Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 24, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Period End Date | Jun. 30, 2020 | |
Entity Central Index Key | 0000886982 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | GOLDMAN SACHS GROUP INC | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 344,076,176 | |
Entity File Number | 001-14965 | |
Entity Tax Identification Number | 13-4019460 | |
Entity Current Reporting Status | Yes | |
Entity Address, Address Line One | 200 West Street | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10282 | |
City Area Code | 212 | |
Local Phone Number | 902-1000 | |
Entity Incorporation, State or Country Code | DE | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $.01 per share | |
Trading Symbol | GS | |
Security Exchange Name | NYSE | |
Series A Floating Rate Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | |
Trading Symbol | GS PrA | |
Security Exchange Name | NYSE | |
Series C Floating Rate Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | |
Trading Symbol | GS PrC | |
Security Exchange Name | NYSE | |
Series D Floating Rate Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | |
Trading Symbol | GS PrD | |
Security Exchange Name | NYSE | |
Series J 5.50% Fixed-to-Floating Rate Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | |
Trading Symbol | GS PrJ | |
Security Exchange Name | NYSE | |
Series K 6.375% Fixed-to-Floating Rate Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | |
Trading Symbol | GS PrK | |
Security Exchange Name | NYSE | |
Series N 6.30% Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | |
Trading Symbol | GS PrN | |
Security Exchange Name | NYSE | |
5.793% Fixed-to-Floating Rate Normal APEX [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II | |
Trading Symbol | GS/43PE | |
Security Exchange Name | NYSE | |
Floating Rate Normal APEX [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III | |
Trading Symbol | GS/43PF | |
Security Exchange Name | NYSE | |
Series A Medium Term Notes Index-Linked Notes due 2037 of GS Finance Corp. [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Medium-Term Notes | |
Trading Symbol | GCE | |
Security Exchange Name | NYSEArca | |
Series B Medium Term Notes Index-Linked Notes due 2037 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Medium-Term Notes | |
Trading Symbol | GSC | |
Security Exchange Name | NYSEArca | |
Series E Medium Term Notes Index-Linked Notes due 2028 of GS Finance Corp. [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Medium-Term Notes | |
Trading Symbol | FRLG | |
Security Exchange Name | NYSEArca |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues | ||||
Investment banking | $ 2,733 | $ 1,761 | $ 4,475 | $ 3,379 |
Investment management | 1,635 | 1,520 | 3,403 | 2,956 |
Commissions and fees | 875 | 808 | 1,895 | 1,553 |
Market making | 5,787 | 2,479 | 9,469 | 5,202 |
Other principal transactions | 1,321 | 1,822 | 539 | 2,889 |
Total non-interest revenues | 12,351 | 8,390 | 19,781 | 15,979 |
Interest income | 3,034 | 5,760 | 7,784 | 11,357 |
Interest expense | 2,090 | 4,689 | 5,527 | 9,068 |
Net interest income | 944 | 1,071 | 2,257 | 2,289 |
Total net revenues | 13,295 | 9,461 | 22,038 | 18,268 |
Provision for credit losses | 1,590 | 214 | 2,527 | 438 |
Operating expenses | ||||
Compensation and benefits | 4,478 | 3,317 | 7,713 | 6,576 |
Brokerage, clearing, exchange and distribution fees | 945 | 823 | 1,920 | 1,585 |
Market development | 89 | 186 | 242 | 370 |
Communications and technology | 345 | 290 | 666 | 576 |
Depreciation and amortization | 499 | 399 | 936 | 767 |
Occupancy | 233 | 234 | 471 | 459 |
Professional fees | 311 | 302 | 658 | 600 |
Other expenses | 3,514 | 569 | 4,266 | 1,051 |
Total operating expenses | 10,414 | 6,120 | 16,872 | 11,984 |
Pre-tax earnings | 1,291 | 3,127 | 2,639 | 5,846 |
Provision for taxes | 918 | 706 | 1,053 | 1,174 |
Net earnings | 373 | 2,421 | 1,586 | 4,672 |
Preferred stock dividends | 176 | 223 | 266 | 292 |
Net earnings applicable to common shareholders | $ 197 | $ 2,198 | $ 1,320 | $ 4,380 |
Earnings per common share | ||||
Basic | $ 0.53 | $ 5.86 | $ 3.66 | $ 11.59 |
Diluted | $ 0.53 | $ 5.81 | $ 3.66 | $ 11.52 |
Average common shares | ||||
Basic | 355.7 | 374.5 | 356.8 | 377.1 |
Diluted | 355.7 | 378 | 356.8 | 380.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 373 | $ 2,421 | $ 1,586 | $ 4,672 |
Other comprehensive income/(loss) adjustments, net of tax: | ||||
Currency translation | (44) | 7 | (61) | 11 |
Debt valuation adjustment | (2,218) | (311) | 696 | (1,728) |
Pension and postretirement liabilities | (4) | (2) | 3 | (9) |
Available-for-sale securities | (12) | 104 | 505 | 218 |
Other comprehensive income/(loss) | (2,278) | (202) | 1,143 | (1,508) |
Comprehensive income/(loss) | $ (1,905) | $ 2,219 | $ 2,729 | $ 3,164 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 132,599 | $ 133,546 |
Collateralized agreements: | ||
Securities purchased under agreements to resell (at fair value) | 130,820 | 85,691 |
Securities borrowed (includes $29,119 and $26,279 at fair value) | 142,806 | 136,071 |
Customer and other receivables (includes $52 and $53 at fair value) | 106,489 | 74,605 |
Trading assets (at fair value and includes $70,936 and $66,605 pledged as collateral) | 397,335 | 355,332 |
Investments (includes $70,568 and $57,827 at fair value, and $13,130 and $10,968 pledged as collateral) | 76,621 | 63,937 |
Loans (net of allowance of $3,901 and $1,441, and includes $13,817 and $14,386 at fair value) | 117,094 | 108,904 |
Other assets | 37,759 | 34,882 |
Total assets | 1,141,523 | 992,968 |
Liabilities and shareholders' equity | ||
Deposits (includes $24,978 and $17,765 at fair value) | 268,537 | 190,019 |
Collateralized financings: | ||
Securities sold under agreements to repurchase (at fair value) | 88,282 | 117,756 |
Securities loaned (includes $1,053 and $714 at fair value) | 16,560 | 14,985 |
Other secured financings (includes $24,696 and $18,071 at fair value) | 25,897 | 19,277 |
Customer and other payables | 199,211 | 174,817 |
Trading liabilities (at fair value) | 162,307 | 108,835 |
Unsecured short-term borrowings (includes $24,785 and $26,007 at fair value) | 44,264 | 48,287 |
Unsecured long-term borrowings (includes $44,400 and $43,661 at fair value) | 222,627 | 207,076 |
Other liabilities (includes $323 and $150 at fair value) | 23,809 | 21,651 |
Total liabilities | 1,051,494 | 902,703 |
Commitments, contingencies and guarantees | ||
Shareholders' equity | ||
Preferred stock; aggregate liquidation preference of $11,203 and $11,203 | 11,203 | 11,203 |
Common stock; 901,490,044 and 896,782,650 shares issued, and 343,935,256 and 347,343,184 shares outstanding | 9 | 9 |
Share-based awards | 3,203 | 3,195 |
Nonvoting common stock; no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 55,637 | 54,883 |
Retained earnings | 106,248 | 106,465 |
Accumulated other comprehensive income/(loss) | (341) | (1,484) |
Stock held in treasury, at cost; 557,554,790 and 549,439,468 shares | (85,930) | (84,006) |
Total shareholders' equity | 90,029 | 90,265 |
Total liabilities and shareholders' equity | $ 1,141,523 | $ 992,968 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Securities borrowed at fair value | $ 29,119 | $ 26,279 |
Customer and other receivables at fair value | 52 | 53 |
Trading assets, at fair value pledged as collateral | 70,936 | 66,605 |
Investment at fair value | 70,568 | 57,827 |
Investment at pledged collateral | 13,130 | 10,968 |
Net allowance of loan | 3,901 | 1,441 |
Loans receivable at fair value | 13,817 | 14,386 |
Deposits at fair value | 24,978 | 17,765 |
Securities loaned at fair value | 1,053 | 714 |
Other secured financings at fair value | 24,696 | 18,071 |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value | 24,785 | 26,007 |
Unsecured long-term borrowings at fair value | 44,400 | 43,661 |
Other liabilities and accrued expenses at fair value | 323 | 150 |
Preferred stock, liquidation preference | $ 11,203 | $ 11,203 |
Common stock, shares issued | 901,490,044 | 896,782,650 |
Common stock, shares outstanding | 343,935,256 | 347,343,184 |
Treasury stock, shares | 557,554,790 | 549,439,468 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Share-Based Awards [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Stock Held in Treasury, at Cost [Member] |
Beginning balance at Dec. 31, 2018 | $ 11,203 | $ 9 | $ 2,845 | $ 54,005 | $ 100,100 | $ 693 | $ (78,670) | |||
Beginning balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018 | $ 100,112 | $ 12 | ||||||||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2018 | 0 | |||||||||
Issued | 500 | 0 | ||||||||
Redeemed | 0 | |||||||||
Redemption notices issued | (500) | |||||||||
Issuance and amortization of share-based awards | 1,707 | |||||||||
Delivery of common stock underlying share-based awards | (1,597) | 1,588 | ||||||||
Forfeiture of share-based awards | (25) | |||||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (731) | |||||||||
Preferred stock issuance costs, net of reversals upon redemption | 3 | |||||||||
Other comprehensive income/(loss) | $ (1,508) | (1,508) | ||||||||
Repurchased | (2,500) | |||||||||
Reissued | 11 | |||||||||
Other | (8) | |||||||||
Net earnings | 4,672 | 4,672 | ||||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (625) | |||||||||
Dividends declared on preferred stock | (285) | (285) | ||||||||
Preferred stock redemption premium | (7) | |||||||||
Ending balance at Jun. 30, 2019 | 90,892 | 11,203 | 9 | 2,930 | 54,865 | 103,867 | (815) | (81,167) | ||
Beginning balance at Dec. 31, 2018 | 11,203 | 9 | 2,845 | 54,005 | 100,100 | 693 | (78,670) | |||
Beginning balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018 | 100,112 | 12 | ||||||||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2018 | 0 | |||||||||
Ending balance at Dec. 31, 2019 | 90,265 | 11,203 | 9 | 3,195 | 54,883 | 106,465 | (1,484) | (84,006) | ||
Ending balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2019 | 105,827 | 0 | ||||||||
Ending balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | (638) | |||||||||
Beginning balance at Mar. 31, 2019 | 11,203 | 9 | 2,739 | 54,862 | 101,988 | (613) | (79,915) | |||
Beginning balance (Accounting Standards Update 2016-02 [Member]) at Mar. 31, 2019 | 101,988 | 0 | ||||||||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Mar. 31, 2019 | 0 | |||||||||
Issued | 500 | 0 | ||||||||
Redeemed | 0 | |||||||||
Redemption notices issued | (500) | |||||||||
Issuance and amortization of share-based awards | 201 | |||||||||
Delivery of common stock underlying share-based awards | (1) | 1 | ||||||||
Forfeiture of share-based awards | (9) | |||||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (1) | |||||||||
Preferred stock issuance costs, net of reversals upon redemption | 3 | |||||||||
Other comprehensive income/(loss) | (202) | (202) | ||||||||
Repurchased | (1,250) | |||||||||
Reissued | 0 | |||||||||
Other | (2) | |||||||||
Net earnings | 2,421 | 2,421 | ||||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (319) | |||||||||
Dividends declared on preferred stock | (216) | (216) | ||||||||
Preferred stock redemption premium | (7) | |||||||||
Ending balance at Jun. 30, 2019 | 90,892 | 11,203 | 9 | 2,930 | 54,865 | 103,867 | (815) | (81,167) | ||
Beginning balance at Dec. 31, 2019 | 90,265 | 11,203 | 9 | 3,195 | 54,883 | 106,465 | (1,484) | (84,006) | ||
Beginning balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2019 | 105,827 | 0 | ||||||||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | (638) | |||||||||
Ending balance at Mar. 31, 2020 | 11,203 | 9 | 3,037 | 55,621 | 106,501 | 1,937 | (85,929) | |||
Ending balance (Accounting Standards Update 2016-02 [Member]) at Mar. 31, 2020 | 106,501 | 0 | ||||||||
Ending balance (Accounting Standards Update 2016-13 [Member]) at Mar. 31, 2020 | 0 | |||||||||
Beginning balance at Dec. 31, 2019 | 90,265 | 11,203 | 9 | 3,195 | 54,883 | 106,465 | (1,484) | (84,006) | ||
Beginning balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2019 | 105,827 | 0 | ||||||||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | (638) | |||||||||
Issued | 350 | 0 | ||||||||
Redeemed | (350) | |||||||||
Redemption notices issued | 0 | |||||||||
Issuance and amortization of share-based awards | 1,594 | |||||||||
Delivery of common stock underlying share-based awards | (1,564) | 1,573 | ||||||||
Forfeiture of share-based awards | (22) | |||||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (819) | |||||||||
Preferred stock issuance costs, net of reversals upon redemption | 0 | |||||||||
Other comprehensive income/(loss) | 1,143 | 1,143 | ||||||||
Repurchased | (1,928) | (1,928) | ||||||||
Reissued | 10 | |||||||||
Other | (6) | |||||||||
Net earnings | 1,586 | 1,586 | ||||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (899) | |||||||||
Dividends declared on preferred stock | (265) | (265) | ||||||||
Preferred stock redemption premium | (1) | |||||||||
Ending balance at Jun. 30, 2020 | 90,029 | 11,203 | 9 | 3,203 | 55,637 | 106,248 | (341) | (85,930) | ||
Beginning balance at Mar. 31, 2020 | 11,203 | 9 | 3,037 | 55,621 | 106,501 | 1,937 | (85,929) | |||
Beginning balance (Accounting Standards Update 2016-02 [Member]) at Mar. 31, 2020 | $ 106,501 | 0 | ||||||||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Mar. 31, 2020 | $ 0 | |||||||||
Issued | 0 | 0 | ||||||||
Redeemed | 0 | |||||||||
Redemption notices issued | 0 | |||||||||
Issuance and amortization of share-based awards | 197 | |||||||||
Delivery of common stock underlying share-based awards | (17) | 32 | ||||||||
Forfeiture of share-based awards | (14) | |||||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (16) | |||||||||
Preferred stock issuance costs, net of reversals upon redemption | 0 | |||||||||
Other comprehensive income/(loss) | (2,278) | (2,278) | ||||||||
Repurchased | 0 | 0 | ||||||||
Reissued | 0 | |||||||||
Other | (1) | |||||||||
Net earnings | 373 | 373 | ||||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (450) | |||||||||
Dividends declared on preferred stock | (176) | (176) | ||||||||
Preferred stock redemption premium | 0 | |||||||||
Ending balance at Jun. 30, 2020 | $ 90,029 | $ 11,203 | $ 9 | $ 3,203 | $ 55,637 | $ 106,248 | $ (341) | $ (85,930) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Net earnings | $ 1,586 | $ 4,672 |
Adjustments to reconcile net earnings to net cash used for operating activities: | ||
Depreciation and amortization | 936 | 767 |
Share-based compensation | 1,580 | 1,695 |
Gain related to extinguishment of unsecured borrowings | (1) | 0 |
Provision for credit losses | 2,527 | 438 |
Changes in operating assets and liabilities: | ||
Customer and other receivables and payables, net | (7,490) | (229) |
Collateralized transactions (excluding other secured financings), net | (79,763) | (7,683) |
Trading assets | (38,234) | (33,305) |
Trading liabilities | 53,472 | 2,282 |
Loans held for sale, net | 2,026 | (181) |
Other, net | (1,317) | (4,193) |
Net cash used for operating activities | (64,678) | (35,737) |
Cash flows from investing activities | ||
Purchase of property, leasehold improvements and equipment | (3,908) | (4,168) |
Proceeds from sales of property, leasehold improvements and equipment | 822 | 3,485 |
Net cash used for business acquisitions | 0 | (61) |
Purchase of investments | (28,287) | (8,457) |
Proceeds from sales and paydowns of investments | 15,643 | 11,066 |
Loans, net (excluding loans held for sale) | (12,699) | (3,197) |
Net cash used for investing activities | (28,429) | (1,332) |
Cash flows from financing activities | ||
Unsecured short-term borrowings, net | 5,449 | 512 |
Other secured financings (short-term), net | 4,250 | (3,089) |
Proceeds from issuance of other secured financings (long-term) | 3,813 | 2,358 |
Repayment of other secured financings (long-term), including the current portion | (997) | (3,129) |
Purchase of Trust Preferred securities | (11) | 0 |
Proceeds from issuance of unsecured long-term borrowings | 32,099 | 11,796 |
Repayment of unsecured long-term borrowings, including the current portion | (28,704) | (17,830) |
Derivative contracts with a financing element, net | 249 | 2,613 |
Deposits, net | 79,525 | 7,621 |
Preferred stock redemption | (350) | 0 |
Common stock repurchased | (1,928) | (2,500) |
Settlement of share-based awards in satisfaction of withholding tax requirements | (820) | (733) |
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (1,164) | (910) |
Proceeds from issuance of preferred stock, net of issuance costs | 349 | 499 |
Other financing, net | 400 | 406 |
Net cash provided by/(used for) financing activities | 92,160 | (2,386) |
Net decrease in cash and cash equivalents | (947) | (39,455) |
Cash and cash equivalents, beginning balance | 133,546 | 130,547 |
Cash and cash equivalents, ending balance | 132,599 | 91,092 |
Supplemental disclosures: | ||
Cash payments for interest, net of capitalized interest | 5,855 | 8,952 |
Cash payments for income taxes, net | $ 773 | $ 567 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Note 1. Description of Business The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, together with its consolidated subsidiaries (collectively, the firm), is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and 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 and spin-offs, and equity and debt underwriting of public offerings and private placements. The firm also provides lending to corporate clients, including relationship lending, middle-market lending and acquisition financing. Global Markets The firm facilitates client transactions and makes markets Asset Management The firm manages assets 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 clients and a network of third-party distributors around the world. The firm makes equity investments, which include alternative investing activities related to public and private equity investments in corporate, real estate and infrastructure assets, as well as investments through consolidated investment entities, substantially all of which are engaged in real estate investment activities. The firm also invests in corporate debt and provides financing for real estate and other assets. Consumer & Wealth Management The firm provides investing and wealth advisory solutions, including financial planning and counseling, executing brokerage transactions and managing assets for individuals in its wealth management business. The firm also provides loans and accepts deposits through its consumer banking digital platform, Marcus by Goldman Sachs |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
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. These consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the firm’s Annual Report on Form 10-K Form 10-K” Form 10-K These unaudited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year. All references to June 2020, March 2020 and June 2019 refer to the firm’s periods ended, or the dates, as the context requires, June 30, 2020, March 31, 2020 and June 30, 2019, respectively. All references to December 2019 refer to the date December 31, 2019. Any reference to a future year refers to a year ending on December 31 of that year. Beginning in the fourth quarter of 2019, the firm changed its business segments and balance sheet presentation to better reflect the nature of the firm’s activities. See Note 2 in Part II, Item 8 of the 2019 Form 10-K |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
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, measuring the allowance for credit losses on loans and lending commitments accounted for at amortized cost, and when to consolidate an entity. See Note 4 for policies on fair value measurements, Note 9 for policies on the allowance for credit losses, and below and Note 17 for policies on consolidation accounting. All other significant accounting policies are either described below or included in the following footnotes: Fair Value Measurements Note 4 Trading Assets and Liabilities Note 5 Trading Cash Instruments Note 6 Derivatives and Hedging Activities Note 7 Investments Note 8 Loans Note 9 Fair Value Option Note 10 Collateralized Agreements and Financings Note 11 Other Assets Note 12 Deposits Note 13 Unsecured Borrowings Note 14 Other Liabilities Note 15 Securitization Activities Note 16 Variable Interest Entities Note 17 Commitments, Contingencies and Guarantees Note 18 Shareholders’ Equity Note 19 Regulation and Capital Adequacy Note 20 Earnings Per Common Share Note 21 Transactions with Affiliated Funds Note 22 Interest Income and Interest Expense Note 23 Income Taxes Note 24 Business Segments Note 25 Credit Concentrations Note 26 Legal Proceedings Note 27 Consolidation The firm consolidates entities in which the firm has a controlling financial interest. The firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE). Voting Interest Entities. Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the firm has a controlling majority voting interest in a voting interest entity, the entity is consolidated. Variable Interest Entities. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The firm has a controlling financial interest in a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 17 for further information about VIEs. Equity-Method Investments. When the firm does not have a controlling financial interest in an entity but can exert significant influence over the entity’s operating and financial policies, the investment is generally accounted for at fair value by electing the fair value option available under U.S. GAAP. Significant influence generally exists when the firm owns 20% to 50% of the entity’s common stock or in-substance In certain cases, the firm applies the equity method of accounting to new investments that are strategic in nature or closely related to the firm’s principal business activities, when the firm has a significant degree of involvement in the cash flows or operations of the investee or when cost-benefit considerations are less significant. See Note 8 for further information about equity-method investments. Investment Funds. The firm has formed investment funds with third-party investors. These funds are typically organized as limited partnerships or limited liability companies for which the firm acts as general partner or manager. Generally, the firm does not hold a majority of the economic interests in these funds. These funds are usually voting interest entities and generally are not consolidated because third-party investors typically have rights to terminate the funds or to remove the firm as general partner or manager. Investments in these funds are generally measured at net asset value (NAV) and are included in investments. See Notes 8, 18 and 22 for further information about investments in funds. Use of Estimates Preparation of these consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, the allowance for credit losses on loans and lending commitments accounted for at amortized cost, discretionary compensation accruals, accounting for goodwill and identifiable intangible assets, provisions for losses that may arise from litigation and regulatory proceedings (including governmental investigations), and provisions for losses that may arise from tax audits. These estimates and assumptions are based on the best available information but actual results could be materially different. Revenue Recognition Financial Assets and Liabilities at Fair Value. Trading assets and liabilities and certain investments 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 loans and other financial assets and liabilities at fair value by electing the fair value option. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. Fair value gains or losses are generally included in market making or other principal transactions. See Note 4 for further information about fair value measurements. Revenue from Contracts with Clients. The firm recognizes revenue earned from contracts with clients for services, such as investment banking, investment management, and execution and clearing (contracts with clients), when the performance obligations related to the underlying transaction are completed. Revenues from these contracts with clients represent approximately 40% of total non-interest non-interest Investment Banking Advisory. Fees from financial advisory assignments are recognized in revenues when the services related to the underlying transaction are completed under the terms of the assignment. Non-refundable Expenses associated with financial advisory assignments are recognized when incurred and are included in other expenses. Client reimbursements for such expenses are included in investment banking revenues. Underwriting. Fees from underwriting assignments are recognized in revenues upon completion of the underlying transaction based on the terms of the assignment. Expenses associated with underwriting assignments are generally deferred until the related revenue is recognized or the assignment is otherwise concluded. Such expenses are included in other expenses. Investment Management The firm earns management fees and incentive fees for investment management services, which are included in investment management revenues. The firm makes payments to brokers and advisors related to the placement of the firm’s investment funds (distribution fees), which are included in brokerage, clearing, exchange and distribution fees. Management Fees. Management fees for mutual funds are calculated as a percentage of daily net asset value and are received monthly. Management fees for hedge funds and separately managed accounts are calculated as a percentage of month-end Distribution fees paid by the firm are calculated based on either a percentage of the management fee, the investment fund’s net asset value or the committed capital. Such fees are included in brokerage, clearing, exchange and distribution fees. Incentive Fees. Incentive fees are calculated as a percentage of a fund’s or separately managed account’s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a twelve-month period or over the life of a fund. Fees that are based on performance over a twelve-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund. Incentive fees earned from a fund or separately managed account are recognized when it is probable that a significant reversal of such fees will not occur, which is generally when such fees are no longer subject to fluctuations in the market value of investments held by the fund or separately managed account. Therefore, incentive fees recognized during the period may relate to performance obligations satisfied in previous periods. Commissions and Fees The firm earns commissions and fees from executing and clearing client transactions on stock, options and futures markets, as well as over-the-counter Remaining Performance Obligations Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The firm’s remaining performance obligations are generally related to its financial advisory assignments and certain investment management activities. Revenues associated with remaining performance obligations relating to financial advisory assignments cannot be determined until the outcome of the transaction. For the firm’s investment management activities, where fees are calculated based on the net asset value of the fund or separately managed account, future revenues associated with such remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of investments held by the fund or separately managed account. The firm is able to determine the future revenues associated with management fees calculated based on committed capital. As of June 2020, substantially all future net revenues associated with such remaining performance obligations will be recognized through 2027. Annual revenues associated with such performance obligations average less than $250 million through 2027. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of financial assets accounted for as sales, any gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred financial assets are initially recognized at fair value. For transfers of financial assets that are not accounted for as sales, the assets are generally included in trading assets and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Note 11 for further information about transfers of financial assets accounted for as collateralized financings and Note 16 for further information about transfers of financial assets accounted for as sales. Cash and Cash Equivalents The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. Cash and cash equivalents included cash and due from banks of $11.59 billion as of June 2020 and $12.57 billion as of December 2019. Cash and cash equivalents also included interest-bearing deposits with banks of $121.01 billion as of June 2020 and $120.98 billion as of December 2019. The firm segregates cash for regulatory and other purposes related to client activity. Cash and cash equivalents segregated for regulatory and other purposes were $22.83 billion as of June 2020 and $22.78 billion as of December 2019. In addition, the firm segregates securities for regulatory and other purposes related to client activity. See Note 11 for further information about segregated securities. Customer and Other Receivables Customer and other receivables included receivables from customers and counterparties of $59.50 billion as of June 2020 and $50.90 billion as of December 2019, and receivables from brokers, dealers and clearing organizations of $46.99 billion as of June 2020 and $23.71 billion as of December 2019. Such receivables primarily consist of customer margin loans, receivables resulting from unsettled transactions and collateral posted in connection with certain derivative transactions. Substantially all of these receivables are accounted for at amortized cost net of any allowance for credit losses, which generally approximates fair value. As these receivables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these receivables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both June 2020 and December 2019. See Note 10 for further information about customer and other receivables accounted for at fair value under the fair value option. Interest on customer and other receivables is recognized over the life of the transaction and included in interest income. Customer and other receivables includes receivables from contracts with clients and contract assets. Contract assets represent the firm’s right to receive consideration for services provided in connection with its contracts with clients for which collection is conditional and not merely subject to the passage of time. The firm’s receivables from contracts with clients were $2.72 billion as of June 2020 and $2.27 billion as of December 2019. As of both June 2020 and December 2019 contract assets were not material. Customer and Other Payables Customer and other payables included payables to customers and counterparties of $190.13 billion as of June 2020 and $170.21 billion as of December 2019, and payables to brokers, dealers and clearing organizations of $9.08 billion as of June 2020 and $4.61 billion as of December 2019. Such payables primarily consist of customer credit balances related to the firm’s prime brokerage activities. Customer and other payables are accounted for at cost plus accrued interest, which generally approximates fair value. As these payables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these payables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both June 2020 and December 2019. Interest on customer and other payables is recognized over the life of the transaction and included in interest expense. Offsetting Assets and Liabilities To reduce credit exposures on derivatives and securities financing transactions, the firm may enter into master netting agreements or similar arrangements (collectively, netting agreements) with counterparties that permit it to offset receivables and payables with such counterparties. A netting agreement is a contract with a counterparty that permits net settlement of multiple transactions with that counterparty, including upon the exercise of termination rights by a non-defaulting non-defaulting Derivatives are reported on a net-by-counterparty net-by-counterparty In the consolidated balance sheets, derivatives are reported net of cash collateral received and posted under enforceable credit support agreements, when transacted under an enforceable netting agreement. In the consolidated balance sheets, resale and repurchase agreements, and securities borrowed and loaned, are not reported net of the related cash and securities received or posted as collateral. See Note 11 for further information about collateral received and pledged, including rights to deliver or repledge collateral. See Notes 7 and 11 for further information about offsetting assets and liabilities. Share-based Compensation The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based awards that do not require future service (i.e., vested awards, including awards granted to retirement-eligible employees) are expensed immediately. Share-based awards that require future service are amortized over the relevant service period. Forfeitures are recorded when they occur. Cash dividend equivalents paid on outstanding restricted stock units (RSUs) are charged to retained earnings. If RSUs that require future service are forfeited, the related dividend equivalents originally charged to retained earnings are reclassified to compensation expense in the period in which forfeiture occurs. The firm generally issues new shares of common stock upon delivery of share-based awards. In 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 Foreign Currency Translation Assets and liabilities denominated in non-U.S. non-U.S. Recent Accounting Developments Leases (ASC 842). In February 2016, the FASB issued ASU No. 2016-02, right-of-use right-of-use The firm adopted this ASU in January 2019 under a modified retrospective approach. Upon adoption, in accordance with the ASU, the firm elected to not reassess the lease classification or initial direct costs of existing leases, and to not reassess whether existing contracts contain a lease. In addition, the firm has elected to account for each contract’s lease and non-lease Measurement of Credit Losses on Financial Instruments (ASC 326). In June 2016, the FASB issued ASU No. 2016-13, The firm adopted this ASU in January 2020 under a modified retrospective approach. As a result of adopting this ASU, the firm’s allowance for credit losses on financial assets and commitments that are measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of such assets. Expected credit losses for newly recognized financial assets and commitments, as well as changes to expected credit losses during the period, are recognized in earnings. These expected credit losses are measured based on historical experience, current conditions and forecasts that affect the collectability of the reported amount. The cumulative effect of measuring the allowance under CECL as a result of adopting this ASU as of January 1, 2020 was an increase in the allowance for credit losses of $848 million. The increase in the allowance is driven by the fact that the allowance under CECL covers expected credit losses over the full expected life of the loan portfolios and also takes into account forecasts of expected future economic conditions. In addition, in accordance with the ASU, the firm elected the fair value option for loans that were previously accounted for as Purchased Credit Impaired (PCI), which resulted in a decrease to the allowance for PCI loans of $169 million. The cumulative effect of adopting this ASU was a decrease to retained earnings of $638 million (net of tax). Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). In March 2020, the FASB issued ASU No. 2020-04, |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. The firm measures certain financial assets and liabilities as a portfolio (i.e., based on its net exposure to market and/or credit risks). The best evidence of fair value is a quoted price in an active market. If quoted prices in active markets are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use market-based or independently sourced inputs, including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, commodity prices, credit spreads and funding spreads (i.e., the spread or difference between the interest rate at which a borrower could finance a given financial instrument relative to a benchmark interest rate). U.S. GAAP has a three-level hierarchy for disclosure of fair value measurements. This hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in this hierarchy is based on the lowest level of input that is significant to its fair value measurement. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio’s net risk exposure to that input. The fair value hierarchy is as follows: Level 1. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities. Level 2. Inputs to valuation techniques are observable, either directly or indirectly. Level 3. One or more inputs to valuation techniques are significant and unobservable. The fair values for substantially all of the firm’s financial assets and liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the fair value hierarchy. Certain level 2 and level 3 financial assets and liabilities may require valuation adjustments that a market participant would require to arrive at fair value for factors, such as counterparty and the firm’s credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence. The valuation techniques and nature of significant inputs used to determine the fair value of the firm’s financial instruments are described below. See Notes 5 through 10 for further information about significant unobservable inputs used to value level 3 financial instruments. Valuation Techniques and Significant Inputs for Trading Cash Instruments, Investments and Loans Level 1. Level 1 instruments include U.S. government obligations, most non-U.S. Level 2. Level 2 instruments include certain non-U.S. Valuations of level 2 instruments can be verified to quoted prices, recent trading activity for identical or similar instruments, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. Valuation adjustments are typically made to level 2 instruments (i) if the instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence. Level 3. Level 3 instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales. Valuation techniques of level 3 instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 instrument are described below: Loans and Securities Backed by Commercial Real Estate Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single property or a portfolio of properties, and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include: • Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices, such as the CMBX (an index that tracks the performance of commercial mortgage bonds); • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral and capitalization rates. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and • Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of other unobservable inputs (e.g., prepayment speeds). Loans and Securities Backed by Residential Real Estate Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: • Market yields implied by transactions of similar or related assets; • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines, related costs and subsequent recoveries; and • Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines. Corporate Debt Instruments Corporate debt instruments includes corporate loans, debt securities and convertible debentures. Significant inputs for corporate debt instruments are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same or similar issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices, such as the CDX (an index that tracks the performance of corporate credit); • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; • Duration; and • Market and transaction multiples for corporate debt instruments with convertibility or participation options. Equity Securities Equity securities consists of private equities. Recent third-party completed or pending transactions (e.g., merger proposals, debt restructurings, tender offers) are considered the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate: • Industry multiples (primarily EBITDA and revenue multiples) and public comparables; • Transactions in similar instruments; • Discounted cash flow techniques; and • Third-party appraisals. The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include: • Market and transaction multiples; • Discount rates and capitalization rates; and • For equity securities with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration. Other Trading Cash Instruments, Investments and Loans The significant inputs to the valuation of other instruments, such as non-U.S. • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices; • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; and • Duration. Valuation Techniques and Significant Inputs for Derivatives The firm’s level 2 and level 3 derivatives are valued using derivative pricing models (e.g., discounted cash flow models, correlation models and models that incorporate option pricing methodologies, such as Monte Carlo simulations). Price transparency of derivatives can generally be characterized by product type, as described below. • Interest Rate. 10-year 2-year • 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. Level 1. Level 1 derivatives include short-term contracts for future delivery of securities when the underlying security is a level 1 instrument, and exchange-traded derivatives if they are actively traded and are valued at their quoted market price. Level 2. Level 2 derivatives include OTC derivatives for which all significant valuation inputs are corroborated by market evidence and exchange-traded derivatives that are not actively traded and/or that are valued using models that calibrate to market-clearing levels of OTC derivatives. The selection of a particular model to value a derivative depends on the contractual terms of and specific risks inherent in the instrument, as well as the availability of pricing information in the market. For derivatives that trade in liquid markets, model selection does not involve significant management judgment because outputs of models can be calibrated to market-clearing levels. Valuation models require a variety of inputs, such as contractual terms, market prices, yield curves, discount rates (including those derived from interest rates on collateral received and posted as specified in credit support agreements for collateralized derivatives), credit curves, measures of volatility, prepayment rates, loss severity rates and correlations of such inputs. Significant inputs to the valuations of level 2 derivatives can be verified to market transactions, broker or dealer quotations or other alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. Level 3. Level 3 derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs. The significant unobservable inputs used to value the firm’s level 3 derivatives are described below. • For level 3 interest rate and currency derivatives, significant unobservable inputs include correlations of certain currencies and interest rates (e.g., the correlation between Euro inflation and Euro interest rates). In addition, for level 3 interest rate derivatives, significant unobservable inputs include 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 classified in level 3. Level 3 inputs are changed when corroborated by evidence, such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. See Note 7 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 In addition, for derivatives that include significant unobservable inputs, the firm makes model or exit price adjustments to account for the valuation uncertainty present in the transaction. Valuation Techniques and Significant Inputs for Other Financial Instruments at Fair Value In addition to trading cash instruments, derivatives, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value under the fair value option. Such instruments include repurchase agreements and substantially all resale agreements; securities borrowed and loaned in Fixed Income, Currency and Commodities (FICC) financing; certain customer and other receivables, including certain margin loans; certain time deposits, including structured certificates of deposit, which are hybrid financial instruments; substantially all other secured financings, including transfers of assets accounted for as financings and collateralized central bank financings; certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; and other liabilities. These instruments are generally valued based on discounted cash flow techniques, which incorporate inputs with reasonable levels of price transparency, and are generally classified in level 2 because the inputs are observable. Valuation adjustments may be made for liquidity and for counterparty and the firm’s credit quality. The significant inputs used to value the firm’s other financial instruments are described below. Resale and Repurchase Agreements and Securities Borrowed and Loaned. The significant inputs to the valuation of resale and repurchase agreements and securities borrowed and loaned are funding spreads, the amount and timing of expected future cash flows and interest rates. Customer and Other Receivables. The significant inputs to the valuation of receivables are interest rates, the amount and timing of expected future cash flows and funding spreads. Deposits. The significant inputs to the valuation of time deposits are interest rates and the amount and timing of future cash flows. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 13 for further information about deposits. Other Secured Financings. The significant inputs to the valuation of other secured financings are the amount and timing of expected future cash flows, interest rates, funding spreads, the fair value of the collateral delivered by the firm (determined using the amount and timing of expected future cash flows, market prices, market yields and recovery assumptions) and the frequency of additional collateral calls. See Note 11 for further information about other secured financings. Unsecured Short- and Long-Term Borrowings. The significant inputs to the valuation of unsecured short- and long-term borrowings are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm and commodity prices for prepaid commodity transactions. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 14 for further information about borrowings. Other Liabilities. The significant inputs to the valuation of other liabilities are the amount and timing of expected future cash flows and equity volatility and correlation inputs. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives. Financial Assets and Liabilities at Fair Value The table below presents financial assets and liabilities accounted for at fair value. As of $ in millions June 2020 March 2020 December Total level 1 financial assets $ 275,444 $ 217,934 $242,562 Total level 2 financial assets 406,880 440,469 325,259 Total level 3 financial assets 29,426 30,776 23,068 Investments in funds at NAV 3,710 3,545 4,206 Counterparty and cash collateral netting (73,749 ) (78,612 ) (55,527 ) Total financial assets at fair value $ 641,711 $ 614,112 $539,568 Total assets $1,141,523 $1,089,756 $992,968 Total level 3 financial assets divided by: Total assets 2.6% 2.8% 2.3% Total financial assets at fair value 4.6% 5.0% 4.3% Total level 1 financial liabilities $ 98,901 $ 63,117 $ 54,790 Total level 2 financial liabilities 298,915 320,820 293,902 Total level 3 financial liabilities 30,106 27,565 25,938 Counterparty and cash collateral netting (57,098 ) (60,796 ) (41,671 ) Total financial liabilities at fair value $ 370,824 $ 350,706 $332,959 Total liabilities $1,051,494 $ 997,377 $902,703 Total level 3 financial liabilities divided by: Total liabilities 2.9% 2.8% 2.9% Total financial liabilities at fair value 8.1% 7.9% 7.8% In the table above: • Counterparty netting among positions classified in the same level is included in that level. • Counterparty and cash collateral netting represents the impact on derivatives of netting across levels of the fair value hierarchy. The table below presents a summary of level 3 financial assets. As of $ in millions June 2020 March 2020 December Trading assets: Trading cash instruments $ 1,804 $ 1,234 $ 1,242 Derivatives 7,047 7,381 4,654 Investments 17,916 19,408 15,282 Loans 2,659 2,753 1,890 Total $ 29,426 $ 30,776 $ 23,068 Level 3 financial assets as of June 2020 decreased compared with March 2020, primarily reflecting a decrease in level 3 investments. Level 3 financial assets as of June 2020 increased compared with December 2019, primarily reflecting an increase in level 3 investments. See Notes 5 through 10 for further information about level 3 financial assets (including information about unrealized gains and losses related to level 3 financial assets and transfers in and out of level 3). |
Trading Assets and Liabilities
Trading Assets and Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Trading Assets and Liabilities [Abstract] | |
Trading Assets and Liabilities | Note 5. Trading Assets and Liabilities Trading assets and liabilities include trading cash instruments and derivatives held in connection with the firm’s market-making or risk management activities. These assets and liabilities are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are generally recognized in the consolidated statements of earnings. The table below presents a summary of trading assets and liabilities. $ in millions Trading Trading As of June 2020 Trading cash instruments $334,365 $109,371 Derivatives 62,970 52,936 Total $397,335 $162,307 As of December 2019 Trading cash instruments $310,080 $ 65,033 Derivatives 45,252 43,802 Total $355,332 $108,835 See Note 6 for further information about trading cash instruments and Note 7 for further information about derivatives. Gains and Losses from Market Making The table below presents market making revenues by major product type. Three Months Six Months Ended June $ in millions 2020 2019 2020 2019 Interest rates $1,315 $ 732 $2,052 $1,992 Credit 1,151 213 2,993 455 Currencies 42 704 (693 ) 1,422 Equities 1,931 785 3,631 1,175 Commodities 1,348 45 1,486 158 Total $5,787 $2,479 $9,469 $5,202 In the table above: • Gains/(losses) include both realized and unrealized gains and losses. Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense. • Gains and losses included in market making are primarily related to the firm’s trading assets and liabilities, including both derivative and non-derivative • Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s trading cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts. |
Trading Cash Instruments
Trading Cash Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Trading Cash Instruments | Note 6. Trading Cash Instruments Trading cash instruments consists of instruments held in connection with the firm’s market-making or risk management activities. These instruments are accounted for at fair value and the related fair value gains and losses are recognized in the consolidated statements of earnings. Fair Value of Trading Cash Instruments by Level The table below presents trading cash instruments by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of June 2020 Assets Government and agency obligations: U.S. $117,242 $ 35,041 $ – $ 152,283 Non-U.S. 47,160 8,631 57 55,848 Loans and securities backed by: Commercial real estate – 1,106 430 1,536 Residential real estate – 5,695 307 6,002 Corporate debt instruments 677 29,507 764 30,948 State and municipal obligations – 319 – 319 Other debt obligations 363 2,244 172 2,779 Equity securities 76,825 1,855 74 78,754 Commodities – 5,896 – 5,896 Total $242,267 $ 90,294 $1,804 $ 334,365 Liabilities Government and agency obligations: U.S. $ ) $ ) $ – $ (21,290 ) Non-U.S. (27,340 ) (2,180 ) – (29,520 ) Loans and securities backed by: Commercial real estate – (4 ) (1 ) (5 ) Residential real estate – (1 ) – (1 ) Corporate debt instruments (33 ) (7,906 ) (140 ) (8,079 ) Equity securities (50,062 ) (399 ) (15 ) (50,476 ) Total $ ) $(10,553 ) $ ) $(109,371 ) As of December 2019 Assets Government and agency obligations: U.S. $108,200 $ $ 21 $ Non-U.S. 33,709 11,108 22 44,839 Loans and securities backed by: Commercial real estate – 2,031 191 2,222 Residential real estate – 5,794 231 6,025 Corporate debt instruments 1,313 26,768 692 28,773 State and municipal obligations – 680 – 680 Other debt obligations 409 1,074 10 1,493 Equity securities 78,782 489 75 79,346 Commodities – 3,767 – 3,767 Total $222,413 $ $1,242 $ Liabilities Government and agency obligations: U.S. $ (9,914 ) $ ) $ $ ) Non-U.S. (21,213 ) (2,205 ) (6 ) (23,424 ) Loans and securities backed by: Commercial real estate – (31 ) (1 ) (32 ) Residential real estate – (2 ) – (2 ) Corporate debt instruments (115 ) (7,494 ) (253 ) (7,862 ) State and municipal obligations – (2 ) – (2 ) Equity securities (23,519 ) (212 ) (13 ) (23,744 ) Commodities – (6 ) – (6 ) Total $ (54,761 ) $ ) $ (273 ) $ ) In the table above: • Trading cash instrument assets are shown as positive amounts and trading cash instrument liabilities are shown as negative amounts. • Corporate debt instruments includes corporate loans, debt securities, convertible debentures, prepaid commodity transactions and transfers of assets accounted for as secured loans rather than purchases. • Equity securities includes public equities and exchange-traded funds. • Other debt obligations includes other asset-backed securities and money market instruments. See Note 4 for an overview of the firm’s fair value measurement policies and the valuation techniques and significant inputs used to determine the fair value of trading cash instruments. Significant Unobservable Inputs The table below presents the amount of level 3 assets, and ranges and weighted averages of significant unobservable inputs used to value level 3 trading cash instruments. Level 3 Assets and Range of Significant Unobservable Inputs (Weighted Average) as of $ in millions June 2020 December 2019 Loans and securities backed by commercial real estate Level 3 assets $430 $191 Yield 2.1% to 7.6 ) 2.7% to 21.7% ( 13.5 ) Recovery rate 19.8% to 95.0% ( 66.7 ) 11.4% to 81.1% ( 55.6 ) Duration (years) 0.3 to 9.2 (4.1 ) 0.3 to 6.6 (2.8 ) Loans and securities backed by residential real estate Level 3 assets $307 $231 Yield 0.9% to 14.4% ( 4.9 ) 1.2% to 12.0% ( 5.8 ) Cumulative loss rate 7.6% to 36.6% (20.1 ) 5.4% to 30.4% ( 16.3 ) Duration (years) 1.5 to 15.5 (4.3 ) 2.3 to 12.4 (5.7 ) Corporate debt instruments Level 3 assets $764 $692 Yield 2.5% to 37.3% ( 12.9 ) 0.1% to 20.4% ( 7.2 ) Recovery rate 0.0% to 70.0% ( 56.8 ) 0.0% to 69.7% ( 54.9 ) Duration (years) 1.5 to 14.8 (4.2 ) 1.7 to 16.6 (5.1 ) Other debt obligations Level 3 assets $172 $10 Yield 11.5% to 12.5% ( 12.4 ) N/A Duration (years) 4.9 to 5.4 (4.9 ) N/A Level 3 government and agency obligations and equity securities were not material as of both June 2020 and December 2019, and therefore are not included in the table above. In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of trading cash instrument. • Weighted averages are calculated by weighting each input by the relative fair value of the trading cash instruments. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one trading cash instrument. For example, the highest recovery rate for corporate debt instruments is appropriate for valuing a specific corporate debt instrument, but may not be appropriate for valuing any other corporate debt instrument. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 trading cash instruments. • Increases in yield, duration or cumulative loss rate used in the valuation of level 3 trading cash instruments would have resulted in a lower fair value measurement, while increases in recovery rate would have resulted in a higher fair value measurement as of both June 2020 and December 2019. Due to the distinctive nature of each level 3 trading cash instrument, the interrelationship of inputs is not necessarily uniform within each product type. • Trading cash instruments are valued using discounted cash flows. Level 3 Rollforward The table below presents a summary of the changes in fair value for level 3 trading cash instruments. Three Months Six Months $ in millions 2020 2019 2020 2019 Total trading cash instrument assets Beginning balance $1,234 $1,590 $1,242 $1,689 Net realized gains/(losses) 17 33 68 48 Net unrealized gains/(losses) (40 ) 9 (190 ) 5 Purchases 306 241 609 361 Sales (212 ) (293 ) (320 ) (586 ) Settlements (42 ) (61 ) (183 ) (105 ) Transfers into level 3 695 173 761 294 Transfers out of level 3 (154 ) (173 ) (183 ) (187 ) Ending balance $1,804 $1,519 $1,804 $1,519 Total trading cash instrument liabilities Beginning balance $ ) $ (159 ) $ ) $ (49 ) Net realized gains/(losses) (1 ) – – – Net unrealized gains/(losses) 15 (37 ) 105 (136 ) Purchases 21 21 40 32 Sales (15 ) (39 ) (22 ) (42 ) Settlements 5 4 1 9 Transfers into level 3 (8 ) (8 ) (10 ) (26 ) Transfers out of level 3 21 7 3 1 Ending balance $ ) $ (211 ) $ ) $ (211 ) In the table above: • Changes in fair value are presented for all trading cash instruments that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to trading cash instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a trading cash instrument was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 trading cash instrument assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 trading cash instrument liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • Level 3 trading cash instruments are frequently economically hedged with level 1 and level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1 or level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by product type, for assets included in the summary table above. Three Months Six Months $ in millions 2020 2019 2020 2019 Loans and securities backed by commercial real estate Beginning balance $ 130 $ 371 $ 191 $ 332 Net realized gains/(losses) 2 6 13 9 Net unrealized gains/(losses) (9 ) (14 ) (33 ) (22 ) Purchases 20 6 79 32 Sales – (60 ) (13 ) (105 ) Settlements (6 ) (24 ) (57 ) (44 ) Transfers into level 3 294 31 255 77 Transfers out of level 3 (1 ) (48 ) (5 ) (11 ) Ending balance $ 430 $ 268 $ 430 $ 268 Loans and securities backed by residential real estate Beginning balance $ 251 $ 263 $ 231 $ 348 Net realized gains/(losses) 3 3 7 5 Net unrealized gains/(losses) 2 14 11 24 Purchases 5 23 41 50 Sales (89 ) (66 ) (68 ) (157 ) Settlements (7 ) (7 ) (24 ) (17 ) Transfers into level 3 181 48 178 26 Transfers out of level 3 (39 ) (8 ) (69 ) (9 ) Ending balance $ 307 $ 270 $ 307 $ 270 Corporate debt instruments Beginning balance $ 719 $ 789 $ 692 $ 912 Net realized gains/(losses) 9 21 35 26 Net unrealized gains/(losses) (23 ) 8 (137 ) 6 Purchases 140 187 303 250 Sales (93 ) (152 ) (175 ) (293 ) Settlements (20 ) (18 ) (85 ) (27 ) Transfers into level 3 138 86 235 113 Transfers out of level 3 (106 ) (99 ) (104 ) (165 ) Ending balance $ 764 $ 822 $ 764 $ 822 Other Beginning balance $ 134 $ 167 $ 128 $ 97 Net realized gains/(losses) 3 3 13 8 Net unrealized gains/(losses) (10 ) 1 (31 ) (3 ) Purchases 141 25 186 29 Sales (30 ) (15 ) (64 ) (31 ) Settlements (9 ) (12 ) (17 ) (17 ) Transfers into level 3 82 8 93 78 Transfers out of level 3 (8 ) (18 ) (5 ) (2 ) Ending balance $ 303 $ 159 $ 303 $ 159 In the table above, other includes U.S. and non-U.S. Level 3 Rollforward Commentary Three Months Ended June 2020. The net realized and unrealized losses on level 3 trading cash instrument assets of $23 million (reflecting $17 million of net realized gains and $40 million of net unrealized losses) for the three months ended June 2020 included gains/(losses) of $(56) million reported in market making and $33 million reported in interest income. The drivers of net unrealized losses on level 3 trading cash instrument assets for the three months ended June 2020 were not material. Transfers into level 3 trading cash instrument assets during the three months ended June 2020 primarily reflected transfers of certain loans and securities backed by commercial and residential real estate and corporate debt instruments 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 trading cash instrument assets during the three months ended June 2020 primarily reflected transfers of certain corporate debt instruments to level 2, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. Six Months Ended June 2020. The net realized and unrealized losses on level 3 trading cash instrument assets of $122 million (reflecting $68 million of net realized gains and $190 million of net unrealized losses) for the six months ended June 2020 included gains/(losses) of $(194) million reported in market making and $72 million reported in interest income. The net unrealized losses on level 3 trading cash instrument assets for the six months ended June 2020 primarily reflected losses on corporate debt instruments, principally reflecting the impact of wider credit spreads. Transfers into level 3 trading cash instrument assets during the six months ended June 2020 primarily reflected transfers of certain loans and securities backed by commercial and residential real estate and corporate debt instruments 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 trading cash instrument assets during the six months ended June 2020 primarily reflected transfers of certain corporate debt instruments to level 2, principally due to certain unobservable yield and duration inputs no longer being significant to the valuation of these instruments and increased price transparency as a result of market evidence, including market transactions in these instruments. Three Months Ended June 2019. The net realized and unrealized gains on level 3 trading cash instrument assets of $42 million (reflecting $33 million of net realized gains and $9 million of net unrealized gains) for the three months ended June 2019 included gains of $1 million reported in market making and $41 million reported in interest income. The drivers of net unrealized gains on level 3 trading cash instrument assets for the three months ended June 2019 were not material. Transfers into level 3 trading cash instrument assets during the three months ended June 2019 primarily reflected transfers of certain corporate debt instruments and loans and securities backed by residential 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 trading cash instrument assets during the three months ended June 2019 primarily reflected transfers of certain corporate debt instruments to level 2, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. Six Months Ended June 2019. The net realized and unrealized gains on level 3 trading cash instrument assets of $53 million (reflecting $48 million of net realized gains and $5 million of net unrealized gains) for the six months ended June 2019 included gains/(losses) of $(22) million reported in market making and $75 million reported in interest income. The drivers of net unrealized gains on level 3 trading cash instrument assets for the six months ended June 2019 were not material. Transfers into level 3 trading cash instrument assets during the six months ended June 2019 primarily reflected transfers of certain corporate debt instruments, loans and securities backed by commercial real estate and other trading cash instruments assets 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 trading cash instrument assets during the six months ended June 2019 primarily reflected transfers of certain corporate debt instruments to level 2, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 7. Derivatives and Hedging Activities Derivative Activities Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. Derivatives may be traded on an exchange (exchange-traded) or they may be privately negotiated contracts, which are usually referred to as OTC derivatives. Certain of the firm’s OTC derivatives are cleared and settled through central clearing counterparties (OTC-cleared), Market Making. As a market maker, the firm enters into derivative transactions to provide liquidity to clients and to facilitate the transfer and hedging of their risks. In this role, the firm typically acts as principal and is required to commit capital to provide execution, and maintains market-making positions in response to, or in anticipation of, client demand. Risk Management. The firm also enters into derivatives to actively manage risk exposures that arise from its market-making and investing and financing activities. The firm’s holdings and exposures are hedged, in many cases, on either a portfolio or risk-specific basis, as opposed to an instrument-by-instrument non-U.S. The firm enters into various types of derivatives, including: • Futures and Forwards. • Swaps. • Options. Derivatives are reported on a net-by-counterparty The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated balance sheets, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP. As of June 2020 As of December 2019 $ in millions Derivative Derivative Derivative Derivative Not accounted for as hedges Exchange-traded $ 953 $ 1,338 $ 476 $ 856 OTC-cleared 15,814 13,937 9,958 8,618 Bilateral OTC 360,018 326,113 266,387 242,046 Total interest rates 376,785 341,388 276,821 251,520 OTC-cleared 2,180 2,301 6,551 6,929 Bilateral OTC 15,645 13,700 14,178 13,860 Total credit 17,825 16,001 20,729 20,789 Exchange-traded 51 8 35 10 OTC-cleared 403 508 411 391 Bilateral OTC 91,961 92,950 79,887 81,613 Total currencies 92,415 93,466 80,333 82,014 Exchange-traded 3,818 3,434 2,390 2,272 OTC-cleared 185 173 180 243 Bilateral OTC 12,485 16,407 8,568 13,034 Total commodities 16,488 20,014 11,138 15,549 Exchange-traded 24,855 28,052 13,499 16,976 Bilateral OTC 39,514 43,782 36,162 39,531 Total equities 64,369 71,834 49,661 56,507 Subtotal 567,882 542,703 438,682 426,379 Accounted for as hedges OTC-cleared 2 – – – Bilateral OTC 1,525 – 3,182 1 Total interest rates 1,527 – 3,182 1 OTC-cleared 35 13 16 57 Bilateral OTC 38 81 16 153 Total currencies 73 94 32 210 Subtotal 1,600 94 3,214 211 Total gross fair value $ 569,482 $ 542,797 $ 441,896 $ 426,590 Offset in the consolidated balance sheets Exchange-traded $ (25,725 ) $ (25,725 ) $ (14,159 ) $ (14,159 ) OTC-cleared (16,522 ) (16,522 ) (15,565 ) (15,565 ) Bilateral OTC (391,721 ) (391,721 ) (310,920 ) (310,920 ) Counterparty netting (433,968 ) (433,968 ) (340,644 ) (340,644 ) OTC-cleared (1,851 ) (277 ) (1,302 ) (526 ) Bilateral OTC (70,693 ) (55,616 ) (54,698 ) (41,618 ) Cash collateral netting (72,544 ) (55,893 ) (56,000 ) (42,144 ) Total amounts offset $(506,512 ) $(489,861 ) $(396,644 ) $(382,788 ) Included in the consolidated balance sheets Exchange-traded $ 3,952 $ 7,107 $ $ OTC-cleared 246 133 249 147 Bilateral OTC 58,772 45,696 42,762 37,700 Total $ 62,970 $ 52,936 $ 45,252 $ 43,802 Not offset in the consolidated balance sheets Cash collateral $ (1,050 ) $ (2,174 ) $ ) $ (1,603 ) Securities collateral (16,911 ) (11,437 ) (14,196 ) (9,252 ) Total $ 45,009 $ 39,325 $ 30,452 $ 32,947 Notional Amounts as of $ in millions June 2020 December 2019 Not accounted for as hedges Exchange-traded $ 3,555,199 $ 4,757,300 OTC-cleared 17,925,616 13,440,376 Bilateral OTC 11,088,072 11,668,171 Total interest rates 32,568,887 29,865,847 OTC-cleared 483,075 396,342 Bilateral OTC 623,320 707,935 Total credit 1,106,395 1,104,277 Exchange-traded 3,380 4,566 OTC-cleared 149,566 134,060 Bilateral OTC 6,065,090 5,926,602 Total currencies 6,218,036 6,065,228 Exchange-traded 221,888 230,018 OTC-cleared 2,470 2,639 Bilateral OTC 213,621 243,228 Total commodities 437,979 475,885 Exchange-traded 1,072,169 910,099 Bilateral OTC 1,133,972 1,182,335 Total equities 2,206,141 2,092,434 Subtotal 42,537,438 39,603,671 Accounted for as hedges OTC-cleared 153,071 123,531 Bilateral OTC 6,774 9,714 Total interest rates 159,845 133,245 OTC-cleared 3,328 4,152 Bilateral OTC 7,746 9,247 Total currencies 11,074 13,399 Subtotal 170,919 146,644 Total notional amounts $42,708,357 $39,750,315 In the tables above: • Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses. • Total gross fair value of derivatives included derivative assets of $13.86 billion as of June 2020 and $9.15 billion as of December 2019, and derivative liabilities of $17.62 billion as of June 2020 and $14.88 billion as of December 2019, 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. • During the first quarter of 2020, consistent with the rules of a clearing organization, the firm elected to consider its transactions with that clearing organization as settled each day. The impact of this change would have been a reduction in gross credit derivative assets of $3.97 billion and liabilities of $4.15 billion as of December 2019, and a corresponding decrease in counterparty and cash collateral netting, with no impact to the consolidated balance sheets. Fair Value of Derivatives by Level The table below presents derivatives on a gross basis by level and product type, as well as the impact of netting. $ in millions Level 1 Level 2 Level 3 Total As of June 2020 Assets Interest rates $ 5 $ 377,390 $ 917 $ 378,312 Credit – 13,540 4,285 17,825 Currencies – 92,152 336 92,488 Commodities – 15,796 692 16,488 Equities 64 62,081 2,224 64,369 Gross fair value 69 560,959 8,454 569,482 Counterparty netting in levels – (431,356 ) (1,407 ) (432,763 ) Subtotal $ 69 $ 129,603 $ 7,047 $ 136,719 Cross-level counterparty netting (1,205 ) Cash collateral netting (72,544 ) Net fair value $ 62,970 Liabilities Interest rates $(219 ) $(340,563 ) $ (606 ) $(341,388 ) Credit – (14,043 ) (1,958 ) (16,001 ) Currencies – (93,130 ) (430 ) (93,560 ) Commodities – (19,653 ) (361 ) (20,014 ) Equities (20 ) (69,775 ) (2,039 ) (71,834 ) Gross fair value (239 ) (537,164 ) (5,394 ) (542,797 ) Counterparty netting in levels – 431,356 1,407 432,763 Subtotal $(239 ) $(105,808 ) $(3,987 ) $(110,034 ) Cross-level counterparty netting 1,205 Cash collateral netting 55,893 Net fair value $ (52,936 ) As of December 2019 Assets Interest rates $ $ $ $ Credit – 17,204 3,525 20,729 Currencies – 80,178 187 80,365 Commodities – 10,648 490 11,138 Equities 21 48,953 687 49,661 Gross fair value 24 436,426 5,446 441,896 Counterparty netting in levels – (340,325 ) (792 ) (341,117 ) Subtotal $ $ $ $ Cross-level counterparty netting 473 Cash collateral netting (56,000 ) Net fair value $ Liabilities Interest rates $ ) $ ) $ ) $ ) Credit – (19,141 ) (1,648 ) (20,789 ) Currencies – (81,826 ) (398 ) (82,224 ) Commodities – (15,306 ) (243 ) (15,549 ) Equities (26 ) (53,817 ) (2,664 ) (56,507 ) Gross fair value (29 ) (421,140 ) (5,421 ) (426,590 ) Counterparty netting in levels – 340,325 792 341,117 Subtotal $ ) $ ) $ ) $ ) Cross-level counterparty netting (473 ) Cash collateral netting 42,144 Net fair value $ ) In the table above: • Gross fair values exclude the effects of both counterparty netting and collateral netting, and therefore are not representative of the firm’s exposure. • Counterparty netting is reflected in each level to the extent that receivable and payable balances are netted within the same level and is included in counterparty netting in levels. Where the counterparty netting is across levels, the netting is included in cross-level counterparty netting. • Derivative assets are shown as positive amounts and derivative liabilities are shown as negative amounts. See Note 4 for an overview of the firm’s fair value measurement policies and the valuation techniques and significant inputs used to determine the fair value of derivatives. Significant Unobservable Inputs The table below presents the amount of level 3 derivative assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value level 3 derivatives. Level 3 Assets (Liabilities) and Range of Significant $ in millions, except inputs June 2020 December 2019 Interest rates, net $311 $89 Correlation (40)% to 81% (51%/60%) (42)% to 81% (52%/60%) Volatility (bps) 31 to 150 (70/61) 31 to 150 (70/61) Credit, net $2,327 $1,877 Credit spreads (bps) 1 to 748 (105/67) 1 to 559 (96/53) Upfront credit points 1 to 98 (41/30) 2 to 90 (38/32) Recovery rates 2% to 70% (36%/40%) 10% to 60% (31%/25%) Currencies, net $(94) $(211) Correlation 20% to 70% (39%/41%) 20% to 70% (37%/36%) Commodities, net $331 $247 Volatility 13% to 92% (37%/30%) 9% to 57% (26%/25%) Natural gas spread $(0.86) to $1.40 ($(0.14)/$(0.08)) $(1.93) to $1.69 ($(0.16)/$(0.17)) Oil spread $(0.41) to $18.23 ($7.93/$7.06) $(4.86) to $19.77 ($9.82/$11.15) Equities, net $185 $(1,977) Correlation (77)% to 99% (48%/56%) (70)% to 99% (42%/45%) Volatility 4% to 172% (26%/24%) 2% to 72% (14%/7%) 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 indicates that the majority of the inputs fall in the lower end of the range. • The ranges, averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative. For example, the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 derivatives. • Interest rates, currencies and equities derivatives are valued using option pricing models, credit derivatives are valued using option pricing, correlation and discounted cash flow models, and commodities derivatives are valued using option pricing and discounted cash flow models. • The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash 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 type correlation. • Natural gas spread represents the spread per million British thermal units of natural gas. • Oil spread represents the spread per barrel of oil and refined products. Range of Significant Unobservable Inputs The following provides information about the ranges of significant unobservable inputs used to value the firm’s level 3 derivative instruments: • Correlation. • 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, as of each period-end: • 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 level 3 derivatives. Three Months Six Months Ended $ in millions 2020 2019 2020 2019 Total level 3 derivatives, net Beginning balance $1,660 $ (688 ) $ 25 $ 590 Net realized gains/(losses) 70 (27 ) 136 (20 ) Net unrealized gains/(losses) (76 ) (17 ) 2,110 (107 ) Purchases 157 200 326 300 Sales (264 ) (299 ) (516 ) (375 ) Settlements 1,557 45 945 177 Transfers into level 3 (17 ) 6 (36 ) (5 ) Transfers out of level 3 (27 ) 1,378 70 38 Ending balance $3,060 $ 598 $3,060 $ 598 In the table above: • Changes in fair value are presented for all derivative assets and liabilities that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a derivative was transferred into level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • Positive amounts for transfers into level 3 and negative amounts for transfers out of level 3 represent net transfers of derivative assets. Negative amounts for transfers into level 3 and positive amounts for transfers out of level 3 represent net transfers of derivative liabilities. • A derivative with level 1 and/or level 2 inputs is classified in level 3 in its entirety if it has at least one significant level 3 input. • If there is one significant level 3 input, the entire gain or loss from adjusting only observable inputs (i.e., level 1 and level 2 inputs) is classified in level 3. • Gains or losses that have been classified in level 3 resulting from changes in level 1 or level 2 inputs are frequently offset by gains or losses attributable to level 1 or level 2 derivatives and/or level 1, level 2 and level 3 trading cash instruments. As a result, gains/(losses) included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by product type, for derivatives included in the summary table above. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Interest rates, net Beginning balance $ 266 $ (19 ) $ 89 $ (109 ) Net realized gains/(losses) 1 (14 ) 15 (11 ) Net unrealized gains/(losses) (12 ) 82 170 151 Purchases 19 5 21 6 Sales (8 ) (6 ) (17 ) (8 ) Settlements 26 (11 ) 23 14 Transfers into level 3 6 (9 ) 8 (17 ) Transfers out of level 3 13 2 2 4 Ending balance $ 311 $ 30 $ 311 $ 30 Credit, net Beginning balance $ 2,518 $ 1,874 $ 1,877 $ 1,672 Net realized gains/(losses) 14 9 (1 ) 15 Net unrealized gains/(losses) (152 ) (81 ) 366 45 Purchases 44 33 75 74 Sales (47 ) (26 ) (52 ) (45 ) Settlements 101 (136 ) 41 (170 ) Transfers into level 3 (94 ) 12 10 76 Transfers out of level 3 (57 ) (9 ) 11 9 Ending balance $ 2,327 $ 1,676 $ 2,327 $ 1,676 Currencies, net Beginning balance $ 61 $ 29 $ (211 ) $ 461 Net realized gains/(losses) 6 (8 ) (4 ) (28 ) Net unrealized gains/(losses) (53 ) (76 ) 17 (181 ) Purchases 9 3 9 5 Sales (5 ) (4 ) (5 ) (9 ) Settlements (106 ) 24 105 (276 ) Transfers into level 3 (1 ) (5 ) (3 ) (3 ) Transfers out of level 3 (5 ) 6 (2 ) – Ending balance $ (94 ) $ (31 ) $ (94 ) $ (31 ) Commodities, net Beginning balance $ 388 $ 145 $ 247 $ 112 Net realized gains/(losses) 5 (18 ) 7 (24 ) Net unrealized gains/(losses) 49 21 154 47 Purchases 2 21 32 24 Sales (2 ) (67 ) (5 ) (66 ) Settlements (84 ) 6 (57 ) 15 Transfers into level 3 (18 ) 33 (30 ) 7 Transfers out of level 3 (9 ) (7 ) (17 ) 19 Ending balance $ 331 $ 134 $ 331 $ 134 Equities, net Beginning balance $(1,573 ) $(2,717 ) $(1,977 ) $(1,546 ) Net realized gains/(losses) 44 4 119 28 Net unrealized gains/(losses) 92 37 1,403 (169 ) Purchases 83 138 189 191 Sales (202 ) (196 ) (437 ) (247 ) Settlements 1,620 162 833 594 Transfers into level 3 90 (25 ) (21 ) (68 ) Transfers out of level 3 31 1,386 76 6 Ending balance $ 185 $(1,211 ) $ 185 $(1,211 ) Level 3 Rollforward Commentary Three Months Ended June 2020. The net realized and unrealized losses on level 3 derivatives of $6 million (reflecting $70 million of net realized gains and $76 million of net unrealized losses) for the three months ended June 2020 included gains of $55 million reported in market making and losses of $61 million reported in other principal transactions. The drivers of the net unrealized losses on level 3 derivatives for the three months ended June 2020 were primarily attributable to losses on certain credit derivatives (primarily reflecting the tightening of certain credit spreads), partially offset by gains on certain equity derivatives (primarily reflecting changes in underlying equity prices). The drivers of both transfers into level 3 derivatives and transfers out of level 3 derivatives during the three months ended June 2020 were not material. Six Months Ended June 2020. The net realized and unrealized gains on level 3 derivatives of $2.25 billion (reflecting $136 million of net realized gains and $2.11 billion of net unrealized gains) for the six months ended June 2020 included gains of $2.29 billion reported in market making and losses of $45 million reported in other principal transactions. The net unrealized gains on level 3 derivatives for the six months ended June 2020 were primarily attributable to gains on certain equity derivatives (primarily reflecting the impact of a decrease in underlying equity prices) and gains on certain credit derivatives (primarily reflecting the impact of a decrease in interest rates). The drivers of both transfers into level 3 derivatives and transfers out of level 3 derivatives during the six months ended June 2020 were not material. Three Months Ended June 2019. The net realized and unrealized losses on level 3 derivatives of $44 million (reflecting $27 million of net realized losses and $17 million of net unrealized losses) for the three months ended June 2019 included losses of $29 million reported in market making and $15 million reported in other principal transactions. The drivers of the net unrealized losses on level 3 derivatives for the three months ended June 2019 were not material. The drivers of transfers into level 3 derivatives during the three months ended June 2019 were not material. Transfers out of level 3 derivatives during the three months ended June 2019 primarily reflected transfers of certain equity derivative liabilities to level 2, principally due to certain unobservable inputs no longer being significant to the valuation of these derivatives. Six Months Ended June 2019. The net realized and unrealized losses on level 3 derivatives of $127 million (reflecting $20 million of net realized losses and $107 million of net unrealized losses) for the six months ended June 2019 included losses of $92 million reported in market making and $35 million reported in other principal transactions. The net unrealized losses on level 3 derivatives for the six months ended June 2019 were primarily attributable to losses on certain currency derivatives (primarily reflecting the impact of a decrease in interest rates) and losses on certain equity derivatives (primarily reflecting the impact of an increase in underlying equity prices), partially offset by gains on certain interest rate derivatives (primarily reflecting the impact of a decrease in interest rates). The drivers of both transfers into level 3 derivatives and transfers out of level 3 derivatives during the six months ended June 2019 were not material. OTC Derivatives The table below presents OTC derivative assets and liabilities by tenor and major product type. $ in millions Less than 1 - 5 Greater than Total As of June 2020 Assets Interest rates $ 9,034 $21,613 $74,510 $105,157 Credit 937 3,687 3,801 8,425 Currencies 10,753 6,542 8,298 25,593 Commodities 4,103 1,868 591 6,562 Equities 6,747 8,156 2,005 16,908 Counterparty netting in tenors (2,885 ) (4,258 ) (3,651 ) (10,794 ) Subtotal $28,689 $37,608 $85,554 $151,851 Cross-tenor counterparty netting (20,289 ) Cash collateral netting (72,544 ) Total OTC derivative assets $ Liabilities Interest rates $ 5,353 $13,449 $49,045 $ 67,847 Credit 817 3,696 2,088 6,601 Currencies 11,938 8,303 6,468 26,709 Commodities 4,075 2,066 4,331 10,472 Equities 7,799 10,095 3,282 21,176 Counterparty netting in tenors (2,885 ) (4,258 ) (3,651 ) (10,794 ) Subtotal $27,097 $33,351 $61,563 $122,011 Cross-tenor counterparty netting (20,289 ) Cash collateral netting (55,893 ) Total OTC derivative liabilities $ As of December 2019 Assets Interest rates $ 5,521 $15,183 $57,394 $ 78,098 Credit 678 3,259 3,183 7,120 Currencies 10,236 5,063 6,245 21,544 Commodities 2,507 1,212 302 4,021 Equities 7,332 4,509 1,294 13,135 Counterparty netting in tenors (3,263 ) (3,673 ) (2,332 ) (9,268 ) Subtotal $23,011 $25,553 $66,086 $114,650 Cross-tenor counterparty netting (15,639 ) Cash collateral netting (56,000 ) Total OTC derivative assets $ 43,011 Liabilities Interest rates $ 3,654 $ 9,113 $36,470 $ 49,237 Credit 1,368 4,052 1,760 7,180 Currencies 12,486 6,906 4,036 23,428 Commodities 2,796 1,950 3,804 8,550 Equities 5,755 7,381 3,367 16,503 Counterparty netting in tenors (3,263 ) (3,673 ) (2,332 ) (9,268 ) Subtotal $22,796 $25,729 $47,105 $ 95,630 Cross-tenor counterparty netting (15,639 ) Cash collateral netting (42,144 ) Total OTC derivative liabilities $ In the table above: • Tenor is based on remaining contractual maturity. • Counterparty netting within the same product type and tenor category is included within such product type and tenor category. • Counterparty netting across product types within the same tenor category is included in counterparty netting in tenors. Where the counterparty netting is across tenor categories, the netting is included in cross-tenor counterparty netting. Credit Derivatives The firm enters into a broad array of credit derivatives to facilitate client transactions and to manage the credit risk associated with market-making and investing and financing activities. Credit derivatives are actively managed based on the firm’s net risk position. Credit derivatives are generally individually negotiated contracts and can have various settlement and payment conventions. Credit events include failure to pay, bankruptcy, acceleration of indebtedness, restructuring, repudiation and dissolution of the reference entity. The firm enters into the following types of credit derivatives: • Credit Default Swaps. • Credit Options. • Credit Indices, Baskets and Tranches. pro-rata • 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 June 2020, written credit derivatives had a total gross notional amount of $525.89 billion and purchased credit derivatives had a total gross notional amount of $580.53 billion, for total net notional purchased protection of $54.64 billion. As of December 2019, written credit derivatives had a total gross notional amount of $522.57 billion and purchased credit derivatives had a total gross notional amount of $581.76 billion, for total net notional purchased protection of $59.19 billion. The firm’s written and purchased credit derivatives primarily consist of credit default swaps. The table below presents information about credit derivatives. Credit Spread on Underlier (basis points) $ in millions 0 - 250 251 - 500 501 - Greater than Total As of June 2020 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $ 107,215 $11,462 $ 1,445 $ 4,150 $124,272 1 – 5 years 294,900 32,572 11,986 15,399 354,857 Greater than 5 years 41,751 3,217 1,104 685 46,757 Total $ 443,866 $47,251 $14,535 $20,234 $525,886 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $394,450 $38,181 $13,706 $18,731 $465,068 Other $101,659 $ 8,285 $ 2,398 $ 3,118 $115,460 Fair Value of Written Credit Derivatives Asset $ 6,927 $ $ $ $ 7,745 Liability 277 1,462 888 4,686 7,313 Net asset/(liability) $ 6,650 $ ) $ ) $ ) $ As of December 2019 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $143,566 $ 7,155 $ 759 $ 2,953 $154,433 1 – 5 years 292,444 10,125 5,482 8,735 316,786 Greater than 5 years 48,109 2,260 427 554 51,350 Total $484,119 $19,540 $ 6,668 $12,242 $522,569 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $395,127 $14,492 $ 5,938 $10,543 $426,100 Other $149,092 $ 2,617 $ 1,599 $ 2,354 $155,662 Fair Value of Written Credit Derivatives Asset $ 13,103 $ 446 $ 160 $ 202 $ 13,911 Liability 1,239 448 372 3,490 5,549 Net asset/(liability) $ 11,864 $ (2 ) $ (212 ) $ (3,288 ) $ 8,362 In the table above: • Fair values exclude the effects of both netting of receivable balances with payable balances under enforceable netting agreements, and netting of cash received or posted under enforceable credit support agreements, and therefore are not representative of the firm’s credit exposure. • Tenor is based on remaining contractual maturity. • The credit spread on the underlier, together with the tenor of the contract, are indicators of payment/performance risk. The firm is less likely to pay or otherwise be required to perform where the credit spread and the tenor are lower. • Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underliers. • Other purchased credit derivatives represent the notional amount of all other purchased credit derivatives not included in offsetting. Impact of Credit and Funding Spreads on Derivatives The firm realizes gains or losses on its derivative contracts. These gains or losses include credit valuation adjustments (CVA) relating to uncollateralized derivative assets and liabilities, which represents the gains or losses (including hedges) attributable to the impact of changes in credit exposure, counterparty credit spreads, liability funding spreads (which includes the firm’s own credit), probability of default and assumed recovery. These gains or losses also include funding valuation adjustments (FVA) relating to uncollateralized derivative assets, which represents the gains or losses (including hedges) attributable to the impact of changes in expected funding exposures and funding spreads. The table below presents information about CVA and FVA. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 CVA, net of hedges $(322 ) $(35 ) $ (51 ) $(198 ) FVA, net of hedges 580 38 (179 ) 272 Total $ 258 $ 3 $(230 ) $ 74 Bifurcated Embedded Derivatives The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings. As of $ in millions June December Fair value of assets $ 1,411 $ 1,148 Fair value of liabilities 1,639 1,717 Net liability $ $ 569 Notional amount $11,475 $11,003 In the table above, derivatives that have been bifurcated from their related borrowings are recorded at fair value and primarily consist of interest rate, equity and commodity products. These derivatives are included in unsecured short- and long-term borrowings with the related borrowings. Derivatives with Credit-Related Contingent Features Certain of the firm’s derivatives have been transacted under bilateral agreements with counterparties who may require the firm to post collateral or terminate the transactions based on changes in the firm’s credit ratings. The firm assesses the impact of these bilateral agreements by determining the collateral or termination payments that would occur assuming a downgrade by all rating agencies. A downgrade by any one rating agency, depending on the agency’s relative ratings of the firm at the time of the downgrade, may have an impact which is comparable to the impact of a downgrade by all rating agencies. The table below presents information about net derivative liabilities under bilateral agreements (excluding collateral posted), the fair value of collateral posted and additional collateral or termination payments that could have been called by counterparties in the event of a one- two-notch As of $ in millions June 2020 December 2019 Net derivative liabilities under bilateral agreements $41,968 $32,800 Collateral posted $36,151 $28,510 Additional collateral or termination payments: One-notch $ $ 358 Two-notch $ 1,022 $ 1,268 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. To qualify for hedge accounting, the hedging instrument must be highly effective at reducing the risk from the exposure being hedged. Additionally, the firm must formally document the hedging relationship at inception and assess the hedging relationship at least on a quarterly basis to ensure the hedging instrument continues to be highly effective over the life of the hedging relationship. Fair Value Hedges The firm designates certain interest rate swaps as fair value hedges of certain fixed-rate unsecured long-term and short-term debt and fixed-rate certificates of deposit. These interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate (e.g., London Interbank Offered Rate (LIBOR), Secured Overnight Financing Rate or Overnight Index Swap Rate), 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 (hedging adjustment) and is also included in interest expense. When a derivative is no longer designated as a hedge, any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method. See Note 23 for further information about interest income and interest expense. The table below presents the gains/(losses) from interest rate derivatives accounted for as hedges and the related hedged borrowings and deposits, and total interest expense. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Interest rate hedges $ $ 2,328 $ 6,939 $ 3,584 Hedged borrowings and deposits $ ) $(2,462 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Fair Value Disclosure [Abstract] | |
