of December 2016, substantially all assets were included in “Financial instruments owned, at fair value,” “Loans receivable” and “Receivables from customers and counterparties.” As of December 2015, all assets were included in “Financial instruments owned, at fair value;” • Corporate CDOs and CLOs: As of both December 2016 and December 2015, all assets were included in “Financial instruments owned, at fair value” and all liabilities were included in “Financial instruments sold, but not yet purchased, at fair value;” • Real estate, credit-related and other investing: As of both December 2016 and December 2015, all assets were included in “Financial instruments owned, at fair value,” “Loans receivable” and “Other assets,” and all liabilities were included in “Financial instruments sold, but not yet purchased, at fair value” and “Other liabilities and accrued expenses;” • Other asset-backed: As of both December 2016 and December 2015, all assets were included in “Financial instruments owned, at fair value” and “Loans receivable” and all liabilities were included in “Financial instruments sold, but not yet purchased, at fair value;” and • Investments in funds and other: As of both December 2016 and December 2015, substantially all assets were included in “Financial instruments owned, at fair value” and all liabilities were included in “Financial instruments sold, but not yet purchased, at fair value.” Consolidated VIEs The table below presents a summary of the carrying amount and classification of assets and liabilities in consolidated VIEs. In the table below: • Assets and liabilities are presented net of intercompany eliminations and exclude the benefit of offsetting financial instruments that are held to mitigate the risks associated with the firm’s variable interests. • VIEs in which the firm holds a majority voting interest are excluded if (i) the VIE meets the definition of a business and (ii) the VIE’s assets can be used for purposes other than the settlement of its obligations. • Substantially all the assets can only be used to settle obligations of the VIE. As of December $ in millions 2016 2015 Total consolidated VIEs Assets Cash and cash equivalents $ 300 $ 423 Receivables from brokers, dealers and clearing organizations — 1 Loans receivable 603 1,534 Financial instruments owned, at fair value 2,047 2,283 Other assets 682 471 Total $3,632 $4,712 Liabilities Other secured financings $ 854 $ 858 Payables to brokers, dealers and clearing organizations 1 — Payables to customers and counterparties — 434 Financial instruments sold, but not yet purchased, at fair value 7 16 Unsecured short-term borrowings 197 416 Unsecured long-term borrowings 334 312 Other liabilities and accrued expenses 803 556 Total $2,196 $2,592 The table below disaggregates, by principal business activity, the information for consolidated VIEs included in the summary table above. As of December $ in millions 2016 2015 Real estate, credit-related and other investing Assets Cash and cash equivalents $ 300 $ 423 Receivables from brokers, dealers and clearing organizations — 1 Loans receivable 603 1,534 Financial instruments owned, at fair value 1,708 1,585 Other assets 680 456 Total $3,291 $3,999 Liabilities Other secured financings $ 284 $ 332 Payables to brokers, dealers and clearing organizations 1 — Payables to customers and counterparties — 2 Financial instruments sold, but not yet purchased, at fair value 7 16 Other liabilities and accrued expenses 803 556 Total $1,095 $ 906 CDOs, mortgage-backed and other asset-backed Assets Financial instruments owned, at fair value $ 253 $ 572 Other assets 2 15 Total $ 255 $ 587 Liabilities Other secured financings $ 139 $ 113 Payables to customers and counterparties — 432 Total $ 139 $ 545 Principal-protected notes Assets Financial instruments owned, at fair value $ 86 $ 126 Total $ 86 $ 126 Liabilities Other secured financings $ 431 $ 413 Unsecured short-term borrowings 197 416 Unsecured long-term borrowings 334 312 Total $ 962 $1,141 In the table above: • The majority of the assets in principal-protected notes VIEs are intercompany and are eliminated in consolidation. • 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 | 12 Months Ended |
Dec. 31, 2016 | |
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 December $ in millions 2016 2015 Property, leasehold improvements and equipment $12,070 $ 9,956 Goodwill and identifiable intangible assets 4,095 4,148 Income tax-related assets 5,550 5,548 Equity-method investments 219 258 Miscellaneous receivables and other 3,547 5,308 Total $25,481 $25,218 In the table above: • Equity-method investments exclude investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $7.92 billion and $6.59 billion as of December 2016 and December 2015, respectively, 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. • The decrease in miscellaneous receivables and other from December 2015 to December 2016 reflects the sale of assets previously classified as held for sale related to certain of the firm’s consolidated investments. Miscellaneous receivables and other includes $682 million and $581 million of investments in qualified affordable housing projects as of December 2016 and December 2015, respectively. Property, Leasehold Improvements and Equipment Property, leasehold improvements and equipment in the table above is net of accumulated depreciation and amortization of $7.68 billion and $7.77 billion as of December 2016 and December 2015, respectively. Property, leasehold improvements and equipment included $5.96 billion and $5.93 billion as of December 2016 and December 2015, 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 is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease, whichever is shorter. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years. Goodwill and Identifiable Intangible Assets The tables below present the carrying values of goodwill and identifiable intangible assets. Goodwill as of December $ in millions 2016 2015 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 2,402 Securities Services 105 105 Investing & Lending 2 2 Investment Management 606 598 Total $3,666 $3,657 Identifiable Intangible $ in millions 2016 2015 Institutional Client Services: Fixed Income, Currency and Commodities Client Execution $ 65 $ 92 Equities Client Execution 141 193 Investing & Lending 105 75 Investment Management 118 131 Total $429 $491 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 for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, 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 the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. The quantitative goodwill 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 estimated fair value exceeds its estimated net book value, goodwill is not impaired. To estimate the fair value of each reporting unit, a relative value technique is used because the firm believes market participants would use this technique to value the firm’s reporting units. The relative value technique applies observable price-to-earnings multiples or price-to-book multiples and projected return on equity of comparable competitors to reporting units’ net earnings or net book value. The net book value of each reporting unit reflects an allocation of total shareholders’ equity and represents the estimated amount of total shareholders’ equity required to support the activities of the reporting unit under currently applicable regulatory capital requirements. • If the estimated fair value of a reporting unit is less than its estimated net book value, the second step of the goodwill 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. During the fourth quarter of 2016, the firm assessed goodwill for impairment using a qualitative assessment. 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 these reporting units was less than its carrying amount. The qualitative assessment also considered changes since the 2015 quantitative test. In accordance with ASC 350, the firm considered the following factors in the qualitative assessment performed in the fourth quarter when evaluating whether it was more likely than not that the fair value of a reporting unit was less than its carrying amount: • Performance Indicators. • Firm and Industry Events. • Macroeconomic Indicators. • Fair Value Indicators. As a result of the 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. Notwithstanding the results of the qualitative assessment, since the 2015 quantitative goodwill test determined that the estimated fair value of the Fixed Income, Currency and Commodities Client Execution reporting unit was not substantially in excess of its carrying value, the firm also performed a quantitative test on this reporting unit during the fourth quarter of 2016. In the quantitative test, the estimated fair value of the Fixed Income, Currency and Commodities Client Execution reporting unit substantially exceeded its carrying value. Therefore, the firm determined that goodwill for all reporting units was not impaired. Identifiable Intangible Assets. The table below presents the gross carrying amount, accumulated amortization and net carrying amount of identifiable intangible assets. As of December $ in millions 2016 2015 Customer lists Gross carrying amount $ 1,065 $ 1,072 Accumulated amortization (837 ) (777 ) Net carrying amount 228 295 Other Gross carrying amount 543 449 Accumulated amortization (342 ) (253 ) Net carrying amount 201 196 Total Gross carrying amount 1,608 1,521 Accumulated amortization (1,179 ) (1,030 ) Net carrying amount $ 429 $ 491 In the table above: • The net carrying amount of other intangibles primarily includes intangible assets related to acquired leases and commodities transportation rights. • During 2016 and 2015, the firm acquired $89 million (primarily related to acquired leases) and $67 million (primarily related to customer lists), respectively, of intangible assets with a weighted average amortization period of three years. Substantially all of the firm’s identifiable intangible assets are considered to have finite useful lives and are amortized over their estimated useful lives generally using the straight-line method. The tables below present details about amortization of identifiable intangible assets. Year Ended December $ in millions 2016 2015 2014 Amortization $162 $132 $217 $ in millions As of December 2016 Estimated future amortization 2017 $133 2018 113 2019 79 2020 29 2021 19 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 both 2016 and 2015, impairments were not material to the firm’s results of operations or financial condition. During 2014, primarily as a result of deterioration in market and operating conditions related to certain of the firm’s consolidated investments and the firm’s exchange-traded fund lead market maker (LMM) rights, the firm determined that certain assets were impaired and recorded impairments of $360 million, all of which were included in “Depreciation and amortization.” These impairments consisted of $268 million related to property, leasehold improvements and equipment, substantially all of which was attributable to a consolidated investment in Latin America, $70 million related to identifiable intangible assets, primarily attributable to the firm’s LMM rights, and $22 million related to goodwill as a result of the sale of Metro International Trade Services (Metro). The impairments related to property, leasehold improvements and equipment and goodwill were included within the firm’s Investing & Lending segment and the impairments related to identifiable intangible assets were principally included within the firm’s Institutional Client Services segment. The impairments 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 | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | Note 14. Deposits The table below presents the types and sources of the firm’s deposits. $ in millions Savings and Time Total As of December 2016 Private bank and online retail $61,166 $ 4,437 $ 65,603 Brokered certificates of deposit — 34,905 34,905 Deposit sweep programs 16,019 — 16,019 Institutional 12 7,559 7,571 Total $77,197 $46,901 $124,098 As of December 2015 Private bank $38,715 $ 2,354 $ 41,069 Brokered certificates of deposit — 32,419 32,419 Deposit sweep programs 15,791 — 15,791 Institutional 1 8,239 8,240 Total $54,507 $43,012 $ 97,519 In April 2016, Goldman Sachs Bank USA (GS Bank USA) acquired GE Capital Bank’s online retail deposit platform and assumed $16.52 billion of deposits, consisting of $8.76 billion in online deposit accounts and certificates of deposit, and $7.76 billion in brokered certificates of deposit. In the table above: • Substantially all deposits are interest-bearing. • Savings and demand deposits have no stated maturity. • Time deposits include $13.78 billion and $14.68 billion as of December 2016 and December 2015, respectively, of deposits accounted for at fair value under the fair value option. See Note 8 for further information about deposits accounted for at fair value. • Time deposits have a weighted average maturity of approximately 2.5 years and 3 years as of December 2016 and December 2015, respectively. • Deposit sweep programs represent long-term contractual agreements with several U.S. broker-dealers who sweep client cash to FDIC-insured deposits. • Deposits insured by the FDIC as of December 2016 and December 2015 were approximately $69.91 billion and $55.48 billion, respectively. The table below presents deposits held in U.S. and non-U.S. offices. Substantially all U.S. deposits were held at GS Bank USA and substantially all non-U.S. deposits were held at Goldman Sachs International Bank (GSIB). As of December $ in millions 2016 2015 U.S. offices $106,037 $81,920 Non-U.S. offices 18,061 15,599 Total $124,098 $97,519 The table below presents maturities of time deposits held in U.S. and non-U.S. offices. As of December 2016 $ in millions U.S. Non-U.S. Total 2017 $11,245 $8,262 $19,507 2018 6,004 542 6,546 2019 5,350 — 5,350 2020 4,054 — 4,054 2021 3,519 39 3,558 2022 - thereafter 7,671 215 7,886 Total $37,843 $9,058 $46,901 As of December 2016, deposits in U.S. and non-U.S. offices include $2.05 billion and $8.53 billion, respectively, of time deposits that were greater than $250,000. The firm’s savings and demand deposits are recorded based on the amount of cash received plus accrued interest, which approximates fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a majority 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 December 2016 and December 2015. 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 December 2016 and December 2015. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
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 December $ in millions 2016 2015 Other secured financings (short-term) $13,118 $14,233 Unsecured short-term borrowings 39,265 42,787 Total $52,383 $57,020 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 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 December 2016 and December 2015. The table below presents details about the firm’s unsecured short-term borrowings. As of December $ in millions 2016 2015 Current portion of unsecured long-term borrowings $23,528 $25,373 Hybrid financial instruments 11,700 12,956 Commercial paper — 208 Other short-term borrowings 4,037 4,250 Total $39,265 $42,787 Weighted average interest rate 1.68% 1.52% In the table above: • The current portion of unsecured long-term borrowings includes $21.53 billion and $24.11 billion as of December 2016 and December 2015, respectively, issued by Group Inc. • 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 | 12 Months Ended |
Dec. 31, 2016 | |
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 December $ in millions 2016 2015 Other secured financings (long-term) $ 8,405 $ 10,520 Unsecured long-term borrowings 189,086 175,422 Total $197,491 $185,942 See Note 10 for information about other secured financings. The table below presents unsecured long-term borrowings extending through 2056 and consisting principally of senior borrowings. $ in millions U.S. Dollar Non-U.S. Total As of December 2016 Fixed-rate obligations: Group Inc. $ 93,885 $31,274 $125,159 Subsidiaries 2,228 885 3,113 Floating-rate obligations: Group Inc. 27,864 19,112 46,976 Subsidiaries 8,884 4,954 13,838 Total $132,861 $56,225 $189,086 As of December 2015 Fixed-rate obligations: Group Inc. $ 90,076 $29,808 $119,884 Subsidiaries 2,114 895 3,009 Floating-rate obligations: Group Inc. 27,881 16,916 44,797 Subsidiaries 5,662 2,070 7,732 Total $125,733 $49,689 $175,422 In the table above: • Floating interest rates are generally based on LIBOR or OIS. Equity-linked and indexed instruments are included in floating-rate obligations. • Interest rates on U.S. dollar-denominated debt ranged from 1.60% to 10.04% (with a weighted average rate of 4.57%) and 1.60% to 10.04% (with a weighted average rate of 4.89%) as of December 2016 and December 2015, respectively. • Interest rates on non-U.S. dollar-denominated debt ranged from 0.02% to 13.00% (with a weighted average rate of 3.05%) and 0.40% to 13.00% (with a weighted average rate of 3.81%) as of December 2016 and December 2015, respectively. The table below presents unsecured long-term borrowings by maturity date. As of December 2016 $ in millions Group Inc. Subsidiaries Total 2018 $ 23,814 $ 2,890 $ 26,704 2019 23,012 2,582 25,594 2020 17,291 1,118 18,409 2021 20,005 740 20,745 2022 - thereafter 88,013 9,621 97,634 Total $172,135 $16,951 $189,086 In the table above: • Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included 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 holder are reflected at the earliest dates such options become exercisable. • Unsecured long-term borrowings include $7.43 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: $386 million in 2018, $295 million in 2019, $355 million in 2020, $586 million in 2021, and $5.81 billion in 2022 and thereafter. The firm designates certain derivatives as fair value hedges to convert a portion of its fixed-rate unsecured long-term borrowings not accounted for at fair value into floating-rate obligations. See Note 7 for further information about hedging activities. The table below presents unsecured long-term borrowings, after giving effect to such hedging activities. $ in millions Group Inc. Subsidiaries Total As of December 2016 Fixed-rate obligations: At fair value $ — $ 150 $ 150 At amortized cost 71,225 3,493 74,718 Floating-rate obligations: At fair value 17,591 11,669 29,260 At amortized cost 83,319 1,639 84,958 Total $172,135 $16,951 $189,086 As of December 2015 Fixed-rate obligations: At fair value $ — $ 21 $ 21 At amortized cost 52,448 2,569 55,017 Floating-rate obligations: At fair value 16,194 6,058 22,252 At amortized cost 96,039 2,093 98,132 Total $164,681 $10,741 $175,422 In the table above, the weighted average interest rates on the aggregate amounts were 2.87% (3.90% related to fixed-rate obligations and 1.97% related to floating-rate obligations) and 2.73% (4.33% related to fixed-rate obligations and 1.84% related to floating-rate obligations) as of December 2016 and December 2015, respectively. These rates exclude financial instruments accounted for at fair value under the fair value option. As of December 2016 and December 2015, the carrying value of unsecured long-term borrowings for which the firm did not elect the fair value option approximated fair value. 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 December 2016 and December 2015. 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 both December 2016 and December 2015, subordinated debt had maturities ranging from 2018 to 2045. Subordinated debt that matures within one year of the financial statement date is included in “Unsecured short-term borrowings.” The table below presents subordinated borrowings. $ in millions Par Carrying Rate As of December 2016 Subordinated debt $15,058 $17,604 4.29% Junior subordinated debt 1,360 1,809 5.70% Total $16,418 $19,413 4.41% As of December 2015 Subordinated debt $18,004 $20,784 3.79% Junior subordinated debt 1,359 1,817 5.77% Total $19,363 $22,601 3.93% In the table above: • Par amount and carrying amount of subordinated debt issued by Group Inc. were $14.84 billion and $17.39 billion, respectively, as of December 2016 and $17.47 billion and $20.25 billion, respectively, as of December 2015. • The rate is the weighted average interest rate for these borrowings, including the effect of fair value hedges used to convert these fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities. Junior Subordinated Debt Junior Subordinated Debt Held by Trusts. In 2012, the Vesey Street Investment Trust I (Vesey Street Trust) and the Murray Street Investment Trust I (Murray Street Trust) issued an aggregate of $2.25 billion of senior guaranteed trust securities to third parties, the proceeds of which were used to purchase junior subordinated debt issued by Group Inc. from Goldman Sachs Capital II and Goldman Sachs Capital III (APEX Trusts). The APEX Trusts used the proceeds 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). The senior guaranteed trust securities issued by the Vesey Street Trust and the related junior subordinated debt matured during the third quarter of 2016. As of December 2016, $1.45 billion of senior guaranteed trust securities issued by the Murray Street Trust and the related junior subordinated debt (that pays interest semi-annually at a fixed annual rate of 4.647%, and matures on March 9, 2017) were outstanding. The Murray Street Trust is required to redeem its senior guaranteed trust securities upon the maturity of the junior subordinated debt it holds. 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, the junior subordinated debt held by the Murray Street Trust is included in “Unsecured short-term borrowings,” and is not classified as subordinated borrowings. The APEX Trusts and the Murray Street Trust 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, shares of Group Inc.’s Series E or Series F Preferred Stock or shares of Group Inc.’s Series O Perpetual Non-Cumulative Preferred Stock if the redemption or purchase results in less than $253 million aggregate liquidation preference outstanding, 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. During 2016, the firm exchanged a par amount of $1.32 billion of APEX issued by the APEX Trusts for a corresponding redemption value of the Series E and Series F Preferred Stock, which was permitted under the covenants referenced above. 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 | 12 Months Ended |
Dec. 31, 2016 | |
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 December $ in millions 2016 2015 Compensation and benefits $ 7,181 $ 8,149 Noncontrolling interests 506 459 Income tax-related liabilities 1,794 1,280 Employee interests in consolidated funds 77 149 Subordinated liabilities of consolidated VIEs 584 501 Accrued expenses and other 4,220 8,355 Total $ 14,362 $ 18,893 In the table above, the decrease in accrued expenses and other from December 2015 to December 2016 reflects payments related to the settlement agreement with the Residential Mortgage-Backed Securities Working Group of the U.S. Financial Fraud Enforcement Task Force (RMBS Working Group), as well as the sale of liabilities previously classified as held for sale related to certain of the firm’s consolidated investments. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Note 18. Commitments, Contingencies and Guarantees Commitments The table below presents the firm’s commitments by type. As of December $ in millions 2016 2015 Commitments to extend credit Commercial lending: Investment-grade $ 73,664 $ 72,428 Non-investment-grade 34,878 41,277 Warehouse financing 3,514 3,453 Total commitments to extend credit 112,056 117,158 Contingent and forward starting resale and securities borrowing agreements 25,348 28,874 Forward starting repurchase and secured lending agreements 8,939 5,878 Letters of credit 373 249 Investment commitments 8,444 6,054 Other 6,014 6,944 Total commitments $161,174 $165,157 The table below presents the firm’s commitments by period of expiration. As of December 2016 $ in millions 2017 2018 - 2020 - 2022 - Commitments to extend credit Commercial lending: Investment-grade $19,408 $14,091 $39,665 $ 500 Non-investment-grade 2,562 9,458 18,484 4,374 Warehouse financing 388 1,356 263 1,507 Total commitments to 22,358 24,905 58,412 6,381 Contingent and forward starting resale and securities borrowing agreements 25,348 — — — Forward starting repurchase and secured lending agreements 8,939 — — — Letters of credit 308 21 — 44 Investment commitments 6,713 415 108 1,208 Other 5,756 200 15 43 Total commitments $69,422 $25,541 $58,535 $7,676 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 December 2016 and December 2015, $98.05 billion and $93.92 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 December 2016 and December 2015, $6.87 billion and $9.92 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 $26.88 billion and $27.03 billion as of December 2016 and December 2015, 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 December 2016 and December 2015. 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 include commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages. Investment commitments include $2.10 billion and $2.86 billion as of December 2016 and December 2015, respectively, related to commitments to invest in funds managed by the firm. If these commitments are called, they would be funded at market value on the date of investment. Leases The firm has contractual obligations under long-term noncancelable lease agreements 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 2017 $ 290 2018 282 2019 238 2020 206 2021 159 2022 - thereafter 766 Total $1,941 Rent charged to operating expense was $244 million for 2016, $249 million for 2015 and $309 million for 2014. 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. During 2016, the firm incurred exit costs of approximately $68 million related to excess office space. 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. The firm has not been a significant originator of residential mortgage loans. The firm did purchase loans originated by others and generally received loan-level representations. During the period 2005 through 2008, the firm sold approximately $10 billion of loans to government-sponsored enterprises and approximately $11 billion of loans to other third parties. In addition, the firm transferred $125 billion of loans to trusts and other mortgage securitization vehicles. In connection with both sales of loans and securitizations, the firm provided loan-level representations and/or assigned the loan-level representations from the party from whom the firm purchased the loans. 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 such as 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 certain trusts. Based upon the large number of defaults in residential mortgages, including those sold or securitized by the firm, there is a potential for repurchase claims. However, the firm is not in a position to make a meaningful estimate of that exposure at this time. Other Contingencies. In connection with the sale of Metro, the firm agreed to provide indemnities to the buyer, which primarily relate to fundamental representations and warranties, and potential liabilities for legal or regulatory proceedings arising out of the conduct of Metro’s business while the firm owned it. In connection with the settlement agreement with the RMBS Working Group, the firm agreed to provide $1.80 billion in consumer relief in the form of principal forgiveness for underwater homeowners and distressed borrowers; financing for construction, rehabilitation and preservation of affordable housing; and support for debt restructuring, foreclosure prevention and housing quality improvement programs, as well as land banks. Guarantees The table below presents information about certain derivatives that meet the definition of a guarantee, securities lending indemnifications and certain other guarantees. $ in millions Derivatives Securities Other As of December 2016 Carrying Value of Net Liability $ 8,873 $ — $ 50 Maximum Payout/Notional Amount by Period of Expiration 2017 $432,328 $33,403 $1,064 2018 - 2019 261,676 — 763 2020 - 2021 71,264 — 1,662 2022 - thereafter 51,506 — 173 Total $816,774 $33,403 $3,662 As of December 2015 Carrying Value of Net Liability $ 8,351 $ — $ 76 Maximum Payout/Notional Amount by Period of Expiration 2016 $640,288 $31,902 $ 611 2017 - 2018 168,784 — 1,402 2019 - 2020 67,643 — 1,772 2021 - thereafter 49,728 — 676 Total $926,443 $31,902 $4,461 In the table above: • The maximum payout is based on the notional amount of the contract and does not represent anticipated losses. • Amounts exclude certain commitments to issue standby letters of credit that are included in “Commitments to extend credit.” See the tables 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 table 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 table 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 table 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 $34.33 billion and $32.85 billion as of December 2016 and December 2015, 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 Murray Street Trust, 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 Murray Street Trust. 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 the firm’s 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 consolidated statements of financial condition as of December 2016 and December 2015. Other Representations, Warranties and Indemnifications. The firm provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. The firm may also provide indemnifications protecting against changes in or adverse application of certain U.S. tax laws in connection with ordinary-course transactions such as securities issuances, borrowings or derivatives. In addition, the firm may provide indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld, due either to a change in or an adverse application of certain non-U.S. tax laws. These indemnifications generally are standard contractual terms and are entered into in the ordinary course of business. Generally, there are no stated or notional amounts included in these indemnifications, and the contingencies triggering the obligation to indemnify are not expected to occur. The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these arrangements have been recognized in the consolidated statements of financial condition as of December 2016 and December 2015. 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.) and GS Bank USA, subject to certain exceptions. 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 | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Shareholders' Equity | Note 19. Shareholders’ Equity Common Equity Dividends declared per common share were $2.60 in 2016, $2.55 in 2015 and $2.25 in 2014. On January 17, 2017, Group Inc. declared a dividend of $0.65 per common share to be paid on March 30, 2017 to common shareholders of record on March 2, 2017. 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. Year Ended December in millions, except per share amounts 2016 2015 2014 Common share repurchases 36.6 22.1 31.8 Average cost per share $165.88 $189.41 $171.79 Total cost of common share repurchases $ 6,069 $ 4,195 $ 5,469 Pursuant to the terms of certain share-based compensation plans, employees may remit shares to the firm or the firm may cancel RSUs or stock options to satisfy minimum statutory employee tax withholding requirements and the exercise price of stock options. Under these plans, during 2016, 2015 and 2014, 49,374 shares, 35,217 shares and 174,489 shares were remitted with a total value of $7 million, $6 million and $31 million, and the firm cancelled 6.1 million, 5.7 million and 5.8 million of RSUs with a total value of $921 million, $1.03 billion and $974 million. Under these plans, the firm also cancelled 5.5 million, 2.0 million and 15.6 million of stock options with a total value of $1.11 billion, $406 million and $2.65 billion during 2016, 2015 and 2014, respectively. Preferred Equity The tables below present details about the perpetual preferred stock issued and outstanding as of December 2016. Series Shares Shares Shares Depositary Shares Per Share A 50,000 30,000 29,999 1,000 B 50,000 32,000 32,000 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 7,667 7,667 N/A F 5,000 1,615 1,615 N/A I 34,500 34,000 34,000 1,000 J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 L 52,000 52,000 52,000 25 M 80,000 80,000 80,000 25 N 31,050 27,000 27,000 1,000 O 26,000 26,000 26,000 25 Total 509,250 420,282 420,280 Series Earliest Redemption Date Liquidation Redemption ($ in millions) A Currently redeemable $ 25,000 $ 750 B Currently redeemable 25,000 800 C Currently redeemable 25,000 200 D Currently redeemable 25,000 1,350 E Currently redeemable 100,000 767 F Currently redeemable 100,000 161 I November 10, 2017 25,000 850 J May 10, 2023 25,000 1,000 K May 10, 2024 25,000 700 L May 10, 2019 25,000 1,300 M May 10, 2020 25,000 2,000 N May 10, 2021 25,000 675 O November 10, 2026 25,000 650 Total $11,203 In the tables above: • All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares. • The earliest redemption date represents the date on which each share of non-cumulative Preferred Stock is redeemable at the firm’s option. • The redemption price per share for Series A through F Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series I through O Preferred Stock is the liquidation preference plus accrued and unpaid dividends. 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 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. • In February 2016, Group Inc. issued 27,000 shares of Series N perpetual 6.30% Non-Cumulative Preferred Stock (Series N Preferred Stock). • In July 2016, Group Inc. issued 26,000 shares of Series O perpetual 5.30% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series O Preferred Stock). • 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, Series M and Series O Preferred Stock, if declared, are payable quarterly in arrears. Dividends on Series L, Series M and Series O Preferred Stock, if declared, are payable semi-annually in arrears from the issuance date to, but excluding, May 10, 2019, May 10, 2020 and November 10, 2026, 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. During 2016, the firm delivered a par amount of $1.32 billion (fair value of $1.04 billion) of APEX to the APEX Trusts in exchange for 9,833 shares of Series E Preferred Stock and 3,385 shares of Series F Preferred Stock for a total redemption value of $1.32 billion (net carrying value of $1.31 billion). Following the exchange, shares of Series E and Series F Preferred Stock were cancelled. The difference between the fair value of the APEX and the net carrying value of the preferred stock at the time of cancellation was $266 million for 2016, and was recorded in “Preferred stock dividends,” along with preferred dividends declared on the firm’s preferred stock. See Note 16 for further information about APEX. The table below presents the dividend rates of the firm’s perpetual preferred stock as of December 2016. 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; K 6.375% per annum to, but excluding, May 10, 2024; L 5.70% per annum to, but excluding, May 10, 2019; M 5.375% per annum to, but excluding, May 10, 2020; N 6.30% per annum O 5.30% per annum to, but excluding, November 10, 2026; The table below presents preferred dividends declared on the firm’s preferred stock. Year Ended December 2016 2015 2014 Series per share $ in millions per share $ in millions per share $ in millions A $ 953.12 $ 29 $ 950.52 $ 28 $ 945.32 $ 28 B 1,550.00 50 1,550.00 50 1,550.00 50 C 1,016.68 8 1,013.90 8 1,008.34 8 D 1,016.68 55 1,013.90 54 1,008.34 54 E 4,066.66 50 4,055.55 71 4,044.44 71 F 4,066.66 13 4,055.55 20 4,044.44 20 I 1,487.52 51 1,487.52 51 1,487.52 51 J 1,375.00 55 1,375.00 55 1,375.00 55 K 1,593.76 45 1,593.76 45 850.00 24 L 1,425.00 74 1,425.00 74 760.00 39 M 1,343.76 107 735.33 59 — — N 1,124.38 30 — — — — O 379.10 10 — — — — Total $577 $515 $400 In the table above, the total preferred dividend amounts for Series E and Series F Preferred Stock for 2016 include prorated dividends of $866.67 per share related to 4,861 shares of Series E Preferred Stock and 1,639 shares of Series F Preferred Stock, which were cancelled during 2016. On January 10, 2017, Group Inc. declared dividends of $239.58, $387.50, $255.56, $255.56, $371.88, $343.75, $398.44 and $393.75 per share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series I Preferred Stock, Series J Preferred Stock, Series K Preferred Stock and Series N Preferred Stock, respectively, to be paid on February 10, 2017 to preferred shareholders of record on January 26, 2017. In addition, the firm declared dividends of $1,000.00 per each share of Series E Preferred Stock and Series F Preferred Stock, to be paid on March 1, 2017 to preferred shareholders of record on February 14, 2017. Accumulated Other Comprehensive Loss The table below presents accumulated other comprehensive loss, net of tax, by type. In the table below, the beginning balance of accumulated other comprehensive loss for the current period has been adjusted to reflect the impact of reclassifying the cumulative debt valuation adjustment, net of tax, from retained earnings to accumulated other comprehensive loss. See Note 3 for further information about the adoption of ASU No. 2016-01. See Note 8 for further information about the debt valuation adjustment. $ in millions Beginning Other Ending As of December 2016 Currency translation $(587 ) $ (60 ) $ (647 ) Debt valuation adjustment 305 (544 ) (239 ) Pension and postretirement liabilities (131 ) (199 ) (330 ) Total $(413 ) $(803 ) $(1,216 ) As of December 2015 Currency translation $(473 ) $(114 ) $ (587 ) Pension and postretirement liabilities (270 ) 139 (131 ) Total $(743 ) $ 25 $ (718 ) |
Regulation and Capital Adequacy
Regulation and Capital Adequacy | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Regulation and Capital Adequacy | Note 20. Regulation and Capital Adequacy The Federal Reserve Board is the primary regulator of Group Inc., a bank holding company under the Bank Holding Company Act of 1956 (BHC Act) and a financial holding company under amendments to the BHC Act. As a bank holding company, the firm is subject to consolidated 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 capital 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 regulations under the Revised Capital Framework are largely based on the Basel Committee on Banking Supervision’s (Basel Committee) capital framework for strengthening international capital standards (Basel III) and also implement certain provisions of the Dodd-Frank Act. Under the Revised Capital Framework, the firm is an “Advanced approach” banking organization. The firm calculates 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 Basel III Advanced Rules was lower than that calculated in accordance with the Standardized Capital Rules and therefore the Basel III Advanced ratios were the ratios that applied to the firm as of December 2016 and December 2015. The capital ratios that apply to the firm can change in future reporting periods as a result of these regulatory requirements. Regulatory Capital and Capital Ratios. The table below presents the minimum ratios required for the firm. As of December 2016 2015 CET1 ratio 5.875% 4.5% Tier 1 capital ratio 7.375% 6.0% Total capital ratio 9.375% 8.0% Tier 1 leverage ratio 4.000% 4.0% In the table above: • The minimum ratios as of December 2016 reflect (i) the 25% phase-in of the capital conservation buffer (0.625%), (ii) the 25% phase-in of the Global Systemically Important Bank (G-SIB) buffer (0.75%), and (iii) the counter-cyclical capital buffer of zero percent, each described below. • 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%. • 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 capital buffers 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 not deducted during the transitional period 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 capital buffers are phased in. The capital conservation buffer, which consists entirely of capital that qualifies as CET1, began to phase in on January 1, 2016 and will continue to do so in increments of 0.625% per year until it reaches 2.5% of RWAs on January 1, 2019. The G-SIB buffer, which is an extension of the capital conservation buffer, phases in ratably, beginning on January 1, 2016, becoming fully effective on January 1, 2019, and must consist entirely of capital that qualifies as CET1. The buffer must be calculated using two methodologies, the higher of which is reflected in the firm’s minimum risk-based capital ratios. The first calculation is based upon the Basel Committee’s methodology which, among other factors, relies upon measures of the size, activity and complexity of each G-SIB (Method One). The second calculation uses similar inputs, but it includes a measure of reliance on short-term wholesale funding (Method Two). The firm’s G-SIB buffer is 3.0%, using financial data primarily as of December 2014. The buffer will be updated annually based on financial data as of the end of the prior year, and will be applicable for the following year. The Revised Capital Framework also provides for a counter-cyclical capital buffer, which is an extension of the capital conservation buffer, of up to 2.5% (consisting entirely of CET1) intended to counteract systemic vulnerabilities. As of December 2016 the Federal Reserve Board has set the counter-cyclical capital buffer at zero percent. Failure to meet the capital levels inclusive of the buffers could result in limitations on the firm’s ability to distribute capital, including share repurchases and dividend payments, and to make certain discretionary compensation payments. Definition of Risk-Weighted Assets. RWAs are 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. 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 and the Basel III Advanced 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 formulaic approaches to measure exposure for securitizations and equities; and • 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 formulaic approaches to measure exposure for securitizations and equities. 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 and Basel III Advanced 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 end 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 by their nature. 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 exceeded its 99% one-day regulatory VaR on two occasions during 2016 and did not exceed its 99% one-day regulatory VaR during 2015. There was no change in the VaR multiplier used to calculate Market RWAs; • Stressed VaR is the potential loss in value of inventory positions, as well as certain other financial assets and financial liabilities, 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 under 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 Basel III Advanced Rules was lower than that calculated in accordance with the Standardized Rules as of December 2016 and December 2015, and therefore such lower ratios applied to the firm as of these dates. The table below presents the ratios calculated in accordance with both the Standardized and Basel III Advanced Rules. As of December $ in millions 2016 2015 Common shareholders’ equity $ 75,690 $ 75,528 Deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities (2,874 ) (2,814 ) Deductions for investments in nonconsolidated financial institutions (424 ) (864 ) Other adjustments (346 ) (487 ) Common Equity Tier 1 72,046 71,363 Preferred stock 11,203 11,200 Junior subordinated debt issued to trusts — 330 Deduction for investments in covered funds (445 ) (413 ) Other adjustments (364 ) (969 ) Tier 1 capital $ 82,440 $ 81,511 Standardized Tier 2 and Total capital Tier 1 capital $ 82,440 $ 81,511 Qualifying subordinated debt 14,566 15,132 Junior subordinated debt issued to trusts 792 990 Allowance for losses on loans and lending commitments 722 602 Other adjustments (6 ) (19 ) Standardized Tier 2 capital 16,074 16,705 Standardized Total capital $ 98,514 $ 98,216 Basel III Advanced Tier 2 and Total capital Tier 1 capital $ 82,440 $ 81,511 Standardized Tier 2 capital 16,074 16,705 Allowance for losses on loans and lending commitments (722 ) (602 ) Basel III Advanced Tier 2 capital 15,352 16,103 Basel III Advanced Total capital $ 97,792 $ 97,614 RWAs Standardized $496,676 $524,107 Basel III Advanced 549,650 577,651 CET1 ratio Standardized 14.5% 13.6% Basel III Advanced 13.1% 12.4% Tier 1 capital ratio Standardized 16.6% 15.6% Basel III Advanced 15.0% 14.1% Total capital ratio Standardized 19.8% 18.7% Basel III Advanced 17.8% 16.9% Tier 1 leverage ratio 9.4% 9.3% In the table above: • The deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities, include goodwill of $3.67 billion and $3.66 billion as of December 2016 and December 2015, respectively, and identifiable intangible assets of $257 million (60% of $429 million) and $196 million (40% of $491 million) as of December 2016 and December 2015, respectively, net of associated deferred tax liabilities of $1.05 billion and $1.04 billion as of December 2016 and December 2015, respectively. Goodwill is fully deducted from CET1, while the deduction for identifiable intangible assets is required to be phased into CET1 ratably over five years from 2014 to 2018. 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 December 2016 and December 2015, CET1 reflects 60% and 40% of the deduction, respectively. The balance that is not deducted during the transitional period is risk weighted. • The deduction for investments in covered funds represents the firm’s aggregate investments in applicable covered funds, as permitted by the Volcker Rule, that were purchased after December 2013. Substantially all of these investments in covered funds were purchased in connection with the firm’s market-making activities. This deduction was not subject to a transition period. See Note 6 for further information about the Volcker Rule. • 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 December 2016 and December 2015, CET1 reflects 60% and 40% 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. • As of December 2016, junior subordinated debt issued to trusts is fully phased out of Tier 1 capital, with 60% included in Tier 2 capital and 40% fully phased out of regulatory capital. As of December 2015, junior subordinated debt issued to trusts is reflected in both Tier 1 capital (25%) and Tier 2 capital (75%). 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 2 capital by 2022 at a rate of 10% per year. 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 is subordinated debt issued by Group Inc. with an original maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced upon reaching a remaining maturity of five years. See Note 16 for additional information about the firm’s subordinated debt. The tables below present changes in CET1, Tier 1 capital and Tier 2 capital for the year ended December 2016 and year ended December 2015. Year Ended December 2016 $ in millions Standardized Basel III Advanced Common Equity Tier 1 Beginning balance $71,363 $71,363 Change in common shareholders’ equity 162 162 Change in deductions for: Transitional provisions (839 ) (839 ) Goodwill and identifiable intangible assets, net of deferred tax liabilities 16 16 Investments in nonconsolidated financial institutions 895 895 Change in other adjustments 449 449 Ending balance $72,046 $72,046 Tier 1 capital Beginning balance $81,511 $81,511 Change in deductions for: Transitional provisions (558 ) (558 ) Investments in covered funds (32 ) (32 ) Other net increase in CET1 1,522 1,522 Redesignation of junior subordinated debt issued to trusts (330 ) (330 ) Change in preferred stock 3 3 Change in other adjustments 324 324 Ending balance 82,440 82,440 Tier 2 capital Beginning balance 16,705 16,103 Change in qualifying subordinated debt (566 ) (566 ) Redesignation of junior subordinated debt issued to trusts (198 ) (198 ) Change in the allowance for losses on loans and lending commitments 120 — Change in other adjustments 13 13 Ending balance 16,074 15,352 Total capital $98,514 $97,792 Year Ended December 2015 $ in millions Standardized Basel III Advanced Common Equity Tier 1 Beginning balance $69,830 $69,830 Change in common shareholders’ equity 1,931 1,931 Change in deductions for: Transitional provisions (1,368 ) (1,368 ) Goodwill and identifiable intangible assets, net of deferred tax liabilities 75 75 Investments in nonconsolidated financial institutions 1,059 1,059 Change in other adjustments (164 ) (164 ) Ending balance $71,363 $71,363 Tier 1 capital Beginning balance $78,433 $78,433 Change in deductions for: Transitional provisions (1,073 ) (1,073 ) Investments in covered funds (413 ) (413 ) Other net increase in CET1 2,901 2,901 Redesignation of junior subordinated debt issued to trusts (330 ) (330 ) Change in preferred stock 2,000 2,000 Change in other adjustments (7 ) (7 ) Ending balance 81,511 81,511 Tier 2 capital Beginning balance 12,861 12,545 Increased deductions for transitional provisions (53 ) (53 ) Change in qualifying subordinated debt 3,238 3,238 Redesignation of junior subordinated debt issued to trusts 330 330 Change in the allowance for losses on loans and lending commitments 286 — Change in other adjustments 43 43 Ending balance 16,705 16,103 Total capital $98,216 $97,614 The change in deductions for transitional provisions in the tables above represent the increased phase-in of deductions from 40% to 60% (effective January 1, 2016) for the year ended December 2016 and from 20% to 40% (effective January 1, 2015) for the year ended December 2015. The tables below present the components of RWAs calculated in accordance with the Standardized and Basel III Advanced Rules. Standardized Capital Rules $ in millions 2016 2015 Credit RWAs Derivatives $124,286 $136,841 Commitments, guarantees and loans 115,744 111,391 Securities financing transactions 71,319 71,392 Equity investments 41,428 37,687 Other 58,636 62,807 Total Credit RWAs 411,413 420,118 Market RWAs Regulatory VaR 9,750 12,000 Stressed VaR 22,475 21,738 Incremental risk 7,875 9,513 Comprehensive risk 5,338 5,725 Specific risk 39,825 55,013 Total Market RWAs 85,263 103,989 Total RWAs $496,676 $524,107 Basel III Advanced Rules $ in millions 2016 2015 Credit RWAs Derivatives $105,096 $113,671 Commitments, guarantees and loans 122,792 114,523 Securities financing transactions 14,673 14,901 Equity investments 44,095 40,110 Other 63,431 60,877 Total Credit RWAs 350,087 344,082 Market RWAs Regulatory VaR 9,750 12,000 Stressed VaR 22,475 21,738 Incremental risk 7,875 9,513 Comprehensive risk 4,550 4,717 Specific risk 39,825 55,013 Total Market RWAs 84,475 102,981 Total Operational RWAs 115,088 130,588 Total RWAs $549,650 $577,651 In the tables above: • Securities financing transactions represent resale and repurchase agreements and securities borrowed and loaned transactions. • Other primarily includes receivables, other assets, and cash and cash equivalents. The table below presents changes in RWAs calculated in accordance with the Standardized and Basel III Advanced Rules for the year ended December 2016. The increased deductions for transitional provisions represent the increased phase-in of deductions from 40% to 60%, effective January 1, 2016. Year Ended $ in millions Standardized Basel III Advanced Risk-Weighted Assets Beginning balance $524,107 $577,651 Credit RWAs Change in deductions for transitional provisions (531 ) (531 ) Change in: Derivatives (12,555 ) (8,575 ) Commitments, guarantees and loans 4,353 8,269 Securities financing transactions (73 ) (228 ) Equity investments 4,196 4,440 Other (4,095 ) 2,630 Change in Credit RWAs (8,705 ) 6,005 Market RWAs Change in: Regulatory VaR (2,250 ) (2,250 ) Stressed VaR 737 737 Incremental risk (1,638 ) (1,638 ) Comprehensive risk (387 ) (167 ) Specific risk (15,188 ) (15,188 ) Change in Market RWAs (18,726 ) (18,506 ) Operational RWAs Change in operational risk — (15,500 ) Change in Operational RWAs — (15,500 ) Ending balance $496,676 $549,650 Standardized Credit RWAs as of December 2016 decreased by $8.71 billion compared with December 2015, primarily reflecting a decrease in derivatives, principally due to reduced exposures, and a decrease in receivables included in other credit RWAs reflecting the impact of firm and client activity. This decrease was partially offset by increases in commitments, guarantees and loans principally due to increased lending activity and equity investments, principally due to increased exposures and the impact of market movements. Standardized Market RWAs as of December 2016 decreased by $18.73 billion compared with December 2015, primarily reflecting a decrease in specific risk as a result of reduced risk exposures. Basel III Advanced Credit RWAs as of December 2016 increased by $6.01 billion compared with December 2015, primarily reflecting an increase in commitments, guarantees and loans principally due to increased lending activity, and an increase in equity investments, principally due to increased exposures and the impact of market movements. These increases were partially offset by a decrease in derivatives, principally due to lower counterparty credit risk and reduced exposure. Basel III Advanced Market RWAs as of December 2016 decreased by $18.51 billion compared with December 2015, primarily reflecting a decrease in specific risk as a result of reduced risk exposures. Basel III Advanced Operational RWAs as of December 2016 decreased by $15.50 billion compared with December 2015, reflecting a decrease in the frequency of certain events incorporated within the firm’s risk-based model. The table below presents changes in RWAs calculated in accordance with the Standardized and Basel III Advanced Rules for the year ended December 2015. The increased deductions for transitional provisions represent the increased phase-in of deductions from 20% to 40%, effective January 1, 2015. Year Ended $ in millions Standardized Basel III Advanced Risk-Weighted Assets Beginning balance $619,216 $570,313 Credit RWAs Change in deductions for transitional provisions (1,073 ) (1,073 ) Change in: Derivatives (43,930 ) (8,830 ) Commitments, guarantees and loans 21,608 19,314 Securities financing transactions (20,724 ) (717 ) Equity investments 131 934 Other (8,589 ) 6,510 Change in Credit RWAs (52,577 ) 16,138 Market RWAs Change in: Regulatory VaR 1,762 1,762 Stressed VaR (7,887 ) (7,887 ) Incremental risk (7,437 ) (7,437 ) Comprehensive risk (4,130 ) (3,433 ) Specific risk (24,840 ) (24,905 ) Change in Market RWAs (42,532 ) (41,900 ) Operational RWAs Change in operational risk — 33,100 Change in Operational RWAs — 33,100 Ending balance $524,107 $577,651 Standardized Credit RWAs as of December 2015 decreased by $52.58 billion compared with December 2014, reflecting decreases in derivatives and securities financing transactions, primarily due to lower exposures. These decreases were partially offset by an increase in lending activity. Standardized Market RWAs as of December 2015 decreased by $42.53 billion compared with December 2014, primarily due to decreased specific risk, as a result of reduced risk exposures. Basel III Advanced Credit RWAs as of December 2015 increased by $16.14 billion compared with December 2014, primarily reflecting an increase in lending activity. This increase was partially offset by a decrease in RWAs related to derivatives, due to lower counterparty credit risk. Basel III Advanced Market RWAs as of December 2015 decreased by $41.90 billion compared with December 2014, primarily due to decreased specific risk, as a result of reduced risk exposures. Basel III Advanced Operational RWAs as of December 2015 increased by $33.10 billion compared with December 2014, substantially all of which is associated with mortgage-related legal matters and regulatory proceedings. See “Definition of Risk-Weighted Assets” above for a description of the calculations of Credit RWAs, Market RWAs and Operational RWAs, including the differences in the calculation of Credit RWAs under each of the Standardized Capital Rules and the Basel III Advanced Rules. 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 (NYDFS) and the Consumer Financial Protection Bureau, and is subject to regulatory capital requirements that are calculated in substantially the same manner as 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. Under the regulatory framework for prompt corrective action applicable to GS Bank USA, in order to meet the quantitative requirements for being a “well-capitalized” depository institution, GS Bank USA must meet higher minimum requirements than the minimum ratios in the table below. The table below presents the minimum ratios and the “well-capitalized” minimum ratios required for GS Bank USA. Minimum Ratio as of December “Well-capitalized” Minimum Ratio 2016 2015 CET1 ratio 5.125% 4.5% 6.5% Tier 1 capital ratio 6.625% 6.0% 8.0% Total capital ratio 8.625% 8.0% 10.0% Tier 1 leverage ratio 4.000% 4.0% 5.0% GS Bank USA was in compliance with its minimum capital requirements and the “well-capitalized” minimum ratios as of December 2016 and December 2015. In the table above, the minimum ratios as of December 2016 reflect the 25% phase-in of the capital conservation buffer (0.625%) and the counter-cyclical capital buffer described above (0%). 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, including a breach of the buffers discussed above, could result in restrictions being imposed by GS Bank USA’s regulators. 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 the Standardized Capital ratios were the ratios that applied to GS Bank USA as of December 2016 and December 2015. The capital ratios that apply to GS Bank USA can change in future reporting periods as a result of these regulatory requirements. The table below presents the ratios for GS Bank USA calculated in accordance with both the Standardized and Basel III Advanced Rules. As of December $ in millions 2016 2015 Standardized Common Equity Tier 1 $ 24,485 $ 23,017 Tier 1 capital 24,485 23,017 Tier 2 capital 2,382 2,311 Total capital $ 26,867 $ 25,328 Basel III Advanced Common Equity Tier 1 $ 24,485 $ 23,017 Tier 1 capital 24,485 23,017 Standardized Tier 2 capital 2,382 2,311 Allowance for losses on loans and lending commitments (382 ) (311 ) Tier 2 capital 2,000 2,000 Total capital $ 26,485 $ 25,017 RWAs Standardized $204,232 $202,197 Basel III Advanced 131,051 131,059 CET1 ratio Standardized 12.0% 11.4% Basel III Advanced 18.7% 17.6% Tier 1 capital ratio Standardized 12.0% 11.4% Basel III Advanced 18.7% 17.6% Total capital ratio Standardized 13.2% 12.5% Basel III Advanced 20.2% 19.1% Tier 1 leverage ratio 14.4% 16.4% The increase in GS Bank USA’s Standardized and Advanced capital ratios from December 2015 to December 2016 is primarily due to an increase in Common Equity Tier 1 capital, principally due to net earnings for 2016. 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 December 2016 and December 2015, GSIB was in compliance with all regulatory capital requirements. Broker-Dealer Subsidiaries U.S. Regulated Broker-Dealer Subsidiaries. GS&Co. is the firm’s primary U.S. regulated broker-dealer subsidiary and is subject to regulatory capital requirements including those imposed by the SEC and the Financial Industry Regulatory Authority, Inc. (FINRA). In addition, GS&Co. is a registered futures commission merchant and is subject to regulatory capital requirements imposed by the CFTC, the Chicago Mercantile Exchange 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. has elected to calculate its minimum capital requirements in accordance with the “Alternative Net Capital Requirement” as permitted by Rule 15c3-1. As of December 2016 and December 2015, GS&Co. had regulatory net capital, as defined by Rule 15c3-1, of $17.17 billion and $14.75 billion |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
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 and RSUs for which no future service is required as a condition to the delivery of the underlying common stock (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for stock 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. Year Ended December in millions, except per share amounts 2016 2015 2014 Net earnings applicable to common shareholders $7,087 $5,568 $8,077 Weighted average number of basic shares 427.4 448.9 458.9 Effect of dilutive securities: RSUs 4.7 5.3 6.1 Stock options 3.0 4.4 8.2 Dilutive securities 7.7 9.7 14.3 Weighted average number of basic shares and dilutive securities 435.1 458.6 473.2 Basic EPS $16.53 $12.35 $17.55 Diluted EPS 16.29 12.14 17.07 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 $0.05 for 2016, 2015 and 2014. The diluted EPS computations in the table above do not include antidilutive RSUs and common shares underlying antidilutive stock options of 2.8 million for 2016, and 6.0 million for both 2015 and 2014. |
Transactions with Affiliated Fu
Transactions with Affiliated Funds | 12 Months Ended |
Dec. 31, 2016 | |
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. Year Ended December $ in millions 2016 2015 2014 Fees earned from funds $2,777 $3,293 $3,232 As of December $ in millions 2016 2015 Fees receivable from funds $ 554 $ 599 Aggregate carrying value of interests in funds 6,841 7,768 The firm may periodically determine to waive certain management fees on selected money market funds. Management fees of $104 million were waived for the year ended December 2016. The Volcker Rule restricts the firm from providing financial support to covered funds (as defined in the rule) after the expiration of any applicable 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. As of both December 2016 and December 2015, the firm had an outstanding guarantee, as permitted under the Volcker Rule, on behalf of its funds of $300 million. The firm has voluntarily provided this guarantee 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 December 2016 and December 2015, except as noted above, the firm has not provided any additional financial support to its affiliated funds. 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 | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift, Interest [Abstract] | |
Interest Income and Interest Expense | Interest Income and Interest Expense Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates. The table below presents the firm’s sources of interest income and interest expense. Year Ended December $ in millions 2016 2015 2014 Interest income Deposits with banks $ 452 $ 241 $ 227 Securities borrowed, securities purchased under agreements to resell and federal funds sold 691 17 (78 ) Financial instruments owned, at fair value 5,444 5,862 7,537 Loans receivable 1,843 1,191 708 Other interest 1,261 1,141 1,210 Total interest income 9,691 8,452 9,604 Interest expense Deposits 878 408 333 Securities loaned and securities sold under agreements to repurchase 442 330 431 Financial instruments sold, but not yet purchased, at fair value 1,251 1,319 1,741 Short-term secured and unsecured borrowings 446 429 447 Long-term secured and unsecured borrowings 4,242 3,878 3,460 Other interest (155 ) (976 ) (855 ) Total interest expense 7,104 5,388 5,557 Net interest income $2,587 $3,064 $4,047 In the table above: • Securities borrowed, securities purchased under agreements to resell and federal funds sold includes rebates paid and interest income on securities borrowed. • Other interest income includes interest income on customer debit balances and other interest-earning assets. • Other interest expense includes rebates received on other interest-bearing liabilities and interest expense on customer credit balances. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
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.” The tables below present the components of the provision for taxes and a reconciliation of the U.S. federal statutory income tax rate to the firm’s effective income tax rate. Year Ended December $ in millions 2016 2015 2014 Current taxes U.S. federal $1,032 $1,116 $1,908 State and local 139 (12 ) 576 Non-U.S. 1,184 1,166 901 Total current tax expense 2,355 2,270 3,385 Deferred taxes U.S. federal 399 397 190 State and local 51 62 38 Non-U.S. 101 (34 ) 267 Total deferred tax expense 551 425 495 Provision for taxes $2,906 $2,695 $3,880 In the table above, for 2016 and 2015, state and local current taxes includes the impact of settlements of state and local examinations. Year Ended December 2016 2015 2014 U.S. federal statutory income tax rate 35.0% 35.0% 35.0% State and local taxes, net of U.S. federal income tax effects 0.9% 0.3% 3.2% Tax credits (2.0)% (1.7)% (1.1)% Non-U.S. operations (6.7)% (12.1)% (5.8)% Tax-exempt income, including dividends (0.3)% (0.7)% (0.3)% Non-deductible legal expenses 1.0% 10.2% — Other 0.3% (0.3)% 0.4% Effective income tax rate 28.2% 30.7% 31.4% In the table above: • Non-U.S. operations includes the impact of permanently reinvested earnings. • State and local taxes, net of U.S. federal income tax effects, for 2016 and 2015, includes the impact of settlements of state and local examinations. • Substantially all of the non-deductible legal expenses for 2015 relate to provisions for the settlement agreement with the RMBS Working Group. 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. The table below presents the significant components of deferred tax assets and liabilities, excluding the impact of netting within tax jurisdictions. As of December $ in millions 2016 2015 Deferred tax assets Compensation and benefits $2,461 $2,744 ASC 740 asset related to unrecognized tax benefits 231 197 Non-U.S. operations 967 1,200 Net operating losses 427 426 Occupancy-related 100 80 Other comprehensive income-related 757 521 Other, net 394 836 Subtotal 5,337 6,004 Valuation allowance (115 ) (73 ) Total deferred tax assets $5,222 $5,931 Depreciation and amortization $1,200 $1,254 Unrealized gains 342 853 Total deferred tax liabilities $1,542 $2,107 The firm has recorded deferred tax assets of $427 million and $426 million as of December 2016 and December 2015, respectively, in connection with U.S. federal, state and local and foreign net operating loss carryforwards. The firm also recorded a valuation allowance of $67 million and $24 million as of December 2016 and December 2015, respectively, related to these net operating loss carryforwards. As of December 2016, the U.S. federal and state and local net operating loss carryforwards were $207 million and $800 million, respectively. If not utilized, the U.S. federal net operating loss carryforward and the state and local net operating loss carryforward will begin to expire in 2017. If these carryforwards expire, they will not have a material impact on the firm’s results of operations. As of December 2016, foreign net operating loss carryforwards were $1.39 billion, substantially all of which do not expire. The firm had no foreign tax credit carryforwards and no related net deferred income tax assets as of December 2016 and December 2015. The firm had no capital loss carryforwards and no related net deferred income tax assets as of December 2016 and December 2015. The valuation allowance increased by $42 million during 2016 and increased by $9 million during 2015. The increases in 2016 and 2015 were primarily due to an increase in deferred tax assets from which the firm does not expect to realize any benefit. The firm permanently reinvests eligible earnings of certain foreign subsidiaries and, accordingly, does not accrue any U.S. income taxes that would arise if such earnings were repatriated. As of December 2016 and December 2015, this policy resulted in an unrecognized net deferred tax liability of $6.18 billion and $5.66 billion, respectively, attributable to reinvested earnings of $31.24 billion and $28.55 billion, respectively. Unrecognized Tax Benefits The firm recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. The accrued liability for interest expense related to income tax matters and income tax penalties was $141 million and $101 million as of December 2016 and December 2015, respectively. The firm recognized interest expense and income tax penalties of $27 million, $17 million and $45 million for 2016, 2015 and 2014, respectively. It is reasonably possible that unrecognized tax benefits could change significantly during the twelve months subsequent to December 2016 due to potential audit settlements. However, at this time it is not possible to estimate any potential change. The table below presents the changes in the liability for unrecognized tax benefits. This liability is included in “Other liabilities and accrued expenses.” See Note 17 for further information. Year Ended or as of December $ in millions 2016 2015 2014 Beginning balance $ 825 $ 871 $ 1,765 Increases based on tax positions related to the current year 113 65 204 Increases based on tax positions related to prior years 188 158 263 Decreases based on tax positions related to prior years (88 ) (205 ) (241 ) Decreases related to settlements (186 ) (87 ) (1,112 ) Exchange rate fluctuations — 23 (8 ) Ending balance $ 852 $ 825 $ 871 Related deferred income tax asset 231 197 172 Net unrecognized tax benefit $ 621 $ 628 $ 699 Regulatory Tax Examinations The firm is subject to examination by the U.S. Internal Revenue Service (IRS) and other taxing authorities in jurisdictions where the firm has significant business operations, such as the United Kingdom, Japan, Hong Kong and various states, such as New York. The tax years under examination vary by jurisdiction. The firm does not expect completion of these audits to have a material impact on the firm’s financial condition but it may be material to operating results for a particular period, depending, in part, on the operating results for that period. The table below presents the earliest tax years that remain subject to examination by major jurisdiction. Jurisdiction As of U.S. Federal 2011 New York State and City 2007 United Kingdom 2014 Japan 2014 Hong Kong 2007 During the second quarter of 2016, the Joint Committee on Taxation finalized its review of the U.S. Federal examinations of fiscal 2008 through calendar 2010. The completion of the review did not have a material impact on the firm’s effective income tax rate. The examinations of 2011 and 2012 began in 2013. The firm has been accepted into the Compliance Assurance Process program by the IRS for each of the tax years from 2013 through 2017. 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 through 2015 tax years remain subject to post-filing review. New York State and City examinations for the firm (excluding GS Bank USA) of fiscal 2007 through calendar 2010 are ongoing. New York State and City examinations for GS Bank USA have been completed through 2014. In 2016, the firm concluded examinations with the Japan tax authorities related to 2010 through 2013. In 2016, the firm concluded examinations with the Hong Kong tax authorities related to 2006. The completion of these examinations did not have a material impact on the firm’s effective income tax rate. All years including and subsequent to the years in the table above remain open to examination by the taxing authorities. The firm believes that the liability for unrecognized tax benefits it has established is adequate in relation to the potential for additional assessments. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | Note 25. Business Segments The firm reports its activities in the following four business segments: Investment Banking, Institutional Client Services, Investing & Lending and Investment Management. Basis of Presentation In reporting segments, certain of the firm’s business lines have been aggregated where they have similar economic characteristics and are similar in each of the following areas: (i) the nature of the services they provide, (ii) their methods of distribution, (iii) the types of clients they serve and (iv) the regulatory environments in which they operate. The cost drivers of the firm taken as a whole, compensation, headcount and levels of business activity, are broadly similar in each of the firm’s business segments. Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm, as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of the firm’s business may be significantly affected by the performance of the firm’s other business segments. The firm allocates assets (including allocations of 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. The table below presents the firm’s net revenues, pre-tax earnings and total assets by segment. Management believes that this information provides a reasonable representation of each segment’s contribution to consolidated pre-tax Year Ended or as of December $ in millions 2016 2015 2014 Investment Banking Financial Advisory $ 2,932 $ 3,470 $ 2,474 Equity underwriting 891 1,546 1,750 Debt underwriting 2,450 2,011 2,240 Total Underwriting 3,341 3,557 3,990 Total net revenues 6,273 7,027 6,464 Operating expenses 3,437 3,713 3,688 Pre-tax earnings $ 2,836 $ 3,314 $ 2,776 Segment assets $ 1,824 $ 2,564 $ 1,844 Institutional Client Services Fixed Income, Currency and Commodities Client Execution $ 7,556 $ 7,322 $ 8,461 Equities client execution 2,194 3,028 2,079 Commissions and fees 3,078 3,156 3,153 Securities services 1,639 1,645 1,504 Total Equities 6,911 7,829 6,736 Total net revenues 14,467 15,151 15,197 Operating expenses 9,713 13,938 10,880 Pre-tax earnings $ 4,754 $ 1,213 $ 4,317 Segment assets $645,689 $663,394 $695,674 Investing & Lending Equity securities $ 2,573 $ 3,781 $ 4,579 Debt securities and loans 1,507 1,655 2,246 Total net revenues 4,080 5,436 6,825 Operating expenses 2,386 2,402 2,819 Pre-tax earnings $ 1,694 $ 3,034 $ 4,006 Segment assets $198,181 $179,428 $143,790 Investment Management Management and other fees $ 4,798 $ 4,887 $ 4,800 Incentive fees 421 780 776 Transaction revenues 569 539 466 Total net revenues 5,788 6,206 6,042 Operating expenses 4,654 4,841 4,647 Pre-tax earnings $ 1,134 $ 1,365 $ 1,395 Segment assets $ 14,471 $ 16,009 $ 14,534 Total net revenues $ 30,608 $ 33,820 $ 34,528 Total operating expenses 20,304 25,042 22,171 Total pre-tax earnings $ 10,304 $ 8,778 $ 12,357 Total assets $860,165 $861,395 $855,842 In the table above: • Revenues and expenses directly associated with each segment are included in determining pre-tax earnings. • Net revenues in the firm’s segments include allocations of interest income and 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. • All operating expenses have been allocated to the firm’s segments except for charitable contributions of $114 million for 2016, $148 million for 2015 and $137 million for 2014. • Total operating expenses includes net provisions for litigation and regulatory proceedings of $396 million for 2016, $4.01 billion (of which $3.37 billion was related to the settlement agreement with the RMBS Working Group) for 2015 and $754 million for 2014. The table below presents the amounts of net interest income by segment included in net revenues. Year Ended December $ in millions 2016 2015 2014 Investment Banking $ — $ — $ — Institutional Client Services 1,456 2,472 3,679 Investing & Lending 880 418 237 Investment Management 251 174 131 Total net interest income $2,587 $3,064 $4,047 The table below presents the amounts of depreciation and amortization expense by segment included in pre-tax earnings. Year Ended December $ in millions 2016 2015 2014 Investment Banking $ 126 $ 123 $ 135 Institutional Client Services 489 462 525 Investing & Lending 215 253 530 Investment Management 168 153 147 Total depreciation and amortization $ 998 $ 991 $1,337 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 table below presents the total net revenues, pre-tax earnings and net earnings of the firm by geographic region allocated based on the methodology referred to above, as well as the percentage of total net revenues, pre-tax earnings and net earnings (excluding Corporate) for each geographic region. In the table below, Asia includes Australia and New Zealand. Year Ended December $ in millions 2016 2015 2014 Net revenues Americas $18,144 60% $19,202 56% $20,062 58% Europe, Middle East and Africa 8,040 26% 8,981 27% 9,057 26% Asia 4,424 14% 5,637 17% 5,409 16% Total net revenues $30,608 100% $33,820 100% $34,528 100% Pre-tax earnings Americas $ 6,352 61% $ 3,359 37% $ 7,144 57% Europe, Middle East and Africa 2,883 28% 3,364 38% 3,338 27% Asia 1,183 11% 2,203 25% 2,012 16% Subtotal 10,418 100% 8,926 100% 12,494 100% Corporate (114 ) (148 ) (137 ) Total pre-tax earnings $10,304 $ 8,778 $12,357 Net earnings Americas $ 4,337 58% $ 1,587 26% $ 4,558 53% Europe, Middle East and Africa 2,270 30% 2,914 47% 2,576 30% Asia 870 12% 1,686 27% 1,434 17% Subtotal 7,477 100% 6,187 100% 8,568 100% Corporate (79 ) (104 ) (91 ) Total net earnings $ 7,398 $ 6,083 $ 8,477 In the table above: • Americas pre-tax earnings includes provisions of $3.37 billion recorded during 2015 for the settlement agreement with the RMBS Working Group. • Corporate pre-tax earnings includes charitable contributions that have not been allocated to the firm’s geographic regions. • Substantially all of the amounts in Americas were attributable to the U.S. |
Credit Concentrations
Credit Concentrations | 12 Months Ended |
Dec. 31, 2016 | |
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. Amounts in the table below are included in “Financial instruments owned, at fair value.” As of December $ in millions 2016 2015 U.S. government and federal agency obligations $57,657 $63,844 % of total assets 6.7% 7.4% Non-U.S. government and agency obligations $29,381 $31,772 % of total assets 3.4% 3.7% As of December 2016 and December 2015, 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. 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. In the table below, non-U.S. government and agency obligations primarily consists of securities issued by the governments of France, the U.K., Japan and Germany. As of December $ in millions 2016 2015 U.S. government and federal agency obligations $89,721 $107,198 Non-U.S. government and agency obligations 80,234 74,326 |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2016 | |
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 a securities offering and is not being indemnified by a party that the firm believes will pay the full amount of any judgment, or (iii) the purchasers are demanding that the firm repurchase securities, management has estimated the upper end of the range of reasonably possible loss 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 offering and the estimated lowest subsequent price of such securities prior to the action being commenced and (c) in the case of (iii), the price that purchasers paid for the securities less the estimated value, if any, as of December 2016 of the relevant securities, in each of cases (i), (ii) and (iii), taking into account any other factors believed to be relevant to the particular matter or matters of that type. As of the date hereof, the firm has estimated the upper end of the range of reasonably possible aggregate loss for such matters and for any other matters described below where management has been able to estimate a range of reasonably possible aggregate loss to be approximately $1.8 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 described 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 described below in “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 2007-AC1 2007-AC1 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. Various alleged purchasers of mortgage pass-through certificates and other mortgage-related products (including Massachusetts Mutual Life Insurance Company and the FDIC (as receiver for Guaranty Bank) have filed complaints in state and federal court 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. As of the date hereof, the aggregate amount of mortgage-related securities sold to plaintiffs in active cases described in the preceding paragraph where those plaintiffs are seeking rescission of such securities was approximately $261 million (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. The firm has received subpoenas or requests for information from, and is engaged in discussions with, certain regulators and law enforcement agencies with which it has not entered into settlement agreements as part of inquiries or investigations relating to mortgage-related matters. 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). As to the underwriters, the complaints generally allege misstatements and omissions in connection with the December 2013 offerings by GT 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. On October 7, 2015, the defendants moved to dismiss. 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 filed for Chapter 11 bankruptcy. SunEdison Bankruptcy Litigation. GS Bank USA is among the defendants named in an adversary proceeding filed on October 20, 2016 in the U.S. Bankruptcy Court for the Southern District of New York arising from the bankruptcy of SunEdison. The complaint alleges that amounts transferred and liens granted by SunEdison to its secured creditors, including GS Bank USA, prior to filing for bankruptcy were fraudulent and preferential transfers. Plaintiffs seek to recoup those transfers, avoid those liens and disallow certain claims of the secured creditors. GS Bank USA received pre-filing payments from SunEdison aggregating $169 million that are subject to the recoupment claims and holds $75 million of secured debt subject to the avoidance and disallowance claims. Defendants moved to dismiss on November 22, 2016. Currencies-Related Litigation. GS&Co. and Group Inc. are among the defendants named in a putative class action filed in the U.S. District Court for the Southern District of New York on September 26, 2016 on behalf of putative indirect purchasers of foreign exchange instruments. The complaint generally alleges that defendants violated federal antitrust laws in connection with an alleged conspiracy to manipulate the foreign currency exchange markets and asserts claims under federal and state antitrust laws and seeks injunctive relief, as well as treble damages in an unspecified amount. Defendants moved to dismiss on January 23, 2017. Group Inc., GS&Co. and GS Canada are among the defendants named in putative class actions related to trading in foreign exchange markets, filed beginning in September 2015 in the Superior Court of Justice in Ontario, Canada and the Superior Court of Quebec, Canada, on behalf of direct and indirect purchasers of foreign exchange instruments traded in Canada. The complaints generally allege a conspiracy to manipulate the foreign currency exchange markets and assert claims under Canada’s Competition Act and common law. The Ontario and Quebec complaints seek, among other things, compensatory damages in the amounts of 1 billion Canadian dollars and 100 million Canadian dollars, respectively, as well as restitution and 50 million Canadian dollars in punitive, exemplary and aggravated damages. In December 2016, the courts preliminarily approved a settlement of the claims against the Goldman Sachs defendants. The firm has paid the full amount of the proposed settlement into trust pending final settlement approval. 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. 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 the 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 January 19, 2016, the court granted, with leave to replead, the underwriter defendants’ motions to dismiss as to claims by plaintiffs who purchased Cobalt securities after April 30, 2013, but denied the motions to dismiss in all other respects. On November 3, 2016, plaintiffs moved for class certification. Cobalt, certain of its officers and directors (including employees of affiliates of Group Inc. who served as directors of Cobalt), certain shareholders of Cobalt (including funds affiliated with Group Inc.), and affiliates of these shareholders (including Group Inc.) are defendants in putative shareholder derivative actions filed beginning on May 6, 2016 in Texas District Court, Harris County. As to the director and officer defendants (including employees of affiliates of Group Inc. who served as directors of Cobalt), the petitions generally allege that they breached their fiduciary duties under state law by making materially false and misleading statements concerning Cobalt. As to the shareholder defendants and their affiliates (including Group Inc. and several affiliated funds), the original petition also alleges that they breached their fiduciary duties by selling Cobalt securities in the common stock offerings described above on the basis of inside information. The petitions seek, among other things, unspecified monetary damages and disgorgement of proceeds from the sale of Cobalt common stock. Defendants moved to dismiss the original petition on July 8, 2016. Adeptus Health Securities Litigation. GS&Co. is among the underwriters named as defendants in several putative securities class actions, filed beginning in October 2016 in the U.S. District Court for the Eastern District of Texas. In addition to the underwriters, the defendants include Adeptus Health Inc. (Adeptus), its sponsor, and certain of directors and officers of Adeptus. As to the underwriters, the complaints generally allege misstatements and omissions in connection with the $124 million June 2014 initial public offering, the $154 million May 2015 secondary equity offering, the $411 million July 2015 secondary equity offering, and the $175 million June 2016 secondary equity offering. The complaints assert claims under the federal securities laws and seek, among other things, unspecified monetary damages. GS&Co. underwrote 1.69 million shares of common stock in the June 2014 initial public offering representing an aggregate offering price of approximately $37 million, 962,378 shares of common stock in the May 2015 offering representing an aggregate offering price of approximately $61 million, 1.76 million shares of common stock in the July 2015 offering representing an aggregate offering price of approximately $184 million, and all the shares of common stock in the June 2016 offering representing an aggregate offering price of approximately $175 million. 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. TerraForm Global and SunEdison Securities Litigation. GS&Co. is among the underwriters, placement agents and initial purchasers named as defendants in several putative class actions and individual actions filed beginning in October 2015 relating to the $675 million July 2015 initial public offering of the common stock of TerraForm Global, Inc. (TerraForm Global), the August 2015 public offering of $650 million of SunEdison, Inc. (SunEdison) convertible preferred stock, the June 2015 private placement of $335 million of TerraForm Global Class D units, and the August 2015 Rule 144A offering of $810 million principal amount of TerraForm Global senior notes. SunEdison is TerraForm Global’s controlling shareholder and sponsor. Beginning in October 2016, the pending cases were transferred to the U.S. District Court for the Southern District of New York, and on January 16, 2017, certain plaintiffs filed a consolidated amended complaint relating to TerraForm Global’s initial public offering. The defendants also include TerraForm Global, SunEdison and certain of their directors and officers. The complaints generally allege misstatements and omissions in connection with the offerings, assert claims under federal securities laws and, in certain actions, state laws, and seek compensatory damages in an unspecified amount, as well as rescission or rescissory damages. TerraForm Global sold 154,800 Class D units, representing an aggregate offering price of approximately $155 million, to the individual plaintiffs. GS&Co., as underwriter, sold 138,890 shares of SunEdison convertible preferred stock in the offering, representing an aggregate offering price of approximately $139 million and sold 2,340,000 shares of TerraForm Global common stock in the initial public offering representing an aggregate offering price of approximately $35 million. GS&Co., as initial purchaser, sold approximately $49 million principal amount of TerraForm Global senior notes in the Rule 144A offering. On April 21, 2016, SunEdison filed for Chapter 11 bankruptcy. Valeant Pharmaceuticals International Securities Litigation. GS&Co. and Goldman Sachs Canada Inc. (GS Canada) are among the underwriters and initial purchasers named as defendants in a putative class action filed on March 2, 2016 in the Superior Court of Quebec, Canada. In addition to the underwriters and initial purchasers, the defendants include Valeant Pharmaceuticals International, Inc. (Valeant), certain directors and officers of Valeant and Valeant’s auditor. As to GS&Co. and GS Canada, the complaint generally alleges misstatements and omissions in connection with the offering materials for the June 2013 public offering of $2.3 billion of common stock, the June 2013 Rule 144A offering of $3.2 billion principal amount of senior notes, and the November 2013 Rule 144A offering of $900 million principal amount of senior notes. The complaint asserts claims under the Quebec Securities Act and the Civil Code of Quebec and seeks compensatory damages in an unspecified amount. GS&Co. is among the initial purchasers named as defendants in a putative class action filed on June 24, 2016 in the U.S. District Court for the District of New Jersey. In addition to the initial purchasers for Valeant’s Rule 144A debt offerings, the defendants include Valeant, certain directors and officers of Valeant, Valeant’s auditor and the underwriters for a common stock offering in which GS&Co. did not participate. As to GS&Co., the complaint generally alleges misstatements and omissions in connection with the June 2013 and November 2013 Rule 144A offerings described above, asserts claims under the federal securities laws, and seeks rescission and compensatory damages in an unspecified amount. Defendants moved to dismiss on September 13, 2016. GS&Co. and GS Canada, as sole underwriters, sold 27,058,824 shares of common stock in the June 2013 offering representing an aggregate offering price of approximately $2.3 billion and, as initial purchasers, sold approximately $1.3 billion and $293 million in principal amount of senior notes in the June 2013 and November 2013 Rule 144A offerings, respectively. Interest Rate Swap Antitrust Litigation. Group Inc., GS&Co., GSI, GS Bank USA and Goldman Sachs Financial Markets, L.P. (GSFM) are among the defendants named in putative antitrust class actions relating to the trading of interest rate swaps, filed beginning in November 2015 and consolidated in the U.S. District Court for the Southern District of New York. The second consolidated amended complaint filed on December 9, 2016 generally alleges a conspiracy among the defendants since at least January 1, 2007 to preclude exchange trading of interest rate swaps. The complaint seeks declaratory and injunctive relief, as well as treble damages in an unspecified amount. Defendants moved to dismiss on January 20, 2017. Group Inc., GS&Co., GSI, GS Bank USA and GSFM are among the defendants named in antitrust actions relating to the trading of interest rate swaps filed in the U.S. District Court for the Southern District of New York beginning in April 2016 by two operators of swap execution facilities and certain of their affiliates. These actions have been consolidated with the class action described above for pretrial proceedings. The second consolidated amended complaint filed on December 9, 2016 generally asserts claims under federal and state antitrust laws and state common law in connection with an alleged conspiracy among the defendants to preclude trading of interest rate swaps on the plaintiffs’ respective swap execution facilities and seeks declaratory and injunctive relief, as well as treble damages in an unspecified amount. Defendants moved to dismiss on January 20, 2017. Commodities-Related Litigation. GSI is among the defendants named in putative class actions relating to trading in platinum and palladium, filed beginning on November 25, 2014 and most recently amended on July 27, 2015, in the U.S. District Court for the Southern District of New York. The complaints generally allege that the defendants violated federal antitrust laws and the Commodity Exchange Act in connection with an alleged conspiracy to manipulate a benchmark for physical platinum and palladium prices and seek declaratory and injunctive relief, as well as treble damages in an unspecified amount. On September 21, 2015, the defendants moved to dismiss. 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 August 3, 2015, the magistrate judge denied plaintiffs’ motion for reconsideration of that recommendation and granted the plaintiffs’ motion to intervene two female individuals, one of whom was employed by the firm as of September 2010 and the other of whom ceased to be an employee of the firm subsequent to the magistrate judge’s decision. On June 6, 2016, the district court affirmed the magistrate judge’s decision on intervention. On September 28, 2015, and by a supplemental motion filed July 11, 2016 (after the second intervenor ceased to be an employee), the defendants moved to dismiss the claims of the intervenors for lack of standing and mootness. 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 and consolidated 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. ISDAFIX-Related Litigation. Group Inc. is among the defendants named in several putative class actions relating to trading in interest rate derivatives, filed beginning in September 2014 and most recently amended on February 12, 2015 in the U.S. District Court for the Southern District of New York. The plaintiffs assert claims under the federal antitrust laws and state common law in connection with an alleged conspiracy to manipulate the ISDAFIX benchmarks and seek declaratory and injunctive relief, as well as treble damages in an unspecified amount. On December 19, 2016, the court preliminarily approved a settlement of the claims against Group Inc. The firm has paid the full amount of the proposed settlement into an escrow fund. Regulatory Investigations and Reviews and Related Litigation. Group Inc. and certain of its affiliates are subject to a number of other investigations and reviews by, and in some cases have received subpoenas and requests for documents and information from, various governmental and regulatory bodies and self-regulatory organizations and litigation and shareholder requests relating to various matters relating to the firm’s businesses and operations, including: • The 2008 financial crisis; • The public offering process; • The firm’s investment management and financial advisory services; • Conflicts of interest; • Research practices, including research independence and interactions between research analysts and other firm personnel, including investment banking personnel, as well as third parties; • Transactions involving government-related financings and other matters, including those related to 1Malaysia Development Berhad (1MDB), a sovereign wealth fund in Malaysia, municipal securities, including wall-cross procedures and conflict of interest disclosure with respect to state and municipal clients, the trading and structuring of municipal derivative instruments in connection with municipal offerings, political contribution rules, municipal advisory services and the possible impact of credit default swap transactions on municipal issuers; • The offering, auction, sales, trading and clearance of corporate and government securities, currencies, commodities and other financial products and related sales and other communications and activities, including compliance with the SEC’s short sale rule, algorithmic, high-frequency and quantitative trading, the firm’s U.S. alternative trading system (dark pool), futures trading, options trading, when-issued trading, transaction reporting, technology systems and controls, securities lending practices, trading and clearance of credit derivative instruments and interest rate swaps, commodities activities and metals storage, private placement practices, allocations of and trading in securities, and trading activities and communications in connection with the establishment of benchmark rates, such as currency rates; • Compliance with the U.S. Foreign Corrupt Practices Act; • The firm’s hiring and compensation practices; • The firm’s system of risk management and controls; and • Insider trading, the potential misuse and dissemination of material nonpublic information regarding corporate and governmental developments and the effectiveness of the firm’s insider trading controls and information barriers. The firm is cooperating with all such governmental and regulatory investigations and reviews. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 28. Employee Benefit Plans The firm sponsors various pension plans and certain other postretirement benefit plans, primarily healthcare and life insurance. The firm also provides certain benefits to former or inactive employees prior to retirement. Defined Benefit Pension Plans and Postretirement Plans Employees of certain non-U.S. subsidiaries participate in various defined benefit pension plans. These plans generally provide benefits based on years of credited service and a percentage of the employee’s eligible compensation. The firm maintains a defined benefit pension plan for certain U.K. employees. As of April 2008, the U.K. defined benefit plan was closed to new participants and frozen for existing participants as of March 31, 2016. The non-U.S. plans do not have a material impact on the firm’s consolidated results of operations. The firm also maintains a defined benefit pension plan for substantially all U.S. employees hired prior to November 1, 2003. As of November 2004, this plan was closed to new participants and frozen for existing participants. In addition, the firm maintains unfunded postretirement benefit plans that provide medical and life insurance for eligible retirees and their dependents covered under these programs. These plans do not have a material impact on the firm’s consolidated results of operations. The firm recognizes the funded status of its defined benefit pension and postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation, in the consolidated statements of financial condition. As of December 2016, “Other assets” and “Other liabilities and accrued expenses” included $72 million (related to overfunded pension plans) and $592 million, respectively, related to these plans. As of December 2015, “Other assets” and “Other liabilities and accrued expenses” included $329 million (related to overfunded pension plans) and $561 million, respectively, related to these plans. Defined Contribution Plans The firm contributes to employer-sponsored U.S. and non-U.S. defined contribution plans. The firm’s contribution to these plans was $236 million for 2016, $231 million for 2015 and $223 million for 2014. |
Employee Incentive Plans
Employee Incentive Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Incentive Plans | Note 29. Employee Incentive Plans 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. See Note 3 for information about the adoption of ASU No. 2016-09. The firm pays cash dividend equivalents on outstanding 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. Stock Incentive Plan The firm sponsors a stock incentive plan, The Goldman Sachs Amended and Restated Stock Incentive Plan (2015) (2015 SIP), which provides for grants of RSUs, restricted stock, dividend equivalent rights, incentive stock options, nonqualified stock options, stock appreciation rights, and other share-based awards, each of which may be subject to performance conditions. On May 21, 2015, shareholders approved the 2015 SIP. The 2015 SIP replaced The Goldman Sachs Amended and Restated Stock Incentive Plan (2013) (2013 SIP) previously in effect, and applies to awards granted on or after the date of approval. As of December 2016, 73.0 million shares were available for grant under the 2015 SIP. If any shares of common stock underlying awards granted under the 2015 SIP or 2013 SIP are not delivered due to forfeiture, termination or cancellation or are surrendered or withheld, those shares will again become available to be delivered under the 2015 SIP. Shares available for grant are also subject to adjustment for certain changes in corporate structure as permitted under the 2015 SIP. The 2015 SIP is scheduled to terminate on the date of the annual meeting of shareholders that occurs in 2019. Restricted Stock Units The firm grants RSUs to employees under the 2015 SIP, which are valued based on the closing price of the underlying shares on the date of grant after taking into account a liquidity discount for any applicable post-vesting and delivery transfer restrictions. RSUs generally vest and underlying shares of common stock deliver as outlined in the applicable award agreements. Employee award agreements generally provide that vesting is accelerated in certain circumstances, such as on retirement, death, disability and conflicted employment. Delivery of the underlying shares of common stock is conditioned on the grantees satisfying certain vesting and other requirements outlined in the award agreements. The table below presents the activity related to RSUs. Restricted Stock Units Outstanding Weighted Average Grant-Date Fair Value Units Outstanding Future Service Required No Future Service Required Future Service Required No Future Service Required Outstanding, December 2015 5,649,156 22,082,601 $159.82 $148.00 Granted 4,452,358 11,071,140 138.48 134.90 Forfeited (501,094 ) (387,417 ) 153.98 149.60 Delivered — (14,541,074 ) — 142.85 Vested (3,977,181 ) 3,977,181 154.44 154.44 Outstanding, December 2016 5,623,239 22,202,431 147.25 145.97 In the table above: • The weighted average grant-date fair value of RSUs granted during 2016, 2015 and 2014 was $135.92, $160.19 and $151.40, respectively. The fair value of the RSUs granted during 2016, 2015 and 2014 includes a liquidity discount of 10.5%, 9.2% and 13.8%, respectively, to reflect post-vesting and delivery transfer restrictions of up to 4 years. • The aggregate fair value of awards that vested during 2016, 2015 and 2014 was $2.26 billion, $2.40 billion and $2.39 billion, respectively. • Delivered RSUs include RSUs that were cash settled. • RSUs outstanding include restricted stock subject to future service requirements as of December 2016 and December 2015 of 39,957 and 6,354 shares, respectively. In the first quarter of 2017, the firm granted to its employees 8.4 million year-end RSUs, of which 3.2 million RSUs require future service as a condition of delivery for the related shares of common stock. These awards are subject to additional conditions as outlined in the award agreements. Generally, shares underlying these awards, net of required withholding tax, deliver over a three-year period but are subject to post-vesting and delivery transfer restrictions through January 2022. These grants are not included in the table above. Stock Options Stock options generally vest as outlined in the applicable stock option agreement. In general, options expire on the tenth anniversary of the grant date, although they may be subject to earlier termination or cancellation under certain circumstances in accordance with the terms of the applicable stock option agreement and the SIP in effect at the time of grant. The table below presents the activity related to outstanding stock options, all of which were granted in 2006 through 2008. Options Outstanding Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) Weighted Average Remaining Life (years) Outstanding, December 2015 14,756,275 $128.79 $891 2.38 Exercised (6,795,087 ) 135.16 Outstanding, December 2016 7,961,188 123.36 924 1.61 Exercisable, December 2016 7,961,188 123.36 924 1.61 In the table above: • The total intrinsic value of options exercised during 2016, 2015 and 2014 was $436 million, $531 million and $2.03 billion, respectively. • Options outstanding as of December 2016, consist of 5.13 million options with an exercise price of $78.78 and a remaining life of 2.00 years, and 2.83 million options with an exercise price of $204.16 and a remaining life of 0.92 years. The table below presents the share-based compensation and the related excess tax benefit. Year Ended December $ in millions 2016 2015 2014 Share-based compensation $2,170 $2,304 $2,101 Excess net tax benefit for options exercised 79 134 549 Excess net tax benefit for other share-based awards 147 406 788 In the table above, excess net tax benefit for other share-based awards represents the net tax benefit recognized in additional paid-in capital on stock options exercised, the delivery of common stock underlying share-based awards and dividend equivalents paid on RSUs. Following the adoption of ASU 2016-09, such amounts will be recognized prospectively in income tax expense. See Note 3 for further information about this ASU. As of December 2016, there was $381 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 1.50 years. |