Investments | Note 8. Investments Investments includes debt instruments and equity securities that are accounted for at fair value and are generally held by the firm in connection with its long-term investing activities. In addition, investments includes debt securities classified as available-for-sale held-to-maturity The table below presents information about investments. As of $ in millions June December Equity securities, at fair value $19,850 $22,163 Debt instruments, at fair value 17,954 16,570 Available-for-sale 32,764 19,094 Investments, at fair value 70,568 57,827 Held-to-maturity 5,750 5,825 Equity method investments 303 285 Total investments $76,621 $63,937 Equity Securities and Debt Instruments, at Fair Value Equity securities and debt instruments, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are recognized in earnings. Equity Securities, at Fair Value. Equity securities, at fair value consists of the firm’s public and private equity-related investments in corporate and real estate entities. The table below presents information about equity securities, at fair value. As of $ in millions June December Equity securities, at fair value $19,850 $22,163 Equity Type Public equity 13% 11% Private equity 87% 89% Total 100% 100% Asset Class Corporate 82% 79% Real estate 18% 21% Total 100% 100% Region Americas 47% 50% EMEA 16% 17% Asia 37% 33% Total 100% 100% In the table above: • Equity securities, at fair value included investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $6.89 billion as of June 2020 and $8.23 billion as of December 2019. Gains recognized as a result of changes in the fair value of equity securities for which the fair value option was elected were $99 million for the three months ended June 2020, $290 million for the three months ended June 2019, $176 million for the six months ended June 2020 and $455 million for the six months ended June 2019. These gains are included in other principal transactions in the consolidated statements of earnings. • Equity securities, at fair value included $2.62 billion as of June 2020 and $3.22 billion as of December 2019 of investments in funds that are measured at NAV. • EMEA represents Europe, Middle East and Africa. Debt Instruments, at Fair Value. Debt instruments, at fair value primarily includes mezzanine, senior and distressed debt. The table below presents information about debt instruments, at fair value. As of $ in millions June December Corporate debt securities $10,703 $10,838 Securities backed by real estate 1,779 2,619 Money market instruments 3,886 1,681 Other 1,586 1,432 Total $17,954 $16,570 In the table above: • Money market instruments primarily includes commercial paper, certificates of deposit and time deposits. The increase in money market instruments from December 2019 to June 2020 was primarily related to the firm’s purchase of commercial paper and certificates of deposit from affiliated and non-affiliated • Other included $1.09 billion as of June 2020 and $983 million as of December 2019 of investments in credit funds that are measured at NAV. Investments in Funds at Net Asset Value Per Share. Equity securities and debt instruments, at fair value include investments in funds that are measured at NAV of the investment fund. The firm uses NAV to measure the fair value of fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value. Substantially all of the firm’s investments in funds at NAV consist of investments in firm-sponsored private equity, credit, real estate and hedge funds where the firm co-invests Private equity funds primarily invest in a broad range of industries worldwide, including leveraged buyouts, recapitalizations, growth investments and distressed investments. Credit funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for leveraged and management buyout transactions, recapitalizations, financings, refinancings, acquisitions and restructurings for private equity firms, private family companies and corporate issuers. Real estate funds invest globally, primarily in real estate companies, loan portfolios, debt recapitalizations and property. Private equity, credit and real estate funds are closed-end The firm also invests in hedge funds, primarily multi-disciplinary hedge funds that employ a fundamental bottom-up Private equity, hedge and real estate funds described above are primarily “covered funds” as defined in 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 (FRB) extended the conformance period to July 2022 for the firm’s investments in, and relationships with, certain legacy “illiquid funds” (as defined in the Volcker Rule) that were in place prior to December 2013. This extension is applicable to substantially all of the firm’s remaining investments in, and relationships with, such covered funds. Substantially all of the credit funds described above are not covered funds. The table below presents the fair value of investments in funds at NAV and the related unfunded commitments. $ in millions Fair Value of Unfunded As of June 2020 Private equity funds $2,215 $ Credit funds 1,088 823 Hedge funds 101 – Real estate funds 306 225 Total $3,710 $1,796 As of December 2019 Private equity funds $2,767 $ 765 Credit funds 983 820 Hedge funds 125 – Real estate funds 331 196 Total $4,206 $1,781 Available-for-Sale Available-for-sale The table below presents information about available-for-sale $ in millions Amortized Fair Weighted As of June 2020 Less than 5 years $26,063 $26,461 0.85% Greater than 5 years 5,965 6,303 1.35% Total $32,028 $32,764 0.95% As of December 2019 Less than 5 years $14,063 $14,041 1.53% Greater than 5 years 4,974 5,053 2.10% Total $19,037 $19,094 1.68% In the table above: • Available-for-sale • The firm sold available-for-sale • The gross unrealized gains included in accumulated other comprehensive income/(loss) were $736 million as of June 2020 and $137 million as of December 2019. The gross unrealized losses included in accumulated other comprehensive income/(loss) were not material as of both June 2020 and December 2019. • Beginning in January 2020, available-for-sale Fair Value of Investments by Level The table below presents investments accounted for at fair value by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of June 2020 Government and agency obligations: U.S. $32,764 $ – $ – $32,764 Non-U.S. – 69 – 69 Corporate debt securities 60 4,071 6,572 10,703 Securities backed by real estate – 899 880 1,779 Money market instruments 21 3,865 – 3,886 Other debt obligations – – 429 429 Equity securities 263 6,930 10,035 17,228 Subtotal $33,108 $15,834 $17,916 $66,858 Investments in funds at NAV 3,710 Total investments $70,568 As of December 2019 Government and agency obligations: U.S. $19,094 $ $ $19,094 Non-U.S. – 36 – 36 Corporate debt securities 48 7,325 3,465 10,838 Securities backed by real estate – 2,024 595 2,619 Money market instruments 732 949 – 1,681 Other debt obligations – 94 319 413 Equity securities 251 7,786 10,903 18,940 Subtotal $20,125 $18,214 $15,282 $53,621 Investments in funds at NAV 4,206 Total investments $57,827 See Note 4 for an overview of the firm’s fair value measurement policies and the valuation techniques and significant inputs used to determine the fair value of investments. Significant Unobservable Inputs The table below presents the amount of level 3 investments, and ranges and weighted averages of significant unobservable inputs used to value such investments. Level 3 Assets and Range of Significant Unobservable Inputs (Weighted Average) as of $ in millions June 2020 December 2019 Corporate debt securities Level 3 assets $6,572 $3,465 Yield 3.5% to 40.0% ( 11.3 ) 5.5% to 29.8% ( 12.0 ) Recovery rate 16.0% to 100.0% ( 62.0 ) 25.0% to 100.0% ( 68.5 ) Duration (years) 2.0 to 8.0 (4.1 ) 2.9 to 5.9 (5.0 ) Multiples 0.4x to 36.7x (7.4x ) 0.6x to 24.4x (7.0x ) Securities backed by real estate Level 3 assets $880 $595 Yield 10.0% to 49.0% ( 17.8 ) 9.4% to 20.3% ( 16.0 ) Recovery rate N/A 33.1% to 34.4% ( 33.5 ) Duration (years) 0.8 to 3.2 (2.4 ) 0.4 to 3.0 (0.9 ) Other debt obligations Level 3 assets $429 $319 Yield 2.2% to 5.7% ( 3.3 ) 3.4% to 5.2% ( 4.5 ) Duration (years) 0.8 to 9.5 (6.3 ) 4.0 to 8.0 (6.7 ) Equity securities Level 3 assets $10,035 $10,903 Multiples 0.3x to 26.9x (9.7x ) 0.8x to 36.0x (8.0x ) Discount rate/yield 2.8% to 28.4% ( 13.8 ) 2.1% to 20.3% ( 13.4 ) Capitalization rate 3.7% to 15.0% ( 6.5 ) 3.6% to 15.1% ( 6.1 ) In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. • Weighted averages are calculated by weighting each input by the relative fair value of the investment. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one investment. For example, the highest multiple for private equity securities is appropriate for valuing a specific private equity security but may not be appropriate for valuing any other private equity security. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 investments. • Increases in yield, discount rate, capitalization rate or duration used in the valuation of level 3 investments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both June 2020 and December 2019. Due to the distinctive nature of each level 3 investment, the interrelationship of inputs is not necessarily uniform within each product type. • Corporate debt securities, securities backed by real estate and other debt obligations are valued using discounted cash flows, and equity securities are valued using market comparables and discounted cash flows. • The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. Level 3 Rollforward The table below presents a summary of the changes in fair value for level 3 investments. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Beginning balance $19,408 $14,276 $15,282 $13,548 Net realized gains/(losses) 40 21 121 71 Net unrealized gains/(losses) (135 ) 367 (1,395 ) 505 Purchases 344 315 811 524 Sales (110 ) (460 ) (1,186 ) (539 ) Settlements (192 ) (156 ) (504 ) (391 ) Transfers into level 3 428 1,466 5,937 2,029 Transfers out of level 3 (1,867 ) (1,432 ) (1,150 ) (1,350 ) Ending balance $17,916 $14,397 $17,916 $14,397 In the table above: • Changes in fair value are presented for all investments that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to investments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If an investment was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 investments, increases are shown as positive amounts, while decreases are shown as negative amounts. The table below presents information, by product type, for investments included in the summary table above. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Corporate debt securities Beginning balance $ 7,149 $ 2,691 $ 3,465 $ 2,540 Net realized gains/(losses) 27 9 78 26 Net unrealized gains/(losses) 35 48 (406 ) 87 Purchases 181 78 244 167 Sales (33 ) (3 ) (209 ) (3 ) Settlements (72 ) (47 ) (226 ) (88 ) Transfers into level 3 87 338 3,800 574 Transfers out of level 3 (802 ) (66 ) (174 ) (255 ) Ending balance $ 6,572 $ 3,048 $ 6,572 $ 3,048 Securities backed by real estate Beginning balance $ $ 411 $ $ 457 Net realized gains/(losses) 7 5 17 14 Net unrealized gains/(losses) (28 ) 3 (104 ) 5 Purchases 7 10 94 17 Sales – – – (7 ) Settlements (26 ) (17 ) (43 ) (59 ) Transfers into level 3 159 – 321 – Transfers out of level 3 (14 ) (17 ) – (32 ) Ending balance $ $ 395 $ $ 395 Other debt obligations Beginning balance $ $ 234 $ $ 216 Net realized gains/(losses) 4 – 7 – Net unrealized gains/(losses) 1 – 17 1 Purchases 14 25 4 39 Sales (15 ) (8 ) – (4 ) Settlements (3 ) – (9 ) (1 ) Transfers into level 3 – – 91 – Ending balance $ $ 251 $ $ 251 Equity securities Beginning balance $11,056 $10,940 $10,903 $10,335 Net realized gains/(losses) 2 7 19 31 Net unrealized gains/(losses) (143 ) 316 (902 ) 412 Purchases 142 202 469 301 Sales (62 ) (449 ) (977 ) (525 ) Settlements (91 ) (92 ) (226 ) (243 ) Transfers into level 3 182 1,128 1,725 1,455 Transfers out of level 3 (1,051 ) (1,349 ) (976 ) (1,063 ) Ending balance $10,035 $10,703 $10,035 $10,703 Level 3 Rollforward Commentary Three Months Ended June 2020. The net realized and unrealized losses on level 3 investments of $95 million (reflecting $40 million of net realized gains and $135 million of net unrealized losses) for the three months ended June 2020 included gains/(losses) of $(170) million reported in other principal transactions and $75 million reported in interest income. The net unrealized losses on level 3 investments for the three months ended June 2020 primarily reflected losses on certain private equity securities principally driven by corporate performance. Transfers into level 3 investments during the three months ended June 2020 primarily reflected transfers of certain private equity securities and securities backed by real estate from level 2, principally due to reduced price transparency as a result of lack of market evidence, including fewer transactions in these instruments. Transfers out of level 3 investments during the three months ended June 2020 primarily reflected transfers of certain private equity securities and corporate debt securities to level 2, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. Six Months Ended June 2020. The net realized and unrealized losses on level 3 investments of $1.27 billion (reflecting $121 million of net realized gains and $1.40 billion of net unrealized losses) for the six months ended June 2020 included gains/(losses) of $(1.41) billion reported in other principal transactions and $132 million reported in interest income. The net unrealized losses on level 3 investments for the six months ended June 2020 primarily reflected losses on certain private equity securities principally driven by corporate performance, and corporate debt securities principally driven by the impact of wider credit spreads and corporate performance. Transfers into level 3 investments during the six months ended June 2020 primarily reflected transfers of certain corporate debt securities from level 2, principally due to certain unobservable yield and duration inputs becoming significant to the valuation of these instruments, and private equity securities from level 2, principally due to reduced price transparency as a result of a lack of market evidence, including fewer transactions in these instruments. Transfers out of level 3 investments during the six months ended June 2020 primarily reflected transfers of certain private equity securities and corporate debt securities to level 2, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. Three Months Ended June 2019. The net realized and unrealized gains on level 3 investments of $388 million (reflecting $21 million of net realized gains and $367 million of net unrealized gains) for the three months ended June 2019 included gains of $342 million reported in other principal transactions and $46 million reported in interest income. The net unrealized gains on level 3 investments for the three months ended June 2019 primarily reflected gains on certain private equity securities, principally driven by corporate performance. Transfers into level 3 investments during the three months ended June 2019 primarily reflected transfers of certain private equity securities and corporate debt securities from level 2, principally due to reduced price transparency as a result of a lack of market evidence, including fewer transactions in these instruments. Transfers out of level 3 investments during the three months ended June 2019 primarily reflected transfers of certain private equity securities to level 2, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. Six Months Ended June 2019. The net realized and unrealized gains on level 3 investments of $576 million (reflecting $71 million of net realized gains and $505 million of net unrealized gains) for the six months ended June 2019 included gains of $481 million reported in other principal transactions and $95 million reported in interest income. The net unrealized gains on level 3 investments for the six months ended June 2019 primarily reflected gains on certain private equity securities, principally driven by corporate performance. Transfers into level 3 investments during the six months ended June 2019 primarily reflected transfers of certain private equity securities and corporate debt securities from level 2, principally due to reduced price transparency as a result of a lack of market evidence, including fewer transactions in these instruments. Transfers out of level 3 investments during the six months ended June 2019 primarily reflected transfers of certain private equity securities and corporate debt securities to level 2, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. Held-to-Maturity Held-to-maturity The table below presents information about held-to-maturity $ in millions Amortized Cost Fair Value Weighted Average Yield As of June 2020 Less than 5 years $3,532 $3,746 2.40% Greater than 5 years 1,533 1,692 2.25% Total U.S. government obligations 5,065 5,438 2.35% Greater than 5 years 685 699 1.30% Total securities backed by real estate 685 699 1.30% Total held-to-maturity $5,750 $6,137 2.23% As of December 2019 Less than 5 years $3,534 $3,613 2.40% Greater than 5 years 1,534 1,576 2.25% Total U.S. government obligations 5,068 5,189 2.35% Less than 5 years 6 6 4.16% Greater than 5 years 751 769 1.67% Total securities backed by real estate 757 775 1.69% Total held-to-maturity $5,825 $5,964 2.27% In the table above: • Substantially all of the securities backed by real estate consist of securities backed by residential real estate. • As these securities are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these securities been included in the firm’s fair value hierarchy, U.S. government obligations would have been classified in level 1 and substantially all securities backed by real estate would have been classified in level 2 of the fair value hierarchy as of both June 2020 and December 2019. • The gross unrealized gains were $392 million as of June 2020 and $141 million as of December 2019. The gross unrealized losses were not material as of both June 2020 and December 2019. • Beginning in January 2020, held-to-maturity |
Loans
Loans | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans | Note 9. Loans Loans include (i) loans held for investment that are accounted for at amortized cost net of allowance for loan losses or at fair value under the fair value option and (ii) loans held for sale that are accounted for at the lower of cost or fair value. Interest on loans is recognized over the life of the loan and is recorded on an accrual basis. The table below presents information about loans. $ in millions Amortized Cost Fair Value Held For Sale Total As of June 2020 Loan Type Corporate $ 54,973 $ 2,904 $1,516 $ 59,393 Wealth management 20,275 7,953 – 28,228 Commercial real estate 14,325 1,958 657 16,940 Residential real estate 4,426 443 25 4,894 Consumer: Installment 4,466 – – 4,466 Credit cards 2,282 – – 2,282 Other 3,685 559 548 4,792 Total loans, gross 104,432 13,817 2,746 120,995 Allowance for loan losses (3,901 ) – – (3,901 ) Total loans $100,531 $13,817 $2,746 $117,094 As of December 2019 Loan Type Corporate $ 41,129 $ 3,224 $1,954 $ 46,307 Wealth management 20,116 7,824 – 27,940 Commercial real estate 13,258 1,876 2,609 17,743 Residential real estate 6,132 792 34 6,958 Consumer: Installment 4,747 – – 4,747 Credit cards 1,858 – – 1,858 Other 3,396 670 726 4,792 Total loans, gross 90,636 14,386 5,323 110,345 Allowance for loan losses (1,441 ) – – (1,441 ) Total loans $ 89,195 $14,386 $5,323 $108,904 The following is a description of the loan types in the table above: • Corporate. • Wealth Management. • Commercial Real Estate. • Residential Real Estate. • Installment. • Credit Cards. • Other. Loans accounted for at amortized cost included PCI loans with a carrying value of $1.62 billion (outstanding principal balance of $3.23 billion and accretable yield of $220 million) as of December 2019, which were secured by commercial and residential real estate. In January 2020, the firm elected the fair value option for these PCI loans in accordance with ASU No. 2016-13. Credit Quality Risk Assessment. The firm’s risk assessment process includes evaluating the credit quality of its loans. For corporate loans and a majority of wealth management, real estate and other loans, the firm performs credit reviews which include initial and ongoing analyses of its borrowers, resulting in an internal credit rating. A credit review is an independent analysis of the capacity and willingness of a borrower to meet its financial obligations and is performed on an annual basis or more frequently if circumstances change that indicate that a review may be necessary. 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 table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans. $ in millions Investment- Grade Non-Investment- Grade Other/ Unrated Total As of June 2020 Accounting Method Amortized cost $33,469 $61,833 $ 9,130 $104,432 Fair value 2,118 4,791 6,908 13,817 Held for sale 268 1,854 624 2,746 Total $35,855 $68,478 $16,662 $120,995 Loan Type Corporate $13,194 $45,655 $544 $ 59,393 Wealth management 19,362 4,397 4,469 28,228 Real estate: Commercial 600 14,423 1,917 16,940 Residential 669 2,923 1,302 4,894 Consumer: Installment – – 4,466 4,466 Credit cards – – 2,282 2,282 Other 2,030 1,080 1,682 4,792 Total $35,855 $68,478 $16,662 $120,995 Secured 74% 89% 55% 80% Unsecured 26% 11% 45% 20% Total 100% 100% 100% 100% As of December 2019 Accounting Method Amortized cost $30,266 $51,222 $ 9,148 $ 90,636 Fair value 2,844 5,174 6,368 14,386 Held for sale 323 4,368 632 5,323 Total $33,433 $60,764 $16,148 $110,345 Loan Type Corporate $10,507 $35,509 $ 291 $ 46,307 Wealth management 20,001 3,576 4,363 27,940 Real estate: Commercial 306 15,997 1,440 17,743 Residential 244 4,600 2,114 6,958 Consumer: Installment – – 4,747 4,747 Credit cards – – 1,858 1,858 Other 2,375 1,082 1,335 4,792 Total $33,433 $60,764 $16,148 $110,345 Secured 83% 91% 54% 83% Unsecured 17% 9% 46% 17% Total 100% 100% 100% 100% In the table above: • Substantially all of the other/unrated wealth management loans consists of loans backed by residential real estate, and real estate and other loans primarily consists of purchased real estate-backed, consumer and credit card loans. The firm’s risk assessment process for these loans includes reviewing certain key metrics, such as loan-to-value • Installment and credit card loans represent loans originated by the firm. An important credit-quality indicator for such loans is the FICO credit score, which measures a borrower’s creditworthiness by considering factors such as payment and credit history. FICO credit scores are periodically refreshed by the firm to assess the updated creditworthiness of the borrower. See “Vintage” below for information about installment and credit card loans by FICO credit scores. The firm also assigns a regulatory risk rating to its loans based on the definitions provided by the U.S. federal bank regulatory agencies. Total loans included 87% of loans as of June 2020 and 91% as of December 2019 that were rated pass/non-criticized. Vintage. The table below presents gross loans accounted for at amortized cost (excluding installment and credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans. As of June 2020 $ in millions Investment- Grade Non-Investment- Grade Other/ Unrated Total 2020 $ 2,807 $ 4,522 $ – $ 7,329 2019 962 8,083 71 9,116 2018 2,211 4,048 – 6,259 2017 911 3,110 19 4,040 2016 306 1,555 – 1,861 2015 or earlier 407 2,485 – 2,892 Revolving 5,098 18,327 51 23,476 Corporate $12,702 $42,130 $ $54,973 2020 $ $ $ – $ 2019 623 414 – 1,037 2018 415 66 – 481 2017 399 76 – 475 2016 30 65 – 95 2015 or earlier 557 207 – 764 Revolving 15,470 1,630 1 17,101 Wealth management $17,751 $ 2,523 $ $20,275 2020 $ $ 1,192 $ $ 1,356 2019 51 1,961 56 2,068 2018 203 2,431 44 2,678 2017 18 1,831 12 1,861 2016 – 188 10 198 2015 or earlier – 752 525 1,277 Revolving – 4,887 – 4,887 Commercial real estate $ $13,242 $ $14,325 2020 $ $ 1,547 $ $ 2,175 2019 – 368 244 612 2018 – 151 302 453 2017 8 66 163 237 2016 – – 2 2 2015 or earlier – – 70 70 Revolving 114 740 23 877 Residential real estate $ $ 2,872 $ $ 4,426 2020 $ – $ $ $ 2019 – 149 51 200 2018 – 47 11 58 2017 – 10 – 10 Revolving 1,957 826 112 2,895 Other $ 1,957 $ 1,066 $ $ 3,685 Total $33,469 $61,833 $2,382 $97,684 Percentage of total 34% 63% 3% 100% In the table above, revolving loans which converted to term loans were not material as of June 2020. The table below presents gross installment loans by refreshed FICO credit scores and origination year and gross credit card loans by refreshed FICO credit scores. As of June 2020 $ in millions Greater than or Less than 660 Total 2020 $ $ $ 2019 1,653 160 1,813 2018 1,186 236 1,422 2017 222 54 276 2016 11 3 14 Installment $3,992 $ $4,466 Credit cards Total consumer $5,644 $1,104 $6,748 Percentage of total: Installment 89% 11% 100% Credit cards 72% 28% 100% In the table above, credit card loans consist of revolving lines of credit. Credit Concentrations. The table below presents the concentration of gross loans by region. $ in millions Carrying Americas EMEA Asia Total As of June 2020 Corporate $ 64% 29% 7% 100% Wealth management 28,228 89% 8% 3% 100% Commercial real estate 16,940 69% 21% 10% 100% Residential real estate 4,894 88% 10% 2% 100% Consumer: Installment 4,466 100% – – 100% Credit cards 2,282 100% – – 100% Other 4,792 85% 14% 1% 100% Total $120,995 74% 20% 6% 100% As of December 2019 Corporate $ 60% 31% 9% 100% Wealth management 27,940 88% 9% 3% 100% Commercial real estate 17,743 69% 21% 10% 100% Residential real estate 6,958 90% 9% 1% 100% Consumer: Installment 4,747 100% – – 100% Credit cards 1,858 100% – – 100% Other 4,792 87% 12% 1% 100% Total $110,345 73% 21% 6% 100% The table below presents the concentration of gross corporate loans by industry. As of $ in millions June December Corporate, gross $59,393 $46,307 Industry Consumer & Retail 8% 7% Diversified Industrials 22% 17% Financial Institutions 9% 10% Funds 7% 9% Healthcare 8% 8% Natural Resources & Utilities 12% 12% Real Estate 8% 7% Technology, Media & Telecommunications 17% 17% Other (including Special Purpose Vehicles) 9% 13% Total 100% 100% The table below presents the firm’s credit exposure from originated installment and credit card loans and the concentration by the five most concentrated U.S. states. As of $ in millions June December Installment $4,466 $4,747 California 12% 12% Texas 9% 9% New York 7% 7% Florida 7% 7% Illinois 4% 4% Other 61% 61% Total 100% 100% Credit Cards $2,282 $1,858 California 19% 21% Texas 9% 9% New York 8% 8% Florida 8% 8% Illinois 4% 4% Other 52% 50% Total 100% 100% Nonaccrual and Past Due Loans. Loans accounted for at amortized cost (other than credit card loans) are placed on nonaccrual status when it is probable that the firm will not collect all principal and interest due under the contractual terms, regardless of the delinquency status or if a loan is past due for 90 days or more, unless the loan is both well collateralized and in the process of collection. At that time, all accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis to the extent the loan balance is deemed collectible. Otherwise, all cash received is used to reduce the outstanding loan balance. A loan is considered past due when a principal or interest payment has not been made according to its contractual terms. Credit card loans are not placed on nonaccrual status and accrue interest until the loan is paid in full or is charged-off. In certain circumstances, the firm may modify the original terms of a loan agreement by granting a concession to a borrower experiencing financial difficulty, typically in the form of a modification of loan covenants, but may also include forbearance of interest or principal, payment extensions or interest rate reductions. These modifications, to the extent significant, are considered troubled debt restructurings (TDRs). Loan modifications that extend payment terms for a period of less than 90 days are generally considered insignificant and therefore not reported as TDRs. In response to the global outbreak of the coronavirus (COVID-19) pandemic, the firm adopted the relief issued under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and certain interpretive guidance issued by the U.S. banking agencies that provides for certain modified loans that would otherwise meet the definition of a TDR to not be classified as such. As of June 2020, the firm had $311 million of loans accounted for at amortized cost that were not classified as TDRs as a result of this relief and interpretive guidance. The table below presents information about past due loans. $ in millions 30-89 days 90 days Total As of June 2020 Corporate $109 $131 $240 Wealth management 6 34 40 Commercial real estate 362 172 534 Residential real estate 3 18 21 Consumer: Installment 40 18 58 Credit cards 22 31 53 Other 14 2 16 Total $556 $406 $962 Total divided by gross loans at amortized cost 0.9% As of December 2019 Corporate $197 $ 42 $239 Wealth management 13 15 28 Commercial real estate 54 123 177 Residential real estate 19 18 37 Consumer: Installment 71 29 100 Credit cards 35 4 39 Other 6 1 7 Total $395 $232 $627 Total divided by gross loans at amortized cost 0.7% The table below presents information about nonaccrual loans. As of $ in millions June 2020 December 2019 Corporate $3,032 $1,122 Wealth management 48 52 Commercial real estate 431 175 Residential real estate 137 143 Installment 30 38 Other 324 – Total $4,002 $1,530 Total divided by gross loans at amortized cost 3.8% 1.7% In the table above: • Nonaccrual loans included $627 million as of June 2020 and $429 million as of December 2019 of loans that were 30 days or more past due. • Loans that were 90 days or more past due and still accruing were not material as of both June 2020 and December 2019. • Nonaccrual loans included $419 million as of June 2020 and $251 million as of December 2019 of corporate and commercial real estate loans that were modified in a troubled debt restructuring. The firm’s lending commitments related to these loans were not material as of both June 2020 and December 2019. Installment loans that were modified in a troubled debt restructuring were not material as of both June 2020 and December 2019. Allowance for Credit Losses The firm’s allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at amortized cost. Loans and lending commitments accounted for at fair value or accounted for at the lower of cost or fair value are not subject to an allowance for credit losses. The firm adopted ASU No. 2016-13 To determine the allowance for credit losses, the firm classifies its loans and lending commitments accounted for at amortized cost into wholesale and consumer portfolios. Prior to January 2020, the firm also had PCI loans which were classified as a separate portfolio. These portfolios represent the level at which the firm has developed and documented its methodology to determine the allowance for credit losses. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and asset-specific basis for loans that do not share similar risk characteristics. Under CECL, the allowance for credit losses takes into account the weighted average of a range of forecasts of future economic conditions over the expected life of the loan and lending commitments. The expected life of each loan or lending commitment is determined based on the contractual term adjusted for extension options or demand features. The forecasts include baseline, favorable and adverse economic scenarios over a three-year period. For loans with expected lives beyond three years, the model reverts to historical loss information based on a non-linear modeled approach. The forecasted economic scenarios consider a number of factors relevant to the wholesale and consumer portfolios described below. The firm applies judgment in weighing individual scenarios each quarter based on a variety of factors, including the firm’s internally derived economic outlook, market consensus, recent macroeconomic conditions and industry trends. The allowance for credit losses also includes qualitative components which allow management to reflect the uncertain nature of economic forecasting and account for model imprecision and concentration risk. Management’s estimate of credit losses entails judgment about loan collectability at the reporting dates, and there are uncertainties inherent in those judgments. The allowance for credit losses is subject to a governance process that involves review and approval by senior management within the firm’s independent risk oversight and control functions. Personnel within the firm’s independent risk oversight and control functions are responsible for forecasting the economic variables that underlie the economic scenarios that are used in the modeling of expected credit losses. While management uses the best information available to determine this estimate, future adjustments to the allowance may be necessary based on, among other things, changes in the economic environment or variances between actual results and the original assumptions used. The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio. As of June 2020 December 2019 $ in millions Loans Lending Commitments Loans Lending Commitments Wholesale Corporate $ $106,051 $41,129 $127,226 Wealth management 20,275 2,756 20,116 2,198 Commercial real estate 14,325 3,005 12,803 3,207 Residential real estate 4,426 1,097 4,965 759 Other 3,685 3,781 3,396 3,029 Consumer Installment 4,466 5 4,747 12 Credit cards 2,282 17,486 1,858 13,669 PCI – – 1,622 – Total $104,432 $134,181 $90,636 $150,100 In the table above, wholesale loans included $3.97 billion as of June 2020 and $1.49 billion as of December 2019 of nonaccrual loans for which the allowance for credit losses was measured on an asset-specific basis. The allowance for credit losses on these loans was $610 million as of June 2020 and $207 million as of December 2019. These loans included $876 million as of June 2020 and $754 million as of December 2019 of loans which did not require a reserve as the loan was deemed to be recoverable. See Note 18 for further information about lending commitments. The following is a description of the methodology used to calculate the allowance for credit losses: Wholesale. The allowance for credit losses for wholesale loans and lending commitments that exhibit similar risk characteristics is measured using a modeled approach. These models determine the probability of default and loss given default based on various risk factors, including internal credit ratings, industry default and loss data, expected life, macroeconomic indicators, the borrower’s capacity to meet its financial obligations, the borrower’s country of risk and industry, loan seniority and collateral type. For lending commitments, the methodology also considers probability of drawdowns or funding. In addition, for loans backed by real estate, risk factors include the loan-to-value and The allowance for loan losses for wholesale loans that do not share similar risk characteristics, such as nonaccrual loans or loans in a troubled debt restructuring, is calculated using the present value of expected future cash flows discounted at the loan’s original effective rate, the observable market price of the loan or the fair value of the collateral. Wholesale loans are charged-off Consumer. The allowance for credit losses for consumer loans that exhibit similar risk characteristics is calculated using a modeled approach which classifies consumer loans into pools based on borrower-related and exposure-related characteristics that differentiate a pool’s risk characteristics from other pools. The factors considered in determining a pool are generally consistent with the risk characteristics used for internal credit risk measurement and management and include key metrics, such as FICO credit scores, delinquency status, loan vintage and macroeconomic indicators. The most significant inputs to the forecast model for consumer loans include unemployment rates and delinquency rates. The expected life of revolving credit card loans is determined by modeling expected future draws and the timing and amount of repayments allocated to the funded balance. The firm does not recognize an allowance for credit losses on credit card lending commitments as they are cancellable by the firm. The allowance for credit losses for consumer loans that do not share similar risk characteristics, such as loans in a troubled debt restructuring, is calculated using the present value of expected future cash flows discounted at the loan’s original effective rate. Installment loans are charged-off charged-off Allowance for Credit Losses Rollforward The table below presents information about the allowance for credit losses. $ in millions Wholesale Consumer PCI Total Six Months Ended June 2020 Allowance for loan losses Beginning balance, reported $ 879 $ 393 $ 169 $1,441 Impact of CECL adoption 452 444 (169 ) 727 Beginning balance, adjusted 1,331 837 – 2,168 Net charge-offs (224 ) (167 ) – (391 ) Provision 1,875 474 – 2,349 Other (225 ) – – (225 ) Ending balance $2,757 $1,144 $ $3,901 Allowance ratio 2.8% 17.0% – 3.7% Net charge-off ratio 0.5% 5.0% – 0.8% Allowance for losses on lending commitments Beginning balance, reported $ 361 $ $ $ 361 Impact of CECL adoption (48 ) – – (48 ) Beginning balance, adjusted 313 – – 313 Provision 177 – – 177 Ending balance $ 490 $ $ $ 490 Year Ended December 2019 Allowance for loan losses Beginning balance $ 658 $ 292 $ $1,066 Net charge-offs (121 ) (317 ) (52 ) (490 ) Provision 469 418 103 990 Other (127 ) – 2 (125 ) Ending balance $ 879 $ 393 $ $1,441 Allowance ratio 1.1% 6.0% 10.4% 1.6% Net charge-off ratio 0.2% 6.2% 3.2% 0.6% Allowance for losses on lending commitments Beginning balance $ 286 $ $ $ 286 Provision 75 – – 75 Ending balance $ 361 $ $ $ 361 In the table above: • Other represents the reduction to the allowance related to loans and lending commitments transferred to held for sale. • The allowance ratio is calculated by dividing the allowance for loan losses by gross loans accounted for at amortized cost. • The net charge-off ratio is calculated by dividing net charge-offs (annualized for interim periods) by average gross loans accounted for at amortized cost. Allowance for Credit Losses Rollforward Commentary Six Months Ended June 2020. The allowance for credit losses increased by $2.59 billion during the six months ended June 2020. The impact of CECL adoption for wholesale and consumer loans was driven by the fact that the allowance under CECL covers expected credit losses over the full expected life of the loan portfolios and also considers forecasts of expected future economic conditions. The impact of CECL adoption for PCI loans was as a result of the firm electing to apply the fair value option for such loans. The provision for credit losses for wholesale and consumer loans reflected the continued impact of the COVID-19 pandemic on economic conditions, which resulted in higher modeled expected losses and lower recoveries. The allowance for loan losses ratio for wholesale loans increased to 2.8% as of June 2020 compared with 1.1% as of December 2019, while the allowance for loan losses ratio for consumer loans increased to 17.0% as of June 2020 compared with 6.0% as of December 2019. The increase in the allowance for loan losses ratio s When modeling expected credit losses, the firm employs a weighted, multivariate forecast, which includes baseline, adverse and favorable economic scenarios. As of June 2020, the forecasted economic scenarios were most heavily weighted towards the baseline and adverse scenarios. The forecasted range for the U.S. unemployment rate in the three scenarios is 6.5% to 15.0% at December 2020 and 4.2% to 9.0% at June 2021. The forecasted range of the decline in U.S. GDP for 2020 in the three scenarios is 3.8% to 6.7%. The forecasted range of the decline in U.S. GDP for the second quarter of 2021 compared with the fourth quarter of 2019 (pre-pandemic) in the three scenarios is 0.1% to 4.1%, with the timing of the recovery of quarterly U.S. GDP to its pre-pandemic level in the three scenarios ranging from the quarters ending June 2021 to June 2022. The forecast model incorporates adjustments to reflect the impact of COVID-19-related concession programs on delinquency rates and also considers the impact of the CARES Act and other economic support programs provided by national governments. While the unemployment rate and GDP are significant inputs to the forecast model, the model contemplates a variety of other inputs across a range of scenarios to provide a forecast of future economic conditions. Given the complex nature of the forecasting process, no single economic variable can be viewed in isolation and independently of other inputs. In addition, the provision for credit losses for wholesale loans was impacted by ratings downgrades and asset-specific provisions primarily related to borrowers in the technology media and communication, diversified industrials, and oil and gas industries. Besides the weaker economic outlook related to the COVID-19 pandemic, the provision for credit losses for consumer loans for the six months ended June 2020 was also impacted by the continued seasoning of the credit card portfolio. Net charge-offs for the six months ended June 2020 for wholesale loans were substantially all primarily Year Ended December 2019. The allowance for credit losses increased by $450 million during the year ended December 2019. The provision for credit losses for wholesale loans was substantially all related to corporate loans for the year ended December 2019. The provision for credit losses related to consumer loans was primarily related to installment loans for the year ended December 2019. Net charge-offs for wholesale loans were primarily related to corporate loans for the year ended December 2019. Net charge-offs Fair Value of Loans by Level The table below presents loans held for investment accounted for at fair value under the fair value option by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of June 2020 Loan Type Corporate $ – $ 1,965 $ 939 $ 2,904 Wealth management – 7,892 61 7,953 Commercial real estate – 874 1,084 1,958 Residential real estate – 175 268 443 Other – 252 307 559 Total $ – $11,158 $2,659 $13,817 As of December 2019 Loan Type Corporate $ – $ 2,472 $ 752 $ 3,224 Wealth management – 7,764 60 7,824 Commercial real estate – 1,285 591 1,876 Residential real estate – 571 221 792 Other – 404 266 670 Total $ – $12,496 $1,890 $14,386 The gains/(losses) as a result of changes in the fair value of loans held for investment for which the fair value option was elected were $12 million for the three months ended June 2020, $200 million for the three months ended June 2019, $(15) million for the six months ended June 2020, and $302 million for the six months ended June 2019. These gains/(losses) were included in other principal transactions. See Note 4 for an overview of the firm’s fair value measurement policies and the valuation techniques and significant inputs used to determine the fair value of loans. Significant Unobservable Inputs The table below presents the amount of level 3 loans, and ranges and weighted averages of significant unobservable inputs used to value such loans. Level 3 Assets and Range of Significant Unobservable Inputs (Weighted Average) as of $ in millions June 2020 December 2019 Corporate Level 3 assets $939 $752 Yield 1.3% to 29.4% ( 10.8 ) 1.9% to 26.3% ( 9.5 ) Recovery rate 15.0% to 80.5% ( 38.6 ) 13.5% to 78.0% ( 44.4 ) Duration (years) 1.6 to 5.3 (3.6 ) 3.7 to 5.8 (3.9 ) Commercial real estate Level 3 assets $1,084 $591 Yield 4.4% to 26.3% ( 13.0 ) 7.0% to 16.0% ( 9.3 ) Recovery rate 9.7% to 91.0% ( 32.6 ) 5.9% to 85.2% ( 48.6 ) Duration (years) 0.4 to 6.7 (2.6 ) 0.2 to 5.3 (3.5 ) Residential real estate Level 3 assets $268 $221 Yield 1.6% to 14.0% ( 12.0 ) 1.1% to 14.0% ( 11.5 ) Duration (years) 0.8 to 2.7 (1.9 ) 1.1 to 4.8 (4.0 ) Wealth management and other Level 3 assets $368 $326 Yield 9.3% to 13.5% ( 10.9 ) 3.9% to 16.0% ( 9.9 ) Duration (years) 1.1 to 5.2 (3.1 ) 1.6 to 6.7 (3.7 ) In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of loan. • Weighted averages are calculated by weighting each input by the relative fair value of the loan. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one loan. For example, the highest yield for residential real estate loans is appropriate for valuing a specific residential real estate loan but may not be appropriate for valuing any other residential real estate loan. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 loans. • Increases in yield or duration used in the valuation of level 3 loans would have resulted in a lower fair value measurement, while increases in recovery rate would have resulted in a higher fair value measurement as of both June 2020 and December 2019. Due to the distinctive nature of each level 3 loan, the interrelationship of inputs is not necessarily uniform within each product type. • Loans are valued using discounted cash flows. Level 3 Rollforward The table below presents a summary of the changes in fair value for level 3 loans. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Beginning balance $2,753 $2,069 $1,890 $1,990 Net realized gains/(losses) 16 21 37 41 Net unrealized gains/(losses) 10 46 (53 ) 46 Purchases 58 117 397 200 Sales – (2 ) (7 ) (10 ) Settlements (173 ) (289 ) (379 ) (433 ) Transfers into level 3 163 243 787 391 Transfers out of level 3 (168 ) (98 ) (13 ) (118 ) Ending balance $2,659 $2,107 $2,659 $2,107 In the table above: • Changes in fair value are presented for loans that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to loans that were still held at period-end. • Purchases includes originations and secondary purchases. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a loan was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. The table below presents information, by loan type, for loans included in the summary table above. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Corporate Beginning balance $1,044 $ 726 $ 752 $ 659 Net realized gains/(losses) 4 5 10 4 Net unrealized gains/(losses) (1 ) 9 (17 ) (8 ) Purchases 37 103 64 139 Sales – (1 ) (7 ) – Settlements (60 ) (124 ) (79 ) (127 ) Transfers into level 3 83 163 229 238 Transfers out of level 3 (168 ) (8 ) (13 ) (32 ) Ending balance $ 939 $ 873 $ 939 $ 873 Commercial real estate Beginning balance $1,063 $ 640 $ 591 $ 677 Net realized gains/(losses) 7 8 16 18 Net unrealized gains/(losses) (13 ) 13 (37 ) 20 Purchases 16 4 285 13 Sales – – – (1 ) Settlements (47 ) (103 ) (171 ) (150 ) Transfers into level 3 58 80 400 65 Ending balance $1,084 $ 642 $1,084 $ 642 Residential real estate Beginning balance $ 260 $ 274 $ 221 $ 290 Net realized gains/(losses) 2 4 1 5 Net unrealized gains/(losses) 15 9 1 10 Purchases 5 2 42 7 Sales – (1 ) – – Settlements (15 ) (24 ) (39 ) (52 ) Transfers into level 3 1 – 42 – Transfers out of level 3 – (90 ) – (86 ) Ending balance $ 268 $ 174 $ 268 $ 174 Wealth management and other Beginning balance $ 386 $ 429 $ 326 $ 364 Net realized gains/(losses) 3 4 10 14 Net unrealized gains/(losses) 9 15 – 24 Purchases – 8 6 41 Sales – – – (9 ) Settlements (51 ) (38 ) (90 ) (104 ) Transfers into level 3 21 – 116 88 Ending balance $ 368 $ 418 $ 368 $ 418 Level 3 Rollforward Commentary Three Months Ended June 2020. The net realized and unrealized gains on level 3 loans of $26 million (reflecting $16 million of net realized gains and $10 million of net unrealized gains) for the three months ended June 2020 included gains of $15 million reported in other principal transactions and $11 million reported in interest income. The drivers of the net unrealized gains on level 3 loans for the three months ended June 2020 were not material. Transfers into level 3 loans during the three months ended June 2020 primarily reflected transfers of certain corporate loans from level 2, principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments. Transfers out of level 3 loans during the three months ended June 2020 reflected transfers of certain corporate loans to level 2, principally due to certain unobservable yield and duration inputs no longer being significant to the valuation of these instruments. Six Months Ended June 2020. The net realized and unrealized losses on level 3 loans of $16 million (reflecting $37 million of net realized gains and $53 million of net unrealized losses) for the six months ended June 2020 included gains/(losses) of $(35) million reported in other principal transactions and $19 million reported in interest income. The drivers of the net unrealized losses on level 3 loans for the six months ended June 2020 were not material. Transfers into level 3 loans during the six months ended June 2020 primarily reflected transfers of certain loans backed by commercial real estate and corporate loans from level 2, principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments. The drivers of transfers out of level 3 loans during the six months ended June 2020 were not material. Three Months Ended June 2019. The net realized and unrealized gains on level 3 loans of $67 million (reflecting $21 million of net realized gains and $46 million of net unrealized gains) for the three months ended June 2019 included gains of $53 million reported in other principal transactions and $14 million reported in interest income. |
Fair Value Option
Fair Value Option | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Note 10. Fair Value Option Other Financial Assets and Liabilities at Fair Value In addition to trading assets and liabilities, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value, substantially all under the fair value option. The primary reasons for electing the fair value option are to: • Reflect economic events in earnings on a timely basis; • Mitigate volatility in earnings from using different measurement attributes (e.g., transfers of financial assets accounted for as financings are recorded at fair value, whereas the related secured financing would be recorded on an accrual basis absent electing the fair value option); and • Address simplification and cost-benefit considerations (e.g., accounting for hybrid financial instruments at fair value in their entirety versus bifurcation of embedded derivatives and hedge accounting for debt hosts). Hybrid financial instruments are instruments that contain bifurcatable embedded derivatives and do not require settlement by physical delivery of nonfinancial assets (e.g., physical commodities). If the firm elects to bifurcate the embedded derivative from the associated debt, the derivative is accounted for at fair value and the host contract is accounted for at amortized cost, adjusted for the effective portion of any fair value hedges. If the firm does not elect to bifurcate, the entire hybrid financial instrument is accounted for at fair value under the fair value option. Other financial assets and liabilities accounted for at fair value under the fair value option include: • Repurchase agreements and resale agreements; • Securities borrowed and loaned in FICC financing; • Most other secured financings, including transfers of assets accounted for as financings and collateralized central bank financings; • Certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; • Certain customer and other receivables, including certain margin loans; and • Certain time deposits (deposits with no stated maturity are not eligible for a fair value option election), including structured certificates of deposit, which are hybrid financial instruments. Fair Value of Other Financial Assets and Liabilities by Level The table below presents, by level within the fair value hierarchy, other financial assets and liabilities at fair value, substantially all of which are accounted for at fair value under the fair value option. $ in millions Level 1 Level 2 Level 3 Total As of June 2020 Assets Resale agreements $ – $ 130,820 $ – $ 130,820 Securities borrowed – 29,119 – 29,119 Customer and other receivables – 52 – 52 Total $ – $ 159,991 $ – $ 159,991 Liabilities Deposits $ – $ (20,761 ) $ (4,217 ) $ (24,978 ) Repurchase agreements – (88,272 ) (10 ) (88,282 ) Securities loaned – (1,053 ) – (1,053 ) Other secured financings – (22,923 ) (1,773 ) (24,696 ) Unsecured borrowings: Short-term – (17,979 ) (6,806 ) (24,785 ) Long-term – (31,563 ) (12,837 ) (44,400 ) Other liabilities – (3 ) (320 ) (323 ) Total $ – $(182,554 ) $(25,963 ) $(208,517 ) As of December 2019 Assets Resale agreements $ – $ $ $ Securities borrowed – 26,279 – 26,279 Customer and other receivables – 53 – 53 Total $ – $ $ $ Liabilities Deposits $ – $ ) $ ) $ ) Repurchase agreements – (117,726 ) (30 ) (117,756 ) Securities loaned – (714 ) – (714 ) Other secured financings – (17,685 ) (386 ) (18,071 ) Unsecured borrowings: Short-term – (20,300 ) (5,707 ) (26,007 ) Long-term – (32,920 ) (10,741 ) (43,661 ) Other liabilities – (1 ) (149 ) (150 ) Total $ – $ ) $ ) $ ) In the table above, other financial assets are shown as positive amounts and other financial liabilities are shown as negative amounts. See Note 4 for an overview of the firm’s fair value measurement policies and the valuation techniques and significant inputs used to determine the fair value of other financial assets and liabilities. Significant Unobservable Inputs See below for information about the significant unobservable inputs used to value level 3 other financial assets and liabilities at fair value as of both June 2020 and December 2019. Other Secured Financings. The ranges and weighted averages of significant unobservable inputs used to value level 3 other secured financings are presented below. These ranges and weighted averages exclude unobservable inputs that are only relevant to a single instrument, and therefore are not meaningful. As of June 2020: • Yield: 2.7% to 3.0% (weighted average: 2.7%) • Duration: 1.1 to 3.6 years (weighted average: 3.2 years) As of December 2019: • Yield: 3.3% to 4.2% (weighted average: 3.5%) • Duration: 0.6 to 2.1 years (weighted average: 1.0 year) Generally, increases in yield or duration, in isolation, would have resulted in a lower fair value measurement as of period-end. Deposits, Unsecured Borrowings and Other Liabilities. Substantially all of the firm’s deposits, unsecured short- and long-term borrowings, and other liabilities that are classified in level 3 are hybrid financial instruments. As the significant unobservable inputs used to value hybrid financial instruments primarily relate to the embedded derivative component of these deposits, unsecured borrowings and other liabilities, these unobservable inputs are incorporated in the firm’s derivative disclosures in Note 7. See Note 13 for further information about deposits, Note 14 for further information about unsecured borrowings and Note 15 for further information about other liabilities. Repurchase Agreements. As of both June 2020 and December 2019, the firm’s level 3 repurchase agreements were not material. Level 3 Rollforward The table below presents a summary of the changes in fair value for level 3 other financial liabilities accounted for at fair value. Three Months Six Months $ in millions 2020 2019 2020 2019 Beginning balance $(21,650 ) $(20,919 ) $(21,036 ) $(19,397 ) Net realized gains/(losses) (109 ) (113 ) (203 ) (225 ) Net unrealized gains/(losses) (1,977 ) (643 ) 777 (1,765 ) Issuances (9,541 ) (4,401 ) (15,206 ) (5,910 ) Settlements 7,707 5,081 11,132 6,606 Transfers into level 3 (628 ) (541 ) (1,622 ) (833 ) Transfers out of level 3 235 717 195 705 Ending balance $(25,963 ) $(20,819 ) $(25,963 ) $(20,819 ) In the table above: • Changes in fair value are presented for all other financial liabilities that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to other financial liabilities that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a financial liability was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 other financial liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • Level 3 other financial liabilities are frequently economically hedged with trading assets and liabilities. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1, 2 or 3 trading assets and liabilities. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by the consolidated balance sheet line items, for liabilities included in the summary table above. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Deposits Beginning balance $ (3,996 ) $ (3,351 ) $ (4,023 ) $ (3,168 ) Net realized gains/(losses) (1 ) (1 ) 4 (3 ) Net unrealized gains/(losses) (79 ) (137 ) (75 ) (269 ) Issuances (3,929 ) (198 ) (4,025 ) (412 ) Settlements 3,796 56 3,919 168 Transfers into level 3 (44 ) (19 ) (66 ) (22 ) Transfers out of level 3 36 28 49 84 Ending balance $ (4,217 ) $ (3,622 ) $ (4,217 ) $ (3,622 ) Repurchase agreements Beginning balance $ ) $ (29 ) $ ) $ (29 ) Net unrealized gains/(losses) (4 ) – (1 ) (4 ) Settlements 6 1 21 5 Ending balance $ ) $ (28 ) $ ) $ (28 ) Other secured financings Beginning balance $ (1,230 ) $ (192 ) $ ) $ (170 ) Net realized gains/(losses) 2 5 5 15 Net unrealized gains/(losses) (32 ) (9 ) 26 (19 ) Issuances (806 ) (6 ) (806 ) (17 ) Settlements 293 – 373 9 Transfers into level 3 – – (985 ) (20 ) Ending balance $ (1,773 ) $ (202 ) $ (1,773 ) $ (202 ) Unsecured short-term borrowings Beginning balance $ (5,411 ) $ (5,513 ) $ (5,707 ) $ (4,076 ) Net realized gains/(losses) (48 ) (46 ) (81 ) (78 ) Net unrealized gains/(losses) (735 ) (72 ) 605 (310 ) Issuances (2,853 ) (2,320 ) (5,339 ) (3,052 ) Settlements 2,572 2,468 4,008 2,325 Transfers into level 3 (445 ) (158 ) (353 ) (256 ) Transfers out of level 3 114 615 61 421 Ending balance $ (6,806 ) $ (5,026 ) $ (6,806 ) $ (5,026 ) Unsecured long-term borrowings Beginning balance $(10,676 ) $(11,702 ) $(10,741 ) $(11,823 ) Net realized gains/(losses) (70 ) (78 ) (146 ) (172 ) Net unrealized gains/(losses) (1,132 ) (384 ) 393 (1,122 ) Issuances (1,945 ) (1,871 ) (5,021 ) (2,416 ) Settlements 1,040 2,556 2,811 4,099 Transfers into level 3 (139 ) (364 ) (218 ) (535 ) Transfers out of level 3 85 74 85 200 Ending balance $(12,837 ) $(11,769 ) $(12,837 ) $(11,769 ) Other liabilities Beginning balance $ ) $ (132 ) $ ) $ (131 ) Net realized gains/(losses) 8 7 15 13 Net unrealized gains/(losses) 5 (41 ) (171 ) (41 ) Issuances (8 ) (6 ) (15 ) (13 ) Ending balance $ ) $ (172 ) $ ) $ (172 ) Level 3 Rollforward Commentary Three Months Ended June 2020. The net realized and unrealized losses on level 3 other financial liabilities of $2.09 billion (reflecting $109 million of net realized losses and $1.98 billion of net unrealized losses) for the three months ended June 2020 included losses of $1.24 billion reported in market making, $10 million reported in other principal transactions and $2 million reported in interest expense in the consolidated statements of earnings and $839 million reported in debt valuation adjustment in the consolidated statements of comprehensive income. The net unrealized losses on level 3 other financial liabilities for the three months ended June 2020 primarily reflected losses on certain hybrid financial instruments included in unsecured long- and short-term borrowings, principally due to an increase in global equity prices. Transfers into level 3 other financial liabilities during the three months ended June 2020 primarily reflected transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings from level 2, principally due to reduced transparency of certain volatility and correlation inputs used to value these instruments. Transfers out of level 3 other financial liabilities during the three months ended June 2020 primarily reflected transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings to level 2, principally due to increased price transparency of certain volatility and correlation inputs used to value these instruments. Six Months Ended June 2020. The net realized and unrealized gains on level 3 other financial liabilities of $574 million (reflecting $203 million of net realized losses and $777 million of net unrealized gains) for the six months ended June 2020 included gains/(losses) of $247 million reported in market making, $55 million reported in other principal transactions and $(5) million reported in interest expense in the consolidated statements of earnings and $277 million reported in debt valuation adjustment in the consolidated statements of comprehensive income. The net unrealized gains on level 3 other financial liabilities for the six months ended June 2020 primarily reflected gains on certain hybrid financial instruments included in unsecured short- and long-term borrowings, principally due to a decrease in global equity prices and interest rates, partially offset by losses on other liabilities and deposits, principally due to changes in the market value of the underlying assets. Transfers into level 3 other financial liabilities during the six months ended June 2020 primarily reflected transfers of certain other secured financings and hybrid financial instruments included in unsecured short- and long-term borrowings from level 2, principally due to reduced transparency of certain volatility and correlation inputs used to value these instruments. Transfers out of level 3 other financial liabilities during the six months ended June 2020 primarily reflected transfers of certain hybrid financial instruments included in unsecured long- and short-term borrowings to level 2, principally due to increased price transparency of certain volatility and correlation inputs used to value these instruments. Three Months Ended June 2019. The net realized and unrealized losses on level 3 other financial liabilities of $756 million (reflecting $113 million of net realized losses and $643 million of net unrealized losses) for the three months ended June 2019 included losses of $659 million reported in market making and $4 million reported in other principal transactions in the consolidated statements of earnings, and $93 million reported in debt valuation adjustment in the consolidated statements of comprehensive income. The net unrealized losses on level 3 other financial liabilities for the three months ended June 2019 primarily reflected losses on certain hybrid financial instruments included in unsecured long-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. Transfers into level 3 other financial liabilities during the three months ended June 2019 primarily reflected transfers of certain hybrid financial instruments included in unsecured long-term and short-term borrowings from level 2, principally due to reduced transparency of certain volatility and correlation inputs used to value these instruments. Transfers out of level 3 other financial liabilities during the three months ended June 2019 primarily reflected transfers of certain hybrid financial instruments included in unsecured short-term borrowings to level 2, principally due to increased transparency of certain volatility and correlation inputs used to value these instruments. Six Months Ended June 2019. The net realized and unrealized losses on level 3 other financial liabilities of $1.99 billion (reflecting $225 million of net realized losses and $1.77 billion of net unrealized losses) for the six months ended June 2019 included losses of $1.53 billion reported in market making and $5 million reported in other principal transactions in the consolidated statements of earnings, and $451 million reported in debt valuation adjustment in the consolidated statements of comprehensive income. The net unrealized losses on level 3 other financial liabilities for the six months ended June 2019 primarily reflected losses on certain hybrid financial instruments included in unsecured long-term and short-term borrowings, principally due to an increase in global equity prices. Transfers into level 3 other financial liabilities during the six months ended June 2019 primarily reflected transfers of certain hybrid financial instruments included in unsecured long-term and short-term borrowings from level 2, principally due to reduced transparency of certain volatility and correlation inputs used to value these instruments. Transfers out of level 3 other financial liabilities during the six months ended June 2019 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 certain volatility and correlation inputs used to value these instruments. Gains and Losses on Other Financial Assets and Liabilities Accounted for at Fair Value Under the Fair Value Option The table below presents the gains and losses recognized in earnings as a result of the election to apply the fair value option to certain financial assets and liabilities. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Unsecured short-term borrowings $(2,352 ) $ (469 ) $ 2,129 $(2,085 ) Unsecured long-term borrowings (2,015 ) (1,920 ) (1,023 ) (4,149 ) Other (492 ) (283 ) (94 ) (760 ) Total $(4,859 ) $(2,672 ) $ 1,012 $(6,994 ) In the table above: • Gains/(losses) were substantially all included in market making. • Gains/(losses) exclude contractual interest, which is included in interest income and interest expense, for all instruments other than hybrid financial instruments. See Note 23 for further information about interest income and interest expense. • Gains/(losses) included in unsecured short- and long-term borrowings were substantially all related to the embedded derivative component of hybrid financial instruments for both the three and six months ended June 2020 and June 2019. 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. • Other primarily consists of gains/(losses) on customer and other receivables, deposits, other secured financings and other liabilities. • Other financial assets and liabilities at fair value are frequently economically hedged with trading assets and liabilities. Accordingly, gains or losses on such other financial assets and liabilities can be partially offset by gains or losses on trading assets and liabilities. As a result, gains or losses on other financial assets and liabilities do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. See Note 8 for information about gains/(losses) on equity securities and Note 9 for information about gains/(losses) on loans which are accounted for at fair value under the fair value option. Gains/(losses) on trading assets and liabilities accounted for at fair value under the fair value option are included in market making. See Note 5 for further information about gains/(losses) from market making. Long-Term Debt Instruments The difference between the aggregate contractual principal amount and the related fair value of long-term other secured financings for which the fair value option was elected was not material as of both June 2020 and December 2019. The difference between the aggregate contractual principal amount of unsecured long-term borrowings for which the fair value option was elected was not material as of June 2020, and the fair value exceeded the aggregate contractual principal amount by $199 million as of December 2019. The amounts above include both principal-protected and non-principal-protected Debt Valuation Adjustment The firm calculates the fair value of financial liabilities for which the fair value option is elected by discounting future cash flows at a rate which incorporates the firm’s credit spreads. The table below presents information about the net debt valuation adjustment (DVA) gains/(losses) on financial liabilities for which the fair value option was elected. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 DVA (pre-tax) $(2,938 ) $(413 ) $933 $(2,302 ) DVA (net of tax) $(2,218 ) $(311 ) $696 $(1,728 ) In the table above: • DVA (net of tax) is included in debt valuation adjustment in the consolidated statements of comprehensive income. • The gains/(losses) reclassified to earnings from accumulated other comprehensive income/(loss) upon extinguishment of such financial liabilities were not material for both the three and six months ended June 2020 and June 2019. Loans and Lending Commitments The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans (included in trading assets and loans on the consolidated balance sheets) for which the fair value option was elected. As of $ in millions June 2020 December 2019 Performing loans Aggregate contractual principal in excess of fair value $ $ 809 Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value $9,298 $6,703 Aggregate fair value $3,376 $2,776 In the table above, the aggregate contractual principal amount of loans on nonaccrual status and/or more than 90 days past due (which excludes loans carried at zero fair value and considered uncollectible) exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below the contractual principal amounts. The fair value of unfunded lending commitments for which the fair value option was elected was a liability of $14 million as of June 2020 and $24 million as of December 2019, and the related total contractual amount of these lending commitments was $1.68 billion as of June 2020 and $1.55 billion as of December 2019. See Note 18 for further information about lending commitments. Impact of Credit Spreads on Loans and Lending Commitments The estimated net gain/(loss) attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected was $(30) million for the three months ended June 2020, $106 million for the three months ended June 2019, $(224) million for the six months ended June 2020 and $183 million for the six months ended June 2019. 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. |
Collateralized Agreements and F