Parent Company
Parent Company | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company | Note 30. Parent Company Group Inc. — Condensed Statements of Earnings Year Ended December $ in millions 2016 2015 2014 Revenues Dividends from subsidiaries: Bank subsidiaries $ 53 $ 32 $ 16 Nonbank subsidiaries 5,465 3,181 2,739 Other revenues 155 (132 ) 826 Total non-interest revenues 5,673 3,081 3,581 Interest income 4,140 3,519 3,769 Interest expense 4,543 4,165 3,802 Net interest loss (403 ) (646 ) (33 ) Net revenues, including net interest loss 5,270 2,435 3,548 Operating expenses Compensation and benefits 343 498 411 Other expenses 332 188 282 Total operating expenses 675 686 693 Pre-tax earnings 4,595 1,749 2,855 Provision/(benefit) for taxes (518 ) (828 ) (292 ) Undistributed earnings of subsidiaries 2,285 3,506 5,330 Net earnings 7,398 6,083 8,477 Preferred stock dividends 311 515 400 Net earnings applicable to common shareholders $7,087 $5,568 $8,077 Supplemental Disclosure: Dividends from nonbank subsidiaries include cash dividends of $3.46 billion, $2.29 billion and $2.62 billion for 2016, 2015 and 2014, respectively. Group Inc. — Condensed Statements of Financial Condition As of December $ in millions 2016 2015 Assets Cash and cash equivalents: With third party banks $ 81 $ 36 With subsidiary bank 3,000 1,300 Loans to and receivables from subsidiaries: Bank subsidiaries 9,131 9,494 Nonbank subsidiaries 179,899 179,826 Investments in subsidiaries and other affiliates: Bank subsidiaries 25,571 23,985 Nonbank subsidiaries and other affiliates 67,203 61,533 Financial instruments owned, at fair value 4,524 4,410 Other assets 6,273 7,472 Total assets $295,682 $288,056 Liabilities and shareholders’ equity Payables to subsidiaries $ 875 $ 591 Financial instruments sold, but not yet purchased, at fair value 775 443 Unsecured short-term borrowings: With third parties (includes $3,256 as of December 2016 and $4,924 as of December 2015, at fair value) 27,159 29,547 With subsidiaries 999 628 Unsecured long-term borrowings: With third parties (includes $17,591 as of December 2016 and $16,194 as of December 2015, at fair value) 172,164 164,718 With subsidiaries 5,233 3,854 Other liabilities and accrued expenses 1,584 1,547 Total liabilities 208,789 201,328 Commitments, contingencies and guarantees Shareholders’ equity Preferred stock 11,203 11,200 Common stock 9 9 Share-based awards 3,914 4,151 Additional paid-in capital 52,638 51,340 Retained earnings 89,039 83,386 Accumulated other comprehensive loss (1,216 ) (718) Stock held in treasury, at cost (68,694 ) (62,640) Total shareholders’ equity 86,893 86,728 Total liabilities and shareholders’ equity $295,682 $288,056 Supplemental Disclosures: Loans to and receivables from nonbank subsidiaries primarily includes overnight loans, the proceeds of which can be used to satisfy the short-term obligations of Group Inc. As of December 2016, unsecured long-term borrowings with subsidiaries by maturity date are $3.83 billion in 2018, $90 million in 2019, $100 million in 2020, $132 million in 2021, and $1.08 billion in 2022-thereafter. Group Inc. — Condensed Statements of Cash Flows Year Ended December $ in millions 2016 2015 2014 Cash flows from operating activities Net earnings $ 7,398 $ 6,083 $ 8,477 Adjustments to reconcile net earnings to net cash provided by operating activities: Undistributed earnings of subsidiaries (2,285 ) (3,506) (5,330) Depreciation and amortization 52 50 42 Deferred income taxes 134 86 (4) Share-based compensation 193 178 188 Loss/(gain) related to extinguishment of junior subordinated debt 3 (34) (289) Changes in operating assets and liabilities: Financial instruments owned, at fair value (1,580 ) (620) 6,766 Financial instruments sold, but not yet purchased, at fair value 332 274 (252) Other, net (993 ) (56) (5,793) Net cash provided by operating activities 3,254 2,455 3,805 Cash flows from investing activities Purchase of property, leasehold improvements and equipment (79 ) (33) (15) Issuances of short-term loans to subsidiaries, net (3,994 ) (24,417) (4,099) Issuance of term loans to subsidiaries (28,498 ) (8,632) (8,803) Repayments of term loans by subsidiaries 32,265 24,196 3,979 Capital distributions from/(contributions to) subsidiaries, net (3,265 ) (1,500) 865 Net cash used for investing activities (3,571 ) (10,386) (8,073) Cash flows from financing activities Unsecured short-term borrowings, net 2,112 (2,684) 963 Proceeds from issuance of long-term borrowings 40,708 42,795 37,101 Repayment of long-term borrowings, including the current portion (33,314 ) (27,726) (27,931) Purchase of APEX, trust preferred securities and senior guaranteed trust securities (1,171 ) (1) (1,801) Common stock repurchased (6,078 ) (4,135) (5,469) Dividends and dividend equivalents paid on common stock, preferred stock and share-based (1,706 ) (1,681) (1,454) Proceeds from issuance of preferred stock, net of issuance costs 1,303 1,993 1,980 Proceeds from issuance of common stock, including exercise of share-based awards 6 259 123 Excess tax benefit related to share-based awards 202 407 782 Cash settlement of share-based awards — (2) (1) Net cash provided by financing activities 2,062 9,225 4,293 Net increase in cash and cash equivalents 1,745 1,294 25 Cash and cash equivalents, beginning balance 1,336 42 17 Cash and cash equivalents, ending $ 3,081 $ 1,336 $ 42 Supplemental Disclosures: Cash payments for third-party interest, net of capitalized interest, were $4.72 billion, $3.54 billion and $4.31 billion for 2016, 2015 and 2014, respectively. Cash payments for income taxes, net of refunds, were $61 million, $1.28 billion and $2.35 billion for 2016, 2015 and 2014, respectively. Cash flows related to common stock repurchased includes common stock repurchased in the prior period for which settlement occurred during the current period and excludes common stock repurchased during the current period for which settlement occurred in the following period. Non-cash activities during the year ended December 2016: • Group Inc. exchanged $1.04 billion of APEX for $1.31 billion of Series E and Series F Preferred Stock. See Note 19 for further information. • Group Inc. exchanged $127 million of senior guaranteed trust securities for $124 million of Group Inc.’s junior subordinated debt. Non-cash activities during the year ended December 2015: • Group Inc. exchanged $262 million of Trust Preferred Securities and common beneficial interests held by Group Inc. for $296 million of Group Inc.’s junior subordinated debt. • Group Inc. exchanged $6.12 billion in financial instruments owned, at fair value, held by Group Inc. for $5.20 billion of loans to and $918 million of equity in certain of its subsidiaries. Non-cash activities during the year ended December 2014: • Group Inc. exchanged $1.58 billion of Trust Preferred Securities, common beneficial interests and senior guaranteed trust securities held by Group Inc. for $1.87 billion of Group Inc.’s junior subordinated debt. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of Group Inc. and all other entities in which the firm has a controlling financial interest. Intercompany transactions and balances have been eliminated. |
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 controlling majority voting interest in a voting interest entity, the entity is consolidated. Variable Interest Entities. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The firm has a controlling financial interest in a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 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 generally measured at net asset value (NAV) and 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 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, the provisions for losses that may arise from litigation, regulatory proceedings (including governmental investigations) and tax audits, and the allowance for losses on loans and lending commitments held for investment. 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 calculated 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 gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred assets are initially recognized at fair value. For transfers of assets that are not accounted for as sales, the assets generally 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 December 2016 and December 2015, “Cash and cash equivalents” included $11.15 billion and $14.71 billion, respectively, of cash and due from banks, and $110.56 billion and $78.73 billion, respectively, of interest-bearing deposits with banks. The firm segregates cash for regulatory and other purposes related to client activity. As of December 2016 and December 2015, $14.65 billion and $18.33 billion, respectively, of “Cash and cash equivalents” were segregated for regulatory and other purposes. See “Recent Accounting Developments” for further information. In addition, the firm segregates securities for regulatory and other purposes related to client activity. See Note 10 for further information about segregated securities. |
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 December 2016 and December 2015. |
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 December 2016 and December 2015, the firm’s receivables from customers and counterparties included $2.60 billion and $2.35 billion, 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 December 2016 and December 2015, the carrying value of receivables not accounted for at fair value generally approximated fair value. While these receivables 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 been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of December 2016 and December 2015. Interest on receivables from customers and counterparties is recognized over the life of the transaction and included in “Interest income.” |
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 December 2016 and December 2015. 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 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 consolidated statements of financial condition when such transactions meet certain settlement criteria and are subject to netting agreements. In the 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 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. |
Foreign Currency Translation, 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 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 consolidated statements of comprehensive income. |
Recent Accounting Developments | Recent Accounting Developments Revenue from Contracts with Customers (ASC 606). In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU, as amended, provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services, guidance on accounting for certain contract costs, and new disclosures. The ASU is effective for the firm in January 2018 under a modified retrospective approach or retrospectively to all periods presented. The firm’s implementation efforts include identifying revenues and costs within the scope of the ASU, reviewing contracts, and analyzing any changes to its existing revenue recognition policies. As a result of adopting this ASU, the firm may, among other things, be required to recognize incentive fees earlier than under the firm’s current revenue recognition policy, which defers recognition until all contingencies are resolved. The firm may also be required to change the current presentation of certain costs from a net presentation within net revenues to a gross basis, or vice versa. Based on implementation work to date, the firm does not currently expect that the ASU will have a material impact on its financial condition, results of operations or cash flows on the date of adoption. 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).” This ASU 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, and provides new disclosure requirements for those electing this approach. The firm adopted the ASU in January 2016. Adoption of the ASU did 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.” This ASU 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 for certain investments in money market funds. It 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. The firm adopted the ASU in January 2016, using a modified retrospective approach. The impact of adoption was a net reduction to both total assets and total liabilities of approximately $200 million, substantially all included in “Financial instruments owned, at fair value” and in “Other liabilities and accrued expenses,” respectively. Adoption of this ASU did not have an impact on the firm’s results of operations. See Note 12 for further information about the adoption. Simplifying the Presentation of Debt Issuance Costs (ASC 835). In April 2015, the FASB issued ASU No. 2015-03, The firm early adopted the ASU in September 2015, using a modified retrospective approach. Adoption of the ASU did not materially affect the firm’s financial condition, results of operations or cash flows. Improvements to Employee Share-Based Payment Accounting (ASC 718). In March 2016, the FASB issued ASU No. 2016-09, “Compensation — Stock Compensation (Topic 718) — Improvements to Employee Share-Based Payment Accounting.” This ASU includes a requirement that the tax effect related to the settlement of share-based awards be recorded in income tax benefit or expense in the statements of earnings rather than directly to additional paid-in-capital. This change has no impact on total shareholders’ equity and is required to be adopted prospectively. In addition, the ASU modifies the classification of certain share-based payment activities within the statements of cash flows and this change is generally required to be applied retrospectively. The ASU also allows for forfeitures to be recorded when they occur rather than estimated over the vesting period. This change is required to be applied on a modified retrospective basis. The firm adopted the ASU in January 2017 and the impact of the restricted stock unit (RSU) deliveries and option exercises in the first quarter of 2017 is estimated to be a reduction to the provision for taxes of approximately $450 million that will be recognized in the condensed consolidated statements of earnings. This amount may vary in future periods depending upon, among other things, the number of RSUs delivered and their change in value since grant. Prior to the adoption of this ASU, this amount would have been recorded directly to additional paid-in-capital. Other provisions of the ASU will not have a material impact on the firm’s financial condition, results of operations or cash flows. Simplifying the Accounting for Measurement-Period Adjustments (ASC 805). In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805) — Simplifying the Accounting for Measurement-Period Adjustments.” This ASU eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. The firm adopted the ASU in January 2016. Adoption of the ASU did not materially affect the firm’s financial condition, results of operations or cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities (ASC 825). In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments (Topic 825) — Recognition and Measurement of Financial Assets and Financial Liabilities.” This ASU amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. It includes a requirement to present separately in other comprehensive income changes in fair value attributable to a firm’s own credit spreads (debt valuation adjustment or DVA), net of tax, on financial liabilities for which the fair value option was elected. The ASU is effective for the firm in January 2018. Early adoption is permitted under a modified retrospective approach for the requirements related to DVA. In January 2016, the firm early adopted this ASU for the requirements related to DVA, and reclassified the cumulative DVA, a gain of $305 million (net of tax), from retained earnings to accumulated other comprehensive loss. The firm does not expect the adoption of the remaining provisions of the ASU to have a material impact on its financial condition, results of operations or cash flows. Leases (ASC 842). In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU requires that, for leases longer than one year, a lessee recognize in the statements of financial condition a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. It also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. In addition, this ASU requires expanded disclosures about the nature and terms of lease agreements. The ASU is effective for the firm in January 2019 under a modified retrospective approach. Early adoption is permitted. The firm’s implementation efforts include reviewing existing leases and service contracts, which may include embedded leases. The firm expects a gross up on its consolidated statements of financial condition upon recognition of the right-of-use assets and lease liabilities and does not expect the amount of the gross up to have a material impact on its financial condition. Measurement of Credit Losses on Financial Instruments (ASC 326). In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments.” This ASU amends several aspects of the measurement of credit losses on financial instruments, including replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses (CECL) model and amending certain aspects of accounting for purchased financial assets with deterioration in credit quality since origination. Under CECL, the allowance for losses for financial assets that are measured at amortized cost should reflect management’s estimate of credit losses over the remaining expected life of the financial assets. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, would be recognized in earnings. For certain purchased financial assets with deterioration in credit quality since origination, an initial allowance would be recorded for expected credit losses and recognized as an increase to the purchase price rather than as an expense. Expected credit losses, including losses on off-balance-sheet exposures such as lending commitments, will be measured based on historical experience, current conditions and forecasts that affect the collectability of the reported amount. The ASU is effective for the firm in January 2020 under a modified retrospective approach. Early adoption is permitted in January 2019. Adoption of the ASU will result in earlier recognition of credit losses and an increase in the recorded allowance for certain purchased loans with deterioration in credit quality since origination with a corresponding increase to their gross carrying value. The impact of adoption of this ASU on the firm’s financial condition, results of operations and cash flows will depend on, among other things, the economic environment and the type of financial assets held by the firm on the date of adoption. Classification of Certain Cash Receipts and Cash Payments (ASC 230). In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230) — Classification of Certain Cash Receipts and Cash Payments.” This ASU provides guidance on the disclosure and classification of certain items within the statement of cash flows. The ASU is effective for the firm in January 2018 under a retrospective approach. Early adoption is permitted. Since the ASU only impacts classification in the statements of cash flows, adoption will not affect the firm’s cash and cash equivalents. Clarifying the Definition of a Business (ASC 805). In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805) — Clarifying the Definition of a Business.” The ASU amends the definition of a business and provides a threshold which must be considered to determine whether a transaction is an asset acquisition or a business combination. The ASU is effective for the firm in January 2018 under a prospective approach. Early adoption is permitted. The firm is still evaluating the effect of the ASU on its financial condition, results of operations and cash flows. Restricted Cash (ASC 230). In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230) — Restricted Cash.” This ASU requires that cash segregated for regulatory and other purposes be included in cash and cash equivalents disclosed in the statements of cash flows and is required to be applied retrospectively. The firm early adopted the ASU in December 2016 and reclassified cash segregated for regulatory and other purposes into “Cash and cash equivalents” disclosed in the consolidated statements of cash flows. The impact of adoption was a decrease of $3.69 billion, an increase of $909 million and a decrease of $309 million for the years ended December 2016, December 2015 and December 2014, respectively, to “Net cash provided by/(used for) operating activities.” In December 2016, to be consistent with the presentation of segregated cash in the consolidated statements of cash flows under the ASU, the firm reclassified amounts previously included in “Cash and securities segregated for regulatory and other purposes” into “Cash and cash equivalents,” “Securities purchased under agreements to resell and federal funds sold,” “Securities borrowed” and “Financial instruments owned, at fair value,” in the consolidated statements of financial condition. Previously reported amounts in the consolidated statements of financial condition and notes to the consolidated financial statements have been conformed to the current presentation. |
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 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. This hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in this hierarchy is based on the lowest level of input that is significant to its fair value measurement. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio’s net risk exposure to that input. The fair value hierarchy is as follows: Level 1. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities. Level 2. Inputs to valuation techniques are observable, either directly or indirectly. Level 3. One or more inputs to valuation techniques are significant and unobservable. Cash Instruments Cash instruments include U.S. government and federal agency obligations, non-U.S. government and agency obligations, mortgage-backed loans and securities, corporate loans and debt securities, equities and convertible debentures, investments in funds 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 certain money market instruments, U.S. government obligations, most non-U.S. government obligations, certain government agency obligations, certain corporate debt securities and actively traded listed equities. These instruments are valued using quoted prices for identical unrestricted instruments in active markets. The firm defines active markets for equity instruments based on the average daily trading volume both in absolute terms and relative to the market capitalization for the instrument. The firm defines active markets for debt instruments based on both the average daily trading volume and the number of days with trading activity. Level 2 Cash Instruments Level 2 cash instruments include most money market instruments, most government agency obligations, certain non-U.S. government obligations, most mortgage-backed loans and securities, most corporate loans and debt securities, most state and municipal obligations, most other debt obligations, restricted or less liquid listed equities, commodities 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 of Level 3 Cash Instruments Valuation techniques of level 3 cash instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 cash instrument are described below: Loans and Securities Backed by Commercial Real Estate. Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single commercial real estate property or a portfolio of properties, and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include: • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral and the basis, or price difference, to such prices; • Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices such as the CMBX (an index that tracks the performance of commercial mortgage bonds); • A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral, capitalization rates and multiples. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and • Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of other unobservable inputs (e.g., prepayment speeds). Loans and Securities Backed by Residential Real Estate. Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • Market yields implied by transactions of similar or related assets; • Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines, related costs and subsequent recoveries; and • Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines. Corporate Loans and Debt Securities. Corporate loans and debt securities includes bank loans and bridge loans and corporate debt securities. 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: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices such as CDX and LCDX (indices that track the performance of corporate credit and loans, respectively); • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related cash instrument, the cost of borrowing the underlying reference obligation; and • Duration. Equities and Convertible Debentures. Equities and convertible debentures include private equity investments and investments in real estate. 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: • Industry multiples (primarily EBITDA multiples) and public comparables; • Transactions in similar instruments; • Discounted cash flow techniques; and • Third-party appraisals. The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include: • Market and transaction multiples; • Discount rates, growth rates and capitalization rates; and • For equity instruments with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration. Other Cash Instruments. Other cash instruments consists of non-U.S. government and agency obligations, state and municipal obligations, and other debt obligations. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices; • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related cash instrument, the cost of borrowing the underlying reference obligation; and • Duration. Investments in Funds 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 investments at fair value. 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. 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, as described below. • 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. |
Hedge Accounting, Policy | • 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. 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 hedging instrument must be highly effective at reducing the risk from the exposure being hedged. Additionally, the firm must formally document the hedging relationship at inception and test the hedging relationship at least on a quarterly basis to ensure the hedging instrument continues to be highly effective over the life of the hedging relationship. Fair Value Hedges The firm designates 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 investments in certain non-U.S. operations through the use of foreign currency forward contracts and foreign currency-denominated debt. For foreign currency forward contracts designated as hedges, the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts (i.e., based on changes in forward rates). For foreign currency-denominated debt designated as a hedge, the effectiveness of the hedge is assessed based on changes in spot rates. For qualifying net investment hedges, the gains or losses on the hedging instruments, to the extent effective, are included in “Currency translation” in the consolidated statements of comprehensive income. |
Fair Value Option, Policy | Fair Value Option 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. |
Loans Receivable, Policy | 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 loans receivable is recognized over the life of the loan and is recorded on an accrual basis. The firm also extends lending commitments that are held for investment and accounted for on an accrual basis. Loans receivable includes Purchased Credit Impaired (PCI) loans. PCI loans represent acquired loans or pools of loans with evidence of credit deterioration subsequent to their origination and where it is probable, at acquisition, that the firm will not be able to collect all contractually required payments. Loans acquired within the same reporting period, which have at least two common risk characteristics, one of which relates to their credit risk, are eligible to be pooled together and considered a single unit of account. PCI loans are initially recorded at acquisition price and the difference between the acquisition price and the expected cash flows (accretable yield) is recognized as interest income over the life of such loans or pools of loans on an effective yield method. Expected cash flows on PCI loans are determined using various inputs and assumptions, including default rates, loss severities, recoveries, amount and timing of prepayments and other macroeconomic indicators. Loans receivable (excluding PCI loans) are 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 generally 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. In certain circumstances, the firm may also modify the original terms of a loan agreement by granting a concession to a borrower experiencing financial difficulty. Such modifications are considered troubled debt restructurings and typically include interest rate reductions, payment extensions, and modification of loan covenants. Loans modified in a troubled debt restructuring are considered impaired and are subject to specific loan-level reserves. The firm’s allowance for loan losses is comprised of specific loan-level reserves, portfolio level reserves, and reserves on PCI loans as described below: • Specific loan-level reserves are determined on loans (excluding PCI loans) that exhibit credit quality weakness and are therefore individually evaluated for impairment. • Portfolio level reserves are determined on loans (excluding PCI loans) not deemed impaired by aggregating groups of loans with similar risk characteristics and estimating the probable loss inherent in the portfolio. • Reserves on PCI loans are recorded when it is determined that the expected cash flows, which are reassessed on a quarterly basis, will be lower than those used to establish the current effective yield for such loans or pools of loans. If the expected cash flows are determined to be significantly higher than those used to establish the current effective yield, such increases are initially recognized as a reduction to any previously recorded allowances for loan losses and any remaining increases are recognized as interest income prospectively over the life of the loan or pools of loans as an increase to the effective yield. 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 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. As of December 2016 and December 2015, substantially all of the firm’s loans receivable were evaluated for impairment at the portfolio level. |
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 before or at the maturity of the agreement. The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and federal agency, and investment-grade sovereign obligations. 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. 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. • 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. • 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 holder are reflected at the earliest dates such options become exercisable. |
Securitization Activities, Policy | 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. |
Consolidation, Variable Interest Entity, Policy | VIE Consolidation Analysis The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The firm determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: • Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; • Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; • The VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; • The VIE’s capital structure; • The terms between the VIE and its variable interest holders and other parties involved with the VIE; and • Related-party relationships. The firm reassesses its initial evaluation of whether an entity is a VIE when certain reconsideration events occur. The firm reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. |
Property, Plant and Equipment, Policy | Substantially all property and equipment is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease, whichever is shorter. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years. Substantially all of the firm’s identifiable intangible assets are considered to have finite useful lives and are amortized over their estimated useful lives generally using the straight-line method. 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. |
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 for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, 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 the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. The quantitative goodwill 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 estimated fair value exceeds its estimated net book value, goodwill is not impaired. To estimate the fair value of each reporting unit, a relative value technique is used because the firm believes market participants would use this technique to value the firm’s reporting units. The relative value technique applies observable price-to-earnings multiples or price-to-book multiples and projected return on equity of comparable competitors to reporting units’ net earnings or net book value. The net book value of each reporting unit reflects an allocation of total shareholders’ equity and represents the estimated amount of total shareholders’ equity required to support the activities of the reporting unit under currently applicable regulatory capital requirements. • If the estimated fair value of a reporting unit is less than its estimated net book value, the second step of the goodwill 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. |
Deposits, Policy | The firm’s savings and demand deposits are recorded based on the amount of cash received plus accrued interest. |
Debt, Policy | 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. • Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included 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 holder are reflected at the earliest dates such options become exercisable. |
Commitments to Extend Credit, Policy | As of December 2016 and December 2015, $98.05 billion and $93.92 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 December 2016 and December 2015, $6.87 billion and $9.92 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.” |
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. |
Derivative Guarantees, Policy | 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. 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. |
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 and RSUs for which no future service is required as a condition to the delivery of the underlying common stock (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for stock options and for RSUs for which future service is required as a condition to the delivery of the underlying common stock. |
Interest Income and Interest Expense, Policy | Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates. |
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 consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. |
Business Segments, Policy | 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. |
Share-based Compensation, Policy | 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 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. The firm grants RSUs to employees under the 2015 SIP, which are valued based on the closing price of the underlying shares on the date of grant after taking into account a liquidity discount for any applicable post-vesting and delivery transfer restrictions. |
Financial Instruments Owned, 40
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased | The table below presents the firm’s financial instruments owned, at fair value, and financial instruments sold, but not yet purchased, at fair value. $ in millions Financial Financial As of December 2016 Money market instruments $ 1,319 $ — U.S. government and federal agency obligations 57,657 16,627 Non-U.S. government and agency obligations 29,381 20,502 Loans and securities backed by: Commercial real estate 3,842 — Residential real estate 12,195 3 Corporate loans and debt securities 28,659 6,570 State and municipal obligations 1,059 — Other debt obligations 1,358 1 Equities and convertible debentures 94,692 25,941 Commodities 5,653 — Investments in funds at NAV 6,465 — Subtotal 242,280 69,644 Derivatives 53,672 47,499 Total $295,952 $117,143 As of December 2015 Money market instruments $ 4,683 $ — U.S. government and federal agency obligations 63,844 15,516 Non-U.S. government and agency obligations 31,772 14,973 Loans and securities backed by: Commercial real estate 4,975 4 Residential real estate 13,183 2 Corporate loans and debt securities 28,804 6,584 State and municipal obligations 992 2 Other debt obligations 1,595 2 Equities and convertible debentures 98,072 31,394 Commodities 3,935 — Investments in funds at NAV 7,757 — Subtotal 259,612 68,477 Derivatives 53,890 46,771 Total $313,502 $115,248 |
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. Year Ended December $ in millions 2016 2015 2014 Product Type Interest rates $ (1,979 ) $ (1,360 ) $ (5,316 ) Credit 1,854 920 2,982 Currencies 6,158 3,345 6,566 Equities 2,873 5,515 2,683 Commodities 1,027 1,103 1,450 Market making 9,933 9,523 8,365 Other principal transactions 3,200 5,018 6,588 Total $13,133 $14,541 $14,953 In the table above: • 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. • Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense. • Gains/(losses) on 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. • Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December $ in millions 2016 2015 Total level 1 financial assets $135,401 $153,051 Total level 2 financial assets 419,585 432,445 Total level 3 financial assets 23,280 24,046 Investments in funds at NAV 6,465 7,757 Counterparty and cash collateral netting (87,038 ) (90,612 ) Total financial assets at fair value $497,693 $526,687 Total assets $860,165 $861,395 Total level 3 financial assets divided by: Total assets 2.7% 2.8% Total financial assets at fair value 4.7% 4.6% Total level 1 financial liabilities $ 62,504 $ 59,798 Total level 2 financial liabilities 232,027 245,759 Total level 3 financial liabilities 21,448 16,812 Counterparty and cash collateral netting (44,695 ) (41,430 ) Total financial liabilities at fair value $271,284 $280,939 Total level 3 financial liabilities divided by 7.9% 6.0% |
Total Level 3 Financial Assets | The table below presents a summary of level 3 financial assets. As of December $ in millions 2016 2015 Cash instruments $ 18,035 $ 18,131 Derivatives 5,190 5,870 Other financial assets 55 45 Total $ 23,280 $ 24,046 |
Cash Instruments (Tables)
Cash Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Cash Instruments by Level | The tables below present cash instrument assets and liabilities at fair value by level within the fair value hierarchy. In the tables below: • 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 are shown as positive amounts and cash instrument liabilities are shown as negative amounts. As of December 2016 $ in millions Level 1 Level 2 Level 3 Total Assets Money market instruments $ 188 $ 1,131 $ — $ 1,319 U.S. government and federal agency obligations 35,254 22,403 — 57,657 Non-U.S. government and agency obligations 22,433 6,933 15 29,381 Loans and securities backed by: Commercial real estate — 2,197 1,645 3,842 Residential real estate — 11,350 845 12,195 Corporate loans and debt securities 215 23,804 4,640 28,659 State and municipal obligations — 960 99 1,059 Other debt obligations — 830 528 1,358 Equities and convertible debentures 77,276 7,153 10,263 94,692 Commodities — 5,653 — 5,653 Subtotal $135,366 $82,414 $18,035 $235,815 Investments in funds at NAV 6,465 Total cash instrument assets $242,280 Liabilities U.S. government and federal agency obligations $ (16,615 ) $ (12 ) $ — $ (16,627 ) Non-U.S. government and agency obligations (19,137 ) (1,364 ) (1 ) (20,502 ) Loans and securities backed by residential real estate — (3 ) — (3 ) Corporate loans and debt securities (2 ) (6,524 ) (44 ) (6,570 ) Other debt obligations — (1 ) — (1 ) Equities and convertible debentures (25,768 ) (156 ) (17 ) (25,941 ) Total cash instrument liabilities $ (61,522 ) $ (8,060 ) $ (62 ) $ (69,644 ) As of December 2015 $ in millions Level 1 Level 2 Level 3 Total Assets Money market instruments $ 2,725 $ 1,958 $ — $ 4,683 U.S. government and federal agency obligations 42,306 21,538 — 63,844 Non-U.S. government and agency obligations 26,500 5,260 12 31,772 Loans and securities backed by: Commercial real estate — 3,051 1,924 4,975 Residential real estate — 11,418 1,765 13,183 Corporate loans and debt securities 218 23,344 5,242 28,804 State and municipal obligations — 891 101 992 Other debt obligations — 1,057 538 1,595 Equities and convertible debentures 81,252 8,271 8,549 98,072 Commodities — 3,935 — 3,935 Subtotal $153,001 $80,723 $18,131 $251,855 Investments in funds at NAV 7,757 Total cash instrument assets $259,612 Liabilities U.S. government and federal agency obligations $ (15,455 ) $ (61 ) $ — $ (15,516 ) Non-U.S. government and agency obligations (13,522 ) (1,451 ) — (14,973 ) Loans and securities backed by: Commercial real estate — (4 ) — (4 ) Residential real estate — (2 ) — (2 ) Corporate loans and debt securities (2 ) (6,456 ) (126 ) (6,584 ) State and municipal obligations — (2 ) — (2 ) Other debt obligations — (1 ) (1 ) (2 ) Equities and convertible debentures (30,790 ) (538 ) (66 ) (31,394 ) Total cash instrument liabilities $ (59,769 ) $ (8,515 ) $ (193 ) $ (68,477 ) In the tables above: • Total cash instrument assets include collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs) backed by real estate and corporate obligations of $461 million and $405 million in level 2, and $624 million and $774 million in level 3 as of December 2016 and December 2015, respectively. • Level 3 equities and convertible debenture assets include $9.44 billion and $7.69 billion of private equity investments, $374 million and $308 million of investments in real estate entities, and $451 million and $552 million of convertible debentures as of December 2016 and December 2015, respectively. • Money market instruments include commercial paper, certificates of deposit and time deposits. |
Fair Value, Cash Instruments, Measurement Inputs, Disclosure | The table below presents the amount of level 3 assets, and ranges and weighted averages of significant unobservable inputs used to value the firm’s level 3 cash instruments. Level 3 Assets and Range of Significant Unobservable $ in millions 2016 2015 Loans and securities backed by commercial real estate Level 3 assets $1,645 $1,924 Yield 3.7% to 23.0% (13.0% ) 3.5% to 22.0% (11.8% ) Recovery rate 8.9% to 99.0% (60.6% ) 19.6% to 96.5% (59.4% ) Duration (years) 0.8 to 6.2 (2.1 ) 0.3 to 5.3 (2.3 ) Basis (points) N/A (11) to 4 ((2) ) Loans and securities backed by residential real estate Level 3 assets $845 $1,765 Yield 0.8% to 15.6% (8.7% ) 3.2% to 17.0% (7.9% ) Cumulative loss rate 8.9% to 47.1% (24.2% ) 4.6% to 44.2% (27.3% ) Duration (years) 1.1 to 16.1 (7.3 ) 1.5 to 13.8 (7.0 ) Corporate loans and debt securities Level 3 assets $4,640 $5,242 Yield 2.5% to 25.0% (10.3% ) 1.6% to 36.6% (10.7% ) Recovery rate 0.0% to 85.0% (56.5% ) 0.0% to 85.6% (54.8% ) Duration (years) 0.6 to 15.7 (2.9 ) 0.7 to 6.1 (2.5 ) Equities and convertible debentures Level 3 assets $10,263 $8,549 Multiples 0.8x to 19.7x (6.8x ) 0.7x to 21.4x (6.4x ) Discount rate/yield 6.5% to 25.0% (16.0% ) 7.1% to 20.0% (14.8% ) Growth rate N/A 3.0% to 5.2% (4.5% ) Capitalization rate 4.2% to 12.5% (6.8% ) 5.5% to 12.5% (7.6% ) Other cash instruments Level 3 assets $642 $651 Yield 1.9% to 14.0% (8.8% ) 0.9% to 17.9% (8.7% ) Recovery rate 0.0% to 93.0% (61.4% ) 2.7% to 35.5% (25.0% ) Duration (years) 0.9 to 12.0 (4.3 ) 1.1 to 11.4 (7.0 ) In the table above: • 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 cash instruments. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one cash instrument. For example, the highest multiple 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 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 or 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. • Equities and convertible debentures include private equity investments and investments in real estate entities. Growth rate includes long-term growth rate and compound annual growth rate. • Basis (points) and growth rate were not significant to the valuation of level 3 assets as of December 2016. • Loans and securities backed by commercial and residential real estate, corporate loans and debt securities and other cash instruments are valued using discounted cash flows, and equities and convertible debentures are valued using market comparables and discounted cash flows. • The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. |
Cash Instruments, Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 cash instrument assets and liabilities. In the table below: • Changes in fair value are presented for all cash instrument assets and liabilities that are categorized as level 3 as of the end of the period. • Net unrealized gains/(losses) relate to instruments that were still held at period-end. • Purchases include originations and secondary purchases. • 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. For level 3 cash instrument assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 cash instrument liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • 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. Year Ended December $ in millions 2016 2015 Total cash instrument assets Beginning balance $18,131 $28,650 Net realized gains/(losses) 574 957 Net unrealized gains/(losses) 397 701 Purchases 3,072 3,840 Sales (2,326 ) (3,842 ) Settlements (3,503 ) (6,472 ) Transfers into level 3 3,405 1,798 Transfers out of level 3 (1,715 ) (7,501 ) Ending balance $18,035 $18,131 Total cash instrument liabilities Beginning balance $ (193 ) $ (244 ) Net realized gains/(losses) 20 (28 ) Net unrealized gains/(losses) 19 (21 ) Purchases 91 205 Sales (49 ) (38 ) Settlements (7 ) (14 ) Transfers into level 3 (12 ) (116 ) Transfers out of level 3 69 63 Ending balance $ (62 ) $ (193 ) The table below disaggregates, by product type, the information for cash instrument assets included in the summary table above. Year Ended December $ in millions 2016 2015 Loans and securities backed by commercial real estate Beginning balance $ 1,924 $ 3,275 Net realized gains/(losses) 60 120 Net unrealized gains/(losses) (19 ) 44 Purchases 331 566 Sales (320 ) (598 ) Settlements (617 ) (1,569 ) Transfers into level 3 510 351 Transfers out of level 3 (224 ) (265 ) Ending balance $ 1,645 $ 1,924 Loans and securities backed by residential real estate Beginning balance $ 1,765 $ 2,545 Net realized gains/(losses) 60 150 Net unrealized gains/(losses) 26 34 Purchases 298 564 Sales (791 ) (609 ) Settlements (278 ) (327 ) Transfers into level 3 73 188 Transfers out of level 3 (308 ) (780 ) Ending balance $ 845 $ 1,765 Corporate loans and debt securities Beginning balance $ 5,242 $10,606 Net realized gains/(losses) 261 406 Net unrealized gains/(losses) 34 (234 ) Purchases 1,078 1,279 Sales (645 ) (1,668 ) Settlements (1,823 ) (3,152 ) Transfers into level 3 1,023 752 Transfers out of level 3 (530 ) (2,747 ) Ending balance $ 4,640 $ 5,242 Equities and convertible debentures Beginning balance $ 8,549 $11,108 Net realized gains/(losses) 158 251 Net unrealized gains/(losses) 371 844 Purchases 1,122 1,295 Sales (412 ) (744 ) Settlements (634 ) (1,193 ) Transfers into level 3 1,732 466 Transfers out of level 3 (623 ) (3,478 ) Ending balance $10,263 $ 8,549 Other cash instruments Beginning balance $ 651 $ 1,116 Net realized gains/(losses) 35 30 Net unrealized gains/(losses) (15 ) 13 Purchases 243 136 Sales (158 ) (223 ) Settlements (151 ) (231 ) Transfers into level 3 67 41 Transfers out of level 3 (30 ) (231 ) Ending balance $ 642 $ 651 |
Investments in Funds that are Calculated Using Net Asset Value Per Share | The table below presents the fair value of the firm’s investments in funds at NAV and related unfunded commitments. $ in millions Fair Value of Unfunded As of December 2016 Private equity funds $4,628 $1,393 Credit funds 421 166 Hedge funds 410 — Real estate funds 1,006 272 Total $6,465 $1,831 As of December 2015 Private equity funds $5,414 $2,057 Credit funds 611 344 Hedge funds 560 — Real estate funds 1,172 296 Total $7,757 $2,697 |
Derivatives and Hedging Activ43
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivatives on a Gross Basis | The tables below present the gross fair value and the notional amount of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the 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. As of December 2016 As of December 2015 $ in millions Derivative Derivative Derivative Derivative Not accounted for as hedges Exchange-traded $ 443 $ 382 $ 310 $ 280 OTC-cleared 189,471 168,946 211,272 192,401 Bilateral OTC 309,037 289,491 345,516 321,458 Total interest rates 498,951 458,819 557,098 514,139 OTC-cleared 4,837 4,811 5,203 5,596 Bilateral OTC 21,530 18,770 35,679 31,179 Total credit 26,367 23,581 40,882 36,775 Exchange-traded 36 176 183 204 OTC-cleared 796 798 165 128 Bilateral OTC 111,032 106,318 96,660 99,235 Total currencies 111,864 107,292 97,008 99,567 Exchange-traded 3,219 3,187 2,997 3,623 OTC-cleared 189 197 232 233 Bilateral OTC 8,945 10,487 17,445 17,215 Total commodities 12,353 13,871 20,674 21,071 Exchange-traded 8,576 8,064 9,372 7,908 Bilateral OTC 39,516 45,826 37,788 38,290 Total equities 48,092 53,890 47,160 46,198 Subtotal 697,627 657,453 762,822 717,750 Accounted for as hedges OTC-cleared 4,347 156 4,567 85 Bilateral OTC 4,180 10 6,660 20 Total interest rates 8,527 166 11,227 105 OTC-cleared 30 40 24 6 Bilateral OTC 55 64 116 27 Total currencies 85 104 140 33 Subtotal 8,612 270 11,367 138 Total gross fair value $ 706,239 $ 657,723 $ 774,189 $ 717,888 Offset in the consolidated statements of financial condition Exchange-traded $ (9,727 ) $ (9,727 ) $ (9,398 ) $ (9,398 ) OTC-cleared (171,864 ) (171,864 ) (194,928 ) (194,928 ) Bilateral OTC (385,647 ) (385,647 ) (426,841 ) (426,841 ) Total counterparty netting (567,238 ) (567,238 ) (631,167 ) (631,167 ) OTC-cleared (27,560 ) (2,940 ) (26,151 ) (3,305 ) Bilateral OTC (57,769 ) (40,046 ) (62,981 ) (36,645 ) Total cash collateral netting (85,329 ) (42,986 ) (89,132 ) (39,950 ) Total amounts offset $(652,567 ) $(610,224 ) $(720,299 ) $(671,117 ) Included in the consolidated statements of financial condition Exchange-traded $ 2,547 $ 2,082 $ 3,464 $ 2,617 OTC-cleared 246 144 384 216 Bilateral OTC 50,879 45,273 50,042 43,938 Total $ 53,672 $ 47,499 $ 53,890 $ 46,771 Not offset in the consolidated statements of financial condition Cash collateral $ (535 ) $ (2,085 ) $ (498 ) $ (1,935 ) Securities collateral (15,518 ) (10,224 ) (14,008 ) (10,044 ) Total $ 37,619 $ 35,190 $ 39,384 $ 34,792 Notional Amounts as of December $ in millions 2016 2015 Not accounted for as hedges Exchange-traded $ 4,425,532 $ 4,402,843 OTC-cleared 16,646,145 20,738,687 Bilateral OTC 11,131,442 12,953,830 Total interest rates 32,203,119 38,095,360 OTC-cleared 378,432 339,244 Bilateral OTC 1,045,913 1,552,806 Total credit 1,424,345 1,892,050 Exchange-traded 13,800 13,073 OTC-cleared 62,799 14,617 Bilateral OTC 5,576,748 5,461,940 Total currencies 5,653,347 5,489,630 Exchange-traded 227,707 203,465 OTC-cleared 3,506 2,839 Bilateral OTC 196,899 230,750 Total commodities 428,112 437,054 Exchange-traded 605,335 528,419 Bilateral OTC 959,112 927,078 Total equities 1,564,447 1,455,497 Subtotal 41,273,370 47,369,591 Accounted for as hedges OTC-cleared 55,328 51,446 Bilateral OTC 36,607 62,022 Total interest rates 91,935 113,468 OTC-cleared 1,703 1,333 Bilateral OTC 8,544 8,615 Total currencies 10,247 9,948 Subtotal 102,182 123,416 Total notional amount $41,375,552 $47,493,007 In the tables above: • Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses. • Total gross fair value of derivatives includes derivative assets and derivative liabilities of $19.92 billion and $20.79 billion, respectively, as of December 2016, and derivative assets and derivative liabilities of $17.09 billion and $18.16 billion, respectively, as of December 2015, 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 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, included in the consolidated statements of financial condition. As of December 2016 $ in millions Level 1 Level 2 Level 3 Total Assets Interest rates $ 46 $ 506,818 $ 614 $ 507,478 Credit — 21,388 4,979 26,367 Currencies — 111,762 187 111,949 Commodities — 11,950 403 12,353 Equities 1 47,667 424 48,092 Gross fair value 47 699,585 6,607 706,239 Counterparty netting within levels (12 ) (564,100 ) (1,417 ) (565,529 ) Subtotal $ 35 $ 135,485 $ 5,190 $ 140,710 Cross-level counterparty netting (1,709 ) Cash collateral netting (85,329 ) Net fair value $ 53,672 Liabilities Interest rates $ (27 ) $(457,963 ) $ (995 ) $ (458,985 ) Credit — (21,106 ) (2,475 ) (23,581 ) Currencies — (107,212 ) (184 ) (107,396 ) Commodities — (13,541 ) (330 ) (13,871 ) Equities (967 ) (49,083 ) (3,840 ) (53,890 ) Gross fair value (994 ) (648,905 ) (7,824 ) (657,723 ) Counterparty netting within levels 12 564,100 1,417 565,529 Subtotal $(982 ) $ (84,805 ) $(6,407 ) $ (92,194 ) Cross-level counterparty netting 1,709 Cash collateral netting 42,986 Net fair value $ (47,499 ) As of December 2015 $ in millions Level 1 Level 2 Level 3 Total Assets Interest rates $ 4 $ 567,761 $ 560 $ 568,325 Credit — 34,832 6,050 40,882 Currencies — 96,959 189 97,148 Commodities — 20,087 587 20,674 Equities 46 46,491 623 47,160 Gross fair value 50 766,130 8,009 774,189 Counterparty netting within levels — (627,548 ) (2,139 ) (629,687 ) Subtotal $ 50 $ 138,582 $ 5,870 $ 144,502 Cross-level counterparty netting (1,480 ) Cash collateral netting (89,132 ) Net fair value $ 53,890 Liabilities Interest rates $ (11 ) $(513,275 ) $ (958 ) $ (514,244 ) Credit — (33,518 ) (3,257 ) (36,775 ) Currencies — (99,377 ) (223 ) (99,600 ) Commodities — (20,222 ) (849 ) (21,071 ) Equities (18 ) (43,953 ) (2,227 ) (46,198 ) Gross fair value (29 ) (710,345 ) (7,514 ) (717,888 ) Counterparty netting within levels — 627,548 2,139 629,687 Subtotal $ (29 ) $ (82,797 ) $(5,375 ) $ (88,201 ) Cross-level counterparty netting 1,480 Cash collateral netting 39,950 Net fair value $ (46,771 ) |
Fair Value, Derivatives, Measurement Inputs, Disclosure | The table below presents the amount of level 3 assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value the firm’s level 3 derivatives. Level 3 Assets (Liabilities) and Range of Significant $ in millions 2016 2015 Interest rates, net $(381) $(398) Correlation (10)% to 86% (56%/60%) (25)% to 92% (53%/55%) Volatility (bps) 31 to 151 (84/57) 31 to 152 (84/57) Credit, net $2,504 $2,793 Correlation 35% to 91% (65%/68%) 46% to 99% (68%/66%) Credit spreads (bps) 1 to 993 (122/73) 1 to 1,019 (129/86) Upfront credit points 0 to 100 (43/35) 0 to 100 (41/40) Recovery rates 1% to 97% (58%/70%) 2% to 97% (58%/70%) Currencies, net $3 $(34) Correlation 25% to 70% (50%/55%) 25% to 70% (50%/51%) Commodities, net $73 $(262) Volatility 13% to 68% (33%/33%) 11% to 77% (35%/34%) Natural gas spread $(1.81) to $4.33 ($(0.14)/$(0.05)) $(1.32) to $4.15 ($(0.05)/$(0.01)) Oil spread $(19.72) to $64.92 ($25.30/$16.43) $(10.64) to $65.29 ($3.34/$(3.31)) Equities, net $(3,416) $(1,604) Correlation (39)% to 88% (41%/41%) (65)% to 94% (42%/48%) Volatility 5% to 72% (24%/23%) 5% to 76% (24%/23%) |
Fair Value of Derivatives, Level 3 Rollforward | The table below presents a summary of the changes in fair value for all level 3 derivatives. In the table below: Year Ended December $ in millions 2016 2015 Total level 3 derivatives Beginning balance $ 495 $ 706 Net realized gains/(losses) (37 ) 67 Net unrealized gains/(losses) 777 679 Purchases 115 240 Sales (3,557 ) (1,864 ) Settlements 782 1,498 Transfers into level 3 352 (4 ) Transfers out of level 3 (144 ) (827 ) Ending balance $(1,217 ) $ 495 The table below disaggregates, by product type, the information for level 3 derivatives included in the summary table above. Year Ended December $ in millions 2016 2015 Interest rates, net Beginning balance $ (398 ) $ (40 ) Net realized gains/(losses) (41 ) (53 ) Net unrealized gains/(losses) (138 ) 66 Purchases 5 3 Sales (3 ) (31 ) Settlements 36 (144 ) Transfers into level 3 195 (149 ) Transfers out of level 3 (37 ) (50 ) Ending balance $ (381 ) $ (398 ) Credit, net Beginning balance $ 2,793 $ 3,530 Net realized gains/(losses) — 92 Net unrealized gains/(losses) 196 804 Purchases 20 80 Sales (73 ) (237 ) Settlements (516 ) (640 ) Transfers into level 3 179 206 Transfers out of level 3 (95 ) (1,042 ) Ending balance $ 2,504 $ 2,793 Currencies, net Beginning balance $ (34 ) $ (267 ) Net realized gains/(losses) (30 ) (49 ) Net unrealized gains/(losses) (42 ) 40 Purchases 14 32 Sales (2 ) (10 ) Settlements 90 162 Transfers into level 3 1 (1 ) Transfers out of level 3 6 59 Ending balance $ 3 $ (34 ) Commodities, net Beginning balance $ (262 ) $(1,142 ) Net realized gains/(losses) (23 ) 34 Net unrealized gains/(losses) 101 (52 ) Purchases 24 — Sales (119 ) (234 ) Settlements 391 1,034 Transfers into level 3 (23 ) (35 ) Transfers out of level 3 (16 ) 133 Ending balance $ 73 $ (262 ) Equities, net Beginning balance $(1,604 ) $(1,375 ) Net realized gains/(losses) 57 43 Net unrealized gains/(losses) 660 (179 ) Purchases 52 125 Sales (3,360 ) (1,352 ) Settlements 781 1,086 Transfers into level 3 — (25 ) Transfers out of level 3 (2 ) 73 Ending balance $(3,416 ) $(1,604 ) |
OTC Derivatives by Product Type and Tenor | The table below presents the fair values of OTC derivative assets and liabilities by tenor and major product type. $ in millions Less than 1 Year 1 - 5 Years Greater than 5 Years Total As of December 2016 Assets Interest rates $ 5,845 $18,376 $79,507 $103,728 Credit 1,763 2,695 4,889 9,347 Currencies 18,344 8,292 8,428 35,064 Commodities 3,273 1,415 179 4,867 Equities 3,141 9,249 1,341 13,731 Counterparty netting within tenors (3,543 ) (5,550 ) (3,794 ) (12,887 ) Subtotal $28,823 $34,477 $90,550 $153,850 Cross-tenor counterparty netting (17,396 ) Cash collateral netting (85,329 ) Total $ 51,125 Liabilities Interest rates $ 5,679 $10,814 $38,812 $ 55,305 Credit 2,060 3,328 1,167 6,555 Currencies 14,720 9,771 5,879 30,370 Commodities 2,546 1,555 2,315 6,416 Equities 7,000 10,426 2,614 20,040 Counterparty netting within tenors (3,543 ) (5,550 ) (3,794 ) (12,887 ) Subtotal $28,462 $30,344 $46,993 $105,799 Cross-tenor counterparty netting (17,396 ) Cash collateral netting (42,986 ) Total $ 45,417 As of December 2015 Assets Interest rates $ 4,231 $23,278 $81,401 $108,910 Credit 1,664 4,547 5,842 12,053 Currencies 14,646 8,936 6,353 29,935 Commodities 6,228 3,897 231 10,356 Equities 4,806 7,091 1,550 13,447 Counterparty netting within tenors (3,660 ) (5,751 ) (5,270 ) (14,681 ) Subtotal $27,915 $41,998 $90,107 $160,020 Cross-tenor counterparty netting (20,462 ) Cash collateral netting (89,132 ) Total $ 50,426 Liabilities Interest rates $ 5,323 $13,945 $35,592 $ 54,860 Credit 1,804 4,704 1,437 7,945 Currencies 12,378 9,940 10,048 32,366 Commodities 4,464 3,136 2,526 10,126 Equities 5,154 5,802 2,994 13,950 Counterparty netting within tenors (3,660 ) (5,751 ) (5,270 ) (14,681 ) Subtotal $25,463 $31,776 $47,327 $104,566 Cross-tenor counterparty netting (20,462 ) Cash collateral netting (39,950 ) Total $ 44,154 |
Credit Derivatives | The table below presents certain information about credit derivatives. Credit Spread on Underlier (basis points) $ in millions 0 - 250 251 - 500 501 - 1,000 Greater 1,000 Total As of December 2016 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $207,727 $ 5,819 $ 1,016 $ 8,629 $223,191 1 – 5 years 375,208 17,255 8,643 7,986 409,092 Greater than 5 years 52,977 3,928 1,045 233 58,183 Total $635,912 $27,002 $10,704 $ 16,848 $690,466 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $558,305 $20,588 $10,133 $ 15,186 $604,212 Other 119,509 7,712 1,098 1,446 129,765 Fair Value of Written Credit Derivatives Asset $ 13,919 $ 606 $ 187 $ 45 $ 14,757 Liability 2,436 902 809 5,686 9,833 Net asset/(liability) $ 11,483 $ (296 ) $ (622 ) $ (5,641 ) $ 4,924 As of December 2015 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $240,468 $ 2,859 $ 2,881 $ 10,533 $256,741 1 – 5 years 514,986 42,399 16,327 26,271 599,983 Greater than 5 years 57,054 6,481 1,567 1,651 66,753 Total $812,508 $51,739 $20,775 $ 38,455 $923,477 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $722,436 $46,313 $19,556 $ 33,266 $821,571 Other 132,757 6,383 3,372 4,598 147,110 Fair Value of Written Credit Derivatives Asset $ 17,110 $ 924 $ 108 $ 190 $ 18,332 Liability 2,756 2,596 1,942 12,485 19,779 Net asset/(liability) $ 14,354 $ (1,672 ) $ (1,834 ) $(12,295 ) $ (1,447 ) |
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 December $ in millions 2016 2015 Fair value of assets $ 676 $ 466 Fair value of liabilities 864 794 Net liability $ 188 $ 328 Notional amount $8,726 $7,869 |
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 December $ in millions 2016 2015 Net derivative liabilities under bilateral agreements $32,927 $29,836 Collateral posted 27,840 26,075 Additional collateral or termination payments: One-notch downgrade 677 1,061 Two-notch downgrade 2,216 2,689 |
Gain (Loss) from Interest Rate Hedges and Related Hedged Borrowings and Deposits | The table below presents the gains/(losses) from interest rate derivatives accounted for as hedges, the related hedged borrowings and deposits, and the hedge ineffectiveness on these derivatives, which primarily consists of amortization of prepaid credit spreads resulting from the passage of time. Year Ended December $ in millions 2016 2015 2014 Interest rate hedges $(1,480 ) $(1,613 ) $ 1,936 Hedged borrowings and deposits 834 898 (2,451 ) Hedge ineffectiveness $ (646 ) $ (715 ) $ (515 ) |
Gains and Losses on Net Investment Hedges | The table below presents the gains/(losses) from net investment hedging. Year Ended December $ in millions 2016 2015 2014 Hedges: Foreign currency forward contract $135 $695 $576 Foreign currency-denominated debt (85 ) (9 ) 202 |
Fair Value Option (Tables)
Fair Value Option (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Financial Liabilities by Level | The table below presents, by level within the fair value hierarchy, other financial assets and financial liabilities accounted for at fair value primarily under the fair value option. $ in millions Level 1 Level 2 Level 3 Total As of December 2016 Assets Securities purchased under agreements to resell $ — $ 116,077 $ — $ 116,077 Securities borrowed — 82,398 — 82,398 Receivables from customers and counterparties — 3,211 55 3,266 Total $ — $ 201,686 $ 55 $ 201,741 Liabilities Deposits $ — $ (10,609 ) $ (3,173 ) $ (13,782) Securities sold under agreements to repurchase — (71,750 ) (66 ) (71,816) Securities loaned — (2,647 ) — (2,647) Other secured financings — (20,516 ) (557 ) (21,073) Unsecured borrowings: Short-term — (10,896 ) (3,896 ) (14,792) Long-term — (22,185 ) (7,225 ) (29,410) Other liabilities and accrued expenses — (559 ) (62 ) (621) Total $ — $(139,162 ) $(14,979 ) $(154,141) As of December 2015 Assets Securities purchased under agreements to resell $ — $ 132,853 $ — $ 132,853 Securities borrowed — 75,340 — 75,340 Receivables from customers and counterparties — 4,947 45 4,992 Total $ — $ 213,140 $ 45 $ 213,185 Liabilities Deposits $ — $ (12,465 ) $ (2,215 ) $ (14,680) Securities sold under agreements to repurchase — (85,998 ) (71 ) (86,069) Securities loaned — (466 ) — (466) Other secured financings — (22,658 ) (549 ) (23,207) Unsecured borrowings: Short-term — (13,610 ) (4,133 ) (17,743) Long-term — (18,049 ) (4,224 ) (22,273) Other liabilities and accrued expenses — (1,201 ) (52 ) (1,253) Total $ — $(154,447 ) $(11,244 ) $(165,691) |
Level 3 Rollforward | Level 3 Rollforward The table below presents a summary of the changes in fair value for other level 3 financial assets and financial liabilities accounted for at fair value. In the table below: Year Ended December $ in millions 2016 2015 Total other financial assets Beginning balance $ 45 $ 56 Net realized gains/(losses) 6 2 Net unrealized gains/(losses) 1 2 Purchases 10 8 Settlements (7 ) (22 ) Transfers out of level 3 — (1 ) Ending balance $ 55 $ 45 Total other financial liabilities Beginning balance $(11,244 ) $ (9,292 ) Net realized gains/(losses) (99 ) 75 Net unrealized gains/(losses) (7 ) 783 Purchases (8 ) (1 ) Issuances (10,236 ) (8,024 ) Settlements 5,983 3,604 Transfers into level 3 (759 ) (1,213 ) Transfers out of level 3 1,391 2,824 Ending balance $(14,979 ) $(11,244 ) The table below disaggregates, by the consolidated statements of financial condition line items, the information for other financial liabilities included in the summary table above. Year Ended December $ in millions 2016 2015 Deposits Beginning balance $(2,215 ) $(1,065 ) Net realized gains/(losses) (22 ) (9 ) Net unrealized gains/(losses) (89 ) 56 Issuances (993 ) (1,252 ) Settlements 146 55 Ending balance $(3,173 ) $(2,215 ) Securities sold under agreements to repurchase Beginning balance $ (71 ) $ (124 ) Net unrealized gains/(losses) (6 ) (2 ) Settlements 11 55 Ending balance $ (66 ) $ (71 ) Other secured financings Beginning balance $ (549 ) $(1,091 ) Net realized gains/(losses) (8 ) (10 ) Net unrealized gains/(losses) (3 ) 34 Purchases (5 ) (1 ) Issuances (150 ) (504 ) Settlements 273 363 Transfers into level 3 (117 ) (85 ) Transfers out of level 3 2 745 Ending balance $ (557 ) $ (549 ) Unsecured short-term borrowings Beginning balance $(4,133 ) $(3,712 ) Net realized gains/(losses) (57 ) 96 Net unrealized gains/(losses) (115 ) 355 Issuances (3,837 ) (3,377 ) Settlements 3,492 2,275 Transfers into level 3 (370 ) (641 ) Transfers out of level 3 1,124 871 Ending balance $(3,896 ) $(4,133 ) Unsecured long-term borrowings Beginning balance $(4,224 ) $(2,585 ) Net realized gains/(losses) (27 ) (7 ) Net unrealized gains/(losses) 190 352 Purchases (3 ) — Issuances (5,201 ) (2,888 ) Settlements 2,047 846 Transfers into level 3 (272 ) (464 ) Transfers out of level 3 265 522 Ending balance $(7,225 ) $(4,224 ) Other liabilities and accrued expenses Beginning balance $ (52 ) $ (715 ) Net realized gains/(losses) 15 5 Net unrealized gains/(losses) 16 (12 ) Issuances (55 ) (3 ) Settlements 14 10 Transfers into level 3 — (23 ) Transfers out of level 3 — 686 Ending balance $ (62 ) $ (52 ) |
Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value | The table below presents the gains and losses recognized in earnings as a result of the 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. Year Ended December $ in millions 2016 2015 2014 Unsecured short-term borrowings $(1,028 ) $ 346 $(1,180 ) Unsecured long-term borrowings 584 771 (592 ) Other liabilities and accrued expenses (55 ) (684 ) (441 ) Other (630 ) (217 ) (366 ) Total $(1,129 ) $ 216 $(2,579 ) |
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. In the table below, the aggregate contractual principal amount of loans on non-accrual status and/or more than 90 days past due (which excludes loans carried at zero fair value and considered uncollectible) exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below the contractual principal amounts. As of December $ in millions 2016 2015 Performing loans and long-term receivables Aggregate contractual principal in excess of fair value $ 478 $1,330 Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value 8,101 9,600 Aggregate fair value of loans on nonaccrual status and/or more than 90 days past due 2,138 2,391 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Summary of Loans Receivable | The table below presents details about loans receivable. As of December $ in millions 2016 2015 Corporate loans $24,837 $20,740 Loans to private wealth management clients 13,828 13,961 Loans backed by commercial real estate 4,761 5,271 Loans backed by residential real estate 3,865 2,316 Other loans 2,890 3,533 Total loans receivable, gross 50,181 45,821 Allowance for loan losses (509 ) (414 ) Total loans receivable $49,672 $45,407 |
Summary of Other Loans Receivable | The table below presents gross loans receivable (excluding PCI loans of $3.97 billion and $2.12 billion as of December 2016 and December 2015, respectively, which are not assigned a credit rating equivalent) and related lending commitments by the firm’s internally determined public rating agency equivalent and by regulatory risk rating. Non-criticized/pass loans and lending commitments represent loans and lending commitments that are performing and/or do not demonstrate adverse characteristics that are likely to result in a credit loss. $ in millions Loans Lending Commitments Total Credit Rating Equivalent As of December 2016 Investment-grade $18,434 $72,323 $ 90,757 Non-investment-grade 27,777 25,722 53,499 Total $46,211 $98,045 $144,256 As of December 2015 Investment-grade $19,459 $64,898 $ 84,357 Non-investment-grade 24,241 29,021 53,262 Total $43,700 $93,919 $137,619 Regulatory Risk Rating As of December 2016 Non-criticized/pass $43,146 $94,966 $138,112 Criticized 3,065 3,079 6,144 Total $46,211 $98,045 $144,256 As of December 2015 Non-criticized/pass $40,967 $92,021 $132,988 Criticized 2,733 1,898 4,631 Total $43,700 $93,919 $137,619 |
Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments | The table below presents changes in the allowance for loan losses and the allowance for losses on lending commitments. Year Ended December $ in millions 2016 2015 Allowance for loan losses Beginning balance $414 $228 Charge-offs (8 ) (1 ) Provision 138 187 Other (35 ) — Ending balance $509 $414 Allowance for losses on lending commitments Beginning balance $188 $ 86 Provision 44 102 Other (20 ) — Ending balance $212 $188 |
Collateralized Agreements and46
Collateralized Agreements and Financings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December $ in millions 2016 2015 Securities purchased under agreements to resell $116,925 $134,308 Securities borrowed 184,600 177,638 Securities sold under agreements to repurchase 71,816 86,069 Securities loaned 7,524 3,614 |
Offsetting Arrangements | The table below presents the gross and net resale and repurchase agreements and securities borrowed and loaned transactions, and the related amount of counterparty netting included in the consolidated statements of financial condition. The table below also presents the amounts not offset in the 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. Assets Liabilities $ in millions Resale Securities Repurchase Securities As of December 2016 Included in the consolidated statements of financial condition Gross carrying value $ 173,561 $ 189,571 $128,452 $12,495 Counterparty netting (56,636 ) (4,971 ) (56,636 ) (4,971 ) Total 116,925 184,600 71,816 7,524 Amounts not offset Counterparty netting (8,319 ) (4,045 ) (8,319 ) (4,045 ) Collateral (107,148 ) (170,625 ) (62,081 ) (3,087 ) Total $ 1,458 $ 9,930 $ 1,416 $ 392 As of December 2015 Included in the consolidated statements of financial condition Gross carrying value $ 163,199 $ 180,203 $114,960 $ 6,179 Counterparty netting (28,891 ) (2,565 ) (28,891 ) (2,565 ) Total 134,308 177,638 86,069 3,614 Amounts not offset Counterparty netting (4,979 ) (1,732 ) (4,979 ) (1,732 ) Collateral (125,561 ) (167,061 ) (78,958 ) (1,721 ) Total $ 3,768 $ 8,845 $ 2,132 $ 161 |
Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged | The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged. $ in millions Repurchase Securities As of December 2016 Money market instruments $ 317 $ — U.S. government and federal agency obligations 47,207 115 Non-U.S. government and agency obligations 56,156 1,846 Securities backed by commercial real estate 208 — Securities backed by residential real estate 122 — Corporate debt securities 8,297 39 State and municipal obligations 831 — Other debt obligations 286 — Equities and convertible debentures 15,028 10,495 Total $128,452 $12,495 As of December 2015 Money market instruments $ 806 $ — U.S. government and federal agency obligations 54,856 101 Non-U.S. government and agency obligations 31,547 2,465 Securities backed by commercial real estate 269 — Securities backed by residential real estate 2,059 — Corporate debt securities 6,877 30 State and municipal obligations 609 — Other debt obligations 101 — Equities and convertible debentures 17,836 3,583 Total $114,960 $ 6,179 |
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 December 2016 $ in millions Repurchase Securities No stated maturity and overnight $ 35,939 $ 4,825 2 - 30 days 47,339 5,034 31 - 90 days 16,553 500 91 days - 1 year 18,968 1,636 Greater than 1 year 9,653 500 Total $128,452 $12,495 |
Other Secured Financings | The table below presents information about other secured financings. $ in millions U.S. Non-U.S. Total As of December 2016 Other secured financings (short-term): At fair value $ 9,380 $ 3,738 $13,118 At amortized cost — — — Weighted average interest rates —% —% Other secured financings (long-term): At fair value 5,562 2,393 7,955 At amortized cost 145 305 450 Weighted average interest rates 4.06% 2.16% Total $15,087 $ 6,436 $21,523 Other secured financings collateralized by: Financial instruments $13,858 $ 5,974 $19,832 Other assets 1,229 462 1,691 As of December 2015 Other secured financings (short-term): At fair value $ 7,952 $ 5,448 $13,400 At amortized cost 514 319 833 Weighted average interest rates 2.93% 3.83% Other secured financings (long-term): At fair value 6,702 3,105 9,807 At amortized cost 370 343 713 Weighted average interest rates 2.87% 1.54% Total $15,538 $ 9,215 $24,753 Other secured financings collateralized by: Financial instruments $14,862 $ 8,872 $23,734 Other assets 676 343 1,019 |
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) $13,118 Other secured financings (long-term): 2018 5,575 2019 702 2020 1,158 2021 321 2022 - thereafter 649 Total other secured financings (long-term) 8,405 Total other secured financings $21,523 |
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 December $ in millions 2016 2015 Collateral available to be delivered or repledged $634,609 $636,684 Collateral that was delivered or repledged 495,717 496,240 In the table above, as of December 2016 and December 2015, collateral available to be delivered or repledged excludes $15.47 billion and $18.94 billion, respectively, of securities received under resale agreements and securities borrowed transactions that contractually had the right to be delivered or repledged, but were segregated for regulatory and other purposes. |
Financial Instruments Owned, at Fair Value and Other Assets Pledged as Collateral | The table below presents information about assets pledged. As of December $ in millions 2016 2015 Financial instruments owned, at fair value pledged to counterparties that: Had the right to deliver or repledge $ 51,278 $ 54,426 Did not have the right to deliver or repledge 61,099 63,880 Other assets pledged to counterparties that did not have the right to deliver or repledge 3,287 1,841 |
Securitization Activities (Tabl
Securitization Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Amount of Financial Assets Securitized and Cash Flows Received on Retained Interests | The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement as of the end of the period. Year Ended December $ in millions 2016 2015 2014 Residential mortgages $12,164 $10,479 $19,099 Commercial mortgages 233 6,043 2,810 Other financial assets 181 — 1,009 Total $12,578 $16,522 $22,918 Retained interests cash flows $ 189 $ 174 $ 215 |
Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets | The table below presents the firm’s continuing involvement in nonconsolidated securitization entities to which the firm sold assets, as well as the total outstanding principal amount of transferred assets in which the firm has continuing involvement. $ in millions Outstanding Retained Purchased As of December 2016 U.S. government agency-issued collateralized mortgage obligations $25,140 $ 953 $24 Other residential mortgage-backed 3,261 540 6 Other commercial mortgage-backed 357 15 — CDOs, CLOs and other 2,284 56 6 Total $31,042 $1,564 $36 As of December 2015 U.S. government agency-issued collateralized mortgage obligations $39,088 $ 846 $20 Other residential mortgage-backed 2,195 154 17 Other commercial mortgage-backed 6,842 115 28 CDOs, CLOs and other 2,732 44 7 Total $50,857 $1,159 $72 In the table 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 carrying value of these interests. • Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests. • Substantially all of the total outstanding principal amount and total retained interests as of December 2016 and December 2015 relate to securitizations during 2012 and thereafter. • The fair value of retained interests was $1.58 billion and $1.16 billion as of December 2016 and December 2015, respectively. |
Weighted Average Key Economic Assumptions Used in Measuring Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value to Immediate Adverse Changes | The table below presents the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests and the sensitivity of this fair value to immediate adverse changes of 10% and 20% in those assumptions. As of December $ in millions 2016 2015 Fair value of retained interests $1,519 $1,115 Weighted average life (years) 7.5 7.5 Constant prepayment rate 8.1% 10.4% Impact of 10% adverse change $ (14 ) $ (22 ) Impact of 20% adverse change (28 ) (43 ) Discount rate 5.3% 5.5% Impact of 10% adverse change $ (37 ) $ (28 ) Impact of 20% adverse change (71 ) (55 ) In the table above: • Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests. • Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear. • The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above. • The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value. • The discount rate for retained interests that relate to U.S. government agency-issued 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 (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nonconsolidated Variable Interest Entities | The table below presents a summary of the nonconsolidated VIEs in which the firm holds variable interests. As of December $ in millions 2016 2015 Total nonconsolidated VIEs Assets in VIEs $70,083 $90,145 Carrying value of variable interests — assets 6,199 7,171 Carrying value of variable interests — liabilities 254 177 Maximum exposure to loss: Retained interests 1,564 1,159 Purchased interests 544 1,528 Commitments and guarantees 2,196 2,020 Derivatives 7,144 6,936 Loans and investments 3,760 4,108 Total maximum exposure to loss $15,208 $15,751 The table below disaggregates, by principal business activity, the information for nonconsolidated VIEs included in the summary table above. As of December $ in millions 2016 2015 Mortgage-backed Assets in VIEs $32,714 $62,672 Carrying value of variable interests — assets 1,936 2,439 Maximum exposure to loss: Retained interests 1,508 1,115 Purchased interests 429 1,324 Commitments and guarantees 9 40 Derivatives 163 222 Total maximum exposure to loss $ 2,109 $ 2,701 Corporate CDOs and CLOs Assets in VIEs $ 5,391 $ 6,493 Carrying value of variable interests — assets 393 624 Carrying value of variable interests — liabilities 25 29 Maximum exposure to loss: Retained interests 2 3 Purchased interests 43 106 Commitments and guarantees 186 647 Derivatives 2,841 2,633 Loans and investments 94 265 Total maximum exposure to loss $ 3,166 $ 3,654 Real estate, credit-related and other investing Assets in VIEs $ 8,617 $ 9,793 Carrying value of variable interests — assets 2,550 3,557 Carrying value of variable interests — liabilities 3 3 Maximum exposure to loss: Commitments and guarantees 693 570 Loans and investments 2,550 3,557 Total maximum exposure to loss $ 3,243 $ 4,127 Other asset-backed Assets in VIEs $ 6,405 $ 7,026 Carrying value of variable interests — assets 293 265 Carrying value of variable interests — liabilities 220 145 Maximum exposure to loss: Retained interests 54 41 Purchased interests 72 98 Commitments and guarantees 275 500 Derivatives 4,134 4,075 Loans and investments 89 — Total maximum exposure to loss $ 4,624 $ 4,714 Investments in funds and other Assets in VIEs $16,956 $ 4,161 Carrying value of variable interests — assets 1,027 286 Carrying value of variable interests — liabilities 6 — Maximum exposure to loss: Commitments and guarantees 1,033 263 Derivatives 6 6 Loans and investments 1,027 286 Total maximum exposure to loss $ 2,066 $ 555 |
Consolidated Variable Interest Entities | The table below presents a summary of the carrying amount and classification of assets and liabilities in consolidated VIEs. As of December $ in millions 2016 2015 Total consolidated VIEs Assets Cash and cash equivalents $ 300 $ 423 Receivables from brokers, dealers and clearing organizations — 1 Loans receivable 603 1,534 Financial instruments owned, at fair value 2,047 2,283 Other assets 682 471 Total $3,632 $4,712 Liabilities Other secured financings $ 854 $ 858 Payables to brokers, dealers and clearing organizations 1 — Payables to customers and counterparties — 434 Financial instruments sold, but not yet purchased, at fair value 7 16 Unsecured short-term borrowings 197 416 Unsecured long-term borrowings 334 312 Other liabilities and accrued expenses 803 556 Total $2,196 $2,592 The table below disaggregates, by principal business activity, the information for consolidated VIEs included in the summary table above. As of December $ in millions 2016 2015 Real estate, credit-related and other investing Assets Cash and cash equivalents $ 300 $ 423 Receivables from brokers, dealers and clearing organizations — 1 Loans receivable 603 1,534 Financial instruments owned, at fair value 1,708 1,585 Other assets 680 456 Total $3,291 $3,999 Liabilities Other secured financings $ 284 $ 332 Payables to brokers, dealers and clearing organizations 1 — Payables to customers and counterparties — 2 Financial instruments sold, but not yet purchased, at fair value 7 16 Other liabilities and accrued expenses 803 556 Total $1,095 $ 906 CDOs, mortgage-backed and other asset-backed Assets Financial instruments owned, at fair value $ 253 $ 572 Other assets 2 15 Total $ 255 $ 587 Liabilities Other secured financings $ 139 $ 113 Payables to customers and counterparties — 432 Total $ 139 $ 545 Principal-protected notes Assets Financial instruments owned, at fair value $ 86 $ 126 Total $ 86 $ 126 Liabilities Other secured financings $ 431 $ 413 Unsecured short-term borrowings 197 416 Unsecured long-term borrowings 334 312 Total $ 962 $1,141 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | The table below presents other assets by type. As of December $ in millions 2016 2015 Property, leasehold improvements and equipment $12,070 $ 9,956 Goodwill and identifiable intangible assets 4,095 4,148 Income tax-related assets 5,550 5,548 Equity-method investments 219 258 Miscellaneous receivables and other 3,547 5,308 Total $25,481 $25,218 |
Goodwill and Intangible Assets | The tables below present the carrying values of goodwill and identifiable intangible assets. Goodwill as of December $ in millions 2016 2015 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 2,402 Securities Services 105 105 Investing & Lending 2 2 Investment Management 606 598 Total $3,666 $3,657 Identifiable Intangible $ in millions 2016 2015 Institutional Client Services: Fixed Income, Currency and Commodities Client Execution $ 65 $ 92 Equities Client Execution 141 193 Investing & Lending 105 75 Investment Management 118 131 Total $429 $491 |
Intangible Assets Disclosure | The table below presents the gross carrying amount, accumulated amortization and net carrying amount of identifiable intangible assets. As of December $ in millions 2016 2015 Customer lists Gross carrying amount $ 1,065 $ 1,072 Accumulated amortization (837 ) (777 ) Net carrying amount 228 295 Other Gross carrying amount 543 449 Accumulated amortization (342 ) (253 ) Net carrying amount 201 196 Total Gross carrying amount 1,608 1,521 Accumulated amortization (1,179 ) (1,030 ) Net carrying amount $ 429 $ 491 In the table above: • The net carrying amount of other intangibles primarily includes intangible assets related to acquired leases and commodities transportation rights. • During 2016 and 2015, the firm acquired $89 million (primarily related to acquired leases) and $67 million (primarily related to customer lists), respectively, of intangible assets with a weighted average amortization period of three years. |
Amortization Expense | The tables below present details about amortization of identifiable intangible assets. Year Ended December $ in millions 2016 2015 2014 Amortization $162 $132 $217 |
Estimated Future Amortization for Existing Identifiable Intangible Assets Through 2021 | $ in millions As of December 2016 Estimated future amortization 2017 $133 2018 113 2019 79 2020 29 2021 19 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Types and Sources of Deposits | The table below presents the types and sources of the firm’s deposits. $ in millions Savings and Time Total As of December 2016 Private bank and online retail $61,166 $ 4,437 $ 65,603 Brokered certificates of deposit — 34,905 34,905 Deposit sweep programs 16,019 — 16,019 Institutional 12 7,559 7,571 Total $77,197 $46,901 $124,098 As of December 2015 Private bank $38,715 $ 2,354 $ 41,069 Brokered certificates of deposit — 32,419 32,419 Deposit sweep programs 15,791 — 15,791 Institutional 1 8,239 8,240 Total $54,507 $43,012 $ 97,519 |
Deposits | The table below presents deposits held in U.S. and non-U.S. offices. As of December $ in millions 2016 2015 U.S. offices $106,037 $81,920 Non-U.S. offices 18,061 15,599 Total $124,098 $97,519 |
Maturities of Time Deposits | The table below presents maturities of time deposits held in U.S. and non-U.S. offices. As of December 2016 $ in millions U.S. Non-U.S. Total 2017 $11,245 $8,262 $19,507 2018 6,004 542 6,546 2019 5,350 — 5,350 2020 4,054 — 4,054 2021 3,519 39 3,558 2022 - thereafter 7,671 215 7,886 Total $37,843 $9,058 $46,901 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | The table below presents details about the firm’s short-term borrowings. As of December $ in millions 2016 2015 Other secured financings (short-term) $13,118 $14,233 Unsecured short-term borrowings 39,265 42,787 Total $52,383 $57,020 |
Unsecured Short-Term Borrowings | The table below presents details about the firm’s unsecured short-term borrowings. As of December $ in millions 2016 2015 Current portion of unsecured long-term borrowings $23,528 $25,373 Hybrid financial instruments 11,700 12,956 Commercial paper — 208 Other short-term borrowings 4,037 4,250 Total $39,265 $42,787 Weighted average interest rate 1.68% 1.52% |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | The table below presents details about the firm’s long-term borrowings. As of December $ in millions 2016 2015 Other secured financings (long-term) $ 8,405 $ 10,520 Unsecured long-term borrowings 189,086 175,422 Total $197,491 $185,942 |
Unsecured Long-Term Borrowings | The table below presents unsecured long-term borrowings extending through 2056 and consisting principally of senior borrowings. $ in millions U.S. Dollar Non-U.S. Total As of December 2016 Fixed-rate obligations: Group Inc. $ 93,885 $31,274 $125,159 Subsidiaries 2,228 885 3,113 Floating-rate obligations: Group Inc. 27,864 19,112 46,976 Subsidiaries 8,884 4,954 13,838 Total $132,861 $56,225 $189,086 As of December 2015 Fixed-rate obligations: Group Inc. $ 90,076 $29,808 $119,884 Subsidiaries 2,114 895 3,009 Floating-rate obligations: Group Inc. 27,881 16,916 44,797 Subsidiaries 5,662 2,070 7,732 Total $125,733 $49,689 $175,422 |
Unsecured Long-Term Borrowings by Maturity Date | The table below presents unsecured long-term borrowings by maturity date. As of December 2016 $ in millions Group Inc. Subsidiaries Total 2018 $ 23,814 $ 2,890 $ 26,704 2019 23,012 2,582 25,594 2020 17,291 1,118 18,409 2021 20,005 740 20,745 2022 - thereafter 88,013 9,621 97,634 Total $172,135 $16,951 $189,086 |
Unsecured Long-Term Borrowings after Hedging | The table below presents unsecured long-term borrowings, after giving effect to such hedging activities. $ in millions Group Inc. Subsidiaries Total As of December 2016 Fixed-rate obligations: At fair value $ — $ 150 $ 150 At amortized cost 71,225 3,493 74,718 Floating-rate obligations: At fair value 17,591 11,669 29,260 At amortized cost 83,319 1,639 84,958 Total $172,135 $16,951 $189,086 As of December 2015 Fixed-rate obligations: At fair value $ — $ 21 $ 21 At amortized cost 52,448 2,569 55,017 Floating-rate obligations: At fair value 16,194 6,058 22,252 At amortized cost 96,039 2,093 98,132 Total $164,681 $10,741 $175,422 |
Subordinated Long-Term Borrowings | The table below presents subordinated borrowings. $ in millions Par Carrying Rate As of December 2016 Subordinated debt $15,058 $17,604 4.29% Junior subordinated debt 1,360 1,809 5.70% Total $16,418 $19,413 4.41% As of December 2015 Subordinated debt $18,004 $20,784 3.79% Junior subordinated debt 1,359 1,817 5.77% Total $19,363 $22,601 3.93% |
Other Liabilities and Accrued53
Other Liabilities and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities and Accrued Expenses | The table below presents other liabilities and accrued expenses by type. As of December $ in millions 2016 2015 Compensation and benefits $ 7,181 $ 8,149 Noncontrolling interests 506 459 Income tax-related liabilities 1,794 1,280 Employee interests in consolidated funds 77 149 Subordinated liabilities of consolidated VIEs 584 501 Accrued expenses and other 4,220 8,355 Total $ 14,362 $ 18,893 |
Commitments, Contingencies an54
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | The table below presents the firm’s commitments by type. As of December $ in millions 2016 2015 Commitments to extend credit Commercial lending: Investment-grade $ 73,664 $ 72,428 Non-investment-grade 34,878 41,277 Warehouse financing 3,514 3,453 Total commitments to extend credit 112,056 117,158 Contingent and forward starting resale and securities borrowing agreements 25,348 28,874 Forward starting repurchase and secured lending agreements 8,939 5,878 Letters of credit 373 249 Investment commitments 8,444 6,054 Other 6,014 6,944 Total commitments $161,174 $165,157 The table below presents the firm’s commitments by period of expiration. As of December 2016 $ in millions 2017 2018 - 2020 - 2022 - Commitments to extend credit Commercial lending: Investment-grade $19,408 $14,091 $39,665 $ 500 Non-investment-grade 2,562 9,458 18,484 4,374 Warehouse financing 388 1,356 263 1,507 Total commitments to 22,358 24,905 58,412 6,381 Contingent and forward starting resale and securities borrowing agreements 25,348 — — — Forward starting repurchase and secured lending agreements 8,939 — — — Letters of credit 308 21 — 44 Investment commitments 6,713 415 108 1,208 Other 5,756 200 15 43 Total commitments $69,422 $25,541 $58,535 $7,676 |
Leases | The table below presents future minimum rental payments, net of minimum sublease rentals. $ in millions As of 2017 $ 290 2018 282 2019 238 2020 206 2021 159 2022 - thereafter 766 Total $1,941 |
Guarantees | The table below presents information about certain derivatives that meet the definition of a guarantee, securities lending indemnifications and certain other guarantees. $ in millions Derivatives Securities Other As of December 2016 Carrying Value of Net Liability $ 8,873 $ — $ 50 Maximum Payout/Notional Amount by Period of Expiration 2017 $432,328 $33,403 $1,064 2018 - 2019 261,676 — 763 2020 - 2021 71,264 — 1,662 2022 - thereafter 51,506 — 173 Total $816,774 $33,403 $3,662 As of December 2015 Carrying Value of Net Liability $ 8,351 $ — $ 76 Maximum Payout/Notional Amount by Period of Expiration 2016 $640,288 $31,902 $ 611 2017 - 2018 168,784 — 1,402 2019 - 2020 67,643 — 1,772 2021 - thereafter 49,728 — 676 Total $926,443 $31,902 $4,461 In the table above: • The maximum payout is based on the notional amount of the contract and does not represent anticipated losses. • Amounts exclude certain commitments to issue standby letters of credit that are included in “Commitments to extend credit.” See the tables in “Commitments” above for a summary of the firm’s commitments. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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. Year Ended December in millions, except per share amounts 2016 2015 2014 Common share repurchases 36.6 22.1 31.8 Average cost per share $165.88 $189.41 $171.79 Total cost of common share repurchases $ 6,069 $ 4,195 $ 5,469 |
Summary of Perpetual Preferred Stock Issued and Outstanding | The tables below present details about the perpetual preferred stock issued and outstanding as of December 2016. Series Shares Shares Shares Depositary Shares Per Share 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 7,667 7,667 N/A F 5,000 1,615 1,615 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 80,000 80,000 80,000 25 N 31,050 27,000 27,000 1,000 O 26,000 26,000 26,000 25 Total 509,250 420,282 420,280 Series Earliest Redemption Date Liquidation Redemption ($ in millions) A Currently redeemable $ 25,000 $ 750 B Currently redeemable 25,000 800 C Currently redeemable 25,000 200 D Currently redeemable 25,000 1,350 E Currently redeemable 100,000 767 F Currently redeemable 100,000 161 I November 10, 2017 25,000 850 J May 10, 2023 25,000 1,000 K May 10, 2024 25,000 700 L May 10, 2019 25,000 1,300 M May 10, 2020 25,000 2,000 N May 10, 2021 25,000 675 O November 10, 2026 25,000 650 Total $11,203 In the tables above: • All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares. • The earliest redemption date represents the date on which each share of non-cumulative Preferred Stock is redeemable at the firm’s option. • The redemption price per share for Series A through F Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series I through O Preferred Stock is the liquidation preference plus accrued and unpaid dividends. 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 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. |
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 December 2016. 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; K 6.375% per annum to, but excluding, May 10, 2024; L 5.70% per annum to, but excluding, May 10, 2019; M 5.375% per annum to, but excluding, May 10, 2020; N 6.30% per annum O 5.30% per annum to, but excluding, November 10, 2026; |
Summary of Preferred Dividends Declared on Preferred Stock Issued | The table below presents preferred dividends declared on the firm’s preferred stock. Year Ended December 2016 2015 2014 Series per share $ in millions per share $ in millions per share $ in millions A $ 953.12 $ 29 $ 950.52 $ 28 $ 945.32 $ 28 B 1,550.00 50 1,550.00 50 1,550.00 50 C 1,016.68 8 1,013.90 8 1,008.34 8 D 1,016.68 55 1,013.90 54 1,008.34 54 E 4,066.66 50 4,055.55 71 4,044.44 71 F 4,066.66 13 4,055.55 20 4,044.44 20 I 1,487.52 51 1,487.52 51 1,487.52 51 J 1,375.00 55 1,375.00 55 1,375.00 55 K 1,593.76 45 1,593.76 45 850.00 24 L 1,425.00 74 1,425.00 74 760.00 39 M 1,343.76 107 735.33 59 — — N 1,124.38 30 — — — — O 379.10 10 — — — — Total $577 $515 $400 |
Accumulated Other Comprehensive Income, Net of Tax | The table below presents accumulated other comprehensive loss, net of tax, by type. $ in millions Beginning Other Ending As of December 2016 Currency translation $(587 ) $ (60 ) $ (647 ) Debt valuation adjustment 305 (544 ) (239 ) Pension and postretirement liabilities (131 ) (199 ) (330 ) Total $(413 ) $(803 ) $(1,216 ) As of December 2015 Currency translation $(473 ) $(114 ) $ (587 ) Pension and postretirement liabilities (270 ) 139 (131 ) Total $(743 ) $ 25 $ (718 ) |
Regulation and Capital Adequa56
Regulation and Capital Adequacy (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum Capital Ratios | The table below presents the minimum ratios required for the firm. As of December 2016 2015 CET1 ratio 5.875% 4.5% Tier 1 capital ratio 7.375% 6.0% Total capital ratio 9.375% 8.0% Tier 1 leverage ratio 4.000% 4.0% |
Capital Rollforward | The tables below present changes in CET1, Tier 1 capital and Tier 2 capital for the year ended December 2016 and year ended December 2015. Year Ended December 2016 $ in millions Standardized Basel III Advanced Common Equity Tier 1 Beginning balance $71,363 $71,363 Change in common shareholders’ equity 162 162 Change in deductions for: Transitional provisions (839 ) (839 ) Goodwill and identifiable intangible assets, net of deferred tax liabilities 16 16 Investments in nonconsolidated financial institutions 895 895 Change in other adjustments 449 449 Ending balance $72,046 $72,046 Tier 1 capital Beginning balance $81,511 $81,511 Change in deductions for: Transitional provisions (558 ) (558 ) Investments in covered funds (32 ) (32 ) Other net increase in CET1 1,522 1,522 Redesignation of junior subordinated debt issued to trusts (330 ) (330 ) Change in preferred stock 3 3 Change in other adjustments 324 324 Ending balance 82,440 82,440 Tier 2 capital Beginning balance 16,705 16,103 Change in qualifying subordinated debt (566 ) (566 ) Redesignation of junior subordinated debt issued to trusts (198 ) (198 ) Change in the allowance for losses on loans and lending commitments 120 — Change in other adjustments 13 13 Ending balance 16,074 15,352 Total capital $98,514 $97,792 Year Ended December 2015 $ in millions Standardized Basel III Advanced Common Equity Tier 1 Beginning balance $69,830 $69,830 Change in common shareholders’ equity 1,931 1,931 Change in deductions for: Transitional provisions (1,368 ) (1,368 ) Goodwill and identifiable intangible assets, net of deferred tax liabilities 75 75 Investments in nonconsolidated financial institutions 1,059 1,059 Change in other adjustments (164 ) (164 ) Ending balance $71,363 $71,363 Tier 1 capital Beginning balance $78,433 $78,433 Change in deductions for: Transitional provisions (1,073 ) (1,073 ) Investments in covered funds (413 ) (413 ) Other net increase in CET1 2,901 2,901 Redesignation of junior subordinated debt issued to trusts (330 ) (330 ) Change in preferred stock 2,000 2,000 Change in other adjustments (7 ) (7 ) Ending balance 81,511 81,511 Tier 2 capital Beginning balance 12,861 12,545 Increased deductions for transitional provisions (53 ) (53 ) Change in qualifying subordinated debt 3,238 3,238 Redesignation of junior subordinated debt issued to trusts 330 330 Change in the allowance for losses on loans and lending commitments 286 — Change in other adjustments 43 43 Ending balance 16,705 16,103 Total capital $98,216 $97,614 |
Schedule of Minimum Ratios and Well Capitalized Minimum Ratios | The table below presents the minimum ratios and the “well-capitalized” minimum ratios required for GS Bank USA. Minimum Ratio as of December “Well-capitalized” Minimum Ratio 2016 2015 CET1 ratio 5.125% 4.5% 6.5% Tier 1 capital ratio 6.625% 6.0% 8.0% Total capital ratio 8.625% 8.0% 10.0% Tier 1 leverage ratio 4.000% 4.0% 5.0% |
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 December $ in millions 2016 2015 Common shareholders’ equity $ 75,690 $ 75,528 Deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities (2,874 ) (2,814 ) Deductions for investments in nonconsolidated financial institutions (424 ) (864 ) Other adjustments (346 ) (487 ) Common Equity Tier 1 72,046 71,363 Preferred stock 11,203 11,200 Junior subordinated debt issued to trusts — 330 Deduction for investments in covered funds (445 ) (413 ) Other adjustments (364 ) (969 ) Tier 1 capital $ 82,440 $ 81,511 Standardized Tier 2 and Total capital Tier 1 capital $ 82,440 $ 81,511 Qualifying subordinated debt 14,566 15,132 Junior subordinated debt issued to trusts 792 990 Allowance for losses on loans and lending commitments 722 602 Other adjustments (6 ) (19 ) Standardized Tier 2 capital 16,074 16,705 Standardized Total capital $ 98,514 $ 98,216 Basel III Advanced Tier 2 and Total capital Tier 1 capital $ 82,440 $ 81,511 Standardized Tier 2 capital 16,074 16,705 Allowance for losses on loans and lending commitments (722 ) (602 ) Basel III Advanced Tier 2 capital 15,352 16,103 Basel III Advanced Total capital $ 97,792 $ 97,614 RWAs Standardized $496,676 $524,107 Basel III Advanced 549,650 577,651 CET1 ratio Standardized 14.5% 13.6% Basel III Advanced 13.1% 12.4% Tier 1 capital ratio Standardized 16.6% 15.6% Basel III Advanced 15.0% 14.1% Total capital ratio Standardized 19.8% 18.7% Basel III Advanced 17.8% 16.9% Tier 1 leverage ratio 9.4% 9.3% In the table above: • The deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities, include goodwill of $3.67 billion and $3.66 billion as of December 2016 and December 2015, respectively, and identifiable intangible assets of $257 million (60% of $429 million) and $196 million (40% of $491 million) as of December 2016 and December 2015, respectively, net of associated deferred tax liabilities of $1.05 billion and $1.04 billion as of December 2016 and December 2015, respectively. Goodwill is fully deducted from CET1, while the deduction for identifiable intangible assets is required to be phased into CET1 ratably over five years from 2014 to 2018. 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 December 2016 and December 2015, CET1 reflects 60% and 40% of the deduction, respectively. The balance that is not deducted during the transitional period is risk weighted. • The deduction for investments in covered funds represents the firm’s aggregate investments in applicable covered funds, as permitted by the Volcker Rule, that were purchased after December 2013. Substantially all of these investments in covered funds were purchased in connection with the firm’s market-making activities. This deduction was not subject to a transition period. See Note 6 for further information about the Volcker Rule. • 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 December 2016 and December 2015, CET1 reflects 60% and 40% 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. • As of December 2016, junior subordinated debt issued to trusts is fully phased out of Tier 1 capital, with 60% included in Tier 2 capital and 40% fully phased out of regulatory capital. As of December 2015, junior subordinated debt issued to trusts is reflected in both Tier 1 capital (25%) and Tier 2 capital (75%). 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 2 capital by 2022 at a rate of 10% per year. 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 is subordinated debt issued by Group Inc. with an original maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced upon reaching a remaining maturity of five years. See Note 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. Standardized Capital Rules $ in millions 2016 2015 Credit RWAs Derivatives $124,286 $136,841 Commitments, guarantees and loans 115,744 111,391 Securities financing transactions 71,319 71,392 Equity investments 41,428 37,687 Other 58,636 62,807 Total Credit RWAs 411,413 420,118 Market RWAs Regulatory VaR 9,750 12,000 Stressed VaR 22,475 21,738 Incremental risk 7,875 9,513 Comprehensive risk 5,338 5,725 Specific risk 39,825 55,013 Total Market RWAs 85,263 103,989 Total RWAs $496,676 $524,107 Basel III Advanced Rules $ in millions 2016 2015 Credit RWAs Derivatives $105,096 $113,671 Commitments, guarantees and loans 122,792 114,523 Securities financing transactions 14,673 14,901 Equity investments 44,095 40,110 Other 63,431 60,877 Total Credit RWAs 350,087 344,082 Market RWAs Regulatory VaR 9,750 12,000 Stressed VaR 22,475 21,738 Incremental risk 7,875 9,513 Comprehensive risk 4,550 4,717 Specific risk 39,825 55,013 Total Market RWAs 84,475 102,981 Total Operational RWAs 115,088 130,588 Total RWAs $549,650 $577,651 |