Collateralized Agreements and Financings | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Collateralized Agreements and Financings | Note 11. Collateralized Agreements and Financings Collateralized agreements are resale agreements and securities borrowed. Collateralized financings are repurchase agreements, securities loaned and other secured financings. The firm enters into these transactions in order to, among other things, facilitate client activities, invest excess cash, acquire securities to cover short positions and finance certain firm activities. Collateralized agreements and financings are presented on a net-by-counterparty The table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions. As of $ in millions June 2020 December 2019 Resale agreements $130,820 $ 85,691 Securities borrowed $142,806 $136,071 Repurchase agreements $ 88,282 $117,756 Securities loaned $ 16,560 $ 14,985 In the table above: • Resale agreements and repurchase agreements are carried at fair value under the fair value option. See Note 4 for further information about the valuation techniques and significant inputs used to determine fair value. • Securities borrowed of $29.12 billion as of June 2020 and $26.28 billion as of December 2019, and securities loaned of $1.05 billion as of June 2020 and $714 million as of December 2019 were at fair value. 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”) The firm receives financial instruments purchased under resale agreements and makes delivery of financial instruments sold under repurchase agreements. To mitigate credit exposure, the firm monitors the market value of these financial instruments on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the financial instruments, as appropriate. For resale agreements, the firm typically requires collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated balance sheets. Securities Borrowed and Loaned Transactions In a securities borrowed transaction, the firm borrows securities from a counterparty in exchange for cash or securities. When the firm returns the securities, the counterparty returns the cash or securities. Interest is generally paid periodically over the life of the transaction. In a securities loaned transaction, the firm lends securities to a counterparty in exchange for cash or securities. When the counterparty returns the securities, the firm returns the cash or securities posted as collateral. Interest is generally paid periodically over the life of the transaction. The firm receives securities borrowed and makes delivery of securities loaned. To mitigate credit exposure, the firm monitors the market value of these securities on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the securities, as appropriate. For securities borrowed transactions, the firm typically requires collateral with a fair value approximately equal to the carrying value of the securities borrowed transaction. Securities borrowed and loaned within FICC financing are recorded at fair value under the fair value option. See Note 10 for further information about securities borrowed and loaned accounted for at fair value. Securities borrowed and loaned within Equities financing are recorded based on the amount of cash collateral advanced or received plus accrued interest. As these agreements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates. Therefore, the carrying value of such agreements approximates fair value. As these agreements are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these agreements been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both June 2020 and December 2019. Offsetting Arrangements The table below presents resale and repurchase agreements and securities borrowed and loaned transactions included in the consolidated balance sheets, as well as the amounts not offset in the consolidated balance sheets. Assets Liabilities $ in millions Resale agreements Securities borrowed Repurchase agreements Securities loaned As of June 2020 Included in the consolidated balance sheets Gross carrying value $ $ $ $ Counterparty netting (58,252 ) (4,292 ) (58,252 ) (4,292 ) Total 130,820 142,806 88,282 16,560 Amounts not offset Counterparty netting (8,521 ) (2,453 ) (8,521 ) (2,453 ) Collateral (119,542 ) (132,052 ) (77,994 ) (13,995 ) Total $ $ $ $ As of December 2019 Included in the consolidated balance sheets Gross carrying value $ $ $ $ Counterparty netting (67,291 ) (4,606 ) (67,291 ) (4,606 ) Total 85,691 136,071 117,756 14,985 Amounts not offset Counterparty netting (3,058 ) (2,211 ) (3,058 ) (2,211 ) Collateral (78,528 ) (127,901 ) (114,065 ) (12,614 ) Total $ $ $ $ In the table above: • Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Amounts not offset includes counterparty netting that does not meet the criteria for netting under U.S. GAAP and the fair value of collateral received or posted subject to enforceable credit support agreements. Gross Carrying Value of Repurchase Agreements and Securities Loaned The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged. $ in millions Repurchase agreements Securities loaned As of June 2020 Money market instruments $ $ – U.S. government and agency obligations 79,041 – Non-U.S. 50,276 1,093 Securities backed by commercial real estate 70 – Securities backed by residential real estate 403 – Corporate debt securities 8,554 51 State and municipal obligations 12 – Other debt obligations 3 – Equity securities 7,375 19,708 Total $146,534 $20,852 As of December 2019 Money market instruments $ 158 $ U.S. government and agency obligations 112,903 – Non-U.S. 55,575 1,051 Securities backed by commercial real estate 210 – Securities backed by residential real estate 1,079 – Corporate debt securities 6,857 122 State and municipal obligations 242 – Other debt obligations 196 – Equity securities 7,827 18,418 Total $185,047 $19,591 The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity. As of June 2020 $ in millions Repurchase agreements Securities loaned No stated maturity and overnight $ 71,196 $17,327 2 - 30 days 40,402 726 31 - 90 days 11,391 47 91 days - 1 year 20,586 2,752 Greater than 1 year 2,959 – Total $146,534 $20,852 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 (e.g., pledged commodities, bank loans and mortgage whole loans); • Other structured financing arrangements; and • Collateralized central bank financings. Other secured financings included nonrecourse arrangements. Nonrecourse other secured financings were $14.26 billion as of June 2020 and $10.91 billion as of December 2019. 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 Other secured financings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, which generally approximates fair value. As these financings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these financings been included in the firm’s fair value hierarchy, they would have been classified in level 3 as of June 2020 and primarily classified in level 2 as of December 2019. The table below presents information about other secured financings. $ in millions U.S. Dollar Non-U.S. Dollar Total As of June 2020 Other secured financings (short-term): At fair value $ 7,602 $ 4,698 $12,300 At amortized cost – – – Other secured financings (long-term): At fair value 6,679 5,717 12,396 At amortized cost 517 684 1,201 Total other secured financings $14,798 $11,099 $25,897 Other secured financings collateralized by: Financial instruments $ 7,723 $ 8,932 $16,655 Other assets $ 7,075 $ 2,167 $ 9,242 As of December 2019 Other secured financings (short-term): At fair value $ 2,754 $ 4,441 $ 7,195 At amortized cost 129 – 129 Other secured financings (long-term): At fair value 7,402 3,474 10,876 At amortized cost 397 680 1,077 Total other secured financings $10,682 $ 8,595 $19,277 Other secured financings collateralized by: Financial instruments $ 4,826 $ 7,189 $12,015 Other assets $ 5,856 $ 1,406 $ 7,262 In the table above: • Short-term other secured financings includes financings maturing within one year of the financial statement date and financings that are redeemable within one year of the financial statement date at the option of the holder. • U.S. dollar-denominated short-term other secured financings at amortized cost had a weighted average interest rate of 4.32% as of December 2019. These rates include the effect of hedging activities. • U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 2.39% as of June 2020 and 2.79% as of December 2019. These rates include the effect of hedging activities. • Total other secured financings included $1.78 billion as of June 2020 and $2.16 billion as of December 2019 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets of $1.83 billion as of June 2020 and $2.21 billion as of December 2019, both primarily included in trading assets. • Other secured financings collateralized by financial instruments included $12.39 billion as of June 2020 and $9.09 billion as of December 2019 of other secured financings collateralized by trading assets and loans, and included $4.27 billion as of June 2020 and $2.93 billion as of December 2019 of other secured financings collateralized by financial instruments received as collateral and repledged. The table below presents other secured financings by maturity. $ in millions As of June 2020 Other secured financings (short-term) $12,300 Other secured financings (long-term): 2021 2,928 2022 3,412 2023 1,603 2024 1,455 2025 552 2026 - thereafter 3,647 Total other secured financings (long-term) 13,597 Total other secured financings $25,897 In the table above: • Long-term other secured financings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Long-term other secured financings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable. Collateral Received and Pledged The firm receives cash and securities (e.g., U.S. government and agency obligations, other sovereign and corporate obligations, as well as equity securities) as collateral, primarily in connection with resale agreements, securities borrowed, derivative transactions and customer margin loans. The firm obtains cash and securities as collateral on an upfront or contingent basis for derivative instruments and collateralized agreements to reduce its credit exposure to individual counterparties. In many cases, the firm is permitted to deliver or repledge financial instruments received as collateral when entering into repurchase agreements and securities loaned transactions, primarily in connection with secured client financing activities. The firm is also permitted to deliver or repledge these financial instruments in connection with other secured financings, collateralized derivative transactions and firm or customer settlement requirements. The firm also pledges certain trading assets in connection with repurchase agreements, securities loaned transactions and other secured financings, and other assets (substantially all real estate and cash) in connection with other secured financings to counterparties who may or may not have the right to deliver or repledge them. The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged. As of $ in millions June 2020 December 2019 Collateral available to be delivered or repledged $723,248 $661,490 Collateral that was delivered or repledged $577,968 $558,634 The table below presents information about assets pledged. As of $ in millions June 2020 December 2019 Pledged to counterparties that had the right to deliver or repledge Trading assets $ 70,936 $ 66,605 Investments $ 13,130 $ 10,968 Pledged to counterparties that did not have the right to deliver or repledge Trading assets $ 98,288 $101,578 Investments $ 5,637 $ 849 Loans $ 7,795 $ 6,628 Other assets $ 15,046 $ 12,337 The firm also segregates securities for regulatory and other purposes related to client activity. Such securities are segregated from trading assets and investments, as well as from securities received as collateral under resale agreements and securities borrowed transactions. Securities segregated by the firm were $43.47 billion as of June 2020 and $26.76 billion as of December 2019. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 12. Other Assets The table below presents other assets by type. As of $ in millions June 2020 December 2019 Property, leasehold improvements and equipment $23,730 $21,886 Goodwill and identifiable intangible assets 4,792 4,837 Operating lease right-of-use 2,315 2,360 Income tax-related 2,652 2,068 Miscellaneous receivables and other 4,270 3,731 Total $37,759 $34,882 Property, Leasehold Improvements and Equipment Property, leasehold improvements and equipment is net of accumulated depreciation and amortization of $9.62 billion as of June 2020 and $9.95 billion as of December 2019. Property, leasehold improvements and equipment included $6.38 billion as of June 2020 and $6.16 billion as of December 2019 that the firm uses in connection with its operations, and $399 million as of June 2020 and $521 million as of December 2019 of foreclosed real estate primarily related to distressed loans that were purchased by the firm. The remainder is held by investment entities, including VIEs, consolidated by the firm. Substantially all property and equipment is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years. The firm tests property, leasehold improvements and equipment for impairment 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 or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. There were no material impairments during the three months ended June 2020 and there were $129 million of impairments during the six months ended June 2020. There were no material impairments during both the three and six months ended June 2019. Goodwill and Identifiable Intangible Assets Goodwill. Goodwill is the cost of acquired companies in excess of the fair value of net assets, including identifiable intangible assets, at the acquisition date. The table below presents the carrying value of goodwill by reporting unit. As of $ in millions June 2020 December 2019 Investment Banking $ $ 281 Global Markets: FICC 269 269 Equities 2,508 2,508 Asset Management 390 390 Consumer & Wealth Management: Consumer banking 48 48 Wealth management 700 700 Total $4,196 $4,196 Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its estimated carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment. The quantitative goodwill test compares the estimated fair value of each reporting unit with its 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. An impairment is recognized if the estimated fair value of a reporting unit is less than its estimated net book value. To estimate the fair value of each reporting unit, other than Consumer banking, a relative value technique is used because the firm believes market participants would use this technique to value these reporting units. The relative value technique applies observable price-to-earnings price-to-book In the fourth quarter of 2019, goodwill was tested for impairment using a quantitative test. The estimated fair value of each of the reporting units exceeded its respective net carrying value, and therefore goodwill was not impaired. During the first quarter of 2020, the outbreak of the COVID-19 COVID-19 Identifiable Intangible Assets. The table below presents identifiable intangible assets by reporting unit and type. As of $ in millions June 2020 December 2019 By Reporting Unit Global Markets: FICC $ $ 3 Asset Management 262 265 Consumer & Wealth Management: Consumer banking 6 7 Wealth management 326 366 Total $ $ 641 By Type Customer lists Gross carrying value $ 1,435 $ 1,427 Accumulated amortization (1,067 ) (1,044 ) Net carrying value 368 383 Acquired leases and other Gross carrying value 790 790 Accumulated amortization (562 ) (532 ) Net carrying value 228 258 Total gross carrying value 2,225 2,217 Total accumulated amortization (1,629 ) (1,576 ) Total net carrying value $ $ 641 The firm acquired $55 million of intangible assets during the six months ended June 2020, primarily related to acquired leases, with a weighted average amortization period of 7 years. The firm acquired $515 million of intangible assets during 2019, primarily related to customer lists, with a weighted average amortization period of 10 years. Substantially all of the firm’s identifiable intangible assets have finite useful lives and are amortized over their estimated useful lives generally using the straight-line method. The tables below present information about the amortization of identifiable intangible assets. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Amortization $36 $39 $77 $82 $ in millions As of June 2020 Estimated future amortization Remainder of 2020 $55 2021 $95 2022 $82 2023 $75 2024 $62 2025 $45 The firm tests intangible 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 or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. There were no material impairments during each of the three and six months ended June 2020 and June 2019. Operating Lease Right-of-Use The firm enters into operating leases for real estate, office equipment and other assets, substantially all of which are used in connection with its operations. For leases longer than one year, the firm recognizes a right-of-use An operating lease right-of-use right-of-use non-cash For leases where the firm will derive no economic benefit from leased space that it has vacated or where the firm has shortened the term of a lease when space is no longer needed, the firm will record an impairment or accelerated amortization of right-of-use Miscellaneous Receivables and Other Miscellaneous receivables and other included: • Investments in qualified affordable housing projects of $672 million as of June 2020 and $606 million as of December 2019. • Assets classified as held for sale of $693 million as of June 2020 and $470 million as of December 2019 related to the firm’s consolidated investments within the Asset Management segment, substantially all of which consisted of property and equipment. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Deposits | Note 13. Deposits The table below presents the types and sources of deposits. $ in millions Savings and Demand Time Total As of June 2020 Consumer deposits $ 62,292 $29,448 $ 91,740 Private bank deposits 64,892 4,456 69,348 Brokered certificates of deposit – 40,891 40,891 Deposit sweep programs 21,893 – 21,893 Transaction banking 20,567 4,727 25,294 Other deposits – 19,371 19,371 Total $169,644 $98,893 $268,537 As of December 2019 Consumer deposits $ 44,973 $15,023 $ 59,996 Private bank deposits 53,726 2,087 55,813 Brokered certificates of deposit – 39,449 39,449 Deposit sweep programs 17,760 – 17,760 Transaction banking 2,291 235 2,526 Other deposits – 14,475 14,475 Total $118,750 $71,269 $190,019 In the table above: • Substantially all deposits are interest-bearing. • Savings and demand accounts consist of money market deposit accounts, negotiable order of withdrawal accounts and demand deposit accounts that have no stated maturity or expiration date. • Time deposits included $24.98 billion as of June 2020 and $17.77 billion as of December 2019 of deposits accounted for at fair value under the fair value option. See Note 10 for further information about deposits accounted for at fair value. • Time deposits had a weighted average maturity of approximately 1.3 years as of June 2020 and 1.7 years as of December 2019. • Deposit sweep programs represent long-term contractual agreements with U.S. broker-dealers who sweep client cash to FDIC-insured deposits. As of June 2020, the firm had 13 such deposit sweep program agreements. • Transaction banking deposits consists of deposits that the firm raised through its cash management services business for corporate and other institutional clients. Other deposits represents deposits from institutional clients. • Deposits insured by the FDIC were $129.28 billion as of June 2020 and $103.98 billion as of December 2019. • Deposits insured by the U.K.’s Financial Services Compensation Scheme were $24.45 billion as of June 2020 and $15.86 billion as of December 2019. The table below presents the location of deposits. As of $ in millions June December U.S. offices $210,607 $150,759 Non-U.S. 57,930 39,260 Total $268,537 $190,019 In the table above, U.S. deposits were held at GS Bank USA and substantially all non-U.S. The table below presents maturities of time deposits held in U.S. and non-U.S. As of June 2020 $ in millions U.S. Non-U.S. Total Remainder of 2020 $28,344 $14,001 $42,345 2021 25,756 4,245 30,001 2022 9,614 82 9,696 2023 6,563 115 6,678 2024 4,346 124 4,470 2025 2,269 239 2,508 2026 - thereafter 2,291 904 3,195 Total $79,183 $19,710 $98,893 As of June 2020, deposits in U.S. offices included $20.05 billion and deposits in non-U.S. The firm’s savings and demand deposits are recorded based on the amount of cash received plus accrued interest, which approximates fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its time deposits not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of time deposits not accounted for at fair value approximated fair value as of both June 2020 and December 2019. As these savings and demand deposits and time deposits are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these deposits been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both June 2020 and December 2019. |
Unsecured Borrowings
Unsecured Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Unsecured Borrowings | Note 14. Unsecured Borrowings The table below presents information about unsecured borrowings. As of $ in millions June December Unsecured short-term borrowings $ 44,264 $ 48,287 Unsecured long-term borrowings 222,627 207,076 Total $266,891 $255,363 Unsecured Short-Term Borrowings Unsecured short-term borrowings includes the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder. The firm accounts for certain hybrid financial instruments at fair value under the fair value option. See Note 10 for further information about unsecured short-term borrowings that are accounted for at fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its unsecured short-term borrowings not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of unsecured short-term borrowings that are not recorded at fair value generally approximates fair value due to the short-term nature of the obligations. As these unsecured short-term borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both June 2020 and December 2019. The table below presents information about unsecured short-term borrowings. As of $ in millions June December Current portion of unsecured long-term borrowings $ 23,989 $ 30,636 Hybrid financial instruments 18,274 15,814 Other unsecured short-term borrowings 2,001 1,837 Total unsecured short-term borrowings $ 44,264 $ Weighted average interest rate 1.93% 2.71% In the table above, the weighted average interest rates for these borrowings include the effect of hedging activities and exclude unsecured short-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities. Unsecured Long-Term Borrowings The table below presents information about unsecured long-term borrowings. $ in millions U.S. Dollar Non-U.S. Total As of June 2020 Fixed-rate obligations $104,683 $39,430 $144,113 Floating-rate obligations 45,259 33,255 78,514 Total $ 149,942 $72,685 $222,627 As of December 2019 Fixed-rate obligations $ 92,846 $36,185 $129,031 Floating-rate obligations 47,850 30,195 78,045 Total $140,696 $66,380 $207,076 In the table above: • Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2067 • Floating-rate obligations includes equity-linked and indexed instruments. Floating interest rates are generally based on LIBOR or Euro Interbank Offered Rate. • U.S. dollar-denominated debt had interest rates ranging from 2.00% to 9.30% (with a weighted average rate of 4.22%) as of June 2020 and 2.00% to 10.04% (with a weighted average rate of 3.82%) as of December 2019. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. • Non-U.S. The table below presents unsecured long-term borrowings by maturity. $ in millions As of 2021 $ 17,538 2022 25,803 2023 29,288 2024 19,430 2025 25,276 2026 - thereafter 105,292 Total $222,627 In the table above: • Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included in unsecured short-term borrowings. • Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable. • Unsecured long-term borrowings included $14.26 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: $238 million in 2021, $(20) million in 2022, $279 million in 2023, $787 million in 2024, $1.03 billion in 2025, and $11.95 billion in 2026 and thereafter. The firm designates certain derivatives as fair value hedges to convert a portion of fixed-rate unsecured long-term borrowings not accounted for at fair value into floating-rate obligations. See Note 7 for further information about hedging activities. The table below presents unsecured long-term borrowings, after giving effect to such hedging activities. As of $ in millions June 2020 December Fixed-rate obligations: At fair value $ 1,431 $ 725 At amortized cost 44,594 47,577 Floating-rate obligations: At fair value 42,969 42,936 At amortized cost 133,633 115,838 Total $222,627 $207,076 In the table above, the aggregate amounts of unsecured long-term borrowings had weighted average interest rates of 2.25% (3.68% related to fixed-rate obligations and 1.72% related to floating-rate obligations) as of June 2020 and 2.87% (3.77% related to fixed-rate obligations and 2.48% related to floating-rate obligations) as of December 2019. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. As of both June 2020 and December 2019, 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, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both June 2020 and December 2019. Subordinated Borrowings Unsecured long-term borrowings includes 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. Subordinated debt had maturities ranging from 2021 2045 The table below presents information about subordinated borrowings. $ in millions Par Carrying Rate As of June 2020 Subordinated debt $13,923 $19,237 2.37% Junior subordinated debt 968 1,500 1.42% Total $14,891 $20,737 2.31% As of December 2019 Subordinated debt $14,041 $16,980 3.46% Junior subordinated debt 976 1,328 2.85% Total $15,017 $18,308 3.42% In the table above, the rate is the weighted average interest rate for these borrowings (excluding borrowings accounted for at fair value under the fair value option), including the effect of fair value hedges used to convert fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities. Junior Subordinated Debt In 2004, Group Inc. issued $2.84 billion of junior subordinated debt to Goldman Sachs Capital I (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. As of June 2020, the outstanding par amount of junior subordinated debt held by the Trust was $968 million and the outstanding par amount of Trust Preferred securities and common beneficial interests issued by the Trust was $939 million and $29 million, respectively. As of December 2019, the outstanding par amount of junior subordinated debt held by the Trust was $976 million and the outstanding par amount of Trust Preferred securities and common beneficial interests issued by the Trust was $947 million and $29 million, respectively. During the six months ended June 2020, the firm purchased Trust Preferred securities with a par amount and a carrying value of $7.9 million and $11.0 million and delivered these securities, along with $0.2 million of common beneficial interests, to the Trust in a non-cash 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. 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 Goldman Sachs Capital II and Goldman Sachs Capital III (APEX Trusts) or shares of Group Inc.’s Perpetual Non-Cumulative Non-Cumulative Non-Cumulative The APEX Trusts hold Group Inc.’s Series E Preferred Stock and Series F Preferred Stock. These trusts are Delaware statutory trusts sponsored by the firm and wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes. |
Other Liabilities
Other Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Note 15. Other Liabilities The table below presents other liabilities by type. As of $ in millions June December Compensation and benefits $ 5,957 $ 6,889 Income tax-related 3,671 2,947 Operating lease liabilities 2,325 2,385 Noncontrolling interests 1,025 1,713 Employee interests in consolidated funds 62 81 Accrued expenses and other 10,769 7,636 Total $23,809 $21,651 In the table above, accrued expenses and other includes contract liabilities, which represent consideration received by the firm in connection with its contracts with clients, prior to providing the service. As of both June 2020 and December 2019, the firm’s contract liabilities were not material. Operating Lease Liabilities For leases longer than one year, the firm recognizes a right-of-use right-of-use The table below presents information about operating lease liabilities. $ in millions Operating As of June 2020 Remainder of 2020 $ 2021 314 2022 276 2023 243 2024 225 2025 198 2026 - thereafter 2,393 Total undiscounted lease payments 3,812 Imputed interest (1,487 ) Total operating lease liabilities $ Weighted average remaining lease term 19 years Weighted average discount rate 5.03% As of December 2019 2020 $ 384 2021 308 2022 268 2023 235 2024 219 2025 - thereafter 2,566 Total undiscounted lease payments 3,980 Imputed interest (1,595 ) Total operating lease liabilities $ 2,385 Weighted average remaining lease term 18 years Weighted average discount rate 5.02% In the table above, the weighted average discount rate represents the firm’s incremental borrowing rate as of January 2019 for operating leases existing on the date of adoption of ASU No. 2016-02 Operating lease costs were $110 million for the three months ended June 2020, $125 million for the three months ended June 2019, $223 million for the six months ended June 2020 and $242 million for the six months ended June 2019. Variable lease costs, which are included in operating lease costs, were not material for each of the three and six months ended June 2020 and June 2019. Operating lease liabilities include obligations for office space held in excess of current requirements. Operating lease costs relating to space held for growth is included in occupancy expenses. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for both the six months ended June 2020 and June 2019. Lease payments relating to operating lease arrangements that were signed, but had not yet commenced as of June 2020, were not material. |
Securitization Activities
Securitization Activities | 6 Months Ended |
Jun. 30, 2020 | |
Transfers and Servicing [Abstract] | |
Securitization Activities | Note 16. Securitization Activities The firm securitizes residential and commercial mortgages, corporate bonds, loans and other types of financial assets by selling these assets to securitization vehicles (e.g., trusts, corporate entities and limited liability companies) or through a resecuritization. The firm acts as underwriter of the beneficial interests that are sold to investors. The firm’s residential mortgage securitizations are primarily in connection with government agency securitizations. The firm accounts for a securitization as a sale when it has relinquished control over the transferred financial assets. Prior to securitization, the firm generally accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets. Net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors. The firm generally receives cash in exchange for the transferred assets but may also have continuing involvement with the transferred financial assets, including ownership of beneficial interests in securitized financial assets, primarily in the form of debt instruments. The firm may also purchase senior or subordinated securities issued by securitization vehicles (which are typically VIEs) in connection with secondary market-making activities. The primary risks included in beneficial interests and other interests from the firm’s continuing involvement with securitization vehicles are the performance of the underlying collateral, the position of the firm’s investment in the capital structure of the securitization vehicle and the market yield for the security. Interests accounted for at fair value are classified in level 2 of the fair value hierarchy. Interests not accounted for at fair value are carried at amounts that approximate fair value. See Notes 4 through 10 for further information about fair value measurements. The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement as of the end of the period. Three Months Six Months Ended June $ in millions 2020 2019 2020 2019 Residential mortgages $5,297 $2,772 $ 8,404 $5,303 Commercial mortgages 2,457 3,035 7,453 3,035 Other financial assets 687 174 1,227 346 Total financial assets securitized $8,441 $5,981 $17,084 $8,684 Retained interests cash flows $ 98 $ 85 $ $ 178 In the table above, financial assets securitized included assets of $129 million during the three months ended June 2020, $102 million during the three months ended June 2019, $303 million during the six months ended June 2020 and $206 million during the six months ended June 2019, which were securitized The table below presents information about nonconsolidated securitization entities to which the firm sold assets and had continuing involvement as of the end of the period. $ in millions Outstanding Retained Purchased As of June 2020 U.S. government agency-issued CMOs $16,879 $1,144 $11 Other residential mortgage-backed 24,126 1,068 3 Other commercial mortgage-backed 31,661 712 20 Corporate debt and other asset-backed 4,301 174 10 Total $76,967 $3,098 $44 As of December 2019 U.S. government agency-issued CMOs $14,328 $1,530 $ 3 Other residential mortgage-backed 24,166 1,078 24 Other commercial mortgage-backed 25,588 615 6 Corporate debt and other asset-backed 3,612 149 – Total $67,694 $3,372 $33 In the table above: • CMOs represents collateralized mortgage obligations. • The outstanding principal amount is presented for the purpose of providing information about the size of the securitization entities and is not representative of the firm’s risk of loss. • The firm’s risk of loss from retained or purchased interests is limited to the carrying value of these interests. • Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests. • Substantially all of the total outstanding principal amount and total retained interests relate to securitizations during 2014 and thereafter. • The fair value of retained interests was $3.10 billion as of June 2020 and $3.35 billion as of December 2019. 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 $88 million as of June 2020 and $57 million as of December 2019, and the notional amount of these derivatives and commitments was $1.35 billion as of June 2020 and $1.20 billion as of December 2019. The notional amounts of these derivatives and commitments are included in maximum exposure to loss in the nonconsolidated VIE table in Note 17. The table below presents information about the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests. As of $ in millions June December Fair value of retained interests $ 2,921 $ Weighted average life (years) 5.1 6.0 Constant prepayment rate 15.0% 12.9% Impact of 10% adverse change $ ) $ ) Impact of 20% adverse change $ ) $ ) Discount rate 10.7% 4.7% Impact of 10% adverse change $ ) $ ) Impact of 20% adverse change $ ) $ ) In the table above: • Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests. • Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear. • The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above. • The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value. • The discount rate for retained interests that relate to U.S. government agency-issued CMOs does not include any credit loss. Expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests. The firm has other retained interests not reflected in the table above with a fair value of $174 million and a weighted average life of 3.2 years as of June 2020, and a fair value of $149 million and a weighted average life of 3.3 years as of December 2019. Due to the nature and 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 both June 2020 and December 2019. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $174 million as of June 2020 and $149 million as of December 2019. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 17. Variable Interest Entities A variable interest in a VIE is an investment (e.g., debt or equity) or other interest (e.g., derivatives or loans and lending commitments) that will absorb portions of the VIE’s expected losses and/or receive portions of the VIE’s expected residual returns. The firm’s variable interests in VIEs include senior and subordinated debt; loans and lending commitments; limited and general partnership interests; preferred and common equity; derivatives that may include foreign currency, equity and/or credit risk; guarantees; and certain of the fees the firm receives from investment funds. Certain interest rate, foreign currency and credit derivatives the firm enters into with VIEs are not variable interests because they create, rather than absorb, risk. VIEs generally finance the purchase of assets by issuing debt and equity securities that are either collateralized by or indexed to the assets held by the VIE. The debt and equity securities issued by a VIE may include tranches of varying levels of subordination. The firm’s involvement with VIEs includes securitization of financial assets, as described in Note 16, and investments in and loans to other types of VIEs, as described below. See Note 3 for the firm’s consolidation policies, including the definition of a VIE. VIE Consolidation Analysis The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The firm determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: • Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; • Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; • The VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; • The VIE’s capital structure; • The terms between the VIE and its variable interest holders and other parties involved with the VIE; and • Related-party relationships. The firm reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. The firm reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. VIE Activities The firm is principally involved with VIEs through the following business activities: Mortgage-Backed VIEs. The firm sells residential and commercial mortgage loans and securities to mortgage-backed VIEs and may retain beneficial interests in the assets sold to these VIEs. The firm purchases and sells beneficial interests issued by mortgage-backed VIEs in connection with market-making activities. In addition, the firm may enter into derivatives with certain of these VIEs, primarily interest rate swaps, which are typically not variable interests. The firm generally enters into derivatives with other counterparties to mitigate its risk. Real Estate, Credit- and Power-Related and Other Investing VIEs. The firm purchases equity and debt securities issued by and makes loans to VIEs that hold real estate, performing and nonperforming debt, distressed loans, power-related assets and equity securities. The firm generally does not sell assets to, or enter into derivatives with, these VIEs. Corporate Debt and Other Asset-Backed VIEs. The firm structures VIEs that issue notes to clients, purchases and sells beneficial interests issued by corporate debt and other asset-backed VIEs in connection with market-making activities, and makes loans to VIEs that warehouse corporate debt. Certain of these VIEs synthetically create the exposure for the beneficial interests they issue by entering into credit derivatives with the firm, rather than purchasing the underlying assets. In addition, the firm may enter into derivatives, such as total return swaps, with certain corporate debt and other asset-backed VIEs, under which the firm pays the VIE a return due to the beneficial interest holders and receives the return on the collateral owned by the VIE. The collateral owned by these VIEs is primarily other asset-backed loans and securities. The firm may be removed as the total return swap counterparty and may enter into derivatives with other counterparties to mitigate its risk related to these swaps. The firm may sell assets to the corporate debt and other asset-backed VIEs it structures. Principal-Protected Note VIEs. The firm structures VIEs that issue principal-protected notes to clients. These VIEs own portfolios of assets, principally with exposure to hedge funds. Substantially all of the principal protection on the notes issued by these VIEs is provided by the asset portfolio rebalancing that is required under the terms of the notes. The firm enters into total return swaps with these VIEs under which the firm pays the VIE the return due to the principal-protected note holders and receives the return on the assets owned by the VIE. The firm may enter into derivatives with other counterparties to mitigate its risk. The firm also obtains funding through these VIEs. Investments in Funds. The firm makes equity investments in certain investment fund VIEs it manages and is entitled to receive fees from these VIEs. The firm has generally not sold assets to, or entered into derivatives with, these VIEs. Nonconsolidated VIEs The table below presents a summary of the nonconsolidated VIEs in which the firm holds variable interests. As of $ in millions June December Total nonconsolidated VIEs Assets in VIEs $135,301 $128,069 Carrying value of variable interests — assets $ 9,049 $ 9,526 Carrying value of variable interests — liabilities $ 934 $ 619 Maximum exposure to loss: Retained interests $ 3,098 $ 3,372 Purchased interests 1,634 901 Commitments and guarantees 2,223 2,697 Derivatives 8,467 9,010 Debt and equity 3,953 4,806 Total $ 19,375 $ 20,786 In the table above: • The nature of the firm’s variable interests is described in the rows under maximum exposure to loss. • The firm’s exposure to the obligations of VIEs is generally limited to its interests in these entities. In certain instances, the firm provides guarantees, including derivative guarantees, to VIEs or holders of variable interests in VIEs. • The maximum exposure to loss excludes the benefit of offsetting financial instruments that are held to mitigate the risks associated with these variable interests. • The maximum exposure to loss from retained interests, purchased interests, and debt and equity is the carrying value of these interests. • The maximum exposure to loss from commitments and guarantees, and derivatives is the notional amount, which does not represent anticipated losses and has not been reduced by unrealized losses. As a result, the maximum exposure to loss exceeds liabilities recorded for commitments and guarantees, and derivatives. The table below presents information, by principal business activity, for nonconsolidated VIEs included in the summary table above. As of $ in millions June December Mortgage-backed Assets in VIEs $83,276 $75,354 Carrying value of variable interests — assets $ 3,540 $ 3,830 Maximum exposure to loss: Retained interests $ 2,924 $ 3,223 Purchased interests 616 607 Commitments and guarantees 43 50 Derivatives 390 66 Total $ 3,973 $ 3,946 Real estate, credit- and power-related and other investing Assets in VIEs $20,354 $19,602 Carrying value of variable interests — assets $ 3,031 $ 3,243 Carrying value of variable interests — liabilities $ 9 $ 7 Maximum exposure to loss: Commitments and guarantees $ 978 $ 1,213 Derivatives 77 92 Debt and equity 3,030 3,238 Total $ 4,085 $ 4,543 Corporate debt and other asset-backed Assets in VIEs $16,464 $16,248 Carrying value of variable interests — assets $ 2,068 $ 2,040 Carrying value of variable interests — liabilities $ 925 $ 612 Maximum exposure to loss: Retained interests $ 174 $ 149 Purchased interests 1,018 294 Commitments and guarantees 1,114 1,374 Derivatives 7,997 8,849 Debt and equity 513 1,155 Total $10,816 $11,821 Investments in funds Assets in VIEs $15,207 $16,865 Carrying value of variable interests — assets $ 410 $ 413 Maximum exposure to loss: Commitments and guarantees $ 88 $ 60 Derivatives 3 3 Debt and equity 410 413 Total $ 501 $ 476 As of both June 2020 and December 2019, the carrying values of the firm’s variable interests in nonconsolidated VIEs are included in the consolidated balance sheets as follows: • Mortgage-backed: Assets were primarily included in trading assets and loans. • Real estate, credit- and power-related and other investing: Assets were primarily included in loans and investments and liabilities were included in trading liabilities and other liabilities. • Corporate debt and other asset-backed: Assets were included in trading assets and loans and liabilities were included in trading liabilities. • Investments in funds: Assets were included in investments. Consolidated VIEs The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in consolidated VIEs. As of $ in millions June December Total consolidated VIEs Assets Cash and cash equivalents $ 381 $ 112 Trading assets 94 27 Investments 194 835 Loans 2,043 2,392 Other assets 1,060 1,084 Total $3,772 $4,450 Liabilities Other secured financings $1,405 $1,163 Customer and other payables 33 9 Trading liabilities 184 10 Unsecured short-term borrowings 44 48 Unsecured long-term borrowings 217 214 Other liabilities 365 959 Total $2,248 $2,403 In the table above: • Assets and liabilities are presented net of intercompany eliminations and exclude the benefit of offsetting financial instruments that are held to mitigate the risks associated with the firm’s variable interests. • VIEs in which the firm holds a majority voting interest are excluded if (i) the VIE meets the definition of a business and (ii) the VIE’s assets can be used for purposes other than the settlement of its obligations. • Substantially all assets can only be used to settle obligations of the VIE. The table below presents information, by principal business activity, for consolidated VIEs included in the summary table above. As of $ in millions June December Real estate, credit-related and other investing Assets Cash and cash equivalents $ 185 $ 112 Trading assets 3 26 Investments 194 835 Loans 2,043 2,392 Other assets 1,060 1,084 Total $3,485 $4,449 Liabilities Other secured financings $ 569 $ 684 Customer and other payables 33 9 Trading liabilities 35 10 Other liabilities 365 959 Total $1,002 $1,662 Corporate debt and other asset-backed Assets Cash and cash equivalents $ 196 $ Trading assets 20 – Total $ 216 $ Liabilities Other secured financings $ 460 $ Total $ 460 $ Principal-protected notes Assets Trading assets $ 71 $ 1 Total $ 71 $ 1 Liabilities Other secured financings $ 376 $ 479 Trading liabilities 149 – Unsecured short-term borrowings 44 48 Unsecured long-term borrowings 217 214 Total $ 786 $ 741 In the table above: • The majority of the assets in principal-protected notes VIEs are intercompany and are eliminated in consolidation. • Creditors and beneficial interest holders of real estate, credit-related and other investing VIEs do not have recourse to the general credit of the firm. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Note 18. Commitments, Contingencies and Guarantees Commitments The table below presents commitments by type. As of $ in millions June December Commitment Type Commercial lending: Investment-grade $ 76,035 $ 89,276 Non-investment-grade 46,825 58,718 Warehouse financing 6,709 5,581 Credit cards 17,486 13,669 Total lending 147,055 167,244 Collateralized agreement 72,616 62,093 Collateralized financing 20,402 10,193 Letters of credit 356 456 Investment 5,747 7,879 Other 4,469 6,135 Total commitments $250,645 $254,000 The table below presents commitments by expiration. As of June 2020 $ in millions Remainder of 2021 - 2023 - 2025 - Commitment Type Commercial lending: Investment-grade $ 5,834 $25,334 $38,339 $ 6,528 Non-investment-grade 2,380 11,348 24,028 9,069 Warehouse financing 414 3,987 2,106 202 Credit cards 17,486 – – – Total lending 26,114 40,669 64,473 15,799 Collateralized agreement 70,708 1,908 – – Collateralized financing 20,402 – – – Letters of credit 203 113 – 40 Investment 1,175 1,240 1,052 2,280 Other 4,317 152 – – Total commitments $122,919 $44,082 $65,525 $18,119 Lending Commitments The firm’s commercial and warehouse financing lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing. These commitments are presented net of amounts syndicated to third parties. The total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate all or substantial portions of these commitments. In addition, commitments can expire unused or be reduced or cancelled at the counterparty’s request. The firm also provides credit to consumers by issuing credit card lines. The table below presents information about lending commitments. As of $ in millions June December Held for investment $134,181 $150,100 Held for sale 10,286 15,245 At fair value 2,588 1,899 Total $147,055 $167,244 In the table above: • Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $641 million (including allowance for losses of $490 million) as of June 2020 and $527 million (including allowance for losses of $361 million) as of December 2019. The estimated fair value of such lending commitments was a liability of $4.32 billion as of June 2020 and $3.05 billion as of December 2019. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $2.01 billion as of June 2020 and $1.78 billion as of December 2019 would have been classified in level 2, and $2.30 billion as of June 2020 and $1.27 billion as of December 2019 would have been classified in level 3. • Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $101 million as of June 2020 and $60 million as of December 2019. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 3 as of both June 2020 and December 2019. • Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions. Commercial Lending. The firm’s commercial lending commitments were primarily extended to investment-grade corporate borrowers. Such commitments primarily included $98.86 billion as of June 2020 and $102.50 billion as of December 2019, related to relationship lending activities (principally used for operating and general corporate purposes) and $11.01 billion as of June 2020 and $33.47 billion as of December 2019, related to other investment banking activities (generally extended for contingent acquisition financing and are often intended to be short-term in nature, as borrowers often seek to replace them with other funding sources). The firm also extends lending commitments in connection with other types of corporate lending, as well as commercial real estate financing. See Note 9 for further information about funded loans. 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 $3.72 billion as of June 2020 and $5.74 billion as of December 2019. 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 $750 million, of which no protection had been provided as of June 2020 and December 2019. 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 credit index. Warehouse Financing. The firm provides financing to clients who warehouse financial assets. These arrangements are secured by the warehoused assets, primarily consisting of residential real estate, consumer and corporate loans. Credit Cards. The firm’s credit card lending commitments represents credit card lines issued by the firm to consumers. These credit card lines are cancelable by the firm. Collateralized Agreement Commitments/ Collateralized Financing Commitments Collateralized agreement commitments includes forward starting resale and securities borrowing agreements, and collateralized financing commitments includes forward starting repurchase and secured lending agreements that settle at a future date, generally within three business days. Collateralized agreement commitments also includes transactions where the firm has entered into commitments to provide contingent financing to its clients and counterparties through resale agreements. The firm’s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused. 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 Investment commitments includes commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages. Investment commitments included $2.10 billion as of June 2020 and $2.06 billion as of December 2019, related to commitments to invest in funds managed by the firm. If these commitments are called, they would be funded at market value on the date of investment. Contingencies Legal Proceedings. See Note 27 for information about legal proceedings, including certain mortgage-related matters. Certain Mortgage-Related Contingencies. During the period 2005 through 2008 in connection with both sales and securitizations of loans, the firm provided loan-level representations and/or assigned the loan-level representations from the party from whom the firm purchased the loans. Based on 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. 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 entered into with trustees representing certain trusts. Other Contingencies. In connection with the sale of Metro International Trade Services (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 Residential Mortgage-Backed Securities Working Group of the U.S. Financial Fraud Enforcement Task Force, the firm agreed to provide $1.80 billion in consumer relief by January 2021. As of June 2020, approximately $1.62 billion of such relief was provided. This relief was provided 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. See Note 28 for information related to a guarantee that the firm intends to extend subsequent to June 2020 in connection with the firm’s agreement in principle, subject to the execution of definitive documentation, with the Government of Malaysia to resolve all the criminal and regulatory proceedings in Malaysia involving the firm related to 1Malaysia Development Berhad, a sovereign wealth fund in Malaysia (1MDB). Guarantees The table below presents derivatives that meet the definition of a guarantee, securities lending indemnifications and certain other financial guarantees. $ in millions Derivatives Securities Other As of June 2020 Carrying Value of Net Liability $ 6,503 $ – $ 52 Maximum Payout/Notional Amount by Period of Expiration Remainder of 2020 $ 35,554 $21,500 $1,112 2021 - 2022 80,199 – 2,068 2023 - 2024 28,005 – 2,894 2025 - thereafter 36,806 – 309 Total $180,564 $21,500 $6,383 As of December 2019 Carrying Value of Net Liability $ 3,817 $ $ 27 Maximum Payout/Notional Amount by Period of Expiration 2020 $ 91,814 $17,891 $2,044 2021 - 2022 76,693 – 1,714 2023 - 2024 19,377 – 2,219 2025 - thereafter 36,317 – 149 Total $224,201 $17,891 $6,126 In the table above: • The maximum payout is based on the notional amount of the contract and does not represent anticipated losses. • Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments. • The carrying value for derivatives included derivative assets of $1.59 billion as of June 2020 and $1.56 billion as of December 2019, and derivative liabilities of $8.09 billion as of June 2020 and $5.38 billion as of December 2019. Derivative Guarantees. The firm enters into various derivatives that meet the definition of a guarantee under U.S. GAAP, including written equity and commodity put options, written currency contracts and interest rate caps, floors and swaptions. These derivatives are risk managed together with derivatives that do not meet the definition of a guarantee, and therefore the amounts in the table above do not reflect the firm’s overall risk related to derivative activities. Disclosures about derivatives are not required if they may be cash settled and the firm has no basis to conclude it is probable that the counterparties held the underlying instruments at inception of the contract. The firm has concluded that these conditions have been met for certain large, internationally active commercial and investment bank counterparties, central clearing counterparties, hedge funds and certain other counterparties. 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 $22.11 billion as of June 2020 and $19.14 billion as of December 2019. 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 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 14 for further information about the transactions involving Goldman Sachs Capital I and the APEX Trusts. The firm effectively provides for the full and unconditional guarantee of the securities issued by these entities. Timely payment by the firm of amounts due to these entities under the guarantee, borrowing, preferred stock and related contractual arrangements will be sufficient to cover payments due on the securities issued by these entities. Management believes that it is unlikely that any circumstances will occur, such as nonperformance on the part of paying agents or other service providers, that would make it necessary for the firm to make payments related to these entities other than those required under the terms of the guarantee, borrowing, preferred stock and related contractual arrangements and in connection with certain expenses incurred by these entities. Indemnities and Guarantees of Service Providers. In the ordinary course of business, the firm indemnifies and guarantees certain service providers, such as clearing and custody agents, trustees and administrators, against specified potential losses in connection with their acting as an agent of, or providing services to, the firm or its affiliates. The firm may also be liable to some clients or other parties for losses arising from its custodial role or caused by acts or omissions of third-party service providers, including sub-custodians 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 balance sheets as of both June 2020 and December 2019. 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. These indemnifications generally are standard contractual terms and are entered into in the ordinary course of business. Generally, there are no stated or notional amounts included in these indemnifications, and the contingencies triggering the obligation to indemnify are not expected to occur. The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these arrangements have been recognized in the consolidated balance sheets as of both June 2020 and December 2019. 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. LLC (GS&Co.) and GS Bank USA, subject to certain exceptions. In addition, Group Inc. has provided a guarantee to GS Bank USA related to assets that GS Bank USA has acquired from certain subsidiaries and affiliated funds of Group Inc., and Group Inc. has provided a guarantee to Goldman Sachs International (GSI) related to agreements that GSI has entered into with certain of its counterparties. Group Inc. guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by-transaction |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Shareholders' Equity | Note 19. Shareholders’ Equity Common Equity As of both June 2020 and December 2019, the firm had 4.00 billion authorized shares of common stock and 200 million authorized shares of nonvoting common stock, each with a par value of $0.01 per share. The firm’s share repurchase program is intended to help maintain the appropriate level of common equity. The share repurchase program is effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 The table below presents information about common stock repurchases. June 2020 in millions, except per share amounts Three Months Ended Six Months Ended Common share repurchases – 8.2 Average cost per share $ – $236.35 Total cost of common share repurchases $ – $ 1,928 Pursuant to the terms of certain share-based compensation plans, employees may remit shares to the firm or the firm may cancel share-based awards to satisfy statutory employee tax withholding requirements. Under these plans, during the six months ended June 2020, 3,476 shares were remitted with a total value of $0.9 million and the firm cancelled 3.3 million share-based awards with a total value of $819 million. The table below presents common stock dividends declared. Three Months Ended June Six Months Ended June 2020 2019 2020 2019 Dividends declared per common share $1.25 $0.85 $2.50 $1.65 On July 14, 2020, the Board of Directors of Group Inc. declared a dividend of $1.25 per common share to be paid on September 29, 2020 to common shareholders of record on September 1, 2020. Preferred Equity The tables below present information about the perpetual preferred stock issued and outstanding as of June 2020. Series Shares Authorized Shares Issued Shares Outstanding Depositary Shares Per Share A 50,000 30,000 29,999 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 7,667 7,667 N/A F 5,000 1,615 1,615 N/A J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 M 80,000 80,000 80,000 25 N 31,050 27,000 27,000 1,000 O 26,000 26,000 26,000 25 P 66,000 60,000 60,000 25 Q 20,000 20,000 20,000 25 R 24,000 24,000 24,000 25 S 14,000 14,000 14,000 25 Total 496,750 420,282 420,280 Series Earliest Redemption Date Liquidation Preference Redemption Value ($ in millions) A Currently redeemable $ 25,000 $ C Currently redeemable $ 25,000 200 D Currently redeemable $ 25,000 1,350 E Currently redeemable $100,000 767 F Currently redeemable $100,000 161 J May 10, 2023 $ 25,000 1,000 K May 10, 2024 $ 25,000 700 M Currently redeemable $ 25,000 2,000 N May 10, 2021 $ 25,000 675 O November 10, 2026 $ 25,000 650 P November 10, 2022 $ 25,000 1,500 Q August 10, 2024 $ 25,000 500 R February 10, 2025 $ 25,000 600 S February 10, 2025 $ 25,000 350 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 • Prior to redeeming preferred stock, the firm must receive approval from the FRB. • In January 2020, the firm issued 14,000 shares of Series S 4.40% Fixed-Rate Reset Non-Cumulative • The redemption price per share for Series A through F and Series Q through S Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series J through P Preferred Stock is the liquidation preference plus accrued and unpaid dividends. Each share of Series E and Series F Preferred Stock 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 14 for information about the replacement capital covenants applicable to the Series E and Series F Preferred Stock. • All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation. • The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period. In the first quarter of 2020, the firm redeemed the remaining 14,000 outstanding shares of its Series L 5.70% Non-Cumulative In 2019, the firm redeemed 38,000 shares of its outstanding Series L Preferred Stock with a redemption value of $950 million ($25,000 per share), plus accrued and unpaid dividends. In addition, in 2019, the firm redeemed the remaining 6,000 outstanding shares of its Series B 6.20% Non-Cumulative The table below presents the dividend rates of perpetual preferred stock as of June 2020. Series Per Annum Dividend Rate A 3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly C 3 month LIBOR + 0.75%, with floor of 4.00%, payable quarterly D 3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly E 3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly F 3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly J 5.50% to, but excluding, May 10, 2023; K 6.375% to, but excluding, May 10, 2024; M 3 month LIBOR + 3.922%, payable quarterly N 6.30%, payable quarterly O 5.30%, payable semi-annually, from issuance date to, but excluding, P 5.00%, payable semi-annually, from issuance date to, but excluding, Q 5.50%, payable semi-annually, from issuance date to, but excluding, R 4.95%, payable semi-annually, from issuance date to, but excluding, S 4.40%, payable semi-annually, from issuance date to, but excluding, In the table above, dividends on each series of preferred stock are payable in arrears for the periods specified. The table below presents preferred stock dividends declared. 2020 2019 Series per share $ in millions per share $ in millions Three Months Ended June A $ $ 7 $ 229.17 $ 7 B $ – – $ 387.50 3 C $ 2 $ 244.44 2 D $ 14 $ 244.44 14 E $1,011.11 8 $1,044.44 8 F $1,011.11 1 $1,044.44 1 J $ 14 $ 343.75 14 K $ 11 $ 398.44 11 L $ – – $ 712.50 37 M $ 54 $ 671.88 54 N $ 10 $ 393.75 10 O $ 17 $ 662.50 17 P $ 38 $ 625.00 38 Total $176 $216 Six Months Ended June A $ $ 14 $ 463.55 $ 14 B $ – – $ 775.00 5 C $ 4 $ 494.44 4 D $ 27 $ 494.44 27 E $2,022.22 15 $2,022.22 15 F $2,022.22 3 $2,022.22 3 J $ 28 $ 687.50 28 K $ 22 $ 796.88 22 L $ 4 $ 712.50 37 M $ 54 $ 671.88 54 N $ 21 $ 787.50 21 O $ 17 $ 662.50 17 P $ 38 $ 625.00 38 Q $ 18 $ – Total $265 $285 On July 7, 2020, Group Inc. declared dividends of $236.98 per share of Series A Preferred Stock, $252.78 per share of Series C Preferred Stock, $252.78 per share of Series D Preferred Stock, $343.75 per share of Series J Preferred Stock, $398.44 per share of Series K Preferred Stock, $276.14 per share of Series M Preferred Stock, $393.75 per share of Series N Preferred Stock, $687.50 per share of Series Q Preferred Stock, $910.94 per share of Series R Preferred Stock and $586.67 per share of Series S Preferred Stock to be paid on August 10, 2020 to preferred shareholders of record on July 26, 2020. In addition, the firm declared dividends of $1,022.22 per share of Series E Preferred Stock and $1,022.22 per share of Series F Preferred Stock to be paid on September 1, 2020 to preferred shareholders of record on August 17, 2020. Accumulated Other Comprehensive Income/(Loss) The table below presents changes in the accumulated other comprehensive income/(loss), net of tax, by type. $ in millions Beginning Other Ending Three Months Ended June 2020 Currency translation $ ) $ ) $(677 ) Debt valuation adjustment 2,342 (2,218 ) 124 Pension and postretirement liabilities (335 ) (4 ) (339 ) Available-for-sale 563 (12 ) 551 Total $ 1,937 $(2,278 ) $(341 ) Three Months Ended June 2019 Currency translation $ ) $ $ ) Debt valuation adjustment 90 (311 ) (221 ) Pension and postretirement liabilities (88 ) (2 ) (90 ) Available-for-sale 2 104 106 Total $ ) $ ) $ ) Six Months Ended June 2020 Currency translation $ ) $ ) $(677 ) Debt valuation adjustment (572 ) 696 124 Pension and postretirement liabilities (342 ) 3 (339 ) Available-for-sale 46 505 551 Total $(1,484 ) $ 1,143 $(341 ) Six Months Ended June 2019 Currency translation $ ) $ $ ) Debt valuation adjustment 1,507 (1,728 ) (221 ) Pension and postretirement liabilities (81 ) (9 ) (90 ) Available-for-sale (112 ) 218 106 Total $ $ ) $ ) |
Regulation and Capital Adequacy
Regulation and Capital Adequacy | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Regulation and Capital Adequacy | Note 20. Regulation and Capital Adequacy The FRB is the primary regulator of Group Inc., a BHC under the U.S. Bank Holding Company Act of 1956 and a financial holding company under amendments to this Act. The firm is subject to consolidated regulatory capital requirements which are calculated in accordance with the regulations of the FRB (Capital Framework). The capital requirements are expressed as risk-based capital and leverage ratios that compare measures of regulatory capital to risk-weighted assets (RWAs), average assets and off-balance Capital Framework The regulations under the Capital Framework are largely based on the Basel Committee on Banking Supervision’s (Basel Committee) capital framework for strengthening international capital standards (Basel III) and also implement certain provisions of the Dodd-Frank Act. Under the Capital Framework, the firm is an “Advanced approach” banking organization and has been designated as a global systemically important bank (G-SIB). The capital requirements calculated in accordance with the Capital Framework include the minimum risk-based capital and leverage ratios. In addition, the risk-based capital requirements include the capital conservation buffer, countercyclical capital buffer and the G-SIB The firm calculates its CET1 capital, Tier 1 capital and Total capital ratios in accordance with (i) the Standardized approach and market risk rules set out in the Capital Framework (together, the Standardized Capital Rules) and (ii) the Advanced approach and market risk rules set out in the Capital Framework (together, the Advanced Capital Rules). The lower of each risk-based capital ratio calculated in (i) and (ii) is the ratio against which the firm’s compliance with its risk-based capital requirements is assessed. Under the Capital Framework, the firm is also subject to leverage requirements which consist of a minimum Tier 1 leverage ratio and a minimum supplementary leverage ratio (SLR), as well as the SLR buffer. Consolidated Regulatory Risk-Based Capital and Leverage Ratios The table below presents the risk-based capital and leverage requirements. Requirements Risk-based capital requirements CET1 capital ratio 9.5% Tier 1 capital ratio 11.0% Total capital ratio 13.0% Leverage requirements Tier 1 leverage ratio 4.0% SLR 5.0% In the table above: • As of both June 2020 and December 2019, the CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. The requirements also include the capital conservation buffer of 2.5%, the G-SIB • The G-SIB G-SIB G-SIB. • The Tier 1 leverage ratio requirement is a minimum of 4%. The SLR requirement of 5% includes a minimum of 3% and a 2% buffer applicable to G-SIBs. The table below presents information about risk-based capital ratios. $ in millions Standardized Advanced As of June 2020 CET1 capital $ 74,705 $ 74,705 Tier 1 capital $ 85,777 $ 85,777 Tier 2 capital $ 16,019 $ 14,110 Total capital $101,796 $ 99,887 RWAs $563,109 $628,369 CET1 capital ratio 13.3% 11.9% Tier 1 capital ratio 15.2% 13.7% Total capital ratio 18.1% 15.9% As of December 2019 CET1 capital $ 74,850 $ 74,850 Tier 1 capital $ 85,440 $ 85,440 Tier 2 capital $ 14,925 $ 13,473 Total capital $100,365 $ 98,913 RWAs $563,575 $544,653 CET1 capital ratio 13.3% 13.7% Tier 1 capital ratio 15.2% 15.7% Total capital ratio 17.8% 18.2% In the table above: • The lower of the Standardized or Advanced ratio is the ratio against which the firm’s compliance with the capital requirements is assessed under the risk-based Capital Rules, and therefore, the Advanced ratios applied to the firm as of June 2020 and the Standardized ratios applied to the firm as of December 2019. • As permitted by the FRB, the firm has elected to temporarily delay the estimated effects of adopting CECL on regulatory capital until January 2022 and to subsequently phase-in • The FRB permits banking organizations to exclude assets acquired in connection with their participation in the Federal Reserve’s Money Market Mutual Fund Liquidity Facility (MMLF) from their calculation of risk-based capital and leverage ratios. The firm has opted to exclude such assets from the calculations of these ratios as of June 2020. The impact of the exclusion of such assets was not material as of June 2020. The table below presents information about leverage ratios. For the Three Months $ in millions June 2020 December Tier 1 capital $ $ 85,440 Average total assets $1,133,226 $ 983,909 Deductions from Tier 1 capital (4,969 ) (5,275 ) Average adjusted total assets 1,128,257 978,634 Impact of SLR temporary amendment (183,235 ) – Average off-balance 363,223 396,833 Total leverage exposure $1,308,245 $1,375,467 Tier 1 leverage ratio 7.6% 8.7% SLR 6.6% 6.2% In the table above: • Average total assets represents the average daily assets for the quarter, and for the three months ended June 2020, reflected the impact of CECL transition and exclusion of assets acquired in connection with the firm’s participation in the Federal Reserve’s MMLF. • Impact of SLR temporary amendment represents the exclusion of average holdings of U.S . • Average off-balance • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. Risk-Based Capital. The table below presents information about risk-based capital. As of $ in millions June December Common shareholders’ equity $ 78,826 $ 79,062 Impact of CECL transition 1,116 – Deduction for goodwill (3,524 ) (3,529 ) Deduction for identifiable intangible assets (574 ) (604 ) Other adjustments (1,139 ) (79 ) CET1 capital 74,705 74,850 Preferred stock 11,203 11,203 Deduction for investments in covered funds (125 ) (610 ) Other adjustments (6 ) (3 ) Tier 1 capital $ 85,777 $ 85,440 Standardized Tier 2 and Total capital Tier 1 capital $ 85,777 $ 85,440 Qualifying subordinated debt 12,817 12,847 Junior subordinated debt 188 284 Allowance for credit losses 3,065 1,802 Other adjustments (51 ) (8 ) Standardized Tier 2 capital 16,019 14,925 Standardized Total capital $101,796 $100,365 Advanced Tier 2 and Total capital Tier 1 capital $ 85,777 $ 85,440 Standardized Tier 2 capital 16,019 14,925 Allowance for credit losses (3,065 ) (1,802 ) Other adjustments 1,156 350 Advanced Tier 2 capital 14,110 13,473 Advanced Total capital $ 99,887 $ 98,913 In the table above: • Impact of CECL transition represents the impact of adoption as of January 1, 2020 and the impact of increasing regulatory capital by 25% of the increase in allowance for credit losses since January 1, 2020. The allowance for credit losses within Standardized and Advanced Tier 2 capital also reflects the impact of these adjustments. • Deduction for goodwill was net of deferred tax liabilities of $672 million as of June 2020 and $667 million as of December 2019. • Deduction for identifiable intangible assets was net of deferred tax liabilities of $22 million as of June 2020 and $37 million as of December 2019. • Deduction for investments in covered funds represents the firm’s aggregate investments in applicable covered funds, excluding investments that are subject to an extended conformance period. See Note 8 for further information about the Volcker Rule. • Other adjustments within CET1 capital and Tier 1 capital primarily include credit valuation adjustments on derivative liabilities, the overfunded portion of the firm’s defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, debt valuation adjustments and other required credit risk-based deductions. Other adjustments within Advanced Tier 2 capital include eligible credit reserves. • Qualifying subordinated debt is subordinated debt issued by Group Inc. with an original maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced upon reaching a remaining maturity of five years. See Note 14 for further information about the firm’s subordinated debt. • Junior subordinated debt is debt issued to a Trust. As of June 2020, 20% of this debt was included in Tier 2 capital and 80% was phased out of regulatory capital. As of December 2019, 30% of this debt was included in Tier 2 capital and 70% was phased out of regulatory capital. Junior subordinated debt 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 14 for further information about the firm’s junior subordinated debt and Trust Preferred securities. The table below presents changes in CET1 capital, Tier 1 capital and Tier 2 capital. $ in millions Standardized Advanced Six Months Ended June 2020 CET1 capital Beginning balance $ 74,850 $74,850 Change in: Common shareholders’ equity (236 ) (236 ) Impact of CECL transition 1,116 1,116 Deduction for goodwill 5 5 Deduction for identifiable intangible assets 30 30 Other adjustments (1,060 ) (1,060 ) Ending balance $ 74,705 $74,705 Tier 1 capital Beginning balance $ 85,440 $85,440 Change in: CET1 capital (145 ) (145 ) Deduction for investments in covered funds 485 485 Other adjustments (3 ) (3 ) Ending balance 85,777 85,777 Tier 2 capital Beginning balance 14,925 13,473 Change in: Qualifying subordinated debt (30 ) (30 ) Junior subordinated debt (96 ) (96 ) Allowance for credit losses 1,263 – Other adjustments (43 ) 763 Ending balance 16,019 14,110 Total capital $101,796 $99,887 Year Ended December 2019 CET1 capital Beginning balance $ 73,116 $73,116 Change in: Common shareholders’ equity 80 80 Deduction for goodwill (432 ) (432 ) Deduction for identifiable intangible assets (307 ) (307 ) Other adjustments 2,393 2,393 Ending balance $ 74,850 $74,850 Tier 1 capital Beginning balance $ 83,702 $83,702 Change in: CET1 capital 1,734 1,734 Deduction for investments in covered funds 5 5 Other adjustments (1 ) (1 ) Ending balance 85,440 85,440 Tier 2 capital Beginning balance 14,926 13,743 Change in: Qualifying subordinated debt (300 ) (300 ) Junior subordinated debt (158 ) (158 ) Allowance for credit losses 449 – Other adjustments 8 188 Ending balance 14,925 13,473 Total capital $100,365 $98,913 RWAs. RWAs are calculated in accordance with both the Standardized and Advanced Capital Rules. Credit Risk Credit RWAs are calculated based on measures of exposure, which are then risk weighted under the Standardized and Advanced Capital Rules: • The Standardized Capital Rules apply prescribed risk-weights, which depend largely on the type of counterparty. The exposure measure for derivatives and securities financing transactions are based on specific formulas which take certain factors into consideration. • Under the Advanced Capital Rules, the firm computes risk-weights for wholesale and retail credit exposures in accordance with the Advanced Internal Ratings-Based approach. The exposure measures for derivatives and securities financing transactions are computed utilizing internal models. • For both Standardized and Advanced credit RWAs, the risk-weights for securitizations and equities are based on specific required formulaic approaches. Market Risk RWAs for market risk in accordance with the Standardized and Advanced Capital Rules are generally consistent. Market RWAs are calculated based on measures of exposure which include the following: • Value-at-Risk For both risk management purposes and regulatory capital calculations, the firm uses a single VaR model which captures risks, including those related to interest rates, equity prices, currency rates and commodity prices. However, VaR used for risk management purposes differs from VaR used for regulatory capital requirements (regulatory VaR) due to differences in time horizons, confidence levels and the scope of positions on which VaR is calculated. For risk management purposes, a 95% one-day 10-day The firm’s positional losses observed on a single day exceeded its 99% one-day one-day affected banking including the firm, • Stressed VaR is the potential loss in value of trading assets and liabilities, as well as certain investments, loans, and other financial assets and liabilities accounted for at fair value, during a period of significant market stress; • Incremental risk is the potential loss in value of non-securitized one-year • Comprehensive risk is the potential loss in value, due to price risk and defaults, within the firm’s credit correlation positions; and • Specific risk is the risk of loss on a position that could result from factors other than broad market movements, including event risk, default risk and idiosyncratic risk. The standardized measurement method is used to determine specific risk RWAs, by applying supervisory defined risk-weighting factors after applicable netting is performed. Operational Risk Operational RWAs are only required to be included under the Advanced Capital Rules. The firm utilizes an internal risk-based model to quantify Operational RWAs. The table below presents information about RWAs. $ in millions Standardized Advanced As of June 2020 Credit RWAs Derivatives $117,846 $118,342 Commitments, guarantees and loans 168,885 137,745 Securities financing transactions 63,250 12,075 Equity investments 45,462 47,899 Other 75,260 87,466 Total Credit RWAs 470,703 403,527 Market RWAs Regulatory VaR 24,536 24,536 Stressed VaR 45,143 45,143 Incremental risk 3,687 3,687 Comprehensive risk 1,475 1,386 Specific risk 17,565 17,565 Total Market RWAs 92,406 92,317 Total Operational RWAs – 132,525 Total RWAs $563,109 $628,369 As of December 2019 Credit RWAs Derivatives $120,906 $ 72,631 Commitments, guarantees and loans 179,740 134,456 Securities financing transactions 65,867 13,834 Equity investments 56,814 61,892 Other 75,660 78,266 Total Credit RWAs 498,987 361,079 Market RWAs Regulatory VaR 8,933 8,933 Stressed VaR 30,911 30,911 Incremental risk 4,308 4,308 Comprehensive risk 1,393 1,191 Specific risk 19,043 19,043 Total Market RWAs 64,588 64,386 Total Operational RWAs – 119,188 Total RWAs $563,575 $544,653 In the table above: • Securities financing transactions represents resale and repurchase agreements and securities borrowed and loaned transactions. • Other includes receivables, certain debt securities, cash and cash equivalents and other assets. The table below presents changes in RWAs. $ in millions Standardized Advanced Six Months Ended June 2020 RWAs Beginning balance $563,575 $544,653 Credit RWAs Change in: Derivatives (3,060 ) 45,711 Commitments, guarantees and loans (10,855 ) 3,289 Securities financing transactions (2,617 ) (1,759 ) Equity investments (11,352 ) (13,993 ) Other (400 ) 9,200 Change in Credit RWAs (28,284 ) 42,448 Market RWAs Change in: Regulatory VaR 15,603 15,603 Stressed VaR 14,232 14,232 Incremental risk (621 ) (621 ) Comprehensive risk 82 195 Specific risk (1,478 ) (1,478 ) Change in Market RWAs 27,818 27,931 Change in Operational RWAs – 13,337 Ending balance $563,109 $628,369 Year Ended December 2019 RWAs Beginning balance $547,910 $558,111 Credit RWAs Change in: Derivatives (1,605 ) (9,670 ) Commitments, guarantees and loans 19,435 (8,900 ) Securities financing transactions (496 ) (4,425 ) Equity investments 3,251 6,738 Other 5,064 8,585 Change in Credit RWAs 25,649 (7,672 ) Market RWAs Change in: Regulatory VaR 1,151 1,151 Stressed VaR 2,959 2,959 Incremental risk (6,161 ) (6,161 ) Comprehensive risk (1,377 ) (1,579 ) Specific risk (6,556 ) (6,556 ) Change in Market RWAs (9,984 ) (10,186 ) Change in Operational RWAs – 4,400 Ending balance $563,575 $544,653 RWAs Rollforward Commentary Six Months Ended June 2020. Standardized Credit RWAs as of June 2020 decreased by $28.28 billion compared with December 2019, primarily reflecting a decrease in equity investments, principally due to the , and a decrease in commitments, guarantees and loans, principally due to reduced lending exposures. Standardized Market RWAs as of June 2020 increased by $27.82 billion compared with December 2019, primarily reflecting increases in regulatory VaR and stressed VaR, principally due to increased market volatility. Advanced Credit RWAs as of June 2020 increased by $42.45 billion compared with December 2019, primarily reflecting an increase in derivatives, principally due to the impact of higher levels of volatility and counterparty credit risk. This increase was partially offset by a decrease in equity investments, primarily due to reduced exposures. Advanced Market RWAs as of June 2020 increased by $27.93 billion compared with December 2019, primarily reflecting increases in regulatory VaR and stressed VaR, principally due to increased market volatility. Advanced Operational RWAs as of June 2020 increased $13.34 billion compared with December 2019 . The vast majority of this increase was associated with litigation and regulatory proceedings. Year Ended December 2019. Standardized Credit RWAs as of December 2019 increased by $25.65 billion compared with December 2018, primarily reflecting an increase in commitments, guarantees and loans, principally due to an increase in lending activity, and an increase in other credit RWAs, principally due to the recognition of operating lease right-of-use No. 2016-02 Advanced Credit RWAs as of December 2019 decreased by $7.67 billion compared with December 2018. Beginning in the fourth quarter of 2019, the firm made changes to the calculation of the loss given default for certain wholesale exposures which resulted in a decrease in credit RWAs, primarily in commitments, guarantees and loans and derivatives. This decrease was partially offset by an increase in other credit RWAs, principally due to the recognition of operating lease right-of-use No. 2016-02 Bank Subsidiaries Regulatory Capital Ratios. GS Bank USA, the firm’s primary U.S. bank subsidiary, is an FDIC-insured, New York State-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the FRB, the FDIC, the New York State Department of Financial Services 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 BHCs. For purposes of assessing the adequacy of its capital, GS Bank USA calculates its risk-based capital and leverage ratios in accordance with the regulatory capital requirements applicable to state member banks. Those requirements are based on the Capital Framework described above. GS Bank USA is an Advanced approach banking organization under the Capital Framework. Similar to the firm, GS Bank USA is required to calculate each of the CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. The lower of each risk-based capital ratio calculated in accordance with the Standardized and Advanced Capital Rules is the ratio against which GS Bank USA’s compliance with its risk-based capital requirements is assessed. In addition, under the regulatory framework for prompt corrective action applicable to GS Bank USA, in order to meet the quantitative requirements for being a “well-capitalized” depository institution, GS Bank USA must also meet the “well-capitalized” requirements in the table below. GS Bank USA’s capital levels and prompt corrective action classification are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Failure to comply with these capital requirements, including a breach of the buffers described below, could result in restrictions being imposed by GS Bank USA’s regulators. The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements. Requirements “Well-capitalized” Requirements Risk-based capital requirements CET1 capital ratio 7.0% 6.5% Tier 1 capital ratio 8.5% 8.0% Total capital ratio 10.5% 10.0% Leverage requirements Tier 1 leverage ratio 4.0% 5.0% SLR 3.0% 6.0% In the table above: • The CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. The requirements also include the capital conservation buffer of 2.5% and the countercyclical capital buffer, which the FRB has set to zero percent. • The “well-capitalized” requirements are the binding requirements for leverage ratios. The table below presents information about GS Bank USA’s risk-based capital ratios. $ in millions Standardized Advanced As of June 2020 CET1 capital $ 29,925 $ 29,925 Tier 1 capital $ 29,925 $ 29,925 Tier 2 capital $ 6,296 $ 4,871 Total capital $ 36,221 $ 34,796 RWAs $267,193 $177,177 CET1 capital ratio 11.2% 16.9% Tier 1 capital ratio 11.2% 16.9% Total capital ratio 13.6% 19.6% As of December 2019 CET1 capital $ 29,176 $ 29,176 Tier 1 capital $ 29,176 $ 29,176 Tier 2 capital $ 5,293 $ 4,486 Total capital $ 34,469 $ 33,662 RWAs $258,541 $135,596 CET1 capital ratio 11.3% 21.5% Tier 1 capital ratio 11.3% 21.5% Total capital ratio 13.3% 24.8% In the table above: • The lower of the Standardized or Advanced ratio is the ratio against which GS Bank USA’s compliance with the capital requirements is assessed under the risk-based Capital Rules, and therefore, the Standardized ratios applied to GS Bank USA as of both June 2020 and December 2019. • As permitted by the FRB, GS Bank USA has elected to temporarily delay the estimated effects of adopting CECL on regulatory capital until January 2022 and to subsequently phase-in • The Standardized risk-based capital ratios were essentially unchanged from December 2019 to June 2020. The Advanced risk-based capital ratios decreased from December 2019 to June 2020, reflecting increases in both Credit and Market RWAs, partially offset by an increase in capital, principally due to net earnings. The table below presents information about GS Bank USA’s leverage ratios. For the Three Months Ended or as of $ in millions June 2020 December 2019 Tier 1 capital $ 29,925 $ 29,176 Average adjusted total assets $280,814 $220,974 Total leverage exposure $341,156 $413,852 Tier 1 leverage ratio 10.7% 13.2% SLR 8.8% 7.0% In the table above: • Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital, and for the three months ended June 2020, reflected the impact of CECL transition. • Total leverage exposure, for the three months ended June 2020, excluded average holdings of U.S . • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. The firm’s principal non-U.S. Other. The deposits of GS Bank USA are insured by the FDIC to the extent provided by law. The FRB requires that GS Bank USA maintain cash reserves with the Federal Reserve. The amount deposited by GS Bank USA at the Federal Reserve was $43.34 billion as of June 2020 and $50.55 billion as of December 2019, which exceeded required reserve amounts by $43.34 billion as of June 2020 (as the FRB reduced reserve requirement ratios to zero percent in 2020) and $50.29 billion as of December 2019. Restrictions on Payments Group Inc. may be limited in its ability to access capital held at certain subsidiaries as a result of regulatory, tax or other constraints. These limitations include provisions of applicable law and regulations and other regulatory restrictions that limit the ability of those subsidiaries to declare and pay dividends without prior regulatory approval. As a result of GS Bank USA’s election to exclude holdings of U.S. Treasury securities and deposits at the Federal Reserve from its total leverage exposure, any dividend by GS Bank USA during the period from July 1, 2020 through March 31, 2021 is subject to the prior approval of the FRB. Furthermore, the amount of dividends that may be paid by GS Bank USA are limited to the lesser of the amounts calculated under a recent earnings test and an undivided profits test. The FRB, the FDIC and the New York State Department of Financial Services have authority to prohibit or to limit the payment of dividends by the banking organizations they supervise (including GS Bank USA) if, in the regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in light of the financial condition of the banking organization. In addition, subsidiaries not subject to separate regulatory capital requirements may hold capital to satisfy local tax and legal guidelines, rating agency requirements (for entities with assigned credit ratings) or internal policies, including policies concerning the minimum amount of capital a subsidiary should hold based on its underlying level of risk. Group Inc.’s equity investment in subsidiaries was $98.14 billion as of June 2020 and $95.68 billion as of December 2019, of which Group Inc. was required to maintain $61.54 billion as of June 2020 and $57.58 billion as of December 2019, of minimum equity capital in its regulated subsidiaries in order to satisfy the regulatory requirements of such subsidiaries. Group Inc.’s capital invested in certain non-U.S. non-U.S. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