Risk-weighted Assets Rollforward | The table below presents changes in RWAs calculated in accordance with the Standardized and Basel III Advanced Rules for the year ended December 2016. Year Ended $ in millions Standardized Basel III Advanced Risk-Weighted Assets Beginning balance $524,107 $577,651 Credit RWAs Change in deductions for transitional provisions (531 ) (531 ) Change in: Derivatives (12,555 ) (8,575 ) Commitments, guarantees and loans 4,353 8,269 Securities financing transactions (73 ) (228 ) Equity investments 4,196 4,440 Other (4,095 ) 2,630 Change in Credit RWAs (8,705 ) 6,005 Market RWAs Change in: Regulatory VaR (2,250 ) (2,250 ) Stressed VaR 737 737 Incremental risk (1,638 ) (1,638 ) Comprehensive risk (387 ) (167 ) Specific risk (15,188 ) (15,188 ) Change in Market RWAs (18,726 ) (18,506 ) Operational RWAs Change in operational risk — (15,500 ) Change in Operational RWAs — (15,500 ) Ending balance $496,676 $549,650 The table below presents changes in RWAs calculated in accordance with the Standardized and Basel III Advanced Rules for the year ended December 2015. Year Ended $ in millions Standardized Basel III Advanced Risk-Weighted Assets Beginning balance $619,216 $570,313 Credit RWAs Change in deductions for transitional provisions (1,073 ) (1,073 ) Change in: Derivatives (43,930 ) (8,830 ) Commitments, guarantees and loans 21,608 19,314 Securities financing transactions (20,724 ) (717 ) Equity investments 131 934 Other (8,589 ) 6,510 Change in Credit RWAs (52,577 ) 16,138 Market RWAs Change in: Regulatory VaR 1,762 1,762 Stressed VaR (7,887 ) (7,887 ) Incremental risk (7,437 ) (7,437 ) Comprehensive risk (4,130 ) (3,433 ) Specific risk (24,840 ) (24,905 ) Change in Market RWAs (42,532 ) (41,900 ) Operational RWAs Change in operational risk — 33,100 Change in Operational RWAs — 33,100 Ending balance $524,107 $577,651 |
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 December $ in millions 2016 2015 Standardized Common Equity Tier 1 $ 24,485 $ 23,017 Tier 1 capital 24,485 23,017 Tier 2 capital 2,382 2,311 Total capital $ 26,867 $ 25,328 Basel III Advanced Common Equity Tier 1 $ 24,485 $ 23,017 Tier 1 capital 24,485 23,017 Standardized Tier 2 capital 2,382 2,311 Allowance for losses on loans and lending commitments (382 ) (311 ) Tier 2 capital 2,000 2,000 Total capital $ 26,485 $ 25,017 RWAs Standardized $204,232 $202,197 Basel III Advanced 131,051 131,059 CET1 ratio Standardized 12.0% 11.4% Basel III Advanced 18.7% 17.6% Tier 1 capital ratio Standardized 12.0% 11.4% Basel III Advanced 18.7% 17.6% Total capital ratio Standardized 13.2% 12.5% Basel III Advanced 20.2% 19.1% Tier 1 leverage ratio 14.4% 16.4% |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | The table below presents the computations of basic and diluted EPS. Year Ended December in millions, except per share amounts 2016 2015 2014 Net earnings applicable to common shareholders $7,087 $5,568 $8,077 Weighted average number of basic shares 427.4 448.9 458.9 Effect of dilutive securities: RSUs 4.7 5.3 6.1 Stock options 3.0 4.4 8.2 Dilutive securities 7.7 9.7 14.3 Weighted average number of basic shares and dilutive securities 435.1 458.6 473.2 Basic EPS $16.53 $12.35 $17.55 Diluted EPS 16.29 12.14 17.07 |
Transactions with Affiliated 58
Transactions with Affiliated Funds (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Fees Earned from Affiliated Funds | The tables below present fees earned from affiliated funds Year Ended December $ in millions 2016 2015 2014 Fees earned from funds $2,777 $3,293 $3,232 |
Fees Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds | The tables below present fees earned from affiliated funds and the aggregate carrying value of the firm’s interests in affiliated funds. As of December $ in millions 2016 2015 Fees receivable from funds $ 554 $ 599 Aggregate carrying value of interests in funds 6,841 7,768 |
Interest Income and Interest 59
Interest Income and Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift, Interest [Abstract] | |
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. Year Ended December $ in millions 2016 2015 2014 Interest income Deposits with banks $ 452 $ 241 $ 227 Securities borrowed, securities purchased under agreements to resell and federal funds sold 691 17 (78 ) Financial instruments owned, at fair value 5,444 5,862 7,537 Loans receivable 1,843 1,191 708 Other interest 1,261 1,141 1,210 Total interest income 9,691 8,452 9,604 Interest expense Deposits 878 408 333 Securities loaned and securities sold under agreements to repurchase 442 330 431 Financial instruments sold, but not yet purchased, at fair value 1,251 1,319 1,741 Short-term secured and unsecured borrowings 446 429 447 Long-term secured and unsecured borrowings 4,242 3,878 3,460 Other interest (155 ) (976 ) (855 ) Total interest expense 7,104 5,388 5,557 Net interest income $2,587 $3,064 $4,047 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision for Taxes | The tables below present the components of the provision for taxes and a reconciliation of the U.S. federal statutory income tax rate to the firm’s effective income tax rate. Year Ended December $ in millions 2016 2015 2014 Current taxes U.S. federal $1,032 $1,116 $1,908 State and local 139 (12 ) 576 Non-U.S. 1,184 1,166 901 Total current tax expense 2,355 2,270 3,385 Deferred taxes U.S. federal 399 397 190 State and local 51 62 38 Non-U.S. 101 (34 ) 267 Total deferred tax expense 551 425 495 Provision for taxes $2,906 $2,695 $3,880 In the table above, for 2016 and 2015, state and local current taxes includes the impact of settlements of state and local examinations. |
Effective Income Tax Rate Reconciliation | Year Ended December 2016 2015 2014 U.S. federal statutory income tax rate 35.0% 35.0% 35.0% State and local taxes, net of U.S. federal income tax effects 0.9% 0.3% 3.2% Tax credits (2.0)% (1.7)% (1.1)% Non-U.S. operations (6.7)% (12.1)% (5.8)% Tax-exempt income, including dividends (0.3)% (0.7)% (0.3)% Non-deductible legal expenses 1.0% 10.2% — Other 0.3% (0.3)% 0.4% Effective income tax rate 28.2% 30.7% 31.4% In the table above: • Non-U.S. operations includes the impact of permanently reinvested earnings. • State and local taxes, net of U.S. federal income tax effects, for 2016 and 2015, includes the impact of settlements of state and local examinations. • Substantially all of the non-deductible legal expenses for 2015 relate to provisions for the settlement agreement with the RMBS Working Group. |
Components of Deferred Tax Assets and Liabilities | The table below presents the significant components of deferred tax assets and liabilities, excluding the impact of netting within tax jurisdictions. As of December $ in millions 2016 2015 Deferred tax assets Compensation and benefits $2,461 $2,744 ASC 740 asset related to unrecognized tax benefits 231 197 Non-U.S. operations 967 1,200 Net operating losses 427 426 Occupancy-related 100 80 Other comprehensive income-related 757 521 Other, net 394 836 Subtotal 5,337 6,004 Valuation allowance (115 ) (73 ) Total deferred tax assets $5,222 $5,931 Depreciation and amortization $1,200 $1,254 Unrealized gains 342 853 Total deferred tax liabilities $1,542 $2,107 |
Rollforward of Unrecognized Tax Benefits | The table below presents the changes in the liability for unrecognized tax benefits. This liability is included in “Other liabilities and accrued expenses.” See Note 17 for further information. Year Ended or as of December $ in millions 2016 2015 2014 Beginning balance $ 825 $ 871 $ 1,765 Increases based on tax positions related to the current year 113 65 204 Increases based on tax positions related to prior years 188 158 263 Decreases based on tax positions related to prior years (88 ) (205 ) (241 ) Decreases related to settlements (186 ) (87 ) (1,112 ) Exchange rate fluctuations — 23 (8 ) Ending balance $ 852 $ 825 $ 871 Related deferred income tax asset 231 197 172 Net unrecognized tax benefit $ 621 $ 628 $ 699 |
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 2011 New York State and City 2007 United Kingdom 2014 Japan 2014 Hong Kong 2007 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Operating Results | Year Ended or as of December $ in millions 2016 2015 2014 Investment Banking Financial Advisory $ 2,932 $ 3,470 $ 2,474 Equity underwriting 891 1,546 1,750 Debt underwriting 2,450 2,011 2,240 Total Underwriting 3,341 3,557 3,990 Total net revenues 6,273 7,027 6,464 Operating expenses 3,437 3,713 3,688 Pre-tax earnings $ 2,836 $ 3,314 $ 2,776 Segment assets $ 1,824 $ 2,564 $ 1,844 Institutional Client Services Fixed Income, Currency and Commodities Client Execution $ 7,556 $ 7,322 $ 8,461 Equities client execution 2,194 3,028 2,079 Commissions and fees 3,078 3,156 3,153 Securities services 1,639 1,645 1,504 Total Equities 6,911 7,829 6,736 Total net revenues 14,467 15,151 15,197 Operating expenses 9,713 13,938 10,880 Pre-tax earnings $ 4,754 $ 1,213 $ 4,317 Segment assets $645,689 $663,394 $695,674 Investing & Lending Equity securities $ 2,573 $ 3,781 $ 4,579 Debt securities and loans 1,507 1,655 2,246 Total net revenues 4,080 5,436 6,825 Operating expenses 2,386 2,402 2,819 Pre-tax earnings $ 1,694 $ 3,034 $ 4,006 Segment assets $198,181 $179,428 $143,790 Investment Management Management and other fees $ 4,798 $ 4,887 $ 4,800 Incentive fees 421 780 776 Transaction revenues 569 539 466 Total net revenues 5,788 6,206 6,042 Operating expenses 4,654 4,841 4,647 Pre-tax earnings $ 1,134 $ 1,365 $ 1,395 Segment assets $ 14,471 $ 16,009 $ 14,534 Total net revenues $ 30,608 $ 33,820 $ 34,528 Total operating expenses 20,304 25,042 22,171 Total pre-tax earnings $ 10,304 $ 8,778 $ 12,357 Total assets $860,165 $861,395 $855,842 |
Net Interest Income | The table below presents the amounts of net interest income by segment included in net revenues. Year Ended December $ in millions 2016 2015 2014 Investment Banking $ — $ — $ — Institutional Client Services 1,456 2,472 3,679 Investing & Lending 880 418 237 Investment Management 251 174 131 Total net interest income $2,587 $3,064 $4,047 |
Depreciation and Amortization | The table below presents the amounts of depreciation and amortization expense by segment included in pre-tax earnings. Year Ended December $ in millions 2016 2015 2014 Investment Banking $ 126 $ 123 $ 135 Institutional Client Services 489 462 525 Investing & Lending 215 253 530 Investment Management 168 153 147 Total depreciation and amortization $ 998 $ 991 $1,337 |
Net Revenues, Pre-Tax Earnings and Net Earnings for Each Geographic Region | The table below presents the total net revenues, pre-tax earnings and net earnings of the firm by geographic region allocated based on the methodology referred to above, as well as the percentage of total net revenues, pre-tax earnings and net earnings (excluding Corporate) for each geographic region. In the table below, Asia includes Australia and New Zealand. Year Ended December $ in millions 2016 2015 2014 Net revenues Americas $18,144 60% $19,202 56% $20,062 58% Europe, Middle East and Africa 8,040 26% 8,981 27% 9,057 26% Asia 4,424 14% 5,637 17% 5,409 16% Total net revenues $30,608 100% $33,820 100% $34,528 100% Pre-tax earnings Americas $ 6,352 61% $ 3,359 37% $ 7,144 57% Europe, Middle East and Africa 2,883 28% 3,364 38% 3,338 27% Asia 1,183 11% 2,203 25% 2,012 16% Subtotal 10,418 100% 8,926 100% 12,494 100% Corporate (114 ) (148 ) (137 ) Total pre-tax earnings $10,304 $ 8,778 $12,357 Net earnings Americas $ 4,337 58% $ 1,587 26% $ 4,558 53% Europe, Middle East and Africa 2,270 30% 2,914 47% 2,576 30% Asia 870 12% 1,686 27% 1,434 17% Subtotal 7,477 100% 6,187 100% 8,568 100% Corporate (79 ) (104 ) (91 ) Total net earnings $ 7,398 $ 6,083 $ 8,477 |
Credit Concentrations (Tables)
Credit Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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. Amounts in the table below are included in “Financial instruments owned, at fair value.” As of December $ in millions 2016 2015 U.S. government and federal agency obligations $57,657 $63,844 % of total assets 6.7% 7.4% Non-U.S. government and agency obligations $29,381 $31,772 % of total assets 3.4% 3.7% |
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. 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. In the table below, non-U.S. government and agency obligations primarily consists of securities issued by the governments of France, the U.K., Japan and Germany. As of December $ in millions 2016 2015 U.S. government and federal agency obligations $89,721 $107,198 Non-U.S. government and agency obligations 80,234 74,326 |
Employee Incentive Plans (Table
Employee Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Restricted Stock Units, Vested and Expected to Vest | The table below presents the activity related to RSUs. Restricted Stock Units Outstanding Weighted Average Grant-Date Fair Value Units Outstanding Future Service Required No Future Service Required Future Service Required No Future Service Required Outstanding, December 2015 5,649,156 22,082,601 $159.82 $148.00 Granted 4,452,358 11,071,140 138.48 134.90 Forfeited (501,094 ) (387,417 ) 153.98 149.60 Delivered — (14,541,074 ) — 142.85 Vested (3,977,181 ) 3,977,181 154.44 154.44 Outstanding, December 2016 5,623,239 22,202,431 147.25 145.97 In the table above: • The weighted average grant-date fair value of RSUs granted during 2016, 2015 and 2014 was $135.92, $160.19 and $151.40, respectively. The fair value of the RSUs granted during 2016, 2015 and 2014 includes a liquidity discount of 10.5%, 9.2% and 13.8%, respectively, to reflect post-vesting and delivery transfer restrictions of up to 4 years. • The aggregate fair value of awards that vested during 2016, 2015 and 2014 was $2.26 billion, $2.40 billion and $2.39 billion, respectively. • Delivered RSUs include RSUs that were cash settled. • RSUs outstanding include restricted stock subject to future service requirements as of December 2016 and December 2015 of 39,957 and 6,354 shares, respectively. |
Schedule of Stock Options Activity | The table below presents the activity related to outstanding stock options, all of which were granted in 2006 through 2008. Options Outstanding Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) Weighted Average Remaining Life (years) Outstanding, December 2015 14,756,275 $128.79 $891 2.38 Exercised (6,795,087 ) 135.16 Outstanding, December 2016 7,961,188 123.36 924 1.61 Exercisable, December 2016 7,961,188 123.36 924 1.61 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | The table below presents the share-based compensation and the related excess tax benefit. Year Ended December $ in millions 2016 2015 2014 Share-based compensation $2,170 $2,304 $2,101 Excess net tax benefit for options exercised 79 134 549 Excess net tax benefit for other share-based awards 147 406 788 |
Parent Company (Tables)
Parent Company (Tables) - Group Inc. [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Group Condensed Statement of Earnings | Group Inc. — Condensed Statements of Earnings Year Ended December $ in millions 2016 2015 2014 Revenues Dividends from subsidiaries: Bank subsidiaries $ 53 $ 32 $ 16 Nonbank subsidiaries 5,465 3,181 2,739 Other revenues 155 (132 ) 826 Total non-interest revenues 5,673 3,081 3,581 Interest income 4,140 3,519 3,769 Interest expense 4,543 4,165 3,802 Net interest loss (403 ) (646 ) (33 ) Net revenues, including net interest loss 5,270 2,435 3,548 Operating expenses Compensation and benefits 343 498 411 Other expenses 332 188 282 Total operating expenses 675 686 693 Pre-tax earnings 4,595 1,749 2,855 Provision/(benefit) for taxes (518 ) (828 ) (292 ) Undistributed earnings of subsidiaries 2,285 3,506 5,330 Net earnings 7,398 6,083 8,477 Preferred stock dividends 311 515 400 Net earnings applicable to common shareholders $7,087 $5,568 $8,077 |
Group Condensed Statement of Financial Condition | Group Inc. — Condensed Statements of Financial Condition As of December $ in millions 2016 2015 Assets Cash and cash equivalents: With third party banks $ 81 $ 36 With subsidiary bank 3,000 1,300 Loans to and receivables from subsidiaries: Bank subsidiaries 9,131 9,494 Nonbank subsidiaries 179,899 179,826 Investments in subsidiaries and other affiliates: Bank subsidiaries 25,571 23,985 Nonbank subsidiaries and other affiliates 67,203 61,533 Financial instruments owned, at fair value 4,524 4,410 Other assets 6,273 7,472 Total assets $295,682 $288,056 Liabilities and shareholders’ equity Payables to subsidiaries $ 875 $ 591 Financial instruments sold, but not yet purchased, at fair value 775 443 Unsecured short-term borrowings: With third parties (includes $3,256 as of December 2016 and $4,924 as of December 2015, at fair value) 27,159 29,547 With subsidiaries 999 628 Unsecured long-term borrowings: With third parties (includes $17,591 as of December 2016 and $16,194 as of December 2015, at fair value) 172,164 164,718 With subsidiaries 5,233 3,854 Other liabilities and accrued expenses 1,584 1,547 Total liabilities 208,789 201,328 Commitments, contingencies and guarantees Shareholders’ equity Preferred stock 11,203 11,200 Common stock 9 9 Share-based awards 3,914 4,151 Additional paid-in capital 52,638 51,340 Retained earnings 89,039 83,386 Accumulated other comprehensive loss (1,216 ) (718) Stock held in treasury, at cost (68,694 ) (62,640) Total shareholders’ equity 86,893 86,728 Total liabilities and shareholders’ equity $295,682 $288,056 |
Condensed Consolidated Statements of Cash Flows | Group Inc. — Condensed Statements of Cash Flows Year Ended December $ in millions 2016 2015 2014 Cash flows from operating activities Net earnings $ 7,398 $ 6,083 $ 8,477 Adjustments to reconcile net earnings to net cash provided by operating activities: Undistributed earnings of subsidiaries (2,285 ) (3,506) (5,330) Depreciation and amortization 52 50 42 Deferred income taxes 134 86 (4) Share-based compensation 193 178 188 Loss/(gain) related to extinguishment of junior subordinated debt 3 (34) (289) Changes in operating assets and liabilities: Financial instruments owned, at fair value (1,580 ) (620) 6,766 Financial instruments sold, but not yet purchased, at fair value 332 274 (252) Other, net (993 ) (56) (5,793) Net cash provided by operating activities 3,254 2,455 3,805 Cash flows from investing activities Purchase of property, leasehold improvements and equipment (79 ) (33) (15) Issuances of short-term loans to subsidiaries, net (3,994 ) (24,417) (4,099) Issuance of term loans to subsidiaries (28,498 ) (8,632) (8,803) Repayments of term loans by subsidiaries 32,265 24,196 3,979 Capital distributions from/(contributions to) subsidiaries, net (3,265 ) (1,500) 865 Net cash used for investing activities (3,571 ) (10,386) (8,073) Cash flows from financing activities Unsecured short-term borrowings, net 2,112 (2,684) 963 Proceeds from issuance of long-term borrowings 40,708 42,795 37,101 Repayment of long-term borrowings, including the current portion (33,314 ) (27,726) (27,931) Purchase of APEX, trust preferred securities and senior guaranteed trust securities (1,171 ) (1) (1,801) Common stock repurchased (6,078 ) (4,135) (5,469) Dividends and dividend equivalents paid on common stock, preferred stock and share-based (1,706 ) (1,681) (1,454) Proceeds from issuance of preferred stock, net of issuance costs 1,303 1,993 1,980 Proceeds from issuance of common stock, including exercise of share-based awards 6 259 123 Excess tax benefit related to share-based awards 202 407 782 Cash settlement of share-based awards — (2) (1) Net cash provided by financing activities 2,062 9,225 4,293 Net increase in cash and cash equivalents 1,745 1,294 25 Cash and cash equivalents, beginning balance 1,336 42 17 Cash and cash equivalents, ending $ 3,081 $ 1,336 $ 42 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 4 |
Significant Accounting Polici66
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Accounting and Financial Policies [Line Items] | |||||
Cash and due from banks | $ 11,150 | $ 14,710 | |||
Interest-bearing deposits with banks | 110,560 | 78,730 | |||
Cash segregated for regulatory and other purposes | 14,650 | 18,330 | |||
Loans held for sale | 2,600 | 2,350 | |||
Impact of adoption of accounting standard ASU No. 2016-18 | (3,690) | $ 909 | $ (309) | ||
Accounting Standards Update 2015-02 [Member] | Scenario, Fact [Member] | |||||
Summary of Accounting and Financial Policies [Line Items] | |||||
Impact of adoption of accounting standard ASU No. 2015-02 | 200 | ||||
Accounting Standards Update 2016-09 [Member] | Scenario, Forecast [Member] | |||||
Summary of Accounting and Financial Policies [Line Items] | |||||
Estimated reduction to the provision for taxes from the impact of the RSU deliveries and option exercises in 1Q 2017 | $ (450) | ||||
Accumulated Other Comprehensive Loss [Member] | Accounting Standards Update 2016-01 [Member] | |||||
Summary of Accounting and Financial Policies [Line Items] | |||||
Reclassification of cumulative debt valuation adjustment, net of tax, from retained earnings to accumulated other comprehensive loss | $ 305 | $ 305 |
Financial Instruments Owned, 67
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | $ 295,952 | $ 313,502 |
Financial instruments sold, but not yet purchased, at fair value | 117,143 | 115,248 |
Cash Instruments Assets [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 235,815 | 251,855 |
Investments in funds at NAV | 6,465 | 7,757 |
Subtotal | 242,280 | 259,612 |
Cash Instruments Assets [Member] | Money Market Instruments [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 1,319 | 4,683 |
Cash Instruments Assets [Member] | U.S. Government and Federal Agency Obligations [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 57,657 | 63,844 |
Cash Instruments Assets [Member] | Non-U.S. Government and Agency Obligations [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 29,381 | 31,772 |
Cash Instruments Assets [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 3,842 | 4,975 |
Cash Instruments Assets [Member] | Loans and Securities Backed by Residential Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 12,195 | 13,183 |
Cash Instruments Assets [Member] | Corporate Loans And Debt Securities [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 28,659 | 28,804 |
Cash Instruments Assets [Member] | State and Municipal Obligations [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 1,059 | 992 |
Cash Instruments Assets [Member] | Other Debt Obligations [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 1,358 | 1,595 |
Cash Instruments Assets [Member] | Equities and Convertible Debentures [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 94,692 | 98,072 |
Cash Instruments Assets [Member] | Commodities [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 5,653 | 3,935 |
Cash Instruments Liabilities [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | 69,644 | 68,477 |
Cash Instruments Liabilities [Member] | U.S. Government and Federal Agency Obligations [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | 16,627 | 15,516 |
Cash Instruments Liabilities [Member] | Non-U.S. Government and Agency Obligations [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | 20,502 | 14,973 |
Cash Instruments Liabilities [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | 4 | |
Cash Instruments Liabilities [Member] | Loans and Securities Backed by Residential Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | 3 | 2 |
Cash Instruments Liabilities [Member] | Corporate Loans And Debt Securities [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | 6,570 | 6,584 |
Cash Instruments Liabilities [Member] | State and Municipal Obligations [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | 2 | |
Cash Instruments Liabilities [Member] | Other Debt Obligations [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | 1 | 2 |
Cash Instruments Liabilities [Member] | Equities and Convertible Debentures [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | 25,941 | 31,394 |
Derivatives [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments owned, at fair value | 53,672 | 53,890 |
Financial instruments sold, but not yet purchased, at fair value | $ 47,499 | $ 46,771 |
Financial Instruments Owned, 68
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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Market making | $ 9,933 | $ 9,523 | $ 8,365 |
Other principal transactions | 3,200 | 5,018 | 6,588 |
Trading Activity, Gains and Losses, Net | 13,133 | 14,541 | 14,953 |
Interest Rates [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Market making | (1,979) | (1,360) | (5,316) |
Credit [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Market making | 1,854 | 920 | 2,982 |
Foreign Exchange [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Market making | 6,158 | 3,345 | 6,566 |
Equities [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Market making | 2,873 | 5,515 | 2,683 |
Commodities [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Market making | $ 1,027 | $ 1,103 | $ 1,450 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Liabilities Summary (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | $ 497,693 | $ 526,687 | |
Total assets | $ 860,165 | $ 861,395 | $ 855,842 |
Total level 3 financial assets as a percentage of total assets | 2.70% | 2.80% | |
Total level 3 financial assets as a percentage of total financial assets at fair value | 4.70% | 4.60% | |
Total financial liabilities at fair value | $ 271,284 | $ 280,939 | |
Total level 3 financial liabilities as a percentage of total financial liabilities at fair value | 7.90% | 6.00% | |
Counterparty and Cash Collateral Netting [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | $ (87,038) | $ (90,612) | |
Total financial liabilities at fair value | (44,695) | (41,430) | |
Investments in funds at NAV [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 6,465 | 7,757 | |
Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 135,401 | 153,051 | |
Total financial liabilities at fair value | 62,504 | 59,798 | |
Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 419,585 | 432,445 | |
Total financial liabilities at fair value | 232,027 | 245,759 | |
Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 23,280 | 24,046 | |
Total financial liabilities at fair value | $ 21,448 | $ 16,812 |
Fair Value Measurements - Fin70
Fair Value Measurements - Financial Assets Liabilities Summary (Parenthetical) (Detail) - USD ($) $ in Billions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Assets accounted at fair value or approximate fair value | $ 835 | $ 836 |
Fair Value Measurements - Total
Fair Value Measurements - Total Level 3 Financial Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | $ 497,693 | $ 526,687 |
Derivatives [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 140,710 | 144,502 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 23,280 | 24,046 |
Level 3 [Member] | Cash Instruments Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 18,035 | 18,131 |
Level 3 [Member] | Derivatives [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 5,190 | 5,870 |
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 | $ 55 | $ 45 |
Cash Instruments - Cash Instrum
Cash Instruments - Cash Instruments by Level (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | $ 295,952 | $ 313,502 |
Financial instruments sold, but not yet purchased, at fair value | (117,143) | (115,248) |
Cash Instruments Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 235,815 | 251,855 |
Investments in funds measured at NAV | 6,465 | 7,757 |
Total cash instrument assets | 242,280 | 259,612 |
Cash Instruments Assets [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 135,366 | 153,001 |
Cash Instruments Assets [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 82,414 | 80,723 |
Cash Instruments Assets [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 18,035 | 18,131 |
Cash Instruments Assets [Member] | Money Market Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 1,319 | 4,683 |
Cash Instruments Assets [Member] | Money Market Instruments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 188 | 2,725 |
Cash Instruments Assets [Member] | Money Market Instruments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 1,131 | 1,958 |
Cash Instruments Assets [Member] | 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 | 57,657 | 63,844 |
Cash Instruments Assets [Member] | U.S. Government and Federal Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 35,254 | 42,306 |
Cash Instruments Assets [Member] | U.S. Government and Federal Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 22,403 | 21,538 |
Cash Instruments Assets [Member] | 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 | 29,381 | 31,772 |
Cash Instruments Assets [Member] | Non-U.S. Government and Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 22,433 | 26,500 |
Cash Instruments Assets [Member] | Non-U.S. Government and Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 6,933 | 5,260 |
Cash Instruments Assets [Member] | Non-U.S. Government and Agency Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 15 | 12 |
Cash Instruments Assets [Member] | 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 | 3,842 | 4,975 |
Cash Instruments Assets [Member] | 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] | ||
Financial instruments owned, at fair value | 2,197 | 3,051 |
Cash Instruments Assets [Member] | 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] | ||
Financial instruments owned, at fair value | 1,645 | 1,924 |
Cash Instruments Assets [Member] | 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 | 12,195 | 13,183 |
Cash Instruments Assets [Member] | 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] | ||
Financial instruments owned, at fair value | 11,350 | 11,418 |
Cash Instruments Assets [Member] | 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] | ||
Financial instruments owned, at fair value | 845 | 1,765 |
Cash Instruments Assets [Member] | Corporate Loans And Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 28,659 | 28,804 |
Cash Instruments Assets [Member] | Corporate Loans And Debt Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 215 | 218 |
Cash Instruments Assets [Member] | Corporate Loans And Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 23,804 | 23,344 |
Cash Instruments Assets [Member] | Corporate Loans And Debt Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 4,640 | 5,242 |
Cash Instruments Assets [Member] | State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 1,059 | 992 |
Cash Instruments Assets [Member] | State and Municipal Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 960 | 891 |
Cash Instruments Assets [Member] | State and Municipal Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 99 | 101 |
Cash Instruments Assets [Member] | Other Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 1,358 | 1,595 |
Cash Instruments Assets [Member] | Other Debt Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 830 | 1,057 |
Cash Instruments Assets [Member] | Other Debt Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 528 | 538 |
Cash Instruments Assets [Member] | Equities and Convertible Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 94,692 | 98,072 |
Cash Instruments Assets [Member] | Equities and Convertible Debentures [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 77,276 | 81,252 |
Cash Instruments Assets [Member] | Equities and Convertible Debentures [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 7,153 | 8,271 |
Cash Instruments Assets [Member] | Equities and Convertible Debentures [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 10,263 | 8,549 |
Cash Instruments Assets [Member] | Commodities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 5,653 | 3,935 |
Cash Instruments Assets [Member] | Commodities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 5,653 | 3,935 |
Cash Instruments Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (69,644) | (68,477) |
Cash Instruments Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (61,522) | (59,769) |
Cash Instruments Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (8,060) | (8,515) |
Cash Instruments Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (62) | (193) |
Cash Instruments Liabilities [Member] | U.S. Government and Federal Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (16,627) | (15,516) |
Cash Instruments Liabilities [Member] | U.S. Government and Federal Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (16,615) | (15,455) |
Cash Instruments Liabilities [Member] | U.S. Government and Federal Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (12) | (61) |
Cash Instruments Liabilities [Member] | Non-U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (20,502) | (14,973) |
Cash Instruments Liabilities [Member] | Non-U.S. Government and Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (19,137) | (13,522) |
Cash Instruments Liabilities [Member] | Non-U.S. Government and Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (1,364) | (1,451) |
Cash Instruments Liabilities [Member] | Non-U.S. Government and Agency Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (1) | |
Cash Instruments Liabilities [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (4) | |
Cash Instruments Liabilities [Member] | 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] | ||
Financial instruments sold, but not yet purchased, at fair value | (4) | |
Cash Instruments Liabilities [Member] | Loans and Securities Backed by Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (3) | (2) |
Cash Instruments Liabilities [Member] | 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] | ||
Financial instruments sold, but not yet purchased, at fair value | (3) | (2) |
Cash Instruments Liabilities [Member] | Corporate Loans And Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (6,570) | (6,584) |
Cash Instruments Liabilities [Member] | Corporate Loans And Debt Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (2) | (2) |
Cash Instruments Liabilities [Member] | Corporate Loans And Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (6,524) | (6,456) |
Cash Instruments Liabilities [Member] | Corporate Loans And Debt Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (44) | (126) |
Cash Instruments Liabilities [Member] | State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (2) | |
Cash Instruments Liabilities [Member] | State and Municipal Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (2) | |
Cash Instruments Liabilities [Member] | Other Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (1) | (2) |
Cash Instruments Liabilities [Member] | Other Debt Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (1) | (1) |
Cash Instruments Liabilities [Member] | Other Debt Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (1) | |
Cash Instruments Liabilities [Member] | Equities and Convertible Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (25,941) | (31,394) |
Cash Instruments Liabilities [Member] | Equities and Convertible Debentures [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (25,768) | (30,790) |
Cash Instruments Liabilities [Member] | Equities and Convertible Debentures [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | (156) | (538) |
Cash Instruments Liabilities [Member] | Equities and Convertible Debentures [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | $ (17) | $ (66) |
Cash Instruments - Cash Instr73
Cash Instruments - Cash Instruments by Level (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | $ 295,952 | $ 313,502 |
Cash Instruments Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 235,815 | 251,855 |
Level 2 [Member] | Cash Instruments Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 82,414 | 80,723 |
Level 2 [Member] | Cash Instruments Assets [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] | ||
Financial instruments owned, at fair value | 461 | 405 |
Level 3 [Member] | Cash Instruments Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 18,035 | 18,131 |
Level 3 [Member] | Cash Instruments Assets [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] | ||
Financial instruments owned, at fair value | 624 | 774 |
Level 3 [Member] | Cash Instruments Assets [Member] | Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 9,440 | 7,690 |
Level 3 [Member] | Cash Instruments Assets [Member] | Real Estate Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | 374 | 308 |
Level 3 [Member] | Cash Instruments Assets [Member] | Convertible Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned, at fair value | $ 451 | $ 552 |
Cash Instruments - Fair Value,
Cash Instruments - Fair Value, Cash Instruments, Measurement Inputs, Disclosure (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total financial assets at fair value | $ 497,693 | $ 526,687 |
Loans and Securities Backed by Commercial Real Estate [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Yield | 3.70% | 3.50% |
Fair Value Unobservable Inputs, Recovery Rate | 8.90% | 19.60% |
Fair Value Unobservable Inputs, Duration | 9 months 18 days | 3 months 18 days |
Fair Value Unobservable Inputs, Basis (points) | (0.11%) | |
Loans and Securities Backed by Commercial Real Estate [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Yield | 23.00% | 22.00% |
Fair Value Unobservable Inputs, Recovery Rate | 99.00% | 96.50% |
Fair Value Unobservable Inputs, Duration | 6 years 2 months 12 days | 5 years 3 months 18 days |
Fair Value Unobservable Inputs, Basis (points) | 0.04% | |
Loans and Securities Backed by Commercial Real Estate [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Yield | 13.00% | 11.80% |
Fair Value Unobservable Inputs, Recovery Rate | 60.60% | 59.40% |
Fair Value Unobservable Inputs, Duration | 2 years 1 month 6 days | 2 years 3 months 18 days |
Fair Value Unobservable Inputs, Basis (points) | (0.02%) | |
Loans and Securities Backed by Residential Real Estate [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Yield | 0.80% | 3.20% |
Fair Value Unobservable Inputs, Cumulative Loss Rate | 8.90% | 4.60% |
Fair Value Unobservable Inputs, Duration | 1 year 1 month 6 days | 1 year 6 months |
Loans and Securities Backed by Residential Real Estate [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Yield | 15.60% | 17.00% |
Fair Value Unobservable Inputs, Cumulative Loss Rate | 47.10% | 44.20% |
Fair Value Unobservable Inputs, Duration | 16 years 1 month 6 days | 13 years 9 months 18 days |
Loans and Securities Backed by Residential Real Estate [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Yield | 8.70% | 7.90% |
Fair Value Unobservable Inputs, Cumulative Loss Rate | 24.20% | 27.30% |
Fair Value Unobservable Inputs, Duration | 7 years 3 months 18 days | 7 years |
Corporate Loans And Debt Securities [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Yield | 2.50% | 1.60% |
Fair Value Unobservable Inputs, Recovery Rate | 0.00% | 0.00% |
Fair Value Unobservable Inputs, Duration | 7 months 6 days | 8 months 12 days |
Corporate Loans And Debt Securities [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Yield | 25.00% | 36.60% |
Fair Value Unobservable Inputs, Recovery Rate | 85.00% | 85.60% |
Fair Value Unobservable Inputs, Duration | 15 years 8 months 12 days | 6 years 1 month 6 days |
Corporate Loans And Debt Securities [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Yield | 10.30% | 10.70% |
Fair Value Unobservable Inputs, Recovery Rate | 56.50% | 54.80% |
Fair Value Unobservable Inputs, Duration | 2 years 10 months 24 days | 2 years 6 months |
Equities and Convertible Debentures [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Multiples | 0.8 | 0.7 |
Fair Value Unobservable Inputs, Discount Rate/Yield | 6.50% | 7.10% |
Fair Value Unobservable Inputs, Growth Rate | 3.00% | |
Fair Value Unobservable Inputs, Capitalization Rates | 4.20% | 5.50% |
Equities and Convertible Debentures [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Multiples | 19.7 | 21.4 |
Fair Value Unobservable Inputs, Discount Rate/Yield | 25.00% | 20.00% |
Fair Value Unobservable Inputs, Growth Rate | 5.20% | |
Fair Value Unobservable Inputs, Capitalization Rates | 12.50% | 12.50% |
Equities and Convertible Debentures [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Multiples | 6.8 | 6.4 |
Fair Value Unobservable Inputs, Discount Rate/Yield | 16.00% | 14.80% |
Fair Value Unobservable Inputs, Growth Rate | 4.50% | |
Fair Value Unobservable Inputs, Capitalization Rates | 6.80% | 7.60% |
Other Cash Instruments [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Yield | 1.90% | 0.90% |
Fair Value Unobservable Inputs, Recovery Rate | 0.00% | 2.70% |
Fair Value Unobservable Inputs, Duration | 10 months 24 days | 1 year 1 month 6 days |
Other Cash Instruments [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Yield | 14.00% | 17.90% |
Fair Value Unobservable Inputs, Recovery Rate | 93.00% | 35.50% |
Fair Value Unobservable Inputs, Duration | 12 years | 11 years 4 months 24 days |
Other Cash Instruments [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Inputs, Yield | 8.80% | 8.70% |
Fair Value Unobservable Inputs, Recovery Rate | 61.40% | 25.00% |
Fair Value Unobservable Inputs, Duration | 4 years 3 months 18 days | 7 years |
Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total financial assets at fair value | $ 23,280 | $ 24,046 |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total financial assets at fair value | 1,645 | 1,924 |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total financial assets at fair value | 845 | 1,765 |
Level 3 [Member] | Corporate Loans And Debt Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total financial assets at fair value | 4,640 | 5,242 |
Level 3 [Member] | Equities and Convertible Debentures [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total financial assets at fair value | 10,263 | 8,549 |
Level 3 [Member] | Other Cash Instruments [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total financial assets at fair value | $ 642 | $ 651 |
Cash Instruments - Additional I
Cash Instruments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Transfers of cash instruments from level 1 to level 2 | $ 135 | $ 260 |
Transfers of cash instruments from level 2 to level 1 | 267 | 283 |
Cash Instruments Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net gains / (losses) on assets | 971 | 1,660 |
Net realized gains / (losses) on assets | 574 | 957 |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | 397 | 701 |
Cash Instruments Assets [Member] | Market making [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net gains / (losses) on assets | (311) | (142) |
Cash Instruments Assets [Member] | Other Principal Transactions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net gains / (losses) on assets | 625 | 1,080 |
Cash Instruments Assets [Member] | Interest Income [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net gains / (losses) on assets | 657 | 718 |
Cash Instruments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | $ 397 | $ 701 |
Cash Instruments - Cash Instr76
Cash Instruments - Cash Instruments, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Instruments Assets [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 | $ 18,131 | $ 28,650 |
Net Realized Gains / (Losses) | 574 | 957 |
Net Unrealized Gains / (Losses) | 397 | 701 |
Purchases | 3,072 | 3,840 |
Sales | (2,326) | (3,842) |
Settlements | (3,503) | (6,472) |
Transfers Into Level 3 | 3,405 | 1,798 |
Transfers Out Of Level 3 | (1,715) | (7,501) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 18,035 | 18,131 |
Cash Instruments Assets [Member] | 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 | 1,924 | 3,275 |
Net Realized Gains / (Losses) | 60 | 120 |
Net Unrealized Gains / (Losses) | (19) | 44 |
Purchases | 331 | 566 |
Sales | (320) | (598) |
Settlements | (617) | (1,569) |
Transfers Into Level 3 | 510 | 351 |
Transfers Out Of Level 3 | (224) | (265) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 1,645 | 1,924 |
Cash Instruments Assets [Member] | 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 | 1,765 | 2,545 |
Net Realized Gains / (Losses) | 60 | 150 |
Net Unrealized Gains / (Losses) | 26 | 34 |
Purchases | 298 | 564 |
Sales | (791) | (609) |
Settlements | (278) | (327) |
Transfers Into Level 3 | 73 | 188 |
Transfers Out Of Level 3 | (308) | (780) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 845 | 1,765 |
Cash Instruments Assets [Member] | Corporate Loans And 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 | 5,242 | 10,606 |
Net Realized Gains / (Losses) | 261 | 406 |
Net Unrealized Gains / (Losses) | 34 | (234) |
Purchases | 1,078 | 1,279 |
Sales | (645) | (1,668) |
Settlements | (1,823) | (3,152) |
Transfers Into Level 3 | 1,023 | 752 |
Transfers Out Of Level 3 | (530) | (2,747) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 4,640 | 5,242 |
Cash Instruments Assets [Member] | 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 | 8,549 | 11,108 |
Net Realized Gains / (Losses) | 158 | 251 |
Net Unrealized Gains / (Losses) | 371 | 844 |
Purchases | 1,122 | 1,295 |
Sales | (412) | (744) |
Settlements | (634) | (1,193) |
Transfers Into Level 3 | 1,732 | 466 |
Transfers Out Of Level 3 | (623) | (3,478) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 10,263 | 8,549 |
Cash Instruments Assets [Member] | Other 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 | 651 | 1,116 |
Net Realized Gains / (Losses) | 35 | 30 |
Net Unrealized Gains / (Losses) | (15) | 13 |
Purchases | 243 | 136 |
Sales | (158) | (223) |
Settlements | (151) | (231) |
Transfers Into Level 3 | 67 | 41 |
Transfers Out Of Level 3 | (30) | (231) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 642 | 651 |
Cash Instruments Liabilities [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 | (193) | (244) |
Net Realized Gains / (Losses) | 20 | (28) |
Net Unrealized Gains / (Losses) | 19 | (21) |
Purchases | 91 | 205 |
Sales | (49) | (38) |
Settlements | (7) | (14) |
Transfers Into Level 3 | (12) | (116) |
Transfers Out Of Level 3 | 69 | 63 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (62) | $ (193) |
Cash Instruments - Investments
Cash Instruments - Investments in Funds that are Calculated Using Net Asset Value Per Share (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | $ 6,465 | $ 7,757 |
Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 1,831 | 2,697 |
Private Equity Funds [Member] | Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 4,628 | 5,414 |
Private Equity Funds [Member] | Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 1,393 | 2,057 |
Credit Funds [Member] | Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 421 | 611 |
Credit Funds [Member] | Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 166 | 344 |
Hedge Funds [Member] | Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 410 | 560 |
Real Estate Funds [Member] | Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 1,006 | 1,172 |
Real Estate Funds [Member] | Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 272 | $ 296 |
Derivatives and Hedging Activ78
Derivatives and Hedging Activities - Fair Value of Derivatives on a Gross Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | $ 706,239 | $ 774,189 |
Total Gross Fair Value of Derivative Liability Contracts | 657,723 | 717,888 |
Derivative Assets | 53,672 | 53,890 |
Derivative Liabilities | 47,499 | 46,771 |
Cash collateral received | (535) | (498) |
Cash collateral posted | (2,085) | (1,935) |
Securities collateral received | (15,518) | (14,008) |
Securities collateral posted | (10,224) | (10,044) |
Total | 37,619 | 39,384 |
Total | 35,190 | 34,792 |
Notional amount | 41,375,552 | 47,493,007 |
Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (567,238) | (631,167) |
Offset amounts | (567,238) | (631,167) |
Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (85,329) | (89,132) |
Offset amounts | (42,986) | (39,950) |
Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (652,567) | (720,299) |
Offset amounts | (610,224) | (671,117) |
Derivative Contract not Designated as Hedges [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 697,627 | 762,822 |
Total Gross Fair Value of Derivative Liability Contracts | 657,453 | 717,750 |
Notional amount | 41,273,370 | 47,369,591 |
Derivative Contract not Designated as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 498,951 | 557,098 |
Total Gross Fair Value of Derivative Liability Contracts | 458,819 | 514,139 |
Notional amount | 32,203,119 | 38,095,360 |
Derivative Contract not Designated as Hedges [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 26,367 | 40,882 |
Total Gross Fair Value of Derivative Liability Contracts | 23,581 | 36,775 |
Notional amount | 1,424,345 | 1,892,050 |
Derivative Contract not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 111,864 | 97,008 |
Total Gross Fair Value of Derivative Liability Contracts | 107,292 | 99,567 |
Notional amount | 5,653,347 | 5,489,630 |
Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 12,353 | 20,674 |
Total Gross Fair Value of Derivative Liability Contracts | 13,871 | 21,071 |
Notional amount | 428,112 | 437,054 |
Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 48,092 | 47,160 |
Total Gross Fair Value of Derivative Liability Contracts | 53,890 | 46,198 |
Notional amount | 1,564,447 | 1,455,497 |
Derivative Contracts Accounted for as Hedges [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 8,612 | 11,367 |
Total Gross Fair Value of Derivative Liability Contracts | 270 | 138 |
Notional amount | 102,182 | 123,416 |
Derivative Contracts Accounted for as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 8,527 | 11,227 |
Total Gross Fair Value of Derivative Liability Contracts | 166 | 105 |
Notional amount | 91,935 | 113,468 |
Derivative Contracts Accounted for as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 85 | 140 |
Total Gross Fair Value of Derivative Liability Contracts | 104 | 33 |
Notional amount | 10,247 | 9,948 |
Exchange-Traded [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 2,547 | 3,464 |
Derivative Liabilities | 2,082 | 2,617 |
Exchange-Traded [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (9,727) | (9,398) |
Offset amounts | (9,727) | (9,398) |
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 | 443 | 310 |
Total Gross Fair Value of Derivative Liability Contracts | 382 | 280 |
Notional amount | 4,425,532 | 4,402,843 |
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 | 36 | 183 |
Total Gross Fair Value of Derivative Liability Contracts | 176 | 204 |
Notional amount | 13,800 | 13,073 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 3,219 | 2,997 |
Total Gross Fair Value of Derivative Liability Contracts | 3,187 | 3,623 |
Notional amount | 227,707 | 203,465 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 8,576 | 9,372 |
Total Gross Fair Value of Derivative Liability Contracts | 8,064 | 7,908 |
Notional amount | 605,335 | 528,419 |
OTC-Cleared [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 246 | 384 |
Derivative Liabilities | 144 | 216 |
OTC-Cleared [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (171,864) | (194,928) |
Offset amounts | (171,864) | (194,928) |
OTC-Cleared [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (27,560) | (26,151) |
Offset amounts | (2,940) | (3,305) |
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 | 189,471 | 211,272 |
Total Gross Fair Value of Derivative Liability Contracts | 168,946 | 192,401 |
Notional amount | 16,646,145 | 20,738,687 |
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 | 4,837 | 5,203 |
Total Gross Fair Value of Derivative Liability Contracts | 4,811 | 5,596 |
Notional amount | 378,432 | 339,244 |
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 | 796 | 165 |
Total Gross Fair Value of Derivative Liability Contracts | 798 | 128 |
Notional amount | 62,799 | 14,617 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 189 | 232 |
Total Gross Fair Value of Derivative Liability Contracts | 197 | 233 |
Notional amount | 3,506 | 2,839 |
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 | 4,347 | 4,567 |
Total Gross Fair Value of Derivative Liability Contracts | 156 | 85 |
Notional amount | 55,328 | 51,446 |
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 | 30 | 24 |
Total Gross Fair Value of Derivative Liability Contracts | 40 | 6 |
Notional amount | 1,703 | 1,333 |
Bilateral OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 50,879 | 50,042 |
Derivative Liabilities | 45,273 | 43,938 |
Bilateral OTC [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (385,647) | (426,841) |
Offset amounts | (385,647) | (426,841) |
Bilateral OTC [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (57,769) | (62,981) |
Offset amounts | (40,046) | (36,645) |
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 | 309,037 | 345,516 |
Total Gross Fair Value of Derivative Liability Contracts | 289,491 | 321,458 |
Notional amount | 11,131,442 | 12,953,830 |
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 | 21,530 | 35,679 |
Total Gross Fair Value of Derivative Liability Contracts | 18,770 | 31,179 |
Notional amount | 1,045,913 | 1,552,806 |
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 | 111,032 | 96,660 |
Total Gross Fair Value of Derivative Liability Contracts | 106,318 | 99,235 |
Notional amount | 5,576,748 | 5,461,940 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 8,945 | 17,445 |
Total Gross Fair Value of Derivative Liability Contracts | 10,487 | 17,215 |
Notional amount | 196,899 | 230,750 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 39,516 | 37,788 |
Total Gross Fair Value of Derivative Liability Contracts | 45,826 | 38,290 |
Notional amount | 959,112 | 927,078 |
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 | 4,180 | 6,660 |
Total Gross Fair Value of Derivative Liability Contracts | 10 | 20 |
Notional amount | 36,607 | 62,022 |
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 | 55 | 116 |
Total Gross Fair Value of Derivative Liability Contracts | 64 | 27 |
Notional amount | $ 8,544 | $ 8,615 |
Derivatives and Hedging Activ79
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Gross Fair Value of Derivative Asset Contracts Not Enforceable | $ 19,920 | $ 17,090 | |
Gross Fair Value of Derivative Liability Contracts Not Enforceable | 20,790 | 18,160 | |
Net Gains / (Losses) on Derivative assets and liabilities | 740 | 746 | |
Net Realized Gains / (Losses) on Derivative assets and liabilities | (37) | 67 | |
Net Unrealized Gains / (Losses) on Derivative assets and liabilities | 777 | 679 | |
Maximum Payout/Notional Amount of Written Credit Derivative | 690,466 | 923,477 | |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 733,980 | 968,680 | |
Net purchased protection notional value of credit derivatives | 43,510 | 45,200 | |
Net Gains (Losses), Including Hedges, Attributable to the Impact of Changes in Credit Exposure and Credit Spreads on Derivative Contracts | 85 | 9 | $ 135 |
Gain reclassified to earnings from accumulated other comprehensive income | 167 | ||
Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | 1,690 | 2,200 | |
Market making [Member] | |||
Derivative [Line Items] | |||
Net Gains / (Losses) on Derivative assets and liabilities | 980 | 518 | |
Other Principal Transactions [Member] | |||
Derivative [Line Items] | |||
Net Gains / (Losses) on Derivative assets and liabilities | $ (240) | $ 228 |
Derivatives and Hedging Activ80
Derivatives and Hedging Activities - Fair Value of Derivatives by Level (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Total financial assets at fair value | $ 497,693 | $ 526,687 |
Fair value included in financial instruments owned | 295,952 | 313,502 |
Total financial liabilities at fair value | (271,284) | (280,939) |
Fair value included in financial instruments sold, but not yet purchased | (117,143) | (115,248) |
Level 1 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 135,401 | 153,051 |
Total financial liabilities at fair value | (62,504) | (59,798) |
Level 2 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 419,585 | 432,445 |
Total financial liabilities at fair value | (232,027) | (245,759) |
Level 3 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 23,280 | 24,046 |
Total financial liabilities at fair value | (21,448) | (16,812) |
Derivatives [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 140,710 | 144,502 |
Fair value included in financial instruments owned | 53,672 | 53,890 |
Total financial liabilities at fair value | (92,194) | (88,201) |
Fair value included in financial instruments sold, but not yet purchased | (47,499) | (46,771) |
Derivatives [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 507,478 | 568,325 |
Total financial liabilities at fair value | (458,985) | (514,244) |
Derivatives [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 26,367 | 40,882 |
Total financial liabilities at fair value | (23,581) | (36,775) |
Derivatives [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 111,949 | 97,148 |
Total financial liabilities at fair value | (107,396) | (99,600) |
Derivatives [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 12,353 | 20,674 |
Total financial liabilities at fair value | (13,871) | (21,071) |
Derivatives [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 48,092 | 47,160 |
Total financial liabilities at fair value | (53,890) | (46,198) |
Derivatives [Member] | Gross Fair Value Of Derivative [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 706,239 | 774,189 |
Total financial liabilities at fair value | (657,723) | (717,888) |
Derivatives [Member] | Counterparty Netting With in Levels [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (565,529) | (629,687) |
Total financial liabilities at fair value | 565,529 | 629,687 |
Derivatives [Member] | Cross Level Counterparty Netting Adjustment [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (1,709) | (1,480) |
Total financial liabilities at fair value | 1,709 | 1,480 |
Derivatives [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Cash collateral netting | (85,329) | (89,132) |
Cash collateral netting | 42,986 | 39,950 |
Derivatives [Member] | Level 1 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 35 | 50 |
Total financial liabilities at fair value | (982) | (29) |
Derivatives [Member] | Level 1 [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 46 | 4 |
Total financial liabilities at fair value | (27) | (11) |
Derivatives [Member] | Level 1 [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 1 | 46 |
Total financial liabilities at fair value | (967) | (18) |
Derivatives [Member] | Level 1 [Member] | Gross Fair Value Of Derivative [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 47 | 50 |
Total financial liabilities at fair value | (994) | (29) |
Derivatives [Member] | Level 1 [Member] | Counterparty Netting With in Levels [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (12) | |
Total financial liabilities at fair value | 12 | |
Derivatives [Member] | Level 2 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 135,485 | 138,582 |
Total financial liabilities at fair value | (84,805) | (82,797) |
Derivatives [Member] | Level 2 [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 506,818 | 567,761 |
Total financial liabilities at fair value | (457,963) | (513,275) |
Derivatives [Member] | Level 2 [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 21,388 | 34,832 |
Total financial liabilities at fair value | (21,106) | (33,518) |
Derivatives [Member] | Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 111,762 | 96,959 |
Total financial liabilities at fair value | (107,212) | (99,377) |
Derivatives [Member] | Level 2 [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 11,950 | 20,087 |
Total financial liabilities at fair value | (13,541) | (20,222) |
Derivatives [Member] | Level 2 [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 47,667 | 46,491 |
Total financial liabilities at fair value | (49,083) | (43,953) |
Derivatives [Member] | Level 2 [Member] | Gross Fair Value Of Derivative [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 699,585 | 766,130 |
Total financial liabilities at fair value | (648,905) | (710,345) |
Derivatives [Member] | Level 2 [Member] | Counterparty Netting With in Levels [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (564,100) | (627,548) |
Total financial liabilities at fair value | 564,100 | 627,548 |
Derivatives [Member] | Level 3 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 5,190 | 5,870 |
Total financial liabilities at fair value | (6,407) | (5,375) |
Derivatives [Member] | Level 3 [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 614 | 560 |
Total financial liabilities at fair value | (995) | (958) |
Derivatives [Member] | Level 3 [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 4,979 | 6,050 |
Total financial liabilities at fair value | (2,475) | (3,257) |
Derivatives [Member] | Level 3 [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 187 | 189 |
Total financial liabilities at fair value | (184) | (223) |
Derivatives [Member] | Level 3 [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 403 | 587 |
Total financial liabilities at fair value | (330) | (849) |
Derivatives [Member] | Level 3 [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 424 | 623 |
Total financial liabilities at fair value | (3,840) | (2,227) |
Derivatives [Member] | Level 3 [Member] | Gross Fair Value Of Derivative [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 6,607 | 8,009 |
Total financial liabilities at fair value | (7,824) | (7,514) |
Derivatives [Member] | Level 3 [Member] | Counterparty Netting With in Levels [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (1,417) | (2,139) |
Total financial liabilities at fair value | $ 1,417 | $ 2,139 |
Derivatives and Hedging Activ81
Derivatives and Hedging Activities - Fair Value, Derivatives, Measurement Inputs, Disclosure (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)$ / Bbls$ / MMBTU | Dec. 31, 2015USD ($)$ / Bbls$ / MMBTU | Dec. 31, 2014USD ($) | |
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ (1,217) | $ 495 | $ 706 |
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 | $ (381) | $ (398) | (40) |
Fair Value Unobservable Inputs, Average Correlation | 56.00% | 53.00% | |
Fair Value Unobservable Inputs, Median Correlation | 60.00% | 55.00% | |
Fair Value Unobservable Input, Average Volatility | 0.84% | 0.84% | |
Fair Value Unobservable Input, Median Volatility | 0.57% | 0.57% | |
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 | $ 2,504 | $ 2,793 | 3,530 |
Fair Value Unobservable Inputs, Average Correlation | 65.00% | 68.00% | |
Fair Value Unobservable Inputs, Median Correlation | 68.00% | 66.00% | |
Fair Value Unobservable Inputs, Average Credit spreads | 1.22% | 1.29% | |
Fair Value Unobservable Inputs, Median Credit spreads | 0.73% | 0.86% | |
Fair Value Unobservable Inputs, Average Upfront Credit Points | 0.43% | 0.41% | |
Fair Value Unobservable Inputs, Median Upfront Credit Points | 0.35% | 0.40% | |
Fair Value Unobservable Inputs, Average Recovery rates | 58.00% | 58.00% | |
Fair Value Unobservable Inputs, Median Recovery rates | 70.00% | 70.00% | |
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 | $ 3 | $ (34) | (267) |
Fair Value Unobservable Inputs, Average Correlation | 50.00% | 50.00% | |
Fair Value Unobservable Inputs, Median Correlation | 55.00% | 51.00% | |
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 | $ 73 | $ (262) | (1,142) |
Fair Value Unobservable Input, Average Volatility | 33.00% | 35.00% | |
Fair Value Unobservable Input, Median Volatility | 33.00% | 34.00% | |
Commodity Contract [Member] | Natural Gas [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Average Spread | $ / MMBTU | (0.14) | (0.05) | |
Fair Value Unobservable Inputs, Median Spread | $ / MMBTU | (0.05) | (0.01) | |
Commodity Contract [Member] | Oil [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Average Spread | $ / Bbls | 25.30 | 3.34 | |
Fair Value Unobservable Inputs, Median Spread | $ / Bbls | 16.43 | (3.31) | |
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 | $ (3,416) | $ (1,604) | $ (1,375) |
Fair Value Unobservable Inputs, Average Correlation | 41.00% | 42.00% | |
Fair Value Unobservable Inputs, Median Correlation | 41.00% | 48.00% | |
Fair Value Unobservable Input, Average Volatility | 24.00% | 24.00% | |
Fair Value Unobservable Input, Median Volatility | 23.00% | 23.00% | |
Minimum [Member] | Interest Rate Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Correlation | (10.00%) | (25.00%) | |
Fair Value Unobservable Input, Volatility | 0.31% | 0.31% | |
Minimum [Member] | Credit Risk Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Correlation | 35.00% | 46.00% | |
Fair Value Unobservable Inputs, Credit spreads | 0.01% | 0.01% | |
Fair Value Unobservable Inputs, Upfront Credit Points | 0.00% | 0.00% | |
Fair Value Unobservable Inputs, Recovery rates | 1.00% | 2.00% | |
Minimum [Member] | Foreign Exchange Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Correlation | 25.00% | 25.00% | |
Minimum [Member] | Commodity Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Input, Volatility | 13.00% | 11.00% | |
Minimum [Member] | Commodity Contract [Member] | Natural Gas [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Spread | $ / MMBTU | (1.81) | (1.32) | |
Minimum [Member] | Commodity Contract [Member] | Oil [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Spread | $ / Bbls | (19.72) | (10.64) | |
Minimum [Member] | Equity Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Correlation | (39.00%) | (65.00%) | |
Fair Value Unobservable Input, 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% | 92.00% | |
Fair Value Unobservable Input, Volatility | 1.51% | 1.52% | |
Maximum [Member] | Credit Risk Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Correlation | 91.00% | 99.00% | |
Fair Value Unobservable Inputs, Credit spreads | 9.93% | 10.19% | |
Fair Value Unobservable Inputs, Upfront Credit Points | 1.00% | 1.00% | |
Fair Value Unobservable Inputs, Recovery rates | 97.00% | 97.00% | |
Maximum [Member] | Foreign Exchange Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Correlation | 70.00% | 70.00% | |
Maximum [Member] | Commodity Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Input, Volatility | 68.00% | 77.00% | |
Maximum [Member] | Commodity Contract [Member] | Natural Gas [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Spread | $ / MMBTU | 4.33 | 4.15 | |
Maximum [Member] | Commodity Contract [Member] | Oil [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Spread | $ / Bbls | 64.92 | 65.29 | |
Maximum [Member] | Equity Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value Unobservable Inputs, Correlation | 88.00% | 94.00% | |
Fair Value Unobservable Input, Volatility | 72.00% | 76.00% |
Derivatives and Hedging Activ82
Derivatives and Hedging Activities - Fair Value of Derivatives, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | $ 495 | $ 706 |
Net Realized Gains / (Losses) | (37) | 67 |
Net Unrealized Gains / (Losses) | 777 | 679 |
Purchases | 115 | 240 |
Sales | (3,557) | (1,864) |
Settlements | 782 | 1,498 |
Transfers Into Level 3 | 352 | (4) |
Transfers Out Of Level 3 | (144) | (827) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | (1,217) | 495 |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (398) | (40) |
Net Realized Gains / (Losses) | (41) | (53) |
Net Unrealized Gains / (Losses) | (138) | 66 |
Purchases | 5 | 3 |
Sales | (3) | (31) |
Settlements | 36 | (144) |
Transfers Into Level 3 | 195 | (149) |
Transfers Out Of Level 3 | (37) | (50) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | (381) | (398) |
Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 2,793 | 3,530 |
Net Realized Gains / (Losses) | 92 | |
Net Unrealized Gains / (Losses) | 196 | 804 |
Purchases | 20 | 80 |
Sales | (73) | (237) |
Settlements | (516) | (640) |
Transfers Into Level 3 | 179 | 206 |
Transfers Out Of Level 3 | (95) | (1,042) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 2,504 | 2,793 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (34) | (267) |
Net Realized Gains / (Losses) | (30) | (49) |
Net Unrealized Gains / (Losses) | (42) | 40 |
Purchases | 14 | 32 |
Sales | (2) | (10) |
Settlements | 90 | 162 |
Transfers Into Level 3 | 1 | (1) |
Transfers Out Of Level 3 | 6 | 59 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 3 | (34) |
Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (262) | (1,142) |
Net Realized Gains / (Losses) | (23) | 34 |
Net Unrealized Gains / (Losses) | 101 | (52) |
Purchases | 24 | |
Sales | (119) | (234) |
Settlements | 391 | 1,034 |
Transfers Into Level 3 | (23) | (35) |
Transfers Out Of Level 3 | (16) | 133 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 73 | (262) |
Equity Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (1,604) | (1,375) |
Net Realized Gains / (Losses) | 57 | 43 |
Net Unrealized Gains / (Losses) | 660 | (179) |
Purchases | 52 | 125 |
Sales | (3,360) | (1,352) |
Settlements | 781 | 1,086 |
Transfers Into Level 3 | (25) | |
Transfers Out Of Level 3 | (2) | 73 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ (3,416) | $ (1,604) |
Derivatives and Hedging Activ83
Derivatives and Hedging Activities - OTC Derivatives by Product Type and Tenor (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative Assets | $ 53,672 | $ 53,890 |
Derivative Liabilities | 47,499 | 46,771 |
OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 153,850 | 160,020 |
Derivative Liabilities | 105,799 | 104,566 |
OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 103,728 | 108,910 |
Derivative Liabilities | 55,305 | 54,860 |
OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 9,347 | 12,053 |
Derivative Liabilities | 6,555 | 7,945 |
OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 35,064 | 29,935 |
Derivative Liabilities | 30,370 | 32,366 |
OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 4,867 | 10,356 |
Derivative Liabilities | 6,416 | 10,126 |
OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 13,731 | 13,447 |
Derivative Liabilities | 20,040 | 13,950 |
OTC [Member] | Counterparty Netting Within Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (12,887) | (14,681) |
Derivative Liabilities | (12,887) | (14,681) |
OTC [Member] | Cross Tenor Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (17,396) | (20,462) |
Derivative Liabilities | (17,396) | (20,462) |
OTC [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Cash collateral netting | (85,329) | (89,132) |
Cash collateral netting | (42,986) | (39,950) |
OTC [Member] | Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 51,125 | 50,426 |
Derivative Liabilities | 45,417 | 44,154 |
Less than 1 Year [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 28,823 | 27,915 |
Derivative Liabilities | 28,462 | 25,463 |
Less than 1 Year [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 5,845 | 4,231 |
Derivative Liabilities | 5,679 | 5,323 |
Less than 1 Year [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,763 | 1,664 |
Derivative Liabilities | 2,060 | 1,804 |
Less than 1 Year [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 18,344 | 14,646 |
Derivative Liabilities | 14,720 | 12,378 |
Less than 1 Year [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 3,273 | 6,228 |
Derivative Liabilities | 2,546 | 4,464 |
Less than 1 Year [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 3,141 | 4,806 |
Derivative Liabilities | 7,000 | 5,154 |
Less than 1 Year [Member] | OTC [Member] | Counterparty Netting Within Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (3,543) | (3,660) |
Derivative Liabilities | (3,543) | (3,660) |
1 - 5 Years [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 34,477 | 41,998 |
Derivative Liabilities | 30,344 | 31,776 |
1 - 5 Years [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 18,376 | 23,278 |
Derivative Liabilities | 10,814 | 13,945 |
1 - 5 Years [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 2,695 | 4,547 |
Derivative Liabilities | 3,328 | 4,704 |
1 - 5 Years [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,292 | 8,936 |
Derivative Liabilities | 9,771 | 9,940 |
1 - 5 Years [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,415 | 3,897 |
Derivative Liabilities | 1,555 | 3,136 |
1 - 5 Years [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 9,249 | 7,091 |
Derivative Liabilities | 10,426 | 5,802 |
1 - 5 Years [Member] | OTC [Member] | Counterparty Netting Within Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (5,550) | (5,751) |
Derivative Liabilities | (5,550) | (5,751) |
Greater than 5 Years [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 90,550 | 90,107 |
Derivative Liabilities | 46,993 | 47,327 |
Greater than 5 Years [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 79,507 | 81,401 |
Derivative Liabilities | 38,812 | 35,592 |
Greater than 5 Years [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 4,889 | 5,842 |
Derivative Liabilities | 1,167 | 1,437 |
Greater than 5 Years [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,428 | 6,353 |
Derivative Liabilities | 5,879 | 10,048 |
Greater than 5 Years [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 179 | 231 |
Derivative Liabilities | 2,315 | 2,526 |
Greater than 5 Years [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,341 | 1,550 |
Derivative Liabilities | 2,614 | 2,994 |
Greater than 5 Years [Member] | OTC [Member] | Counterparty Netting Within Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (3,794) | (5,270) |
Derivative Liabilities | $ (3,794) | $ (5,270) |
Derivatives and Hedging Activ84
Derivatives and Hedging Activities - Credit Derivatives (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | $ 690,466 | $ 923,477 |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 733,980 | 968,680 |
Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 604,212 | 821,571 |
Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 129,765 | 147,110 |
Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 223,191 | 256,741 |
1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 409,092 | 599,983 |
Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 58,183 | 66,753 |
Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 14,757 | 18,332 |
Fair Value Liability of Written Credit Derivatives | 9,833 | 19,779 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 4,924 | (1,447) |
0 - 250 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 635,912 | 812,508 |
0 - 250 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 558,305 | 722,436 |
0 - 250 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 119,509 | 132,757 |
0 - 250 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 207,727 | 240,468 |
0 - 250 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 375,208 | 514,986 |
0 - 250 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 52,977 | 57,054 |
0 - 250 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 13,919 | 17,110 |
Fair Value Liability of Written Credit Derivatives | 2,436 | 2,756 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 11,483 | 14,354 |
251 - 500 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 27,002 | 51,739 |
251 - 500 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 20,588 | 46,313 |
251 - 500 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 7,712 | 6,383 |
251 - 500 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 5,819 | 2,859 |
251 - 500 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 17,255 | 42,399 |
251 - 500 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 3,928 | 6,481 |
251 - 500 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 606 | 924 |
Fair Value Liability of Written Credit Derivatives | 902 | 2,596 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (296) | (1,672) |
501 - 1000 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 10,704 | 20,775 |
501 - 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 10,133 | 19,556 |
501 - 1000 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 1,098 | 3,372 |
501 - 1000 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 1,016 | 2,881 |
501 - 1000 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 8,643 | 16,327 |
501 - 1000 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 1,045 | 1,567 |
501 - 1000 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 187 | 108 |
Fair Value Liability of Written Credit Derivatives | 809 | 1,942 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (622) | (1,834) |
Greater than 1000 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 16,848 | 38,455 |
Greater than 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 15,186 | 33,266 |
Greater than 1000 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 1,446 | 4,598 |
Greater than 1000 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 8,629 | 10,533 |
Greater than 1000 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 7,986 | 26,271 |
Greater than 1000 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 233 | 1,651 |
Greater than 1000 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 45 | 190 |
Fair Value Liability of Written Credit Derivatives | 5,686 | 12,485 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | $ (5,641) | $ (12,295) |
Derivatives and Hedging Activ85
Derivatives and Hedging Activities - Bifurcated Embedded Derivatives (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | $ 676 | $ 466 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | 864 | 794 |
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability | 188 | 328 |
Notional amount | 41,375,552 | 47,493,007 |
Embedded Derivatives Classified In Debt [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 8,726 | $ 7,869 |
Derivatives and Hedging Activ86
Derivatives and Hedging Activities - Derivatives with Credit-Related Contingent Features (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Aggregate fair value of derivative contracts which are in net liability position | $ 32,927 | $ 29,836 |
Aggregate fair value of assets as a collateral for derivative contracts | 27,840 | 26,075 |
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 | 677 | 1,061 |
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 | $ 2,216 | $ 2,689 |
Derivatives and Hedging Activ87
Derivatives and Hedging Activities - Gain (Loss) from Interest Rate Hedges and Related Hedged Borrowings and Deposits (Detail) - Interest Rate Contract [Member] - Fair Value Hedging [Member] - Derivative Contracts Accounted for as Hedges [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ (1,480) | $ (1,613) | $ 1,936 |
Gain (Loss) Recognized On Hedged Borrowings and Deposits | 834 | 898 | (2,451) |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ (646) | $ (715) | $ (515) |
Derivatives and Hedging Activ88
Derivatives and Hedging Activities - Gains and Losses on Net Investment Hedges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Gain (Loss) Recognized On Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | $ (85) | $ (9) | $ 202 |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ 135 | $ 695 | $ 576 |
Fair Value Option - Financial A
Fair Value Option - Financial Assets and Financial Liabilities by Level (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities purchased under agreements to resell | $ 116,077 | $ 132,853 |
Securities borrowed | 82,398 | 75,340 |
Receivables from customers and counterparties | 3,266 | 4,992 |
Total financial assets at fair value | 201,741 | 213,185 |
Deposits | (13,782) | (14,680) |
Securities sold under agreements to repurchase | (71,816) | (86,069) |
Securities loaned | (2,647) | (466) |
Other secured financings | (21,073) | (23,207) |
Unsecured borrowings Short-term | (14,792) | (17,743) |
Unsecured borrowings Long-term | (29,410) | (22,273) |
Other liabilities and accrued expenses | (621) | (1,253) |
Total financial liabilities at fair value | (154,141) | (165,691) |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities purchased under agreements to resell | 116,077 | 132,853 |
Securities borrowed | 82,398 | 75,340 |
Receivables from customers and counterparties | 3,211 | 4,947 |
Total financial assets at fair value | 201,686 | 213,140 |
Deposits | (10,609) | (12,465) |
Securities sold under agreements to repurchase | (71,750) | (85,998) |
Securities loaned | (2,647) | (466) |
Other secured financings | (20,516) | (22,658) |
Unsecured borrowings Short-term | (10,896) | (13,610) |
Unsecured borrowings Long-term | (22,185) | (18,049) |
Other liabilities and accrued expenses | (559) | (1,201) |
Total financial liabilities at fair value | (139,162) | (154,447) |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Receivables from customers and counterparties | 55 | 45 |
Total financial assets at fair value | 55 | 45 |
Deposits | (3,173) | (2,215) |
Securities sold under agreements to repurchase | (66) | (71) |
Other secured financings | (557) | (549) |
Unsecured borrowings Short-term | (3,896) | (4,133) |
Unsecured borrowings Long-term | (7,225) | (4,224) |
Other liabilities and accrued expenses | (62) | (52) |
Total financial liabilities at fair value | $ (14,979) | $ (11,244) |
Fair Value Option - Additional
Fair Value Option - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value [Line Items] | |||
Fair value of unfunded commitments for which the fair value option was elected | $ 80 | $ 211 | |
Total contractual amount of unfunded commitments for which the fair value option was elected | 7,190 | 14,010 | |
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 | 281 | 751 | $ 1,830 |
DVA on such financial liabilities included in "Debt valuation adjustment" within the condensed consolidated statements of comprehensive income, net of tax | 544 | ||
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 | 361 | 362 | |
Unsecured Long-Term Borrowings 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 | $ 1,560 | $ 1,120 | |
Minimum [Member] | Other Secured Financings at Fair Value [Member] | |||
Fair Value [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 0.40% | 0.60% | |
Fair Value Unobservable Inputs, Duration | 1 month 6 days | 1 year 7 months 6 days | |
Maximum [Member] | Other Secured Financings at Fair Value [Member] | |||
Fair Value [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 16.60% | 10.00% | |
Fair Value Unobservable Inputs, Duration | 5 years 8 months 12 days | 8 years 9 months 18 days | |
Weighted Average [Member] | Other Secured Financings at Fair Value [Member] | |||
Fair Value [Line Items] | |||
Fair Value Unobservable Inputs, Yield | 3.50% | 2.70% | |
Fair Value Unobservable Inputs, Duration | 2 years 3 months 18 days | 2 years 9 months 18 days | |
Other Financial Liabilities [Member] | |||
Fair Value [Line Items] | |||
Gains/(Losses) on liabilities | $ (106) | $ 858 | |
Realized Gains/(Losses) on liabilities | (99) | 75 | |
Net Unrealized Gains / (Losses) | (7) | 783 | |
DVA on such financial liabilities included in "Debt valuation adjustment" within the condensed consolidated statements of comprehensive income | 844 | ||
DVA on such financial liabilities included in "Debt valuation adjustment" within the condensed consolidated statements of comprehensive income, net of tax | 544 | ||
Other Financial Liabilities [Member] | Debt Valuation Adjustment [Member] | |||
Fair Value [Line Items] | |||
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of comprehensive income | (75) | ||
Other Financial Liabilities [Member] | Market making [Member] | |||
Fair Value [Line Items] | |||
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | (21) | 841 | |
Other Financial Liabilities [Member] | Other Principal Transactions [Member] | |||
Fair Value [Line Items] | |||
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | 28 | ||
Other Financial Liabilities [Member] | Interest Expense [Member] | |||
Fair Value [Line Items] | |||
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | (10) | (11) | |
Other Financial Liabilities [Member] | Other Secured Financings at Fair Value [Member] | |||
Fair Value [Line Items] | |||
Net Unrealized Gains / (Losses) | (3) | 34 | |
Other Financial Liabilities [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | |||
Fair Value [Line Items] | |||
Net Unrealized Gains / (Losses) | $ 190 | $ 352 |
Fair Value Option - Level 3 Rol
Fair Value Option - Level 3 Rollforward (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Financial Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | $ 45 | $ 56 |
Net Realized Gains/(Losses) | 6 | 2 |
Net Unrealized Gains/(Losses) | 1 | 2 |
Purchases | 10 | 8 |
Settlements | (7) | (22) |
Transfers Out Of Level 3 | (1) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 55 | 45 |
Other Financial Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (11,244) | (9,292) |
Net Realized Gains/(Losses) | (99) | 75 |
Net Unrealized Gains/(Losses) | (7) | 783 |
Purchases | (8) | (1) |
Issuances | (10,236) | (8,024) |
Settlements | 5,983 | 3,604 |
Transfers Into Level 3 | (759) | (1,213) |
Transfers Out Of Level 3 | 1,391 | 2,824 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (14,979) | (11,244) |
Other Financial Liabilities [Member] | Deposits at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (2,215) | (1,065) |
Net Realized Gains/(Losses) | (22) | (9) |
Net Unrealized Gains/(Losses) | (89) | 56 |
Issuances | (993) | (1,252) |
Settlements | 146 | 55 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (3,173) | (2,215) |
Other Financial Liabilities [Member] | Securities Sold under Agreements to Repurchase at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (71) | (124) |
Net Unrealized Gains/(Losses) | (6) | (2) |
Settlements | 11 | 55 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (66) | (71) |
Other Financial Liabilities [Member] | Other Secured Financings at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (549) | (1,091) |
Net Realized Gains/(Losses) | (8) | (10) |
Net Unrealized Gains/(Losses) | (3) | 34 |
Purchases | (5) | (1) |
Issuances | (150) | (504) |
Settlements | 273 | 363 |
Transfers Into Level 3 | (117) | (85) |
Transfers Out Of Level 3 | 2 | 745 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (557) | (549) |
Other Financial Liabilities [Member] | Unsecured Short-Term Borrowings Including Current Portion of Unsecured Long-Term Borrowings at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (4,133) | (3,712) |
Net Realized Gains/(Losses) | (57) | 96 |
Net Unrealized Gains/(Losses) | (115) | 355 |
Issuances | (3,837) | (3,377) |
Settlements | 3,492 | 2,275 |
Transfers Into Level 3 | (370) | (641) |
Transfers Out Of Level 3 | 1,124 | 871 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (3,896) | (4,133) |
Other Financial Liabilities [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (4,224) | (2,585) |
Net Realized Gains/(Losses) | (27) | (7) |
Net Unrealized Gains/(Losses) | 190 | 352 |
Purchases | (3) | |
Issuances | (5,201) | (2,888) |
Settlements | 2,047 | 846 |
Transfers Into Level 3 | (272) | (464) |
Transfers Out Of Level 3 | 265 | 522 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (7,225) | (4,224) |
Other Financial Liabilities [Member] | Other Liabilities and Accrued Expenses at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (52) | (715) |
Net Realized Gains/(Losses) | 15 | 5 |
Net Unrealized Gains/(Losses) | 16 | (12) |
Issuances | (55) | (3) |
Settlements | 14 | 10 |
Transfers Into Level 3 | (23) | |
Transfers Out Of Level 3 | 686 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (62) | $ (52) |
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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Option Gains/(Losses) | $ (1,129) | $ 216 | $ (2,579) |
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) | (1,028) | 346 | (1,180) |
Unsecured Long-Term Borrowings at Fair Value [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Option Gains/(Losses) | 584 | 771 | (592) |
Other Liabilities and Accrued Expenses at Fair Value [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Option Gains/(Losses) | (55) | (684) | (441) |
Fair Value Option Other [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Option Gains/(Losses) | $ (630) | $ (217) | $ (366) |
Fair Value Option - Gains and93
Fair Value Option - Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 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 | $ (1,050) | $ 339 | $ (1,220) |
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 | $ 737 | $ 653 | $ (697) |
Fair Value Option - Loans and L
Fair Value Option - Loans and Lending Commitments (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Aggregate contractual principal amount of performing loans and long-term receivables in excess of fair value | $ 478 | $ 1,330 |
Aggregate contractual principal amount of loans on non-accrual status and/or more than 90 days past due in excess of fair value (excluding loans carried at zero fair value and considered uncollectible) | 8,101 | 9,600 |
Aggregate fair value of loans on non-accrual status and/or more than 90 days past due | $ 2,138 | $ 2,391 |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans Receivable [Line Items] | |||
Subtotal | $ 50,181 | $ 45,821 | |
Allowance for loan losses | (509) | (414) | $ (228) |
Total loans receivable | 49,672 | 45,407 | |
Corporate Loans [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 24,837 | 20,740 | |
Loans to Private Wealth Management Clients [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 13,828 | 13,961 | |
Loans Backed by Commercial Real Estate [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 4,761 | 5,271 | |
Loans Backed by Residential Real Estate [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 3,865 | 2,316 | |
Other Loans [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | $ 2,890 | $ 3,533 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Loans Receivable [Line Items] | ||
Estimated fair Value of loans receivable | $ 49,800 | $ 45,190 |
Amount of lending commitments held for investment | 98,050 | 93,920 |
Carrying value of the liabilities relating to lending commitments held for investment | 327 | 291 |
Estimated fair value of the liabilities relating to lending commitments held for investment | 2,550 | 3,320 |
Impaired loans receivable (excluding PCI loans) in non-accrual status | 404 | 223 |
Corporate loans modified in a troubled debt restructuring | 142 | |
Lending commitments related to loans modified in a troubled debt restructuring | 144 | |
PCI Loans [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable | 3,970 | 2,120 |
Outstanding principal balance | 8,520 | 5,540 |
Accretable yield | 526 | 234 |
Fair value of loans at the time of acquisition | 2,510 | 2,270 |
Expected cash flows at the time of acquisition | 2,820 | 2,500 |
Contractually required cash flows at the time of acquisition | 6,390 | 6,470 |
PCI Loans [Member] | Loans Backed by Commercial Real Estate [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable | 1,440 | 1,160 |
PCI Loans [Member] | Loans Backed by Residential Real Estate [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable | 2,510 | 941 |
PCI Loans [Member] | Other Loans [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable | 18 | 23 |
Level 2 [Member] | ||
Loans Receivable [Line Items] | ||
Estimated fair Value of loans receivable | 28,400 | 23,910 |
Estimated fair value of the liabilities relating to lending commitments held for investment | 1,100 | 1,350 |
Level 3 [Member] | ||
Loans Receivable [Line Items] | ||
Estimated fair Value of loans receivable | 21,400 | 21,280 |
Estimated fair value of the liabilities relating to lending commitments held for investment | $ 1,450 | $ 1,970 |
Loans Receivable - Summary of97
Loans Receivable - Summary of Loans Receivable - Credit Rating Equivalent (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 50,181 | $ 45,821 |
Lending Commitments | 98,050 | 93,920 |
Loans Receivable And Related Lending Commitments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 46,211 | 43,700 |
Lending Commitments | 98,045 | 93,919 |
Total | 144,256 | 137,619 |
Loans Receivable And Related Lending Commitments [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 18,434 | 19,459 |
Lending Commitments | 72,323 | 64,898 |
Total | 90,757 | 84,357 |
Loans Receivable And Related Lending Commitments [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 27,777 | 24,241 |
Lending Commitments | 25,722 | 29,021 |
Total | $ 53,499 | $ 53,262 |
Loans Receivable - Summary of98
Loans Receivable - Summary of Loans Receivable - Regulatory Risk Rating (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 50,181 | $ 45,821 |
Lending Commitments | 98,050 | 93,920 |
Loans Receivable And Related Lending Commitments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 46,211 | 43,700 |
Lending Commitments | 98,045 | 93,919 |
Total | 144,256 | 137,619 |
Non-Criticized/Pass [Member] | Loans Receivable And Related Lending Commitments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 43,146 | 40,967 |
Lending Commitments | 94,966 | 92,021 |
Total | 138,112 | 132,988 |
Criticized [Member] | Loans Receivable And Related Lending Commitments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,065 | 2,733 |
Lending Commitments | 3,079 | 1,898 |
Total | $ 6,144 | $ 4,631 |
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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for loan losses | ||
Balance, beginning of period | $ 414 | $ 228 |
Charge-offs | (8) | (1) |
Provision | 138 | 187 |
Other | (35) | |
Balance, end of period | 509 | 414 |
Allowance for losses on lending commitments | ||
Balance, beginning of period | 188 | 86 |
Provision | 44 | 102 |
Other | (20) | |
Balance, end of period | $ 212 | $ 188 |
Collateralized Agreements an100
Collateralized Agreements and Financings - Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Collateralized Agreements And Financings [Abstract] | ||
Securities purchased under agreements to resell and federal funds sold (includes $116,077 as of December 2016 and $132,853 as of December 2015, at fair value) | $ 116,925 | $ 134,308 |
Securities borrowed (includes $82,398 as of December 2016 and $75,340 as of December 2015, at fair value) | 184,600 | 177,638 |
Securities sold under agreements to repurchase, at fair value | 71,816 | 86,069 |
Securities loaned (includes $2,647 as of December 2016 and $466 as of December 2015, at fair value) | $ 7,524 | $ 3,614 |
Collateralized Agreements an101
Collateralized Agreements and Financings - Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Collateralized Agreements And Financings [Abstract] | ||
Securities borrowed at fair value | $ 82,398 | $ 75,340 |
Securities loaned at fair value | $ 2,647 | $ 466 |
Collateralized Agreements an102
Collateralized Agreements and Financings - Offsetting Arrangements (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Collateralized Agreements And Financings [Abstract] | ||
Resale agreements, Gross carrying value | $ 173,561 | $ 163,199 |
Resale agreements, Counterparty Netting | (56,636) | (28,891) |
Resale agreements | 116,925 | 134,308 |
Resale agreements, Counterparty Netting | (8,319) | (4,979) |
Resale agreements, Collateral | (107,148) | (125,561) |
Resale agreements | 1,458 | 3,768 |
Securities borrowed, Gross carrying value | 189,571 | 180,203 |
Securities borrowed, Counterparty Netting | (4,971) | (2,565) |
Securities borrowed | 184,600 | 177,638 |
Securities borrowed, Counterparty Netting | (4,045) | (1,732) |
Securities borrowed, Collateral | (170,625) | (167,061) |
Securities borrowed | 9,930 | 8,845 |
Repurchase agreements, Gross carrying value | 128,452 | 114,960 |
Repurchase agreements, Counterparty Netting | (56,636) | (28,891) |
Repurchase agreements | 71,816 | 86,069 |
Repurchase agreements, Counterparty Netting | (8,319) | (4,979) |
Repurchase agreements, Collateral | (62,081) | (78,958) |
Repurchase agreements | 1,416 | 2,132 |
Securities loaned, Gross carrying value | 12,495 | 6,179 |
Securities loaned, Counterparty Netting | (4,971) | (2,565) |
Securities loaned | 7,524 | 3,614 |
Securities loaned, Counterparty Netting | (4,045) | (1,732) |
Securities loaned, Collateral | (3,087) | (1,721) |
Securities loaned | $ 392 | $ 161 |
Collateralized Agreements an103
Collateralized Agreements and Financings - Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 128,452 | $ 114,960 |
Securities loaned | 12,495 | 6,179 |
Money Market Instruments [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 317 | 806 |
U.S. Government and Federal Agency Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 47,207 | 54,856 |
Securities loaned | 115 | 101 |
Non-U.S. Government and Agency Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 56,156 | 31,547 |
Securities loaned | 1,846 | 2,465 |
Securities Backed By Commercial Real Estate [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 208 | 269 |
Securities Backed By Residential Real Estate [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 122 | 2,059 |
Corporate Loans and Debt Securities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 8,297 | 6,877 |
Securities loaned | 39 | 30 |
State and Municipal Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 831 | 609 |
Other Debt Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 286 | 101 |
Equities and Convertible Debentures [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 15,028 | 17,836 |
Securities loaned | $ 10,495 | $ 3,583 |
Collateralized Agreements an104
Collateralized Agreements and Financings - Schedule of Repurchase Agreements and Securities Loaned (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 128,452 | $ 114,960 |
Securities loaned | 12,495 | $ 6,179 |
No Stated Maturity and Overnight [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 35,939 | |
Securities loaned | 4,825 | |
2 - 30 Days [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 47,339 | |
Securities loaned | 5,034 | |
31 - 90 Days [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 16,553 | |
Securities loaned | 500 | |
91 Days - 1 Year [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 18,968 | |
Securities loaned | 1,636 | |
Greater than 1 Year [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 9,653 | |
Securities loaned | $ 500 |
Collateralized Agreements an105
Collateralized Agreements and Financings - Other Secured Financings (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | $ 13,118 | $ 13,400 |
Other Secured Financings Short Term At Amortized Cost | 833 | |
Other Secured Financings Long Term At Fair Value | 7,955 | 9,807 |
Other Secured Financings Long Term At Amortized Cost | 450 | 713 |
Other secured financings | 21,523 | 24,753 |
Other secured financings collateralized by financial instruments | 19,832 | 23,734 |
Other secured financings collateralized by other assets | 1,691 | 1,019 |
U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | 9,380 | 7,952 |
Other Secured Financings Short Term At Amortized Cost | $ 514 | |
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (short-term) | 2.93% | |
Other Secured Financings Long Term At Fair Value | 5,562 | $ 6,702 |
Other Secured Financings Long Term At Amortized Cost | $ 145 | $ 370 |
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (long-term) | 4.06% | 2.87% |
Other secured financings | $ 15,087 | $ 15,538 |
Other secured financings collateralized by financial instruments | 13,858 | 14,862 |
Other secured financings collateralized by other assets | 1,229 | 676 |
Non-U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | 3,738 | 5,448 |
Other Secured Financings Short Term At Amortized Cost | $ 319 | |
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (short-term) | 3.83% | |
Other Secured Financings Long Term At Fair Value | 2,393 | $ 3,105 |
Other Secured Financings Long Term At Amortized Cost | $ 305 | $ 343 |
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (long-term) | 2.16% | 1.54% |
Other secured financings | $ 6,436 | $ 9,215 |
Other secured financings collateralized by financial instruments | 5,974 | 8,872 |
Other secured financings collateralized by other assets | $ 462 | $ 343 |
Collateralized Agreements an106
Collateralized Agreements and Financings - Other Secured Financings (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Collateralized Agreements And Financings [Abstract] | ||
Nonrecourse obligations included in other secured financings | $ 2,540 | $ 2,200 |
Transfers of financial assets accounted for as financings included in other secured financings | 285 | 334 |
Financial assets collateralizing other secured financings related to failed sales | 285 | 336 |
Other secured financings collateralized by financial instruments owned | 13,650 | 14,980 |
Other secured financings collateralized by financial instruments received as collateral and repledged | $ 6,180 | $ 8,760 |
Collateralized Agreements an107
Collateralized Agreements and Financings - Other Secured Financings by Maturity Date (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Other Secured Financings By Maturity Period [Line Items] | ||
Other secured financings (short-term) | $ 13,118 | $ 14,233 |
Total other secured financings (long-term) | 8,405 | 10,520 |
Total other secured financings | 21,523 | $ 24,753 |
Other secured financings (long-term) [Member] | ||
Other Secured Financings By Maturity Period [Line Items] | ||
2,018 | 5,575 | |
2,019 | 702 | |
2,020 | 1,158 | |
2,021 | 321 | |
2022 - thereafter | $ 649 |
Collateralized Agreements an108
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Collateralized Agreements And Financings [Abstract] | ||
Financial instruments at fair value received as collateral by the firm that it was permitted to deliver or repledge | $ 634,609 | $ 636,684 |
Financial instruments at fair value received as collateral which the firm delivered or repledged | $ 495,717 | $ 496,240 |
Collateralized Agreements an109
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Collateralized Agreements And Financings [Abstract] | ||
Securities received under resale agreements and securities borrowed transactions segregated to satisfy certain regulatory requirements | $ 15,470 | $ 18,940 |
Securities segregated for regulatory and other purposes | $ 15,290 | $ 19,560 |
Collateralized Agreements an110
Collateralized Agreements and Financings - Financial Instruments Owned, at Fair Value and Other Assets Pledged as Collateral (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
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 | $ 51,278 | $ 54,426 |
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 | 61,099 | 63,880 |
Other assets (substantially all 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 | $ 3,287 | $ 1,841 |
Securitization Activities - Amo
Securitization Activities - Amount of Financial Assets Securitized and Cash Flows Received on Retained Interests (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Securitization of residential mortgages | $ 12,164 | $ 10,479 | $ 19,099 |
Securitization of commercial mortgages | 233 | 6,043 | 2,810 |