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 to common by the weighted average number of common shares outstanding and RSUs for which the delivery of the underlying common stock is not subject to satisfaction of future service or performance conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service or performance conditions. The table below presents information about basic and diluted EPS. Three Months Ended June Six Months Ended June in millions, except per share amounts 2020 2019 2020 2019 Net earnings to common $ 197 $2,198 $1,320 $4,380 Weighted average basic shares 355.7 374.5 356.8 377.1 Effect of dilutive RSUs – 3.5 – 3.1 Weighted average diluted shares 355.7 378.0 356.8 380.2 Basic EPS $ 0.53 $ 5.86 $ 3.66 $11.59 Diluted EPS $ 0.53 $ 5.81 $ 3.66 $11.52 In the table above: • Net earnings to common represents net earnings applicable to common shareholders, which is calculated as net earnings less preferred stock dividends. • Unvested share-based awards that have non-forfeitable two-class under t h • Diluted EPS does not include antidilutive RSUs of 7.5 million for both the three and six months ended June 2020, and less than 0.1 million for both the three and six months ended June 2019. |
Transactions with Affiliated Fu
Transactions with Affiliated Funds | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Transactions with Affiliated Funds | Note 22. Transactions with Affiliated Funds The firm has formed nonconsolidated investment funds with third-party investors. As the firm generally acts as the investment manager for these funds, it is entitled to receive management fees and, in certain cases, advisory fees or incentive fees from these funds. Additionally, the firm invests alongside the third-party investors in certain funds. The tables below present information about affiliated funds. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Fees earned from funds $804 $736 $1,725 $1,442 As of $ in millions June 2020 December 2019 Fees receivable from funds $ 941 $ 780 Aggregate carrying value of interests in funds $4,226 $5,490 The firm may periodically determine to waive certain management fees on selected money market funds. Management fees waived were $19 million for the three months ended June 2020 and $11 million for the three months ended June 2019, $31 million for the six months ended June 2020 and $21 million for the six months ended June 2019. The Volcker Rule restricts the firm from providing financial support to covered funds (as defined in the rule) after the expiration of the conformance period. As a general matter, in the ordinary course of business, the firm does not expect to provide additional voluntary financial support to any covered funds, but may choose to do so with respect to funds that are not subject to the Volcker Rule. However, any such support is not expected to be material to the results of operations of the firm. In March 2020, GS Bank USA and unaffiliated entities purchased certificates of deposit and commercial paper from two money market funds managed by the firm. These funds are not covered funds under the Volcker Rule. GS Bank USA’s purchase price of these securities was $1.84 billion, of which $1.06 billion was outstanding as of June 2020. These purchases were made to promote liquidity in the short-term credit markets and to increase the funds’ weekly liquid assets. These securities are included within investments in the consolidated balance sheets. Group Inc. has provided a guarantee to GS Bank USA in connection with these securities. See Note 18 for information about guarantees provided by Group Inc. to subsidiaries. In addition, the firm had an outstanding guarantee, as permitted under the Volcker Rule, on behalf of its funds of $87 million as of both June 2020 and December 2019. 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 and during June 2020 and December 2019, 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 information about the firm’s investment commitments related to these funds. |
Interest Income and Interest Ex
Interest Income and Interest Expense | 6 Months Ended |
Jun. 30, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Interest Income and Interest Expense | Note 23. Interest Income and Interest Expense Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates. The table below presents sources of interest income and interest expense. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Deposits with banks $ 18 $ 317 $ 223 $ Collateralized agreements (16 ) 1,301 518 2,605 Trading assets 1,257 1,530 2,830 2,918 Investments 321 317 792 712 Loans 1,222 1,377 2,538 2,696 Other interest 232 918 883 1,732 Total interest income 3,034 5,760 7,784 11,357 Deposits 659 887 1,477 1,744 Collateralized financings 72 751 520 1,420 Trading liabilities 272 315 586 681 Short-term borrowings 158 168 299 310 Long-term borrowings 1,131 1,414 2,236 2,798 Other interest (202 ) 1,154 409 2,115 Total interest expense 2,090 4,689 5,527 9,068 Net interest income $ 944 $1,071 $2,257 $ In the table above: • Collateralized agreements includes rebates paid and interest income on securities borrowed. • Loans excludes interest on loans held for sale that are accounted for at the lower of cost or fair value. Such interest is included within other interest. • Other interest income includes interest income on customer debit balances, other interest-earning assets and loans held for sale that are accounted for at the lower of cost or fair value. • Collateralized financings consists of repurchase agreements and securities loaned. • Short- and long-term borrowings include both secured and unsecured borrowings. • Other interest expense includes rebates received on other interest-bearing liabilities and interest expense on customer credit balances. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 24. Income Taxes Provision for Income Taxes Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. The firm reports interest expense related to income tax matters in provision for taxes and income tax penalties in other expenses. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized and primarily relate to the ability to utilize losses in various tax jurisdictions. Tax assets are included in other assets and tax liabilities are included in other liabilities. Unrecognized Tax Benefits The firm recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. Regulatory Tax Examinations The firm is subject to examination by the U.S. Internal Revenue Service (IRS) and other taxing authorities in jurisdictions where the firm has significant business operations, such as the United Kingdom, Japan, Hong Kong and various states, such as New York. The tax years under examination vary by jurisdiction. The firm does not expect completion of these audits to have a material impact on the firm’s financial condition, but it may be material to operating results for a particular period, depending, in part, on the operating results for that period. The table below presents the earliest tax years that remain subject to examination by major jurisdiction. Jurisdiction As of June 2020 U.S. Federal 2011 New York State 2011 New York City 2015 United Kingdom 2017 Japan 2015 Hong Kong 2014 The firm has been accepted into the Compliance Assurance Process program by the IRS for each of the tax years from 2013 through 2020. 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 fieldwork for tax years 2011 through 2016 has been completed. During the second quarter of 2020, the firm reached an agreement with the IRS on certain items related to tax years through 2016, which did not have a material impact on the effective tax rate for the second quarter of 2020. The final resolution of the audit for tax years 2011 through 2016 is not expected to have a material impact on the effective tax rate. The 2017 and 2018 tax years remain subject to post-filing review. New York State examinations (excluding GS Bank USA) of 2011 through 2014 began in 2017. During the second quarter of 2020, New York City’s examination of the tax years 2011 through 2014 was completed. The resolution of this examination did not have a material impact on the effective tax rate for the second quarter of 2020. New York State and City examinations for GS Bank USA have been completed through 2014. 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 | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | Note 25. Business Segments The firm reports its activities in the following four business segments: Investment Banking, Global Markets, Asset Management and Consumer & Wealth Management. See Note 1 for information about the firm’s business segments. Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm, as well as the performance of individual businesses. Consequently, pre-tax 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. The allocation of common shareholders’ equity and preferred stock dividends to each segment is based on the estimated amount of equity required to support the activities of the segment under relevant regulatory capital requirements. Net earnings for each segment is calculated by applying the firmwide tax rate to each segment’s pre-tax Management believes that this allocation provides a reasonable representation of each segment’s contribution to consolidated net earnings to common, return on average common equity and total assets. Transactions between segments are based on specific criteria or approximate third-party rates. Segment Results The table below presents a summary of the firm’s segment results. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Investment Banking Non-interest $ 2,664 $ 1,832 $ 4,710 $ 3,459 Net interest income (7 ) 116 131 235 Total net revenues 2,657 1,948 4,841 3,694 Provision for credit losses 819 81 1,441 167 Operating expenses 2,704 1,050 3,873 2,055 Pre-tax $ ) $ 817 $ ) $ 1,472 Net earnings/(loss) $ ) $ 634 $ ) $ 1,177 Net earnings/(loss) to common $ ) $ 606 $ ) $ 1,141 Average common equity $11,070 $11,628 $11,141 $10,868 Return on average common equity (23.9)% 20.8% (5.7)% 21.0% Global Markets Non-interest $ 6,547 $ 3,233 $11,199 $ 6,716 Net interest income 629 483 1,140 1,040 Total net revenues 7,176 3,716 12,339 7,756 Provision for credit losses 183 (4 ) 251 (1 ) Operating expenses 5,179 2,685 8,026 5,433 Pre-tax $ 1,814 $ 1,035 $ 4,062 $ 2,324 Net earnings $ 419 $ 790 $ 2,442 $ 1,858 Net earnings to common $ 305 $ 640 $ 2,269 $ 1,660 Average common equity $42,702 $39,835 $40,970 $40,899 Return on average common equity 2.9% 6.4% 11.1% 8.1% Asset Management Non-interest $ 2,176 $ 2,473 $ 1,909 $ 4,119 Net interest income (75 ) 75 96 222 Total net revenues 2,101 2,548 2,005 4,341 Provision for credit losses 271 60 350 73 Operating expenses 1,332 1,247 2,530 2,350 Pre-tax $ 498 $ 1,241 $ ) $ 1,918 Net earnings/(loss) $ 710 $ 972 $ ) $ 1,531 Net earnings/(loss) to common $ 684 $ 940 $ ) $ 1,489 Average common equity $19,322 $21,706 $20,371 $21,046 Return on average common equity 14.2% 17.3% (5.6)% 14.1% Consumer & Wealth Management Non-interest $ 964 $ 852 $ 1,963 $ 1,685 Net interest income 397 397 890 792 Total net revenues 1,361 1,249 2,853 2,477 Provision for credit losses 317 77 485 199 Operating expenses 1,199 1,138 2,443 2,146 Pre-tax $ ) $ 34 $ ) $ 132 Net earnings/(loss) $ ) $ 25 $ ) $ 106 Net earnings/(loss) to common $ ) $ 12 $ ) $ 90 Average common equity $ 7,505 $ 5,899 $ 7,271 $ 5,887 Return on average common equity (6.9)% 0.8% (1.8)% 3.1% Total Non-interest $12,351 $ 8,390 $19,781 $15,979 Net interest income 944 1,071 2,257 2,289 Total net revenues 13,295 9,461 22,038 18,268 Provision for credit losses 1,590 214 2,527 438 Operating expenses 10,414 6,120 16,872 11,984 Pre-tax $ 1,291 $ 3,127 $ 2,639 $ 5,846 Net earnings $ 373 $ 2,421 $ 1,586 $ 4,672 Net earnings to common $ 197 $ 2,198 $ 1,320 $ 4,380 Average common equity $80,599 $79,068 $79,753 $78,700 Return on average common equity 1.0% 11.1% 3.3% 11.1% In the table above: • Revenues and expenses directly associated with each segment are included in determining pre-tax • Net revenues in the firm’s segments include allocations of interest income and expense to specific positions in relation to the cash generated by, or funding requirements of, such positions. Net interest is included in segment net revenues as it is consistent with how management assesses segment performance. • Total operating expenses included net provisions for litigation and regulatory proceedings of $2.96 billion for the second quarter of 2020 and $3.14 billion for the first half of 2020, primarily reflected in Investment Banking and Global Markets. • Overhead expenses not directly allocable to specific segments are allocated ratably based on direct segment expenses. The table below presents depreciation and amortization expense by segment. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Investment Banking $ 43 $ 31 $ 82 $ 60 Global Markets 147 160 280 307 Asset Management 213 146 383 283 Consumer & Wealth Management 96 62 191 117 Total $499 $399 $936 $767 Segment Assets The table below presents assets by segment. As of $ in millions June 2020 December 2019 Investment Banking $ 142,504 $ 92,009 Global Markets 800,649 725,060 Asset Management 98,104 92,102 Consumer & Wealth Management 100,266 83,797 Total $1,141,523 $992,968 The table below presents gross loans by segment and loan type. As of $ in millions June 2020 December 2019 Corporate $ 40,113 $ 27,035 Investment Banking 40,113 27,035 Corporate 11,336 11,852 Real estate 13,276 15,671 Other 4,084 3,756 Global Markets 28,696 31,279 Corporate 7,944 7,420 Real estate 8,558 9,030 Other 708 1,036 Asset Management 17,210 17,486 Wealth management 28,228 27,940 Installment 4,466 4,747 Credit cards 2,282 1,858 Consumer & Wealth Management 34,976 34,545 Total loans $120,995 $110,345 The table below presents the allowance for loan losses by segment. As of $ in millions June 2020 December 2019 Investment Banking $1,606 $ 470 Global Markets 415 168 Asset Management 713 385 Consumer & Wealth Management 1,167 418 Total $3,901 $1,441 See Note 9 for further information about loans. 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. • Global Markets: FICC and Equities intermediation: location of the market-making desk; FICC and Equities financing (excluding prime brokerage financing): location of the desk; prime brokerage financing: location of the primary market for the underlying security. • Asset Management (excluding Equity investments and Lending and debt investments): location of the sales team; Equity investments: location of the investment; Lending and debt investments: location of the client. • Consumer & Wealth Management: Wealth management: location of the sales team; Consumer banking: location of the client. The table below presents total net revenues and pre-tax $ in millions 2020 2019 Three Months Ended June Americas $ 8,289 62% $ 5,652 60% EMEA 3,453 26% 2,689 28% Asia 1,553 12% 1,120 12% Total net revenues $13,295 100% $ 9,461 100% Americas $ 1,853 143% $ 1,792 57% EMEA 566 44% 996 32% Asia (1,128 ) (87)% 339 11% Total pre-tax $ 1,291 100% $ 3,127 100% Six Months Ended June Americas $13,460 61% $10,897 60% EMEA 5,561 25% 5,148 28% Asia 3,017 14% 2,223 12% Total net revenues $22,038 100% $18,268 100% Americas $ 2,404 91% $ 3,280 56% EMEA 1,002 38% 1,907 33% Asia (767 ) (29)% 659 11% Total pre-tax $ 2,639 100% $ 5,846 100% In the table above: • Asia pre-tax earnings for the second quarter of 2020 and first half of 2020 were impacted by net provisions for litigation and regulatory proceedings. • Substantially all of the amounts in Americas were attributable to the U.S. • Asia includes Australia and New Zealand. |
Credit Concentrations
Credit Concentrations | 6 Months Ended |
Jun. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Credit Concentrations | Note 26. Credit Concentrations The firm’s concentrations of credit risk arise from its market making, client facilitation, investing, underwriting, lending and collateralized transactions, and cash management activities, and may be impacted by changes in economic, industry or political factors. These activities expose the firm to many different industries and counterparties, and may also subject the firm to a concentration of credit risk to a particular central bank, counterparty, borrower or issuer, including sovereign issuers, or to a particular clearing house or exchange. The firm seeks to mitigate credit risk by actively monitoring exposures and obtaining collateral from counterparties as deemed appropriate. The firm measures and monitors its credit exposure based on amounts owed to the firm after taking into account risk mitigants that the firm considers when determining credit risk. Such risk mitigants include netting and collateral arrangements and economic hedges, such as credit derivatives, futures and forward contracts. Netting and collateral agreements permit the firm to offset receivables and payables with such counterparties and/or enable the firm to obtain collateral on an upfront or contingent basis. The table below presents the credit concentrations included in trading cash instruments and investments. As of $ in millions June 2020 December 2019 U.S. government and agency obligations $190,112 $167,097 Percentage of total assets 16.7% 16.8% Non-U.S. $ 55,917 $ 44,875 Percentage of total assets 4.9% 4.5% In addition, the firm had $94.69 billion as of June 2020 and $96.97 billion as of December 2019 of cash deposits held at central banks (included in cash and cash equivalents), of which $43.34 billion as of June 2020 and $50.55 billion as of December 2019 was held at the Federal Reserve. As of both June 2020 and December 2019, the firm did not have credit exposure to any other counterparty that exceeded 2% of total assets. Collateral obtained by the firm related to derivative assets is principally cash and is held by the firm or a third-party custodian. Collateral obtained by the firm related to resale agreements and securities borrowed transactions is primarily U.S. government and agency obligations and non-U.S. The table below presents U.S. government and agency obligations and non-U.S. As of $ in millions June 2020 December 2019 U.S. government and agency obligations $60,396 $49,396 Non-U.S. $90,889 $55,889 In the table above: • Non-U.S. • Given that 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. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2020 | |
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 June 2020 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 $0.9 billion in excess of the aggregate reserves for such matters. Management is generally unable to estimate a range of reasonably possible loss for matters other than those included in the estimate above, including where (i) actual or potential plaintiffs have not claimed an amount of money damages, except in those instances where management can otherwise determine an appropriate amount, (ii) matters are in early stages, (iii) matters relate to regulatory investigations or reviews, except in those instances where management can otherwise determine an appropriate amount, (iv) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (v) there is uncertainty as to the outcome of pending appeals or motions, (vi) there are significant factual issues to be resolved, and/or (vii) there are novel legal issues presented. For example, the firm’s potential liabilities with respect to the investigations and reviews described below in “Regulatory Investigations and Reviews and Related Litigation” generally are not included in management’s estimate of reasonably possible loss. However, management does not believe, based on currently available information, that the outcomes of such other matters will have a material adverse effect on the firm’s financial condition, though the outcomes could be material to the firm’s operating results for any particular period, depending, in part, upon the operating results for such period. See Note 18 for further information about mortgage-related contingencies. 1MDB-Related Matters The firm has received subpoenas and requests for documents and information from various governmental and regulatory bodies and self-regulatory organizations as part of investigations and reviews relating to financing transactions and other matters involving 1MDB. Subsidiaries of the firm acted as arrangers or purchasers of approximately $6.5 billion of debt securities of 1MDB. On November 1, 2018, the U.S. Department of Justice (DOJ) unsealed a criminal information and guilty plea by Tim Leissner, a former participating managing director of the firm, and an indictment against Ng Chong Hwa, a former managing director of the firm, and Low Taek Jho. Leissner pleaded guilty to a two-count co-conspirator, On December 17, 2018, the Attorney General of Malaysia filed criminal charges in Malaysia against GSI, as the arranger of three offerings of debt securities of 1MDB, aggregating approximately $6.5 billion in principal amount, for alleged disclosure deficiencies in the offering documents relating to, among other things, the use of proceeds for the debt securities, as well as against Goldman Sachs (Asia) LLC (GS Asia) and Goldman Sachs (Singapore) PTE (GS Singapore). Criminal charges have also been filed against Leissner, Low, Ng and Jasmine Loo Ai Swan. In a related press release, the Attorney General of Malaysia indicated that prosecutors in Malaysia will seek criminal fines against the accused in excess of $2.7 billion plus the $600 million of fees received in connection with the debt offerings. On August 9, 2019, the Attorney General of Malaysia announced that criminal charges had also been filed against seventeen current and former directors of GSI, GS Asia and GS Singapore (together with the criminal charges against GSI, GS Asia and GS Singapore, the Malaysian Criminal Proceedings). The Malaysia Securities Commission (MSC) issued notices to show cause against Goldman Sachs (Malaysia) Sdn Bhd (GS Malaysia) in December 2018 and March 2019 that (i) allege possible violations of Malaysian securities laws and (ii) indicate that the MSC On July 24, 2020, the firm announced that it has reached an agreement in principle, subject to the execution assets and related to 1MDB . In addition, the Government of Malaysia agreed to withdraw the Malaysian Criminal Proceedings and agreed that no further charges would be brought against Group Inc., its affiliates and subsidiaries, or any of their directors and officers (excluding Leissner and Ng) related to 1MDB. The firm has received multiple demands, beginning in November 2018, from alleged shareholders under Section 220 of the Delaware General Corporation Law for books and records relating to, among other things, the firm’s involvement with 1MDB and the firm’s compliance procedures. On December 13, 2019, an alleged shareholder filed a lawsuit in the Court of Chancery of the State of Delaware seeking books and records relating to, among other things, the firm’s involvement with 1MDB and the firm’s compliance procedures. The parties have agreed to stay proceedings pending resolution of the books and records demand. On February 19, 2019, a purported shareholder derivative action relating to 1MDB was filed in the U.S. District Court for the Southern District of New York against Group Inc. and the directors at the time and a former chairman and chief executive officer of the firm. The amended complaint filed on July 12, 2019, which seeks unspecified damages, disgorgement and injunctive relief, alleges breaches of fiduciary duties, including in connection with alleged insider trading by certain current and former directors, unjust enrichment and violations of the anti-fraud provisions of the Exchange Act, including in connection with Group Inc.’s common stock repurchases and solicitation of proxies. Defendants moved to dismiss this action on September 12, 2019. Beginning in March 2019, the firm has also received demands from alleged shareholders to investigate and pursue claims against certain current and former directors and executive officers based on their oversight and public disclosures regarding 1MDB and related internal controls. On November 21, 2018, a summons with notice was filed in New York Supreme Court, County of New York, by International Petroleum Investment Company, which guaranteed certain debt securities issued by 1MDB, and its subsidiary Aabar Investments PJS. The summons with notice makes unspecified claims relating to 1MDB and seeks unspecified compensatory and punitive damages and other relief against Group Inc., GSI, GS Asia, GS Singapore, GS Malaysia, Leissner, Ng, and Vella, as well as individuals (who are not current or former employees of the firm) previously associated with the plaintiffs. On December 20, 2018, a putative securities class action lawsuit was filed in the U.S. District Court for the Southern District of New York against Group Inc. and certain former officers of the firm alleging violations of the anti-fraud provisions of the Exchange Act with respect to Group Inc.’s disclosures concerning 1MDB and seeking unspecified damages. The plaintiffs filed the second amended complaint on October 28, 2019, which the defendants moved to dismiss on January 9, 2020. The firm is cooperating with the DOJ and all other governmental and regulatory investigations relating to 1MDB. The firm is also engaged in discussions with the DOJ, various U.S. regulatory authorities and various non-U.S. regulatory authorities outside Malaysia with respect to potential resolution of their investigations and proceedings. These discussions, which are being principally led by the DOJ, are progressing. There can be no assurance that the discussions will lead to resolution of any of those matters. Any such resolution, as well as proceedings by the DOJ or other governmental or regulatory authorities, could result in the imposition of significant fines, penalties and other sanctions against the firm, including restrictions on the firm’s activities. Mortgage-Related Matters Beginning in April 2010, a number of purported securities law class actions were filed in the U.S. District Court for the Southern District of New York challenging the adequacy of Group Inc.’s public disclosure of, among other things, the firm’s activities in the collateralized debt obligation market, and the firm’s conflict of interest management. The consolidated amended complaint filed on July 25, 2011, which names as defendants Group Inc. and certain current and former officers and employees of Group Inc. and its affiliates, generally alleges violations of Sections 10(b) and 20(a) of the Exchange Act and seeks unspecified damages. The defendants have moved for summary judgment. On April 7, 2020, the Second Circuit Court of Appeals affirmed the district court’s August 14, 2018 grant of class certification, and on June 15, 2020, the Second Circuit Court of Appeals denied defendants’ motion seeking rehearing of the April 7, 2020 decision. On July 16, 2020, the Second Circuit Court of Appeals granted defendants’ motion to stay the proceedings in the litigation, pending the resolution of a petition for writ of certiorari to the United States Supreme Court to seek review of the Second Circuit Court of Appeals’ April 7, 2020 decision. Complaints were filed in the U.S. District Court for the Southern District of New York on July 25, 2019 and May 29, 2020 against Goldman Sachs Mortgage Company and GS Mortgage Securities Corp. by U.S. Bank National Association, as trustee for two residential mortgage-backed securitization trusts that issued $1.7 billion of securities. The complaints generally allege that mortgage loans in the trusts failed to conform to applicable representations and warranties and seek specific performance or, alternatively, compensatory damages and other relief. Defendants moved to dismiss the complaints on September 23, 2019 and July 13, 2020, respectively. The firm continues to receive requests for information, including from certain regulators, relating to mortgage-related activities. Director Compensation-Related Litigation On May 9, 2017, Group Inc. and certain of its current and former directors were named as defendants in a purported direct and derivative shareholder action in the Court of Chancery of the State of Delaware (a similar purported derivative action, filed in June 2015, alleging excessive director compensation over the period 2012 to 2014 was voluntarily dismissed without prejudice in December 2016). The complaint alleges that excessive compensation has been paid to the non-employee non-employee Non-Employee Currencies-Related Litigation GS&Co. and Group Inc. are among the defendants named in putative class actions filed in the U.S. District Court for the Southern District of New York beginning in September 2016 on behalf of putative indirect purchasers of foreign exchange instruments. On August 5, 2019, the plaintiffs filed a third consolidated amended complaint generally alleging a conspiracy to manipulate the foreign currency exchange markets, asserting claims under various state antitrust laws and state consumer protection laws and seeking treble damages in an unspecified amount. On July 17, 2020, the court preliminarily approved a settlement in principle. The firm has reserved the full amount of its proposed contribution to the settlement. GS&Co. and Group Inc. are among the defendants named in an action filed in the U.S. District Court for the Southern District of New York on November 7, 2018 by certain direct purchasers of foreign exchange instruments that opted out of a class settlement reached with, among others, GS&Co. and Group Inc. The second amended complaint, filed on June 11, 2019, generally alleges that the defendants violated federal antitrust law and state common law in connection with an alleged conspiracy to manipulate the foreign currency exchange markets and seeks declaratory and injunctive relief, as well as unspecified amounts of compensatory, punitive, treble and other damages. On May 28, 2020, the court denied in part and granted in part defendants’ motion to dismiss. 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. Underwriting Litigation Firm affiliates are among the defendants in a number of proceedings in connection with securities offerings. In these proceedings, including those described below, the plaintiffs assert class action or individual claims under federal and state securities laws and in some cases other applicable laws, allege that the offering documents for the securities that they purchased contained material misstatements and omissions, and generally seek compensatory and rescissory damages in unspecified amounts. Certain of these proceedings involve additional allegations. Adeptus Health Inc. GS&Co. is among the underwriters named as defendants in several putative securities class actions, filed beginning in October 2016 and consolidated in the U.S. District Court for the Eastern District of Texas. In addition to the underwriters, the defendants include certain former directors and officers of Adeptus Health Inc. (Adeptus), as well as Adeptus’ sponsor. As to the underwriters, the consolidated complaint, filed on November 21, 2017, relates to 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. 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 $185 million, and all the shares of common stock in the June 2016 offering representing an aggregate offering price of approximately $175 million. On April 19, 2017, Adeptus filed for Chapter 11 bankruptcy. On May 20, 2020, the court approved a settlement among the parties. The firm has paid the full amount of its contribution to the settlement. SunEdison, Inc. GS&Co. is among the underwriters named as defendants in several putative class actions and individual actions filed beginning in March 2016 relating to the August 2015 public offering of $650 million of SunEdison, Inc. (SunEdison) convertible preferred stock. The defendants also include certain of SunEdison’s directors and officers. On April 21, 2016, SunEdison filed for Chapter 11 bankruptcy. The pending cases were transferred to the U.S. District Court for the Southern District of New York and on March 17, 2017, plaintiffs in the putative class action filed a consolidated amended complaint. 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. On April 10, 2018 and April 17, 2018, certain plaintiffs in the individual actions filed amended complaints. The defendants have reached a settlement with certain plaintiffs in the individual actions and a settlement of the class action, which the court approved on October 25, 2019. The firm has paid the full amount of its contribution to the settlement. Defendants moved to dismiss the remaining individual actions on December 18, 2019. Valeant Pharmaceuticals International, Inc. 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 relates to 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. On August 29, 2017, the court certified a class that includes only non-U.S. GS&Co. and GS Canada, as sole underwriters, sold 5,334,897 shares of common stock in the June 2013 offering to non-U.S. non-U.S. Snap Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions pending in California Superior Court, County of Los Angeles, and the U.S. District Court for the Central District of California beginning in May 2017, relating to Snap Inc.’s $3.91 billion March 2017 initial public offering. In addition to the underwriters, the defendants include Snap Inc. and certain of its officers and directors. GS&Co. underwrote 57,040,000 shares of common stock representing an aggregate offering price of approximately $970 million. The underwriter defendants, including GS&Co., were voluntarily dismissed from the district court action on September 18, 2018. In the district court action, defendants moved for summary judgment on December 19, 2019, following the court’s November 20, 2019 order approving plaintiffs’ motion for class certification. The state court actions have been stayed. On April 27, 2020, the district court preliminarily approved a settlement among the parties. Also on April 27, 2020, the state court plaintiffs filed a motion for preliminary approval of a settlement of the state court actions. Under the terms of the federal and state court preliminary settlements, the firm will not be required to contribute to either settlement. Sea Limited. GS Asia is among the underwriters named as defendants in a putative securities class action filed on November 1, 2018 in New York Supreme Court, County of New York, relating to Sea Limited’s $989 million October 2017 initial public offering of American depositary shares. In addition to the underwriters, the defendants include Sea Limited and certain of its officers and directors. GS Asia underwrote 28,026,721 American depositary shares representing an aggregate offering price of approximately $420 million. On January 25, 2019, the plaintiffs filed an amended complaint. Defendants moved to dismiss on March 26, 2019. On July 15, 2020, the parties informed the court that they had reached an agreement in principle to resolve the litigation. Under the terms of the agreement in principle, the firm will not be required to contribute to the settlement. Altice USA, Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions pending in New York Supreme Court, County of Queens, and the U.S. District Court for the Eastern District of New York beginning in June 2018, relating to Altice USA, Inc.’s (Altice) $2.15 billion June 2017 initial public offering. In addition to the underwriters, the defendants include Altice and certain of its officers and directors. GS&Co. underwrote 12,280,042 shares of common stock representing an aggregate offering price of approximately $368 million. On May 10, 2019, plaintiffs in the district court filed an amended complaint, and on June 27, 2019, plaintiffs in the state court action filed a consolidated amended complaint. On October 14, 2019, defendants moved to dismiss the complaint in the district court action. On June 26, 2020, the court dismissed the amended complaint in the state court action. Camping World Holdings, Inc. GS&Co. is among the underwriters named as defendants in several putative securities class actions pending in the U.S. District Court for the Northern District of Illinois, New York Supreme Court, County of New York, and the Circuit Court of Cook County, Illinois, Chancery Division, beginning in December 2018. In addition to the underwriters, the defendants include Camping World Holdings, Inc. (Camping World) and certain of its officers and directors, as well as certain of its stockholders. As to the underwriters, the complaints relate to three offerings of Camping World common stock, a $261 million October 2016 initial public offering, a $303 million May 2017 offering and a $310 million October 2017 offering. GS&Co. underwrote 4,267,214 shares of common stock in the October 2016 initial public offering representing an aggregate offering price of approximately $94 million, 4,557,286 shares of common stock in the May 2017 offering representing an aggregate offering price of approximately $126 million and 3,525,348 shares of common stock in the October 2017 offering representing an aggregate offering price of approximately $143 million. GS&Co. and the other defendants moved to dismiss the Illinois state court action on April 19, 2019 and the Illinois district court action on May 17, 2019. The Illinois state court action has been stayed pending resolution of the motions to dismiss in the Illinois district court action. On April 7, 2020, the Illinois district court preliminarily approved a settlement among the parties to the Illinois district court action. On June 30, 2020, the parties to the New York state court action informed the court that they had reached an agreement in principle to resolve the litigation. Under the terms of the Illinois district court preliminary settlement and the New York state court agreement in principle, the firm will not be required to contribute to either settlement. Alnylam Pharmaceuticals, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on September 12, 2019 in New York Supreme Court, County of New York, relating to Alnylam Pharmaceuticals, Inc.’s (Alnylam) $805 million November 2017 public offering of common stock. In addition to the underwriters, the defendants include Alnylam and certain of its officers and directors. GS&Co. underwrote 2,576,000 shares of common stock representing an aggregate offering price of approximately $322 million. On December 20, 2019, defendants moved to dismiss the amended complaint filed on November 7, 2019. Uber Technologies, Inc. GS&Co. is among the underwriters named as defendants in several putative securities class actions filed beginning in September 2019 in California Superior Court, County of San Francisco and the U.S. District Court for the Northern District of California, relating to Uber Technologies, Inc.’s (Uber) $8.1 billion May 2019 initial public offering. In addition to the underwriters, the defendants include Uber and certain of its officers and directors. GS&Co. underwrote 35,864,408 shares of common stock representing an aggregate offering price of approximately $1.6 billion. On June 17 and June 30, 2020, defendants in the state court action filed motions to dismiss the consolidated amended complaint filed on February 11, 2020. On May 5, 2020, defendants in the district court action moved to dismiss the amended complaint filed on March 3, 2020. Venator Materials PLC. GS&Co. is among the underwriters named as defendants in putative securities class actions in Texas District Court, Dallas County, New York Supreme Court, New York County, and the U.S. District Court for the Southern District of Texas, filed beginning in February 2019, relating to Venator Materials PLC’s (Venator) $522 million August 2017 initial public offering and $534 million December 2017 secondary equity offering. In addition to the underwriters, the defendants include Venator, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote 6,351,347 shares of common stock in the August 2017 initial public offering representing an aggregate offering price of approximately $127 million and 5,625,768 shares of common stock in the December 2017 secondary equity offering representing an aggregate offering price of approximately $127 million. On January 21, 2020, the Texas Court of Appeals reversed the Texas District Court and dismissed the claims against the underwriter defendants, including GS&Co., in the Texas state court action for lack of personal jurisdiction. On February 18, 2020, defendants moved to dismiss the consolidated complaint in the federal action. On July 1, 2020, defendants’ motion to stay the New York state court action in favor of the federal action was denied. XP Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions pending in New York Supreme Court, County of New York, and the U.S. District Court for the Eastern District of York, filed beginning March 19, 2020, relating to XP Inc.’s (XP) $2.3 billion December 2019 initial public offering. In addition to the underwriters, the defendants include XP, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote 19,326,218 shares of common stock in the December 2019 initial public offering representing an aggregate offering price of approximately $522 million. On June 22, 2020, plaintiffs in the state court action filed an amended complaint. On July 29, 2020, a consolidated amended complaint was filed in the federal court action. 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. Securities Lending Antitrust Litigation Group Inc. and GS&Co. are among the defendants named in a putative antitrust class action and three individual actions relating to securities lending practices filed in the U.S. District Court for the Southern District of New York beginning in August 2017. The complaints generally assert claims under federal and state antitrust law and state common law in connection with an alleged conspiracy among the defendants to preclude the development of electronic platforms for securities lending transactions. The individual complaints also assert claims for tortious interference with business relations and under state trade practices law and, in the second and third individual actions, unjust enrichment under state common law. The complaints seek declaratory and injunctive relief, as well as unspecified amounts of compensatory, treble, punitive and other damages. Group Inc. was voluntarily dismissed from the putative class action on January 26, 2018. Defendants’ motion to dismiss the class action complaint was denied on September 27, 2018. Defendants moved to dismiss the second individual action on December 21, 2018. Defendants’ motion to dismiss the first individual action was granted on August 7, 2019. Interest Rate Swap Antitrust Litigation Group Inc., GS&Co., GSI, GS Bank USA and Goldman Sachs Financial Markets, L.P. are among the defendants named in a putative antitrust class action relating to the trading of interest rate swaps, filed in November 2015 and consolidated in the U.S. District Court for the Southern District of New York. The same Goldman Sachs entities also are among the defendants named in two antitrust actions relating to the trading of interest rate swaps, commenced in April 2016 and June 2018, respectively, in the U.S. District Court for the Southern District of New York by three operators of swap execution facilities and certain of their affiliates. These actions have been consolidated for pretrial proceedings. The complaints generally assert claims under federal antitrust law and state common law in connection with an alleged conspiracy among the defendants to preclude exchange trading of interest rate swaps. The complaints in the individual actions also assert claims under state antitrust law. The complaints seek declaratory and injunctive relief, as well as treble damages in an unspecified amount. Defendants moved to dismiss the class and the first individual action and the district court dismissed the state common law claims asserted by the plaintiffs in the first individual action and otherwise limited the state common law claim in the putative class action and the antitrust claims in both actions to the period from 2013 to 2016. On November 20, 2018, the court granted in part and denied in part the defendants’ motion to dismiss the second individual action, dismissing the state common law claims for unjust enrichment and tortious interference, but denying dismissal of the federal and state antitrust claims. On March 13, 2019, the court denied the plaintiffs’ motion in the putative class action to amend their complaint to add allegations related to 2008-2012 conduct, but granted the motion to add limited allegations from 2013-2016, which the plaintiffs added in a fourth consolidated amended complaint filed on March 22, 2019. The plaintiffs in the putative class action moved for class certification on March 7, 2019. Variable Rate Demand Obligations Antitrust Litigation GS&Co. is among the defendants named in a putative class action relating to variable rate demand obligations (VRDOs), filed beginning in February 2019 under separate complaints and consolidated in the U.S. District Court for the Southern District of New York. The consolidated amended complaint, filed on May 31, 2019, generally asserts claims under federal antitrust law and state common law in connection with an alleged conspiracy among the defendants to manipulate the market for VRDOs. The complaint seeks declaratory and injunctive relief, as well as unspecified amounts of compensatory, treble and other damages. Defendants moved to dismiss on July 30, 2019. GSE Bonds Antitrust Litigation GS&Co. is among the dealers named as defendants in numerous putative antitrust class actions relating to debt securities issued by Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Farm Credit Banks Funding Corporation and Federal Home Loan Banks (collectively, the GSEs), filed beginning in February 2019 and consolidated in the U.S. District Court for the Southern District of New York. The third consolidated amended complaint, filed on September 10, 2019, asserts claims under federal antitrust law in connection with an alleged conspiracy among the defendants to manipulate the secondary market for debt securities issued by the GSEs. The complaint seeks declaratory a |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 28. Subsequent Event On July 24, 2020, the firm announced that it has reached an agreement in principle, subject to the execution The agreement in principle would involve the payment to the Government of Malaysia of $2.5 billion and in assets and proceeds from assets seized by governmental authorities around the world related to 1MDB. In connection with the guarantee, the firm performed a valuation analysis on the relevant assets and believes based on that analysis that the guarantee does not present a significant risk exposure to the firm. In light of this agreement in principle, subsequent to the firm’s issuance of its earnings release filed as an exhibit to the Form 8-K dated July 15, 2020 (Form 8-K), the firm recorded an additional provision for litigation and regulatory proceedings of $2.01 billion for the second quarter of 2020, increasing the net provisions to $2.96 billion for the second quarter of 2020 . The table below presents further information about this change. Three Months Ended June 2020 in millions, except per share amounts Form 10-Q Form 8-K Change Pre-tax earnings $1,291 $3,305 $(2,014 ) Provision for taxes 918 882 36 Net earnings 373 2,423 (2,050 ) Preferred stock dividends 176 176 – Net earnings applicable to common $ 197 $2,247 $(2,050 ) Earnings per common share Basic $ 0.53 $ 6.29 $ (5.76 ) Diluted $ 0.53 $ 6.26 $ (5.73 ) See Note 27 for further information about this agreement in principle. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of Group Inc. and all other entities in which the firm has a controlling financial interest. Intercompany transactions and balances have been eliminated. |
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 17 for further information about VIEs. Equity-Method Investments. When the firm does not have a controlling financial interest in an entity but can exert significant influence over the entity’s operating and financial policies, the investment is generally accounted for at fair value by electing the fair value option available under U.S. GAAP. Significant influence generally exists when the firm owns 20% to 50% of the entity’s common stock or in-substance In certain cases, the firm applies the equity method of accounting to new investments that are strategic in nature or closely related to the firm’s principal business activities, when the firm has a significant degree of involvement in the cash flows or operations of the investee or when cost-benefit considerations are less significant. See Note 8 for further information about equity-method investments. Investment Funds. The firm has formed investment funds with third-party investors. These funds are typically organized as limited partnerships or limited liability companies for which the firm acts as general partner or manager. Generally, the firm does not hold a majority of the economic interests in these funds. These funds are usually voting interest entities and generally are not consolidated because third-party investors typically have rights to terminate the funds or to remove the firm as general partner or manager. Investments in these funds are generally measured at net asset value (NAV) and are included in investments. See Notes 8, 18 and 22 for further information about investments in funds. |
Use of Estimates | Use of Estimates Preparation of these consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, the allowance for credit losses on loans and lending commitments accounted for at amortized cost, discretionary compensation accruals, accounting for goodwill and identifiable intangible assets, provisions for losses that may arise from litigation and regulatory proceedings (including governmental investigations), and provisions for losses that may arise from tax audits. These estimates and assumptions are based on the best available information but actual results could be materially different. |
Revenue Recognition, Policy | Revenue Recognition Financial Assets and Liabilities at Fair Value. Trading assets and liabilities and certain investments 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 loans and other financial assets and liabilities at fair value by electing the fair value option. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. Fair value gains or losses are generally included in market making or other principal transactions. See Note 4 for further information about fair value measurements. Revenue from Contracts with Clients. The firm recognizes revenue earned from contracts with clients for services, such as investment banking, investment management, and execution and clearing (contracts with clients), when the performance obligations related to the underlying transaction are completed. Revenues from these contracts with clients represent approximately 40% of total non-interest non-interest Investment Banking Advisory. Fees from financial advisory assignments are recognized in revenues when the services related to the underlying transaction are completed under the terms of the assignment. Non-refundable Expenses associated with financial advisory assignments are recognized when incurred and are included in other expenses. Client reimbursements for such expenses are included in investment banking revenues. Underwriting. Fees from underwriting assignments are recognized in revenues upon completion of the underlying transaction based on the terms of the assignment. Expenses associated with underwriting assignments are generally deferred until the related revenue is recognized or the assignment is otherwise concluded. Such expenses are included in other expenses. Investment Management The firm earns management fees and incentive fees for investment management services, which are included in investment management revenues. The firm makes payments to brokers and advisors related to the placement of the firm’s investment funds (distribution fees), which are included in brokerage, clearing, exchange and distribution fees. Management Fees. Management fees for mutual funds are calculated as a percentage of daily net asset value and are received monthly. Management fees for hedge funds and separately managed accounts are calculated as a percentage of month-end Distribution fees paid by the firm are calculated based on either a percentage of the management fee, the investment fund’s net asset value or the committed capital. Such fees are included in brokerage, clearing, exchange and distribution fees. Incentive Fees. Incentive fees are calculated as a percentage of a fund’s or separately managed account’s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a twelve-month period or over the life of a fund. Fees that are based on performance over a twelve-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund. Incentive fees earned from a fund or separately managed account are recognized when it is probable that a significant reversal of such fees will not occur, which is generally when such fees are no longer subject to fluctuations in the market value of investments held by the fund or separately managed account. Therefore, incentive fees recognized during the period may relate to performance obligations satisfied in previous periods. Commissions and Fees The firm earns commissions and fees from executing and clearing client transactions on stock, options and futures markets, as well as over-the-counter Remaining Performance Obligations Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The firm’s remaining performance obligations are generally related to its financial advisory assignments and certain investment management activities. Revenues associated with remaining performance obligations relating to financial advisory assignments cannot be determined until the outcome of the transaction. For the firm’s investment management activities, where fees are calculated based on the net asset value of the fund or separately managed account, future revenues associated with such remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of investments held by the fund or separately managed account. The firm is able to determine the future revenues associated with management fees calculated based on committed capital. As of June 2020, substantially all future net revenues associated with such remaining performance obligations will be recognized through 2027. Annual revenues associated with such performance obligations average less than $250 million through 2027. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of financial assets accounted for as sales, any gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred financial assets are initially recognized at fair value. For transfers of financial assets that are not accounted for as sales, the assets are generally included in trading assets and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Note 11 for further information about transfers of financial assets accounted for as collateralized financings and Note 16 for further information about transfers of financial assets accounted for as sales. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. Cash and cash equivalents included cash and due from banks of $11.59 billion as of June 2020 and $12.57 billion as of December 2019. Cash and cash equivalents also included interest-bearing deposits with banks of $121.01 billion as of June 2020 and $120.98 billion as of December 2019. The firm segregates cash for regulatory and other purposes related to client activity. Cash and cash equivalents segregated for regulatory and other purposes were $22.83 billion as of June 2020 and $22.78 billion as of December 2019. In addition, the firm segregates securities for regulatory and other purposes related to client activity. See Note 11 for further information about segregated securities. |
Customer and Other Receivables, Policy | Customer and Other Receivables Customer and other receivables included receivables from customers and counterparties of $59.50 billion as of June 2020 and $50.90 billion as of December 2019, and receivables from brokers, dealers and clearing organizations of $46.99 billion as of June 2020 and $23.71 billion as of December 2019. Such receivables primarily consist of customer margin loans, receivables resulting from unsettled transactions and collateral posted in connection with certain derivative transactions. Substantially all of these receivables are accounted for at amortized cost net of any allowance for credit losses, which generally approximates fair value. As these receivables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these receivables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both June 2020 and December 2019. See Note 10 for further information about customer and other receivables accounted for at fair value under the fair value option. Interest on customer and other receivables is recognized over the life of the transaction and included in interest income. Customer and other receivables includes receivables from contracts with clients and contract assets. Contract assets represent the firm’s right to receive consideration for services provided in connection with its contracts with clients for which collection is conditional and not merely subject to the passage of time. The firm’s receivables from contracts with clients were $2.72 billion as of June 2020 and $2.27 billion as of December 2019. As of both June 2020 and December 2019 contract assets were not material. |
Customer and Other Payables, Policy | Customer and Other Payables Customer and other payables included payables to customers and counterparties of $190.13 billion as of June 2020 and $170.21 billion as of December 2019, and payables to brokers, dealers and clearing organizations of $9.08 billion as of June 2020 and $4.61 billion as of December 2019. Such payables primarily consist of customer credit balances related to the firm’s prime brokerage activities. Customer and other payables are accounted for at cost plus accrued interest, which generally approximates fair value. As these payables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these payables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both June 2020 and December 2019. Interest on customer and other payables 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 non-defaulting Derivatives are reported on a net-by-counterparty net-by-counterparty In the consolidated balance sheets, derivatives are reported net of cash collateral received and posted under enforceable credit support agreements, when transacted under an enforceable netting agreement. In the consolidated balance sheets, resale and repurchase agreements, and securities borrowed and loaned, are not reported net of the related cash and securities received or posted as collateral. See Note 11 for further information about collateral received and pledged, including rights to deliver or repledge collateral. See Notes 7 and 11 for further information about offsetting assets and liabilities. |
Share-based Compensation, Policies | Share-based Compensation The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based awards that do not require future service (i.e., vested awards, including awards granted to retirement-eligible employees) are expensed immediately. Share-based awards that require future service are amortized over the relevant service period. Forfeitures are recorded when they occur. Cash dividend equivalents paid on outstanding restricted stock units (RSUs) are charged to retained earnings. If RSUs that require future service are forfeited, the related dividend equivalents originally charged to retained earnings are reclassified to compensation expense in the period in which forfeiture occurs. The firm generally issues new shares of common stock upon delivery of share-based awards. In 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 |
Foreign Currency Translation, Policy | Foreign Currency Translation Assets and liabilities denominated in non-U.S. non-U.S. |
Recent Accounting Developments | Recent Accounting Developments Leases (ASC 842). In February 2016, the FASB issued ASU No. 2016-02, right-of-use right-of-use The firm adopted this ASU in January 2019 under a modified retrospective approach. Upon adoption, in accordance with the ASU, the firm elected to not reassess the lease classification or initial direct costs of existing leases, and to not reassess whether existing contracts contain a lease. In addition, the firm has elected to account for each contract’s lease and non-lease Measurement of Credit Losses on Financial Instruments (ASC 326). In June 2016, the FASB issued ASU No. 2016-13, The firm adopted this ASU in January 2020 under a modified retrospective approach. As a result of adopting this ASU, the firm’s allowance for credit losses on financial assets and commitments that are measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of such assets. Expected credit losses for newly recognized financial assets and commitments, as well as changes to expected credit losses during the period, are recognized in earnings. These expected credit losses are measured based on historical experience, current conditions and forecasts that affect the collectability of the reported amount. The cumulative effect of measuring the allowance under CECL as a result of adopting this ASU as of January 1, 2020 was an increase in the allowance for credit losses of $848 million. The increase in the allowance is driven by the fact that the allowance under CECL covers expected credit losses over the full expected life of the loan portfolios and also takes into account forecasts of expected future economic conditions. In addition, in accordance with the ASU, the firm elected the fair value option for loans that were previously accounted for as Purchased Credit Impaired (PCI), which resulted in a decrease to the allowance for PCI loans of $169 million. The cumulative effect of adopting this ASU was a decrease to retained earnings of $638 million (net of tax). Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). In March 2020, the FASB issued ASU No. 2020-04, |
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 liabilities as a portfolio (i.e., based on its net exposure to market and/or credit risks). The best evidence of fair value is a quoted price in an active market. If quoted prices in active markets are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use market-based or independently sourced inputs, including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, commodity prices, credit spreads and funding spreads (i.e., the spread or difference between the interest rate at which a borrower could finance a given financial instrument relative to a benchmark interest rate). U.S. GAAP has a three-level hierarchy for disclosure of fair value measurements. This hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in this hierarchy is based on the lowest level of input that is significant to its fair value measurement. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio’s net risk exposure to that input. The fair value hierarchy is as follows: Level 1. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities. Level 2. Inputs to valuation techniques are observable, either directly or indirectly. Level 3. One or more inputs to valuation techniques are significant and unobservable. The fair values for substantially all of the firm’s financial assets and liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the fair value hierarchy. Certain level 2 and level 3 financial assets and liabilities may require valuation adjustments that a market participant would require to arrive at fair value for factors, such as counterparty and the firm’s credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence. The valuation techniques and nature of significant inputs used to determine the fair value of the firm’s financial instruments are described below. See Notes 5 through 10 for further information about significant unobservable inputs used to value level 3 financial instruments. Valuation Techniques and Significant Inputs for Trading Cash Instruments, Investments and Loans Level 1. Level 1 instruments include U.S. government obligations, most non-U.S. Level 2. Level 2 instruments include certain non-U.S. Valuations of level 2 instruments can be verified to quoted prices, recent trading activity for identical or similar instruments, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. Valuation adjustments are typically made to level 2 instruments (i) if the instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence. Level 3. Level 3 instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales. Valuation techniques of level 3 instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 instrument are described below: Loans and Securities Backed by Commercial Real Estate Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single property or a portfolio of properties, and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include: • Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices, such as the CMBX (an index that tracks the performance of commercial mortgage bonds); • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral and capitalization rates. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and • Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of other unobservable inputs (e.g., prepayment speeds). Loans and Securities Backed by Residential Real Estate Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: • Market yields implied by transactions of similar or related assets; • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines, related costs and subsequent recoveries; and • Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines. Corporate Debt Instruments Corporate debt instruments includes corporate loans, debt securities and convertible debentures. Significant inputs for corporate debt instruments are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same or similar issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices, such as the CDX (an index that tracks the performance of corporate credit); • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; • Duration; and • Market and transaction multiples for corporate debt instruments with convertibility or participation options. Equity Securities Equity securities consists of private equities. Recent third-party completed or pending transactions (e.g., merger proposals, debt restructurings, tender offers) are considered the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate: • Industry multiples (primarily EBITDA and revenue multiples) and public comparables; • Transactions in similar instruments; • Discounted cash flow techniques; and • Third-party appraisals. The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include: • Market and transaction multiples; • Discount rates and capitalization rates; and • For equity securities with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration. Other Trading Cash Instruments, Investments and Loans The significant inputs to the valuation of other instruments, such as non-U.S. • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices; • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; and • Duration. Valuation Techniques and Significant Inputs for Derivatives The firm’s level 2 and level 3 derivatives are valued using derivative pricing models (e.g., discounted cash flow models, correlation models and models that incorporate option pricing methodologies, such as Monte Carlo simulations). Price transparency of derivatives can generally be characterized by product type, as described below. • Interest Rate. 10-year 2-year • 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. Level 1. Level 1 derivatives include short-term contracts for future delivery of securities when the underlying security is a level 1 instrument, and exchange-traded derivatives if they are actively traded and are valued at their quoted market price. Level 2. Level 2 derivatives include OTC derivatives for which all significant valuation inputs are corroborated by market evidence and exchange-traded derivatives that are not actively traded and/or that are valued using models that calibrate to market-clearing levels of OTC derivatives. The selection of a particular model to value a derivative depends on the contractual terms of and specific risks inherent in the instrument, as well as the availability of pricing information in the market. For derivatives that trade in liquid markets, model selection does not involve significant management judgment because outputs of models can be calibrated to market-clearing levels. Valuation models require a variety of inputs, such as contractual terms, market prices, yield curves, discount rates (including those derived from interest rates on collateral received and posted as specified in credit support agreements for collateralized derivatives), credit curves, measures of volatility, prepayment rates, loss severity rates and correlations of such inputs. Significant inputs to the valuations of level 2 derivatives can be verified to market transactions, broker or dealer quotations or other alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. Level 3. Level 3 derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs. The significant unobservable inputs used to value the firm’s level 3 derivatives are described below. • For level 3 interest rate and currency derivatives, significant unobservable inputs include correlations of certain currencies and interest rates (e.g., the correlation between Euro inflation and Euro interest rates). In addition, for level 3 interest rate derivatives, significant unobservable inputs include 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 classified in level 3. Level 3 inputs are changed when corroborated by evidence, such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. See Note 7 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 In addition, for derivatives that include significant unobservable inputs, the firm makes model or exit price adjustments to account for the valuation uncertainty present in the transaction. Valuation Techniques and Significant Inputs for Other Financial Instruments at Fair Value In addition to trading cash instruments, derivatives, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value under the fair value option. Such instruments include repurchase agreements and substantially all resale agreements; securities borrowed and loaned in Fixed Income, Currency and Commodities (FICC) financing; certain customer and other receivables, including certain margin loans; certain time deposits, including structured certificates of deposit, which are hybrid financial instruments; substantially all other secured financings, including transfers of assets accounted for as financings and collateralized central bank financings; certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; and other liabilities. These instruments are generally valued based on discounted cash flow techniques, which incorporate inputs with reasonable levels of price transparency, and are generally classified in level 2 because the inputs are observable. Valuation adjustments may be made for liquidity and for counterparty and the firm’s credit quality. The significant inputs used to value the firm’s other financial instruments are described below. Resale and Repurchase Agreements and Securities Borrowed and Loaned. The significant inputs to the valuation of resale and repurchase agreements and securities borrowed and loaned are funding spreads, the amount and timing of expected future cash flows and interest rates. Customer and Other Receivables. The significant inputs to the valuation of receivables are interest rates, the amount and timing of expected future cash flows and funding spreads. Deposits. The significant inputs to the valuation of time deposits are interest rates and the amount and timing of future cash flows. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 13 for further information about deposits. Other Secured Financings. The significant inputs to the valuation of other secured financings are the amount and timing of expected future cash flows, interest rates, funding spreads, the fair value of the collateral delivered by the firm (determined using the amount and timing of expected future cash flows, market prices, market yields and recovery assumptions) and the frequency of additional collateral calls. See Note 11 for further information about other secured financings. Unsecured Short- and Long-Term Borrowings. The significant inputs to the valuation of unsecured short- and long-term borrowings are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm and commodity prices for prepaid commodity transactions. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 14 for further information about borrowings. Other Liabilities. The significant inputs to the valuation of other liabilities are the amount and timing of expected future cash flows and equity volatility and correlation inputs. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives. |
Hedge Accounting, Policy | Hedge Accounting The firm applies hedge accounting for (i) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit and (ii) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm’s net investment in certain non-U.S. To qualify for hedge accounting, the hedging instrument must be highly effective at reducing the risk from the exposure being hedged. Additionally, the firm must formally document the hedging relationship at inception and assess the hedging relationship at least on a quarterly basis to ensure the hedging instrument continues to be highly effective over the life of the hedging relationship. Fair Value Hedges The firm designates certain interest rate swaps as fair value hedges of certain fixed-rate unsecured long-term and short-term debt and fixed-rate certificates of deposit. These interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate (e.g., London Interbank Offered Rate (LIBOR), Secured Overnight Financing Rate or Overnight Index Swap Rate), 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%. 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. |
Fair Value Option, Policy | Other Financial Assets and Liabilities at Fair Value In addition to trading assets and liabilities, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value, substantially all under the fair value option. The primary reasons for electing the fair value option are to: • Reflect economic events in earnings on a timely basis; • Mitigate volatility in earnings from using different measurement attributes (e.g., transfers of financial assets accounted for as financings are recorded at fair value, whereas the related secured financing would be recorded on an accrual basis absent electing the fair value option); and • Address simplification and cost-benefit considerations (e.g., accounting for hybrid financial instruments at fair value in their entirety versus bifurcation of embedded derivatives and hedge accounting for debt hosts). Hybrid financial instruments are instruments that contain bifurcatable embedded derivatives and do not require settlement by physical delivery of nonfinancial assets (e.g., physical commodities). If the firm elects to bifurcate the embedded derivative from the associated debt, the derivative is accounted for at fair value and the host contract is accounted for at amortized cost, adjusted for the effective portion of any fair value hedges. If the firm does not elect to bifurcate, the entire hybrid financial instrument is accounted for at fair value under the fair value option. Other financial assets and liabilities accounted for at fair value under the fair value option include: • Repurchase agreements and resale agreements; • Securities borrowed and loaned in FICC financing; • Most other secured financings, including transfers of assets accounted for as financings and collateralized central bank financings; • Certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; • Certain customer and other receivables, including certain margin loans; and • Certain time deposits (deposits with no stated maturity are not eligible for a fair value option election), including structured certificates of deposit, which are hybrid financial instruments. |
Loans, Policy | Loans include (i) loans held for investment that are accounted for at amortized cost net of allowance for loan losses or at fair value under the fair value option and (ii) loans held for sale that are accounted for at the lower of cost or fair value. Interest on loans is recognized over the life of the loan and is recorded on an accrual basis. Loans accounted for at amortized cost included PCI loans with a carrying value of $1.62 billion (outstanding principal balance of $3.23 billion and accretable yield of $220 million) as of December 2019, which were secured by commercial and residential real estate. In January 2020, the firm elected the fair value option for these PCI loans in accordance with ASU No. 2016-13. Allowance for Credit Losses The firm’s allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at amortized cost. Loans and lending commitments accounted for at fair value or accounted for at the lower of cost or fair value are not subject to an allowance for credit losses. The firm adopted ASU No. 2016-13 To determine the allowance for credit losses, the firm classifies its loans and lending commitments accounted for at amortized cost into wholesale and consumer portfolios. Prior to January 2020, the firm also had PCI loans which were classified as a separate portfolio. These portfolios represent the level at which the firm has developed and documented its methodology to determine the allowance for credit losses. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and asset-specific basis for loans that do not share similar risk characteristics. Under CECL, the allowance for credit losses takes into account the weighted average of a range of forecasts of future economic conditions over the expected life of the loan and lending commitments. The expected life of each loan or lending commitment is determined based on the contractual term adjusted for extension options or demand features. The forecasts include baseline, favorable and adverse economic scenarios over a three-year period. For loans with expected lives beyond three years, the model reverts to historical loss information based on a non-linear modeled approach. The forecasted economic scenarios consider a number of factors relevant to the wholesale and consumer portfolios described below. The firm applies judgment in weighing individual scenarios each quarter based on a variety of factors, including the firm’s internally derived economic outlook, market consensus, recent macroeconomic conditions and industry trends. The allowance for credit losses also includes qualitative components which allow management to reflect the uncertain nature of economic forecasting and account for model imprecision and concentration risk. Management’s estimate of credit losses entails judgment about loan collectability at the reporting dates, and there are uncertainties inherent in those judgments. The allowance for credit losses is subject to a governance process that involves review and approval by senior management within the firm’s independent risk oversight and control functions. Personnel within the firm’s independent risk oversight and control functions are responsible for forecasting the economic variables that underlie the economic scenarios that are used in the modeling of expected credit losses. While management uses the best information available to determine this estimate, future adjustments to the allowance may be necessary based on, among other things, changes in the economic environment or variances between actual results and the original assumptions used. |
Collateralized Agreements and Financings, Policy | Collateralized agreements and financings are presented on a net-by-counterparty Even though repurchase and resale agreements (including “repos- and reverses-to-maturity”) 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 • Short-term other secured financings includes financings maturing within one year of the financial statement date and financings that are redeemable within one year of the financial statement date at the option of the holder. • U.S. dollar-denominated short-term other secured financings at amortized cost had a weighted average interest rate of 4.32% as of December 2019. These rates include the effect of hedging activities. • U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 2.39% as of June 2020 and 2.79% as of December 2019. These rates include the effect of hedging activities. • Total other secured financings included $1.78 billion as of June 2020 and $2.16 billion as of December 2019 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets of $1.83 billion as of June 2020 and $2.21 billion as of December 2019, both primarily included in trading assets. • Other secured financings collateralized by financial instruments included $12.39 billion as of June 2020 and $9.09 billion as of December 2019 of other secured financings collateralized by trading assets and loans, and included $4.27 billion as of June 2020 and $2.93 billion as of December 2019 of other secured financings collateralized by financial instruments received as collateral and repledged. |
Securitization Activities, Policy | The firm accounts for a securitization as a sale when it has relinquished control over the transferred financial assets. Prior to securitization, the firm generally accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets. Net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors. |
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 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 shorter of the useful life of the improvement or the term of the lease. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years. |
Goodwill and Intangible Assets, Policy | Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its estimated carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment. |
Impairments, Policy | The firm tests property, leasehold improvements and equipment 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 or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. |
Property, Plant and Equipment, Operating Lease Policy | Operating lease liabilities include obligations for office space held in excess of current requirements. Operating lease costs relating to space held for growth is included in occupancy expenses. |
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 includes the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder. The firm accounts for certain hybrid financial instruments at fair value under the fair value option. See Note 10 for further information about unsecured short-term borrowings that are accounted for at fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its unsecured short-term borrowings not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of unsecured short-term borrowings that are not recorded at fair value generally approximates fair value due to the short-term nature of the obligations. As these unsecured short-term borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both June 2020 and December 2019. |
Commitments to Extend Credit, Policy | • Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $641 million (including allowance for losses of $490 million) as of June 2020 and $527 million (including allowance for losses of $361 million) as of December 2019. The estimated fair value of such lending commitments was a liability of $4.32 billion as of June 2020 and $3.05 billion as of December 2019. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $2.01 billion as of June 2020 and $1.78 billion as of December 2019 would have been classified in level 2, and $2.30 billion as of June 2020 and $1.27 billion as of December 2019 would have been classified in level 3. • Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $101 million as of June 2020 and $60 million as of December 2019. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 3 as of both June 2020 and December 2019. • Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions. |
Derivative Guarantees, Policy | Derivative Guarantees. The firm enters into various derivatives that meet the definition of a guarantee under U.S. GAAP, including written equity and commodity put options, written currency contracts and interest rate caps, floors and swaptions. These derivatives are risk managed together with derivatives that do not meet the definition of a guarantee, and therefore the amounts in the table above do not reflect the firm’s overall risk related to derivative activities. Disclosures about derivatives are not required if they may be cash settled and the firm has no basis to conclude it is probable that the counterparties held the underlying instruments at inception of the contract. The firm has concluded that these conditions have been met for certain large, internationally active commercial and investment bank counterparties, central clearing counterparties, hedge funds and certain other counterparties. |
Earnings Per Share Policy | Basic earnings per common share (EPS) is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and RSUs for which the delivery of the underlying common stock is not subject to satisfaction of future service or performance conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service or performance conditions. |
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 are included in other assets and tax liabilities are included in other liabilities. Unrecognized Tax Benefits The firm recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. |
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. The allocation of common shareholders’ equity and preferred stock dividends to each segment is based on the estimated amount of equity required to support the activities of the segment under relevant regulatory capital requirements. Net earnings for each segment is calculated by applying the firmwide tax rate to each segment’s pre-tax Management believes that this allocation provides a reasonable representation of each segment’s contribution to consolidated net earnings to common, return on average common equity and total assets. Transactions between segments are based on specific criteria or approximate third-party rates. |
Trading Assets and Liabilities, Policy | Trading assets and liabilities include trading cash instruments and derivatives held in connection with the firm’s market-making or risk management activities. These assets and liabilities are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are generally recognized in the consolidated statements of earnings. |
Trading Cash Instruments, Policy | Trading cash instruments consists of instruments held in connection with the firm’s market-making or risk management activities. These instruments are accounted for at fair value and the related fair value gains and losses are recognized in the consolidated statements of earnings. |
Investments, Policy | Investments includes debt instruments and equity securities that are accounted for at fair value and are generally held by the firm in connection with its long-term investing activities. In addition, investments includes debt securities classified as available-for-sale held-to-maturity Equity Securities and Debt Instruments, at Fair Value Equity securities and debt instruments, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are recognized in earnings. Equity Securities, at Fair Value. Equity securities, at fair value consists of the firm’s public and private equity-related investments in corporate and real estate entities. Held-to-Maturity Held-to-maturity |
Held to Maturity Securities, Policy | held-to-maturity |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Liabilities Summary | The table below presents financial assets and liabilities accounted for at fair value. As of $ in millions June 2020 March 2020 December Total level 1 financial assets $ 275,444 $ 217,934 $242,562 Total level 2 financial assets 406,880 440,469 325,259 Total level 3 financial assets 29,426 30,776 23,068 Investments in funds at NAV 3,710 3,545 4,206 Counterparty and cash collateral netting (73,749 ) (78,612 ) (55,527 ) Total financial assets at fair value $ 641,711 $ 614,112 $539,568 Total assets $1,141,523 $1,089,756 $992,968 Total level 3 financial assets divided by: Total assets 2.6% 2.8% 2.3% Total financial assets at fair value 4.6% 5.0% 4.3% Total level 1 financial liabilities $ 98,901 $ 63,117 $ 54,790 Total level 2 financial liabilities 298,915 320,820 293,902 Total level 3 financial liabilities 30,106 27,565 25,938 Counterparty and cash collateral netting (57,098 ) (60,796 ) (41,671 ) Total financial liabilities at fair value $ 370,824 $ 350,706 $332,959 Total liabilities $1,051,494 $ 997,377 $902,703 Total level 3 financial liabilities divided by: Total liabilities 2.9% 2.8% 2.9% Total financial liabilities at fair value 8.1% 7.9% 7.8% In the table above: • Counterparty netting among positions classified in the same level is included in that level. • Counterparty and cash collateral netting represents the impact on derivatives of netting across levels of the fair value hierarchy. |
Total Level 3 Financial Assets | The table below presents a summary of level 3 financial assets. As of $ in millions June 2020 March 2020 December Trading assets: Trading cash instruments $ 1,804 $ 1,234 $ 1,242 Derivatives 7,047 7,381 4,654 Investments 17,916 19,408 15,282 Loans 2,659 2,753 1,890 Total $ 29,426 $ 30,776 $ 23,068 |
Trading Assets and Liabilities
Trading Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Trading Assets and Liabilities [Abstract] | |
Summary of Trading Assets and Liabilities | The table below presents a summary of trading assets and liabilities. $ in millions Trading Trading As of June 2020 Trading cash instruments $334,365 $109,371 Derivatives 62,970 52,936 Total $397,335 $162,307 As of December 2019 Trading cash instruments $310,080 $ 65,033 Derivatives 45,252 43,802 Total $355,332 $108,835 |
Gains and Losses from Market Making | The table below presents market making revenues by major product type. Three Months Six Months Ended June $ in millions 2020 2019 2020 2019 Interest rates $1,315 $ 732 $2,052 $1,992 Credit 1,151 213 2,993 455 Currencies 42 704 (693 ) 1,422 Equities 1,931 785 3,631 1,175 Commodities 1,348 45 1,486 158 Total $5,787 $2,479 $9,469 $5,202 |
Trading Cash Instruments (Table
Trading Cash Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Cash Instruments by Level | The table below presents trading cash instruments by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of June 2020 Assets Government and agency obligations: U.S. $117,242 $ 35,041 $ – $ 152,283 Non-U.S. 47,160 8,631 57 55,848 Loans and securities backed by: Commercial real estate – 1,106 430 1,536 Residential real estate – 5,695 307 6,002 Corporate debt instruments 677 29,507 764 30,948 State and municipal obligations – 319 – 319 Other debt obligations 363 2,244 172 2,779 Equity securities 76,825 1,855 74 78,754 Commodities – 5,896 – 5,896 Total $242,267 $ 90,294 $1,804 $ 334,365 Liabilities Government and agency obligations: U.S. $ ) $ ) $ – $ (21,290 ) Non-U.S. (27,340 ) (2,180 ) – (29,520 ) Loans and securities backed by: Commercial real estate – (4 ) (1 ) (5 ) Residential real estate – (1 ) – (1 ) Corporate debt instruments (33 ) (7,906 ) (140 ) (8,079 ) Equity securities (50,062 ) (399 ) (15 ) (50,476 ) Total $ ) $(10,553 ) $ ) $(109,371 ) As of December 2019 Assets Government and agency obligations: U.S. $108,200 $ $ 21 $ Non-U.S. 33,709 11,108 22 44,839 Loans and securities backed by: Commercial real estate – 2,031 191 2,222 Residential real estate – 5,794 231 6,025 Corporate debt instruments 1,313 26,768 692 28,773 State and municipal obligations – 680 – 680 Other debt obligations 409 1,074 10 1,493 Equity securities 78,782 489 75 79,346 Commodities – 3,767 – 3,767 Total $222,413 $ $1,242 $ Liabilities Government and agency obligations: U.S. $ (9,914 ) $ ) $ $ ) Non-U.S. (21,213 ) (2,205 ) (6 ) (23,424 ) Loans and securities backed by: Commercial real estate – (31 ) (1 ) (32 ) Residential real estate – (2 ) – (2 ) Corporate debt instruments (115 ) (7,494 ) (253 ) (7,862 ) State and municipal obligations – (2 ) – (2 ) Equity securities (23,519 ) (212 ) (13 ) (23,744 ) Commodities – (6 ) – (6 ) Total $ (54,761 ) $ ) $ (273 ) $ ) In the table above: • Trading cash instrument assets are shown as positive amounts and trading cash instrument liabilities are shown as negative amounts. • Corporate debt instruments includes corporate loans, debt securities, convertible debentures, prepaid commodity transactions and transfers of assets accounted for as secured loans rather than purchases. • Equity securities includes public equities and exchange-traded funds. • Other debt obligations includes other asset-backed securities and money market instruments. |
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 level 3 trading cash instruments. Level 3 Assets and Range of Significant Unobservable Inputs (Weighted Average) as of $ in millions June 2020 December 2019 Loans and securities backed by commercial real estate Level 3 assets $430 $191 Yield 2.1% to 7.6 ) 2.7% to 21.7% ( 13.5 ) Recovery rate 19.8% to 95.0% ( 66.7 ) 11.4% to 81.1% ( 55.6 ) Duration (years) 0.3 to 9.2 (4.1 ) 0.3 to 6.6 (2.8 ) Loans and securities backed by residential real estate Level 3 assets $307 $231 Yield 0.9% to 14.4% ( 4.9 ) 1.2% to 12.0% ( 5.8 ) Cumulative loss rate 7.6% to 36.6% (20.1 ) 5.4% to 30.4% ( 16.3 ) Duration (years) 1.5 to 15.5 (4.3 ) 2.3 to 12.4 (5.7 ) Corporate debt instruments Level 3 assets $764 $692 Yield 2.5% to 37.3% ( 12.9 ) 0.1% to 20.4% ( 7.2 ) Recovery rate 0.0% to 70.0% ( 56.8 ) 0.0% to 69.7% ( 54.9 ) Duration (years) 1.5 to 14.8 (4.2 ) 1.7 to 16.6 (5.1 ) Other debt obligations Level 3 assets $172 $10 Yield 11.5% to 12.5% ( 12.4 ) N/A Duration (years) 4.9 to 5.4 (4.9 ) N/A In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of trading cash instrument. • Weighted averages are calculated by weighting each input by the relative fair value of the trading cash instruments. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one trading cash instrument. For example, the highest recovery rate for corporate debt instruments is appropriate for valuing a specific corporate debt instrument, but may not be appropriate for valuing any other corporate debt instrument. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 trading cash instruments. • Increases in yield, duration or cumulative loss rate used in the valuation of level 3 trading cash instruments would have resulted in a lower fair value measurement, while increases in recovery rate would have resulted in a higher fair value measurement as of both June 2020 and December 2019. Due to the distinctive nature of each level 3 trading cash instrument, the interrelationship of inputs is not necessarily uniform within each product type. • Trading cash instruments are valued using discounted cash flows. |
Cash Instruments, Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 trading cash instruments. Three Months Six Months $ in millions 2020 2019 2020 2019 Total trading cash instrument assets Beginning balance $1,234 $1,590 $1,242 $1,689 Net realized gains/(losses) 17 33 68 48 Net unrealized gains/(losses) (40 ) 9 (190 ) 5 Purchases 306 241 609 361 Sales (212 ) (293 ) (320 ) (586 ) Settlements (42 ) (61 ) (183 ) (105 ) Transfers into level 3 695 173 761 294 Transfers out of level 3 (154 ) (173 ) (183 ) (187 ) Ending balance $1,804 $1,519 $1,804 $1,519 Total trading cash instrument liabilities Beginning balance $ ) $ (159 ) $ ) $ (49 ) Net realized gains/(losses) (1 ) – – – Net unrealized gains/(losses) 15 (37 ) 105 (136 ) Purchases 21 21 40 32 Sales (15 ) (39 ) (22 ) (42 ) Settlements 5 4 1 9 Transfers into level 3 (8 ) (8 ) (10 ) (26 ) Transfers out of level 3 21 7 3 1 Ending balance $ ) $ (211 ) $ ) $ (211 ) In the table above: • Changes in fair value are presented for all trading cash instruments that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to trading cash instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a trading cash instrument was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 trading cash instrument assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 trading cash instrument liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • Level 3 trading cash instruments are frequently economically hedged with level 1 and level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1 or level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by product type, for assets included in the summary table above. Three Months Six Months $ in millions 2020 2019 2020 2019 Loans and securities backed by commercial real estate Beginning balance $ 130 $ 371 $ 191 $ 332 Net realized gains/(losses) 2 6 13 9 Net unrealized gains/(losses) (9 ) (14 ) (33 ) (22 ) Purchases 20 6 79 32 Sales – (60 ) (13 ) (105 ) Settlements (6 ) (24 ) (57 ) (44 ) Transfers into level 3 294 31 255 77 Transfers out of level 3 (1 ) (48 ) (5 ) (11 ) Ending balance $ 430 $ 268 $ 430 $ 268 Loans and securities backed by residential real estate Beginning balance $ 251 $ 263 $ 231 $ 348 Net realized gains/(losses) 3 3 7 5 Net unrealized gains/(losses) 2 14 11 24 Purchases 5 23 41 50 Sales (89 ) (66 ) (68 ) (157 ) Settlements (7 ) (7 ) (24 ) (17 ) Transfers into level 3 181 48 178 26 Transfers out of level 3 (39 ) (8 ) (69 ) (9 ) Ending balance $ 307 $ 270 $ 307 $ 270 Corporate debt instruments Beginning balance $ 719 $ 789 $ 692 $ 912 Net realized gains/(losses) 9 21 35 26 Net unrealized gains/(losses) (23 ) 8 (137 ) 6 Purchases 140 187 303 250 Sales (93 ) (152 ) (175 ) (293 ) Settlements (20 ) (18 ) (85 ) (27 ) Transfers into level 3 138 86 235 113 Transfers out of level 3 (106 ) (99 ) (104 ) (165 ) Ending balance $ 764 $ 822 $ 764 $ 822 Other Beginning balance $ 134 $ 167 $ 128 $ 97 Net realized gains/(losses) 3 3 13 8 Net unrealized gains/(losses) (10 ) 1 (31 ) (3 ) Purchases 141 25 186 29 Sales (30 ) (15 ) (64 ) (31 ) Settlements (9 ) (12 ) (17 ) (17 ) Transfers into level 3 82 8 93 78 Transfers out of level 3 (8 ) (18 ) (5 ) (2 ) Ending balance $ 303 $ 159 $ 303 $ 159 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivatives on a Gross Basis | The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated balance sheets, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP. As of June 2020 As of December 2019 $ in millions Derivative Derivative Derivative Derivative Not accounted for as hedges Exchange-traded $ 953 $ 1,338 $ 476 $ 856 OTC-cleared 15,814 13,937 9,958 8,618 Bilateral OTC 360,018 326,113 266,387 242,046 Total interest rates 376,785 341,388 276,821 251,520 OTC-cleared 2,180 2,301 6,551 6,929 Bilateral OTC 15,645 13,700 14,178 13,860 Total credit 17,825 16,001 20,729 20,789 Exchange-traded 51 8 35 10 OTC-cleared 403 508 411 391 Bilateral OTC 91,961 92,950 79,887 81,613 Total currencies 92,415 93,466 80,333 82,014 Exchange-traded 3,818 3,434 2,390 2,272 OTC-cleared 185 173 180 243 Bilateral OTC 12,485 16,407 8,568 13,034 Total commodities 16,488 20,014 11,138 15,549 Exchange-traded 24,855 28,052 13,499 16,976 Bilateral OTC 39,514 43,782 36,162 39,531 Total equities 64,369 71,834 49,661 56,507 Subtotal 567,882 542,703 438,682 426,379 Accounted for as hedges OTC-cleared 2 – – – Bilateral OTC 1,525 – 3,182 1 Total interest rates 1,527 – 3,182 1 OTC-cleared 35 13 16 57 Bilateral OTC 38 81 16 153 Total currencies 73 94 32 210 Subtotal 1,600 94 3,214 211 Total gross fair value $ 569,482 $ 542,797 $ 441,896 $ 426,590 Offset in the consolidated balance sheets Exchange-traded $ (25,725 ) $ (25,725 ) $ (14,159 ) $ (14,159 ) OTC-cleared (16,522 ) (16,522 ) (15,565 ) (15,565 ) Bilateral OTC (391,721 ) (391,721 ) (310,920 ) (310,920 ) Counterparty netting (433,968 ) (433,968 ) (340,644 ) (340,644 ) OTC-cleared (1,851 ) (277 ) (1,302 ) (526 ) Bilateral OTC (70,693 ) (55,616 ) (54,698 ) (41,618 ) Cash collateral netting (72,544 ) (55,893 ) (56,000 ) (42,144 ) Total amounts offset $(506,512 ) $(489,861 ) $(396,644 ) $(382,788 ) Included in the consolidated balance sheets Exchange-traded $ 3,952 $ 7,107 $ $ OTC-cleared 246 133 249 147 Bilateral OTC 58,772 45,696 42,762 37,700 Total $ 62,970 $ 52,936 $ 45,252 $ 43,802 Not offset in the consolidated balance sheets Cash collateral $ (1,050 ) $ (2,174 ) $ ) $ (1,603 ) Securities collateral (16,911 ) (11,437 ) (14,196 ) (9,252 ) Total $ 45,009 $ 39,325 $ 30,452 $ 32,947 Notional Amounts as of $ in millions June 2020 December 2019 Not accounted for as hedges Exchange-traded $ 3,555,199 $ 4,757,300 OTC-cleared 17,925,616 13,440,376 Bilateral OTC 11,088,072 11,668,171 Total interest rates 32,568,887 29,865,847 OTC-cleared 483,075 396,342 Bilateral OTC 623,320 707,935 Total credit 1,106,395 1,104,277 Exchange-traded 3,380 4,566 OTC-cleared 149,566 134,060 Bilateral OTC 6,065,090 5,926,602 Total currencies 6,218,036 6,065,228 Exchange-traded 221,888 230,018 OTC-cleared 2,470 2,639 Bilateral OTC 213,621 243,228 Total commodities 437,979 475,885 Exchange-traded 1,072,169 910,099 Bilateral OTC 1,133,972 1,182,335 Total equities 2,206,141 2,092,434 Subtotal 42,537,438 39,603,671 Accounted for as hedges OTC-cleared 153,071 123,531 Bilateral OTC 6,774 9,714 Total interest rates 159,845 133,245 OTC-cleared 3,328 4,152 Bilateral OTC 7,746 9,247 Total currencies 11,074 13,399 Subtotal 170,919 146,644 Total notional amounts $42,708,357 $39,750,315 In the tables above: • Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses. • Total gross fair value of derivatives included derivative assets of $13.86 billion as of June 2020 and $9.15 billion as of December 2019, and derivative liabilities of $17.62 billion as of June 2020 and $14.88 billion as of December 2019, 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. • During the first quarter of 2020, consistent with the rules of a clearing organization, the firm elected to consider its transactions with that clearing organization as settled each day. The impact of this change would have been a reduction in gross credit derivative assets of $3.97 billion and liabilities of $4.15 billion as of December 2019, and a corresponding decrease in counterparty and cash collateral netting, with no impact to the consolidated balance sheets. |
Fair Value of Derivatives by Level | The table below presents derivatives on a gross basis by level and product type, as well as the impact of netting. $ in millions Level 1 Level 2 Level 3 Total As of June 2020 Assets Interest rates $ 5 $ 377,390 $ 917 $ 378,312 Credit – 13,540 4,285 17,825 Currencies – 92,152 336 92,488 Commodities – 15,796 692 16,488 Equities 64 62,081 2,224 64,369 Gross fair value 69 560,959 8,454 569,482 Counterparty netting in levels – (431,356 ) (1,407 ) (432,763 ) Subtotal $ 69 $ 129,603 $ 7,047 $ 136,719 Cross-level counterparty netting (1,205 ) Cash collateral netting (72,544 ) Net fair value $ 62,970 Liabilities Interest rates $(219 ) $(340,563 ) $ (606 ) $(341,388 ) Credit – (14,043 ) (1,958 ) (16,001 ) Currencies – (93,130 ) (430 ) (93,560 ) Commodities – (19,653 ) (361 ) (20,014 ) Equities (20 ) (69,775 ) (2,039 ) (71,834 ) Gross fair value (239 ) (537,164 ) (5,394 ) (542,797 ) Counterparty netting in levels – 431,356 1,407 432,763 Subtotal $(239 ) $(105,808 ) $(3,987 ) $(110,034 ) Cross-level counterparty netting 1,205 Cash collateral netting 55,893 Net fair value $ (52,936 ) As of December 2019 Assets Interest rates $ $ $ $ Credit – 17,204 3,525 20,729 Currencies – 80,178 187 80,365 Commodities – 10,648 490 11,138 Equities 21 48,953 687 49,661 Gross fair value 24 436,426 5,446 441,896 Counterparty netting in levels – (340,325 ) (792 ) (341,117 ) Subtotal $ $ $ $ Cross-level counterparty netting 473 Cash collateral netting (56,000 ) Net fair value $ Liabilities Interest rates $ ) $ ) $ ) $ ) Credit – (19,141 ) (1,648 ) (20,789 ) Currencies – (81,826 ) (398 ) (82,224 ) Commodities – (15,306 ) (243 ) (15,549 ) Equities (26 ) (53,817 ) (2,664 ) (56,507 ) Gross fair value (29 ) (421,140 ) (5,421 ) (426,590 ) Counterparty netting in levels – 340,325 792 341,117 Subtotal $ ) $ ) $ ) $ ) Cross-level counterparty netting (473 ) Cash collateral netting 42,144 Net fair value $ ) |
Fair Value, Derivatives, Measurement Inputs, Disclosure | The table below presents the amount of level 3 derivative assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value level 3 derivatives. Level 3 Assets (Liabilities) and Range of Significant $ in millions, except inputs June 2020 December 2019 Interest rates, net $311 $89 Correlation (40)% to 81% (51%/60%) (42)% to 81% (52%/60%) Volatility (bps) 31 to 150 (70/61) 31 to 150 (70/61) Credit, net $2,327 $1,877 Credit spreads (bps) 1 to 748 (105/67) 1 to 559 (96/53) Upfront credit points 1 to 98 (41/30) 2 to 90 (38/32) Recovery rates 2% to 70% (36%/40%) 10% to 60% (31%/25%) Currencies, net $(94) $(211) Correlation 20% to 70% (39%/41%) 20% to 70% (37%/36%) Commodities, net $331 $247 Volatility 13% to 92% (37%/30%) 9% to 57% (26%/25%) Natural gas spread $(0.86) to $1.40 ($(0.14)/$(0.08)) $(1.93) to $1.69 ($(0.16)/$(0.17)) Oil spread $(0.41) to $18.23 ($7.93/$7.06) $(4.86) to $19.77 ($9.82/$11.15) Equities, net $185 $(1,977) Correlation (77)% to 99% (48%/56%) (70)% to 99% (42%/45%) Volatility 4% to 172% (26%/24%) 2% to 72% (14%/7%) |
Fair Value of Derivatives, Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 derivatives. Three Months Six Months Ended $ in millions 2020 2019 2020 2019 Total level 3 derivatives, net Beginning balance $1,660 $ (688 ) $ 25 $ 590 Net realized gains/(losses) 70 (27 ) 136 (20 ) Net unrealized gains/(losses) (76 ) (17 ) 2,110 (107 ) Purchases 157 200 326 300 Sales (264 ) (299 ) (516 ) (375 ) Settlements 1,557 45 945 177 Transfers into level 3 (17 ) 6 (36 ) (5 ) Transfers out of level 3 (27 ) 1,378 70 38 Ending balance $3,060 $ 598 $3,060 $ 598 The table below presents information, by product type, for derivatives included in the summary table above. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Interest rates, net Beginning balance $ 266 $ (19 ) $ 89 $ (109 ) Net realized gains/(losses) 1 (14 ) 15 (11 ) Net unrealized gains/(losses) (12 ) 82 170 151 Purchases 19 5 21 6 Sales (8 ) (6 ) (17 ) (8 ) Settlements 26 (11 ) 23 14 Transfers into level 3 6 (9 ) 8 (17 ) Transfers out of level 3 13 2 2 4 Ending balance $ 311 $ 30 $ 311 $ 30 Credit, net Beginning balance $ 2,518 $ 1,874 $ 1,877 $ 1,672 Net realized gains/(losses) 14 9 (1 ) 15 Net unrealized gains/(losses) (152 ) (81 ) 366 45 Purchases 44 33 75 74 Sales (47 ) (26 ) (52 ) (45 ) Settlements 101 (136 ) 41 (170 ) Transfers into level 3 (94 ) 12 10 76 Transfers out of level 3 (57 ) (9 ) 11 9 Ending balance $ 2,327 $ 1,676 $ 2,327 $ 1,676 Currencies, net Beginning balance $ 61 $ 29 $ (211 ) $ 461 Net realized gains/(losses) 6 (8 ) (4 ) (28 ) Net unrealized gains/(losses) (53 ) (76 ) 17 (181 ) Purchases 9 3 9 5 Sales (5 ) (4 ) (5 ) (9 ) Settlements (106 ) 24 105 (276 ) Transfers into level 3 (1 ) (5 ) (3 ) (3 ) Transfers out of level 3 (5 ) 6 (2 ) – Ending balance $ (94 ) $ (31 ) $ (94 ) $ (31 ) Commodities, net Beginning balance $ 388 $ 145 $ 247 $ 112 Net realized gains/(losses) 5 (18 ) 7 (24 ) Net unrealized gains/(losses) 49 21 154 47 Purchases 2 21 32 24 Sales (2 ) (67 ) (5 ) (66 ) Settlements (84 ) 6 (57 ) 15 Transfers into level 3 (18 ) 33 (30 ) 7 Transfers out of level 3 (9 ) (7 ) (17 ) 19 Ending balance $ 331 $ 134 $ 331 $ 134 Equities, net Beginning balance $(1,573 ) $(2,717 ) $(1,977 ) $(1,546 ) Net realized gains/(losses) 44 4 119 28 Net unrealized gains/(losses) 92 37 1,403 (169 ) Purchases 83 138 189 191 Sales (202 ) (196 ) (437 ) (247 ) Settlements 1,620 162 833 594 Transfers into level 3 90 (25 ) (21 ) (68 ) Transfers out of level 3 31 1,386 76 6 Ending balance $ 185 $(1,211 ) $ 185 $(1,211 ) |
OTC Derivatives by Product Type and Tenor | The table below presents OTC derivative assets and liabilities by tenor and major product type. $ in millions Less than 1 - 5 Greater than Total As of June 2020 Assets Interest rates $ 9,034 $21,613 $74,510 $105,157 Credit 937 3,687 3,801 8,425 Currencies 10,753 6,542 8,298 25,593 Commodities 4,103 1,868 591 6,562 Equities 6,747 8,156 2,005 16,908 Counterparty netting in tenors (2,885 ) (4,258 ) (3,651 ) (10,794 ) Subtotal $28,689 $37,608 $85,554 $151,851 Cross-tenor counterparty netting (20,289 ) Cash collateral netting (72,544 ) Total OTC derivative assets $ Liabilities Interest rates $ 5,353 $13,449 $49,045 $ 67,847 Credit 817 3,696 2,088 6,601 Currencies 11,938 8,303 6,468 26,709 Commodities 4,075 2,066 4,331 10,472 Equities 7,799 10,095 3,282 21,176 Counterparty netting in tenors (2,885 ) (4,258 ) (3,651 ) (10,794 ) Subtotal $27,097 $33,351 $61,563 $122,011 Cross-tenor counterparty netting (20,289 ) Cash collateral netting (55,893 ) Total OTC derivative liabilities $ As of December 2019 Assets Interest rates $ 5,521 $15,183 $57,394 $ 78,098 Credit 678 3,259 3,183 7,120 Currencies 10,236 5,063 6,245 21,544 Commodities 2,507 1,212 302 4,021 Equities 7,332 4,509 1,294 13,135 Counterparty netting in tenors (3,263 ) (3,673 ) (2,332 ) (9,268 ) Subtotal $23,011 $25,553 $66,086 $114,650 Cross-tenor counterparty netting (15,639 ) Cash collateral netting (56,000 ) Total OTC derivative assets $ 43,011 Liabilities Interest rates $ 3,654 $ 9,113 $36,470 $ 49,237 Credit 1,368 4,052 1,760 7,180 Currencies 12,486 6,906 4,036 23,428 Commodities 2,796 1,950 3,804 8,550 Equities 5,755 7,381 3,367 16,503 Counterparty netting in tenors (3,263 ) (3,673 ) (2,332 ) (9,268 ) Subtotal $22,796 $25,729 $47,105 $ 95,630 Cross-tenor counterparty netting (15,639 ) Cash collateral netting (42,144 ) Total OTC derivative liabilities $ |
Credit Derivatives | The table below presents information about credit derivatives. Credit Spread on Underlier (basis points) $ in millions 0 - 250 251 - 500 501 - Greater than Total As of June 2020 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $ 107,215 $11,462 $ 1,445 $ 4,150 $124,272 1 – 5 years 294,900 32,572 11,986 15,399 354,857 Greater than 5 years 41,751 3,217 1,104 685 46,757 Total $ 443,866 $47,251 $14,535 $20,234 $525,886 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $394,450 $38,181 $13,706 $18,731 $465,068 Other $101,659 $ 8,285 $ 2,398 $ 3,118 $115,460 Fair Value of Written Credit Derivatives Asset $ 6,927 $ $ $ $ 7,745 Liability 277 1,462 888 4,686 7,313 Net asset/(liability) $ 6,650 $ ) $ ) $ ) $ As of December 2019 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $143,566 $ 7,155 $ 759 $ 2,953 $154,433 1 – 5 years 292,444 10,125 5,482 8,735 316,786 Greater than 5 years 48,109 2,260 427 554 51,350 Total $484,119 $19,540 $ 6,668 $12,242 $522,569 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $395,127 $14,492 $ 5,938 $10,543 $426,100 Other $149,092 $ 2,617 $ 1,599 $ 2,354 $155,662 Fair Value of Written Credit Derivatives Asset $ 13,103 $ 446 $ 160 $ 202 $ 13,911 Liability 1,239 448 372 3,490 5,549 Net asset/(liability) $ 11,864 $ (2 ) $ (212 ) $ (3,288 ) $ 8,362 |
Summary of information about CVA and FVA | The table below presents information about CVA and FVA. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 CVA, net of hedges $(322 ) $(35 ) $ (51 ) $(198 ) FVA, net of hedges 580 38 (179 ) 272 Total $ 258 $ 3 $(230 ) $ 74 |
Bifurcated Embedded Derivatives | The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings. As of $ in millions June December Fair value of assets $ 1,411 $ 1,148 Fair value of liabilities 1,639 1,717 Net liability $ $ 569 Notional amount $11,475 $11,003 |
Derivatives with Credit-Related Contingent Features | The table below presents information about net derivative liabilities under bilateral agreements (excluding collateral posted), the fair value of collateral posted and additional collateral or termination payments that could have been called by counterparties in the event of a one- two-notch As of $ in millions June 2020 December 2019 Net derivative liabilities under bilateral agreements $41,968 $32,800 Collateral posted $36,151 $28,510 Additional collateral or termination payments: One-notch $ $ 358 Two-notch $ 1,022 $ 1,268 |
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 and the related hedged borrowings and deposits, and total interest expense. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Interest rate hedges $ $ 2,328 $ 6,939 $ 3,584 Hedged borrowings and deposits $ ) $(2,462 ) $(7,243 ) $(3,813 ) Interest expense $2,090 $ 4,689 $ 5,527 $ 9,068 |
Summary of Carrying Amount of Hedged Items | The table below presents the carrying value of the hedged items designated in a hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values. $ in millions Carrying Cumulative As of June 2020 Deposits $ 18,657 $ Unsecured short-term borrowings $ 8,405 $ Unsecured long-term borrowings $106,139 $13,386 As of December 2019 Deposits $ 19,634 $ 200 Unsecured short-term borrowings $ 6,008 $ 28 Unsecured long-term borrowings $ 87,874 $ 7,292 The table below presents the gains/(losses) from net investment hedging. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Hedges: Foreign currency forward contract $(114 ) $(30 ) $642 $(15 ) Foreign currency-denominated debt $ (9 ) $(76 ) $ ) $(44 ) |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value of Investments by Accounting Type | The table below presents information about investments. As of $ in millions June December Equity securities, at fair value $19,850 $22,163 Debt instruments, at fair value 17,954 16,570 Available-for-sale 32,764 19,094 Investments, at fair value 70,568 57,827 Held-to-maturity 5,750 5,825 Equity method investments 303 285 Total investments $76,621 $63,937 |
Disclosure Of Equity Securities At Fair Value | The table below presents information about equity securities, at fair value. As of $ in millions June December Equity securities, at fair value $19,850 $22,163 Equity Type Public equity 13% 11% Private equity 87% 89% Total 100% 100% Asset Class Corporate 82% 79% Real estate 18% 21% Total 100% 100% Region Americas 47% 50% EMEA 16% 17% Asia 37% 33% Total 100% 100% |
Disclosure Of Debt Securities At Fair Value | The table below presents information about debt instruments, at fair value. As of $ in millions June December Corporate debt securities $10,703 $10,838 Securities backed by real estate 1,779 2,619 Money market instruments 3,886 1,681 Other 1,586 1,432 Total $17,954 $16,570 |
Investments in Funds that are Calculated Using Net Asset Value Per Share | The table below presents the fair value of investments in funds at NAV and the related unfunded commitments. $ in millions Fair Value of Unfunded As of June 2020 Private equity funds $2,215 $ Credit funds 1,088 823 Hedge funds 101 – Real estate funds 306 225 Total $3,710 $1,796 As of December 2019 Private equity funds $2,767 $ 765 Credit funds 983 820 Hedge funds 125 – Real estate funds 331 196 Total $4,206 $1,781 |
Summary of Securities Accounted for Available-for-Sale | The table below presents information about available-for-sale $ in millions Amortized Fair Weighted As of June 2020 Less than 5 years $26,063 $26,461 0.85% Greater than 5 years 5,965 6,303 1.35% Total $32,028 $32,764 0.95% As of December 2019 Less than 5 years $14,063 $14,041 1.53% Greater than 5 years 4,974 5,053 2.10% Total $19,037 $19,094 1.68% In the table above: • Available-for-sale • The firm sold available-for-sale • The gross unrealized gains included in accumulated other comprehensive income/(loss) were $736 million as of June 2020 and $137 million as of December 2019. The gross unrealized losses included in accumulated other comprehensive income/(loss) were not material as of both June 2020 and December 2019. • Beginning in January 2020, available-for-sale |
Debt Securities, Held-to-maturity | The table below presents information about held-to-maturity $ in millions Amortized Cost Fair Value Weighted Average Yield As of June 2020 Less than 5 years $3,532 $3,746 2.40% Greater than 5 years 1,533 1,692 2.25% Total U.S. government obligations 5,065 5,438 2.35% Greater than 5 years 685 699 1.30% Total securities backed by real estate 685 699 1.30% Total held-to-maturity $5,750 $6,137 2.23% As of December 2019 Less than 5 years $3,534 $3,613 2.40% Greater than 5 years 1,534 1,576 2.25% Total U.S. government obligations 5,068 5,189 2.35% Less than 5 years 6 6 4.16% Greater than 5 years 751 769 1.67% Total securities backed by real estate 757 775 1.69% Total held-to-maturity $5,825 $5,964 2.27% |
Fair Value, Investments, Measurement Inputs, Disclosure | The table below presents a summary of level 3 financial assets. As of $ in millions June 2020 March 2020 December Trading assets: Trading cash instruments $ 1,804 $ 1,234 $ 1,242 Derivatives 7,047 7,381 4,654 Investments 17,916 19,408 15,282 Loans 2,659 2,753 1,890 Total $ 29,426 $ 30,776 $ 23,068 |
Investments, Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 loans. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Beginning balance $2,753 $2,069 $1,890 $1,990 Net realized gains/(losses) 16 21 37 41 Net unrealized gains/(losses) 10 46 (53 ) 46 Purchases 58 117 397 200 Sales – (2 ) (7 ) (10 ) Settlements (173 ) (289 ) (379 ) (433 ) Transfers into level 3 163 243 787 391 Transfers out of level 3 (168 ) (98 ) (13 ) (118 ) Ending balance $2,659 $2,107 $2,659 $2,107 The table below presents information, by loan type, for loans included in the summary table above. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Corporate Beginning balance $1,044 $ 726 $ 752 $ 659 Net realized gains/(losses) 4 5 10 4 Net unrealized gains/(losses) (1 ) 9 (17 ) (8 ) Purchases 37 103 64 139 Sales – (1 ) (7 ) – Settlements (60 ) (124 ) (79 ) (127 ) Transfers into level 3 83 163 229 238 Transfers out of level 3 (168 ) (8 ) (13 ) (32 ) Ending balance $ 939 $ 873 $ 939 $ 873 Commercial real estate Beginning balance $1,063 $ 640 $ 591 $ 677 Net realized gains/(losses) 7 8 16 18 Net unrealized gains/(losses) (13 ) 13 (37 ) 20 Purchases 16 4 285 13 Sales – – – (1 ) Settlements (47 ) (103 ) (171 ) (150 ) Transfers into level 3 58 80 400 65 Ending balance $1,084 $ 642 $1,084 $ 642 Residential real estate Beginning balance $ 260 $ 274 $ 221 $ 290 Net realized gains/(losses) 2 4 1 5 Net unrealized gains/(losses) 15 9 1 10 Purchases 5 2 42 7 Sales – (1 ) – – Settlements (15 ) (24 ) (39 ) (52 ) Transfers into level 3 1 – 42 – Transfers out of level 3 – (90 ) – (86 ) Ending balance $ 268 $ 174 $ 268 $ 174 Wealth management and other Beginning balance $ 386 $ 429 $ 326 $ 364 Net realized gains/(losses) 3 4 10 14 Net unrealized gains/(losses) 9 15 – 24 Purchases – 8 6 41 Sales – – – (9 ) Settlements (51 ) (38 ) (90 ) (104 ) Transfers into level 3 21 – 116 88 Ending balance $ 368 $ 418 $ 368 $ 418 |
Investments [Member] | |
Investments accounted for at fair value | The table below presents investments accounted for at fair value by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of June 2020 Government and agency obligations: U.S. $32,764 $ – $ – $32,764 Non-U.S. – 69 – 69 Corporate debt securities 60 4,071 6,572 10,703 Securities backed by real estate – 899 880 1,779 Money market instruments 21 3,865 – 3,886 Other debt obligations – – 429 429 Equity securities 263 6,930 10,035 17,228 Subtotal $33,108 $15,834 $17,916 $66,858 Investments in funds at NAV 3,710 Total investments $70,568 As of December 2019 Government and agency obligations: U.S. $19,094 $ $ $19,094 Non-U.S. – 36 – 36 Corporate debt securities 48 7,325 3,465 10,838 Securities backed by real estate – 2,024 595 2,619 Money market instruments 732 949 – 1,681 Other debt obligations – 94 319 413 Equity securities 251 7,786 10,903 18,940 Subtotal $20,125 $18,214 $15,282 $53,621 Investments in funds at NAV 4,206 Total investments $57,827 |
Fair Value, Investments, Measurement Inputs, Disclosure | The table below presents the amount of level 3 investments, and ranges and weighted averages of significant unobservable inputs used to value such investments. Level 3 Assets and Range of Significant Unobservable Inputs (Weighted Average) as of $ in millions June 2020 December 2019 Corporate debt securities Level 3 assets $6,572 $3,465 Yield 3.5% to 40.0% ( 11.3 ) 5.5% to 29.8% ( 12.0 ) Recovery rate 16.0% to 100.0% ( 62.0 ) 25.0% to 100.0% ( 68.5 ) Duration (years) 2.0 to 8.0 (4.1 ) 2.9 to 5.9 (5.0 ) Multiples 0.4x to 36.7x (7.4x ) 0.6x to 24.4x (7.0x ) Securities backed by real estate Level 3 assets $880 $595 Yield 10.0% to 49.0% ( 17.8 ) 9.4% to 20.3% ( 16.0 ) Recovery rate N/A 33.1% to 34.4% ( 33.5 ) Duration (years) 0.8 to 3.2 (2.4 ) 0.4 to 3.0 (0.9 ) Other debt obligations Level 3 assets $429 $319 Yield 2.2% to 5.7% ( 3.3 ) 3.4% to 5.2% ( 4.5 ) Duration (years) 0.8 to 9.5 (6.3 ) 4.0 to 8.0 (6.7 ) Equity securities Level 3 assets $10,035 $10,903 Multiples 0.3x to 26.9x (9.7x ) 0.8x to 36.0x (8.0x ) Discount rate/yield 2.8% to 28.4% ( 13.8 ) 2.1% to 20.3% ( 13.4 ) Capitalization rate 3.7% to 15.0% ( 6.5 ) 3.6% to 15.1% ( 6.1 ) In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. • Weighted averages are calculated by weighting each input by the relative fair value of the investment. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one investment. For example, the highest multiple for private equity securities is appropriate for valuing a specific private equity security but may not be appropriate for valuing any other private equity security. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 investments. • Increases in yield, discount rate, capitalization rate or duration used in the valuation of level 3 investments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both June 2020 and December 2019. Due to the distinctive nature of each level 3 investment, the interrelationship of inputs is not necessarily uniform within each product type. • Corporate debt securities, securities backed by real estate and other debt obligations are valued using discounted cash flows, and equity securities are valued using market comparables and discounted cash flows. |
Investments, Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 investments. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Beginning balance $19,408 $14,276 $15,282 $13,548 Net realized gains/(losses) 40 21 121 71 Net unrealized gains/(losses) (135 ) 367 (1,395 ) 505 Purchases 344 315 811 524 Sales (110 ) (460 ) (1,186 ) (539 ) Settlements (192 ) (156 ) (504 ) (391 ) Transfers into level 3 428 1,466 5,937 2,029 Transfers out of level 3 (1,867 ) (1,432 ) (1,150 ) (1,350 ) Ending balance $17,916 $14,397 $17,916 $14,397 In the table above: • Changes in fair value are presented for all investments that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to investments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If an investment was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 investments, increases are shown as positive amounts, while decreases are shown as negative amounts. The table below presents information, by product type, for investments included in the summary table above. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Corporate debt securities Beginning balance $ 7,149 $ 2,691 $ 3,465 $ 2,540 Net realized gains/(losses) 27 9 78 26 Net unrealized gains/(losses) 35 48 (406 ) 87 Purchases 181 78 244 167 Sales (33 ) (3 ) (209 ) (3 ) Settlements (72 ) (47 ) (226 ) (88 ) Transfers into level 3 87 338 3,800 574 Transfers out of level 3 (802 ) (66 ) (174 ) (255 ) Ending balance $ 6,572 $ 3,048 $ 6,572 $ 3,048 Securities backed by real estate Beginning balance $ $ 411 $ $ 457 Net realized gains/(losses) 7 5 17 14 Net unrealized gains/(losses) (28 ) 3 (104 ) 5 Purchases 7 10 94 17 Sales – – – (7 ) Settlements (26 ) (17 ) (43 ) (59 ) Transfers into level 3 159 – 321 – Transfers out of level 3 (14 ) (17 ) – (32 ) Ending balance $ $ 395 $ $ 395 Other debt obligations Beginning balance $ $ 234 $ $ 216 Net realized gains/(losses) 4 – 7 – Net unrealized gains/(losses) 1 – 17 1 Purchases 14 25 4 39 Sales (15 ) (8 ) – (4 ) Settlements (3 ) – (9 ) (1 ) Transfers into level 3 – – 91 – Ending balance $ $ 251 $ $ 251 Equity securities Beginning balance $11,056 $10,940 $10,903 $10,335 Net realized gains/(losses) 2 7 19 31 Net unrealized gains/(losses) (143 ) 316 (902 ) 412 Purchases 142 202 469 301 Sales (62 ) (449 ) (977 ) (525 ) Settlements (91 ) (92 ) (226 ) (243 ) Transfers into level 3 182 1,128 1,725 1,455 Transfers out of level 3 (1,051 ) (1,349 ) (976 ) (1,063 ) Ending balance $10,035 $10,703 $10,035 $10,703 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Loans | The table below presents information about loans. $ in millions Amortized Cost Fair Value Held For Sale Total As of June 2020 Loan Type Corporate $ 54,973 $ 2,904 $1,516 $ 59,393 Wealth management 20,275 7,953 – 28,228 Commercial real estate 14,325 1,958 657 16,940 Residential real estate 4,426 443 25 4,894 Consumer: Installment 4,466 – – 4,466 Credit cards 2,282 – – 2,282 Other 3,685 559 548 4,792 Total loans, gross 104,432 13,817 2,746 120,995 Allowance for loan losses (3,901 ) – – (3,901 ) Total loans $100,531 $13,817 $2,746 $117,094 As of December 2019 Loan Type Corporate $ 41,129 $ 3,224 $1,954 $ 46,307 Wealth management 20,116 7,824 – 27,940 Commercial real estate 13,258 1,876 2,609 17,743 Residential real estate 6,132 792 34 6,958 Consumer: Installment 4,747 – – 4,747 Credit cards 1,858 – – 1,858 Other 3,396 670 726 4,792 Total loans, gross 90,636 14,386 5,323 110,345 Allowance for loan losses (1,441 ) – – (1,441 ) Total loans $ 89,195 $14,386 $5,323 $108,904 |
Summary of Other Loans Receivable | The table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans. $ in millions Investment- Grade Non-Investment- Grade Other/ Unrated Total As of June 2020 Accounting Method Amortized cost $33,469 $61,833 $ 9,130 $104,432 Fair value 2,118 4,791 6,908 13,817 Held for sale 268 1,854 624 2,746 Total $35,855 $68,478 $16,662 $120,995 Loan Type Corporate $13,194 $45,655 $544 $ 59,393 Wealth management 19,362 4,397 4,469 28,228 Real estate: Commercial 600 14,423 1,917 16,940 Residential 669 2,923 1,302 4,894 Consumer: Installment – – 4,466 4,466 Credit cards – – 2,282 2,282 Other 2,030 1,080 1,682 4,792 Total $35,855 $68,478 $16,662 $120,995 Secured 74% 89% 55% 80% Unsecured 26% 11% 45% 20% Total 100% 100% 100% 100% As of December 2019 Accounting Method Amortized cost $30,266 $51,222 $ 9,148 $ 90,636 Fair value 2,844 5,174 6,368 14,386 Held for sale 323 4,368 632 5,323 Total $33,433 $60,764 $16,148 $110,345 Loan Type Corporate $10,507 $35,509 $ 291 $ 46,307 Wealth management 20,001 3,576 4,363 27,940 Real estate: Commercial 306 15,997 1,440 17,743 Residential 244 4,600 2,114 6,958 Consumer: Installment – – 4,747 4,747 Credit cards – – 1,858 1,858 Other 2,375 1,082 1,335 4,792 Total $33,433 $60,764 $16,148 $110,345 Secured 83% 91% 54% 83% Unsecured 17% 9% 46% 17% Total 100% 100% 100% 100% |
Schedule of Credit Quality Indicators for Term Loans by Origination Year | The table below presents gross loans accounted for at amortized cost (excluding installment and credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans. As of June 2020 $ in millions Investment- Grade Non-Investment- Grade Other/ Unrated Total 2020 $ 2,807 $ 4,522 $ – $ 7,329 2019 962 8,083 71 9,116 2018 2,211 4,048 – 6,259 2017 911 3,110 19 4,040 2016 306 1,555 – 1,861 2015 or earlier 407 2,485 – 2,892 Revolving 5,098 18,327 51 23,476 Corporate $12,702 $42,130 $ $54,973 2020 $ $ $ – $ 2019 623 414 – 1,037 2018 415 66 – 481 2017 399 76 – 475 2016 30 65 – 95 2015 or earlier 557 207 – 764 Revolving 15,470 1,630 1 17,101 Wealth management $17,751 $ 2,523 $ $20,275 2020 $ $ 1,192 $ $ 1,356 2019 51 1,961 56 2,068 2018 203 2,431 44 2,678 2017 18 1,831 12 1,861 2016 – 188 10 198 2015 or earlier – 752 525 1,277 Revolving – 4,887 – 4,887 Commercial real estate $ $13,242 $ $14,325 2020 $ $ 1,547 $ $ 2,175 2019 – 368 244 612 2018 – 151 302 453 2017 8 66 163 237 2016 – – 2 2 2015 or earlier – – 70 70 Revolving 114 740 23 877 Residential real estate $ $ 2,872 $ $ 4,426 2020 $ – $ $ $ 2019 – 149 51 200 2018 – 47 11 58 2017 – 10 – 10 Revolving 1,957 826 112 2,895 Other $ 1,957 $ 1,066 $ $ 3,685 Total $33,469 $61,833 $2,382 $97,684 Percentage of total 34% 63% 3% 100% |
Summary of Consumer Loans by Refreshed FICO Credit Score | The table below presents gross installment loans by refreshed FICO credit scores and origination year and gross credit card loans by refreshed FICO credit scores. As of June 2020 $ in millions Greater than or Less than 660 Total 2020 $ $ $ 2019 1,653 160 1,813 2018 1,186 236 1,422 2017 222 54 276 2016 11 3 14 Installment $3,992 $ $4,466 Credit cards Total consumer $5,644 $1,104 $6,748 Percentage of total: Installment 89% 11% 100% Credit cards 72% 28% 100% |
Summary of Past Due Loans | The table below presents information about past due loans. $ in millions 30-89 days 90 days Total As of June 2020 Corporate $109 $131 $240 Wealth management 6 34 40 Commercial real estate 362 172 534 Residential real estate 3 18 21 Consumer: Installment 40 18 58 Credit cards 22 31 53 Other 14 2 16 Total $556 $406 $962 Total divided by gross loans at amortized cost 0.9% As of December 2019 Corporate $197 $ 42 $239 Wealth management 13 15 28 Commercial real estate 54 123 177 Residential real estate 19 18 37 Consumer: Installment 71 29 100 Credit cards 35 4 39 Other 6 1 7 Total $395 $232 $627 Total divided by gross loans at amortized cost 0.7% |
Summary of Nonaccrual Loans | The table below presents information about nonaccrual loans. As of $ in millions June 2020 December 2019 Corporate $3,032 $1,122 Wealth management 48 52 Commercial real estate 431 175 Residential real estate 137 143 Installment 30 38 Other 324 – Total $4,002 $1,530 Total divided by gross loans at amortized cost 3.8% 1.7% |
Summary of Loans and Lending Commitments Accounted for at Amortized Cost by Portfolio | The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio. As of June 2020 December 2019 $ in millions Loans Lending Commitments Loans Lending Commitments Wholesale Corporate $ $106,051 $41,129 $127,226 Wealth management 20,275 2,756 20,116 2,198 Commercial real estate 14,325 3,005 12,803 3,207 Residential real estate 4,426 1,097 4,965 759 Other 3,685 3,781 3,396 3,029 Consumer Installment 4,466 5 4,747 12 Credit cards 2,282 17,486 1,858 13,669 PCI – – 1,622 – Total $104,432 $134,181 $90,636 $150,100 |
Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments | The table below presents information about the allowance for credit losses. $ in millions Wholesale Consumer PCI Total Six Months Ended June 2020 Allowance for loan losses Beginning balance, reported $ 879 $ 393 $ 169 $1,441 Impact of CECL adoption 452 444 (169 ) 727 Beginning balance, adjusted 1,331 837 – 2,168 Net charge-offs (224 ) (167 ) – (391 ) Provision 1,875 474 – 2,349 Other (225 ) – – (225 ) Ending balance $2,757 $1,144 $ $3,901 Allowance ratio 2.8% 17.0% – 3.7% Net charge-off ratio 0.5% 5.0% – 0.8% Allowance for losses on lending commitments Beginning balance, reported $ 361 $ $ $ 361 Impact of CECL adoption (48 ) – – (48 ) Beginning balance, adjusted 313 – – 313 Provision 177 – – 177 Ending balance $ 490 $ $ $ 490 Year Ended December 2019 Allowance for loan losses Beginning balance $ 658 $ 292 $ $1,066 Net charge-offs (121 ) (317 ) (52 ) (490 ) Provision 469 418 103 990 Other (127 ) – 2 (125 ) Ending balance $ 879 $ 393 $ $1,441 Allowance ratio 1.1% 6.0% 10.4% 1.6% Net charge-off ratio 0.2% 6.2% 3.2% 0.6% Allowance for losses on lending commitments Beginning balance $ 286 $ $ $ 286 Provision 75 – – 75 Ending balance $ 361 $ $ $ 361 |
Fair value of loans held for investment by level | The table below presents loans held for investment accounted for at fair value under the fair value option by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of June 2020 Loan Type Corporate $ – $ 1,965 $ 939 $ 2,904 Wealth management – 7,892 61 7,953 Commercial real estate – 874 1,084 1,958 Residential real estate – 175 268 443 Other – 252 307 559 Total $ – $11,158 $2,659 $13,817 As of December 2019 Loan Type Corporate $ – $ 2,472 $ 752 $ 3,224 Wealth management – 7,764 60 7,824 Commercial real estate – 1,285 591 1,876 Residential real estate – 571 221 792 Other – 404 266 670 Total $ – $12,496 $1,890 $14,386 |
Fair value, loans receivable, measurement inputs, disclosure | The table below presents the amount of level 3 loans, and ranges and weighted averages of significant unobservable inputs used to value such loans. Level 3 Assets and Range of Significant Unobservable Inputs (Weighted Average) as of $ in millions June 2020 December 2019 Corporate Level 3 assets $939 $752 Yield 1.3% to 29.4% ( 10.8 ) 1.9% to 26.3% ( 9.5 ) Recovery rate 15.0% to 80.5% ( 38.6 ) 13.5% to 78.0% ( 44.4 ) Duration (years) 1.6 to 5.3 (3.6 ) 3.7 to 5.8 (3.9 ) Commercial real estate Level 3 assets $1,084 $591 Yield 4.4% to 26.3% ( 13.0 ) 7.0% to 16.0% ( 9.3 ) Recovery rate 9.7% to 91.0% ( 32.6 ) 5.9% to 85.2% ( 48.6 ) Duration (years) 0.4 to 6.7 (2.6 ) 0.2 to 5.3 (3.5 ) Residential real estate Level 3 assets $268 $221 Yield 1.6% to 14.0% ( 12.0 ) 1.1% to 14.0% ( 11.5 ) Duration (years) 0.8 to 2.7 (1.9 ) 1.1 to 4.8 (4.0 ) Wealth management and other Level 3 assets $368 $326 Yield 9.3% to 13.5% ( 10.9 ) 3.9% to 16.0% ( 9.9 ) Duration (years) 1.1 to 5.2 (3.1 ) 1.6 to 6.7 (3.7 ) |
Reconciliation of changes in fair value for level 3 loans. | The table below presents a summary of the changes in fair value for level 3 loans. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Beginning balance $2,753 $2,069 $1,890 $1,990 Net realized gains/(losses) 16 21 37 41 Net unrealized gains/(losses) 10 46 (53 ) 46 Purchases 58 117 397 200 Sales – (2 ) (7 ) (10 ) Settlements (173 ) (289 ) (379 ) (433 ) Transfers into level 3 163 243 787 391 Transfers out of level 3 (168 ) (98 ) (13 ) (118 ) Ending balance $2,659 $2,107 $2,659 $2,107 The table below presents information, by loan type, for loans included in the summary table above. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Corporate Beginning balance $1,044 $ 726 $ 752 $ 659 Net realized gains/(losses) 4 5 10 4 Net unrealized gains/(losses) (1 ) 9 (17 ) (8 ) Purchases 37 103 64 139 Sales – (1 ) (7 ) – Settlements (60 ) (124 ) (79 ) (127 ) Transfers into level 3 83 163 229 238 Transfers out of level 3 (168 ) (8 ) (13 ) (32 ) Ending balance $ 939 $ 873 $ 939 $ 873 Commercial real estate Beginning balance $1,063 $ 640 $ 591 $ 677 Net realized gains/(losses) 7 8 16 18 Net unrealized gains/(losses) (13 ) 13 (37 ) 20 Purchases 16 4 285 13 Sales – – – (1 ) Settlements (47 ) (103 ) (171 ) (150 ) Transfers into level 3 58 80 400 65 Ending balance $1,084 $ 642 $1,084 $ 642 Residential real estate Beginning balance $ 260 $ 274 $ 221 $ 290 Net realized gains/(losses) 2 4 1 5 Net unrealized gains/(losses) 15 9 1 10 Purchases 5 2 42 7 Sales – (1 ) – – Settlements (15 ) (24 ) (39 ) (52 ) Transfers into level 3 1 – 42 – Transfers out of level 3 – (90 ) – (86 ) Ending balance $ 268 $ 174 $ 268 $ 174 Wealth management and other Beginning balance $ 386 $ 429 $ 326 $ 364 Net realized gains/(losses) 3 4 10 14 Net unrealized gains/(losses) 9 15 – 24 Purchases – 8 6 41 Sales – – – (9 ) Settlements (51 ) (38 ) (90 ) (104 ) Transfers into level 3 21 – 116 88 Ending balance $ 368 $ 418 $ 368 $ 418 |
Summary of estimated fair value of loans and lending commitments that are not accounted for at fair value | The table below presents the estimated fair value of loans that are not accounted for at fair value and in what level of the fair value hierarchy they would have been classified if they had been included in the firm’s fair value hierarchy. Carrying Value Estimated Fair Value $ in millions Level 2 Level 3 Total As of June 2020 Amortized cost $100,531 $47,396 $53,159 $100,555 Held for sale $ 2,746 $ 1,179 $ 1,574 $ 2,753 As of December 2019 Amortized cost $ 89,195 $52,091 $37,095 $ 89,186 Held for sale $ 5,323 $ 4,157 $ 1,252 $ 5,409 |
Geographic Concentration Risk [Member] | |
Summary of detailed information about concentration of our loans by region of borrowers | The table below presents the concentration of gross loans by region. $ in millions Carrying Americas EMEA Asia Total As of June 2020 Corporate $ 64% 29% 7% 100% Wealth management 28,228 89% 8% 3% 100% Commercial real estate 16,940 69% 21% 10% 100% Residential real estate 4,894 88% 10% 2% 100% Consumer: Installment 4,466 100% – – 100% Credit cards 2,282 100% – – 100% Other 4,792 85% 14% 1% 100% Total $120,995 74% 20% 6% 100% As of December 2019 Corporate $ 60% 31% 9% 100% Wealth management 27,940 88% 9% 3% 100% Commercial real estate 17,743 69% 21% 10% 100% Residential real estate 6,958 90% 9% 1% 100% Consumer: Installment 4,747 100% – – 100% Credit cards 1,858 100% – – 100% Other 4,792 87% 12% 1% 100% Total $110,345 73% 21% 6% 100% The table below presents the firm’s credit exposure from originated installment and credit card loans and the concentration by the five most concentrated U.S. states. As of $ in millions June December Installment $4,466 $4,747 California 12% 12% Texas 9% 9% New York 7% 7% Florida 7% 7% Illinois 4% 4% Other 61% 61% Total 100% 100% Credit Cards $2,282 $1,858 California 19% 21% Texas 9% 9% New York 8% 8% Florida 8% 8% Illinois 4% 4% Other 52% 50% Total 100% 100% |
Industry Concentration Risk [Member] | |
Summary of detailed information about concentration of our loans by region of borrowers | The table below presents the concentration of gross corporate loans by industry. As of $ in millions June December Corporate, gross $59,393 $46,307 Industry Consumer & Retail 8% 7% Diversified Industrials 22% 17% Financial Institutions 9% 10% Funds 7% 9% Healthcare 8% 8% Natural Resources & Utilities 12% 12% Real Estate 8% 7% Technology, Media & Telecommunications 17% 17% Other (including Special Purpose Vehicles) 9% 13% Total 100% 100% |
Fair Value Option (Tables)
Fair Value Option (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 liabilities at fair value, substantially all of which are accounted for at fair value under the fair value option. $ in millions Level 1 Level 2 Level 3 Total As of June 2020 Assets Resale agreements $ – $ 130,820 $ – $ 130,820 Securities borrowed – 29,119 – 29,119 Customer and other receivables – 52 – 52 Total $ – $ 159,991 $ – $ 159,991 Liabilities Deposits $ – $ (20,761 ) $ (4,217 ) $ (24,978 ) Repurchase agreements – (88,272 ) (10 ) (88,282 ) Securities loaned – (1,053 ) – (1,053 ) Other secured financings – (22,923 ) (1,773 ) (24,696 ) Unsecured borrowings: Short-term – (17,979 ) (6,806 ) (24,785 ) Long-term – (31,563 ) (12,837 ) (44,400 ) Other liabilities – (3 ) (320 ) (323 ) Total $ – $(182,554 ) $(25,963 ) $(208,517 ) As of December 2019 Assets Resale agreements $ – $ $ $ Securities borrowed – 26,279 – 26,279 Customer and other receivables – 53 – 53 Total $ – $ $ $ Liabilities Deposits $ – $ ) $ ) $ ) Repurchase agreements – (117,726 ) (30 ) (117,756 ) Securities loaned – (714 ) – (714 ) Other secured financings – (17,685 ) (386 ) (18,071 ) Unsecured borrowings: Short-term – (20,300 ) (5,707 ) (26,007 ) Long-term – (32,920 ) (10,741 ) (43,661 ) Other liabilities – (1 ) (149 ) (150 ) Total $ – $ ) $ ) $ ) |
Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 other financial liabilities accounted for at fair value. Three Months Six Months $ in millions 2020 2019 2020 2019 Beginning balance $(21,650 ) $(20,919 ) $(21,036 ) $(19,397 ) Net realized gains/(losses) (109 ) (113 ) (203 ) (225 ) Net unrealized gains/(losses) (1,977 ) (643 ) 777 (1,765 ) Issuances (9,541 ) (4,401 ) (15,206 ) (5,910 ) Settlements 7,707 5,081 11,132 6,606 Transfers into level 3 (628 ) (541 ) (1,622 ) (833 ) Transfers out of level 3 235 717 195 705 Ending balance $(25,963 ) $(20,819 ) $(25,963 ) $(20,819 ) The table below presents information, by the consolidated balance sheet line items, for liabilities included in the summary table above. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Deposits Beginning balance $ (3,996 ) $ (3,351 ) $ (4,023 ) $ (3,168 ) Net realized gains/(losses) (1 ) (1 ) 4 (3 ) Net unrealized gains/(losses) (79 ) (137 ) (75 ) (269 ) Issuances (3,929 ) (198 ) (4,025 ) (412 ) Settlements 3,796 56 3,919 168 Transfers into level 3 (44 ) (19 ) (66 ) (22 ) Transfers out of level 3 36 28 49 84 Ending balance $ (4,217 ) $ (3,622 ) $ (4,217 ) $ (3,622 ) Repurchase agreements Beginning balance $ ) $ (29 ) $ ) $ (29 ) Net unrealized gains/(losses) (4 ) – (1 ) (4 ) Settlements 6 1 21 5 Ending balance $ ) $ (28 ) $ ) $ (28 ) Other secured financings Beginning balance $ (1,230 ) $ (192 ) $ ) $ (170 ) Net realized gains/(losses) 2 5 5 15 Net unrealized gains/(losses) (32 ) (9 ) 26 (19 ) Issuances (806 ) (6 ) (806 ) (17 ) Settlements 293 – 373 9 Transfers into level 3 – – (985 ) (20 ) Ending balance $ (1,773 ) $ (202 ) $ (1,773 ) $ (202 ) Unsecured short-term borrowings Beginning balance $ (5,411 ) $ (5,513 ) $ (5,707 ) $ (4,076 ) Net realized gains/(losses) (48 ) (46 ) (81 ) (78 ) Net unrealized gains/(losses) (735 ) (72 ) 605 (310 ) Issuances (2,853 ) (2,320 ) (5,339 ) (3,052 ) Settlements 2,572 2,468 4,008 2,325 Transfers into level 3 (445 ) (158 ) (353 ) (256 ) Transfers out of level 3 114 615 61 421 Ending balance $ (6,806 ) $ (5,026 ) $ (6,806 ) $ (5,026 ) Unsecured long-term borrowings Beginning balance $(10,676 ) $(11,702 ) $(10,741 ) $(11,823 ) Net realized gains/(losses) (70 ) (78 ) (146 ) (172 ) Net unrealized gains/(losses) (1,132 ) (384 ) 393 (1,122 ) Issuances (1,945 ) (1,871 ) (5,021 ) (2,416 ) Settlements 1,040 2,556 2,811 4,099 Transfers into level 3 (139 ) (364 ) (218 ) (535 ) Transfers out of level 3 85 74 85 200 Ending balance $(12,837 ) $(11,769 ) $(12,837 ) $(11,769 ) Other liabilities Beginning balance $ ) $ (132 ) $ ) $ (131 ) Net realized gains/(losses) 8 7 15 13 Net unrealized gains/(losses) 5 (41 ) (171 ) (41 ) Issuances (8 ) (6 ) (15 ) (13 ) Ending balance $ ) $ (172 ) $ ) $ (172 ) |
Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value | The table below presents the gains and losses recognized in earnings as a result of the election to apply the fair value option to certain financial assets and liabilities. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Unsecured short-term borrowings $(2,352 ) $ (469 ) $ 2,129 $(2,085 ) Unsecured long-term borrowings (2,015 ) (1,920 ) (1,023 ) (4,149 ) Other (492 ) (283 ) (94 ) (760 ) Total $(4,859 ) $(2,672 ) $ 1,012 $(6,994 ) |
Summary of DVA Losses on Financial Liabilities | The table below presents information about the net debt valuation adjustment (DVA) gains/(losses) on financial liabilities for which the fair value option was elected. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 DVA (pre-tax) $(2,938 ) $(413 ) $933 $(2,302 ) DVA (net of tax) $(2,218 ) $(311 ) $696 $(1,728 ) In the table above: • DVA (net of tax) is included in debt valuation adjustment in the consolidated statements of comprehensive income. • The gains/(losses) reclassified to earnings from accumulated other comprehensive income/(loss) upon extinguishment of such financial liabilities were not material for both the three and six months ended June 2020 and June 2019. |
Loans and Lending Commitments | The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans (included in trading assets and loans on the consolidated balance sheets) for which the fair value option was elected. As of $ in millions June 2020 December 2019 Performing loans Aggregate contractual principal in excess of fair value $ $ 809 Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value $9,298 $6,703 Aggregate fair value $3,376 $2,776 |
Collateralized Agreements and_2
Collateralized Agreements and Financings (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions | The table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions. As of $ in millions June 2020 December 2019 Resale agreements $130,820 $ 85,691 Securities borrowed $142,806 $136,071 Repurchase agreements $ 88,282 $117,756 Securities loaned $ 16,560 $ 14,985 |
Offsetting Arrangements | The table below presents resale and repurchase agreements and securities borrowed and loaned transactions included in the consolidated balance sheets, as well as the amounts not offset in the consolidated balance sheets. Assets Liabilities $ in millions Resale agreements Securities borrowed Repurchase agreements Securities loaned As of June 2020 Included in the consolidated balance sheets Gross carrying value $ $ $ $ Counterparty netting (58,252 ) (4,292 ) (58,252 ) (4,292 ) Total 130,820 142,806 88,282 16,560 Amounts not offset Counterparty netting (8,521 ) (2,453 ) (8,521 ) (2,453 ) Collateral (119,542 ) (132,052 ) (77,994 ) (13,995 ) Total $ $ $ $ As of December 2019 Included in the consolidated balance sheets Gross carrying value $ $ $ $ Counterparty netting (67,291 ) (4,606 ) (67,291 ) (4,606 ) Total 85,691 136,071 117,756 14,985 Amounts not offset Counterparty netting (3,058 ) (2,211 ) (3,058 ) (2,211 ) Collateral (78,528 ) (127,901 ) (114,065 ) (12,614 ) Total $ $ $ $ |
Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged | The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged. $ in millions Repurchase agreements Securities loaned As of June 2020 Money market instruments $ $ – U.S. government and agency obligations 79,041 – Non-U.S. 50,276 1,093 Securities backed by commercial real estate 70 – Securities backed by residential real estate 403 – Corporate debt securities 8,554 51 State and municipal obligations 12 – Other debt obligations 3 – Equity securities 7,375 19,708 Total $146,534 $20,852 As of December 2019 Money market instruments $ 158 $ U.S. government and agency obligations 112,903 – Non-U.S. 55,575 1,051 Securities backed by commercial real estate 210 – Securities backed by residential real estate 1,079 – Corporate debt securities 6,857 122 State and municipal obligations 242 – Other debt obligations 196 – Equity securities 7,827 18,418 Total $185,047 $19,591 |
Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Maturity Date | The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity. As of June 2020 $ in millions Repurchase agreements Securities loaned No stated maturity and overnight $ 71,196 $17,327 2 - 30 days 40,402 726 31 - 90 days 11,391 47 91 days - 1 year 20,586 2,752 Greater than 1 year 2,959 – Total $146,534 $20,852 |
Other Secured Financings | The table below presents information about other secured financings. $ in millions U.S. Dollar Non-U.S. Dollar Total As of June 2020 Other secured financings (short-term): At fair value $ 7,602 $ 4,698 $12,300 At amortized cost – – – Other secured financings (long-term): At fair value 6,679 5,717 12,396 At amortized cost 517 684 1,201 Total other secured financings $14,798 $11,099 $25,897 Other secured financings collateralized by: Financial instruments $ 7,723 $ 8,932 $16,655 Other assets $ 7,075 $ 2,167 $ 9,242 As of December 2019 Other secured financings (short-term): At fair value $ 2,754 $ 4,441 $ 7,195 At amortized cost 129 – 129 Other secured financings (long-term): At fair value 7,402 3,474 10,876 At amortized cost 397 680 1,077 Total other secured financings $10,682 $ 8,595 $19,277 Other secured financings collateralized by: Financial instruments $ 4,826 $ 7,189 $12,015 Other assets $ 5,856 $ 1,406 $ 7,262 |
Other Secured Financings by Maturity Date | The table below presents other secured financings by maturity. $ in millions As of June 2020 Other secured financings (short-term) $12,300 Other secured financings (long-term): 2021 2,928 2022 3,412 2023 1,603 2024 1,455 2025 552 2026 - thereafter 3,647 Total other secured financings (long-term) 13,597 Total other secured financings $25,897 |
Financial Instruments Received as Collateral and Repledged | The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged. As of $ in millions June 2020 December 2019 Collateral available to be delivered or repledged $723,248 $661,490 Collateral that was delivered or repledged $577,968 $558,634 |
Financial Instruments Owned, at Fair Value and Other Assets Pledged as Collateral | The table below presents information about assets pledged. As of $ in millions June 2020 December 2019 Pledged to counterparties that had the right to deliver or repledge Trading assets $ 70,936 $ 66,605 Investments $ 13,130 $ 10,968 Pledged to counterparties that did not have the right to deliver or repledge Trading assets $ 98,288 $101,578 Investments $ 5,637 $ 849 Loans $ 7,795 $ 6,628 Other assets $ 15,046 $ 12,337 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | The table below presents other assets by type. As of $ in millions June 2020 December 2019 Property, leasehold improvements and equipment $23,730 $21,886 Goodwill and identifiable intangible assets 4,792 4,837 Operating lease right-of-use 2,315 2,360 Income tax-related 2,652 2,068 Miscellaneous receivables and other 4,270 3,731 Total $37,759 $34,882 |
Carrying Value of Goodwill | The table below presents the carrying value of goodwill by reporting unit. As of $ in millions June 2020 December 2019 Investment Banking $ $ 281 Global Markets: FICC 269 269 Equities 2,508 2,508 Asset Management 390 390 Consumer & Wealth Management: Consumer banking 48 48 Wealth management 700 700 Total $4,196 $4,196 |
Identifiable Intangible Assets by Segment and Type | The table below presents identifiable intangible assets by reporting unit and type. As of $ in millions June 2020 December 2019 By Reporting Unit Global Markets: FICC $ $ 3 Asset Management 262 265 Consumer & Wealth Management: Consumer banking 6 7 Wealth management 326 366 Total $ $ 641 By Type Customer lists Gross carrying value $ 1,435 $ 1,427 Accumulated amortization (1,067 ) (1,044 ) Net carrying value 368 383 Acquired leases and other Gross carrying value 790 790 Accumulated amortization (562 ) (532 ) Net carrying value 228 258 Total gross carrying value 2,225 2,217 Total accumulated amortization (1,629 ) (1,576 ) Total net carrying value $ $ 641 |
Amortization Expense | The tables below present information about the amortization of identifiable intangible assets. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Amortization $36 $39 $77 $82 |
Estimated Future Amortization | $ in millions As of June 2020 Estimated future amortization Remainder of 2020 $55 2021 $95 2022 $82 2023 $75 2024 $62 2025 $45 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Types and Sources of Deposits | The table below presents the types and sources of deposits. $ in millions Savings and Demand Time Total As of June 2020 Consumer deposits $ 62,292 $29,448 $ 91,740 Private bank deposits 64,892 4,456 69,348 Brokered certificates of deposit – 40,891 40,891 Deposit sweep programs 21,893 – 21,893 Transaction banking 20,567 4,727 25,294 Other deposits – 19,371 19,371 Total $169,644 $98,893 $268,537 As of December 2019 Consumer deposits $ 44,973 $15,023 $ 59,996 Private bank deposits 53,726 2,087 55,813 Brokered certificates of deposit – 39,449 39,449 Deposit sweep programs 17,760 – 17,760 Transaction banking 2,291 235 2,526 Other deposits – 14,475 14,475 Total $118,750 $71,269 $190,019 |
Deposits | The table below presents the location of deposits. As of $ in millions June December U.S. offices $210,607 $150,759 Non-U.S. 57,930 39,260 Total $268,537 $190,019 |
Maturities of Time Deposits | The table below presents maturities of time deposits held in U.S. and non-U.S. As of June 2020 $ in millions U.S. Non-U.S. Total Remainder of 2020 $28,344 $14,001 $42,345 2021 25,756 4,245 30,001 2022 9,614 82 9,696 2023 6,563 115 6,678 2024 4,346 124 4,470 2025 2,269 239 2,508 2026 - thereafter 2,291 904 3,195 Total $79,183 $19,710 $98,893 |
Unsecured Borrowings (Tables)
Unsecured Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Unsecured Borrowings | The table below presents information about unsecured borrowings. As of $ in millions June December Unsecured short-term borrowings $ 44,264 $ 48,287 Unsecured long-term borrowings 222,627 207,076 Total $266,891 $255,363 |
Unsecured Short-Term Borrowings | The table below presents information about unsecured short-term borrowings. As of $ in millions June December Current portion of unsecured long-term borrowings $ 23,989 $ 30,636 Hybrid financial instruments 18,274 15,814 Other unsecured short-term borrowings 2,001 1,837 Total unsecured short-term borrowings $ 44,264 $ Weighted average interest rate 1.93% 2.71% |
Unsecured Long-Term Borrowings | The table below presents information about unsecured long-term borrowings. $ in millions U.S. Dollar Non-U.S. Total As of June 2020 Fixed-rate obligations $104,683 $39,430 $144,113 Floating-rate obligations 45,259 33,255 78,514 Total $ 149,942 $72,685 $222,627 As of December 2019 Fixed-rate obligations $ 92,846 $36,185 $129,031 Floating-rate obligations 47,850 30,195 78,045 Total $140,696 $66,380 $207,076 |
Unsecured Long-Term Borrowings by Maturity Date | The table below presents unsecured long-term borrowings by maturity. $ in millions As of 2021 $ 17,538 2022 25,803 2023 29,288 2024 19,430 2025 25,276 2026 - thereafter 105,292 Total $222,627 |
Unsecured Long-Term Borrowings after Hedging | The table below presents unsecured long-term borrowings, after giving effect to such hedging activities. As of $ in millions June 2020 December Fixed-rate obligations: At fair value $ 1,431 $ 725 At amortized cost 44,594 47,577 Floating-rate obligations: At fair value 42,969 42,936 At amortized cost 133,633 115,838 Total $222,627 $207,076 |
Subordinated Long-Term Borrowings | The table below presents information about subordinated borrowings. $ in millions Par Carrying Rate As of June 2020 Subordinated debt $13,923 $19,237 2.37% Junior subordinated debt 968 1,500 1.42% Total $14,891 $20,737 2.31% As of December 2019 Subordinated debt $14,041 $16,980 3.46% Junior subordinated debt 976 1,328 2.85% Total $15,017 $18,308 3.42% |
Other Liabilities (Tables)
Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | The table below presents other liabilities by type. As of $ in millions June December Compensation and benefits $ 5,957 $ 6,889 Income tax-related 3,671 2,947 Operating lease liabilities 2,325 2,385 Noncontrolling interests 1,025 1,713 Employee interests in consolidated funds 62 81 Accrued expenses and other 10,769 7,636 Total $23,809 $21,651 |
Information About Operating Lease Liabilities | The table below presents information about operating lease liabilities. $ in millions Operating As of June 2020 Remainder of 2020 $ 2021 314 2022 276 2023 243 2024 225 2025 198 2026 - thereafter 2,393 Total undiscounted lease payments 3,812 Imputed interest (1,487 ) Total operating lease liabilities $ Weighted average remaining lease term 19 years Weighted average discount rate 5.03% As of December 2019 2020 $ 384 2021 308 2022 268 2023 235 2024 219 2025 - thereafter 2,566 Total undiscounted lease payments 3,980 Imputed interest (1,595 ) Total operating lease liabilities $ 2,385 Weighted average remaining lease term 18 years Weighted average discount rate 5.02% |
Securitization Activities (Tabl
Securitization Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Transfers and Servicing [Abstract] | |
Amount of Financial Assets Securitized and Cash Flows Received on Retained Interests | The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement as of the end of the period. Three Months Six Months Ended June $ in millions 2020 2019 2020 2019 Residential mortgages $5,297 $2,772 $ 8,404 $5,303 Commercial mortgages 2,457 3,035 7,453 3,035 Other financial assets 687 174 1,227 346 Total financial assets securitized $8,441 $5,981 $17,084 $8,684 Retained interests cash flows $ 98 $ 85 $ $ 178 |
Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets | The table below presents information about nonconsolidated securitization entities to which the firm sold assets and had continuing involvement as of the end of the period. $ in millions Outstanding Retained Purchased As of June 2020 U.S. government agency-issued CMOs $16,879 $1,144 $11 Other residential mortgage-backed 24,126 1,068 3 Other commercial mortgage-backed 31,661 712 20 Corporate debt and other asset-backed 4,301 174 10 Total $76,967 $3,098 $44 As of December 2019 U.S. government agency-issued CMOs $14,328 $1,530 $ 3 Other residential mortgage-backed 24,166 1,078 24 Other commercial mortgage-backed 25,588 615 6 Corporate debt and other asset-backed 3,612 149 – Total $67,694 $3,372 $33 In the table above: • CMOs represents collateralized mortgage obligations. • The outstanding principal amount is presented for the purpose of providing information about the size of the securitization entities and is not representative of the firm’s risk of loss. • The firm’s risk of loss from retained or purchased interests is limited to the carrying value of these interests. • Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests. • Substantially all of the total outstanding principal amount and total retained interests relate to securitizations during 2014 and thereafter. • The fair value of retained interests was $3.10 billion as of June 2020 and $3.35 billion as of December 2019. |
Weighted Average Key Economic Assumptions Used in Measuring Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value to Immediate Adverse Changes | The table below presents information about the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests. As of $ in millions June December Fair value of retained interests $ 2,921 $ Weighted average life (years) 5.1 6.0 Constant prepayment rate 15.0% 12.9% Impact of 10% adverse change $ ) $ ) Impact of 20% adverse change $ ) $ ) Discount rate 10.7% 4.7% Impact of 10% adverse change $ ) $ ) Impact of 20% adverse change $ ) $ ) In the table above: • Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests. • Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear. • The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above. • The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value. • The discount rate for retained interests that relate to U.S. government agency-issued CMOs does not include any credit loss. Expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 $ in millions June December Total nonconsolidated VIEs Assets in VIEs $135,301 $128,069 Carrying value of variable interests — assets $ 9,049 $ 9,526 Carrying value of variable interests — liabilities $ 934 $ 619 Maximum exposure to loss: Retained interests $ 3,098 $ 3,372 Purchased interests 1,634 901 Commitments and guarantees 2,223 2,697 Derivatives 8,467 9,010 Debt and equity 3,953 4,806 Total $ 19,375 $ 20,786 The table below presents information, by principal business activity, for nonconsolidated VIEs included in the summary table above. As of $ in millions June December Mortgage-backed Assets in VIEs $83,276 $75,354 Carrying value of variable interests — assets $ 3,540 $ 3,830 Maximum exposure to loss: Retained interests $ 2,924 $ 3,223 Purchased interests 616 607 Commitments and guarantees 43 50 Derivatives 390 66 Total $ 3,973 $ 3,946 Real estate, credit- and power-related and other investing Assets in VIEs $20,354 $19,602 Carrying value of variable interests — assets $ 3,031 $ 3,243 Carrying value of variable interests — liabilities $ 9 $ 7 Maximum exposure to loss: Commitments and guarantees $ 978 $ 1,213 Derivatives 77 92 Debt and equity 3,030 3,238 Total $ 4,085 $ 4,543 Corporate debt and other asset-backed Assets in VIEs $16,464 $16,248 Carrying value of variable interests — assets $ 2,068 $ 2,040 Carrying value of variable interests — liabilities $ 925 $ 612 Maximum exposure to loss: Retained interests $ 174 $ 149 Purchased interests 1,018 294 Commitments and guarantees 1,114 1,374 Derivatives 7,997 8,849 Debt and equity 513 1,155 Total $10,816 $11,821 Investments in funds Assets in VIEs $15,207 $16,865 Carrying value of variable interests — assets $ 410 $ 413 Maximum exposure to loss: Commitments and guarantees $ 88 $ 60 Derivatives 3 3 Debt and equity 410 413 Total $ 501 $ 476 |