Securitization of other financial assets | 181 | 1,009 | |
Securitization of Financial Assets | 12,578 | 16,522 | 22,918 |
Retained interests cash flows | $ 189 | $ 174 | $ 215 |
Securitization Activities - Fir
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | $ 31,042 | $ 50,857 |
Retained interests | 1,564 | 1,159 |
Purchased interests | 36 | 72 |
U.S. Government Agency-Issued Collateralized Mortgage Obligations [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 25,140 | 39,088 |
Retained interests | 953 | 846 |
Purchased interests | 24 | 20 |
Other Residential Mortgage-backed Securities [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 3,261 | 2,195 |
Retained interests | 540 | 154 |
Purchased interests | 6 | 17 |
Other Commercial Mortgage-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 357 | 6,842 |
Retained interests | 15 | 115 |
Purchased interests | 28 | |
CDOs, CLOs And Other [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 2,284 | 2,732 |
Retained interests | 56 | 44 |
Purchased interests | $ 6 | $ 7 |
Securitization Activities - 113
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Transfers and Servicing of Financial Assets [Abstract] | ||
Fair Value of Retained Interests | $ 1,580 | $ 1,160 |
Securitization Activities - Add
Securitization Activities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net Asset related to Other Continuing Involvement | $ 48 | $ 92 |
Fair Value of Retained Interests | 1,580 | 1,160 |
Other Retained Interests [Member] | ||
Fair Value of Retained Interests | $ 56 | $ 44 |
Weighted average life (years) | 3 years 6 months | 3 years 6 months |
Maximum Exposure to Adverse Changes in the value of retained interests relating to Other securities | $ 56 | $ 44 |
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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Fair Value of Retained Interests | $ 1,580 | $ 1,160 |
Mortgage-Backed Securities [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Fair Value of Retained Interests | $ 1,519 | $ 1,115 |
Weighted average life (years) | 7 years 6 months | 7 years 6 months |
Constant prepayment rate | 8.10% | 10.40% |
Impact of 10% adverse change | $ (14) | $ (22) |
Impact of 20% adverse change | $ (28) | $ (43) |
Discount rate | 5.30% | 5.50% |
Impact of 10% adverse change | $ (37) | $ (28) |
Impact of 20% adverse change | $ (71) | $ (55) |
Variable Interest Entities (Non
Variable Interest Entities (Nonconsolidated Variable Interest Entities) - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 01, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | |||
Assets in VIEs | $ 70,083 | $ 90,145 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 6,199 | 7,171 | |
Maximum Exposure to Loss in Nonconsolidated VIEs | 15,208 | 15,751 | |
Investments in Funds and Other [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets in VIEs | 16,956 | 4,161 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 1,027 | 286 | |
Maximum Exposure to Loss in Nonconsolidated VIEs | $ 2,066 | $ 555 | |
Accounting Standards Update 2015-02 [Member] | Investments in Funds and Other [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets in VIEs | $ 10,700 | ||
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 543 | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | $ 559 |
Variable Interest Entities (Con
Variable Interest Entities (Consolidated Variable Interest Entities) - Additional Information (Detail) - Real Estate, Credit-Related and Other Investing [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 01, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | |||
Assets | $ 3,291 | $ 3,999 | |
Liabilities | $ 1,095 | $ 906 | |
Accounting Standards Update 2015-02 [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | $ 302 | ||
Liabilities | $ 122 |
Variable Interest Entities - No
Variable Interest Entities - Nonconsolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Assets in VIE | $ 70,083 | $ 90,145 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 6,199 | 7,171 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 254 | 177 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 15,208 | 15,751 |
Retained Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,564 | 1,159 |
Purchased Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 544 | 1,528 |
Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,196 | 2,020 |
Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 7,144 | 6,936 |
Loans and Investments, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,760 | 4,108 |
Mortgage-Backed Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 32,714 | 62,672 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 1,936 | 2,439 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,109 | 2,701 |
Mortgage-Backed Securities [Member] | Retained Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,508 | 1,115 |
Mortgage-Backed Securities [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 429 | 1,324 |
Mortgage-Backed Securities [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 9 | 40 |
Mortgage-Backed Securities [Member] | Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 163 | 222 |
Corporate CDOs and CLOs [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 5,391 | 6,493 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 393 | 624 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 25 | 29 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,166 | 3,654 |
Corporate CDOs and CLOs [Member] | Retained Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 2 | 3 |
Corporate CDOs and CLOs [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 43 | 106 |
Corporate CDOs and CLOs [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 186 | 647 |
Corporate CDOs and CLOs [Member] | Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,841 | 2,633 |
Corporate CDOs and CLOs [Member] | Loans and Investments, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 94 | 265 |
Real Estate, Credit-Related and Other Investing [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 8,617 | 9,793 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 2,550 | 3,557 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 3 | 3 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,243 | 4,127 |
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 | 693 | 570 |
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 | 2,550 | 3,557 |
Other Asset-Backed [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 6,405 | 7,026 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 293 | 265 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 220 | 145 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 4,624 | 4,714 |
Other Asset-Backed [Member] | Retained Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 54 | 41 |
Other Asset-Backed [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 72 | 98 |
Other Asset-Backed [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 275 | 500 |
Other Asset-Backed [Member] | Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 4,134 | 4,075 |
Other Asset-Backed [Member] | Loans and Investments, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 89 | |
Investments in Funds and Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 16,956 | 4,161 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 1,027 | 286 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 6 | |
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,066 | 555 |
Investments in Funds and Other [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,033 | 263 |
Investments in Funds and Other [Member] | Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 6 | 6 |
Investments in Funds and Other [Member] | Loans and Investments, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | $ 1,027 | $ 286 |
Variable Interest Entities -119
Variable Interest Entities - Nonconsolidated Variable Interest Entities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Commitments and guarantees and derivative transactions with VIEs to which the firm transferred assets | $ 1,280 | $ 1,520 |
Assets in VIE | 70,083 | 90,145 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 15,208 | 15,751 |
CDOs Backed by Mortgage Obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 1,540 | 4,080 |
Maximum Exposure to Loss in Nonconsolidated VIEs | $ 279 | $ 502 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Cash and cash equivalents | $ 121,711 | $ 93,439 | $ 75,025 | $ 78,867 |
Receivables from brokers, dealers and clearing organizations | 18,044 | 25,453 | ||
Loans receivable | 49,672 | 45,407 | ||
Financial instruments owned, at fair value | 295,952 | 313,502 | ||
Other assets | 25,481 | 25,218 | ||
Liabilities | ||||
Other secured financings | 21,523 | 24,753 | ||
Payables to brokers, dealers and clearing organizations | 4,386 | 5,406 | ||
Payables to customers and counterparties | 184,069 | 204,956 | ||
Financial instruments sold, but not yet purchased, at fair value | 117,143 | 115,248 | ||
Unsecured short-term borrowings | 39,265 | 42,787 | ||
Unsecured long-term borrowings | 189,086 | 175,422 | ||
Other liabilities and accrued expenses | 14,362 | 18,893 | ||
Real Estate, Credit-Related and Other Investing [Member] | ||||
Assets | ||||
Cash and cash equivalents | 300 | 423 | ||
Receivables from brokers, dealers and clearing organizations | 1 | |||
Loans receivable | 603 | 1,534 | ||
Financial instruments owned, at fair value | 1,708 | 1,585 | ||
Other assets | 680 | 456 | ||
Total | 3,291 | 3,999 | ||
Liabilities | ||||
Other secured financings | 284 | 332 | ||
Payables to brokers, dealers and clearing organizations | 1 | |||
Payables to customers and counterparties | 2 | |||
Financial instruments sold, but not yet purchased, at fair value | 7 | 16 | ||
Other liabilities and accrued expenses | 803 | 556 | ||
Total | 1,095 | 906 | ||
CDOs, Mortgage-Backed and Other Asset-Backed [Member] | ||||
Assets | ||||
Financial instruments owned, at fair value | 253 | 572 | ||
Other assets | 2 | 15 | ||
Total | 255 | 587 | ||
Liabilities | ||||
Other secured financings | 139 | 113 | ||
Payables to customers and counterparties | 432 | |||
Total | 139 | 545 | ||
Principal-Protected Notes [Member] | ||||
Assets | ||||
Financial instruments owned, at fair value | 86 | 126 | ||
Total | 86 | 126 | ||
Liabilities | ||||
Other secured financings | 431 | 413 | ||
Unsecured short-term borrowings | 197 | 416 | ||
Unsecured long-term borrowings | 334 | 312 | ||
Total | 962 | 1,141 | ||
Consolidated Variable Interest Entity, Total Carrying Amount [Member] | ||||
Assets | ||||
Cash and cash equivalents | 300 | 423 | ||
Receivables from brokers, dealers and clearing organizations | 1 | |||
Loans receivable | 603 | 1,534 | ||
Financial instruments owned, at fair value | 2,047 | 2,283 | ||
Other assets | 682 | 471 | ||
Total | 3,632 | 4,712 | ||
Liabilities | ||||
Other secured financings | 854 | 858 | ||
Payables to brokers, dealers and clearing organizations | 1 | |||
Payables to customers and counterparties | 434 | |||
Financial instruments sold, but not yet purchased, at fair value | 7 | 16 | ||
Unsecured short-term borrowings | 197 | 416 | ||
Unsecured long-term borrowings | 334 | 312 | ||
Other liabilities and accrued expenses | 803 | 556 | ||
Total | $ 2,196 | $ 2,592 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets [Abstract] | ||
Property, leasehold improvements and equipment | $ 12,070 | $ 9,956 |
Goodwill and identifiable intangible assets | 4,095 | 4,148 |
Income tax-related assets | 5,550 | 5,548 |
Equity-method investments | 219 | 258 |
Miscellaneous receivables and other | 3,547 | 5,308 |
Total | $ 25,481 | $ 25,218 |
Other Assets - Other Assets (Pa
Other Assets - Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets [Abstract] | ||
Investments accounted for at fair value excluded from equity-method investments | $ 7,920 | $ 6,590 |
Investments in qualified affordable housing projects | $ 682 | $ 581 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | |
Other Assets [Abstract] | |||
Accumulated depreciation and amortization | $ 7,680 | $ 7,770 | |
Property, leasehold improvements and equipment used for operation | $ 5,960 | $ 5,930 | |
Amortization period - Capitalized costs of software developed or obtained for internal use | 3 years | ||
Impairment charges | $ 360 | ||
Impairment charges related to property, leasehold improvements and equipment | 268 | ||
Impairment charges related to identifiable intangible assets | 70 | ||
Impairment charges related to goodwill | $ 22 |
Other Assets - Goodwill and Int
Other Assets - Goodwill and Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 3,666 | $ 3,657 |
Identifiable Intangible Assets | 429 | 491 |
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 - Fixed Income, Currency and Commodities Client Execution [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 269 | 269 |
Identifiable Intangible Assets | 65 | 92 |
Institutional Client Services - Equities Client Execution [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 2,403 | 2,402 |
Identifiable Intangible Assets | 141 | 193 |
Institutional Client Services - Securities Services [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 105 | 105 |
Investing and Lending [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 2 | 2 |
Identifiable Intangible Assets | 105 | 75 |
Investment Management [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 606 | 598 |
Identifiable Intangible Assets | $ 118 | $ 131 |
Other Assets - Intangible Asset
Other Assets - Intangible Assets Disclosure (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 1,608 | $ 1,521 |
Accumulated amortization | (1,179) | (1,030) |
Net carrying amount | 429 | 491 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,065 | 1,072 |
Accumulated amortization | (837) | (777) |
Net carrying amount | 228 | 295 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 543 | 449 |
Accumulated amortization | (342) | (253) |
Net carrying amount | $ 201 | $ 196 |
Other Assets - Intangible As126
Other Assets - Intangible Assets Disclosure - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | $ 89 | |
Identifiable intangible assets approximate weighted average remaining life in years | 3 years | |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | $ 67 | |
Identifiable intangible assets approximate weighted average remaining life in years | 3 years |
Other Assets - Amortization Exp
Other Assets - Amortization Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization related to identifiable intangible assets | $ 162 | $ 132 | $ 217 |
Other Assets - Estimated Future
Other Assets - Estimated Future Amortization for Existing Identifiable Intangible Assets Through 2021 (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Future amortization, 2017 | $ 133 |
Future amortization, 2018 | 113 |
Future amortization, 2019 | 79 |
Future amortization, 2020 | 29 |
Future amortization, 2021 | $ 19 |
Deposits - Types and Sources of
Deposits - Types and Sources of the Firm's Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Line Items] | ||
Savings and Demand | $ 77,197 | $ 54,507 |
Time | 46,901 | 43,012 |
Total | 124,098 | 97,519 |
Private Bank And Online Retail [Member] | ||
Deposits [Line Items] | ||
Savings and Demand | 61,166 | |
Time | 4,437 | |
Total | 65,603 | |
Private Bank Deposits [Member] | ||
Deposits [Line Items] | ||
Savings and Demand | 38,715 | |
Time | 2,354 | |
Total | 41,069 | |
Brokered Certificates Of Deposit [Member] | ||
Deposits [Line Items] | ||
Time | 34,905 | 32,419 |
Total | 34,905 | 32,419 |
Deposit Sweep Programs [Member] | ||
Deposits [Line Items] | ||
Savings and Demand | 16,019 | 15,791 |
Total | 16,019 | 15,791 |
Institutional [Member] | ||
Deposits [Line Items] | ||
Savings and Demand | 12 | 1 |
Time | 7,559 | 8,239 |
Total | $ 7,571 | $ 8,240 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - GE Capital Bank [Member] $ in Millions | Apr. 30, 2016USD ($) |
Deposits [Line Items] | |
Deposits assumed | $ 16,520 |
Online Deposit Accounts and Certificates of Deposit [Member] | |
Deposits [Line Items] | |
Deposits assumed | 8,760 |
Brokered Certificates Of Deposit [Member] | |
Deposits [Line Items] | |
Deposits assumed | $ 7,760 |
Deposits - Types and Sources131
Deposits - Types and Sources of the Firm's Deposits (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Deposits [Abstract] | ||
Deposits at fair value | $ 13,782 | $ 14,680 |
Weighted average maturity of time deposits | 2 years 6 months | 3 years |
Deposits insured by the FDIC | $ 69,910 | $ 55,480 |
Deposits - Deposits (Detail)
Deposits - Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
U.S. offices | $ 106,037 | $ 81,920 |
Non-U.S. offices | 18,061 | 15,599 |
Total | $ 124,098 | $ 97,519 |
Deposits - Maturities of Time D
Deposits - Maturities of Time Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Time Deposits By Maturity [Line Items] | ||
2,017 | $ 19,507 | |
2,018 | 6,546 | |
2,019 | 5,350 | |
2,020 | 4,054 | |
2,021 | 3,558 | |
2022 - thereafter | 7,886 | |
Total | 46,901 | $ 43,012 |
U.S. [Member] | ||
Time Deposits By Maturity [Line Items] | ||
2,017 | 11,245 | |
2,018 | 6,004 | |
2,019 | 5,350 | |
2,020 | 4,054 | |
2,021 | 3,519 | |
2022 - thereafter | 7,671 | |
Total | 37,843 | |
Non-U.S. [Member] | ||
Time Deposits By Maturity [Line Items] | ||
2,017 | 8,262 | |
2,018 | 542 | |
2,021 | 39 | |
2022 - thereafter | 215 | |
Total | $ 9,058 |
Deposits - Maturities of Tim134
Deposits - Maturities of Time Deposits (Parenthetical) (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Deposits [Abstract] | |
Total domestic time deposits greater than $250,000 | $ 2,050 |
Total foreign time deposits greater than $250,000 | $ 8,530 |
Short-Term Borrowings - Short-T
Short-Term Borrowings - Short-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Other secured financings (short-term) | $ 13,118 | $ 14,233 |
Unsecured short-term borrowings | 39,265 | 42,787 |
Total | $ 52,383 | $ 57,020 |
Short-Term Borrowings - Unsecur
Short-Term Borrowings - Unsecured Short-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Current portion of unsecured long-term borrowings | $ 23,528 | $ 25,373 |
Hybrid financial instruments | 11,700 | 12,956 |
Commercial paper | 208 | |
Other short-term borrowings | 4,037 | 4,250 |
Total unsecured short-term borrowings | $ 39,265 | $ 42,787 |
Unsecured short-term debt, weighted average interest rate, after giving effect to hedging activities | 1.68% | 1.52% |
Short-Term Borrowings - Unse137
Short-Term Borrowings - Unsecured Short-Term Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Current portion unsecured long-term borrowings | $ 23,528 | $ 25,373 |
Group Inc. [Member] | ||
Short-term Debt [Line Items] | ||
Current portion unsecured long-term borrowings | $ 21,530 | $ 24,110 |
Long-Term Borrowings - Long-Ter
Long-Term Borrowings - Long-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Other secured financings (long-term) | $ 8,405 | $ 10,520 |
Unsecured long-term borrowings | 189,086 | 175,422 |
Total | $ 197,491 | $ 185,942 |
Long-Term Borrowings - Unsecure
Long-Term Borrowings - Unsecured Long-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total | $ 189,086 | $ 175,422 |
Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 125,159 | 119,884 |
Floating-rate obligations | 46,976 | 44,797 |
Total | 172,135 | 164,681 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 3,113 | 3,009 |
Floating-rate obligations | 13,838 | 7,732 |
Total | 16,951 | 10,741 |
U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Total | 132,861 | 125,733 |
U.S. Dollar [Member] | Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 93,885 | 90,076 |
Floating-rate obligations | 27,864 | 27,881 |
U.S. Dollar [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 2,228 | 2,114 |
Floating-rate obligations | 8,884 | 5,662 |
Non-U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Total | 56,225 | 49,689 |
Non-U.S. Dollar [Member] | Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 31,274 | 29,808 |
Floating-rate obligations | 19,112 | 16,916 |
Non-U.S. Dollar [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 885 | 895 |
Floating-rate obligations | $ 4,954 | $ 2,070 |
Long-Term Borrowings - Unsec140
Long-Term Borrowings - Unsecured Long-Term Borrowings (Parenthetical) (Detail) - Unsecured Debt [Member] | Dec. 31, 2016 | Dec. 31, 2015 |
U.S. Dollar [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 1.60% | 1.60% |
U.S. Dollar [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 10.04% | 10.04% |
U.S. Dollar [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 4.57% | 4.89% |
Non-U.S. Dollar [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 0.02% | 0.40% |
Non-U.S. Dollar [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 13.00% | 13.00% |
Non-U.S. Dollar [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 3.05% | 3.81% |
Long-Term Borrowings - Unsec141
Long-Term Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total | $ 189,086 | $ 175,422 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 26,704 | |
2,019 | 25,594 | |
2,020 | 18,409 | |
2,021 | 20,745 | |
2022 - thereafter | 97,634 | |
Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Total | 172,135 | 164,681 |
Group Inc. [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 23,814 | |
2,019 | 23,012 | |
2,020 | 17,291 | |
2,021 | 20,005 | |
2022 - thereafter | 88,013 | |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Total | 16,951 | $ 10,741 |
Subsidiaries [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 2,890 | |
2,019 | 2,582 | |
2,020 | 1,118 | |
2,021 | 740 | |
2022 - thereafter | $ 9,621 |
Long-Term Borrowings - Unsec142
Long-Term Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Parenthetical) (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 386 |
2,019 | 295 |
2,020 | 355 |
2,021 | 586 |
2022 and thereafter | 5,810 |
Amount related to interest rate hedges on certain unsecured long-term borrowings | $ 7,430 |
Long-Term Borrowings - Unsec143
Long-Term Borrowings - Unsecured Long-Term Borrowings after Hedging (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Fixed rate obligations at fair value | $ 150 | $ 21 |
Fixed rate obligations at amortized cost | 74,718 | 55,017 |
Floating rate obligations at fair value | 29,260 | 22,252 |
Floating rate obligations at amortized cost | 84,958 | 98,132 |
Total | 189,086 | 175,422 |
Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate obligations at fair value | 0 | 0 |
Fixed rate obligations at amortized cost | 71,225 | 52,448 |
Floating rate obligations at fair value | 17,591 | 16,194 |
Floating rate obligations at amortized cost | 83,319 | 96,039 |
Total | 172,135 | 164,681 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate obligations at fair value | 150 | 21 |
Fixed rate obligations at amortized cost | 3,493 | 2,569 |
Floating rate obligations at fair value | 11,669 | 6,058 |
Floating rate obligations at amortized cost | 1,639 | 2,093 |
Total | $ 16,951 | $ 10,741 |
Long-Term Borrowings - Unsec144
Long-Term Borrowings - Unsecured Long-Term Borrowings after Hedging (Parenthetical) (Detail) | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - total | 2.87% | 2.73% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging fixed rate obligations | 3.90% | 4.33% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - floating rate obligations | 1.97% | 1.84% |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Minimum redemption or purchase price required | $ 253 | |||
APEX exchanged, par amount | 1,320 | |||
Series E and Series F Preferred Stock canceled, redemption value | $ 1,320 | |||
Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated debt maturities, description | As of both December 2016 and December 2015, subordinated debt had maturities ranging from 2018 to 2045. | |||
Subordinated debt maturities, range, start | Dec. 31, 2018 | Dec. 31, 2018 | ||
Subordinated debt maturities, range, end | Dec. 31, 2045 | Dec. 31, 2045 | ||
Goldman Sachs Capital I [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate of Junior Subordinated Debentures issued to Trust, Fixed | 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 | |||
Guaranteed preferred beneficial interests issued to third parties | 2,750 | |||
Common beneficial interests issued to Group Inc. | 85 | |||
Common beneficial interests delivered to the Trust | $ 44.2 | $ 44.2 | ||
Trust Preferred Securities purchased, par amount | $ 1,430 | $ 1,430 | ||
Junior subordinated debt, outstanding par amount | 1,360 | |||
Trust Preferred Securities, outstanding par amount | 1,320 | |||
Common beneficial interests, outstanding par amount | $ 40.8 | |||
Interest Rate of Junior Subordinated Debentures held by certain third parties | 6.345% | |||
Maturity date of Junior Subordinated Debentures held by certain third parties | Feb. 15, 2034 | |||
The 2012 Trusts [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior guaranteed trust securities issued by the Murray Street Trust and Vesey Street Trust (together, the 2012 Trusts) | $ 2,250 | |||
Senior guaranteed trust securities issued by the Murray Street Trust and Vesey Street Trust outstanding | $ 1,450 | |||
Maturity date of Junior Subordinated Debt held by Murray Street Trust | Mar. 9, 2017 | |||
Interest Rate of Junior Subordinated Debt held by Murray Street Trust, Fixed | 4.647% |
Long-Term Borrowings - Subordin
Long-Term Borrowings - Subordinated Long-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total subordinated Long-term Borrowings, par amount | $ 16,418 | $ 19,363 |
Long-term subordinated debt outstanding | 17,604 | 20,784 |
Long-term junior subordinated debt | 1,809 | 1,817 |
Total subordinated Long-term Borrowings | $ 19,413 | $ 22,601 |
Effective weighted average interest rate of long-term subordinated debt, after hedging | 4.29% | 3.79% |
Effective weighted average interest rate of long-term junior subordinated debt, after hedging | 5.70% | 5.77% |
Effective weighted average interest rate on long-term subordinated borrowings, after hedging | 4.41% | 3.93% |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, par amount | $ 15,058 | $ 18,004 |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, par amount | $ 1,360 | $ 1,359 |
Long-Term Borrowings - Subor147
Long-Term Borrowings - Subordinated Long-Term Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term subordinated debt outstanding | $ 17,604 | $ 20,784 |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, par amount | 15,058 | 18,004 |
Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Long-term subordinated debt outstanding | 17,390 | 20,250 |
Group Inc. [Member] | Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, par amount | $ 14,840 | $ 17,470 |
Other Liabilities and Accrue148
Other Liabilities and Accrued Expenses - Other Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Other Liabilities Disclosure [Abstract] | ||
Compensation and benefits | $ 7,181 | $ 8,149 |
Noncontrolling interests | 506 | 459 |
Income tax-related liabilities | 1,794 | 1,280 |
Employee interests in consolidated funds | 77 | 149 |
Subordinated liabilities of consolidated VIEs | 584 | 501 |
Accrued expenses and other | 4,220 | 8,355 |
Total | $ 14,362 | $ 18,893 |
Commitments, Contingencies a149
Commitments, Contingencies and Guarantees - Commitments (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | $ 112,056 | $ 117,158 |
Contingent and forward starting resale and securities borrowing agreements | 25,348 | 28,874 |
Forward starting repurchase and secured lending agreements | 8,939 | 5,878 |
Letters of credit | 373 | 249 |
Investment commitments | 8,444 | 6,054 |
Other | 6,014 | 6,944 |
Total commitments | 161,174 | 165,157 |
Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 22,358 | |
Contingent and forward starting resale and securities borrowing agreements | 25,348 | |
Forward starting repurchase and secured lending agreements | 8,939 | |
Letters of credit | 308 | |
Investment commitments | 6,713 | |
Other | 5,756 | |
Total commitments | 69,422 | |
Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 24,905 | |
Letters of credit | 21 | |
Investment commitments | 415 | |
Other | 200 | |
Total commitments | 25,541 | |
Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 58,412 | |
Investment commitments | 108 | |
Other | 15 | |
Total commitments | 58,535 | |
Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 6,381 | |
Letters of credit | 44 | |
Investment commitments | 1,208 | |
Other | 43 | |
Total commitments | 7,676 | |
Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 73,664 | 72,428 |
Investment Grade Commercial Lending [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 19,408 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 14,091 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 39,665 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 500 | |
Non Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 34,878 | 41,277 |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 2,562 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 9,458 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 18,484 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 4,374 | |
Warehouse Financing [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 3,514 | $ 3,453 |
Warehouse Financing [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 388 | |
Warehouse Financing [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 1,356 | |
Warehouse Financing [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | 263 | |
Warehouse Financing [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total commitments to extend credit | $ 1,507 |
Commitments, Contingencies a150
Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Approximate amount of lending commitments held for investment | $ 98,050,000,000 | $ 93,920,000,000 | |
Approximate amount of lending commitments held for sale | 6,870,000,000 | 9,920,000,000 | |
Notional amount of loan commitments which are protected by SMFG against credit loss | $ 26,880,000,000 | 27,030,000,000 | |
Credit loss protection percentage of first loss on loan commitments provided by SMFG | 95.00% | ||
Approximate amount of maximum protection of first loss on loan commitments provided by SMFG | $ 950,000,000 | ||
SMFG credit loss protection for additional losses percentage | 70.00% | ||
Maximum protection on additional losses on loan commitments provided by SMFG | $ 1,130,000,000 | ||
Protection provided by SMFG for additional losses | 768,000,000 | 768,000,000 | |
Commitments to invest in funds managed by the firm | $ 2,100,000,000 | 2,860,000,000 | |
The latest year through which the firm's noncancelable lease agreements extend | 2,069 | ||
Operating Leases, Rent Expense | $ 244,000,000 | 249,000,000 | $ 309,000,000 |
Exit costs incurred | (68,000,000) | ||
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 | 125,000,000,000 | ||
Collateral held by lenders in connection with securities lending indemnifications | 34,330,000,000 | $ 32,850,000,000 | |
Residential Mortgage Backed Securities Working Group [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Settlement agreement amount | $ 1,800,000,000 |
Commitments, Contingencies a151
Commitments, Contingencies and Guarantees - Leases (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 290 |
2,018 | 282 |
2,019 | 238 |
2,020 | 206 |
2,021 | 159 |
2022 - thereafter | 766 |
Total | $ 1,941 |
Commitments, Contingencies a152
Commitments, Contingencies and Guarantees - Guarantees (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | $ 8,873 | $ 8,351 |
Maximum Payout/Notional Amount by Period of Expiration | 816,774 | 926,443 |
Derivative Guarantee [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 432,328 | 640,288 |
Derivative Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 261,676 | 168,784 |
Derivative Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 71,264 | 67,643 |
Derivative Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 51,506 | 49,728 |
Securities Lending Indemnification [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 33,403 | 31,902 |
Securities Lending Indemnification [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 33,403 | 31,902 |
Financial Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | 50 | 76 |
Maximum Payout/Notional Amount by Period of Expiration | 3,662 | 4,461 |
Financial Guarantee [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 1,064 | 611 |
Financial Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 763 | 1,402 |
Financial Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 1,662 | 1,772 |
Financial Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | $ 173 | $ 676 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 17, 2017 | Jan. 10, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Equity [Line Items] | |||||
Dividends declared per common share | $ 2.60 | $ 2.55 | $ 2.25 | ||
Shares remitted by employees to satisfy minimum statutory employee tax withholding | 49,374 | 35,217 | 174,489 | ||
Remitted Shares, Total | $ 7 | $ 6 | $ 31 | ||
Cancellation of RSUs to satisfy minimum statutory employee tax withholding | 6,100,000 | 5,700,000 | 5,800,000 | ||
Cancelled RSUs, Total | $ 921 | $ 1,030 | $ 974 | ||
Cancellation of stock options to satisfy minimum statutory employee tax withholding and the exercise price of stock options | 5,500,000 | 2,000,000 | 15,600,000 | ||
Cancelled stock options, Total | $ 1,110 | $ 406 | $ 2,650 | ||
APEX exchanged, par amount | 1,320 | ||||
APEX exchanged, fair value | $ 1,040 | ||||
Series E Preferred Stock cancelled, number of shares | 9,833 | ||||
Series F Preferred Stock cancelled, number of shares | 3,385 | ||||
Series E and Series F Preferred Stock cancelled, redemption value | $ 1,320 | ||||
Series E and Series F Preferred Stock cancelled, net carrying value | 1,310 | ||||
Difference between fair value of APEX and net carrying value of preferred stock at time of cancellation | 266 | ||||
Group Inc. [Member] | |||||
Equity [Line Items] | |||||
APEX exchanged, fair value | 1,040 | ||||
Series E and Series F Preferred Stock cancelled, net carrying value | $ 1,310 | ||||
Series A Preferred Stock [Member] | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared | $ 953.12 | $ 950.52 | $ 945.32 | ||
Series B Preferred Stock [Member] | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared | 1,550 | 1,550 | 1,550 | ||
Series C Preferred Stock [Member] | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared | 1,016.68 | 1,013.90 | 1,008.34 | ||
Series D Preferred Stock [Member] | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared | 1,016.68 | 1,013.90 | 1,008.34 | ||
Series I Preferred Stock [Member] | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared | 1,487.52 | 1,487.52 | 1,487.52 | ||
Series J Preferred Stock [Member] | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared | 1,375 | 1,375 | 1,375 | ||
Series K Preferred Stock [Member] | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared | 1,593.76 | 1,593.76 | 850 | ||
Series N Preferred Stock [Member] | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared | 1,124.38 | ||||
Series E Preferred Stock [Member] | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared | 4,066.66 | 4,055.55 | 4,044.44 | ||
Series F Preferred Stock [Member] | |||||
Equity [Line Items] | |||||
Preferred stock dividends declared | $ 4,066.66 | $ 4,055.55 | $ 4,044.44 | ||
Subsequent Event [Member] | |||||
Equity [Line Items] | |||||
Dividends declared per common share | $ 0.65 | ||||
Dividends payable date declared | Jan. 17, 2016 | ||||
Dividends payable date to be paid | Mar. 30, 2017 | ||||
Dividends payable date of record | Mar. 2, 2017 | ||||
Subsequent Event [Member] | Series A Preferred Stock [Member] | Group Inc. [Member] | |||||
Equity [Line Items] | |||||
Dividends payable date declared | Jan. 10, 2017 | ||||
Dividends payable date to be paid | Feb. 10, 2017 | ||||
Dividends payable date of record | Jan. 26, 2017 | ||||
Preferred stock dividends declared | $ 239.58 | ||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | Group Inc. [Member] | |||||
Equity [Line Items] | |||||
Dividends payable date declared | Jan. 10, 2017 | ||||
Dividends payable date to be paid | Feb. 10, 2017 | ||||
Dividends payable date of record | Jan. 26, 2017 | ||||
Preferred stock dividends declared | $ 387.50 | ||||
Subsequent Event [Member] | Series C Preferred Stock [Member] | Group Inc. [Member] | |||||
Equity [Line Items] | |||||
Dividends payable date declared | Jan. 10, 2017 | ||||
Dividends payable date to be paid | Feb. 10, 2017 | ||||
Dividends payable date of record | Jan. 26, 2017 | ||||
Preferred stock dividends declared | $ 255.56 | ||||
Subsequent Event [Member] | Series D Preferred Stock [Member] | Group Inc. [Member] | |||||
Equity [Line Items] | |||||
Dividends payable date declared | Jan. 10, 2017 | ||||
Dividends payable date to be paid | Feb. 10, 2017 | ||||
Dividends payable date of record | Jan. 26, 2017 | ||||
Preferred stock dividends declared | $ 255.56 | ||||
Subsequent Event [Member] | Series I Preferred Stock [Member] | Group Inc. [Member] | |||||
Equity [Line Items] | |||||
Dividends payable date declared | Jan. 10, 2017 | ||||
Dividends payable date to be paid | Feb. 10, 2017 | ||||
Dividends payable date of record | Jan. 26, 2017 | ||||
Preferred stock dividends declared | $ 371.88 | ||||
Subsequent Event [Member] | Series J Preferred Stock [Member] | Group Inc. [Member] | |||||
Equity [Line Items] | |||||
Dividends payable date declared | Jan. 10, 2017 | ||||
Dividends payable date to be paid | Feb. 10, 2017 | ||||
Dividends payable date of record | Jan. 26, 2017 | ||||
Preferred stock dividends declared | $ 343.75 | ||||
Subsequent Event [Member] | Series K Preferred Stock [Member] | Group Inc. [Member] | |||||
Equity [Line Items] | |||||
Dividends payable date declared | Jan. 10, 2017 | ||||
Dividends payable date to be paid | Feb. 10, 2017 | ||||
Dividends payable date of record | Jan. 26, 2017 | ||||
Preferred stock dividends declared | $ 398.44 | ||||
Subsequent Event [Member] | Series N Preferred Stock [Member] | Group Inc. [Member] | |||||
Equity [Line Items] | |||||
Dividends payable date declared | Jan. 10, 2017 | ||||
Dividends payable date to be paid | Feb. 10, 2017 | ||||
Dividends payable date of record | Jan. 26, 2017 | ||||
Preferred stock dividends declared | $ 393.75 | ||||
Subsequent Event [Member] | Series E Preferred Stock [Member] | Group Inc. [Member] | |||||
Equity [Line Items] | |||||
Dividends payable date declared | Jan. 10, 2017 | ||||
Dividends payable date to be paid | Mar. 1, 2017 | ||||
Dividends payable date of record | Feb. 14, 2017 | ||||
Preferred stock dividends declared | $ 1,000 | ||||
Subsequent Event [Member] | Series F Preferred Stock [Member] | Group Inc. [Member] | |||||
Equity [Line Items] | |||||
Dividends payable date declared | Jan. 10, 2017 | ||||
Dividends payable date to be paid | Mar. 1, 2017 | ||||
Dividends payable date of record | Feb. 14, 2017 | ||||
Preferred stock dividends declared | $ 1,000 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Amount of Common Stock Repurchased by the Firm (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Common share repurchases | 36.6 | 22.1 | 31.8 |
Average cost per share | $ 165.88 | $ 189.41 | $ 171.79 |
Total cost of common share repurchases | $ 6,069 | $ 4,195 | $ 5,469 |
Shareholders' Equity - Summa155
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jul. 31, 2016 | Feb. 29, 2016 | |
Class of Stock [Line Items] | |||
Shares Authorized | 509,250 | ||
Shares Issued | 420,282 | ||
Shares Outstanding | 420,280 | ||
Redemption Value | $ 11,203 | ||
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 | ||
Earliest Redemption Date | Currently redeemable | ||
Liquidation Preference | $ 25,000 | ||
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 | ||
Earliest Redemption Date | Currently redeemable | ||
Liquidation Preference | $ 25,000 | ||
Redemption Value | $ 800 | ||
Dividend Rate | 6.20% per annum | ||
Series C Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Authorized | 25,000 | ||
Shares Issued | 8,000 | ||
Shares Outstanding | 8,000 | ||
Depositary Shares Per Share | 1,000 | ||
Earliest Redemption Date | Currently redeemable | ||
Liquidation Preference | $ 25,000 | ||
Redemption Value | $ 200 | ||
Dividend Rate | 3 month LIBOR + 0.75%, with floor of 4.00% per annum | ||
Series D Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Authorized | 60,000 | ||
Shares Issued | 54,000 | ||
Shares Outstanding | 53,999 | ||
Depositary Shares Per Share | 1,000 | ||
Earliest Redemption Date | Currently redeemable | ||
Liquidation Preference | $ 25,000 | ||
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 | 7,667 | ||
Shares Outstanding | 7,667 | ||
Earliest Redemption Date | Currently redeemable | ||
Liquidation Preference | $ 100,000 | ||
Redemption Value | $ 767 | ||
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 | 1,615 | ||
Shares Outstanding | 1,615 | ||
Earliest Redemption Date | Currently redeemable | ||
Liquidation Preference | $ 100,000 | ||
Redemption Value | $ 161 | ||
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 | ||
Earliest Redemption Date | Nov. 10, 2017 | ||
Liquidation Preference | $ 25,000 | ||
Redemption Value | $ 850 | ||
Dividend Rate | 5.95% per annum | ||
Series J Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Authorized | 46,000 | ||
Shares Issued | 40,000 | ||
Shares Outstanding | 40,000 | ||
Depositary Shares Per Share | 1,000 | ||
Earliest Redemption Date | May 10, 2023 | ||
Liquidation Preference | $ 25,000 | ||
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 | ||
Earliest Redemption Date | May 10, 2024 | ||
Liquidation Preference | $ 25,000 | ||
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 | ||
Earliest Redemption Date | May 10, 2019 | ||
Liquidation Preference | $ 25,000 | ||
Redemption Value | $ 1,300 | ||
Dividend Rate | 5.70% per annum to, but excluding, May 10, 2019; 3 month LIBOR + 3.884% per annum thereafter | ||
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 | ||
Earliest Redemption Date | May 10, 2020 | ||
Liquidation Preference | $ 25,000 | ||
Redemption Value | $ 2,000 | ||
Dividend Rate | 5.375% per annum to, but excluding, May 10, 2020; 3 month LIBOR + 3.922% per annum thereafter | ||
Series N Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Authorized | 31,050 | ||
Shares Issued | 27,000 | 27,000 | |
Shares Outstanding | 27,000 | ||
Depositary Shares Per Share | 1,000 | ||
Earliest Redemption Date | May 10, 2021 | ||
Liquidation Preference | $ 25,000 | ||
Redemption Value | $ 675 | ||
Dividend Rate | 6.30% per annum | ||
Series O Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Authorized | 26,000 | ||
Shares Issued | 26,000 | 26,000 | |
Shares Outstanding | 26,000 | ||
Depositary Shares Per Share | 25 | ||
Earliest Redemption Date | Nov. 10, 2026 | ||
Liquidation Preference | $ 25,000 | ||
Redemption Value | $ 650 | ||
Dividend Rate | 5.30% per annum to, but excluding, November 10, 2026; 3 month LIBOR + 3.834% per annum thereafter |
Shareholders' Equity - Summa156
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Parenthetical) (Detail) - $ / shares | 1 Months Ended | |||
Jul. 31, 2016 | Feb. 29, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | $ 0.01 | ||
Shares Issued | 420,282 | |||
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 30,000 | |||
Series B Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 32,000 | |||
Series C Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 8,000 | |||
Series D Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 54,000 | |||
Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 7,667 | |||
Series F Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 1,615 | |||
Series I Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 34,000 | |||
Series J Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 40,000 | |||
Series K Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 28,000 | |||
Series L Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 52,000 | |||
Series M Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 80,000 | |||
Series N Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 27,000 | 27,000 | ||
Preferred stock dividend rate | 6.30% | |||
Series O Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock | $ 0.01 | |||
Shares Issued | 26,000 | 26,000 | ||
Preferred stock dividend rate | 5.30% |
Shareholders' Equity - Summa157
Shareholders' Equity - Summary of Preferred Dividends Declared on Preferred Stock Issued (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||
Total preferred stock dividends declared | $ 577 | $ 515 | $ 400 |
Series A Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 953.12 | $ 950.52 | $ 945.32 |
Total preferred stock dividends declared | $ 29 | $ 28 | $ 28 |
Series B Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,550 | $ 1,550 | $ 1,550 |
Total preferred stock dividends declared | $ 50 | $ 50 | $ 50 |
Series C Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,016.68 | $ 1,013.90 | $ 1,008.34 |
Total preferred stock dividends declared | $ 8 | $ 8 | $ 8 |
Series D Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,016.68 | $ 1,013.90 | $ 1,008.34 |
Total preferred stock dividends declared | $ 55 | $ 54 | $ 54 |
Series E Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 4,066.66 | $ 4,055.55 | $ 4,044.44 |
Total preferred stock dividends declared | $ 50 | $ 71 | $ 71 |
Series F Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 4,066.66 | $ 4,055.55 | $ 4,044.44 |
Total preferred stock dividends declared | $ 13 | $ 20 | $ 20 |
Series I Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,487.52 | $ 1,487.52 | $ 1,487.52 |
Total preferred stock dividends declared | $ 51 | $ 51 | $ 51 |
Series J Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,375 | $ 1,375 | $ 1,375 |
Total preferred stock dividends declared | $ 55 | $ 55 | $ 55 |
Series K Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,593.76 | $ 1,593.76 | $ 850 |
Total preferred stock dividends declared | $ 45 | $ 45 | $ 24 |
Series L Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,425 | $ 1,425 | $ 760 |
Total preferred stock dividends declared | $ 74 | $ 74 | $ 39 |
Series M Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,343.76 | $ 735.33 | |
Total preferred stock dividends declared | $ 107 | $ 59 | |
Series N Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,124.38 | ||
Total preferred stock dividends declared | $ 30 | ||
Series O Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 379.10 | ||
Total preferred stock dividends declared | $ 10 |
Shareholders' Equity - Summa158
Shareholders' Equity - Summary of Preferred Dividends Declared on Preferred Stock Issued (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Equity [Abstract] | |
Series E and Series F Preferred Stock prorated dividend related to shares which were cancelled | $ / shares | $ 866.67 |
Series E Preferred Stock cancelled with prorated dividend , number of shares | 4,861 |
Series F Preferred Stock cancelled with prorated dividend, number of shares | 1,639 |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 86,728 | $ 82,797 | |
Other comprehensive income/(loss) adjustments, net of tax | (803) | 25 | $ (219) |
Ending balance | 86,893 | 86,728 | 82,797 |
Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (587) | (473) | |
Other comprehensive income/(loss) adjustments, net of tax | (60) | (114) | |
Ending balance | (647) | (587) | (473) |
Debt Valuation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income/(loss) adjustments, net of tax | (544) | ||
Ending balance | (239) | ||
Debt Valuation Adjustment [Member] | Accounting Standards Update 2016-01 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 305 | ||
Ending balance | 305 | ||
Pension and Postretirement Liabilities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (131) | (270) | |
Other comprehensive income/(loss) adjustments, net of tax | (199) | 139 | |
Ending balance | (330) | (131) | (270) |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (718) | (743) | (524) |
Other comprehensive income/(loss) adjustments, net of tax | (803) | 25 | (219) |
Ending balance | (1,216) | (718) | $ (743) |
Accumulated Other Comprehensive Loss [Member] | Accounting Standards Update 2016-01 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (413) | ||
Ending balance | $ (413) |
Regulation and Capital Adequ160
Regulation and Capital Adequacy - Minimum Capital Ratios (Detail) | Dec. 31, 2016 | Dec. 31, 2015 |
Regulation And Capital Adequacy [Abstract] | ||
CET1 ratio | 5.875% | 4.50% |
Tier 1 capital ratio | 7.375% | 6.00% |
Total capital ratio | 9.375% | 8.00% |
Tier 1 leverage ratio | 4.00% | 4.00% |
Regulation and Capital Adequ161
Regulation and Capital Adequacy - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Capital conservation buffer | 0.625% | ||
Global Systemically Important Bank (G-SIB) buffer | 0.75% | ||
Counter-cyclical capital buffer | 0.00% | ||
G-SIB buffer | 3.00% | ||
Confidence level for regulatory VaR | 99.00% | ||
Confidence level for risk management VaR | 95.00% | ||
Time horizon for regulatory VaR (in days) | 10 days | ||
Time horizon for risk management VaR (in days) | 1 day | ||
Increased deductions due to transitional provisions, percentage | 60.00% | 40.00% | 20.00% |
Minimum equity capital that is required to be maintained in regulated subsidiaries | $ 46,490 | $ 48,090 | |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Change in Credit RWAs | (8,705) | (52,577) | |
Change in Market RWAs | (18,726) | (42,532) | |
Basel III Advanced Transitional [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Change in Credit RWAs | 6,005 | 16,138 | |
Change in Market RWAs | (18,506) | (41,900) | |
Change in Operational RWAs | (15,500) | 33,100 | |
GS&Co [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Regulatory net capital as defined by Rule 15c3-1 | 17,170 | 14,750 | |
Excess amount of regulatory net capital as defined by Rule 15c3-1 | 14,660 | 12,370 | |
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 | 1,710 | ||
Excess amount of regulatory net capital as defined by Rule 15c3-1 | 1,590 | ||
GS Bank USA [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Capital conservation buffer | 0.625% | ||
Counter-cyclical capital buffer | 0.00% | ||
Amount deposited by GS Bank USA held at the Federal Reserve Bank of New York | $ 74,240 | 49,360 | |
Excess amount deposited by GS Bank USA held at the Federal Reserve Bank of New York | $ 74,090 | $ 49,250 |
Regulation and Capital Adequ162
Regulation and Capital Adequacy - Minimum Capital Ratios (Parenthetical) (Detail) | Dec. 31, 2016 |
Regulation And Capital Adequacy [Abstract] | |
Well-capitalized minimum total capital ratio | 10.00% |
Regulation and Capital Adequ163
Regulation and Capital Adequacy - Consolidated Regulatory Capital Ratios (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Preferred stock | $ 11,203 | $ 11,200 | |
Tier 1 leverage ratio | 9.40% | 9.30% | |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common shareholders' equity | $ 75,690 | $ 75,528 | |
Deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities | (2,874) | (2,814) | |
Deductions for investments in nonconsolidated financial institutions | (424) | (864) | |
Other adjustments | (346) | (487) | |
Total Common Equity Tier 1 | 72,046 | 71,363 | $ 69,830 |
Preferred stock | 11,203 | 11,200 | |
Junior subordinated debt issued to trusts | 330 | ||
Deduction for investments in covered funds | (445) | (413) | |
Other adjustments | (364) | (969) | |
Tier 1 capital | 82,440 | 81,511 | 78,433 |
Qualifying subordinated debt | 14,566 | 15,132 | |
Junior subordinated debt issued to trusts | 792 | 990 | |
Allowance for losses on loans and lending commitments | 722 | 602 | |
Other adjustments | (6) | (19) | |
Tier 2 capital | 16,074 | 16,705 | 12,861 |
Total capital | 98,514 | 98,216 | |
RWAs | $ 496,676 | $ 524,107 | 619,216 |
CET1 ratio | 14.50% | 13.60% | |
Tier 1 capital ratio | 16.60% | 15.60% | |
Total capital ratio | 19.80% | 18.70% | |
Basel III Advanced Transitional [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Common Equity Tier 1 | $ 72,046 | $ 71,363 | 69,830 |