Consolidated Variable Interest Entities | The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in consolidated VIEs. As of $ in millions June December Total consolidated VIEs Assets Cash and cash equivalents $ 381 $ 112 Trading assets 94 27 Investments 194 835 Loans 2,043 2,392 Other assets 1,060 1,084 Total $3,772 $4,450 Liabilities Other secured financings $1,405 $1,163 Customer and other payables 33 9 Trading liabilities 184 10 Unsecured short-term borrowings 44 48 Unsecured long-term borrowings 217 214 Other liabilities 365 959 Total $2,248 $2,403 The table below presents information, by principal business activity, for consolidated VIEs included in the summary table above. As of $ in millions June December Real estate, credit-related and other investing Assets Cash and cash equivalents $ 185 $ 112 Trading assets 3 26 Investments 194 835 Loans 2,043 2,392 Other assets 1,060 1,084 Total $3,485 $4,449 Liabilities Other secured financings $ 569 $ 684 Customer and other payables 33 9 Trading liabilities 35 10 Other liabilities 365 959 Total $1,002 $1,662 Corporate debt and other asset-backed Assets Cash and cash equivalents $ 196 $ Trading assets 20 – Total $ 216 $ Liabilities Other secured financings $ 460 $ Total $ 460 $ Principal-protected notes Assets Trading assets $ 71 $ 1 Total $ 71 $ 1 Liabilities Other secured financings $ 376 $ 479 Trading liabilities 149 – Unsecured short-term borrowings 44 48 Unsecured long-term borrowings 217 214 Total $ 786 $ 741 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | The table below presents commitments by type. As of $ in millions June December Commitment Type Commercial lending: Investment-grade $ 76,035 $ 89,276 Non-investment-grade 46,825 58,718 Warehouse financing 6,709 5,581 Credit cards 17,486 13,669 Total lending 147,055 167,244 Collateralized agreement 72,616 62,093 Collateralized financing 20,402 10,193 Letters of credit 356 456 Investment 5,747 7,879 Other 4,469 6,135 Total commitments $250,645 $254,000 The table below presents commitments by expiration. As of June 2020 $ in millions Remainder of 2021 - 2023 - 2025 - Commitment Type Commercial lending: Investment-grade $ 5,834 $25,334 $38,339 $ 6,528 Non-investment-grade 2,380 11,348 24,028 9,069 Warehouse financing 414 3,987 2,106 202 Credit cards 17,486 – – – Total lending 26,114 40,669 64,473 15,799 Collateralized agreement 70,708 1,908 – – Collateralized financing 20,402 – – – Letters of credit 203 113 – 40 Investment 1,175 1,240 1,052 2,280 Other 4,317 152 – – Total commitments $122,919 $44,082 $65,525 $18,119 |
Lending Commitments | The table below presents information about lending commitments. As of $ in millions June December Held for investment $134,181 $150,100 Held for sale 10,286 15,245 At fair value 2,588 1,899 Total $147,055 $167,244 In the table above: • Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $641 million (including allowance for losses of $490 million) as of June 2020 and $527 million (including allowance for losses of $361 million) as of December 2019. The estimated fair value of such lending commitments was a liability of $4.32 billion as of June 2020 and $3.05 billion as of December 2019. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $2.01 billion as of June 2020 and $1.78 billion as of December 2019 would have been classified in level 2, and $2.30 billion as of June 2020 and $1.27 billion as of December 2019 would have been classified in level 3. • Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $101 million as of June 2020 and $60 million as of December 2019. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 3 as of both June 2020 and December 2019. • Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions. |
Guarantees | The table below presents derivatives that meet the definition of a guarantee, securities lending indemnifications and certain other financial guarantees. $ in millions Derivatives Securities Other As of June 2020 Carrying Value of Net Liability $ 6,503 $ – $ 52 Maximum Payout/Notional Amount by Period of Expiration Remainder of 2020 $ 35,554 $21,500 $1,112 2021 - 2022 80,199 – 2,068 2023 - 2024 28,005 – 2,894 2025 - thereafter 36,806 – 309 Total $180,564 $21,500 $6,383 As of December 2019 Carrying Value of Net Liability $ 3,817 $ $ 27 Maximum Payout/Notional Amount by Period of Expiration 2020 $ 91,814 $17,891 $2,044 2021 - 2022 76,693 – 1,714 2023 - 2024 19,377 – 2,219 2025 - thereafter 36,317 – 149 Total $224,201 $17,891 $6,126 In the table above: • The maximum payout is based on the notional amount of the contract and does not represent anticipated losses. • Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments. • The carrying value for derivatives included derivative assets of $1.59 billion as of June 2020 and $1.56 billion as of December 2019, and derivative liabilities of $8.09 billion as of June 2020 and $5.38 billion as of December 2019. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Summary of Amount of Common Stock Repurchased by the Firm | The table below presents information about common stock repurchases. June 2020 in millions, except per share amounts Three Months Ended Six Months Ended Common share repurchases – 8.2 Average cost per share $ – $236.35 Total cost of common share repurchases $ – $ 1,928 |
Summary of Dividends Declared on Common Stock | The table below presents common stock dividends declared. Three Months Ended June Six Months Ended June 2020 2019 2020 2019 Dividends declared per common share $1.25 $0.85 $2.50 $1.65 |
Summary of Perpetual Preferred Stock Issued and Outstanding | The tables below present information about the perpetual preferred stock issued and outstanding as of June 2020. Series Shares Authorized Shares Issued Shares Outstanding Depositary Shares Per Share A 50,000 30,000 29,999 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 7,667 7,667 N/A F 5,000 1,615 1,615 N/A J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 M 80,000 80,000 80,000 25 N 31,050 27,000 27,000 1,000 O 26,000 26,000 26,000 25 P 66,000 60,000 60,000 25 Q 20,000 20,000 20,000 25 R 24,000 24,000 24,000 25 S 14,000 14,000 14,000 25 Total 496,750 420,282 420,280 Series Earliest Redemption Date Liquidation Preference Redemption Value ($ in millions) A Currently redeemable $ 25,000 $ C Currently redeemable $ 25,000 200 D Currently redeemable $ 25,000 1,350 E Currently redeemable $100,000 767 F Currently redeemable $100,000 161 J May 10, 2023 $ 25,000 1,000 K May 10, 2024 $ 25,000 700 M Currently redeemable $ 25,000 2,000 N May 10, 2021 $ 25,000 675 O November 10, 2026 $ 25,000 650 P November 10, 2022 $ 25,000 1,500 Q August 10, 2024 $ 25,000 500 R February 10, 2025 $ 25,000 600 S February 10, 2025 $ 25,000 350 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 • Prior to redeeming preferred stock, the firm must receive approval from the FRB. • In January 2020, the firm issued 14,000 shares of Series S 4.40% Fixed-Rate Reset Non-Cumulative • The redemption price per share for Series A through F and Series Q through S Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series J through P Preferred Stock is the liquidation preference plus accrued and unpaid dividends. Each share of Series E and Series F Preferred Stock 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 14 for information about the replacement capital covenants applicable to the Series E and Series F Preferred Stock. • All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation. • The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period. |
Summary of Dividend Rates of Perpetual Preferred Stock Issued and Outstanding | The table below presents the dividend rates of perpetual preferred stock as of June 2020. Series Per Annum Dividend Rate A 3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly C 3 month LIBOR + 0.75%, with floor of 4.00%, payable quarterly D 3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly E 3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly F 3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly J 5.50% to, but excluding, May 10, 2023; K 6.375% to, but excluding, May 10, 2024; M 3 month LIBOR + 3.922%, payable quarterly N 6.30%, payable quarterly O 5.30%, payable semi-annually, from issuance date to, but excluding, P 5.00%, payable semi-annually, from issuance date to, but excluding, Q 5.50%, payable semi-annually, from issuance date to, but excluding, R 4.95%, payable semi-annually, from issuance date to, but excluding, S 4.40%, payable semi-annually, from issuance date to, but excluding, |
Summary of Preferred Dividends Declared on Preferred Stock Issued | The table below presents preferred stock dividends declared. 2020 2019 Series per share $ in millions per share $ in millions Three Months Ended June A $ $ 7 $ 229.17 $ 7 B $ – – $ 387.50 3 C $ 2 $ 244.44 2 D $ 14 $ 244.44 14 E $1,011.11 8 $1,044.44 8 F $1,011.11 1 $1,044.44 1 J $ 14 $ 343.75 14 K $ 11 $ 398.44 11 L $ – – $ 712.50 37 M $ 54 $ 671.88 54 N $ 10 $ 393.75 10 O $ 17 $ 662.50 17 P $ 38 $ 625.00 38 Total $176 $216 Six Months Ended June A $ $ 14 $ 463.55 $ 14 B $ – – $ 775.00 5 C $ 4 $ 494.44 4 D $ 27 $ 494.44 27 E $2,022.22 15 $2,022.22 15 F $2,022.22 3 $2,022.22 3 J $ 28 $ 687.50 28 K $ 22 $ 796.88 22 L $ 4 $ 712.50 37 M $ 54 $ 671.88 54 N $ 21 $ 787.50 21 O $ 17 $ 662.50 17 P $ 38 $ 625.00 38 Q $ 18 $ – Total $265 $285 |
Accumulated Other Comprehensive Income/(Loss), Net of Tax | The table below presents changes in the accumulated other comprehensive income/(loss), net of tax, by type. $ in millions Beginning Other Ending Three Months Ended June 2020 Currency translation $ ) $ ) $(677 ) Debt valuation adjustment 2,342 (2,218 ) 124 Pension and postretirement liabilities (335 ) (4 ) (339 ) Available-for-sale 563 (12 ) 551 Total $ 1,937 $(2,278 ) $(341 ) Three Months Ended June 2019 Currency translation $ ) $ $ ) Debt valuation adjustment 90 (311 ) (221 ) Pension and postretirement liabilities (88 ) (2 ) (90 ) Available-for-sale 2 104 106 Total $ ) $ ) $ ) Six Months Ended June 2020 Currency translation $ ) $ ) $(677 ) Debt valuation adjustment (572 ) 696 124 Pension and postretirement liabilities (342 ) 3 (339 ) Available-for-sale 46 505 551 Total $(1,484 ) $ 1,143 $(341 ) Six Months Ended June 2019 Currency translation $ ) $ $ ) Debt valuation adjustment 1,507 (1,728 ) (221 ) Pension and postretirement liabilities (81 ) (9 ) (90 ) Available-for-sale (112 ) 218 106 Total $ $ ) $ ) |
Regulation and Capital Adequa_2
Regulation and Capital Adequacy (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Risk-based Capital and Leverage Ratios | The table below presents the risk-based capital and leverage requirements. Requirements Risk-based capital requirements CET1 capital ratio 9.5% Tier 1 capital ratio 11.0% Total capital ratio 13.0% Leverage requirements Tier 1 leverage ratio 4.0% SLR 5.0% In the table above: • As of both June 2020 and December 2019, the CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. The requirements also include the capital conservation buffer of 2.5%, the G-SIB • The G-SIB G-SIB G-SIB. • The Tier 1 leverage ratio requirement is a minimum of 4%. The SLR requirement of 5% includes a minimum of 3% and a 2% buffer applicable to G-SIBs. |
Risk-based Capital Ratios | The table below presents information about risk-based capital ratios. $ in millions Standardized Advanced As of June 2020 CET1 capital $ 74,705 $ 74,705 Tier 1 capital $ 85,777 $ 85,777 Tier 2 capital $ 16,019 $ 14,110 Total capital $101,796 $ 99,887 RWAs $563,109 $628,369 CET1 capital ratio 13.3% 11.9% Tier 1 capital ratio 15.2% 13.7% Total capital ratio 18.1% 15.9% As of December 2019 CET1 capital $ 74,850 $ 74,850 Tier 1 capital $ 85,440 $ 85,440 Tier 2 capital $ 14,925 $ 13,473 Total capital $100,365 $ 98,913 RWAs $563,575 $544,653 CET1 capital ratio 13.3% 13.7% Tier 1 capital ratio 15.2% 15.7% Total capital ratio 17.8% 18.2% In the table above: • The lower of the Standardized or Advanced ratio is the ratio against which the firm’s compliance with the capital requirements is assessed under the risk-based Capital Rules, and therefore, the Advanced ratios applied to the firm as of June 2020 and the Standardized ratios applied to the firm as of December 2019. • As permitted by the FRB, the firm has elected to temporarily delay the estimated effects of adopting CECL on regulatory capital until January 2022 and to subsequently phase-in • The FRB permits banking organizations to exclude assets acquired in connection with their participation in the Federal Reserve’s Money Market Mutual Fund Liquidity Facility (MMLF) from their calculation of risk-based capital and leverage ratios. The firm has opted to exclude such assets from the calculations of these ratios as of June 2020. The impact of the exclusion of such assets was not material as of June 2020. |
Leverage Ratio | The table below presents information about leverage ratios. For the Three Months $ in millions June 2020 December Tier 1 capital $ $ 85,440 Average total assets $1,133,226 $ 983,909 Deductions from Tier 1 capital (4,969 ) (5,275 ) Average adjusted total assets 1,128,257 978,634 Impact of SLR temporary amendment (183,235 ) – Average off-balance 363,223 396,833 Total leverage exposure $1,308,245 $1,375,467 Tier 1 leverage ratio 7.6% 8.7% SLR 6.6% 6.2% In the table above: • Average total assets represents the average daily assets for the quarter, and for the three months ended June 2020, reflected the impact of CECL transition and exclusion of assets acquired in connection with the firm’s participation in the Federal Reserve’s MMLF. • Impact of SLR temporary amendment represents the exclusion of average holdings of U.S . • Average off-balance • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. |
Changes in CET1, Tier 1 Capital and Tier 2 Capital | The table below presents changes in CET1 capital, Tier 1 capital and Tier 2 capital. $ in millions Standardized Advanced Six Months Ended June 2020 CET1 capital Beginning balance $ 74,850 $74,850 Change in: Common shareholders’ equity (236 ) (236 ) Impact of CECL transition 1,116 1,116 Deduction for goodwill 5 5 Deduction for identifiable intangible assets 30 30 Other adjustments (1,060 ) (1,060 ) Ending balance $ 74,705 $74,705 Tier 1 capital Beginning balance $ 85,440 $85,440 Change in: CET1 capital (145 ) (145 ) Deduction for investments in covered funds 485 485 Other adjustments (3 ) (3 ) Ending balance 85,777 85,777 Tier 2 capital Beginning balance 14,925 13,473 Change in: Qualifying subordinated debt (30 ) (30 ) Junior subordinated debt (96 ) (96 ) Allowance for credit losses 1,263 – Other adjustments (43 ) 763 Ending balance 16,019 14,110 Total capital $101,796 $99,887 Year Ended December 2019 CET1 capital Beginning balance $ 73,116 $73,116 Change in: Common shareholders’ equity 80 80 Deduction for goodwill (432 ) (432 ) Deduction for identifiable intangible assets (307 ) (307 ) Other adjustments 2,393 2,393 Ending balance $ 74,850 $74,850 Tier 1 capital Beginning balance $ 83,702 $83,702 Change in: CET1 capital 1,734 1,734 Deduction for investments in covered funds 5 5 Other adjustments (1 ) (1 ) Ending balance 85,440 85,440 Tier 2 capital Beginning balance 14,926 13,743 Change in: Qualifying subordinated debt (300 ) (300 ) Junior subordinated debt (158 ) (158 ) Allowance for credit losses 449 – Other adjustments 8 188 Ending balance 14,925 13,473 Total capital $100,365 $98,913 |
Minimum Risk-based Capital and Leverage Ratios and "well-capitalized" Minimum Ratios | The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements. Requirements “Well-capitalized” Requirements Risk-based capital requirements CET1 capital ratio 7.0% 6.5% Tier 1 capital ratio 8.5% 8.0% Total capital ratio 10.5% 10.0% Leverage requirements Tier 1 leverage ratio 4.0% 5.0% SLR 3.0% 6.0% In the table above: • The CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. The requirements also include the capital conservation buffer of 2.5% and the countercyclical capital buffer, which the FRB has set to zero percent. • The “well-capitalized” requirements are the binding requirements for leverage ratios. |
Basel III Advanced Rules [Member] | |
Risk-based Capital | The table below presents information about risk-based capital. As of $ in millions June December Common shareholders’ equity $ 78,826 $ 79,062 Impact of CECL transition 1,116 – Deduction for goodwill (3,524 ) (3,529 ) Deduction for identifiable intangible assets (574 ) (604 ) Other adjustments (1,139 ) (79 ) CET1 capital 74,705 74,850 Preferred stock 11,203 11,203 Deduction for investments in covered funds (125 ) (610 ) Other adjustments (6 ) (3 ) Tier 1 capital $ 85,777 $ 85,440 Standardized Tier 2 and Total capital Tier 1 capital $ 85,777 $ 85,440 Qualifying subordinated debt 12,817 12,847 Junior subordinated debt 188 284 Allowance for credit losses 3,065 1,802 Other adjustments (51 ) (8 ) Standardized Tier 2 capital 16,019 14,925 Standardized Total capital $101,796 $100,365 Advanced Tier 2 and Total capital Tier 1 capital $ 85,777 $ 85,440 Standardized Tier 2 capital 16,019 14,925 Allowance for credit losses (3,065 ) (1,802 ) Other adjustments 1,156 350 Advanced Tier 2 capital 14,110 13,473 Advanced Total capital $ 99,887 $ 98,913 In the table above: • Impact of CECL transition represents the impact of adoption as of January 1, 2020 and the impact of increasing regulatory capital by 25% of the increase in allowance for credit losses since January 1, 2020. The allowance for credit losses within Standardized and Advanced Tier 2 capital also reflects the impact of these adjustments. • Deduction for goodwill was net of deferred tax liabilities of $672 million as of June 2020 and $667 million as of December 2019. • Deduction for identifiable intangible assets was net of deferred tax liabilities of $22 million as of June 2020 and $37 million as of December 2019. • Deduction for investments in covered funds represents the firm’s aggregate investments in applicable covered funds, excluding investments that are subject to an extended conformance period. See Note 8 for further information about the Volcker Rule. • Other adjustments within CET1 capital and Tier 1 capital primarily include credit valuation adjustments on derivative liabilities, the overfunded portion of the firm’s defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, debt valuation adjustments and other required credit risk-based deductions. Other adjustments within Advanced Tier 2 capital include eligible credit reserves. • Qualifying subordinated debt is subordinated debt issued by Group Inc. with an original maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced upon reaching a remaining maturity of five years. See Note 14 for further information about the firm’s subordinated debt. • Junior subordinated debt is debt issued to a Trust. As of June 2020, 20% of this debt was included in Tier 2 capital and 80% was phased out of regulatory capital. As of December 2019, 30% of this debt was included in Tier 2 capital and 70% was phased out of regulatory capital. Junior subordinated debt 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 14 for further information about the firm’s junior subordinated debt and Trust Preferred securities. |
Risk-weighted Assets | The table below presents information about RWAs. $ in millions Standardized Advanced As of June 2020 Credit RWAs Derivatives $117,846 $118,342 Commitments, guarantees and loans 168,885 137,745 Securities financing transactions 63,250 12,075 Equity investments 45,462 47,899 Other 75,260 87,466 Total Credit RWAs 470,703 403,527 Market RWAs Regulatory VaR 24,536 24,536 Stressed VaR 45,143 45,143 Incremental risk 3,687 3,687 Comprehensive risk 1,475 1,386 Specific risk 17,565 17,565 Total Market RWAs 92,406 92,317 Total Operational RWAs – 132,525 Total RWAs $563,109 $628,369 As of December 2019 Credit RWAs Derivatives $120,906 $ 72,631 Commitments, guarantees and loans 179,740 134,456 Securities financing transactions 65,867 13,834 Equity investments 56,814 61,892 Other 75,660 78,266 Total Credit RWAs 498,987 361,079 Market RWAs Regulatory VaR 8,933 8,933 Stressed VaR 30,911 30,911 Incremental risk 4,308 4,308 Comprehensive risk 1,393 1,191 Specific risk 19,043 19,043 Total Market RWAs 64,588 64,386 Total Operational RWAs – 119,188 Total RWAs $563,575 $544,653 |
Changes in Risk-weighted Assets | The table below presents changes in RWAs. $ in millions Standardized Advanced Six Months Ended June 2020 RWAs Beginning balance $563,575 $544,653 Credit RWAs Change in: Derivatives (3,060 ) 45,711 Commitments, guarantees and loans (10,855 ) 3,289 Securities financing transactions (2,617 ) (1,759 ) Equity investments (11,352 ) (13,993 ) Other (400 ) 9,200 Change in Credit RWAs (28,284 ) 42,448 Market RWAs Change in: Regulatory VaR 15,603 15,603 Stressed VaR 14,232 14,232 Incremental risk (621 ) (621 ) Comprehensive risk 82 195 Specific risk (1,478 ) (1,478 ) Change in Market RWAs 27,818 27,931 Change in Operational RWAs – 13,337 Ending balance $563,109 $628,369 Year Ended December 2019 RWAs Beginning balance $547,910 $558,111 Credit RWAs Change in: Derivatives (1,605 ) (9,670 ) Commitments, guarantees and loans 19,435 (8,900 ) Securities financing transactions (496 ) (4,425 ) Equity investments 3,251 6,738 Other 5,064 8,585 Change in Credit RWAs 25,649 (7,672 ) Market RWAs Change in: Regulatory VaR 1,151 1,151 Stressed VaR 2,959 2,959 Incremental risk (6,161 ) (6,161 ) Comprehensive risk (1,377 ) (1,579 ) Specific risk (6,556 ) (6,556 ) Change in Market RWAs (9,984 ) (10,186 ) Change in Operational RWAs – 4,400 Ending balance $563,575 $544,653 |
Hybrid Capital Rules [Member] | |
Risk-based Capital | The table below presents information about GS Bank USA’s risk-based capital ratios. $ in millions Standardized Advanced As of June 2020 CET1 capital $ 29,925 $ 29,925 Tier 1 capital $ 29,925 $ 29,925 Tier 2 capital $ 6,296 $ 4,871 Total capital $ 36,221 $ 34,796 RWAs $267,193 $177,177 CET1 capital ratio 11.2% 16.9% Tier 1 capital ratio 11.2% 16.9% Total capital ratio 13.6% 19.6% As of December 2019 CET1 capital $ 29,176 $ 29,176 Tier 1 capital $ 29,176 $ 29,176 Tier 2 capital $ 5,293 $ 4,486 Total capital $ 34,469 $ 33,662 RWAs $258,541 $135,596 CET1 capital ratio 11.3% 21.5% Tier 1 capital ratio 11.3% 21.5% Total capital ratio 13.3% 24.8% |
GS Bank USA [Member] | |
Leverage Ratio | The table below presents information about GS Bank USA’s leverage ratios. For the Three Months Ended or as of $ in millions June 2020 December 2019 Tier 1 capital $ 29,925 $ 29,176 Average adjusted total assets $280,814 $220,974 Total leverage exposure $341,156 $413,852 Tier 1 leverage ratio 10.7% 13.2% SLR 8.8% 7.0% In the table above: • Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital, and for the three months ended June 2020, reflected the impact of CECL transition. • Total leverage exposure, for the three months ended June 2020, excluded average holdings of U.S . • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | The table below presents information about basic and diluted EPS. Three Months Ended June Six Months Ended June in millions, except per share amounts 2020 2019 2020 2019 Net earnings to common $ 197 $2,198 $1,320 $4,380 Weighted average basic shares 355.7 374.5 356.8 377.1 Effect of dilutive RSUs – 3.5 – 3.1 Weighted average diluted shares 355.7 378.0 356.8 380.2 Basic EPS $ 0.53 $ 5.86 $ 3.66 $11.59 Diluted EPS $ 0.53 $ 5.81 $ 3.66 $11.52 |
Transactions with Affiliated _2
Transactions with Affiliated Funds (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Fees Earned from Affiliated Funds | The tables below present information about affiliated funds. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Fees earned from funds $804 $736 $1,725 $1,442 |
Fees Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds | As of $ in millions June 2020 December 2019 Fees receivable from funds $ 941 $ 780 Aggregate carrying value of interests in funds $4,226 $5,490 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Interest Income and Interest Expense | The table below presents sources of interest income and interest expense. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Deposits with banks $ 18 $ 317 $ 223 $ Collateralized agreements (16 ) 1,301 518 2,605 Trading assets 1,257 1,530 2,830 2,918 Investments 321 317 792 712 Loans 1,222 1,377 2,538 2,696 Other interest 232 918 883 1,732 Total interest income 3,034 5,760 7,784 11,357 Deposits 659 887 1,477 1,744 Collateralized financings 72 751 520 1,420 Trading liabilities 272 315 586 681 Short-term borrowings 158 168 299 310 Long-term borrowings 1,131 1,414 2,236 2,798 Other interest (202 ) 1,154 409 2,115 Total interest expense 2,090 4,689 5,527 9,068 Net interest income $ 944 $1,071 $2,257 $ |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Earliest Tax Years Subject to Examination by Major Jurisdiction | The table below presents the earliest tax years that remain subject to examination by major jurisdiction. Jurisdiction As of June 2020 U.S. Federal 2011 New York State 2011 New York City 2015 United Kingdom 2017 Japan 2015 Hong Kong 2014 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Operating Results and Assets By Segment | The table below presents a summary of the firm’s segment results. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Investment Banking Non-interest $ 2,664 $ 1,832 $ 4,710 $ 3,459 Net interest income (7 ) 116 131 235 Total net revenues 2,657 1,948 4,841 3,694 Provision for credit losses 819 81 1,441 167 Operating expenses 2,704 1,050 3,873 2,055 Pre-tax $ ) $ 817 $ ) $ 1,472 Net earnings/(loss) $ ) $ 634 $ ) $ 1,177 Net earnings/(loss) to common $ ) $ 606 $ ) $ 1,141 Average common equity $11,070 $11,628 $11,141 $10,868 Return on average common equity (23.9)% 20.8% (5.7)% 21.0% Global Markets Non-interest $ 6,547 $ 3,233 $11,199 $ 6,716 Net interest income 629 483 1,140 1,040 Total net revenues 7,176 3,716 12,339 7,756 Provision for credit losses 183 (4 ) 251 (1 ) Operating expenses 5,179 2,685 8,026 5,433 Pre-tax $ 1,814 $ 1,035 $ 4,062 $ 2,324 Net earnings $ 419 $ 790 $ 2,442 $ 1,858 Net earnings to common $ 305 $ 640 $ 2,269 $ 1,660 Average common equity $42,702 $39,835 $40,970 $40,899 Return on average common equity 2.9% 6.4% 11.1% 8.1% Asset Management Non-interest $ 2,176 $ 2,473 $ 1,909 $ 4,119 Net interest income (75 ) 75 96 222 Total net revenues 2,101 2,548 2,005 4,341 Provision for credit losses 271 60 350 73 Operating expenses 1,332 1,247 2,530 2,350 Pre-tax $ 498 $ 1,241 $ ) $ 1,918 Net earnings/(loss) $ 710 $ 972 $ ) $ 1,531 Net earnings/(loss) to common $ 684 $ 940 $ ) $ 1,489 Average common equity $19,322 $21,706 $20,371 $21,046 Return on average common equity 14.2% 17.3% (5.6)% 14.1% Consumer & Wealth Management Non-interest $ 964 $ 852 $ 1,963 $ 1,685 Net interest income 397 397 890 792 Total net revenues 1,361 1,249 2,853 2,477 Provision for credit losses 317 77 485 199 Operating expenses 1,199 1,138 2,443 2,146 Pre-tax $ ) $ 34 $ ) $ 132 Net earnings/(loss) $ ) $ 25 $ ) $ 106 Net earnings/(loss) to common $ ) $ 12 $ ) $ 90 Average common equity $ 7,505 $ 5,899 $ 7,271 $ 5,887 Return on average common equity (6.9)% 0.8% (1.8)% 3.1% Total Non-interest $12,351 $ 8,390 $19,781 $15,979 Net interest income 944 1,071 2,257 2,289 Total net revenues 13,295 9,461 22,038 18,268 Provision for credit losses 1,590 214 2,527 438 Operating expenses 10,414 6,120 16,872 11,984 Pre-tax $ 1,291 $ 3,127 $ 2,639 $ 5,846 Net earnings $ 373 $ 2,421 $ 1,586 $ 4,672 Net earnings to common $ 197 $ 2,198 $ 1,320 $ 4,380 Average common equity $80,599 $79,068 $79,753 $78,700 Return on average common equity 1.0% 11.1% 3.3% 11.1% The table below presents depreciation and amortization expense by segment. Three Months Ended June Six Months Ended June $ in millions 2020 2019 2020 2019 Investment Banking $ 43 $ 31 $ 82 $ 60 Global Markets 147 160 280 307 Asset Management 213 146 383 283 Consumer & Wealth Management 96 62 191 117 Total $499 $399 $936 $767 |
Assets by Segments | The table below presents assets by segment. As of $ in millions June 2020 December 2019 Investment Banking $ 142,504 $ 92,009 Global Markets 800,649 725,060 Asset Management 98,104 92,102 Consumer & Wealth Management 100,266 83,797 Total $1,141,523 $992,968 |
Summary of Gross Loans by Segment and Loan | The table below presents gross loans by segment and loan type. As of $ in millions June 2020 December 2019 Corporate $ 40,113 $ 27,035 Investment Banking 40,113 27,035 Corporate 11,336 11,852 Real estate 13,276 15,671 Other 4,084 3,756 Global Markets 28,696 31,279 Corporate 7,944 7,420 Real estate 8,558 9,030 Other 708 1,036 Asset Management 17,210 17,486 Wealth management 28,228 27,940 Installment 4,466 4,747 Credit cards 2,282 1,858 Consumer & Wealth Management 34,976 34,545 Total loans $120,995 $110,345 |
Summary of Allowance for Loan Losses | The table below presents the allowance for loan losses by segment. As of $ in millions June 2020 December 2019 Investment Banking $1,606 $ 470 Global Markets 415 168 Asset Management 713 385 Consumer & Wealth Management 1,167 418 Total $3,901 $1,441 |
Total Net Revenues, Pre-tax Earnings and Net Earnings (Excluding Corporate) for Each Geographic Region | The table below presents total net revenues and pre-tax $ in millions 2020 2019 Three Months Ended June Americas $ 8,289 62% $ 5,652 60% EMEA 3,453 26% 2,689 28% Asia 1,553 12% 1,120 12% Total net revenues $13,295 100% $ 9,461 100% Americas $ 1,853 143% $ 1,792 57% EMEA 566 44% 996 32% Asia (1,128 ) (87)% 339 11% Total pre-tax $ 1,291 100% $ 3,127 100% Six Months Ended June Americas $13,460 61% $10,897 60% EMEA 5,561 25% 5,148 28% Asia 3,017 14% 2,223 12% Total net revenues $22,038 100% $18,268 100% Americas $ 2,404 91% $ 3,280 56% EMEA 1,002 38% 1,907 33% Asia (767 ) (29)% 659 11% Total pre-tax $ 2,639 100% $ 5,846 100% |
Credit Concentrations (Tables)
Credit Concentrations (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Credit Concentration, Government and Federal Agency Obligations | The table below presents the credit concentrations included in trading cash instruments and investments. As of $ in millions June 2020 December 2019 U.S. government and agency obligations $190,112 $167,097 Percentage of total assets 16.7% 16.8% Non-U.S. $ 55,917 $ 44,875 Percentage of total assets 4.9% 4.5% |
Credit Concentration, Resale Agreements and Securities Borrowed | The table below presents U.S. government and agency obligations and non-U.S. As of $ in millions June 2020 December 2019 U.S. government and agency obligations $60,396 $49,396 Non-U.S. $90,889 $55,889 In the table above: • Non-U.S. • Given that 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. |
Subsequent Event (Tables)
Subsequent Event (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Prior Period Adjustment [Abstract] | |
Summary of Changes in Financial Information Due to Additional Provision | The table below presents further information about this change. Three Months Ended June 2020 in millions, except per share amounts Form 10-Q Form 8-K Change Pre-tax earnings $1,291 $3,305 $(2,014 ) Provision for taxes 918 882 36 Net earnings 373 2,423 (2,050 ) Preferred stock dividends 176 176 – Net earnings applicable to common $ 197 $2,247 $(2,050 ) Earnings per common share Basic $ 0.53 $ 6.29 $ (5.76 ) Diluted $ 0.53 $ 6.26 $ (5.73 ) See Note 27 for further information about this agreement in principle. |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 4 |
Significant Accounting Polici_2
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2020 | Jan. 01, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Summary of Accounting and Financial Policies [Line Items] | |||||||
Firm's revenues from contracts with clients subject to ASU 2014-09 as a percentage of firm's total non-interest revenues | 40.00% | 45.00% | 45.00% | 45.00% | |||
Investment Banking revenues from contracts with clients subject to ASU 2014-09 as a percentage of firm's investment banking revenues | 85.00% | 90.00% | 85.00% | 90.00% | |||
Investment management revenues from contracts with clients subject to ASU 2014-09 as a percentage of firm's investment management revenue | 95.00% | 95.00% | 95.00% | 95.00% | |||
Cash and due from banks | $ 11,590 | $ 11,590 | $ 12,570 | ||||
Interest-bearing deposits with banks | 121,010 | 121,010 | 120,980 | ||||
Cash segregated for regulatory and other purposes | 22,830 | 22,830 | 22,780 | ||||
Receivable from customers and counterparties | 59,500 | 59,500 | 50,900 | ||||
Receivables from brokers, dealers and clearing organizations | 46,990 | 46,990 | 23,710 | ||||
Firm's receivables from contracts with clients | 2,720 | 2,720 | 2,270 | ||||
Payables to customers and counterparties | 190,130 | 190,130 | 170,210 | ||||
Payables to brokers, dealers and clearing organizations | 9,080 | 9,080 | 4,610 | ||||
Lease liabilities | $ 2,325 | 2,325 | $ 2,385 | ||||
Maximum [Member] | |||||||
Summary of Accounting and Financial Policies [Line Items] | |||||||
Annual average revenues associated with known remaining performance obligations | $ 250 | ||||||
Accounting Standards Update 2016-02 [Member] | |||||||
Summary of Accounting and Financial Policies [Line Items] | |||||||
Lease liabilities | $ 1,770 | ||||||
Accounting Standards Update 2016-02 [Member] | Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | |||||||
Summary of Accounting and Financial Policies [Line Items] | |||||||
New accounting standards impact on retained earnings | $ 12 | ||||||
Accounting Standards Update 2016-13 [Member] | Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | |||||||
Summary of Accounting and Financial Policies [Line Items] | |||||||
New accounting standards impact on retained earnings | $ (638) | ||||||
Accounting Standards Update 2016-13 [Member] | Maximum [Member] | |||||||
Summary of Accounting and Financial Policies [Line Items] | |||||||
Allowance for credit losses | 848 | ||||||
Accounting Standards Update 2016-13 [Member] | Minimum [Member] | |||||||
Summary of Accounting and Financial Policies [Line Items] | |||||||
Allowance for credit losses | $ 169 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Liabilities Summary (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | $ 641,711 | $ 614,112 | $ 539,568 |
Total assets | $ 1,141,523 | $ 1,089,756 | $ 992,968 |
Total level 3 financial assets divided by total assets | 2.60% | 2.80% | 2.30% |
Total level 3 financial assets divided by total financial assets at fair value | 4.60% | 5.00% | 4.30% |
Total financial liabilities at fair value | $ 370,824 | $ 350,706 | $ 332,959 |
Total liabilities | $ 1,051,494 | $ 997,377 | $ 902,703 |
Total level 3 financial liabilities divided by total liabilities | 2.90% | 2.80% | 2.90% |
Total level 3 financial liabilities divided by total financial liabilities at fair value | 8.10% | 7.90% | 7.80% |
Counterparty and Cash Collateral Netting [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | $ (73,749) | $ (78,612) | $ (55,527) |
Total financial liabilities at fair value | (57,098) | (60,796) | (41,671) |
Investments in funds at NAV [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 3,710 | 3,545 | 4,206 |
Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 275,444 | 217,934 | 242,562 |
Total financial liabilities at fair value | 98,901 | 63,117 | 54,790 |
Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 406,880 | 440,469 | 325,259 |
Total financial liabilities at fair value | 298,915 | 320,820 | 293,902 |
Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 29,426 | 30,776 | 23,068 |
Total financial liabilities at fair value | $ 30,106 | $ 27,565 | $ 25,938 |
Fair Value Measurements - Total
Fair Value Measurements - Total Level 3 Financial Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | $ 641,711 | $ 614,112 | $ 539,568 |
Investment at fair value | 70,568 | 57,827 | |
Loans receivable at fair value | 13,817 | 14,386 | |
Financial assets fair value disclosure | 159,991 | 112,023 | |
Derivatives [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 136,719 | 100,779 | |
Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 29,426 | 30,776 | 23,068 |
Loans receivable at fair value | 2,659 | 1,890 | |
Financial assets fair value disclosure | 29,426 | 30,776 | 23,068 |
Level 3 [Member] | Trading cash instruments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Trading cash instrument at fair value | 1,804 | 1,234 | 1,242 |
Level 3 [Member] | Derivatives [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 7,047 | 7,381 | 4,654 |
Level 3 [Member] | Investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment at fair value | 17,916 | 19,408 | 15,282 |
Level 3 [Member] | Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans receivable at fair value | $ 2,659 | $ 2,753 | $ 1,890 |
Trading Assets and Liabilitie_2
Trading Assets and Liabilities - Summary of Trading Assets and Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Trading Assets | $ 397,335 | $ 355,332 |
Trading Liabilities | 162,307 | 108,835 |
Trading Cash Instruments [Member] | ||
Trading Cash Instruments | 334,365 | 310,080 |
Trading Liabilities | 109,371 | 65,033 |
Derivatives [Member] | ||
Trading Assets at Fair Value | 62,970 | 45,252 |
Trading Liabilities | $ 52,936 | $ 43,802 |
Trading Assets and Liabilitie_3
Trading Assets and Liabilities - Gains and Losses from Market Making (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Trading activity, gains and losses, net [Line Items] | ||||
Market making | $ 5,787 | $ 2,479 | $ 9,469 | $ 5,202 |
Interest Rates [Member] | ||||
Trading activity, gains and losses, net [Line Items] | ||||
Market making | 1,315 | 732 | 2,052 | 1,992 |
Credit [Member] | ||||
Trading activity, gains and losses, net [Line Items] | ||||
Market making | 1,151 | 213 | 2,993 | 455 |
Currencies [Member] | ||||
Trading activity, gains and losses, net [Line Items] | ||||
Market making | 42 | 704 | (693) | 1,422 |
Equities [Member] | ||||
Trading activity, gains and losses, net [Line Items] | ||||
Market making | 1,931 | 785 | 3,631 | 1,175 |
Commodities [Member] | ||||
Trading activity, gains and losses, net [Line Items] | ||||
Market making | $ 1,348 | $ 45 | $ 1,486 | $ 158 |
Trading Cash Instruments - Cash
Trading Cash Instruments - Cash Instruments by Level (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Trading Cash Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Trading Assets | $ 334,365 | $ 310,080 |
Trading cash instruments assets | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 242,267 | 222,413 |
Trading cash instruments assets | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 90,294 | 86,425 |
Trading cash instruments assets | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 1,804 | 1,242 |
Trading cash instruments assets | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 152,283 | 142,935 |
Trading cash instruments assets | U.S. Government and Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 117,242 | 108,200 |
Trading cash instruments assets | U.S. Government and Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 35,041 | 34,714 |
Trading cash instruments assets | U.S. Government and Agency Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 21 | |
Trading cash instruments assets | Non-U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 55,848 | 44,839 |
Trading cash instruments assets | Non-U.S. Government and Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 47,160 | 33,709 |
Trading cash instruments assets | Non-U.S. Government and Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 8,631 | 11,108 |
Trading cash instruments assets | Non-U.S. Government and Agency Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 57 | 22 |
Trading cash instruments assets | Loans and Securities Backed by Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 1,536 | 2,222 |
Trading cash instruments assets | 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] | ||
Trading Cash Instruments Assets at Fair Value | 1,106 | 2,031 |
Trading cash instruments assets | 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] | ||
Trading Cash Instruments Assets at Fair Value | 430 | 191 |
Trading cash instruments assets | Loans and Securities Backed by Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 6,002 | 6,025 |
Trading cash instruments assets | 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] | ||
Trading Cash Instruments Assets at Fair Value | 5,695 | 5,794 |
Trading cash instruments assets | 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] | ||
Trading Cash Instruments Assets at Fair Value | 307 | 231 |
Trading cash instruments assets | Corporate debt instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 30,948 | 28,773 |
Trading cash instruments assets | Corporate debt instruments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 677 | 1,313 |
Trading cash instruments assets | Corporate debt instruments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 29,507 | 26,768 |
Trading cash instruments assets | Corporate debt instruments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 764 | 692 |
Trading cash instruments assets | State and municipal obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 319 | 680 |
Trading cash instruments assets | State and municipal obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 319 | 680 |
Trading cash instruments assets | Other debt obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 2,779 | 1,493 |
Trading cash instruments assets | Other debt obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 363 | |
Trading cash instruments assets | Other debt obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 2,244 | |
Trading cash instruments assets | Other debt obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 172 | |
Trading cash instruments assets | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 78,754 | 79,346 |
Trading cash instruments assets | Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 76,825 | 78,782 |
Trading cash instruments assets | Equity Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 1,855 | 489 |
Trading cash instruments assets | Equity Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 74 | 75 |
Trading cash instruments assets | Commodities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 5,896 | 3,767 |
Trading cash instruments assets | Commodities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 5,896 | |
Cash Instruments Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (109,371) | (65,033) |
Cash Instruments Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (98,662) | (54,761) |
Cash Instruments Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (10,553) | (9,999) |
Cash Instruments Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (156) | (273) |
Cash Instruments Liabilities [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (21,290) | (9,961) |
Cash Instruments Liabilities [Member] | U.S. Government and Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (21,227) | (9,914) |
Cash Instruments Liabilities [Member] | U.S. Government and Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (63) | (47) |
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] | ||
Trading Cash Instruments Liabilities at Fair Value | (29,520) | (23,424) |
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] | ||
Trading Cash Instruments Liabilities at Fair Value | (27,340) | (21,213) |
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] | ||
Trading Cash Instruments Liabilities at Fair Value | (2,180) | (2,205) |
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] | ||
Trading Cash Instruments Liabilities at Fair Value | (6) | |
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] | ||
Trading Cash Instruments Liabilities at Fair Value | (5) | (32) |
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] | ||
Trading Cash Instruments Liabilities at Fair Value | (4) | (31) |
Cash Instruments Liabilities [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] | ||
Trading Cash Instruments Liabilities at Fair Value | (1) | (1) |
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] | ||
Trading Cash Instruments Liabilities at Fair Value | (1) | (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] | ||
Trading Cash Instruments Liabilities at Fair Value | (1) | (2) |
Cash Instruments Liabilities [Member] | Corporate debt instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (8,079) | (7,862) |
Cash Instruments Liabilities [Member] | Corporate debt instruments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (33) | (115) |
Cash Instruments Liabilities [Member] | Corporate debt instruments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (7,906) | (7,494) |
Cash Instruments Liabilities [Member] | Corporate debt instruments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (140) | (253) |
Cash Instruments Liabilities [Member] | State and municipal obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities 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] | ||
Trading Cash Instruments Liabilities at Fair Value | (2) | |
Cash Instruments Liabilities [Member] | Other debt obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 409 | |
Cash Instruments Liabilities [Member] | Other debt obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 1,074 | |
Cash Instruments Liabilities [Member] | Other debt obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 10 | |
Cash Instruments Liabilities [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (50,476) | (23,744) |
Cash Instruments Liabilities [Member] | Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (50,062) | (23,519) |
Cash Instruments Liabilities [Member] | Equity Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (399) | (212) |
Cash Instruments Liabilities [Member] | Equity Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (15) | (13) |
Cash Instruments Liabilities [Member] | Commodities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (6) | |
Cash Instruments Liabilities [Member] | Commodities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | $ 3,767 | $ (6) |
Trading Cash Instruments - Fair
Trading Cash Instruments - Fair Value, Cash Instruments, Measurement Inputs, Disclosure (Detail) $ in Millions | Jun. 30, 2020USD ($)yr | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)yr |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total financial assets at fair value | $ | $ 641,711 | $ 614,112 | $ 539,568 |
Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total financial assets at fair value | $ | 29,426 | $ 30,776 | 23,068 |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total financial assets at fair value | $ | $ 430 | $ 191 | |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.021 | 0.027 | |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.198 | 0.114 | |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.3 | 0.3 | |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.282 | 0.217 | |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.950 | 0.811 | |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 9.2 | 6.6 | |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.76 | 0.135 | |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.667 | 0.556 | |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 4.1 | 2.8 | |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total financial assets at fair value | $ | $ 307 | $ 231 | |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.009 | 0.012 | |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Cumulative Loss Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.076 | 0.054 | |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 1.5 | 2.3 | |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.144 | 0.120 | |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Cumulative Loss Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.366 | 0.304 | |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 15.5 | 12.4 | |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.049 | 0.058 | |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Cumulative Loss Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.201 | 0.163 | |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 4.3 | 5.7 | |
Level 3 [Member] | Corporate debt instruments [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total financial assets at fair value | $ | $ 764 | $ 692 | |
Level 3 [Member] | Corporate debt instruments [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.025 | 0.001 | |
Level 3 [Member] | Corporate debt instruments [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0 | 0 | |
Level 3 [Member] | Corporate debt instruments [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 1.5 | 1.7 | |
Level 3 [Member] | Corporate debt instruments [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.373 | 0.204 | |
Level 3 [Member] | Corporate debt instruments [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.700 | 0.697 | |
Level 3 [Member] | Corporate debt instruments [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 14.8 | 16.6 | |
Level 3 [Member] | Corporate debt instruments [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.129 | 0.072 | |
Level 3 [Member] | Corporate debt instruments [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.568 | 0.549 | |
Level 3 [Member] | Corporate debt instruments [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 4.2 | 5.1 | |
Level 3 [Member] | Other debt obligations [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total financial assets at fair value | $ | $ 172 | $ 10 | |
Level 3 [Member] | Other debt obligations [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.115 | ||
Level 3 [Member] | Other debt obligations [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 4.9 | ||
Level 3 [Member] | Other debt obligations [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.125 | ||
Level 3 [Member] | Other debt obligations [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 5.4 | ||
Level 3 [Member] | Other debt obligations [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.124 | ||
Level 3 [Member] | Other debt obligations [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 4.9 |
Trading Cash Instruments - Ca_2
Trading Cash Instruments - Cash Instruments, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Trading 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 | $ 1,234 | $ 1,590 | $ 1,242 | $ 1,689 |
Net realized gains / (losses) | 17 | 33 | 68 | 48 |
Net unrealized gains / (losses) | (40) | 9 | (190) | 5 |
Purchases | 306 | 241 | 609 | 361 |
Sales | (212) | (293) | (320) | (586) |
Settlements | (42) | (61) | (183) | (105) |
Transfers into level 3 | 695 | 173 | 761 | 294 |
Transfers out of level 3 | (154) | (173) | (183) | (187) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 1,804 | 1,519 | 1,804 | 1,519 |
Trading 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 | 130 | 371 | 191 | 332 |
Net realized gains / (losses) | 2 | 6 | 13 | 9 |
Net unrealized gains / (losses) | (9) | (14) | (33) | (22) |
Purchases | 20 | 6 | 79 | 32 |
Sales | (60) | (13) | (105) | |
Settlements | (6) | (24) | (57) | (44) |
Transfers into level 3 | 294 | 31 | 255 | 77 |
Transfers out of level 3 | (1) | (48) | (5) | (11) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 430 | 268 | 430 | 268 |
Trading 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 | 251 | 263 | 231 | 348 |
Net realized gains / (losses) | 3 | 3 | 7 | 5 |
Net unrealized gains / (losses) | 2 | 14 | 11 | 24 |
Purchases | 5 | 23 | 41 | 50 |
Sales | (89) | (66) | (68) | (157) |
Settlements | (7) | (7) | (24) | (17) |
Transfers into level 3 | 181 | 48 | 178 | 26 |
Transfers out of level 3 | (39) | (8) | (69) | (9) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 307 | 270 | 307 | 270 |
Trading Cash Instruments Assets [Member] | Corporate debt 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 | 719 | 789 | 692 | 912 |
Net realized gains / (losses) | 9 | 21 | 35 | 26 |
Net unrealized gains / (losses) | (23) | 8 | (137) | 6 |
Purchases | 140 | 187 | 303 | 250 |
Sales | (93) | (152) | (175) | (293) |
Settlements | (20) | (18) | (85) | (27) |
Transfers into level 3 | 138 | 86 | 235 | 113 |
Transfers out of level 3 | (106) | (99) | (104) | (165) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 764 | 822 | 764 | 822 |
Trading 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 | 134 | 167 | 128 | 97 |
Net realized gains / (losses) | 3 | 3 | 13 | 8 |
Net unrealized gains / (losses) | (10) | 1 | (31) | (3) |
Purchases | 141 | 25 | 186 | 29 |
Sales | (30) | (15) | (64) | (31) |
Settlements | (9) | (12) | (17) | (17) |
Transfers into level 3 | 82 | 8 | 93 | 78 |
Transfers out of level 3 | (8) | (18) | (5) | (2) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 303 | 159 | 303 | 159 |
Trading 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 | (194) | (159) | (273) | (49) |
Net realized gains / (losses) | (1) | |||
Net unrealized gains / (losses) | 15 | (37) | 105 | (136) |
Purchases | 21 | 21 | 40 | 32 |
Sales | (15) | (39) | (22) | (42) |
Settlements | 5 | 4 | 1 | 9 |
Transfers into level 3 | (8) | (8) | (10) | (26) |
Transfers out of level 3 | 21 | 7 | 3 | 1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (156) | $ (211) | $ (156) | $ (211) |
Trading Cash Instruments - Addi
Trading Cash Instruments - Additional Information (Detail) - Trading Cash Instruments Assets Fair Value Disclosure [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Net gains / (losses) on assets | $ 23 | $ 42 | $ 122 | $ 53 |
Net realized gains / (losses) on assets | 17 | 33 | 68 | 48 |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | (40) | 9 | (190) | 5 |
Market making [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Net gains / (losses) on assets | (56) | 1 | (194) | (22) |
Interest Income [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Net gains / (losses) on assets | $ 33 | $ 41 | $ 72 | $ 75 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair Value of Derivatives on a Gross Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | $ 569,482 | $ 441,896 |
Total Gross Fair Value of Derivative Liability Contracts | 542,797 | 426,590 |
Offset amounts | (506,512) | (396,644) |
Offset amounts | (489,861) | (382,788) |
Derivative Assets | 62,970 | 45,252 |
Derivative Liabilities | 52,936 | 43,802 |
Cash collateral received | (1,050) | (604) |
Cash collateral posted | (2,174) | (1,603) |
Securities collateral received | (16,911) | (14,196) |
Securities collateral posted | (11,437) | (9,252) |
Total | 45,009 | 30,452 |
Total | 39,325 | 32,947 |
Notional amount | 42,708,357 | 39,750,315 |
Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (433,968) | (340,644) |
Offset amounts | (433,968) | (340,644) |
Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (72,544) | (56,000) |
Offset amounts | (55,893) | (42,144) |
Derivative Contract not Designated as Hedges [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 567,882 | 438,682 |
Total Gross Fair Value of Derivative Liability Contracts | 542,703 | 426,379 |
Notional amount | 42,537,438 | 39,603,671 |
Derivative Contract not Designated as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 376,785 | 276,821 |
Total Gross Fair Value of Derivative Liability Contracts | 341,388 | 251,520 |
Notional amount | 32,568,887 | 29,865,847 |
Derivative Contract not Designated as Hedges [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 17,825 | 20,729 |
Total Gross Fair Value of Derivative Liability Contracts | 16,001 | 20,789 |
Notional amount | 1,106,395 | 1,104,277 |
Derivative Contract not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 92,415 | 80,333 |
Total Gross Fair Value of Derivative Liability Contracts | 93,466 | 82,014 |
Notional amount | 6,218,036 | 6,065,228 |
Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 16,488 | 11,138 |
Total Gross Fair Value of Derivative Liability Contracts | 20,014 | 15,549 |
Notional amount | 437,979 | 475,885 |
Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 64,369 | 49,661 |
Total Gross Fair Value of Derivative Liability Contracts | 71,834 | 56,507 |
Notional amount | 2,206,141 | 2,092,434 |
Derivative Contracts Accounted for as Hedges [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 1,600 | 3,214 |
Total Gross Fair Value of Derivative Liability Contracts | 94 | 211 |
Notional amount | 170,919 | 146,644 |
Derivative Contracts Accounted for as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 1,527 | 3,182 |
Total Gross Fair Value of Derivative Liability Contracts | 1 | |
Notional amount | 159,845 | 133,245 |
Derivative Contracts Accounted for as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 73 | 32 |
Total Gross Fair Value of Derivative Liability Contracts | 94 | 210 |
Notional amount | 11,074 | 13,399 |
Exchange-Traded [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 3,952 | 2,241 |
Derivative Liabilities | 7,107 | 5,955 |
Exchange-Traded [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (25,725) | (14,159) |
Offset amounts | (25,725) | (14,159) |
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 | 953 | 476 |
Total Gross Fair Value of Derivative Liability Contracts | 1,338 | 856 |
Notional amount | 3,555,199 | 4,757,300 |
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 | 51 | 35 |
Total Gross Fair Value of Derivative Liability Contracts | 8 | 10 |
Notional amount | 3,380 | 4,566 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 3,818 | 2,390 |
Total Gross Fair Value of Derivative Liability Contracts | 3,434 | 2,272 |
Notional amount | 221,888 | 230,018 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 24,855 | 13,499 |
Total Gross Fair Value of Derivative Liability Contracts | 28,052 | 16,976 |
Notional amount | 1,072,169 | 910,099 |
OTC-Cleared [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 246 | 249 |
Derivative Liabilities | 133 | 147 |
OTC-Cleared [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (16,522) | (15,565) |
Offset amounts | (16,522) | (15,565) |
OTC-Cleared [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (1,851) | (1,302) |
Offset amounts | (277) | (526) |
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 | 15,814 | 9,958 |
Total Gross Fair Value of Derivative Liability Contracts | 13,937 | 8,618 |
Notional amount | 17,925,616 | 13,440,376 |
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 | 2,180 | 6,551 |
Total Gross Fair Value of Derivative Liability Contracts | 2,301 | 6,929 |
Notional amount | 483,075 | 396,342 |
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 | 403 | 411 |
Total Gross Fair Value of Derivative Liability Contracts | 508 | 391 |
Notional amount | 149,566 | 134,060 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 185 | 180 |
Total Gross Fair Value of Derivative Liability Contracts | 173 | 243 |
Notional amount | 2,470 | 2,639 |
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 | 2 | |
Notional amount | 153,071 | 123,531 |
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 | 35 | 16 |
Total Gross Fair Value of Derivative Liability Contracts | 13 | 57 |
Notional amount | 3,328 | 4,152 |
Bilateral OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 58,772 | 42,762 |
Derivative Liabilities | 45,696 | 37,700 |
Bilateral OTC [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (391,721) | (310,920) |
Offset amounts | (391,721) | (310,920) |
Bilateral OTC [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (70,693) | (54,698) |
Offset amounts | (55,616) | (41,618) |
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 | 360,018 | 266,387 |
Total Gross Fair Value of Derivative Liability Contracts | 326,113 | 242,046 |
Notional amount | 11,088,072 | 11,668,171 |
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 | 15,645 | 14,178 |
Total Gross Fair Value of Derivative Liability Contracts | 13,700 | 13,860 |
Notional amount | 623,320 | 707,935 |
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 | 91,961 | 79,887 |
Total Gross Fair Value of Derivative Liability Contracts | 92,950 | 81,613 |
Notional amount | 6,065,090 | 5,926,602 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 12,485 | 8,568 |
Total Gross Fair Value of Derivative Liability Contracts | 16,407 | 13,034 |
Notional amount | 213,621 | 243,228 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 39,514 | 36,162 |
Total Gross Fair Value of Derivative Liability Contracts | 43,782 | 39,531 |
Notional amount | 1,133,972 | 1,182,335 |
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 | 1,525 | 3,182 |
Total Gross Fair Value of Derivative Liability Contracts | 1 | |
Notional amount | 6,774 | 9,714 |
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 | 38 | 16 |
Total Gross Fair Value of Derivative Liability Contracts | 81 | 153 |
Notional amount | $ 7,746 | $ 9,247 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | |||||
Gross Fair Value of Derivative Asset Contracts Not Enforceable | $ 13,860 | $ 13,860 | $ 9,150 | ||
Gross Fair Value of Derivative Liability Contracts Not Enforceable | 17,620 | 17,620 | 14,880 | ||
Net Gains / (Losses) on Derivative assets and liabilities | 6 | $ 44 | 2,250 | $ 127 | |
Net Realized Gains / (Losses) on Derivative assets and liabilities | 70 | (27) | 136 | (20) | |
Net Unrealized Gains / (Losses) on Derivative assets and liabilities | (76) | (17) | 2,110 | (107) | |
Maximum Payout/Notional Amount of Written Credit Derivative | 525,886 | 525,886 | 522,569 | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 580,530 | 580,530 | 581,760 | ||
Net purchased protection notional value of credit derivatives | 54,640 | 54,640 | 59,190 | ||
Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | 3,620 | 3,620 | 3,050 | ||
Expected Reduction in Gross Credit Derivative Assets Due to Each Day Settlement | 3,970 | ||||
Expected Reduction in Gross Credit Derivative Liabilities Due to Each Day Settlement | $ 4,150 | ||||
Net gain reclassified to earnings from accumulated other comprehensive income | 57 | 57 | |||
Net Investment Hedging [Member] | |||||
Derivative [Line Items] | |||||
Net gain reclassified to earnings from accumulated other comprehensive income | 208 | 208 | |||
Net Investment Hedging [Member] | Non-US [Member] | |||||
Derivative [Line Items] | |||||
Net gain reclassified to earnings from accumulated other comprehensive income | (151) | (151) | |||
Market making [Member] | |||||
Derivative [Line Items] | |||||
Net Gains / (Losses) on Derivative assets and liabilities | 55 | (29) | 2,290 | (92) | |
Other Principal Transactions [Member] | |||||
Derivative [Line Items] | |||||
Net Gains / (Losses) on Derivative assets and liabilities | $ 61 | $ (15) | $ (45) | $ (35) |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Fair Value of Derivatives by Level (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | |||
Total financial assets at fair value | $ 641,711 | $ 614,112 | $ 539,568 |
Total financial liabilities at fair value | (370,824) | (350,706) | (332,959) |
Fair value included in financial instruments | (162,307) | (108,835) | |
Level 1 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 275,444 | 217,934 | 242,562 |
Total financial liabilities at fair value | (98,901) | (63,117) | (54,790) |
Level 2 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 406,880 | 440,469 | 325,259 |
Total financial liabilities at fair value | (298,915) | (320,820) | (293,902) |
Level 3 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 29,426 | 30,776 | 23,068 |
Total financial liabilities at fair value | (30,106) | (27,565) | (25,938) |
Derivatives [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 136,719 | 100,779 | |
Total financial liabilities at fair value | (110,034) | (85,473) | |
Fair value included in financial instruments | 62,970 | 45,252 | |
Fair value included in financial instruments | (52,936) | (43,802) | |
Derivatives [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 378,312 | 280,003 | |
Total financial liabilities at fair value | (341,388) | (251,521) | |
Derivatives [Member] | Credit Risk Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 17,825 | 20,729 | |
Total financial liabilities at fair value | (16,001) | (20,789) | |
Derivatives [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 92,488 | 80,365 | |
Total financial liabilities at fair value | (93,560) | (82,224) | |
Derivatives [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 16,488 | 11,138 | |
Total financial liabilities at fair value | (20,014) | (15,549) | |
Derivatives [Member] | Equity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 64,369 | 49,661 | |
Total financial liabilities at fair value | (71,834) | (56,507) | |
Derivatives [Member] | Gross Fair Value Of Derivative [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 569,482 | 441,896 | |
Total financial liabilities at fair value | (542,797) | (426,590) | |
Derivatives [Member] | Counterparty Netting in Levels [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | (432,763) | (341,117) | |
Total financial liabilities at fair value | 432,763 | 341,117 | |
Derivatives [Member] | Cross Level Counterparty Netting Adjustment [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | (1,205) | 473 | |
Total financial liabilities at fair value | 1,205 | (473) | |
Derivatives [Member] | Cash Collateral Netting [Member] | |||
Derivative [Line Items] | |||
Cash collateral netting | (72,544) | (56,000) | |
Cash collateral netting | 55,893 | 42,144 | |
Derivatives [Member] | Level 1 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 69 | 24 | |
Total financial liabilities at fair value | (239) | (29) | |
Derivatives [Member] | Level 1 [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 5 | 3 | |
Total financial liabilities at fair value | (219) | (3) | |
Derivatives [Member] | Level 1 [Member] | Equity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 64 | 21 | |
Total financial liabilities at fair value | (20) | (26) | |
Derivatives [Member] | Level 1 [Member] | Gross Fair Value Of Derivative [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 69 | 24 | |
Total financial liabilities at fair value | (239) | (29) | |
Derivatives [Member] | Level 2 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 129,603 | 96,101 | |
Total financial liabilities at fair value | (105,808) | (80,815) | |
Derivatives [Member] | Level 2 [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 377,390 | 279,443 | |
Total financial liabilities at fair value | (340,563) | (251,050) | |
Derivatives [Member] | Level 2 [Member] | Credit Risk Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 13,540 | 17,204 | |
Total financial liabilities at fair value | (14,043) | (19,141) | |
Derivatives [Member] | Level 2 [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 92,152 | 80,178 | |
Total financial liabilities at fair value | (93,130) | (81,826) | |
Derivatives [Member] | Level 2 [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 15,796 | 10,648 | |
Total financial liabilities at fair value | (19,653) | (15,306) | |
Derivatives [Member] | Level 2 [Member] | Equity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 62,081 | 48,953 | |
Total financial liabilities at fair value | (69,775) | (53,817) | |
Derivatives [Member] | Level 2 [Member] | Gross Fair Value Of Derivative [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 560,959 | 436,426 | |
Total financial liabilities at fair value | (537,164) | (421,140) | |
Derivatives [Member] | Level 2 [Member] | Counterparty Netting in Levels [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | (431,356) | (340,325) | |
Total financial liabilities at fair value | 431,356 | 340,325 | |
Derivatives [Member] | Level 3 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 7,047 | $ 7,381 | 4,654 |
Total financial liabilities at fair value | (3,987) | (4,629) | |
Derivatives [Member] | Level 3 [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 917 | 557 | |
Total financial liabilities at fair value | (606) | (468) | |
Derivatives [Member] | Level 3 [Member] | Credit Risk Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 4,285 | 3,525 | |
Total financial liabilities at fair value | (1,958) | (1,648) | |
Derivatives [Member] | Level 3 [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 336 | 187 | |
Total financial liabilities at fair value | (430) | (398) | |
Derivatives [Member] | Level 3 [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 692 | 490 | |
Total financial liabilities at fair value | (361) | (243) | |
Derivatives [Member] | Level 3 [Member] | Equity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 2,224 | 687 | |
Total financial liabilities at fair value | (2,039) | (2,664) | |
Derivatives [Member] | Level 3 [Member] | Gross Fair Value Of Derivative [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 8,454 | 5,446 | |
Total financial liabilities at fair value | (5,394) | (5,421) | |
Derivatives [Member] | Level 3 [Member] | Counterparty Netting in Levels [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | (1,407) | (792) | |
Total financial liabilities at fair value | $ 1,407 | $ 792 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Fair Value, Derivatives, Measurement Inputs, Disclosure (Detail) $ in Millions | Jun. 30, 2020USD ($)MMBTU$ / bbl | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)$ / bblMMBTU | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ | $ 3,060 | $ 1,660 | $ 25 | $ 598 | $ 688 | $ 590 |
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 | $ | $ 311 | 266 | $ 89 | 30 | (19) | (109) |
Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.51 | 0.52 | ||||
Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Median Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.60 | 0.60 | ||||
Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.70 | 0.70 | ||||
Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Median Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.61 | 0.61 | ||||
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 | $ | $ 2,327 | 2,518 | $ 1,877 | 1,676 | 1,874 | 1,672 |
Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Average Credit Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 1.05 | 0.96 | ||||
Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Median Credit Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.67 | 0.53 | ||||
Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, , Average Upfront Credit Points [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.41 | 0.38 | ||||
Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, , Median Upfront Credit Points [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.30 | 0.32 | ||||
Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Average Recovery Rate [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.36 | 0.31 | ||||
Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Median Recovery Rate [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.40 | 0.25 | ||||
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 | $ | $ (94) | 61 | $ (211) | (31) | 29 | 461 |
Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.39 | 0.37 | ||||
Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Median Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.41 | 0.36 | ||||
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 | $ | $ 331 | 388 | $ 247 | 134 | 145 | 112 |
Commodity Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.37 | 0.26 | ||||
Commodity Contract [Member] | Level 3 [Member] | Measurement Input, Median Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.30 | 0.25 | ||||
Commodity Contract [Member] | Natural Gas [Member] | Level 3 [Member] | Measurement Input, Average Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | MMBTU | 0.14 | 0.16 | ||||
Commodity Contract [Member] | Natural Gas [Member] | Level 3 [Member] | Measurement Input, Median Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | MMBTU | 0.08 | 0.17 | ||||
Commodity Contract [Member] | Oil [Member] | Level 3 [Member] | Measurement Input, Average Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | $ / bbl | 7.93 | 9.82 | ||||
Commodity Contract [Member] | Oil [Member] | Level 3 [Member] | Measurement Input, Median Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | $ / bbl | 7.06 | 11.15 | ||||
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 | $ | $ 185 | $ (1,573) | $ (1,977) | $ (1,211) | $ (2,717) | $ (1,546) |
Equity Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.48 | 0.42 | ||||
Equity Contract [Member] | Level 3 [Member] | Measurement Input, Median Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.56 | 0.45 | ||||
Equity Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.26 | 0.14 | ||||
Equity Contract [Member] | Level 3 [Member] | Measurement Input, Median Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.24 | 0.07 | ||||
Minimum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | (0.40) | (0.42) | ||||
Minimum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.31 | 0.31 | ||||
Minimum [Member] | Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Credit Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.01 | 0.01 | ||||
Minimum [Member] | Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Upfront Credit Points [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.01 | 0.02 | ||||
Minimum [Member] | Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Recovery Rate [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.02 | 0.10 | ||||
Minimum [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.20 | 0.20 | ||||
Minimum [Member] | Commodity Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.13 | 0.09 | ||||
Minimum [Member] | Commodity Contract [Member] | Natural Gas [Member] | Level 3 [Member] | Measurement Input, Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | MMBTU | 0.86 | 1.93 | ||||
Minimum [Member] | Commodity Contract [Member] | Oil [Member] | Level 3 [Member] | Measurement Input, Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | $ / bbl | 0.41 | 4.86 | ||||
Minimum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | (0.77) | (0.70) | ||||
Minimum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.04 | 0.02 | ||||
Maximum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.81 | 0.81 | ||||
Maximum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 1.50 | 1.50 | ||||
Maximum [Member] | Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Credit Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 7.48 | 5.59 | ||||
Maximum [Member] | Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Upfront Credit Points [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.98 | 0.90 | ||||
Maximum [Member] | Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Recovery Rate [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.70 | 0.60 | ||||
Maximum [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.70 | 0.70 | ||||
Maximum [Member] | Commodity Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.92 | 0.57 | ||||
Maximum [Member] | Commodity Contract [Member] | Natural Gas [Member] | Level 3 [Member] | Measurement Input, Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | MMBTU | 1.40 | 1.69 | ||||
Maximum [Member] | Commodity Contract [Member] | Oil [Member] | Level 3 [Member] | Measurement Input, Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | $ / bbl | 18.23 | 19.77 | ||||
Maximum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 0.99 | 0.99 | ||||
Maximum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 1.72 | 0.72 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Fair Value of Derivatives, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | $ 1,660 | $ 688 | $ 25 | $ 590 |
Net Realized Gains / (Losses) | 70 | (27) | 136 | (20) |
Net Unrealized Gains / (Losses) | (76) | (17) | 2,110 | (107) |
Purchases | 157 | 200 | 326 | 300 |
Sales | (264) | (299) | (516) | (375) |
Settlements | 1,557 | 45 | 945 | 177 |
Transfers Into Level 3 | (17) | 6 | (36) | (5) |
Transfers Out Of Level 3 | (27) | 1,378 | 70 | 38 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 3,060 | 598 | 3,060 | 598 |
Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 266 | (19) | 89 | (109) |
Net Realized Gains / (Losses) | 1 | (14) | 15 | (11) |
Net Unrealized Gains / (Losses) | (12) | 82 | 170 | 151 |
Purchases | 19 | 5 | 21 | 6 |
Sales | (8) | (6) | (17) | (8) |
Settlements | 26 | (11) | 23 | 14 |
Transfers Into Level 3 | 6 | (9) | 8 | (17) |
Transfers Out Of Level 3 | 13 | 2 | 2 | 4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 311 | 30 | 311 | 30 |
Credit Risk Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 2,518 | 1,874 | 1,877 | 1,672 |
Net Realized Gains / (Losses) | 14 | 9 | (1) | 15 |
Net Unrealized Gains / (Losses) | (152) | (81) | 366 | 45 |
Purchases | 44 | 33 | 75 | 74 |
Sales | (47) | (26) | (52) | (45) |
Settlements | 101 | (136) | 41 | (170) |
Transfers Into Level 3 | (94) | 12 | 10 | 76 |
Transfers Out Of Level 3 | (57) | (9) | 11 | 9 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 2,327 | 1,676 | 2,327 | 1,676 |
Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 61 | 29 | (211) | 461 |
Net Realized Gains / (Losses) | 6 | (8) | (4) | (28) |
Net Unrealized Gains / (Losses) | (53) | (76) | 17 | (181) |
Purchases | 9 | 3 | 9 | 5 |
Sales | (5) | (4) | (5) | (9) |
Settlements | (106) | 24 | 105 | (276) |
Transfers Into Level 3 | (1) | (5) | (3) | (3) |
Transfers Out Of Level 3 | (5) | 6 | (2) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | (94) | (31) | (94) | (31) |
Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 388 | 145 | 247 | 112 |
Net Realized Gains / (Losses) | 5 | (18) | 7 | (24) |
Net Unrealized Gains / (Losses) | 49 | 21 | 154 | 47 |
Purchases | 2 | 21 | 32 | 24 |
Sales | (2) | (67) | (5) | (66) |
Settlements | (84) | 6 | (57) | 15 |
Transfers Into Level 3 | (18) | 33 | (30) | 7 |
Transfers Out Of Level 3 | (9) | (7) | (17) | 19 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 331 | 134 | 331 | 134 |
Equity Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (1,573) | (2,717) | (1,977) | (1,546) |
Net Realized Gains / (Losses) | 44 | 4 | 119 | 28 |
Net Unrealized Gains / (Losses) | 92 | 37 | 1,403 | (169) |
Purchases | 83 | 138 | 189 | 191 |
Sales | (202) | (196) | (437) | (247) |
Settlements | 1,620 | 162 | 833 | 594 |
Transfers Into Level 3 | 90 | (25) | (21) | (68) |
Transfers Out Of Level 3 | 31 | 1,386 | 76 | 6 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ 185 | $ (1,211) | $ 185 | $ (1,211) |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - OTC Derivatives by Product Type and Tenor (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative Assets | $ 62,970 | $ 45,252 |
Derivative Liabilities | 52,936 | 43,802 |
OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 151,851 | 114,650 |
Derivative Liabilities | 122,011 | 95,630 |
OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 105,157 | 78,098 |
Derivative Liabilities | 67,847 | 49,237 |
OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,425 | 7,120 |
Derivative Liabilities | 6,601 | 7,180 |
OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 25,593 | 21,544 |
Derivative Liabilities | 26,709 | 23,428 |
OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 6,562 | 4,021 |
Derivative Liabilities | 10,472 | 8,550 |
OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 16,908 | 13,135 |
Derivative Liabilities | 21,176 | 16,503 |
OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (10,794) | (9,268) |
Derivative Liabilities | (10,794) | (9,268) |
OTC [Member] | Cross Tenor Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (20,289) | (15,639) |
Derivative Liabilities | (20,289) | (15,639) |
OTC [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Cash collateral netting | (72,544) | (56,000) |
Cash collateral netting | (55,893) | (42,144) |
OTC [Member] | Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 59,018 | 43,011 |
Derivative Liabilities | 45,829 | 37,847 |
Less than 1 Year [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 28,689 | 23,011 |
Derivative Liabilities | 27,097 | 22,796 |
Less than 1 Year [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 9,034 | 5,521 |
Derivative Liabilities | 5,353 | 3,654 |
Less than 1 Year [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 937 | 678 |
Derivative Liabilities | 817 | 1,368 |
Less than 1 Year [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 10,753 | 10,236 |
Derivative Liabilities | 11,938 | 12,486 |
Less than 1 Year [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 4,103 | 2,507 |
Derivative Liabilities | 4,075 | 2,796 |
Less than 1 Year [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 6,747 | 7,332 |
Derivative Liabilities | 7,799 | 5,755 |
Less than 1 Year [Member] | OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (2,885) | (3,263) |
Derivative Liabilities | (2,885) | (3,263) |
1 - 5 Years [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 37,608 | 25,553 |
Derivative Liabilities | 33,351 | 25,729 |
1 - 5 Years [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 21,613 | 15,183 |
Derivative Liabilities | 13,449 | 9,113 |
1 - 5 Years [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 3,687 | 3,259 |
Derivative Liabilities | 3,696 | 4,052 |
1 - 5 Years [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 6,542 | 5,063 |
Derivative Liabilities | 8,303 | 6,906 |
1 - 5 Years [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,868 | 1,212 |
Derivative Liabilities | 2,066 | 1,950 |
1 - 5 Years [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,156 | 4,509 |
Derivative Liabilities | 10,095 | 7,381 |
1 - 5 Years [Member] | OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (4,258) | (3,673) |
Derivative Liabilities | (4,258) | (3,673) |
Greater than 5 Years [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 85,554 | 66,086 |
Derivative Liabilities | 61,563 | 47,105 |
Greater than 5 Years [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 74,510 | 57,394 |
Derivative Liabilities | 49,045 | 36,470 |
Greater than 5 Years [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 3,801 | 3,183 |
Derivative Liabilities | 2,088 | 1,760 |
Greater than 5 Years [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,298 | 6,245 |
Derivative Liabilities | 6,468 | 4,036 |
Greater than 5 Years [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 591 | 302 |
Derivative Liabilities | 4,331 | 3,804 |
Greater than 5 Years [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 2,005 | 1,294 |
Derivative Liabilities | 3,282 | 3,367 |
Greater than 5 Years [Member] | OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (3,651) | (2,332) |
Derivative Liabilities | $ (3,651) | $ (2,332) |
Derivatives and Hedging Activ_9
Derivatives and Hedging Activities - Credit Derivatives (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | $ 525,886 | $ 522,569 |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 580,530 | 581,760 |
Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 465,068 | 426,100 |
Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 115,460 | 155,662 |
Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 124,272 | 154,433 |
1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 354,857 | 316,786 |
Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 46,757 | 51,350 |
Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 7,745 | 13,911 |
Fair Value Liability of Written Credit Derivatives | 7,313 | 5,549 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 432 | 8,362 |
0 - 250 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 443,866 | 484,119 |
0 - 250 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 394,450 | 395,127 |
0 - 250 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 101,659 | 149,092 |
0 - 250 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 107,215 | 143,566 |
0 - 250 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 294,900 | 292,444 |
0 - 250 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 41,751 | 48,109 |
0 - 250 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 6,927 | 13,103 |
Fair Value Liability of Written Credit Derivatives | 277 | 1,239 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 6,650 | 11,864 |
251 - 500 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 47,251 | 19,540 |
251 - 500 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 38,181 | 14,492 |
251 - 500 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 8,285 | 2,617 |
251 - 500 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 11,462 | 7,155 |
251 - 500 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 32,572 | 10,125 |
251 - 500 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 3,217 | 2,260 |
251 - 500 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 595 | 446 |
Fair Value Liability of Written Credit Derivatives | 1,462 | 448 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (867) | (2) |
501 - 1000 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 14,535 | 6,668 |
501 - 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 13,706 | 5,938 |
501 - 1000 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 2,398 | 1,599 |
501 - 1000 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 1,445 | 759 |
501 - 1000 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 11,986 | 5,482 |
501 - 1000 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 1,104 | 427 |
501 - 1000 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 90 | 160 |
Fair Value Liability of Written Credit Derivatives | 888 | 372 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (798) | (212) |
Greater than 1000 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 20,234 | 12,242 |
Greater than 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 18,731 | 10,543 |
Greater than 1000 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 3,118 | 2,354 |
Greater than 1000 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 4,150 | 2,953 |
Greater than 1000 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 15,399 | 8,735 |
Greater than 1000 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 685 | 554 |
Greater than 1000 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 133 | 202 |
Fair Value Liability of Written Credit Derivatives | 4,686 | 3,490 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | $ (4,553) | $ (3,288) |
Derivatives and Hedging Acti_10
Derivatives and Hedging Activities - Summary of Information About CVA and FVA (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
CVA, net of hedges | $ (322) | $ (35) | $ (51) | $ (198) |
FVA, net of hedges | 580 | 38 | (179) | 272 |
Total | $ 258 | $ 3 | $ (230) | $ 74 |
Derivatives and Hedging Acti_11
Derivatives and Hedging Activities - Bifurcated Embedded Derivatives (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | $ 1,411 | $ 1,148 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | 1,639 | 1,717 |
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability | 228 | 569 |
Notional amount | 42,708,357 | 39,750,315 |
Embedded Derivatives Classified In Debt [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 11,475 | $ 11,003 |
Derivatives and Hedging Acti_12
Derivatives and Hedging Activities - Derivatives with Credit-Related Contingent Features (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Aggregate fair value of derivative contracts which are in net liability position | $ 41,968 | $ 32,800 |
Aggregate fair value of assets as a collateral for derivative contracts | 36,151 | 28,510 |
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 | 447 | 358 |
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 | $ 1,022 | $ 1,268 |
Derivatives and Hedging Acti_13
Derivatives and Hedging Activities - Gain (Loss) from Interest Rate Hedges and Related Hedged Borrowings and Deposits (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative [Line Items] | ||||
Interest expense | $ 2,090 | $ 4,689 | $ 5,527 | $ 9,068 |
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Derivative Contracts Accounted for as Hedges [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 353 | 2,328 | 6,939 | 3,584 |
Gain (Loss) Recognized On Hedged Borrowings and Deposits | $ (564) | $ (2,462) | $ (7,243) | $ (3,813) |
Derivatives and Hedging Acti_14
Derivatives and Hedging Activities - Carrying Amount of Hedged Items Currently Designated in a Hedging Relationship and Related Cumulative Hedging Adjustment (Detail) - Derivative Contracts Accounted for as Hedges [Member] - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Deposits at Fair Value [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | $ 18,657 | $ 19,634 |
Cumulative Hedging Adjustment | 849 | 200 |
Unsecured short-term borrowings [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | 8,405 | 6,008 |
Cumulative Hedging Adjustment | 65 | 28 |
Unsecured long-term borrowings [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | 106,139 | 87,874 |
Cumulative Hedging Adjustment | $ 13,386 | $ 7,292 |
Derivatives and Hedging Acti_15
Derivatives and Hedging Activities - Carrying Amount of Hedged Items Currently Designated in a Hedging Relationship and Related Cumulative Hedging Adjustment (Parenthetical) (Detail) - Unsecured long-term borrowings [Member] - Derivative Contracts Accounted for as Hedges [Member] - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative hedging adjustment | $ 4,470 | $ 3,480 |
Addition Cumulative Hedging adjustments | $ 886 | $ 425 |
Derivatives and Hedging Acti_16
Derivatives and Hedging Activities - Gains and Losses on Net Investment Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative [Line Items] | ||||
Gain (Loss) Recognized On Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | $ (9) | $ (76) | $ (30) | $ (44) |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ (114) | $ (30) | $ 642 | $ (15) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Investment at fair value | $ 70,568 | $ 70,568 | $ 57,827 | ||
Level 3 [Member] | |||||
Net gains / (losses) on assets | 26 | $ 67 | (16) | $ (87) | |
Level 3 [Member] | Interest Income [Member] | |||||
Net gains / (losses) on assets | 11 | 14 | 19 | 27 | |
Investments [Member] | |||||
Investments in funds at NAV | 3,710 | 3,710 | 4,206 | ||
Investment at fair value | 66,858 | 66,858 | 53,621 | ||
Net gains / (losses) on assets | 40 | 21 | 121 | 71 | |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | (135) | 367 | (1,395) | 505 | |
Investments [Member] | Operating income (loss) [Member] | |||||
Net gains / (losses) on assets | (170) | 342 | (1,410) | 481 | |
Investments [Member] | Interest Income [Member] | |||||
Net gains / (losses) on assets | 75 | 46 | 132 | 95 | |
Investments [Member] | Level 3 [Member] | |||||
Investment at fair value | 17,916 | 17,916 | 15,282 | ||
Net gains / (losses) on assets | 95 | 388 | 1,270 | 576 | |
Equity Securities [Member] | |||||
Equity method investment | 6,890 | 6,890 | 8,230 | ||
Equity Securities [Member] | Investments [Member] | |||||
Investment at fair value | 17,228 | 17,228 | 18,940 | ||
Net gains / (losses) on assets | 2 | 7 | 19 | 31 | |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | (143) | 316 | (902) | 412 | |
Equity Securities [Member] | Investments [Member] | Level 3 [Member] | |||||
Investment at fair value | 10,035 | 10,035 | 10,903 | ||
Fair Value Option [Member] | |||||
Gains/(losses) recognized on equity securities | 99 | $ 290 | 176 | $ 455 | |
Investments in funds at NAV [Member] | |||||
Investments in funds at NAV | 2,620 | 2,620 | 3,220 | ||
Investment at fair value | $ 1,090 | $ 1,090 | $ 983 |
Investments - Fair Value of Inv
Investments - Fair Value of Investments by Accounting Type (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Investments, Fair Value Disclosure [Abstract] | ||
Equity securities, at fair value | $ 19,850 | $ 22,163 |
Debt instruments, at fair value | 17,954 | 16,570 |
Available-for-sale securities, at fair value | 32,764 | 19,094 |
Investments, at fair value | 70,568 | 57,827 |
Held-to-maturity securities | 5,750 | 5,825 |
Equity method investments | 303 | 285 |
Total investments | $ 76,621 | $ 63,937 |
Investments - Equity Securities
Investments - Equity Securities At Fair Value (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Equity securities, at fair value | $ 19,850 | $ 22,163 |
Public Equity [Member] | ||
Percentage of investment in equity securities | 13.00% | 11.00% |
Private Equity [Member] | ||
Percentage of investment in equity securities | 87.00% | 89.00% |
Public And Private Equity [Member] | ||
Percentage of investment in equity securities | 100.00% | 100.00% |
Corporate [Member] | ||
Percentage of investment in equity securities | 82.00% | 79.00% |
Real Estate [Member] | ||
Percentage of investment in equity securities | 18.00% | 21.00% |
Corporate And Real Estate [Member] | ||
Percentage of investment in equity securities | 100.00% | 100.00% |
Americas [Member] | ||
Percentage of investment in equity securities | 47.00% | 50.00% |
Europe Middle East And Africa [Member] | ||
Percentage of investment in equity securities | 16.00% | 17.00% |
Asia [Member] | ||
Percentage of investment in equity securities | 37.00% | 33.00% |
Americas Europe And Asia [Member] | ||
Percentage of investment in equity securities | 100.00% | 100.00% |
Investments - Debt Securities A
Investments - Debt Securities At Fair Value (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Debt securities, at fair value | $ 17,954 | $ 16,570 |
Corporate debt securities [Member] | ||
Debt securities, at fair value | 10,703 | 10,838 |
Securities backed by real estate [Member] | ||
Debt securities, at fair value | 1,779 | 2,619 |
Money market instruments [Member] | ||
Debt securities, at fair value | 3,886 | 1,681 |
Other [Member] | ||
Debt securities, at fair value | $ 1,586 | $ 1,432 |
Investments - Investments in Fu
Investments - Investments in Funds that are Calculated Using Net Asset Value Per Share (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | $ 3,710 | $ 4,206 |
Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 1,796 | 1,781 |
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 | 2,215 | 2,767 |
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 | 748 | 765 |
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 | 1,088 | 983 |
Credit Funds [Member] | Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 823 | 820 |
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 | 101 | 125 |
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 | 306 | 331 |
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 | $ 225 | $ 196 |
Investments - Securities Accoun
Investments - Securities Accounted for As Available-for-Sale Included in Investments (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 32,028 | $ 19,037 |
Fair Value | $ 32,764 | $ 19,094 |
Weighted Average Yield | 0.95% | 1.68% |
Less than 5 years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 26,063 | $ 14,063 |
Fair Value | $ 26,461 | $ 14,041 |
Weighted Average Yield | 0.85% | 1.53% |
Greater than 5 years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 5,965 | $ 4,974 |
Fair Value | $ 6,303 | $ 5,053 |
Weighted Average Yield | 1.35% | 2.10% |
Investments - Securities Acco_2
Investments - Securities Accounted for As Available-for-Sale Included in Investments (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |||||
Gross unrealized gain included in accumulated other comprehensive gain/(loss) | $ 736 | $ 137 | |||
Available-for-sale securities sold | $ 2,040 | $ 3,120 | 3,490 | $ 8,080 | |
Realized gains on sales of available-for-sale securities | $ 54 | $ 95 | $ 319 | $ 131 |
Investments - Cash Instruments
Investments - Cash Instruments by Level (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | $ 70,568 | $ 57,827 |
Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in funds at NAV | 3,710 | 4,206 |
Investment at fair value | 66,858 | 53,621 |
Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 33,108 | 20,125 |
Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 15,834 | 18,214 |
Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 17,916 | 15,282 |
U.S. [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 32,764 | 19,094 |
U.S. [Member] | Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 32,764 | 19,094 |
Non-U.S. [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 69 | 36 |
Non-U.S. [Member] | Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 69 | 36 |
Corporate debt securities [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 10,703 | 10,838 |
Corporate debt securities [Member] | Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 60 | 48 |
Corporate debt securities [Member] | Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 4,071 | 7,325 |
Corporate debt securities [Member] | Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 6,572 | 3,465 |
Securities backed by real estate [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 1,779 | 2,619 |
Securities backed by real estate [Member] | Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 899 | 2,024 |
Securities backed by real estate [Member] | Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 880 | 595 |
Money market instruments [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 3,886 | 1,681 |
Money market instruments [Member] | Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 21 | 732 |
Money market instruments [Member] | Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 3,865 | 949 |
Other debt obligations [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 429 | 413 |
Other debt obligations [Member] | Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 94 | |
Other debt obligations [Member] | Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 429 | 319 |
Equity Securities [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 17,228 | 18,940 |
Equity Securities [Member] | Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 263 | 251 |
Equity Securities [Member] | Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 6,930 | 7,786 |
Equity Securities [Member] | Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | $ 10,035 | $ 10,903 |
Investments - Fair Value Measur
Investments - Fair Value Measurement Inputs (Detail) $ in Millions | Jun. 30, 2020USD ($)yr | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)yr |
Level 3 assets | $ | $ 641,711 | $ 614,112 | $ 539,568 |
Level 3 assets [Member] | |||
Level 3 assets | $ | 29,426 | $ 30,776 | 23,068 |
Corporate debt securities [Member] | Level 3 assets [Member] | Investments [Member] | |||
Level 3 assets | $ | $ 6,572 | $ 3,465 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 0.400 | 0.298 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.035 | 0.055 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 0.113 | 0.12 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 1 | 1 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.160 | 0.250 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 0.62 | 0.685 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 8 | 5.9 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 2 | 2.9 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 4.1 | 5 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 36.7 | 24.4 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.4 | 0.6 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 7.4 | 7 | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Investments [Member] | |||
Level 3 assets | $ | $ 880 | $ 595 | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 0.490 | 0.203 | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.100 | 0.094 | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 0.178 | 0.16 | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 0.344 | ||
Securities backed by real estate [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.331 | ||
Securities backed by real estate [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 0.335 | ||
Securities backed by real estate [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 3.2 | 3 | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.8 | 0.4 | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 2.4 | 0.9 | |
Equity Securities [Member] | Level 3 assets [Member] | Investments [Member] | |||
Level 3 assets | $ | $ 10,035 | $ 10,903 | |
Equity Securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 26.9 | 36 | |
Equity Securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.3 | 0.8 | |
Equity Securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 9.7 | 8 | |
Equity Securities [Member] | Level 3 assets [Member] | Discount rate/yield [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 0.284 | 0.203 | |
Equity Securities [Member] | Level 3 assets [Member] | Discount rate/yield [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.028 | 0.021 | |
Equity Securities [Member] | Level 3 assets [Member] | Discount rate/yield [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 0.138 | 0.134 | |
Equity Securities [Member] | Level 3 assets [Member] | Capitalization rate [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 0.150 | 0.151 | |
Equity Securities [Member] | Level 3 assets [Member] | Capitalization rate [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.037 | 0.036 | |
Equity Securities [Member] | Level 3 assets [Member] | Capitalization rate [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 0.65 | 0.61 | |
Other debt obligations [Member] | Level 3 assets [Member] | |||
Level 3 assets | $ | $ 172 | $ 10 | |
Other debt obligations [Member] | Level 3 assets [Member] | Investments [Member] | |||
Level 3 assets | $ | $ 429 | $ 319 | |
Other debt obligations [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 0.057 | 0.052 | |
Other debt obligations [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.022 | 0.034 | |
Other debt obligations [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 0.033 | 0.045 | |
Other debt obligations [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 9.5 | 8 | |
Other debt obligations [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.8 | 4 | |
Other debt obligations [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 6.3 | 6.7 |
Investments - Investments, Leve
Investments - Investments, Level 3 Rollforward (Detail) - Investments [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
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 | $ 19,408 | $ 14,276 | $ 15,282 | $ 13,548 |
Net realized gains/(losses) | 40 | 21 | 121 | 71 |
Net unrealized gains/(losses) | (135) | 367 | (1,395) | 505 |
Purchases | 344 | 315 | 811 | 524 |
Sales | (110) | (460) | (1,186) | (539) |
Settlements | (192) | (156) | (504) | (391) |
Transfers into level 3 | 428 | 1,466 | 5,937 | 2,029 |
Transfers out of level 3 | (1,867) | (1,432) | (1,150) | (1,350) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 17,916 | 14,397 | 17,916 | 14,397 |
Corporate debt securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 7,149 | 2,691 | 3,465 | 2,540 |
Net realized gains/(losses) | 27 | 9 | 78 | 26 |
Net unrealized gains/(losses) | 35 | 48 | (406) | 87 |
Purchases | 181 | 78 | 244 | 167 |
Sales | (33) | (3) | (209) | (3) |
Settlements | (72) | (47) | (226) | (88) |
Transfers into level 3 | 87 | 338 | 3,800 | 574 |
Transfers out of level 3 | (802) | (66) | (174) | (255) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 6,572 | 3,048 | 6,572 | 3,048 |
Securities backed by 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 | 775 | 411 | 595 | 457 |
Net realized gains/(losses) | 7 | 5 | 17 | 14 |
Net unrealized gains/(losses) | (28) | 3 | (104) | 5 |
Purchases | 7 | 10 | 94 | 17 |
Sales | (7) | |||
Settlements | (26) | (17) | (43) | (59) |
Transfers into level 3 | 159 | 321 | ||
Transfers out of level 3 | (14) | (17) | (32) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 880 | 395 | 880 | 395 |
Equity 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 | 11,056 | 10,940 | 10,903 | 10,335 |
Net realized gains/(losses) | 2 | 7 | 19 | 31 |
Net unrealized gains/(losses) | (143) | 316 | (902) | 412 |
Purchases | 142 | 202 | 469 | 301 |
Sales | (62) | (449) | (977) | (525) |
Settlements | (91) | (92) | (226) | (243) |
Transfers into level 3 | 182 | 1,128 | 1,725 | 1,455 |
Transfers out of level 3 | (1,051) | (1,349) | (976) | (1,063) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 10,035 | 10,703 | 10,035 | 10,703 |
Other debt obligations [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 428 | 234 | 319 | 216 |
Net realized gains/(losses) | 4 | 7 | ||
Net unrealized gains/(losses) | 1 | 17 | 1 | |
Purchases | 14 | 25 | 4 | 39 |
Sales | (15) | (8) | (4) | |
Settlements | (3) | (9) | (1) | |
Transfers into level 3 | 91 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 429 | $ 251 | $ 429 | $ 251 |
Investments - Held-to-Maturity
Investments - Held-to-Maturity Securities (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,750 | $ 5,825 |
Fair Value | $ 6,137 | $ 5,964 |
Weighted Average Yield | 2.23% | 2.27% |
U.S. government obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,065 | $ 5,068 |
Fair Value | $ 5,438 | $ 5,189 |
Weighted Average Yield | 2.35% | 2.35% |
U.S. government obligations [Member] | Less than 5 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 3,532 | $ 3,534 |
Fair Value | $ 3,746 | $ 3,613 |
Weighted Average Yield | 2.40% | 2.40% |
U.S. government obligations [Member] | Greater than 5 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,533 | $ 1,534 |
Fair Value | $ 1,692 | $ 1,576 |
Weighted Average Yield | 2.25% | 2.25% |
Securities backed by real estate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 685 | $ 757 |
Fair Value | $ 699 | $ 775 |
Weighted Average Yield | 1.30% | 1.69% |
Securities backed by real estate [Member] | Less than 5 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 6 | |
Fair Value | $ 6 | |
Weighted Average Yield | 4.16% | |
Securities backed by real estate [Member] | Greater than 5 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 685 | $ 751 |
Fair Value | $ 699 | $ 769 |
Weighted Average Yield | 1.30% | 1.67% |
Investments - Held-to-Maturit_2
Investments - Held-to-Maturity Securities (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Held-to-maturity, Maturity [Abstract] | ||
Held-to-maturity securities, gross unrealized gains | $ 392 | $ 141 |
Held-to-maturity securities, gross unrealized losses | $ 0 | $ 0 |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans Receivable [Line Items] | |||
Subtotal | $ 120,995 | $ 110,345 | |
Allowance for loan losses | (3,901) | (1,441) | $ (1,066) |
Total loans receivable | 117,094 | 108,904 | |
Subtotal | 13,817 | 14,386 | |
Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 104,432 | 90,636 | |
Allowance for loan losses | (3,901) | (1,441) | |
Total loans receivable | 100,531 | 89,195 | |
Subtotal | 100,555 | 89,186 | |
Fair Value [Member] | |||
Loans Receivable [Line Items] | |||
Total loans receivable | 13,817 | 14,386 | |
Subtotal | 13,817 | 14,386 | |
Held for sale [Member] | |||
Loans Receivable [Line Items] | |||
Total loans receivable | 2,746 | 5,323 | |
Subtotal | 2,753 | 5,409 | |
Subtotal | 2,746 | 5,323 | |
Corporate [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 59,393 | 46,307 | |
Subtotal | 2,904 | 3,224 | |
Corporate [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 54,973 | 41,129 | |
Corporate [Member] | Fair Value [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 2,904 | 3,224 | |
Corporate [Member] | Held for sale [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 1,516 | 1,954 | |
Wealth management [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 28,228 | 27,940 | |
Subtotal | 7,953 | 7,824 | |
Wealth management [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 20,275 | 20,116 | |
Wealth management [Member] | Fair Value [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 7,953 | 7,824 | |
Commercial real estate [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 16,940 | 17,743 | |
Subtotal | 1,958 | 1,876 | |
Commercial real estate [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 14,325 | 13,258 | |
Commercial real estate [Member] | Fair Value [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 1,958 | 1,876 | |
Commercial real estate [Member] | Held for sale [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 657 | 2,609 | |
Residential real estate [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 4,894 | 6,958 | |
Subtotal | 443 | 792 | |
Residential real estate [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 4,426 | 6,132 | |
Residential real estate [Member] | Fair Value [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 443 | 792 | |
Residential real estate [Member] | Held for sale [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 25 | 34 | |
Installment [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 4,466 | 4,747 | |
Installment [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 4,466 | 4,747 | |
Credit cards [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 2,282 | 1,858 | |
Credit cards [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 2,282 | 1,858 | |
Other Loans [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 4,792 | 4,792 | |
Subtotal | 559 | 670 | |
Other Loans [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 3,685 | 3,396 | |
Other Loans [Member] | Fair Value [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 559 | 670 | |
Other Loans [Member] | Held for sale [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | $ 548 | $ 726 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2021 | Dec. 31, 2020 | |
Loans Receivable [Line Items] | |||||||
Gains/(Losses) as a result of changes in the fair value | $ (4,859) | $ (2,672) | $ 1,012 | $ (6,994) | |||
Impaired loans receivable (excluding PCI loans) on non-accrual status | $ 4,002 | $ 4,002 | $ 1,530 | ||||
Allowance for loan losses as a percentage of total gross loans receivable | 3.70% | 3.70% | 1.60% | ||||
Percentage of loans that were rated pass/non-criticized | 87.00% | 87.00% | 91.00% | ||||
Change in allowance for credit losses | $ 2,590 | $ 450 | |||||
COVID 19 [Member] | |||||||
Loans Receivable [Line Items] | |||||||
CARES Act/Interagency TDR relief | $ 311 | 311 | |||||
Maximum [Member] | Forecast [Member] | UNITED STATES | Unemployment Rate [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Allowance for credit losses | 9.00% | 15.00% | |||||
Maximum [Member] | Forecast [Member] | UNITED STATES | GDP [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Allowance for credit losses | 4.10% | 6.70% | |||||
Minimum [Member] | Forecast [Member] | UNITED STATES | Unemployment Rate [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Allowance for credit losses | 4.20% | 6.50% | |||||
Minimum [Member] | Forecast [Member] | UNITED STATES | GDP [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Allowance for credit losses | 0.10% | 3.80% | |||||
PCI Loans [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Loans accounted for at amortized cost included PCI loans, carrying value | 1,620 | ||||||
Loans accounted for at amortized cost included PCI loans, outstanding principal balance | 3,230 | ||||||
Loans accounted for at amortized cost included PCI loans, accretable yield | 220 | ||||||
Financial Asset, Equal to or Greater than 30 Days Past Due [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Impaired loans receivable (excluding PCI loans) on non-accrual status | $ 627 | $ 627 | $ 429 | ||||
Wholesale [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Allowance for loan losses as a percentage of total gross loans receivable | 2.80% | 2.80% | 1.10% | ||||
Nonaccrual loans, for which allowance for credit losses was measured | $ 3,970 | $ 3,970 | $ 1,490 | ||||
Nonaccrual loans, allowance for credit losses | 610 | 610 | 207 | ||||
Nonaccrual loans, for which no allowance for credit losses required | $ 876 | $ 876 | $ 754 | ||||
Consumer [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Allowance for loan losses as a percentage of total gross loans receivable | 17.00% | 17.00% | 6.00% | ||||
Other Principal Transactions [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Gains/(Losses) as a result of changes in the fair value | $ 12 | 200 | $ (15) | 302 | |||
Corporate [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Net unrealized gains / (losses) on assets | (1) | 9 | (17) | (8) | |||
Impaired loans receivable (excluding PCI loans) on non-accrual status | 3,032 | 3,032 | $ 1,122 | ||||
Net realized gains / (losses) on assets | 4 | 5 | 10 | 4 | |||
Loans modified in troubled debt restructuring | 419 | 419 | $ 251 | ||||
Level 3 [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Net gains / (losses) on assets | 26 | 67 | (16) | (87) | |||
Level 3 [Member] | Interest Income [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Net gains / (losses) on assets | 11 | 14 | 19 | 27 | |||
Level 3 [Member] | Loans Non Trading [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Net unrealized gains / (losses) on assets | 10 | 46 | 53 | 46 | |||
Net realized gains / (losses) on assets | 16 | 21 | 37 | 41 | |||
Level 3 [Member] | Other Principal Transactions [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Net gains / (losses) on assets | $ 15 | $ 53 | $ (35) | $ 60 |
Loans - Summary of Concentratio
Loans - Summary of Concentration of Secured and Unsecured Loans (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 120,995 | $ 110,345 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans receivable at fair value | $ 13,817 | $ 14,386 |
Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 59,393 | $ 46,307 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans receivable at fair value | $ 2,904 | $ 3,224 |
Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 28,228 | $ 27,940 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans receivable at fair value | $ 7,953 | $ 7,824 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 16,940 | $ 17,743 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans receivable at fair value | $ 1,958 | $ 1,876 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,894 | $ 6,958 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans receivable at fair value | $ 443 | $ 792 |
Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,466 | $ 4,747 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 2,282 | $ 1,858 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,792 | $ 4,792 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans receivable at fair value | $ 559 | $ 670 |
Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 120,995 | $ 110,345 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Internally rated loans [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 59,393 | $ 46,307 |
Internally rated loans [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 28,228 | 27,940 |
Internally rated loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 16,940 | 17,743 |
Internally rated loans [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,894 | 6,958 |
Internally rated loans [Member] | Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,466 | 4,747 |
Internally rated loans [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,282 | 1,858 |
Internally rated loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,792 | $ 4,792 |
Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 80.00% | 83.00% |
Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 20.00% | 17.00% |
Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 104,432 | $ 90,636 |
Loans receivable at fair value | 100,555 | 89,186 |
Amortized cost [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 54,973 | 41,129 |
Amortized cost [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 20,275 | 20,116 |
Amortized cost [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 14,325 | 13,258 |
Amortized cost [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,426 | 6,132 |
Amortized cost [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,282 | 1,858 |
Amortized cost [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,685 | 3,396 |
Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 13,817 | 14,386 |
Fair Value [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 2,904 | 3,224 |
Fair Value [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 7,953 | 7,824 |
Fair Value [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 1,958 | 1,876 |
Fair Value [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 443 | 792 |
Fair Value [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 559 | 670 |
Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 13,817 | 14,386 |
Held for sale [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 2,746 | 5,323 |
Loans receivable at fair value | 2,753 | 5,409 |
Held for sale [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 1,516 | 1,954 |
Held for sale [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 657 | 2,609 |
Held for sale [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 25 | 34 |
Held for sale [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 548 | 726 |
Held for sale [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 2,746 | 5,323 |
Loans Receivable [Member] | Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 104,432 | 90,636 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 35,855 | $ 33,433 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 13,194 | $ 10,507 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 19,362 | 20,001 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 600 | 306 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 669 | 244 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 2,030 | $ 2,375 |
Loans Receivable [Member] | Investment-Grade [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 74.00% | 83.00% |
Loans Receivable [Member] | Investment-Grade [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 26.00% | 17.00% |
Loans Receivable [Member] | Investment-Grade [Member] | Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 33,469 | $ 30,266 |
Loans Receivable [Member] | Investment-Grade [Member] | Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 2,118 | 2,844 |
Loans Receivable [Member] | Investment-Grade [Member] | Held for sale [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 268 | 323 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 68,478 | $ 60,764 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 45,655 | $ 35,509 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,397 | 3,576 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 14,423 | 15,997 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,923 | 4,600 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 1,080 | $ 1,082 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 89.00% | 91.00% |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 11.00% | 9.00% |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 61,833 | $ 51,222 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 4,791 | 5,174 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Held for sale [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 1,854 | 4,368 |
Loans Receivable [Member] | Unrated/Other [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 16,662 | $ 16,148 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans Receivable [Member] | Unrated/Other [Member] | Internally rated loans [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 544 | $ 291 |
Loans Receivable [Member] | Unrated/Other [Member] | Internally rated loans [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,469 | 4,363 |
Loans Receivable [Member] | Unrated/Other [Member] | Internally rated loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,917 | 1,440 |
Loans Receivable [Member] | Unrated/Other [Member] | Internally rated loans [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,302 | 2,114 |
Loans Receivable [Member] | Unrated/Other [Member] | Internally rated loans [Member] | Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,466 | 4,747 |
Loans Receivable [Member] | Unrated/Other [Member] | Internally rated loans [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,282 | 1,858 |
Loans Receivable [Member] | Unrated/Other [Member] | Internally rated loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 1,682 | $ 1,335 |
Loans Receivable [Member] | Unrated/Other [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 55.00% | 54.00% |
Loans Receivable [Member] | Unrated/Other [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 45.00% | 46.00% |
Loans Receivable [Member] | Unrated/Other [Member] | Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 9,130 | $ 9,148 |
Loans Receivable [Member] | Unrated/Other [Member] | Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 6,908 | 6,368 |
Loans Receivable [Member] | Unrated/Other [Member] | Held for sale [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | $ 624 | $ 632 |
Loans - Schedule of Credit Qual
Loans - Schedule of Credit Quality Indicators for Term Loans by Origination Year (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 120,995 | $ 110,345 |
Percentage of total | 100.00% | |
Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 104,432 | 90,636 |
Amortized cost [Member] | All Classes Except Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 97,684 | |
Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total | 34.00% | |
Investment-Grade [Member] | All Classes Except Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 33,469 | |
Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total | 63.00% | |
Non-Investment-Grade [Member] | All Classes Except Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 61,833 | |
Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total | 3.00% | |
Other/Unrated [Member] | All Classes Except Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 2,382 | |
Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 59,393 | $ 46,307 |
Corporate [Member] | Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 7,329 | |
2019 | 9,116 | |
2018 | 6,259 | |
2017 | 4,040 | |
2016 | 1,861 | |
2015 or earlier | 2,892 | |
Revolving | 23,476 | |
Loans, gross | 54,973 | |
Corporate [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 2,807 | |
2019 | 962 | |
2018 | 2,211 | |
2017 | 911 | |
2016 | 306 | |
2015 or earlier | 407 | |
Revolving | 5,098 | |
Loans, gross | 12,702 | |
Corporate [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 4,522 | |
2019 | 8,083 | |
2018 | 4,048 | |
2017 | 3,110 | |
2016 | 1,555 | |
2015 or earlier | 2,485 | |
Revolving | 18,327 | |
Loans, gross | 42,130 | |
Corporate [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2019 | 71 | |
2017 | 19 | |
Revolving | 51 | |
Loans, gross | 141 | |
Wealth management [Member] | Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 322 | |
2019 | 1,037 | |
2018 | 481 | |
2017 | 475 | |
2016 | 95 | |
2015 or earlier | 764 | |
Revolving | 17,101 | |
Loans, gross | 20,275 | |
Wealth management [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 257 | |
2019 | 623 | |
2018 | 415 | |
2017 | 399 | |
2016 | 30 | |
2015 or earlier | 557 | |
Revolving | 15,470 | |
Loans, gross | 17,751 | |
Wealth management [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 65 | |
2019 | 414 | |
2018 | 66 | |
2017 | 76 | |
2016 | 65 | |
2015 or earlier | 207 | |
Revolving | 1,630 | |
Loans, gross | 2,523 | |
Wealth management [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving | 1 | |
Loans, gross | 1 | |
Commercial real estate [Member] | Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 1,356 | |
2019 | 2,068 | |
2018 | 2,678 | |
2017 | 1,861 | |
2016 | 198 | |
2015 or earlier | 1,277 | |
Revolving | 4,887 | |
Loans, gross | 14,325 | |
Commercial real estate [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 118 | |
2019 | 51 | |
2018 | 203 | |
2017 | 18 | |
Loans, gross | 390 | |
Commercial real estate [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 1,192 | |
2019 | 1,961 | |
2018 | 2,431 | |
2017 | 1,831 | |
2016 | 188 | |
2015 or earlier | 752 | |
Revolving | 4,887 | |
Loans, gross | 13,242 | |
Commercial real estate [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 46 | |
2019 | 56 | |
2018 | 44 | |
2017 | 12 | |
2016 | 10 | |
2015 or earlier | 525 | |
Loans, gross | 693 | |
Residential real estate [Member] | Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 2,175 | |
2019 | 612 | |
2018 | 453 | |
2017 | 237 | |
2016 | 2 | |
2015 or earlier | 70 | |
Revolving | 877 | |
Loans, gross | 4,426 | |
Residential real estate [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 547 | |
2017 | 8 | |
Revolving | 114 | |
Loans, gross | 669 | |
Residential real estate [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 1,547 | |
2019 | 368 | |
2018 | 151 | |
2017 | 66 | |
Revolving | 740 | |
Loans, gross | 2,872 | |
Residential real estate [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 81 | |
2019 | 244 | |
2018 | 302 | |
2017 | 163 | |
2016 | 2 | |
2015 or earlier | 70 | |
Revolving | 23 | |
Loans, gross | 885 | |
Other [Member] | Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 522 | |
2019 | 200 | |
2018 | 58 | |
2017 | 10 | |
Revolving | 2,895 | |
Loans, gross | 3,685 | |
Other [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving | 1,957 | |
Loans, gross | 1,957 | |
Other [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 34 | |
2019 | 149 | |
2018 | 47 | |
2017 | 10 | |
Revolving | 826 | |
Loans, gross | 1,066 | |
Other [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 488 | |
2019 | 51 | |
2018 | 11 | |
Revolving | 112 | |
Loans, gross | $ 662 |
Loans - Summary of Consumer Loa
Loans - Summary of Consumer Loans by Refreshed FICO Credit Score (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 120,995 | $ 110,345 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100.00% | 100.00% |
FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 6,748 | |
Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 4,466 | $ 4,747 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100.00% | 100.00% |
Installment [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | $ 941 | |
2019 | 1,813 | |
2018 | 1,422 | |
2017 | 276 | |
2016 | 14 | |
Total loans, gross | $ 4,466 | |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100.00% | |
Credit cards [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 2,282 | $ 1,858 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100.00% | 100.00% |
Credit cards [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 2,282 | |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100.00% | |
Greater than or equal to 660 [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 5,644 | |
Greater than or equal to 660 [Member] | Installment [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 920 | |
2019 | 1,653 | |
2018 | 1,186 | |
2017 | 222 | |
2016 | 11 | |
Total loans, gross | $ 3,992 | |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 89.00% | |
Greater than or equal to 660 [Member] | Credit cards [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 1,652 | |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 72.00% | |
Less than 660 [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 1,104 | |
Less than 660 [Member] | Installment [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 21 | |
2019 | 160 | |
2018 | 236 | |
2017 | 54 | |
2016 | 3 | |
Total loans, gross | $ 474 | |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 11.00% | |
Less than 660 [Member] | Credit cards [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 630 | |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 28.00% |
Loans - Summary of Credit Conce
Loans - Summary of Credit Concentration by Region (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 120,995 | $ 110,345 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 74.00% | 73.00% |
Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 20.00% | 21.00% |
Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 6.00% | 6.00% |
Corporate [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 59,393 | $ 46,307 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Corporate [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 64.00% | 60.00% |
Corporate [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 29.00% | 31.00% |
Corporate [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 7.00% | 9.00% |
Wealth management [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 28,228 | $ 27,940 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Wealth management [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 89.00% | 88.00% |
Wealth management [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 8.00% | 9.00% |
Wealth management [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 3.00% | 3.00% |
Commercial real estate [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 16,940 | $ 17,743 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Commercial real estate [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 69.00% | 69.00% |
Commercial real estate [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 21.00% | 21.00% |
Commercial real estate [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 10.00% | 10.00% |
Residential real estate [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,894 | $ 6,958 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Residential real estate [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 88.00% | 90.00% |
Residential real estate [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 10.00% | 9.00% |
Residential real estate [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 2.00% | 1.00% |
Installment [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,466 | $ 4,747 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Installment [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 100.00% | 100.00% |
Credit cards [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 2,282 | $ 1,858 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Credit cards [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 100.00% | 100.00% |
Other [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,792 | $ 4,792 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Other [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 85.00% | 87.00% |
Other [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 14.00% | 12.00% |
Other [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 1.00% | 1.00% |
Loans - Summary of Concentrat_2
Loans - Summary of Concentration of Corporate Loans (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 120,995 | $ 110,345 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Corporate Loans [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 59,393 | $ 46,307 |
Consumer Retail [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 8.00% | 7.00% |
Diversified Industrials [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 22.00% | 17.00% |
Financial Institutions [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 9.00% | 10.00% |
Funds [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 7.00% | 9.00% |
Health Care [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 8.00% | 8.00% |
Natural Resources & Utilities [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 12.00% | 12.00% |
Real Estate [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 8.00% | 7.00% |
Technology, Media & Telecommunications [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 17.00% | 17.00% |
Other [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 9.00% | 13.00% |
Loans - Summary of Credit Con_2
Loans - Summary of Credit Concentration by Region US States (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Product Information [Line Items] | ||
Loans | $ 120,995 | $ 110,345 |
Percentage concentration of gross loans by U.S. State | 100.00% | 100.00% |
Installment [Member] | ||
Product Information [Line Items] | ||
Loans | $ 4,466 | $ 4,747 |
Percentage concentration of gross loans by U.S. State | 100.00% | 100.00% |
Installment [Member] | California [Member] | ||
Product Information [Line Items] | ||
Percentage concentration of gross loans by U.S. State | 12.00% | 12.00% |
Installment [Member] | Texas [Member] | ||
Product Information [Line Items] | ||
Percentage concentration of gross loans by U.S. State | 9.00% | 9.00% |
Installment [Member] | New York [Member] | ||
Product Information [Line Items] | ||
Percentage concentration of gross loans by U.S. State | 7.00% | 7.00% |
Installment [Member] | Florida [Member] | ||
Product Information [Line Items] | ||
Percentage concentration of gross loans by U.S. State | 7.00% | 7.00% |
Installment [Member] | Illinois [Member] | ||
Product Information [Line Items] | ||
Percentage concentration of gross loans by U.S. State | 4.00% | 4.00% |
Installment [Member] | Other [member] | ||
Product Information [Line Items] | ||
Percentage concentration of gross loans by U.S. State | 61.00% | 61.00% |
Credit cards [Member] | ||
Product Information [Line Items] | ||
Loans | $ 2,282 | $ 1,858 |
Percentage concentration of gross loans by U.S. State | 100.00% | 100.00% |
Credit cards [Member] | California [Member] | ||
Product Information [Line Items] | ||
Percentage concentration of gross loans by U.S. State | 19.00% | 21.00% |
Credit cards [Member] | Texas [Member] | ||
Product Information [Line Items] | ||
Percentage concentration of gross loans by U.S. State | 9.00% | 9.00% |
Credit cards [Member] | New York [Member] | ||
Product Information [Line Items] | ||
Percentage concentration of gross loans by U.S. State | 8.00% | 8.00% |
Credit cards [Member] | Florida [Member] | ||
Product Information [Line Items] | ||
Percentage concentration of gross loans by U.S. State | 8.00% | 8.00% |
Credit cards [Member] | Illinois [Member] | ||
Product Information [Line Items] | ||
Percentage concentration of gross loans by U.S. State | 4.00% | 4.00% |
Credit cards [Member] | Other [member] | ||
Product Information [Line Items] | ||
Percentage concentration of gross loans by U.S. State | 52.00% | 50.00% |
Loans - Summary of Financing re
Loans - Summary of Financing receivable, past due (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | $ 962 | $ 627 |
Past due loans divided by gross loans at amortized cost | 0.90% | 0.70% |
Corporate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | $ 240 | $ 239 |
Wealth management [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 40 | 28 |
Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 534 | 177 |
Residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 21 | 37 |
Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 58 | 100 |
Credit Card Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 53 | 39 |
Other Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 16 | 7 |
30-89 days [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 556 | 395 |
30-89 days [Member] | Corporate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 109 | 197 |
30-89 days [Member] | Wealth management [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 6 | 13 |
30-89 days [Member] | Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 362 | 54 |
30-89 days [Member] | Residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 3 | 19 |
30-89 days [Member] | Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 40 | 71 |
30-89 days [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 22 | 35 |
30-89 days [Member] | Other Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 14 | 6 |
90 days or more [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 406 | 232 |
90 days or more [Member] | Corporate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 131 | 42 |
90 days or more [Member] | Wealth management [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 34 | 15 |
90 days or more [Member] | Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 172 | 123 |
90 days or more [Member] | Residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 18 | 18 |
90 days or more [Member] | Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 18 | 29 |
90 days or more [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 31 | 4 |
90 days or more [Member] | Other Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | $ 2 | $ 1 |
Loans - Impaired Financing Rece
Loans - Impaired Financing Receivables (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | $ 4,002 | $ 1,530 |
Nonaccrual loans divided by gross loans at amortized cost | 3.80% | 1.70% |
Corporate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | $ 3,032 | $ 1,122 |
Wealth management [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 48 | 52 |
Commercial real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 431 | 175 |
Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 137 | 143 |
Installment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 30 | $ 38 |
Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | $ 324 |
Loans - Summary of Loans and Le
Loans - Summary of Loans and Lending Commitments Accounted for at Amortized Cost by Portfolio (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 120,995 | $ 110,345 |
Lending commitments | 134,181 | 150,100 |
Corporate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 59,393 | 46,307 |
Wealth management [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 28,228 | 27,940 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 16,940 | 17,743 |
Residential real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,894 | 6,958 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,792 | 4,792 |
Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,466 | 4,747 |
Credit cards [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,282 | 1,858 |
PCI [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,622 | |
Wholesale Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 104,432 | 90,636 |
Lending commitments | 134,181 | 150,100 |
Wholesale Portfolio Segment [Member] | Corporate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 54,973 | 41,129 |
Lending commitments | 106,051 | 127,226 |
Wholesale Portfolio Segment [Member] | Wealth management [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 20,275 | 20,116 |
Lending commitments | 2,756 | 2,198 |
Wholesale Portfolio Segment [Member] | Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 14,325 | 12,803 |
Lending commitments | 3,005 | 3,207 |
Wholesale Portfolio Segment [Member] | Residential real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,426 | 4,965 |
Lending commitments | 1,097 | 759 |
Wholesale Portfolio Segment [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,685 | 3,396 |
Lending commitments | 3,781 | 3,029 |
Consumer Portfolio Segment [Member] | Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,466 | 4,747 |
Lending commitments | 5 | 12 |
Consumer Portfolio Segment [Member] | Credit cards [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,282 | 1,858 |
Lending commitments | $ 17,486 | $ 13,669 |
Loans - Summary of Changes in A
Loans - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Allowance for loan losses | ||
Balance, beginning of period | $ 1,441 | $ 1,066 |
Impact of CECL adoption | 727 | |
Beginning balance, adjusted | 2,168 | |
Net charge-offs | (391) | (490) |
Provision | 2,349 | 990 |
Other | (225) | (125) |
Balance, end of period | $ 3,901 | $ 1,441 |
Allowance ratio | 3.70% | 1.60% |
Net charge-off ratio | 0.80% | 0.60% |
Allowance for losses on lending commitments | ||
Balance, beginning of period | $ 361 | $ 286 |
Impact of CECL adoption | (48) | |
Beginning balance, adjusted | 313 | |
Provision | 177 | 75 |
Balance, end of period | 490 | 361 |
Wholesale [Member] | ||
Allowance for loan losses | ||
Balance, beginning of period | 879 | 658 |
Impact of CECL adoption | 452 | |
Beginning balance, adjusted | 1,331 | |
Net charge-offs | (224) | (121) |
Provision | 1,875 | 469 |
Other | (225) | (127) |
Balance, end of period | $ 2,757 | $ 879 |
Allowance ratio | 2.80% | 1.10% |
Net charge-off ratio | 0.50% | 0.20% |
Allowance for losses on lending commitments | ||
Balance, beginning of period | $ 361 | $ 286 |
Impact of CECL adoption | (48) | |
Beginning balance, adjusted | 313 | |
Provision | 177 | 75 |
Balance, end of period | 490 | 361 |
Consumer [Member] | ||
Allowance for loan losses | ||
Balance, beginning of period | 393 | 292 |
Impact of CECL adoption | 444 | |
Beginning balance, adjusted | 837 | |
Net charge-offs | (167) | (317) |
Provision | 474 | 418 |
Balance, end of period | $ 1,144 | $ 393 |
Allowance ratio | 17.00% | 6.00% |
Net charge-off ratio | 5.00% | 6.20% |
PCI [Member] | ||
Allowance for loan losses | ||
Balance, beginning of period | $ 169 | $ 116 |
Impact of CECL adoption | $ (169) | |
Net charge-offs | (52) | |
Provision | 103 | |
Other | 2 | |
Balance, end of period | $ 169 | |
Allowance ratio | 10.40% | |
Net charge-off ratio | 3.20% |
Loans - Fair value of loans hel
Loans - Fair value of loans held for investment by level (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 13,817 | $ 14,386 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 11,158 | 12,496 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,659 | 1,890 |
Corporate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,904 | 3,224 |
Corporate [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,965 | 2,472 |
Corporate [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 939 | 752 |
Wealth management [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 7,953 | 7,824 |
Wealth management [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 7,892 | 7,764 |
Wealth management [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 61 | 60 |
Commercial real estate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,958 | 1,876 |
Commercial real estate [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 874 | 1,285 |
Commercial real estate [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,084 | 591 |
Residential real estate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 443 | 792 |
Residential real estate [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 175 | 571 |
Residential real estate [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 268 | 221 |
Other Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 559 | 670 |
Other Loans [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 252 | 404 |
Other Loans [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 307 | $ 266 |
Loans - Summary of Weighted Ave
Loans - Summary of Weighted Average of Significant Unobservable Inputs (Detail) $ in Millions | Jun. 30, 2020USD ($)yr | Dec. 31, 2019USD ($)yr |
Loans receivable at fair value | $ | $ 13,817 | $ 14,386 |
Level 3 [Member] | ||
Loans receivable at fair value | $ | 2,659 | 1,890 |
Corporate [Member] | ||
Loans receivable at fair value | $ | 2,904 | 3,224 |
Corporate [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | 939 | 752 |
Commercial real estate [Member] | ||
Loans receivable at fair value | $ | 1,958 | 1,876 |
Commercial real estate [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | 1,084 | 591 |
Residential real estate [Member] | ||
Loans receivable at fair value | $ | 443 | 792 |
Residential real estate [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | 268 | 221 |
Wealth management and other [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | $ 368 | $ 326 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.013 | 0.019 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.044 | 0.070 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.016 | 0.011 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.093 | 0.039 |
Minimum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.150 | 0.135 |
Minimum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.097 | 0.059 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 1.6 | 3.7 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.4 | 0.2 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.8 | 1.1 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 1.1 | 1.6 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.294 | 0.263 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.263 | 0.160 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.140 | 0.140 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.135 | 0.160 |
Maximum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.805 | 0.780 |
Maximum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.910 | 0.852 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 5.3 | 5.8 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 6.7 | 5.3 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 2.7 | 4.8 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 5.2 | 6.7 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.108 | 0.095 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.13 | 0.093 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.12 | 0.115 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.109 | 0.099 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.386 | 0.444 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.326 | 0.486 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 3.6 | 3.9 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 2.6 | 3.5 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 1.9 | 4 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 3.1 | 3.7 |
Loans - Loans, Level 3 Rollforw
Loans - Loans, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Loans Receivable [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | $ 2,753 | $ 2,069 | $ 1,890 | $ 1,990 |
Net realized gains / (losses) | 16 | 21 | 37 | 41 |
Net unrealized gains/(losses) | 10 | 46 | (53) | 46 |
Purchases | 58 | 117 | 397 | 200 |
Sales | (2) | (7) | (10) | |
Settlements | (173) | (289) | (379) | (433) |
Transfers into level 3 | 163 | 243 | 787 | 391 |
Transfers out of level 3 | (168) | (98) | (13) | (118) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 2,659 | 2,107 | 2,659 | 2,107 |
Corporate [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 | 1,044 | 726 | 752 | 659 |
Net realized gains / (losses) | 4 | 5 | 10 | 4 |
Net unrealized gains/(losses) | (1) | 9 | (17) | (8) |
Purchases | 37 | 103 | 64 | 139 |
Sales | (1) | (7) | ||
Settlements | (60) | (124) | (79) | (127) |
Transfers into level 3 | 83 | 163 | 229 | 238 |
Transfers out of level 3 | (168) | (8) | (13) | (32) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 939 | 873 | 939 | 873 |
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 | 1,063 | 640 | 591 | 677 |
Net realized gains / (losses) | 7 | 8 | 16 | 18 |
Net unrealized gains/(losses) | (13) | 13 | (37) | 20 |
Purchases | 16 | 4 | 285 | 13 |
Sales | (1) | |||
Settlements | (47) | (103) | (171) | (150) |
Transfers into level 3 | 58 | 80 | 400 | 65 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 1,084 | 642 | 1,084 | 642 |
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 | 260 | 274 | 221 | 290 |
Net realized gains / (losses) | 2 | 4 | 1 | 5 |
Net unrealized gains/(losses) | 15 | 9 | 1 | 10 |
Purchases | 5 | 2 | 42 | 7 |
Sales | (1) | |||
Settlements | (15) | (24) | (39) | (52) |
Transfers into level 3 | 1 | 42 | ||
Transfers out of level 3 | (90) | (86) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 268 | 174 | 268 | 174 |
Wealth management and other [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 | 386 | 429 | 326 | 364 |
Net realized gains / (losses) | 3 | 4 | 10 | 14 |
Net unrealized gains/(losses) | 9 | 15 | 24 | |
Purchases | 8 | 6 | 41 | |
Sales | (9) | |||
Settlements | (51) | (38) | (90) | (104) |
Transfers into level 3 | 21 | 116 | 88 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 368 | $ 418 | $ 368 | $ 418 |
Loans - Summary of estimated fa
Loans - Summary of estimated fair value of loans and lending commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Carrying Value | $ 117,094 | $ 108,904 |
Loans, Estimated Fair Value | 13,817 | 14,386 |
Level 2 [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value | 11,158 | 12,496 |
Level 3 [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value | 2,659 | 1,890 |
Amortized cost [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Carrying Value | 100,531 | 89,195 |
Loans, Estimated Fair Value | 100,555 | 89,186 |
Amortized cost [Member] | Level 2 [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value | 47,396 | 52,091 |
Amortized cost [Member] | Level 3 [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value | 53,159 | 37,095 |
Held for sale [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Carrying Value | 2,746 | 5,323 |
Loans Receivable Held-for-sale, Amount | 2,746 | 5,323 |
Loans, Estimated Fair Value | 2,753 | 5,409 |
Held for sale [Member] | Level 2 [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value | 1,179 | 4,157 |
Held for sale [Member] | Level 3 [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value | $ 1,574 | $ 1,252 |
Fair Value Option - Financial A
Fair Value Option - Financial Assets and Financial Liabilities by Level (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Resale agreements | $ 130,820 | $ 85,691 | |
Securities borrowed | 29,119 | 26,279 | |
Customer and other receivables | 52 | 53 | |
Total financial assets at fair value | 159,991 | 112,023 | |
Deposits | (24,978) | (17,765) | |
Repurchase agreements | (88,282) | (117,756) | |
Securities loaned | (1,053) | (714) | |
Other secured financings | (24,696) | (18,071) | |
Unsecured borrowings Short-term | (24,785) | (26,007) | |
Unsecured borrowings Long-term | (44,400) | (43,661) | |
Other liabilities | (323) | (150) | |
Total financial liabilities at fair value | (208,517) | (224,124) | |
Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Resale agreements | 130,820 | 85,691 | |
Securities borrowed | 29,119 | 26,279 | |
Customer and other receivables | 52 | 53 | |
Total financial assets at fair value | 159,991 | 112,023 | |
Deposits | (20,761) | (13,742) | |
Repurchase agreements | (88,272) | (117,726) | |
Securities loaned | (1,053) | (714) | |
Other secured financings | (22,923) | (17,685) | |
Unsecured borrowings Short-term | (17,979) | (20,300) | |
Unsecured borrowings Long-term | (31,563) | (32,920) | |
Other liabilities | (3) | (1) | |
Total financial liabilities at fair value | (182,554) | (203,088) | |
Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 29,426 | $ 30,776 | 23,068 |
Deposits | (4,217) | (4,023) | |
Repurchase agreements | (10) | (30) | |
Other secured financings | (1,773) | (386) | |
Unsecured borrowings Short-term | (6,806) | (5,707) | |
Unsecured borrowings Long-term | (12,837) | (10,741) | |
Other liabilities | (320) | (149) | |
Total financial liabilities at fair value | $ (25,963) | $ (21,036) |
Fair Value Option - Level 3 Rol
Fair Value Option - Level 3 Rollforward (Detail) - Other Financial Liabilities [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
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 | $ (21,650) | $ (20,919) | $ (21,036) | $ (19,397) |
Net realized gains / (losses) | (109) | (113) | (203) | (225) |
Net unrealized gains/(losses) | (1,977) | (643) | 777 | (1,765) |
Issuances | (9,541) | (4,401) | (15,206) | (5,910) |
Settlements | 7,707 | 5,081 | 11,132 | 6,606 |
Transfers into level 3 | (628) | (541) | (1,622) | (833) |
Transfers out of level 3 | 235 | 717 | 195 | 705 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (25,963) | (20,819) | (25,963) | (20,819) |
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 | (3,996) | (3,351) | (4,023) | (3,168) |
Net realized gains / (losses) | (1) | (1) | 4 | (3) |
Net unrealized gains/(losses) | (79) | (137) | (75) | (269) |
Issuances | (3,929) | (198) | (4,025) | (412) |
Settlements | 3,796 | 56 | 3,919 | 168 |
Transfers into level 3 | (44) | (19) | (66) | (22) |
Transfers out of level 3 | 36 | 28 | 49 | 84 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (4,217) | (3,622) | (4,217) | (3,622) |
Repurchase Agreements 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 | (12) | (29) | (30) | (29) |
Net unrealized gains/(losses) | (4) | (1) | (4) | |
Settlements | 6 | 1 | 21 | 5 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (10) | (28) | (10) | (28) |
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 | (1,230) | (192) | (386) | (170) |
Net realized gains / (losses) | 2 | 5 | 5 | 15 |
Net unrealized gains/(losses) | (32) | (9) | 26 | (19) |
Issuances | (806) | (6) | (806) | (17) |
Settlements | 293 | 373 | 9 | |
Transfers into level 3 | (985) | (20) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (1,773) | (202) | (1,773) | (202) |
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 | (5,411) | (5,513) | (5,707) | (4,076) |
Net realized gains / (losses) | (48) | (46) | (81) | (78) |
Net unrealized gains/(losses) | (735) | (72) | 605 | (310) |
Issuances | (2,853) | (2,320) | (5,339) | (3,052) |
Settlements | 2,572 | 2,468 | 4,008 | 2,325 |
Transfers into level 3 | (445) | (158) | (353) | (256) |
Transfers out of level 3 | 114 | 615 | 61 | 421 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (6,806) | (5,026) | (6,806) | (5,026) |
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 | (10,676) | (11,702) | (10,741) | (11,823) |
Net realized gains / (losses) | (70) | (78) | (146) | (172) |
Net unrealized gains/(losses) | (1,132) | (384) | 393 | (1,122) |
Issuances | (1,945) | (1,871) | (5,021) | (2,416) |
Settlements | 1,040 | 2,556 | 2,811 | 4,099 |
Transfers into level 3 | (139) | (364) | (218) | (535) |
Transfers out of level 3 | 85 | 74 | 85 | 200 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (12,837) | (11,769) | (12,837) | (11,769) |
Other Liabilities 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 | (325) | (132) | (149) | (131) |
Net realized gains / (losses) | 8 | 7 | 15 | 13 |
Net unrealized gains/(losses) | 5 | (41) | (171) | (41) |
Issuances | (8) | (6) | (15) | (13) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (320) | $ (172) | $ (320) | $ (172) |
Fair Value Option - Additional
Fair Value Option - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Fair Value [Line Items] | |||||
Total contractual amount of unfunded commitments for which the fair value option was elected | $ 1,680 | $ 1,680 | $ 1,550 | ||
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 | $ (30) | $ 106 | $ (224) | $ 183 | |
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 | $ 199 | ||||
Minimum [Member] | Other Secured Financings at Fair Value [Member] | Level 3 [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||||
Fair Value [Line Items] | |||||
Other secured financing measurement input | 2.7 | 2.7 | 3.3 | ||
Minimum [Member] | Other Secured Financings at Fair Value [Member] | Level 3 [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||||
Fair Value [Line Items] | |||||
Other secured financing measurement input | 1.1 | 1.1 | 0.6 | ||
Maximum [Member] | Other Secured Financings at Fair Value [Member] | Level 3 [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||||
Fair Value [Line Items] | |||||
Other secured financing measurement input | 3 | 3 | 4.2 | ||
Maximum [Member] | Other Secured Financings at Fair Value [Member] | Level 3 [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||||
Fair Value [Line Items] | |||||
Other secured financing measurement input | 3.6 | 3.6 | 2.1 | ||
Weighted Average [Member] | Other Secured Financings at Fair Value [Member] | Level 3 [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||||
Fair Value [Line Items] | |||||
Other secured financing measurement input | 2.7 | 2.7 | 3.5 | ||
Weighted Average [Member] | Other Secured Financings at Fair Value [Member] | Level 3 [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||||
Fair Value [Line Items] | |||||
Other secured financing measurement input | 3.2 | 3.2 | 1 | ||
Other Financial Liabilities [Member] | |||||
Fair Value [Line Items] | |||||
Gains/(Losses) on liabilities | $ (2,090) | (756) | $ 574 | (1,990) | |
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | (109) | (113) | (203) | (225) | |
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of comprehensive income | (1,977) | (643) | 777 | (1,765) | |
Other Financial Liabilities [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | |||||
Fair Value [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | (70) | (78) | (146) | (172) | |
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of comprehensive income | (1,132) | (384) | 393 | (1,122) | |
Other Financial Liabilities [Member] | Other Secured Financings at Fair Value [Member] | |||||
Fair Value [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | 2 | 5 | 5 | 15 | |
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of comprehensive income | (32) | (9) | 26 | (19) | |
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 | (839) | (93) | 277 | (451) | |
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 | (1,240) | (659) | 247 | (1,530) | |
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 | (10) | $ (4) | 55 | $ (5) | |
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 | (2) | (5) | |||
Written Loan Commitment, Fair Value Option [Member] | |||||
Fair Value [Line Items] | |||||
Fair value of unfunded commitments for which the fair value option was elected | $ 14 | $ 14 | $ 24 |
Fair Value Option - Gains and L
Fair Value Option - Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Option Gains/(Losses) | $ (4,859) | $ (2,672) | $ 1,012 | $ (6,994) |
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) | (2,352) | (469) | 2,129 | (2,085) |
Unsecured Long-Term Borrowings at Fair Value [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Option Gains/(Losses) | (2,015) | (1,920) | (1,023) | (4,149) |
Fair Value Option Other [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Option Gains/(Losses) | $ (492) | $ (283) | $ (94) | $ (760) |
Fair Value Option - Summary of
Fair Value Option - Summary of DVA Losses on Financial Liabilities (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
DVA (net of tax) | $ (2,218) | $ (311) | $ 696 | $ (1,728) |
Other Financial Liabilities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
DVA (pre-tax) | (2,938) | (413) | 933 | (2,302) |
DVA (net of tax) | $ (2,218) | $ (311) | $ 696 | $ (1,728) |
Fair Value Option - Loans and L
Fair Value Option - Loans and Lending Commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Aggregate contractual principal amount of performing loans and long-term receivables in excess of fair value | $ 930 | $ 809 |
Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value | 9,298 | 6,703 |
Aggregate fair value | $ 3,376 | $ 2,776 |
Collateralized Agreements and_3
Collateralized Agreements and Financings - Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Collateralized Agreements And Financings [Abstract] | ||
Resale agreements | $ 130,820 | $ 85,691 |
Securities borrowed | 142,806 | 136,071 |
Repurchase agreements | 88,282 | 117,756 |
Securities loaned | $ 16,560 | $ 14,985 |
Collateralized Agreements and_4
Collateralized Agreements and Financings - Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Collateralized Agreements And Financings [Abstract] | ||
Securities borrowed at fair value | $ 29,119 | $ 26,279 |
Securities loaned at fair value | $ 1,053 | $ 714 |
Collateralized Agreements and_5
Collateralized Agreements and Financings - Offsetting Arrangements (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Collateralized Agreements And Financings [Abstract] | ||
Resale agreements, Gross carrying value | $ 189,072 | $ 152,982 |
Resale agreements, Counterparty Netting | (58,252) | (67,291) |
Resale agreements | 130,820 | 85,691 |
Resale agreements, Counterparty Netting | (8,521) | (3,058) |
Resale agreements, Collateral | (119,542) | (78,528) |
Resale agreements | 2,757 | 4,105 |
Securities borrowed, Gross carrying value | 147,098 | 140,677 |
Securities borrowed, Counterparty Netting | (4,292) | (4,606) |
Securities borrowed | 142,806 | 136,071 |
Securities borrowed, Counterparty Netting | (2,453) | (2,211) |
Securities borrowed, Collateral | (132,052) | (127,901) |
Securities borrowed | 8,301 | 5,959 |
Repurchase agreements, Gross carrying value | 146,534 | 185,047 |
Repurchase agreements, Counterparty Netting | (58,252) | (67,291) |
Repurchase agreements | 88,282 | 117,756 |
Repurchase agreements, Counterparty Netting | (8,521) | (3,058) |
Repurchase agreements, Collateral | (77,994) | (114,065) |
Repurchase agreements | 1,767 | 633 |
Securities loaned, Gross carrying value | 20,852 | 19,591 |
Securities loaned, Counterparty Netting | (4,292) | (4,606) |
Securities loaned | 16,560 | 14,985 |
Securities loaned, Counterparty Netting | (2,453) | (2,211) |
Securities loaned, Collateral | (13,995) | (12,614) |
Securities loaned | $ 112 | $ 160 |
Collateralized Agreements and_6
Collateralized Agreements and Financings - Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 146,534 | $ 185,047 |
Securities loaned | 20,852 | 19,591 |
Money market instruments [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 800 | 158 |
U.S. Government and Agency Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 79,041 | 112,903 |
Non-U.S. Government and Agency Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 50,276 | 55,575 |
Securities loaned | 1,093 | 1,051 |
Securities Backed By Commercial Real Estate [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 70 | 210 |
Securities Backed By Residential Real Estate [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 403 | 1,079 |
Corporate debt securities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 8,554 | 6,857 |
Securities loaned | 51 | 122 |
State and Municipal Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 12 | 242 |
Other debt obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 3 | 196 |
Equity Securities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 7,375 | 7,827 |
Securities loaned | $ 19,708 | $ 18,418 |
Collateralized Agreements and_7
Collateralized Agreements and Financings - Schedule of Repurchase Agreements and Securities Loaned (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 146,534 | $ 185,047 |
Securities loaned | 20,852 | $ 19,591 |
No Stated Maturity and Overnight [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 71,196 | |
Securities loaned | 17,327 | |
2 - 30 Days [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 40,402 | |
Securities loaned | 726 | |
31 - 90 Days [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 11,391 | |
Securities loaned | 47 | |
91 Days - 1 Year [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 20,586 | |
Securities loaned | 2,752 | |
Greater than 1 Year [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 2,959 |
Collateralized Agreements and_8
Collateralized Agreements and Financings - Other Secured Financings (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | $ 12,300 | $ 7,195 |
Other Secured Financings Short Term At Amortized Cost | 129 | |
Other Secured Financings Long Term At Fair Value | 12,396 | 10,876 |
Other Secured Financings Long Term At Amortized Cost | 1,201 | 1,077 |
Total other secured financings | 25,897 | 19,277 |
Other secured financings collateralized by financial instruments | 16,655 | 12,015 |
Other secured financings collateralized by other assets | 9,242 | 7,262 |
U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | 7,602 | 2,754 |
Other Secured Financings Short Term At Amortized Cost | 129 | |
Other Secured Financings Long Term At Fair Value | 6,679 | 7,402 |
Other Secured Financings Long Term At Amortized Cost | 517 | 397 |
Total other secured financings | 14,798 | 10,682 |
Other secured financings collateralized by financial instruments | 7,723 | 4,826 |
Other secured financings collateralized by other assets | 7,075 | 5,856 |
Non-U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | 4,698 | 4,441 |
Other Secured Financings Long Term At Fair Value | 5,717 | 3,474 |
Other Secured Financings Long Term At Amortized Cost | 684 | 680 |
Total other secured financings | 11,099 | 8,595 |
Other secured financings collateralized by financial instruments | 8,932 | 7,189 |
Other secured financings collateralized by other assets | $ 2,167 | $ 1,406 |
Collateralized Agreements and_9
Collateralized Agreements and Financings - Other Secured Financings (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Other Secured Financings [Line Items] | ||
Nonrecourse obligations included in other secured financings | $ 14,260 | $ 10,910 |