Tier 1 capital | 82,440 | 81,511 | 78,433 |
Allowance for losses on loans and lending commitments | (722) | (602) | |
Tier 2 capital | 15,352 | 16,103 | 12,545 |
Total capital | 97,792 | 97,614 | |
Standardized Tier 2 capital | 16,074 | 16,705 | |
RWAs | $ 549,650 | $ 577,651 | $ 570,313 |
CET1 ratio | 13.10% | 12.40% | |
Tier 1 capital ratio | 15.00% | 14.10% | |
Total capital ratio | 17.80% | 16.90% |
Regulation and Capital Adequ164
Regulation and Capital Adequacy - Consolidated Regulatory Capital Ratios (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Regulation And Capital Adequacy [Abstract] | |||
Goodwill | $ 3,666 | $ 3,657 | |
Identifiable intangible assets deducted from CET1 during transitional period | 257 | 196 | |
Identifiable Intangible Assets | $ 429 | $ 491 | |
Increased deductions due to transitional provisions, percentage | 60.00% | 40.00% | 20.00% |
Deferred tax liabilities associated with goodwill and identifiable intangible assets | $ 1,050 | $ 1,040 | |
Subordinated debt maturity period | 5 years |
Regulation and Capital Adequ165
Regulation and Capital Adequacy - Capital Rollforward (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Standardized Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1, Beginning balance | $ 71,363 | $ 69,830 |
Change in common shareholders' equity | 162 | 1,931 |
Change in deductions for transitional provisions | (839) | (1,368) |
Change in deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities | 16 | 75 |
Change in deductions for investments in nonconsolidated financial institutions | 895 | 1,059 |
Change in other adjustments | 449 | (164) |
Common Equity Tier 1, Ending balance | 72,046 | 71,363 |
Tier 1 Capital, Beginning balance | 81,511 | 78,433 |
Change in deductions for transitional provisions | (558) | (1,073) |
Change in deductions for investments in covered funds | (32) | (413) |
Other net increase in CET1 | 1,522 | 2,901 |
Redesignation of junior subordinated debt issued to trusts | (330) | (330) |
Change in preferred stock | 3 | 2,000 |
Change in other adjustments | 324 | (7) |
Tier 1 Capital, Ending balance | 82,440 | 81,511 |
Tier 2 capital, Beginning balance | 16,705 | 12,861 |
Increased deductions for transitional provisions | (53) | |
Change in qualifying subordinated debt | (566) | 3,238 |
Redesignation of junior subordinated debt issued to trusts | (198) | 330 |
Change in the allowance for losses on loans and lending commitments | 120 | 286 |
Change in other adjustments | 13 | 43 |
Tier 2 Capital, Ending balance | 16,074 | 16,705 |
Total capital | 98,514 | 98,216 |
Basel III Advanced Transitional [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1, Beginning balance | 71,363 | 69,830 |
Change in common shareholders' equity | 162 | 1,931 |
Change in deductions for transitional provisions | (839) | (1,368) |
Change in deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities | 16 | 75 |
Change in deductions for investments in nonconsolidated financial institutions | 895 | 1,059 |
Change in other adjustments | 449 | (164) |
Common Equity Tier 1, Ending balance | 72,046 | 71,363 |
Tier 1 Capital, Beginning balance | 81,511 | 78,433 |
Change in deductions for transitional provisions | (558) | (1,073) |
Change in deductions for investments in covered funds | (32) | (413) |
Other net increase in CET1 | 1,522 | 2,901 |
Redesignation of junior subordinated debt issued to trusts | (330) | (330) |
Change in preferred stock | 3 | 2,000 |
Change in other adjustments | 324 | (7) |
Tier 1 Capital, Ending balance | 82,440 | 81,511 |
Tier 2 capital, Beginning balance | 16,103 | 12,545 |
Increased deductions for transitional provisions | (53) | |
Change in qualifying subordinated debt | (566) | 3,238 |
Redesignation of junior subordinated debt issued to trusts | (198) | 330 |
Change in other adjustments | 13 | 43 |
Tier 2 Capital, Ending balance | 15,352 | 16,103 |
Total capital | $ 97,792 | $ 97,614 |
Regulation and Capital Adequ166
Regulation and Capital Adequacy - Risk-weighted Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | $ 411,413 | $ 420,118 | |
Market RWAs | 85,263 | 103,989 | |
Total RWAs | 496,676 | 524,107 | $ 619,216 |
Standardized Capital Rules [Member] | Derivatives [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 124,286 | 136,841 | |
Standardized Capital Rules [Member] | Commitments Guarantees and Loans [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 115,744 | 111,391 | |
Standardized Capital Rules [Member] | Securities Financing Transactions [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 71,319 | 71,392 | |
Standardized Capital Rules [Member] | Equity Investments [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 41,428 | 37,687 | |
Standardized Capital Rules [Member] | Other [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 58,636 | 62,807 | |
Standardized Capital Rules [Member] | Regulatory VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 9,750 | 12,000 | |
Standardized Capital Rules [Member] | Stressed VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 22,475 | 21,738 | |
Standardized Capital Rules [Member] | Incremental Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 7,875 | 9,513 | |
Standardized Capital Rules [Member] | Comprehensive Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 5,338 | 5,725 | |
Standardized Capital Rules [Member] | Specific Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 39,825 | 55,013 | |
Basel III Advanced Transitional [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 350,087 | 344,082 | |
Market RWAs | 84,475 | 102,981 | |
Total Operational RWAs | 115,088 | 130,588 | |
Total RWAs | 549,650 | 577,651 | $ 570,313 |
Basel III Advanced Transitional [Member] | Derivatives [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 105,096 | 113,671 | |
Basel III Advanced Transitional [Member] | Commitments Guarantees and Loans [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 122,792 | 114,523 | |
Basel III Advanced Transitional [Member] | Securities Financing Transactions [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 14,673 | 14,901 | |
Basel III Advanced Transitional [Member] | Equity Investments [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 44,095 | 40,110 | |
Basel III Advanced Transitional [Member] | Other [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 63,431 | 60,877 | |
Basel III Advanced Transitional [Member] | Regulatory VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 9,750 | 12,000 | |
Basel III Advanced Transitional [Member] | Stressed VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 22,475 | 21,738 | |
Basel III Advanced Transitional [Member] | Incremental Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 7,875 | 9,513 | |
Basel III Advanced Transitional [Member] | Comprehensive Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 4,550 | 4,717 | |
Basel III Advanced Transitional [Member] | Specific Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | $ 39,825 | $ 55,013 |
Regulation and Capital Adequ167
Regulation and Capital Adequacy - Risk-weighted Assets Rollforward (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Standardized Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-Weighted Assets, Beginning balance | $ 524,107 | $ 619,216 |
Change in deductions due to transitional provisions | (531) | (1,073) |
Change in Credit RWAs | (8,705) | (52,577) |
Change in Market RWAs | (18,726) | (42,532) |
Risk-Weighted Assets, end of period | 496,676 | 524,107 |
Standardized Capital Rules [Member] | Derivatives [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (12,555) | (43,930) |
Standardized Capital Rules [Member] | Commitments Guarantees and Loans [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 4,353 | 21,608 |
Standardized Capital Rules [Member] | Securities Financing Transactions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (73) | (20,724) |
Standardized Capital Rules [Member] | Equity Investments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 4,196 | 131 |
Standardized Capital Rules [Member] | Other [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (4,095) | (8,589) |
Standardized Capital Rules [Member] | Regulatory VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (2,250) | 1,762 |
Standardized Capital Rules [Member] | Stressed VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 737 | (7,887) |
Standardized Capital Rules [Member] | Incremental Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (1,638) | (7,437) |
Standardized Capital Rules [Member] | Comprehensive Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (387) | (4,130) |
Standardized Capital Rules [Member] | Specific Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (15,188) | (24,840) |
Basel III Advanced Transitional [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-Weighted Assets, Beginning balance | 577,651 | 570,313 |
Change in deductions due to transitional provisions | (531) | (1,073) |
Change in Credit RWAs | 6,005 | 16,138 |
Change in Market RWAs | (18,506) | (41,900) |
Change in operational risk | (15,500) | 33,100 |
Change in Operational RWAs | (15,500) | 33,100 |
Risk-Weighted Assets, end of period | 549,650 | 577,651 |
Basel III Advanced Transitional [Member] | Derivatives [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (8,575) | (8,830) |
Basel III Advanced Transitional [Member] | Commitments Guarantees and Loans [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 8,269 | 19,314 |
Basel III Advanced Transitional [Member] | Securities Financing Transactions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (228) | (717) |
Basel III Advanced Transitional [Member] | Equity Investments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 4,440 | 934 |
Basel III Advanced Transitional [Member] | Other [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 2,630 | 6,510 |
Basel III Advanced Transitional [Member] | Regulatory VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (2,250) | 1,762 |
Basel III Advanced Transitional [Member] | Stressed VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 737 | (7,887) |
Basel III Advanced Transitional [Member] | Incremental Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (1,638) | (7,437) |
Basel III Advanced Transitional [Member] | Comprehensive Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (167) | (3,433) |
Basel III Advanced Transitional [Member] | Specific Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | $ (15,188) | $ (24,905) |
Regulation and Capital Adequ168
Regulation and Capital Adequacy - Schedule of Minimum Ratios and Well Capitalized Minimum Ratios (Detail) | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum CET1 ratio applicable to advanced approach banking institutions | 5.875% | 4.50% |
Well-capitalized minimum total capital ratio | 10.00% | |
GS Bank USA [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum CET1 ratio applicable to advanced approach banking institutions | 5.125% | 4.50% |
Minimum Tier 1 capital ratio applicable to advanced approach banking institutions | 6.625% | 6.00% |
Minimum Total capital ratio applicable to advanced approach banking institutions | 8.625% | 8.00% |
Minimum Tier 1 leverage ratio applicable to advanced approach banking institutions | 4.00% | 4.00% |
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% |
Regulation and Capital Adequ169
Regulation and Capital Adequacy - Capital Ratios (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 leverage ratio | 9.40% | 9.30% | |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier 1 | $ 72,046 | $ 71,363 | $ 69,830 |
Tier 1 capital | 82,440 | 81,511 | 78,433 |
Allowance for losses on loans and lending commitments | 722 | 602 | |
Tier 2 capital | 16,074 | 16,705 | 12,861 |
Total capital | 98,514 | 98,216 | |
Risk-weighted assets | $ 496,676 | $ 524,107 | 619,216 |
CET1 ratio | 14.50% | 13.60% | |
Tier 1 capital ratio | 16.60% | 15.60% | |
Total capital ratio | 19.80% | 18.70% | |
Basel III Advanced Transitional [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier 1 | $ 72,046 | $ 71,363 | 69,830 |
Tier 1 capital | 82,440 | 81,511 | 78,433 |
Standardized Tier 2 capital | 16,074 | 16,705 | |
Allowance for losses on loans and lending commitments | (722) | (602) | |
Tier 2 capital | 15,352 | 16,103 | 12,545 |
Total capital | 97,792 | 97,614 | |
Risk-weighted assets | $ 549,650 | $ 577,651 | $ 570,313 |
CET1 ratio | 13.10% | 12.40% | |
Tier 1 capital ratio | 15.00% | 14.10% | |
Total capital ratio | 17.80% | 16.90% | |
GS Bank USA [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 leverage ratio | 14.40% | 16.40% | |
GS Bank USA [Member] | Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier 1 | $ 24,485 | $ 23,017 | |
Tier 1 capital | 24,485 | 23,017 | |
Tier 2 capital | 2,382 | 2,311 | |
Total capital | 26,867 | 25,328 | |
Risk-weighted assets | $ 204,232 | $ 202,197 | |
CET1 ratio | 12.00% | 11.40% | |
Tier 1 capital ratio | 12.00% | 11.40% | |
Total capital ratio | 13.20% | 12.50% | |
GS Bank USA [Member] | Basel III Advanced Transitional [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier 1 | $ 24,485 | $ 23,017 | |
Tier 1 capital | 24,485 | 23,017 | |
Standardized Tier 2 capital | 2,382 | 2,311 | |
Allowance for losses on loans and lending commitments | (382) | (311) | |
Tier 2 capital | 2,000 | 2,000 | |
Total capital | 26,485 | 25,017 | |
Risk-weighted assets | $ 131,051 | $ 131,059 | |
CET1 ratio | 18.70% | 17.60% | |
Tier 1 capital ratio | 18.70% | 17.60% | |
Total capital ratio | 20.20% | 19.10% |
Earnings Per Common Share - Ear
Earnings Per Common Share - Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Net earnings applicable to common shareholders | $ 7,087 | $ 5,568 | $ 8,077 |
Weighted average number of basic shares | 427.4 | 448.9 | 458.9 |
Effect of dilutive securities: | |||
RSUs | 4.7 | 5.3 | 6.1 |
Stock options | 3 | 4.4 | 8.2 |
Dilutive securities | 7.7 | 9.7 | 14.3 |
Weighted average number of basic shares and dilutive securities | 435.1 | 458.6 | 473.2 |
Basic EPS | $ 16.53 | $ 12.35 | $ 17.55 |
Diluted EPS | $ 16.29 | $ 12.14 | $ 17.07 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Reduction per common share due to impact of applying the amended principles to basic earnings per common share | $ 0.05 | $ 0.05 | $ 0.05 |
Number of antidilutive RSUs and common shares underlying antidilutive stock options | 2.8 | 6 | 6 |
Transactions with Affiliated172
Transactions with Affiliated Funds - Fees Earned from Affiliated Funds (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Transactions With Affiliated Funds [Abstract] | |||
Fees earned from funds | $ 2,777 | $ 3,293 | $ 3,232 |
Transactions with Affiliated173
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Transactions With Affiliated Funds [Abstract] | ||
Fees receivable from funds | $ 554 | $ 599 |
Aggregate carrying value of interests in funds | $ 6,841 | $ 7,768 |
Transactions with Affiliated174
Transactions with Affiliated Funds - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Transactions With Affiliated Funds [Abstract] | ||
Management fees waived | $ 104 | |
Outstanding guarantees on behalf of certain nonconsolidated investment funds | $ 300 | $ 300 |
Interest Income and Interest175
Interest Income and Interest Expense - Interest Income and Interest Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income | |||
Deposits with banks | $ 452 | $ 241 | $ 227 |
Securities borrowed, securities purchased under agreements to resell and federal funds sold | 691 | 17 | (78) |
Financial instruments owned, at fair value | 5,444 | 5,862 | 7,537 |
Loans receivable | 1,843 | 1,191 | 708 |
Other interest | 1,261 | 1,141 | 1,210 |
Total interest income | 9,691 | 8,452 | 9,604 |
Interest expense | |||
Deposits | 878 | 408 | 333 |
Securities loaned and securities sold under agreements to repurchase | 442 | 330 | 431 |
Financial instruments sold, but not yet purchased, at fair value | 1,251 | 1,319 | 1,741 |
Short-term secured and unsecured borrowings | 446 | 429 | 447 |
Long-term secured and unsecured borrowings | 4,242 | 3,878 | 3,460 |
Other interest | (155) | (976) | (855) |
Total interest expense | 7,104 | 5,388 | 5,557 |
Net interest income | $ 2,587 | $ 3,064 | $ 4,047 |
Income Taxes - Provision for Ta
Income Taxes - Provision for Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current taxes | |||
U.S. federal | $ 1,032 | $ 1,116 | $ 1,908 |
State and local | 139 | (12) | 576 |
Non-U.S. | 1,184 | 1,166 | 901 |
Total current tax expense | 2,355 | 2,270 | 3,385 |
Deferred taxes | |||
U.S. federal | 399 | 397 | 190 |
State and local | 51 | 62 | 38 |
Non-U.S. | 101 | (34) | 267 |
Total deferred tax expense | 551 | 425 | 495 |
Provision for taxes | $ 2,906 | $ 2,695 | $ 3,880 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State and local taxes, net of U.S. federal income tax effects | 0.90% | 0.30% | 3.20% |
Tax credits | (2.00%) | (1.70%) | (1.10%) |
Non-U.S. operations | (6.70%) | (12.10%) | (5.80%) |
Tax-exempt income, including dividends | (0.30%) | (0.70%) | (0.30%) |
Non-deductible legal expenses | 1.00% | 10.20% | |
Other | 0.30% | (0.30%) | 0.40% |
Effective income tax rate | 28.20% | 30.70% | 31.40% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Compensation and benefits | $ 2,461 | $ 2,744 | |
ASC 740 asset related to unrecognized tax benefits | 231 | 197 | $ 172 |
Non-U.S. operations | 967 | 1,200 | |
Net operating losses | 427 | 426 | |
Occupancy-related | 100 | 80 | |
Other comprehensive income-related | 757 | 521 | |
Other, net | 394 | 836 | |
Subtotal | 5,337 | 6,004 | |
Valuation allowance | (115) | (73) | |
Total deferred tax assets | 5,222 | 5,931 | |
Depreciation and amortization | 1,200 | 1,254 | |
Unrealized gains | 342 | 853 | |
Total deferred tax liabilities | $ 1,542 | $ 2,107 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 427,000,000 | $ 426,000,000 | |
Operating Loss Carryforwards, Valuation Allowance | 67,000,000 | 24,000,000 | |
Operating Loss Carryforwards, U. S. Federal | 207,000,000 | ||
Operating Loss Carryforwards, State and Local | $ 800,000,000 | ||
Operating Loss Carryforwards, Expiration Dates, U. S. Federal | 2,017 | ||
Operating Loss Carryforwards, Expiration Dates, State and Local | 2,017 | ||
Operating Loss Carryforwards, Foreign | $ 1,390,000,000 | ||
Tax Credit Carryforward, Amount, Foreign | 0 | 0 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 0 | 0 | |
Capital Loss Carryforward Amount | 0 | 0 | |
Deferred Tax Assets, Capital Loss Carryforward | 0 | 0 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 42,000,000 | 9,000,000 | |
Deferred Tax Liability not recognized, Foreign Earnings | 6,180,000,000 | 5,660,000,000 | |
Reinvested Earnings | 31,240,000,000 | 28,550,000,000 | |
Income Tax Examination, Penalties and Interest Accrued | 141,000,000 | 101,000,000 | |
Income Tax Examination, Penalties and Interest Expense | $ 27,000,000 | $ 17,000,000 | $ 45,000,000 |
Income Taxes - Rollforward of U
Income Taxes - Rollforward of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of year | $ 825 | $ 871 | $ 1,765 |
Increases based on tax positions related to the current year | 113 | 65 | 204 |
Increases based on tax positions related to prior years | 188 | 158 | 263 |
Decreases based on tax positions related to prior years | (88) | (205) | (241) |
Decreases related to settlements | (186) | (87) | (1,112) |
Exchange rate fluctuations | 23 | (8) | |
Balance, end of year | 852 | 825 | 871 |
Related deferred income tax asset | 231 | 197 | 172 |
Net unrecognized tax benefit | $ 621 | $ 628 | $ 699 |
Income Taxes - Earliest Tax Yea
Income Taxes - Earliest Tax Years Subject to Examination by Major Jurisdiction (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
U.S. Federal [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2,011 |
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 | 2,014 |
Japan [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2,014 |
Hong Kong [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2,007 |
Business Segments - Segment Ope
Business Segments - Segment Operating Results (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 30,608 | $ 33,820 | $ 34,528 |
Operating expenses | 20,304 | 25,042 | 22,171 |
Pre-tax earnings | 10,304 | 8,778 | 12,357 |
Total assets | 860,165 | 861,395 | 855,842 |
Investment Banking - Financial Advisory [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 2,932 | 3,470 | 2,474 |
Investment Banking - Equity Underwriting [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 891 | 1,546 | 1,750 |
Investment Banking - Debt Underwriting [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 2,450 | 2,011 | 2,240 |
Investment Banking - Underwriting [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 3,341 | 3,557 | 3,990 |
Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 6,273 | 7,027 | 6,464 |
Operating expenses | 3,437 | 3,713 | 3,688 |
Pre-tax earnings | 2,836 | 3,314 | 2,776 |
Total assets | 1,824 | 2,564 | 1,844 |
Institutional Client Services - Fixed Income, Currency and Commodities Client Execution [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 7,556 | 7,322 | 8,461 |
Institutional Client Services - Equities Client Execution [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 2,194 | 3,028 | 2,079 |
Institutional Client Services - Commissions and Fees [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 3,078 | 3,156 | 3,153 |
Institutional Client Services - Securities Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 1,639 | 1,645 | 1,504 |
Institutional Client Services - Equities [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 6,911 | 7,829 | 6,736 |
Institutional Client Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 14,467 | 15,151 | 15,197 |
Operating expenses | 9,713 | 13,938 | 10,880 |
Pre-tax earnings | 4,754 | 1,213 | 4,317 |
Total assets | 645,689 | 663,394 | 695,674 |
Investing and Lending - Equity Securities [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 2,573 | 3,781 | 4,579 |
Investing and Lending - Debt Securities and Loans [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 1,507 | 1,655 | 2,246 |
Investing and Lending [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 4,080 | 5,436 | 6,825 |
Operating expenses | 2,386 | 2,402 | 2,819 |
Pre-tax earnings | 1,694 | 3,034 | 4,006 |
Total assets | 198,181 | 179,428 | 143,790 |
Investment Management - Management and Other Fees [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 4,798 | 4,887 | 4,800 |
Investment Management - Incentive Fees [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 421 | 780 | 776 |
Investment Management - Transaction Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 569 | 539 | 466 |
Investment Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 5,788 | 6,206 | 6,042 |
Operating expenses | 4,654 | 4,841 | 4,647 |
Pre-tax earnings | 1,134 | 1,365 | 1,395 |
Total assets | $ 14,471 | $ 16,009 | $ 14,534 |
Business Segments - Segment 183
Business Segments - Segment Operating Results (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Charitable contributions included in operating expenses | $ 114 | $ 148 | $ 137 |
Net provisions for litigations and regulatory proceedings | $ 396 | 4,010 | $ 754 |
Residential Mortgage Backed Securities Working Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Net provisions for litigations and regulatory proceedings | $ 3,370 |
Business Segments - Net Interes
Business Segments - Net Interest Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Total net interest income | $ 2,587 | $ 3,064 | $ 4,047 |
Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net interest income | 0 | 0 | 0 |
Institutional Client Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net interest income | 1,456 | 2,472 | 3,679 |
Investing and Lending [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net interest income | 880 | 418 | 237 |
Investment Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net interest income | $ 251 | $ 174 | $ 131 |
Business Segments - Depreciatio
Business Segments - Depreciation and Amortization (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 998 | $ 991 | $ 1,337 |
Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 126 | 123 | 135 |
Institutional Client Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 489 | 462 | 525 |
Investing and Lending [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 215 | 253 | 530 |
Investment Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 168 | $ 153 | $ 147 |
Business Segments - Net Revenue
Business Segments - Net Revenues, Pre-Tax Earnings and Net Earnings for Each Geographic Region (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 30,608 | $ 33,820 | $ 34,528 |
Pre-tax earnings | 10,304 | 8,778 | 12,357 |
Pre-tax earnings - subtotal | 10,418 | 8,926 | 12,494 |
Net earnings | 7,398 | 6,083 | 8,477 |
Net earnings - subtotal | $ 7,477 | $ 6,187 | $ 8,568 |
Percentage of total net revenues | 100.00% | 100.00% | 100.00% |
Percentage of total pre-tax earnings - subtotal | 100.00% | 100.00% | 100.00% |
Percentage of total net earnings - subtotal | 100.00% | 100.00% | 100.00% |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | $ 18,144 | $ 19,202 | $ 20,062 |
Pre-tax earnings | 6,352 | 3,359 | 7,144 |
Net earnings | $ 4,337 | $ 1,587 | $ 4,558 |
Percentage of total net revenues | 60.00% | 56.00% | 58.00% |
Percentage of total pre-tax earnings - subtotal | 61.00% | 37.00% | 57.00% |
Percentage of total net earnings - subtotal | 58.00% | 26.00% | 53.00% |
Europe, Middle East and Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | $ 8,040 | $ 8,981 | $ 9,057 |
Pre-tax earnings | 2,883 | 3,364 | 3,338 |
Net earnings | $ 2,270 | $ 2,914 | $ 2,576 |
Percentage of total net revenues | 26.00% | 27.00% | 26.00% |
Percentage of total pre-tax earnings - subtotal | 28.00% | 38.00% | 27.00% |
Percentage of total net earnings - subtotal | 30.00% | 47.00% | 30.00% |
Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | $ 4,424 | $ 5,637 | $ 5,409 |
Pre-tax earnings | 1,183 | 2,203 | 2,012 |
Net earnings | $ 870 | $ 1,686 | $ 1,434 |
Percentage of total net revenues | 14.00% | 17.00% | 16.00% |
Percentage of total pre-tax earnings - subtotal | 11.00% | 25.00% | 16.00% |
Percentage of total net earnings - subtotal | 12.00% | 27.00% | 17.00% |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Pre-tax earnings | $ (114) | $ (148) | $ (137) |
Net earnings | $ (79) | $ (104) | $ (91) |
Business Segments - Net Reve187
Business Segments - Net Revenues, Pre-Tax Earnings and Net Earnings for Each Geographic Region (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Net provisions for litigations and regulatory proceedings | $ 396 | $ 4,010 | $ 754 |
Residential Mortgage Backed Securities Working Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Net provisions for litigations and regulatory proceedings | $ 3,370 |
Credit Concentrations - Credit
Credit Concentrations - Credit Concentration, Government and Federal Agency Obligations (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. Government And Federal Agency Obligations Held By The Firm [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 57,657 | $ 63,844 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 6.70% | 7.40% |
Non-U.S. Government and Agency Obligations Held By The Firm [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 29,381 | $ 31,772 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 3.40% | 3.70% |
Credit Concentrations - Cred189
Credit Concentrations - Credit Concentration, Resale Agreements and Securities Borrowed (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 89,721 | $ 107,198 |
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 | $ 80,234 | $ 74,326 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) - 12 months ended Dec. 31, 2016 CAD in Millions, $ in Millions | USD ($)shares | CAD |
Other Commitments [Line Items] | ||
Estimated aggregate amount of reasonably possible losses for legal proceedings | $ 1,800 | |
Mortgage Related Matters [Member] | ||
Other Commitments [Line Items] | ||
Mortgage-Related Matters. Disgorgement and civil penalty amount related to settlement of SEC action | 550 | |
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 | 261 | |
Mortgage-Related Matters. Face amount of securitizations claimed for repurchase | 11,100 | |
GT Advanced Technologies Securities Litigation [Member] | Common Stock Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 86 | |
Number of shares underwritten by GS&Co. in connection with the offering | shares | 3,479,769 | |
GT Advanced Technologies Securities Litigation [Member] | Convertible Senior Notes [Member] | ||
Other Commitments [Line Items] | ||
Principal amount of convertible senior notes | $ 214 | |
Approximate principal amount of notes underwritten by GS&Co. | 75 | |
GT Advanced Technologies Securities Litigation [Member] | Convertible Senior Notes And Common Stock Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value underwritten by GS&Co. | 105 | |
Cobalt International Energy Securities Litigation [Member] | February 2012 Common Stock Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 1,670 | |
Number of shares underwritten by GS&Co. in connection with the offering | shares | 14,430,000 | |
Aggregate value underwritten by GS&Co. | $ 465 | |
Cobalt International Energy Securities Litigation [Member] | December 2012 Convertible Notes Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 1,380 | |
Approximate principal amount of notes underwritten by GS&Co. | 690 | |
Cobalt International Energy Securities Litigation [Member] | January 2013 Common Stock Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 1,000 | |
Cobalt International Energy Securities Litigation [Member] | May 2013 Common Stock Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 1,330 | |
Cobalt International Energy Securities Litigation [Member] | May 2014 Convertible Notes Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 1,300 | |
Approximate principal amount of notes underwritten by GS&Co. | 508 | |
Cobalt International Energy Securities Litigation [Member] | February 2012, December 2012 and May 2014 Offerings [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value underwritten by GS&Co. | 1,660 | |
Currencies - Related Litigation - Superior Court of Justice in Ontario, Canada [Member] | ||
Other Commitments [Line Items] | ||
Compensatory damages sought | CAD | CAD 1,000 | |
Currencies - Related Litigation - Superior Court of Quebec, Canada [Member] | ||
Other Commitments [Line Items] | ||
Compensatory damages sought | CAD | 100 | |
Currencies - Related Litigation - Superior Court of Justice in Ontario, Canada And Superior Court of Quebec, Canada [Member] | ||
Other Commitments [Line Items] | ||
Punitive, exemplary and aggravated damages sought | CAD | CAD 50 | |
TerraForm Global Securities Litigation [Member] | Common Stock Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 675 | |
Number of shares underwritten by GS&Co. in connection with the offering | shares | 2,340,000 | |
Aggregate value underwritten by GS&Co. | $ 35 | |
TerraForm Global Securities Litigation [Member] | Class D Units [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 335 | |
Aggregate value underwritten by GS&Co. | $ 155 | |
Number of units sold by TerraForm to the individual plaintiffs | shares | 154,800 | |
TerraForm Global Securities Litigation [Member] | Senior Notes Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate principal amount of notes | $ 810 | |
Approximate principal amount of notes sold by GS&Co. | 49 | |
SunEdison Securities Litigation [Member] | Convertible Preferred Stock Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 650 | |
Number of shares underwritten by GS&Co. in connection with the offering | shares | 138,890 | |
Aggregate value underwritten by GS&Co. | $ 139 | |
SunEdison Bankruptcy Litigation [Member] | ||
Other Commitments [Line Items] | ||
Aggregate pre-filing payments received by GS Bank USA that are subject to recoupment claims | 169 | |
Amount of secured debt held by GS Bank USA that is subject to avoidance and disallowance claims | 75 | |
Adeptus Health Securities Litigation [Member] | June 2014 initial public offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 124 | |
Number of shares underwritten by GS&Co. in connection with the offering | shares | 1,690,000 | |
Aggregate value underwritten by GS&Co. | $ 37 | |
Adeptus Health Securities Litigation [Member] | May 2015 Secondary Equity Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 154 | |
Number of shares underwritten by GS&Co. in connection with the offering | shares | 962,378 | |
Aggregate value underwritten by GS&Co. | $ 61 | |
Adeptus Health Securities Litigation [Member] | July 2015 secondary equity offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 411 | |
Number of shares underwritten by GS&Co. in connection with the offering | shares | 1,760,000 | |
Aggregate value underwritten by GS&Co. | $ 184 | |
Adeptus Health Securities Litigation [Member] | June 2016 secondary equity offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 175 | |
Aggregate value underwritten by GS&Co. | 175 | |
Valeant Pharmaceuticals International Securities Litigation [Member] | June 2013 Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 2,300 | |
Number of shares underwritten by GS&Co. and GS Canada in connection with the offering | shares | 27,058,824 | |
Aggregate value underwritten by GS&Co. and GS Canada | $ 2,300 | |
Valeant Pharmaceuticals International Securities Litigation [Member] | June 2013 Senior Notes Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate principal amount of notes | 3,200 | |
Approximate principal amount of notes sold by GS&Co. and GS Canada | 1,300 | |
Valeant Pharmaceuticals International Securities Litigation [Member] | November 2013 Senior Notes Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate principal amount of notes | 900 | |
Approximate principal amount of notes sold by GS&Co. and GS Canada | $ 293 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined benefit plan amounts recognized in other assets | $ 72 | $ 329 | |
Defined benefit plan amounts recognized in other liabilities and accrued expenses | 592 | 561 | |
Contribution to employer-sponsored U.S. and non-U.S. defined contribution plans | $ 236 | $ 231 | $ 223 |
Employee Incentive Plans - Addi
Employee Incentive Plans - Additional Information (Detail) shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units granted subsequent to year end | 8.4 |
Unvested restricted stock units granted subsequent to year end | 3.2 |
Unrecognized compensation costs related to nonvested share-based compensation arrangements | $ | $ 381 |
Period over which unrecognized compensation costs related to nonvested share-based compensation arrangements will be recognized | 1 year 6 months |
2015 SIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for grant under the 2015 SIP | 73 |
Employee Incentive Plans - Sche
Employee Incentive Plans - Schedule of Restricted Stock Units, Vested and Expected to Vest (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Future Service Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance of restricted stock units outstanding | shares | 5,649,156 |
Restricted stock units granted | shares | 4,452,358 |
Restricted stock units forfeited | shares | (501,094) |
Restricted stock units vested | shares | (3,977,181) |
Ending balance of restricted stock units outstanding | shares | 5,623,239 |
Beginning balance of restricted stock units outstanding, Weighted average grant-date fair value | $ / shares | $ 159.82 |
Restricted stock units granted, Weighted average grant-date fair value | $ / shares | 138.48 |
Restricted stock units forfeited, Weighted average grant-date fair value | $ / shares | 153.98 |
Restricted stock units vested, Weighted average grant-date fair value | $ / shares | 154.44 |
Ending balance of restricted stock units outstanding, Weighted average grant-date fair value | $ / shares | $ 147.25 |
No Future Service Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance of restricted stock units outstanding | shares | 22,082,601 |
Restricted stock units granted | shares | 11,071,140 |
Restricted stock units forfeited | shares | (387,417) |
Restricted stock units delivered | shares | (14,541,074) |
Restricted stock units vested | shares | 3,977,181 |
Ending balance of restricted stock units outstanding | shares | 22,202,431 |
Beginning balance of restricted stock units outstanding, Weighted average grant-date fair value | $ / shares | $ 148 |
Restricted stock units granted, Weighted average grant-date fair value | $ / shares | 134.90 |
Restricted stock units forfeited, Weighted average grant-date fair value | $ / shares | 149.60 |
Restricted stock units delivered, Weighted average grant-date fair value | $ / shares | 142.85 |
Restricted stock units vested, Weighted average grant-date fair value | $ / shares | 154.44 |
Ending balance of restricted stock units outstanding, Weighted average grant-date fair value | $ / shares | $ 145.97 |
Employee Incentive Plans - S194
Employee Incentive Plans - Schedule of Restricted Stock Units, Vested and Expected to Vest (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Restricted stock units granted, Weighted average grant-date fair value | $ 135.92 | $ 160.19 | $ 151.40 |
Share-based Compensation, Liquidity discount RSUs | 10.50% | 9.20% | 13.80% |
Restricted stock units, post-vesting transfer restrictions period | 4 years | ||
Share-based compensation arrangement by Share-based payment award, Equity instruments other than options, Vested in period, Total fair value | $ 2,260 | $ 2,400 | $ 2,390 |
Restricted stock subject to future service | 39,957 | 6,354 |
Employee Incentive Plans - S195
Employee Incentive Plans - Schedule of Stock Options Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Beginning Balance of Options Outstanding | 14,756,275 | |
Stock options exercised | (6,795,087) | |
Ending Balance of Options Outstanding | 7,961,188 | 14,756,275 |
Stock options exercisable | 7,961,188 | |
Beginning balance of stock options outstanding, Weighted average exercise price | $ 128.79 | |
Stock options exercised, Weighted average exercise price | 135.16 | |
Ending balance of stock options outstanding, Weighted average exercise price | 123.36 | $ 128.79 |
Stock options exercisable, Weighted average exercise price | $ 123.36 | |
Beginning balance of stock options outstanding, Aggregate intrinsic value | $ 891 | |
Ending balance of stock options outstanding, Aggregate intrinsic value | 924 | $ 891 |
Stock options exercisable, Aggregate intrinsic value | $ 924 | |
Ending balance of stock options outstanding, Weighted average remaining life | 1 year 7 months 10 days | 2 years 4 months 17 days |
Stock options exercisable, Weighted average remaining life | 1 year 7 months 10 days |
Employee Incentive Plans - S196
Employee Incentive Plans - Schedule of Stock Options Activity (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of options exercised | $ 436 | $ 531 | $ 2,030 |
Options Outstanding | 7,961,188 | 14,756,275 | |
Option One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding | 5,130,000 | ||
Stock options outstanding, exercise price | $ 78.78 | ||
Stock options outstanding, remaining life | 2 years | ||
Option Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding | 2,830,000 | ||
Stock options outstanding, exercise price | $ 204.16 | ||
Stock options outstanding, remaining life | 11 months 1 day |
Employee Incentive Plans - Empl
Employee Incentive Plans - Employee Service Share-based Compensation, Tax Benefit from Compensation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based compensation | $ 2,170 | $ 2,304 | $ 2,101 |
Excess net tax benefit for options exercised | 79 | 134 | 549 |
Excess net tax benefit for other share-based award | $ 147 | $ 406 | $ 788 |
Parent Company - Group Statemen
Parent Company - Group Statement of Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Total non-interest revenues | $ 28,021 | $ 30,756 | $ 30,481 |
Interest income | 9,691 | 8,452 | 9,604 |
Interest expense | 7,104 | 5,388 | 5,557 |
Net interest loss | 2,587 | 3,064 | 4,047 |
Net revenues, including net interest loss | 30,608 | 33,820 | 34,528 |
Operating expenses | |||
Compensation and benefits | 11,647 | 12,678 | 12,691 |
Other expenses | 2,168 | 5,699 | 2,585 |
Total operating expenses | 20,304 | 25,042 | 22,171 |
Pre-tax earnings | 10,304 | 8,778 | 12,357 |
Provision/(benefit) for taxes | 2,906 | 2,695 | 3,880 |
Net earnings | 7,398 | 6,083 | 8,477 |
Preferred stock dividends | 311 | 515 | 400 |
Net earnings applicable to common shareholders | 7,087 | 5,568 | 8,077 |
Group Inc. [Member] | |||
Revenues | |||
Dividends from bank subsidiaries | 53 | 32 | 16 |
Dividends from nonbank subsidiaries | 5,465 | 3,181 | 2,739 |
Other revenues | 155 | (132) | 826 |
Total non-interest revenues | 5,673 | 3,081 | 3,581 |
Interest income | 4,140 | 3,519 | 3,769 |
Interest expense | 4,543 | 4,165 | 3,802 |
Net interest loss | (403) | (646) | (33) |
Net revenues, including net interest loss | 5,270 | 2,435 | 3,548 |
Operating expenses | |||
Compensation and benefits | 343 | 498 | 411 |
Other expenses | 332 | 188 | 282 |
Total operating expenses | 675 | 686 | 693 |
Pre-tax earnings | 4,595 | 1,749 | 2,855 |
Provision/(benefit) for taxes | (518) | (828) | (292) |
Undistributed earnings of subsidiaries | 2,285 | 3,506 | 5,330 |
Net earnings | 7,398 | 6,083 | 8,477 |
Preferred stock dividends | 311 | 515 | 400 |
Net earnings applicable to common shareholders | $ 7,087 | $ 5,568 | $ 8,077 |
Parent Company - Group State199
Parent Company - Group Statement of Earnings (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||
Cash dividends from nonbank subsidiaries | $ 3,460 | $ 2,290 | $ 2,620 |
Parent Company - Group State200
Parent Company - Group Statement of Financial Condition (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Investments in subsidiaries and other affiliates: | |||
Financial instruments owned, at fair value | $ 295,952 | $ 313,502 | |
Other assets | 25,481 | 25,218 | |
Total assets | 860,165 | 861,395 | $ 855,842 |
Liabilities and shareholders' equity | |||
Financial instruments sold, but not yet purchased, at fair value | 117,143 | 115,248 | |
Unsecured long-term borrowings: | |||
Other liabilities and accrued expenses | 14,362 | 18,893 | |
Total liabilities | 773,272 | 774,667 | |
Commitments, contingencies and guarantees | |||
Shareholders' equity | |||
Preferred stock | 11,203 | 11,200 | |
Common stock | 9 | 9 | |
Share-based awards | 3,914 | 4,151 | |
Additional paid-in capital | 52,638 | 51,340 | |
Retained earnings | 89,039 | 83,386 | |
Accumulated other comprehensive loss | (1,216) | (718) | |
Stock held in treasury, at cost | (68,694) | (62,640) | |
Total shareholders' equity | 86,893 | 86,728 | $ 82,797 |
Total liabilities and shareholders' equity | 860,165 | 861,395 | |
Group Inc. [Member] | |||
Cash and cash equivalents: | |||
With third party banks | 81 | 36 | |
With subsidiary bank | 3,000 | 1,300 | |
Loans to and receivables from subsidiaries: | |||
Bank subsidiaries | 9,131 | 9,494 | |
Nonbank subsidiaries | 179,899 | 179,826 | |
Investments in subsidiaries and other affiliates: | |||
Bank subsidiaries | 25,571 | 23,985 | |
Nonbank subsidiaries and other affiliates | 67,203 | 61,533 | |
Financial instruments owned, at fair value | 4,524 | 4,410 | |
Other assets | 6,273 | 7,472 | |
Total assets | 295,682 | 288,056 | |
Liabilities and shareholders' equity | |||
Payables to subsidiaries | 875 | 591 | |
Financial instruments sold, but not yet purchased, at fair value | 775 | 443 | |
Unsecured short-term borrowings: | |||
With third parties (includes $3,256 as of December 2016 and $4,924 as of December 2015, at fair value) | 27,159 | 29,547 | |
With subsidiaries | 999 | 628 | |
Unsecured long-term borrowings: | |||
With third parties (includes $17,591 as of December 2016 and $16,194 as of December 2015, at fair value) | 172,164 | 164,718 | |
With subsidiaries | 5,233 | 3,854 | |
Other liabilities and accrued expenses | 1,584 | 1,547 | |
Total liabilities | 208,789 | 201,328 | |
Commitments, contingencies and guarantees | |||
Shareholders' equity | |||
Preferred stock | 11,203 | 11,200 | |
Common stock | 9 | 9 | |
Share-based awards | 3,914 | 4,151 | |
Additional paid-in capital | 52,638 | 51,340 | |
Retained earnings | 89,039 | 83,386 | |
Accumulated other comprehensive loss | (1,216) | (718) | |
Stock held in treasury, at cost | (68,694) | (62,640) | |
Total shareholders' equity | 86,893 | 86,728 | |
Total liabilities and shareholders' equity | $ 295,682 | $ 288,056 |
Parent Company - Group State201
Parent Company - Group Statement of Financial Condition (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value | $ 14,792 | $ 17,743 |
Group Inc. [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value | 3,256 | 4,924 |
Unsecured long-term borrowings at fair value | 17,591 | $ 16,194 |
2,018 | 3,830 | |
2,019 | 90 | |
2,020 | 100 | |
2,021 | 132 | |
2022-thereafter | $ 1,080 |
Parent Company - Condensed Cons
Parent Company - Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net earnings | $ 7,398 | $ 6,083 | $ 8,477 |
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Depreciation and amortization | 998 | 991 | 1,337 |
Deferred income taxes | 551 | 425 | 495 |
Share-based compensation | 2,111 | 2,272 | 2,085 |
Loss/(gain) related to extinguishment of junior subordinated debt | 3 | (34) | (289) |
Changes in operating assets and liabilities | |||
Financial instruments owned, at fair value | 15,253 | 16,078 | 25,881 |
Financial instruments sold, but not yet purchased, at fair value | 1,960 | (16,835) | 4,642 |
Other, net | (6,969) | (5,417) | (10,095) |
Net cash provided by/(used for) operating activities | 5,570 | 7,870 | (7,932) |
Cash flows from investing activities | |||
Purchase of property, leasehold improvements and equipment | (2,876) | (1,833) | (678) |
Net cash provided by/(used for) investing activities | 9,270 | (18,574) | (14,909) |
Cash flows from financing activities | |||
Common stock repurchased | (6,078) | (4,135) | (5,469) |
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (1,706) | (1,681) | (1,454) |
Proceeds from issuance of preferred stock, net of issuance costs | 1,303 | 1,993 | 1,980 |
Proceeds from issuance of common stock, including exercise of share-based awards | 6 | 259 | 123 |
Excess tax benefit related to share-based awards | 202 | 407 | 782 |
Cash settlement of share-based awards | (2) | (1) | |
Net cash provided by/(used for) financing activities | 13,432 | 29,118 | 18,999 |
Net increase/(decrease) in cash and cash equivalents | 28,272 | 18,414 | (3,842) |
Cash and cash equivalents, beginning balance | 93,439 | 75,025 | 78,867 |
Cash and cash equivalents, ending balance | 121,711 | 93,439 | 75,025 |
Group Inc. [Member] | |||
Cash flows from operating activities | |||
Net earnings | 7,398 | 6,083 | 8,477 |
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Undistributed earnings of subsidiaries | (2,285) | (3,506) | (5,330) |
Depreciation and amortization | 52 | 50 | 42 |
Deferred income taxes | 134 | 86 | (4) |
Share-based compensation | 193 | 178 | 188 |
Loss/(gain) related to extinguishment of junior subordinated debt | 3 | (34) | (289) |
Changes in operating assets and liabilities | |||
Financial instruments owned, at fair value | (1,580) | (620) | 6,766 |
Financial instruments sold, but not yet purchased, at fair value | 332 | 274 | (252) |
Other, net | (993) | (56) | (5,793) |
Net cash provided by/(used for) operating activities | 3,254 | 2,455 | 3,805 |
Cash flows from investing activities | |||
Purchase of property, leasehold improvements and equipment | (79) | (33) | (15) |
Issuances of short-term loans to subsidiaries, net | (3,994) | (24,417) | (4,099) |
Issuance of term loans to subsidiaries | (28,498) | (8,632) | (8,803) |
Repayments of term loans by subsidiaries | 32,265 | 24,196 | 3,979 |
Capital distributions from/(contributions to) subsidiaries, net | (3,265) | (1,500) | 865 |
Net cash provided by/(used for) investing activities | (3,571) | (10,386) | (8,073) |
Cash flows from financing activities | |||
Unsecured short-term borrowings, net | 2,112 | (2,684) | 963 |
Proceeds from issuance of long-term borrowings | 40,708 | 42,795 | 37,101 |
Repayment of long-term borrowings, including the current portion | (33,314) | (27,726) | (27,931) |
Purchase of APEX, trust preferred securities and senior guaranteed trust securities | (1,171) | (1) | (1,801) |
Common stock repurchased | (6,078) | (4,135) | (5,469) |
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (1,706) | (1,681) | (1,454) |
Proceeds from issuance of preferred stock, net of issuance costs | 1,303 | 1,993 | 1,980 |
Proceeds from issuance of common stock, including exercise of share-based awards | 6 | 259 | 123 |
Excess tax benefit related to share-based awards | 202 | 407 | 782 |
Cash settlement of share-based awards | (2) | (1) | |
Net cash provided by/(used for) financing activities | 2,062 | 9,225 | 4,293 |
Net increase/(decrease) in cash and cash equivalents | 1,745 | 1,294 | 25 |
Cash and cash equivalents, beginning balance | 1,336 | 42 | 17 |
Cash and cash equivalents, ending balance | $ 3,081 | $ 1,336 | $ 42 |
Parent Company - Condensed C203
Parent Company - Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of capitalized interest | $ 7,140 | $ 4,820 | $ 6,430 |
Cash payments for income taxes, net of refunds | 1,060 | 2,650 | 3,050 |
Group Inc. [Member] | |||
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of capitalized interest | 4,720 | 3,540 | 4,310 |
Cash payments for income taxes, net of refunds | $ 61 | $ 1,280 | $ 2,350 |
Parent Company - Additional Inf
Parent Company - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Parent Company Only Financial Information [Line Items] | |||
APEX exchanged, fair value | $ 1,040 | ||
Series E and Series F Preferred Stock cancelled, net carrying value | 1,310 | ||
Trust Securities, senior guaranteed trust securities exchanged with the firm's junior subordinated debt | 127 | ||
Firm's Junior subordinated debt exchanged with senior guaranteed trust securities | 124 | ||
Trust Preferred Securities and common beneficial interests exchanged with the firm's junior subordinated debt | 262 | ||
Firm's Junior subordinated debt exchanged for Trust Preferred Securities and common beneficial interests | 296 | ||
Trust Preferred Securities, common beneficial interests and senior guaranteed trust securities exchanged with the firm's junior subordinated debt | 1,580 | ||
Firm's Junior subordinated debt held by the trusts exchanged for Trust Preferred Securities, common beneficial interests and senior guaranteed trust securities held by the firm | 1,870 | ||
Group Inc. [Member] | |||
Parent Company Only Financial Information [Line Items] | |||
APEX exchanged, fair value | 1,040 | ||
Series E and Series F Preferred Stock cancelled, net carrying value | 1,310 | ||
Trust Securities, senior guaranteed trust securities exchanged with the firm's junior subordinated debt | 127 | ||
Firm's Junior subordinated debt exchanged with senior guaranteed trust securities | $ 124 | ||
Trust Preferred Securities and common beneficial interests exchanged with the firm's junior subordinated debt | 262 | ||
Firm's Junior subordinated debt exchanged for Trust Preferred Securities and common beneficial interests | 296 | ||
Financial instruments owned, at fair value, exchanged for loans to and equity in certain subsidiaries | 6,120 | ||
Loans to certain subsidiaries exchanged for financial instruments owned, at fair value | 5,200 | ||
Equity in certain subsidiaries exchanged for financial instruments owned, at fair value | $ 918 | ||
Trust Preferred Securities, common beneficial interests and senior guaranteed trust securities exchanged with the firm's junior subordinated debt | 1,580 | ||
Firm's Junior subordinated debt held by the trusts exchanged for Trust Preferred Securities, common beneficial interests and senior guaranteed trust securities held by the firm | $ 1,870 |