Transfers of financial assets accounted for as financings included in other secured financings | 1,780 | 2,160 |
Financial assets collateralizing other secured financings related to failed sales | 1,830 | 2,210 |
Other secured financings collateralized by financial instruments owned | 12,390 | 9,090 |
Other secured financings collateralized by financial instruments received as collateral and repledged | $ 4,270 | $ 2,930 |
U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Weighted average interest rates | 2.39% | 2.79% |
Weighted average interest rates | 4.32% |
Collateralized Agreements an_10
Collateralized Agreements and Financings - Other Secured Financings by Maturity Date (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Other Secured Financings By Maturity Period [Line Items] | ||
Other secured financings (short-term) | $ 12,300 | |
Total other secured financings (long-term) | 13,597 | |
Total other secured financings | 25,897 | $ 19,277 |
Other secured financings (long-term) [Member] | ||
Other Secured Financings By Maturity Period [Line Items] | ||
2021 | 2,928 | |
2022 | 3,412 | |
2023 | 1,603 | |
2024 | 1,455 | |
2025 | 552 | |
2026 - thereafter | $ 3,647 |
Collateralized Agreements an_11
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Collateralized Agreements And Financings [Abstract] | ||
Financial instruments at fair value received as collateral by the firm that it was permitted to deliver or repledge | $ 723,248 | $ 661,490 |
Financial instruments at fair value received as collateral which the firm delivered or repledged | $ 577,968 | $ 558,634 |
Collateralized Agreements an_12
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Collateralized Agreements And Financings [Abstract] | ||
Securities segregated for regulatory and other purposes | $ 43,470 | $ 26,760 |
Collateralized Agreements an_13
Collateralized Agreements and Financings - Assets pledged as collateral (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Collateralized Agreements And Financings [Abstract] | ||
Trading assets owned pledged in connection with repurchase agreements, securities lending agreements and other secured financings to counterparties that had the right to deliver or repledge | $ 70,936 | $ 66,605 |
Investments pledged to counterparties that Had the right to deliver or repledge | 13,130 | 10,968 |
Trading assets owned pledged in connection with repurchase agreements, securities lending agreements and other secured financings to counterparties that did not have right to deliver or repledge | 98,288 | 101,578 |
Investments pledged to counterparties that did not have the right to deliver or repledge | 5,637 | 849 |
Loans pledged to counterparties that do not have the right to deliver or repledge | 7,795 | 6,628 |
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 | $ 15,046 | $ 12,337 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Other Assets [Abstract] | ||
Property, leasehold improvements and equipment | $ 23,730 | $ 21,886 |
Goodwill and identifiable intangible assets | 4,792 | 4,837 |
Operating lease right-of-use assets | 2,315 | 2,360 |
Income tax-related assets | 2,652 | 2,068 |
Miscellaneous receivables and other | 4,270 | 3,731 |
Total | $ 37,759 | $ 34,882 |
Other Assets - Other Assets (Pa
Other Assets - Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Schedule Of Other Assets [Line Items] | ||
Accumulated depreciation and amortization | $ 9,620 | $ 9,950 |
Property, leasehold improvements and equipment used for operation | 6,380 | 6,160 |
Foreclosed real estate included in property, leasehold improvements and equipment | $ 399 | $ 521 |
Amortization period - Capitalized costs of software developed or obtained for internal use | 3 years | 3 years |
Operating lease right-of-use assets | $ 2,315 | $ 2,360 |
Investments in qualified affordable housing projects | 672 | 606 |
Asset Management [Member] | ||
Schedule Of Other Assets [Line Items] | ||
Assets classified as held for sale | 693 | 470 |
European headquarters in London [Member] | ||
Schedule Of Other Assets [Line Items] | ||
Operating lease right-of-use assets | $ 147 | $ 749 |
Other Assets - Goodwill and Int
Other Assets - Goodwill and Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 4,196 | $ 4,196 |
Identifiable Intangible Assets | 596 | 641 |
Investment Banking [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 281 | 281 |
Global Markets - Fixed Income, Currency and Commodities [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 269 | 269 |
Identifiable Intangible Assets | 2 | 3 |
Global Markets - Equities [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 2,508 | 2,508 |
Asset Management [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 390 | 390 |
Identifiable Intangible Assets | 262 | 265 |
Consumer banking [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 48 | 48 |
Identifiable Intangible Assets | 6 | 7 |
Wealth management [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 700 | 700 |
Identifiable Intangible Assets | $ 326 | $ 366 |
Other Assets - Intangible Asset
Other Assets - Intangible Assets Disclosure (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 2,225 | $ 2,217 |
Accumulated amortization | (1,629) | (1,576) |
Net carrying value | 596 | 641 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 1,435 | 1,427 |
Accumulated amortization | (1,067) | (1,044) |
Net carrying value | 368 | 383 |
Acquired leases and other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 790 | 790 |
Accumulated amortization | (562) | (532) |
Net carrying value | $ 228 | $ 258 |
Other Assets - Intangible Ass_2
Other Assets - Intangible Assets Disclosure - Additional Information (Detail) - Other [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | $ 55 | $ 515 |
Identifiable intangible assets approximate weighted average remaining life in years | 7 years | 10 years |
Other Assets - Amortization Exp
Other Assets - Amortization Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization related to identifiable intangible assets | $ 36 | $ 39 | $ 77 | $ 82 |
Other Assets - Estimated Future
Other Assets - Estimated Future Amortization for Existing Identifiable Intangible Assets Through 2024 (Detail) $ in Millions | Jun. 30, 2020USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2020 | $ 55 |
2021 | 95 |
2022 | 82 |
2023 | 75 |
2024 | 62 |
2025 | $ 45 |
Deposits - Types and Sources of
Deposits - Types and Sources of the Firm's Deposits (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Deposits [Line Items] | ||
Savings and demand | $ 169,644 | $ 118,750 |
Time | 98,893 | 71,269 |
Total | 268,537 | 190,019 |
Consumer Deposits [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 62,292 | 44,973 |
Time | 29,448 | 15,023 |
Total | 91,740 | 59,996 |
Private Bank Deposits [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 64,892 | 53,726 |
Time | 4,456 | 2,087 |
Total | 69,348 | 55,813 |
Brokered Certificates Of Deposit [Member] | ||
Deposits [Line Items] | ||
Time | 40,891 | 39,449 |
Total | 40,891 | 39,449 |
Deposit Sweep Programs [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 21,893 | 17,760 |
Total | 21,893 | 17,760 |
Transaction Banking [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 20,567 | 2,291 |
Time | 4,727 | 235 |
Total | 25,294 | 2,526 |
Other Deposits [Member] | ||
Deposits [Line Items] | ||
Time | 19,371 | 14,475 |
Total | $ 19,371 | $ 14,475 |
Deposits - Types and Sources _2
Deposits - Types and Sources of the Firm's Deposits (Parenthetical) (Detail) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)Arrangements | Dec. 31, 2019USD ($) | |
Deposits [Abstract] | ||
Deposits at fair value | $ 24,978 | $ 17,765 |
Weighted average maturity of time deposits | 1 year 3 months 18 days | 1 year 8 months 12 days |
Number of deposit sweep program contractual arrangements | Arrangements | 13 | |
Deposits insured by the FDIC | $ 129,280 | $ 103,980 |
Deposits insured by the U.K.'s Financial Services Compensation Scheme | $ 24,450 | $ 15,860 |
Deposits - Deposits (Detail)
Deposits - Deposits (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
U.S. offices | $ 210,607 | $ 150,759 |
Non-U.S. offices | 57,930 | 39,260 |
Total | $ 268,537 | $ 190,019 |
Deposits - Maturities of Time D
Deposits - Maturities of Time Deposits (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Time Deposits By Maturity [Line Items] | ||
Remainder of 2020 | $ 42,345 | |
2021 | 30,001 | |
2022 | 9,696 | |
2023 | 6,678 | |
2024 | 4,470 | |
2025 | 2,508 | |
2026 - thereafter | 3,195 | |
Total | 98,893 | $ 71,269 |
U.S. [Member] | ||
Time Deposits By Maturity [Line Items] | ||
Remainder of 2020 | 28,344 | |
2021 | 25,756 | |
2022 | 9,614 | |
2023 | 6,563 | |
2024 | 4,346 | |
2025 | 2,269 | |
2026 - thereafter | 2,291 | |
Total | 79,183 | |
Non-U.S. [Member] | ||
Time Deposits By Maturity [Line Items] | ||
Remainder of 2020 | 14,001 | |
2021 | 4,245 | |
2022 | 82 | |
2023 | 115 | |
2024 | 124 | |
2025 | 239 | |
2026 - thereafter | 904 | |
Total | $ 19,710 |
Deposits - Maturities of Time_2
Deposits - Maturities of Time Deposits (Parenthetical) (Detail) $ in Millions | Jun. 30, 2020USD ($) |
Deposits [Abstract] | |
Total domestic time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance | $ 20,050 |
Total foreign time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance | $ 17,560 |
Unsecured Borrowings - Schedule
Unsecured Borrowings - Schedule of Short Term and Long Term Unsecured Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Short-term | ||
Unsecured short-term borrowings | $ 44,264 | $ 48,287 |
Long-term | ||
Unsecured borrowings | 222,627 | 207,076 |
Total | $ 266,891 | $ 255,363 |
Unsecured Borrowings - Unsecure
Unsecured Borrowings - Unsecured Short-Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Current portion of unsecured long-term borrowings | $ 23,989 | $ 30,636 |
Hybrid financial instruments | 18,274 | 15,814 |
Other unsecured short-term borrowings | 2,001 | 1,837 |
Total unsecured short-term borrowings | $ 44,264 | $ 48,287 |
Weighted average interest rate | 1.93% | 2.71% |
Unsecured Borrowings - Unsecu_2
Unsecured Borrowings - Unsecured Long-Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Fixed-rate obligations | $ 144,113 | $ 129,031 |
Floating-rate obligations | 78,514 | 78,045 |
Total | 222,627 | 207,076 |
U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 104,683 | 92,846 |
Floating-rate obligations | 45,259 | 47,850 |
Total | 149,942 | 140,696 |
Non-U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 39,430 | 36,185 |
Floating-rate obligations | 33,255 | 30,195 |
Total | $ 72,685 | $ 66,380 |
Unsecured Borrowings - Unsecu_3
Unsecured Borrowings - Unsecured Long-Term Borrowings (Parenthetical) (Detail) - Unsecured Debt [Member] | Jun. 30, 2020 | Dec. 31, 2019 |
U.S. Dollar [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 2.00% | 2.00% |
U.S. Dollar [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 9.30% | 10.04% |
U.S. Dollar [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 4.22% | 3.82% |
Non-U.S. Dollar [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 0.13% | 0.13% |
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 | 2.33% | 2.33% |
Unsecured Borrowings - Unsecu_4
Unsecured Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total | $ 222,627 | $ 207,076 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 17,538 | |
2022 | 25,803 | |
2023 | 29,288 | |
2024 | 19,430 | |
2025 | 25,276 | |
2026 - thereafter | 105,292 | |
Total | $ 222,627 |
Unsecured Borrowings - Unsecu_5
Unsecured Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Parenthetical) (Detail) $ in Millions | Jun. 30, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 238 |
2022 | (20) |
2023 | 279 |
2024 | 787 |
2025 | 1,030 |
2026 and thereafter | 11,950 |
Amount related to interest rate hedges on certain unsecured long-term borrowings | $ 14,260 |
Unsecured Borrowings - Addition
Unsecured Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2004 | |
Debt Instrument [Line Items] | |||
Subordinated debt maturities, range, end | Dec. 31, 2067 | ||
Minimum redemption or purchase price required | $ 253 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2067 | ||
Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Subordinated debt maturities, range, start | Dec. 31, 2021 | Dec. 31, 2021 | |
Subordinated debt maturities, range, end | Dec. 31, 2045 | Dec. 31, 2045 | |
Trust Preferred Securities purchased, par amount | $ 8.1 | ||
Trust Preferred Securities purchased, carrying value | $ 12.5 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2045 | Dec. 31, 2045 | |
Goldman Sachs Capital I [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures issued to Goldman Sachs Capital I (Trust) | $ 2,840 | ||
Guaranteed preferred beneficial interests issued to third parties | 2,750 | ||
Common beneficial interests issued to Group Inc. | $ 85 | ||
Junior subordinated debt, outstanding par amount | $ 968 | $ 976 | |
Trust Preferred Securities, outstanding par amount | 939 | 947 | |
Common beneficial interests, outstanding par amount | 29 | $ 29 | |
Trust Preferred Securities purchased, par amount | 7.9 | ||
Trust Preferred Securities purchased, carrying value | 11 | ||
Common beneficial interests delivered to the Trust | $ 0.2 | ||
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 | ||
Interest Rate of Junior Subordinated Debentures issued to Trust, Fixed | 6.345% | ||
Maturity date of Junior Subordinated Debentures issued to Trust | Feb. 15, 2034 |
Unsecured Borrowings - Unsecu_6
Unsecured Borrowings - Unsecured Long-Term Borrowings after Hedging (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Fixed-rate obligations: At fair value | $ 1,431 | $ 725 |
Fixed rate obligations at amortized cost | 44,594 | 47,577 |
Floating-rate obligations: At fair value | 42,969 | 42,936 |
Floating rate obligations at amortized cost | 133,633 | 115,838 |
Total | $ 222,627 | $ 207,076 |
Unsecured Borrowings - Unsecu_7
Unsecured Borrowings - Unsecured Long-Term Borrowings after Hedging (Parenthetical) (Detail) | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - total | 2.25% | 2.87% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging fixed rate obligations | 3.68% | 3.77% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - floating rate obligations | 1.72% | 2.48% |
Unsecured Borrowings - Subordin
Unsecured Borrowings - Subordinated Long-Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total subordinated Long-term Borrowings, par amount | $ 14,891 | $ 15,017 |
Total subordinated Long-term Borrowings | $ 20,737 | $ 18,308 |
Effective weighted average interest rate on long-term subordinated borrowings, after hedging | 2.31% | 3.42% |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, par amount | $ 13,923 | $ 14,041 |
Long-term subordinated debt outstanding | $ 19,237 | $ 16,980 |
Effective weighted average interest rate of long-term subordinated debt, after hedging | 2.37% | 3.46% |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, par amount | $ 968 | $ 976 |
Long-term junior subordinated debt | $ 1,500 | $ 1,328 |
Effective weighted average interest rate of long-term junior subordinated debt, after hedging | 1.42% | 2.85% |
Other Liabilities - Other Liabi
Other Liabilities - Other Liabilities by Type (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Compensation and benefits | $ 5,957 | $ 6,889 |
Income tax-related liabilities | 3,671 | 2,947 |
Operating lease liabilities | 2,325 | 2,385 |
Noncontrolling interests | 1,025 | 1,713 |
Employee interests in consolidated funds | 62 | 81 |
Accrued expenses and other | 10,769 | 7,636 |
Total | $ 23,809 | $ 21,651 |
Other Liabilities - Information
Other Liabilities - Information About Operating Lease Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Remainder of 2020 | $ 163 | |
2020 | $ 384 | |
2021 | 314 | 308 |
2022 | 276 | 268 |
2023 | 243 | 235 |
2024 | 225 | 219 |
2025 | 198 | |
2025 - thereafter | 2,566 | |
2026 - thereafter | 2,393 | |
Total undiscounted lease payments | 3,812 | 3,980 |
Imputed interest | (1,487) | (1,595) |
Total operating lease liabilities | $ 2,325 | $ 2,385 |
Weighted average remaining lease term | 19 years | 18 years |
Weighted average discount rate | 5.03% | 5.02% |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | ||||
Operating lease costs | $ 110 | $ 125 | $ 223 | $ 242 |
Securitization Activities - Amo
Securitization Activities - Amount of Financial Assets Securitized and Cash Flows Received on Retained Interests (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Transfers and Servicing of Financial Assets [Abstract] | ||||
Securitization of residential mortgages | $ 5,297 | $ 2,772 | $ 8,404 | $ 5,303 |
Securitization of commercial mortgages | 2,457 | 3,035 | 7,453 | 3,035 |
Securitization of other financial assets | 687 | 174 | 1,227 | 346 |
Total financial assets securitized | 8,441 | 5,981 | 17,084 | 8,684 |
Retained interests cash flows | $ 98 | $ 85 | $ 184 | $ 178 |
Securitization Activities - Add
Securitization Activities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Assets securitized in a non-cash exchange for loans receivable and held-to-maturity securities | $ 129 | $ 102 | $ 303 | $ 206 | |
Net Asset related to Other Continuing Involvement | 88 | 88 | $ 57 | ||
Notional amount related to Other Continuing Involvement | 1,350 | 1,350 | 1,200 | ||
Fair Value of Retained Interests | 3,100 | 3,100 | 3,350 | ||
Other Retained Interests [Member] | |||||
Fair Value of Retained Interests | 174 | $ 174 | $ 149 | ||
Weighted average life (years) | 3 years 2 months 12 days | 3 years 3 months 18 days | |||
Maximum Exposure to Adverse Changes in the value of Other retained interests | $ 174 | $ 174 | $ 149 |
Securitization Activities - Fir
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | $ 76,967 | $ 67,694 |
Retained interests | 3,098 | 3,372 |
Purchased interests | 44 | 33 |
U.S. government agency-issued CMOs [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 16,879 | 14,328 |
Retained interests | 1,144 | 1,530 |
Purchased interests | 11 | 3 |
Other Residential Mortgage-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 24,126 | 24,166 |
Retained interests | 1,068 | 1,078 |
Purchased interests | 3 | 24 |
Other Commercial Mortgage-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 31,661 | 25,588 |
Retained interests | 712 | 615 |
Purchased interests | 20 | 6 |
Corporate debt and other asset-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 4,301 | 3,612 |
Retained interests | 174 | $ 149 |
Purchased interests | $ 10 |
Securitization Activities - F_2
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Transfers and Servicing of Financial Assets [Abstract] | ||
Fair Value of Retained Interests | $ 3,100 | $ 3,350 |
Securitization Activities - Wei
Securitization Activities - Weighted Average Key Economic Assumptions Used in Measuring Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value to Immediate Adverse Changes (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
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 | $ 3,100 | $ 3,350 |
Mortgage-Backed [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 | $ 2,921 | $ 3,198 |
Weighted average life (years) | 5 years 1 month 6 days | 6 years |
Constant prepayment rate | 15.00% | 12.90% |
Impact of 10% adverse change | $ (23) | $ (22) |
Impact of 20% adverse change | $ (44) | $ (42) |
Discount rate | 10.70% | 4.70% |
Impact of 10% adverse change | $ (50) | $ (59) |
Impact of 20% adverse change | $ (99) | $ (117) |
Variable Interest Entities - No
Variable Interest Entities - Nonconsolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | |||
Assets in VIE | $ 135,301 | $ 128,069 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 1,141,523 | $ 1,089,756 | 992,968 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 1,051,494 | $ 997,377 | 902,703 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 19,375 | 20,786 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 9,049 | 9,526 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 934 | 619 | |
Retained Interests, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,098 | 3,372 | |
Purchased Interests, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,634 | 901 | |
Commitments and Guarantees, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,223 | 2,697 | |
Derivatives, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 8,467 | 9,010 | |
Debt and equity, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,953 | 4,806 | |
Mortgage-Backed [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets in VIE | 83,276 | 75,354 | |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,973 | 3,946 | |
Mortgage-Backed [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 3,540 | 3,830 | |
Mortgage-Backed [Member] | Retained Interests, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,924 | 3,223 | |
Mortgage-Backed [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 616 | 607 | |
Mortgage-Backed [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 43 | 50 | |
Mortgage-Backed [Member] | Derivatives, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 390 | 66 | |
Corporate debt and other asset-backed [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets in VIE | 16,464 | 16,248 | |
Maximum Exposure to Loss in Nonconsolidated VIEs | 10,816 | 11,821 | |
Corporate debt and other asset-backed [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 2,068 | 2,040 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 925 | 612 | |
Corporate debt and other asset-backed [Member] | Retained Interests, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 174 | 149 | |
Corporate debt and other asset-backed [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,018 | 294 | |
Corporate debt and other asset-backed [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,114 | 1,374 | |
Corporate debt and other asset-backed [Member] | Derivatives, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 7,997 | 8,849 | |
Corporate debt and other asset-backed [Member] | Debt and equity, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 513 | 1,155 | |
Real estate, credit- and power-related and other investing [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets in VIE | 20,354 | 19,602 | |
Maximum Exposure to Loss in Nonconsolidated VIEs | 4,085 | 4,543 | |
Real estate, credit- and power-related and other investing [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 3,031 | 3,243 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 9 | 7 | |
Real estate, credit- and power-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 | 978 | 1,213 | |
Real estate, credit- and power-related and other investing [Member] | Derivatives, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 77 | 92 | |
Real estate, credit- and power-related and other investing [Member] | Debt and equity, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,030 | 3,238 | |
Investment In Funds [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets in VIE | 15,207 | 16,865 | |
Maximum Exposure to Loss in Nonconsolidated VIEs | 501 | 476 | |
Investment In Funds [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 410 | 413 | |
Investment In Funds [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 88 | 60 | |
Investment In Funds [Member] | Derivatives, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3 | 3 | |
Investment In Funds [Member] | Debt and equity, Maximum Exposure to Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | $ 410 | $ 413 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | |||||
Cash and cash equivalents | $ 132,599 | $ 133,546 | $ 91,092 | $ 130,547 | |
Trading assets | 397,335 | 355,332 | |||
Investments | 76,621 | 63,937 | |||
Loans | 117,094 | 108,904 | |||
Other assets | 37,759 | 34,882 | |||
Total assets | 1,141,523 | $ 1,089,756 | 992,968 | ||
Liabilities | |||||
Other secured financings | 25,897 | 19,277 | |||
Customer and other payables | 199,211 | 174,817 | |||
Trading liabilities | 162,307 | 108,835 | |||
Unsecured short-term borrowings | 44,264 | 48,287 | |||
Unsecured long-term borrowings | 222,627 | 207,076 | |||
Other liabilities | 23,809 | 21,651 | |||
Total liabilities | 1,051,494 | $ 997,377 | 902,703 | ||
Real Estate, Credit-Related and Other Investing [Member] | |||||
Assets | |||||
Cash and cash equivalents | 185 | 112 | |||
Trading assets | 3 | 26 | |||
Investments | 194 | 835 | |||
Loans | 2,043 | 2,392 | |||
Other assets | 1,060 | 1,084 | |||
Total assets | 3,485 | 4,449 | |||
Liabilities | |||||
Other secured financings | 569 | 684 | |||
Customer and other payables | 33 | 9 | |||
Trading liabilities | 35 | 10 | |||
Other liabilities | 365 | 959 | |||
Total liabilities | 1,002 | 1,662 | |||
Corporate Debt and Other Asset-Backed [Member] | |||||
Assets | |||||
Cash and cash equivalents | 196 | ||||
Trading assets | 20 | ||||
Total assets | 216 | ||||
Liabilities | |||||
Other secured financings | 460 | ||||
Total liabilities | 460 | ||||
Principal-Protected Notes [Member] | |||||
Assets | |||||
Trading assets | 71 | 1 | |||
Total assets | 71 | 1 | |||
Liabilities | |||||
Other secured financings | 376 | 479 | |||
Trading liabilities | 149 | ||||
Unsecured short-term borrowings | 44 | 48 | |||
Unsecured long-term borrowings | 217 | 214 | |||
Total liabilities | 786 | 741 | |||
Consolidated Variable Interest Entity, Total Carrying Amount [Member] | |||||
Assets | |||||
Cash and cash equivalents | 381 | 112 | |||
Trading assets | 94 | 27 | |||
Investments | 194 | 835 | |||
Loans | 2,043 | 2,392 | |||
Other assets | 1,060 | 1,084 | |||
Total assets | 3,772 | 4,450 | |||
Liabilities | |||||
Other secured financings | 1,405 | 1,163 | |||
Customer and other payables | 33 | 9 | |||
Trading liabilities | 184 | 10 | |||
Unsecured short-term borrowings | 44 | 48 | |||
Unsecured long-term borrowings | 217 | 214 | |||
Other liabilities | 365 | 959 | |||
Total liabilities | $ 2,248 | $ 2,403 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees - Commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Commitment Liabilities [Line Items] | ||
Total lending | $ 147,055 | $ 167,244 |
Collateralized agreement | 72,616 | 62,093 |
Collateralized financing | 20,402 | 10,193 |
Letters of credit | 356 | 456 |
Investment | 5,747 | 7,879 |
Other | 4,469 | 6,135 |
Total commitments | 250,645 | 254,000 |
Maturities, Remainder of Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 26,114 | |
Collateralized agreement | 70,708 | |
Collateralized financing | 20,402 | |
Letters of credit | 203 | |
Investment | 1,175 | |
Other | 4,317 | |
Total commitments | 122,919 | |
Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 40,669 | |
Collateralized agreement | 1,908 | |
Letters of credit | 113 | |
Investment | 1,240 | |
Other | 152 | |
Total commitments | 44,082 | |
Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 64,473 | |
Investment | 1,052 | |
Total commitments | 65,525 | |
Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 15,799 | |
Letters of credit | 40 | |
Investment | 2,280 | |
Total commitments | 18,119 | |
Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 76,035 | 89,276 |
Investment Grade Commercial Lending [Member] | Maturities, Remainder of Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 5,834 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 25,334 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 38,339 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 6,528 | |
Non Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 46,825 | 58,718 |
Non Investment Grade Commercial Lending [Member] | Maturities, Remainder of Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 2,380 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 11,348 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 24,028 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 9,069 | |
Warehouse Financing [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 6,709 | 5,581 |
Warehouse Financing [Member] | Maturities, Remainder of Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 414 | |
Warehouse Financing [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 3,987 | |
Warehouse Financing [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 2,106 | |
Warehouse Financing [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 202 | |
Credit cards [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 17,486 | $ 13,669 |
Credit cards [Member] | Maturities, Remainder of Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | $ 17,486 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees - Lending Commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Held for investment | $ 134,181 | $ 150,100 |
Held for sale | 10,286 | 15,245 |
At fair value | 2,588 | 1,899 |
Total | $ 147,055 | $ 167,244 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Lending commitments | $ 147,055 | $ 167,244 | |
Notional amount of loan commitments which are protected by SMFG against credit loss | $ 3,720 | $ 5,740 | |
Credit loss protection percentage of first loss on loan commitments provided by SMFG | 95.00% | 95.00% | |
Approximate amount of maximum protection of first loss on loan commitments provided by SMFG | $ 950 | $ 950 | |
SMFG credit loss protection for additional losses percentage | 70.00% | 70.00% | |
Maximum protection on additional losses on loan commitments provided by SMFG | $ 750 | $ 750 | |
Protection provided by SMFG for additional losses | 0 | 0 | |
Commitments to invest in funds managed by the firm | 2,100 | 2,060 | |
Collateral held by lenders in connection with securities lending indemnifications | 22,110 | 19,140 | |
Lending Commitments Allowance | 490 | 361 | $ 286 |
Amortized cost [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Carrying value of lending commitments liabilities | 641 | 527 | |
Lending Commitments Allowance | 490 | 361 | |
Estimated fair value of lending commitments liabilities | 4,320 | 3,050 | |
Amortized cost [Member] | Level 2 [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Estimated fair value of lending commitments liabilities | 2,010 | 1,780 | |
Amortized cost [Member] | Level 3 [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Estimated fair value of lending commitments liabilities | 2,300 | 1,270 | |
Held for sale [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Carrying value of lending commitments liabilities | 101 | 60 | |
Investment Grade Commercial Lending, Relationship Lending Activities [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Lending commitments | 98,860 | 102,500 | |
Investment Grade Commercial Lending, Other Investment Banking Activities Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Lending commitments | 11,010 | $ 33,470 | |
Residential Mortgage Backed Securities Working Group [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Settlement agreement amount | 1,800 | ||
Litigation settlement liability | $ 1,620 |
Commitments, Contingencies an_6
Commitments, Contingencies and Guarantees - Guarantees (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | $ 6,503 | $ 3,817 |
Maximum Payout/Notional Amount by Period of Expiration | 180,564 | 224,201 |
Derivative Guarantee [Member] | Maturities, Remainder of Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 35,554 | |
Derivative Guarantee [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 91,814 | |
Derivative Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 80,199 | 76,693 |
Derivative Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 28,005 | 19,377 |
Derivative Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 36,806 | 36,317 |
Securities Lending Indemnification [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 21,500 | 17,891 |
Securities Lending Indemnification [Member] | Maturities, Remainder of Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 21,500 | |
Securities Lending Indemnification [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 17,891 | |
Financial Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | 52 | 27 |
Maximum Payout/Notional Amount by Period of Expiration | 6,383 | 6,126 |
Financial Guarantee [Member] | Maturities, Remainder of Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 1,112 | |
Financial Guarantee [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 2,044 | |
Financial Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 2,068 | 1,714 |
Financial Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 2,894 | 2,219 |
Financial Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | $ 309 | $ 149 |
Commitments, Contingencies an_7
Commitments, Contingencies and Guarantees - Guarantees (Parenthetical) (Detail) - Derivative Guarantee [Member] - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Guarantor Obligations [Line Items] | ||
Carrying value of derivatives included derivative assets | $ 1,590 | $ 1,560 |
Carrying value of derivatives included derivative liabilities | $ 8,090 | $ 5,380 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jul. 14, 2020 | Jul. 07, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Equity [Line Items] | ||||||||
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 | 4,000,000,000 | |||||
Nonvoting common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||||
Nonvoting common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Shares remitted by employees to satisfy minimum statutory employee tax withholding | 3,476 | |||||||
Remitted Shares, Total | $ 0.9 | |||||||
Amount of share-based awards cancelled to satisfy minimum statutory employee tax withholding requirements | 3,300,000 | |||||||
Value of share-based awards cancelled to satisfy minimum statutory employee tax withholding requirements | $ 819 | |||||||
Dividends declared per common share | $ 1.25 | 1.25 | $ 0.85 | $ 2.50 | $ 1.65 | |||
Dividends payable date declared | Jul. 14, 2020 | |||||||
Dividends payable date to be paid | Sep. 29, 2020 | |||||||
Dividends payable date of record | Sep. 1, 2020 | |||||||
Series B Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Number of shares redeemed | 6,000 | |||||||
Dividend rate | 6.20% | |||||||
Amount of redeemed | $ 150 | |||||||
Preferred Stock, Redemption Price Per Share | $ 25,000 | |||||||
Difference between the redemption value of Preferred Stock and the net carrying value at the time of redemption | $ 7 | $ 9 | ||||||
Preferred stock dividends declared | 387.50 | $ 775 | ||||||
Series A Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 236.98 | 229.17 | 471.36 | 463.55 | ||||
Series A Preferred Stock [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 236.98 | |||||||
Series C Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 252.78 | 244.44 | 502.78 | 494.44 | ||||
Series C Preferred Stock [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 252.78 | |||||||
Series D Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 252.78 | 244.44 | 502.78 | 494.44 | ||||
Series D Preferred Stock [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 252.78 | |||||||
Series J Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 343.75 | 343.75 | 687.50 | 687.50 | ||||
Series J Preferred Stock [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 343.75 | |||||||
Series K Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 398.44 | 398.44 | 796.88 | 796.88 | ||||
Series K Preferred Stock [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 398.44 | |||||||
Series L Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Number of shares redeemed | 14,000 | 38,000 | ||||||
Dividend rate | 5.70% | |||||||
Amount of redeemed | $ 350 | $ 950 | ||||||
Preferred Stock, Redemption Price Per Share | $ 25,000 | $ 25,000 | ||||||
Difference between the redemption value of Preferred Stock and the net carrying value at the time of redemption | $ 1 | |||||||
Preferred stock dividends declared | 712.50 | 361.54 | 712.50 | |||||
Series M Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 671.88 | 671.88 | 671.88 | 671.88 | ||||
Series M Preferred Stock [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 276.14 | |||||||
Series N Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 393.75 | 393.75 | 787.50 | 787.50 | ||||
Series N Preferred Stock [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 393.75 | |||||||
Series E Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 1,011.11 | 1,044.44 | 2,022.22 | 2,022.22 | ||||
Series E Preferred Stock [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 1,022.22 | |||||||
Series F Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 1,011.11 | $ 1,044.44 | 2,022.22 | $ 2,022.22 | ||||
Series F Preferred Stock [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 1,022.22 | |||||||
Series Q Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 889.93 | |||||||
Series Q Preferred Stock [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 687.50 | |||||||
Series R Preferred Stock [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 910.94 | |||||||
Series S Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Dividend rate | 4.40% | |||||||
Preferred stock shares issued | 14,000 | |||||||
Series S Preferred Stock [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 586.67 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Amount of Common Stock Repurchased by the Firm (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Equity [Abstract] | ||
Common share repurchases | 0 | 8.2 |
Average cost per share | $ 0 | $ 236.35 |
Total cost of common share repurchases | $ 0 | $ 1,928 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends Declared on Common Stock (Detail) - $ / shares | Jul. 14, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Equity [Abstract] | |||||
Dividends declared per common share | $ 1.25 | $ 1.25 | $ 0.85 | $ 2.50 | $ 1.65 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Detail) $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Class of Stock [Line Items] | |
Shares Authorized | 496,750 |
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 | $ / shares | $ 25,000 |
Redemption Value | $ | $ 750 |
Dividend rate | 3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly |
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 | $ / shares | $ 25,000 |
Redemption Value | $ | $ 200 |
Dividend rate | 3 month LIBOR + 0.75%, with floor of 4.00%, payable quarterly |
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 | $ / shares | $ 25,000 |
Redemption Value | $ | $ 1,350 |
Dividend rate | 3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly |
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 | $ / shares | $ 100,000 |
Redemption Value | $ | $ 767 |
Dividend rate | 3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly |
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 | $ / shares | $ 100,000 |
Redemption Value | $ | $ 161 |
Dividend rate | 3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly |
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 | $ / shares | $ 25,000 |
Redemption Value | $ | $ 1,000 |
Dividend rate | 5.50% to, but excluding, May 10, 2023; 3 month LIBOR + 3.64% thereafter, payable quarterly |
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 | $ / shares | $ 25,000 |
Redemption Value | $ | $ 700 |
Dividend rate | 6.375% to, but excluding, May 10, 2024; 3 month LIBOR + 3.55% thereafter, payable quarterly |
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 | Currently redeemable |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 2,000 |
Dividend rate | 3 month LIBOR + 3.922%, payable quarterly |
Series N Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 31,050 |
Shares Issued | 27,000 |
Shares Outstanding | 27,000 |
Depositary Shares Per Share | 1,000 |
Earliest Redemption Date | May 10, 2021 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 675 |
Dividend rate | 6.30%, payable quarterly |
Series O Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 26,000 |
Shares Issued | 26,000 |
Shares Outstanding | 26,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Nov. 10, 2026 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 650 |
Dividend rate | 5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter |
Series P Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 66,000 |
Shares Issued | 60,000 |
Shares Outstanding | 60,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Nov. 10, 2022 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 1,500 |
Dividend rate | 5.00%, payable semi-annually, from issuance date to, but excluding, November 10, 2022; 3 month LIBOR + 2.874%, payable quarterly, thereafter |
Series Q Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 20,000 |
Shares Issued | 20,000 |
Shares Outstanding | 20,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Aug. 10, 2024 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 500 |
Dividend rate | 5.50%, payable semi-annually, from issuance date to, but excluding, August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter |
Series R Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 24,000 |
Shares Issued | 24,000 |
Shares Outstanding | 24,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Feb. 10, 2025 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 600 |
Dividend rate | 4.95%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter |
Series S Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 14,000 |
Shares Issued | 14,000 |
Shares Outstanding | 14,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Feb. 10, 2025 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 350 |
Dividend rate | 4.40%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter |
Shareholders' Equity - Summar_3
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Parenthetical) (Detail) | Jun. 30, 2020$ / shares |
Series A Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | $ 0.01 |
Series C Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series D Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series E Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series F Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series J Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series K Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series M Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series N Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series O Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series P Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series Q Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series R Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series S Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | $ 0.01 |
Shareholders' Equity - Summar_4
Shareholders' Equity - Summary of Preferred Dividends Declared on Preferred Stock Issued (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Class of Stock [Line Items] | ||||
Total preferred stock dividends declared | $ 176 | $ 216 | $ 265 | $ 285 |
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 236.98 | $ 229.17 | $ 471.36 | $ 463.55 |
Total preferred stock dividends declared | $ 7 | $ 7 | $ 14 | $ 14 |
Series B Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 387.50 | $ 775 | ||
Total preferred stock dividends declared | $ 3 | $ 5 | ||
Series C Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 252.78 | $ 244.44 | $ 502.78 | $ 494.44 |
Total preferred stock dividends declared | $ 2 | $ 2 | $ 4 | $ 4 |
Series D Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 252.78 | $ 244.44 | $ 502.78 | $ 494.44 |
Total preferred stock dividends declared | $ 14 | $ 14 | $ 27 | $ 27 |
Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 1,011.11 | $ 1,044.44 | $ 2,022.22 | $ 2,022.22 |
Total preferred stock dividends declared | $ 8 | $ 8 | $ 15 | $ 15 |
Series F Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 1,011.11 | $ 1,044.44 | $ 2,022.22 | $ 2,022.22 |
Total preferred stock dividends declared | $ 1 | $ 1 | $ 3 | $ 3 |
Series J Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 343.75 | $ 343.75 | $ 687.50 | $ 687.50 |
Total preferred stock dividends declared | $ 14 | $ 14 | $ 28 | $ 28 |
Series K Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 398.44 | $ 398.44 | $ 796.88 | $ 796.88 |
Total preferred stock dividends declared | $ 11 | $ 11 | $ 22 | $ 22 |
Series L Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 712.50 | $ 361.54 | $ 712.50 | |
Total preferred stock dividends declared | $ 37 | $ 4 | $ 37 | |
Series M Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 671.88 | $ 671.88 | $ 671.88 | $ 671.88 |
Total preferred stock dividends declared | $ 54 | $ 54 | $ 54 | $ 54 |
Series N Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 393.75 | $ 393.75 | $ 787.50 | $ 787.50 |
Total preferred stock dividends declared | $ 10 | $ 10 | $ 21 | $ 21 |
Series O Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 662.50 | $ 662.50 | $ 662.50 | $ 662.50 |
Total preferred stock dividends declared | $ 17 | $ 17 | $ 17 | $ 17 |
Series P Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 625 | $ 625 | $ 625 | $ 625 |
Total preferred stock dividends declared | $ 38 | $ 38 | $ 38 | $ 38 |
Series Q Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 889.93 | |||
Total preferred stock dividends declared | $ 18 |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Income/(Loss), Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 90,265 | |||
Other comprehensive income/(loss) adjustments, net of tax | $ (2,278) | $ (202) | 1,143 | $ (1,508) |
Ending balance | 90,029 | 90,892 | 90,029 | 90,892 |
Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (633) | (617) | (616) | (621) |
Other comprehensive income/(loss) adjustments, net of tax | (44) | 7 | (61) | 11 |
Ending balance | (677) | (610) | (677) | (610) |
Debt Valuation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 2,342 | 90 | (572) | 1,507 |
Other comprehensive income/(loss) adjustments, net of tax | (2,218) | (311) | 696 | (1,728) |
Ending balance | 124 | (221) | 124 | (221) |
Pension and Postretirement Liabilities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (335) | (88) | (342) | (81) |
Other comprehensive income/(loss) adjustments, net of tax | (4) | (2) | 3 | (9) |
Ending balance | (339) | (90) | (339) | (90) |
Available-for-sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 563 | 2 | 46 | (112) |
Other comprehensive income/(loss) adjustments, net of tax | (12) | 104 | 505 | 218 |
Ending balance | 551 | 106 | 551 | 106 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 1,937 | (613) | (1,484) | 693 |
Other comprehensive income/(loss) adjustments, net of tax | (2,278) | (202) | 1,143 | (1,508) |
Ending balance | $ (341) | $ (815) | $ (341) | $ (815) |
Regulation and Capital Adequa_3
Regulation and Capital Adequacy - Risk-based Capital and Leverage Requirements (Detail) | Jun. 30, 2020 |
Regulation And Capital Adequacy [Abstract] | |
CET1 capital ratio | 9.50% |
Tier 1 capital ratio | 0.110 |
Total capital ratio | 0.130 |
Tier 1 leverage ratio | 0.040 |
SLR | 5.00% |
Regulation and Capital Adequa_4
Regulation and Capital Adequacy - Risk-based Capital Ratios (Detail) $ in Millions | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 74,705 | $ 74,850 | $ 73,116 |
Tier 1 capital | 85,777 | 85,440 | 83,702 |
Tier 2 capital | 16,019 | 14,925 | 14,926 |
Total capital | 101,796 | 100,365 | |
RWAs | $ 563,109 | $ 563,575 | 547,910 |
CET1 capital ratio | 0.133 | 0.133 | |
Tier 1 capital ratio | 0.152 | 0.152 | |
Total capital ratio | 0.181 | 0.178 | |
Advanced Capital [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 74,705 | $ 74,850 | 73,116 |
Tier 1 capital | 85,777 | 85,440 | 83,702 |
Tier 2 capital | 14,110 | 13,473 | 13,743 |
Total capital | 99,887 | 98,913 | |
RWAs | $ 628,369 | $ 544,653 | $ 558,111 |
CET1 capital ratio | 0.119 | 0.137 | |
Tier 1 capital ratio | 0.137 | 0.157 | |
Total capital ratio | 0.159 | 0.182 | |
GS Bank USA [Member] | Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 29,925 | $ 29,176 | |
Tier 1 capital | 29,925 | 29,176 | |
Tier 2 capital | 6,296 | 5,293 | |
Total capital | 36,221 | 34,469 | |
RWAs | $ 267,193 | $ 258,541 | |
CET1 capital ratio | 0.112 | 0.113 | |
Tier 1 capital ratio | 0.112 | 0.113 | |
Total capital ratio | 0.136 | 0.133 | |
GS Bank USA [Member] | Advanced Capital [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 29,925 | $ 29,176 | |
Tier 1 capital | 29,925 | 29,176 | |
Tier 2 capital | 4,871 | 4,486 | |
Total capital | 34,796 | 33,662 | |
RWAs | $ 177,177 | $ 135,596 | |
CET1 capital ratio | 0.169 | 0.215 | |
Tier 1 capital ratio | 0.169 | 0.215 | |
Total capital ratio | 0.196 | 0.248 |
Regulation and Capital Adequa_5
Regulation and Capital Adequacy - Leverage Ratios (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital | $ 85,777 | $ 85,440 |
Average total assets | 1,133,226 | 983,909 |
Deductions from Tier 1 capital | (4,969) | (5,275) |
Average adjusted total assets | 1,128,257 | 978,634 |
Impact of SLR temporary amendment | (183,235) | |
Average off-balance-sheet exposures | 363,223 | 396,833 |
Total leverage exposure | $ 1,308,245 | $ 1,375,467 |
Tier 1 leverage ratio | 7.60% | 8.70% |
SLR | 0.066 | 0.062 |
GS Bank USA [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital | $ 29,925 | $ 29,176 |
Average adjusted total assets | 280,814 | 220,974 |
Total leverage exposure | $ 341,156 | $ 413,852 |
Tier 1 leverage ratio | 10.70% | 13.20% |
SLR | 0.088 | 0.070 |
Regulation and Capital Adequa_6
Regulation and Capital Adequacy - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Minimum required CET1 ratio applicable to advanced approach banking institutions | 4.50% | 4.50% | 4.50% |
Minimum required Tier 1 capital ratio applicable to advanced approach banking institutions | 6.00% | 6.00% | 6.00% |
Minimum required Total capital ratio applicable to advanced approach banking institutions | 8.00% | 8.00% | 8.00% |
Capital conservation buffer | 2.50% | 2.50% | 2.50% |
Global Systemically Important Bank (G-SIB) surcharge | 2.50% | 2.50% | 2.50% |
Counter-cyclical capital buffer | 0.00% | 0.00% | |
Tier 1 leverage ratio | 0.040 | 0.040 | |
SLR | 5.00% | 5.00% | |
Minimum supplementary leverage ratio buffer | 2.00% | 2.00% | |
Minimum supplementary leverage ratio | 3.00% | 3.00% | |
Confidence level for regulatory VaR | 99.00% | 99.00% | |
Confidence level for risk management VaR | 95.00% | 95.00% | |
Time horizon for regulatory VaR (in days) | 10 days | 10 days | |
Time horizon for risk management VaR (in days) | 1 day | 1 day | |
Equity investment in subsidiaries | $ 98,140 | $ 98,140 | $ 95,680 |
Minimum equity capital that is required to be maintained in regulated subsidiaries | $ 61,540 | $ 61,540 | 57,580 |
CECL adoption, percentage of increase in regulatory capital to increase in allowance for credit loss | 25.00% | 25.00% | |
Percentage Of Temporary Increase In supplementary leverage ratio | 0.80% | ||
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Change in Credit RWAs | $ (28,284) | 25,649 | |
Change in Market RWAs | 27,818 | (9,984) | |
Advanced Capital [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Change in Credit RWAs | 42,448 | (7,672) | |
Change in Market RWAs | 27,931 | (10,186) | |
Change in operational risk | $ 13,337 | $ 4,400 | |
GS Bank USA [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Minimum required CET1 ratio applicable to advanced approach banking institutions | 4.50% | 4.50% | 4.50% |
Minimum required Tier 1 capital ratio applicable to advanced approach banking institutions | 6.00% | 6.00% | 6.00% |
Minimum required Total capital ratio applicable to advanced approach banking institutions | 8.00% | 8.00% | 8.00% |
Capital conservation buffer | 2.50% | 2.50% | |
Counter-cyclical capital buffer | 0.00% | 0.00% | |
Amount deposited by GS Bank USA held at the Federal Reserve Bank of New York | $ 43,340 | $ 43,340 | $ 50,550 |
Excess amount deposited by GS Bank USA held at the Federal Reserve Bank of New York | $ 43,340 | $ 43,340 | $ 50,290 |
Percentage Of Temporary Increase In supplementary leverage ratio | 2.20% |
Regulation and Capital Adequa_7
Regulation and Capital Adequacy - Risk-based Capital (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Preferred stock | $ 11,203 | $ 11,203 | |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common shareholders' equity | 78,826 | 79,062 | |
Impact of CECL transition | 1,116 | ||
Deduction for goodwill | (3,524) | (3,529) | |
Deduction for identifiable intangible assets | (574) | (604) | |
Other adjustments | (1,139) | (79) | |
CET1 capital | 74,705 | 74,850 | $ 73,116 |
Preferred stock | 11,203 | 11,203 | |
Deduction for investments in covered funds | (125) | (610) | |
Other adjustments | (6) | (3) | |
Tier 1 capital | 85,777 | 85,440 | 83,702 |
Qualifying subordinated debt | 12,817 | 12,847 | |
Junior subordinated debt | 188 | 284 | |
Allowance for credit losses | 3,065 | 1,802 | |
Other adjustments | (51) | (8) | |
Tier 2 capital | 16,019 | 14,925 | 14,926 |
Total capital | 101,796 | 100,365 | |
Advanced Capital [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | 74,705 | 74,850 | 73,116 |
Tier 1 capital | 85,777 | 85,440 | 83,702 |
Standardized Tier 2 capital | 16,019 | 14,925 | |
Allowance for credit losses | (3,065) | (1,802) | |
Other adjustments | 1,156 | 350 | |
Tier 2 capital | 14,110 | 13,473 | $ 13,743 |
Total capital | $ 99,887 | $ 98,913 |
Regulation and Capital Adequa_8
Regulation and Capital Adequacy - Risk-based Capital (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Regulation And Capital Adequacy [Abstract] | ||
CECL adoption, percentage of increase in regulatory capital to increase in allowance for credit loss | 25.00% | |
Deferred tax liabilities associated with goodwill | $ 672 | $ 667 |
Deferred tax liabilities associated with identifiable intangible assets | $ 22 | $ 37 |
Subordinated debt maturity period | 5 years |
Regulation and Capital Adequa_9
Regulation and Capital Adequacy - CET1, Tier 1 Capital and Tier 2 Capital (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in allowance for credit losses | $ (2,590) | $ (450) |
Standardized Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET 1, Beginning balance | 74,850 | 73,116 |
Change in common shareholders' equity | (236) | 80 |
Change in Impact of CECL transition | 1,116 | |
Change in deduction for goodwill | 5 | (432) |
Change in deduction for identifiable intangible assets | 30 | (307) |
Change in other adjustments | (1,060) | 2,393 |
CET 1, Ending balance | 74,705 | 74,850 |
Tier 1 Capital, Beginning balance | 85,440 | 83,702 |
Change in CET1 | (145) | 1,734 |
Change in deduction for investments in covered funds | 485 | 5 |
Change in other adjustments | (3) | (1) |
Tier 1 Capital, Ending balance | 85,777 | 85,440 |
Tier 2 capital, Beginning balance | 14,925 | 14,926 |
Change in qualifying subordinated debt | (30) | (300) |
Change in junior subordinated debt | (96) | (158) |
Change in allowance for credit losses | 1,263 | 449 |
Change in other adjustments | (43) | 8 |
Tier 2 Capital, Ending balance | 16,019 | 14,925 |
Total capital | 101,796 | 100,365 |
Advanced Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET 1, Beginning balance | 74,850 | 73,116 |
Change in common shareholders' equity | (236) | 80 |
Change in Impact of CECL transition | 1,116 | |
Change in deduction for goodwill | 5 | (432) |
Change in deduction for identifiable intangible assets | 30 | (307) |
Change in other adjustments | (1,060) | 2,393 |
CET 1, Ending balance | 74,705 | 74,850 |
Tier 1 Capital, Beginning balance | 85,440 | 83,702 |
Change in CET1 | (145) | 1,734 |
Change in deduction for investments in covered funds | 485 | 5 |
Change in other adjustments | (3) | (1) |
Tier 1 Capital, Ending balance | 85,777 | 85,440 |
Tier 2 capital, Beginning balance | 13,473 | 13,743 |
Change in qualifying subordinated debt | (30) | (300) |
Change in junior subordinated debt | (96) | (158) |
Change in other adjustments | 763 | 188 |
Tier 2 Capital, Ending balance | 14,110 | 13,473 |
Total capital | $ 99,887 | $ 98,913 |
Regulation and Capital Adequ_10
Regulation and Capital Adequacy - Risk-weighted Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Standardized [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | $ 470,703 | $ 498,987 | |
Market RWAs | 92,406 | 64,588 | |
Total Operational RWAs | 0 | ||
Total RWAs | 563,109 | 563,575 | $ 547,910 |
Standardized [Member] | Derivatives [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 117,846 | 120,906 | |
Standardized [Member] | Commitments Guarantees and Loans [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 168,885 | 179,740 | |
Standardized [Member] | Securities Financing Transactions [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 63,250 | 65,867 | |
Standardized [Member] | Equity Investments [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 45,462 | 56,814 | |
Standardized [Member] | Other [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 75,260 | 75,660 | |
Standardized [Member] | Regulatory VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 24,536 | 8,933 | |
Standardized [Member] | Stressed VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 45,143 | 30,911 | |
Standardized [Member] | Incremental Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 3,687 | 4,308 | |
Standardized [Member] | Comprehensive Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 1,475 | 1,393 | |
Standardized [Member] | Specific Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 17,565 | 19,043 | |
Advanced [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 403,527 | 361,079 | |
Market RWAs | 92,317 | 64,386 | |
Total Operational RWAs | 132,525 | 119,188 | |
Total RWAs | 628,369 | 544,653 | $ 558,111 |
Advanced [Member] | Derivatives [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 118,342 | 72,631 | |
Advanced [Member] | Commitments Guarantees and Loans [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 137,745 | 134,456 | |
Advanced [Member] | Securities Financing Transactions [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 12,075 | 13,834 | |
Advanced [Member] | Equity Investments [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 47,899 | 61,892 | |
Advanced [Member] | Other [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 87,466 | 78,266 | |
Advanced [Member] | Regulatory VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 24,536 | 8,933 | |
Advanced [Member] | Stressed VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 45,143 | 30,911 | |
Advanced [Member] | Incremental Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 3,687 | 4,308 | |
Advanced [Member] | Comprehensive Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 1,386 | 1,191 | |
Advanced [Member] | Specific Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | $ 17,565 | $ 19,043 |
Regulation and Capital Adequ_11
Regulation and Capital Adequacy - Changes in Risk-weighted Assets (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Standardized Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-Weighted Assets, Beginning balance | $ 563,575 | $ 547,910 |
Change in Credit RWAs | (28,284) | 25,649 |
Change in Market RWAs | 27,818 | (9,984) |
Risk-Weighted Assets, end of period | 563,109 | 563,575 |
Standardized Capital Rules [Member] | Derivatives [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (3,060) | (1,605) |
Standardized Capital Rules [Member] | Commitments Guarantees and Loans [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (10,855) | 19,435 |
Standardized Capital Rules [Member] | Securities Financing Transactions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (2,617) | (496) |
Standardized Capital Rules [Member] | Equity Investments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (11,352) | 3,251 |
Standardized Capital Rules [Member] | Other [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (400) | 5,064 |
Standardized Capital Rules [Member] | Regulatory VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 15,603 | 1,151 |
Standardized Capital Rules [Member] | Stressed VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 14,232 | 2,959 |
Standardized Capital Rules [Member] | Incremental Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (621) | (6,161) |
Standardized Capital Rules [Member] | Comprehensive Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 82 | (1,377) |
Standardized Capital Rules [Member] | Specific Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (1,478) | (6,556) |
Advanced Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-Weighted Assets, Beginning balance | 544,653 | 558,111 |
Change in Credit RWAs | 42,448 | (7,672) |
Change in Market RWAs | 27,931 | (10,186) |
Change in operational risk | 13,337 | 4,400 |
Risk-Weighted Assets, end of period | 628,369 | 544,653 |
Advanced Capital [Member] | Derivatives [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 45,711 | (9,670) |
Advanced Capital [Member] | Commitments Guarantees and Loans [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 3,289 | (8,900) |
Advanced Capital [Member] | Securities Financing Transactions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (1,759) | (4,425) |
Advanced Capital [Member] | Equity Investments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (13,993) | 6,738 |
Advanced Capital [Member] | Other [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 9,200 | 8,585 |
Advanced Capital [Member] | Regulatory VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 15,603 | 1,151 |
Advanced Capital [Member] | Stressed VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 14,232 | 2,959 |
Advanced Capital [Member] | Incremental Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (621) | (6,161) |
Advanced Capital [Member] | Comprehensive Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 195 | (1,579) |
Advanced Capital [Member] | Specific Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | $ (1,478) | $ (6,556) |
Regulation and Capital Adequ_12
Regulation and Capital Adequacy - Risk-based Capital and Leverage Ratios and "Well-capitalized" Requirements (Detail) | Jun. 30, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Required CET1 ratio applicable to advanced approach banking institutions | 9.50% |
GS Bank USA [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Required CET1 ratio applicable to advanced approach banking institutions | 7.00% |
Required Tier 1 capital ratio applicable to advanced approach banking institutions | 8.50% |
Required Total capital ratio applicable to advanced approach banking institutions | 10.50% |
Required Tier 1 leverage ratio applicable to advanced approach banking institutions | 4.00% |
SLR | 3.00% |
Well-capitalized minimum CET1 ratio | 6.50% |
Well-capitalized minimum Tier 1 capital ratio | 8 |
Well-capitalized minimum total capital ratio | 10 |
Well-capitalized minimum Tier 1 leverage ratio | 5 |
Well-capitalized minimum SLR | 6.00% |
Earnings Per Common Share - Ear
Earnings Per Common Share - Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net earnings to common | $ 197 | $ 2,198 | $ 1,320 | $ 4,380 |
Weighted average basic shares | 355.7 | 374.5 | 356.8 | 377.1 |
Effect of dilutive: | ||||
RSUs | 0 | 3.5 | 0 | 3.1 |
Weighted average diluted shares | 355.7 | 378 | 356.8 | 380.2 |
Basic EPS | $ 0.53 | $ 5.86 | $ 3.66 | $ 11.59 |
Diluted EPS | $ 0.53 | $ 5.81 | $ 3.66 | $ 11.52 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings per common share | ||||
Reduction per common share due to impact of applying the amended principles to basic earnings per common share | $ 0.02 | $ 0.01 | $ 0.04 | $ 0.02 |
Number of antidilutive RSUs | 7.5 | 0.1 | 7.5 | 0.1 |
Transactions with Affiliated _3
Transactions with Affiliated Funds - Fees Earned from Affiliated Funds (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Transactions With Affiliated Funds [Abstract] | ||||
Fees earned from funds | $ 804 | $ 736 | $ 1,725 | $ 1,442 |
Transactions with Affiliated _4
Transactions with Affiliated Funds - Fees Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Transactions With Affiliated Funds [Abstract] | ||
Fees receivable from funds | $ 941 | $ 780 |
Aggregate carrying value of interests in funds | $ 4,226 | $ 5,490 |
Transactions with Affiliated _5
Transactions with Affiliated Funds - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | |
Transactions With Affiliated Funds [Abstract] | |||||
Management fees waived | $ 19 | $ 11 | $ 31 | $ 21 | |
Fair value of certificates of deposit and commercial paper purchased | $ 1,060 | $ 1,060 | $ 1,840 |
Interest Income and Interest _3
Interest Income and Interest Expense - Interest Income and Interest Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest income and expense | ||||
Deposits with banks | $ 18 | $ 317 | $ 223 | $ 694 |
Collateralized agreements | (16) | 1,301 | 518 | 2,605 |
Trading assets | 1,257 | 1,530 | 2,830 | 2,918 |
Investments | 321 | 317 | 792 | 712 |
Loans | 1,222 | 1,377 | 2,538 | 2,696 |
Other interest | 232 | 918 | 883 | 1,732 |
Total interest income | 3,034 | 5,760 | 7,784 | 11,357 |
Deposits | 659 | 887 | 1,477 | 1,744 |
Collateralized financings | 72 | 751 | 520 | 1,420 |
Trading liabilities | 272 | 315 | 586 | 681 |
Short-term borrowings | 158 | 168 | 299 | 310 |
Long-term borrowings | 1,131 | 1,414 | 2,236 | 2,798 |
Other interest | (202) | 1,154 | 409 | 2,115 |
Total interest expense | 2,090 | 4,689 | 5,527 | 9,068 |
Net interest income | $ 944 | $ 1,071 | $ 2,257 | $ 2,289 |
Income Taxes - Earliest Tax Yea
Income Taxes - Earliest Tax Years Subject to Examination by Major Jurisdiction (Detail) | 6 Months Ended |
Jun. 30, 2020 | |
U.S. Federal [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2011 |
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2011 |
State and Local Jurisdiction [Member] | New York City Division Of Taxation And Finance [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2015 |
United Kingdom [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2017 |
Japan [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2015 |
Hong Kong [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2014 |
Business Segments - Segment Ope
Business Segments - Segment Operating Results (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Non-interest revenues | $ 12,351 | $ 8,390 | $ 19,781 | $ 15,979 |
Net interest income | 944 | 1,071 | 2,257 | 2,289 |
Total net revenues | 13,295 | 9,461 | 22,038 | 18,268 |
Provision for credit losses | 1,590 | 214 | 2,527 | 438 |
Operating expenses | 10,414 | 6,120 | 16,872 | 11,984 |
Pre-tax earnings/(loss) | 1,291 | 3,127 | 2,639 | 5,846 |
Net earnings/(loss) | 373 | 2,421 | 1,586 | 4,672 |
Net earnings/(loss) to common | 197 | 2,198 | 1,320 | 4,380 |
Average common equity | $ 80,599 | $ 79,068 | $ 79,753 | $ 78,700 |
Return on average common equity | 1.00% | 11.10% | 3.30% | 11.10% |
Investment Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest revenues | $ 2,664 | $ 1,832 | $ 4,710 | $ 3,459 |
Net interest income | (7) | 116 | 131 | 235 |
Total net revenues | 2,657 | 1,948 | 4,841 | 3,694 |
Provision for credit losses | 819 | 81 | 1,441 | 167 |
Operating expenses | 2,704 | 1,050 | 3,873 | 2,055 |
Pre-tax earnings/(loss) | (866) | 817 | (473) | 1,472 |
Net earnings/(loss) | (639) | 634 | (285) | 1,177 |
Net earnings/(loss) to common | (662) | 606 | (319) | 1,141 |
Average common equity | $ 11,070 | $ 11,628 | $ 11,141 | $ 10,868 |
Return on average common equity | (23.90%) | 20.80% | (5.70%) | 21.00% |
Global Markets [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest revenues | $ 6,547 | $ 3,233 | $ 11,199 | $ 6,716 |
Net interest income | 629 | 483 | 1,140 | 1,040 |
Total net revenues | 7,176 | 3,716 | 12,339 | 7,756 |
Provision for credit losses | 183 | (4) | 251 | (1) |
Operating expenses | 5,179 | 2,685 | 8,026 | 5,433 |
Pre-tax earnings/(loss) | 1,814 | 1,035 | 4,062 | 2,324 |
Net earnings/(loss) | 419 | 790 | 2,442 | 1,858 |
Net earnings/(loss) to common | 305 | 640 | 2,269 | 1,660 |
Average common equity | $ 42,702 | $ 39,835 | $ 40,970 | $ 40,899 |
Return on average common equity | 2.90% | 6.40% | 11.10% | 8.10% |
Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest revenues | $ 2,176 | $ 2,473 | $ 1,909 | $ 4,119 |
Net interest income | (75) | 75 | 96 | 222 |
Total net revenues | 2,101 | 2,548 | 2,005 | 4,341 |
Provision for credit losses | 271 | 60 | 350 | 73 |
Operating expenses | 1,332 | 1,247 | 2,530 | 2,350 |
Pre-tax earnings/(loss) | 498 | 1,241 | (875) | 1,918 |
Net earnings/(loss) | 710 | 972 | (526) | 1,531 |
Net earnings/(loss) to common | 684 | 940 | (566) | 1,489 |
Average common equity | $ 19,322 | $ 21,706 | $ 20,371 | $ 21,046 |
Return on average common equity | 14.20% | 17.30% | (5.60%) | 14.10% |
Consumer & Wealth Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest revenues | $ 964 | $ 852 | $ 1,963 | $ 1,685 |
Net interest income | 397 | 397 | 890 | 792 |
Total net revenues | 1,361 | 1,249 | 2,853 | 2,477 |
Provision for credit losses | 317 | 77 | 485 | 199 |
Operating expenses | 1,199 | 1,138 | 2,443 | 2,146 |
Pre-tax earnings/(loss) | (155) | 34 | (75) | 132 |
Net earnings/(loss) | (117) | 25 | (45) | 106 |
Net earnings/(loss) to common | (130) | 12 | (64) | 90 |
Average common equity | $ 7,505 | $ 5,899 | $ 7,271 | $ 5,887 |
Return on average common equity | (6.90%) | 0.80% | (1.80%) | 3.10% |
Business Segments - Segment O_2
Business Segments - Segment Operating Results (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Product Liability Contingency [Line Items] | ||
Net provisions for litigations and regulatory proceedings | $ 2,960 | $ 3,140 |
Business Segments - Depreciatio
Business Segments - Depreciation and Amortization (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Total | $ 499 | $ 399 | $ 936 | $ 767 |
Investment Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total | 43 | 31 | 82 | 60 |
Global Markets [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total | 147 | 160 | 280 | 307 |
Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total | 213 | 146 | 383 | 283 |
Consumer & Wealth Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total | $ 96 | $ 62 | $ 191 | $ 117 |
Business Segments - Assets by S
Business Segments - Assets by Segment (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | |||
Total | $ 1,141,523 | $ 1,089,756 | $ 992,968 |
Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Total | 142,504 | 92,009 | |
Global Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total | 800,649 | 725,060 | |
Asset Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Total | 98,104 | 92,102 | |
Consumer & Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Total | $ 100,266 | $ 83,797 |
Business Segments - Summary of
Business Segments - Summary of Gross Loans by Segment and Loan (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Loans | $ 120,995 | $ 110,345 |
Investment Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 40,113 | 27,035 |
Global Markets [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 28,696 | 31,279 |
Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 17,210 | 17,486 |
Consumer & Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 34,976 | 34,545 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 59,393 | 46,307 |
Corporate [Member] | Investment Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 40,113 | 27,035 |
Corporate [Member] | Global Markets [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 11,336 | 11,852 |
Corporate [Member] | Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 7,944 | 7,420 |
Real Estate [Member] | Global Markets [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 13,276 | 15,671 |
Real Estate [Member] | Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 8,558 | 9,030 |
Other Loans [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 4,792 | 4,792 |
Other Loans [Member] | Global Markets [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 4,084 | 3,756 |
Other Loans [Member] | Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 708 | 1,036 |
Wealth Management [Member] | Consumer & Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 28,228 | 27,940 |
Installment [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 4,466 | 4,747 |
Installment [Member] | Consumer & Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 4,466 | 4,747 |
Credit Card Receivable [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 2,282 | 1,858 |
Credit Card Receivable [Member] | Consumer & Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | $ 2,282 | $ 1,858 |
Business Segments - Summary o_2
Business Segments - Summary of Allowance for Loan Losses (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | |||
Allowance for loan losses by segments | $ 3,901 | $ 1,441 | $ 1,066 |
Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Allowance for loan losses by segments | 1,606 | 470 | |
Global Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Allowance for loan losses by segments | 415 | 168 | |
Asset Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Allowance for loan losses by segments | 713 | 385 | |
Consumer & Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Allowance for loan losses by segments | $ 1,167 | $ 418 |
Business Segments - Total Net R
Business Segments - Total Net Revenues and Pre-Tax Earnings By Geographic Region (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 13,295 | $ 9,461 | $ 22,038 | $ 18,268 |
Pre-tax earnings | $ 1,291 | $ 3,127 | $ 2,639 | $ 5,846 |
Percentage of total net revenues | 100.00% | 100.00% | 100.00% | 100.00% |
Percentage of total pre-tax earnings | 100.00% | 100.00% | 100.00% | 100.00% |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 8,289 | $ 5,652 | $ 13,460 | $ 10,897 |
Pre-tax earnings | $ 1,853 | $ 1,792 | $ 2,404 | $ 3,280 |
Percentage of total net revenues | 62.00% | 60.00% | 61.00% | 60.00% |
Percentage of total pre-tax earnings | 143.00% | 57.00% | 91.00% | 56.00% |
Europe, Middle East and Africa [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 3,453 | $ 2,689 | $ 5,561 | $ 5,148 |
Pre-tax earnings | $ 566 | $ 996 | $ 1,002 | $ 1,907 |
Percentage of total net revenues | 26.00% | 28.00% | 25.00% | 28.00% |
Percentage of total pre-tax earnings | 44.00% | 32.00% | 38.00% | 33.00% |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 1,553 | $ 1,120 | $ 3,017 | $ 2,223 |
Pre-tax earnings | $ (1,128) | $ 339 | $ (767) | $ 659 |
Percentage of total net revenues | 12.00% | 12.00% | 14.00% | 12.00% |
Percentage of total pre-tax earnings | (87.00%) | 11.00% | (29.00%) | 11.00% |
Credit Concentrations - Credit
Credit Concentrations - Credit Concentration, Government and Federal Agency Obligations (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
U.S. Government and Agency Obligations Held By The Firm [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 190,112 | $ 167,097 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 16.70% | 16.80% |
Non-U.S. Government and Agency Obligations Held By The Firm [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 55,917 | $ 44,875 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 4.90% | 4.50% |
Credit Concentrations - Additio
Credit Concentrations - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Concentration Risk [Line Items] | ||
Cash deposits held at central banks | $ 94,690 | $ 96,970 |
GS Bank USA [Member] | ||
Concentration Risk [Line Items] | ||
Cash deposits held at the Federal Reserve Bank of New York | $ 43,340 | $ 50,550 |
Credit Concentrations - Credi_2
Credit Concentrations - Credit Concentration, Resale Agreements and Securities Borrowed (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
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 | $ 60,396 | $ 49,396 |
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 | $ 90,889 | $ 55,889 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) $ in Millions, $ in Millions | Jul. 24, 2020USD ($) | Jun. 30, 2020USD ($)shares | Jun. 30, 2020CAD ($)shares |
Other Commitments [Line Items] | |||
Estimated aggregate amount of reasonably possible losses for legal proceedings | $ 900 | ||
Mortgage Related Matters [Member] | |||
Other Commitments [Line Items] | |||
Face amount of securitizations claimed for repurchase | 1,700 | ||
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 | 5,334,897 | 5,334,897 | |
Aggregate value underwritten by GS&Co. and GS Canada | $ 453 | ||
Valeant Pharmaceuticals International Securities Litigation [Member] | June 2013 Senior Notes Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate principal amount of notes | 3,200 | ||
Valeant Pharmaceuticals International Securities Litigation [Member] | November 2013 Senior Notes Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate principal amount of notes | 900 | ||
Valeant Pharmaceuticals International Securities Litigation [Member] | June 2013 and November 2013 Senior Notes Offerings [Member] | Non-US [Member] | |||
Other Commitments [Line Items] | |||
Approximate principal amount of notes sold by GS&Co. and GS Canada | $ 14.2 | ||
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 | 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 | 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 | 1,760,000 | |
Aggregate value underwritten by GS&Co. | $ 185 | ||
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 | ||
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 | 138,890 | |
Aggregate value underwritten by GS&Co. | $ 139 | ||
Snap Inc. [Member] | March 2017 Initial Public Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 3,910 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 57,040,000 | 57,040,000 | |
Aggregate value underwritten by GS&Co. | $ 970 | ||
1Malaysia Development Berhad (1MDB) [Member] | Offerings of Debt Securities [Member] | |||
Other Commitments [Line Items] | |||
Amount of debt securities cited in connection with investigations, reviews and litigation | 6,500 | ||
The amount of criminal fines sought against the accused | 2,700 | ||
1Malaysia Development Berhad (1MDB) [Member] | Offerings of Debt Securities [Member] | Fees Received [Member] | |||
Other Commitments [Line Items] | |||
The amount of criminal fines sought against the accused | 600 | ||
1Malaysia Development Berhad (1MDB) [Member] | GS Offerings Of Debt Securities [Member] | Subsequent Event [Member] | |||
Other Commitments [Line Items] | |||
Agreement in principle to make a payment related to legal and regulatory proceedings | $ 2,500 | ||
1Malaysia Development Berhad (1MDB) [Member] | Guarantee Obligations [Member] | Subsequent Event [Member] | |||
Other Commitments [Line Items] | |||
Agreement in principle to extend a guarantee related to legal and regulatory proceedings | $ 1,400 | ||
Sea Limited [Member] | October 2017 Initial Public Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 989 | ||
American depository shares underwritten by GS Asia | shares | 28,026,721 | 28,026,721 | |
Aggregate value underwritten by GS Asia | $ 420 | ||
Altice USA Inc [Member] | June 2017 Initial Public Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 2,150 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 12,280,042 | 12,280,042 | |
Aggregate value underwritten by GS&Co. | $ 368 | ||
Camping World Holdings Inc Litigation [Member] | October 2016 Initial Public Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 261 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 4,267,214 | 4,267,214 | |
Aggregate value underwritten by GS&Co. | $ 94 | ||
Camping World Holdings Inc Litigation [Member] | May 2017 Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 303 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 4,557,286 | 4,557,286 | |
Aggregate value underwritten by GS&Co. | $ 126 | ||
Camping World Holdings Inc Litigation [Member] | October 2017 Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 310 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 3,525,348 | 3,525,348 | |
Aggregate value underwritten by GS&Co. | $ 143 | ||
Alnylam Pharmaceuticals Inc [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 805 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 2,576,000 | 2,576,000 | |
Aggregate value underwritten by GS&Co. | $ 322 | ||
Uber Technologies Inc [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 8,100 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 35,864,408 | 35,864,408 | |
Aggregate value underwritten by GS&Co. | $ 1,600 | ||
Venator Materials PLC Litigation [Member] | August 2017 Initial Public Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 522 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 6,351,347 | 6,351,347 | |
Aggregate value underwritten by GS&Co. | $ 127 | ||
Venator Materials PLC Litigation [Member] | December 2017 Secondary Equity Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 534 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 5,625,768 | 5,625,768 | |
Aggregate value underwritten by GS&Co. | $ 127 | ||
XP Inc Litigation [Member] | December 2019 Initial Public Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 2,300 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 19,326,218 | 19,326,218 | |
Aggregate value underwritten by GS&Co. | $ 522 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ in Millions | Jul. 24, 2020 | Jun. 30, 2020 | Jun. 30, 2020 |
Subsequent Event [Line Items] | |||
Additional provision for litigation and regulatory proceedings | $ 2,010 | ||
Net provisions for litigations and regulatory proceedings | $ 2,960 | $ 3,140 | |
Subsequent Event [Member] | GS Offerings Of Debt Securities [Member] | GS Malaysia Development Berhad [Member] | |||
Subsequent Event [Line Items] | |||
Agreement in principle to make a payment related to legal and regulatory proceedings | $ 2,500 | ||
Subsequent Event [Member] | Guarantee Obligations [Member] | GS Malaysia Development Berhad [Member] | |||
Subsequent Event [Line Items] | |||
Agreement in principle to extend a guarantee related to legal and regulatory proceedings | $ 1,400 |
Subsequent Event - Summary of C
Subsequent Event - Summary of Changes in Financial Information Due to Additional Provision (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Prior Period Adjustments [Line Items] | ||||
Pre-tax earnings | $ 1,291 | $ 3,127 | $ 2,639 | $ 5,846 |
Provision for taxes | 918 | 706 | 1,053 | 1,174 |
Net earnings | 373 | 2,421 | 1,586 | 4,672 |
Preferred stock dividends | 176 | 223 | 266 | 292 |
Net earnings applicable to common shareholders | $ 197 | $ 2,198 | $ 1,320 | $ 4,380 |
Earnings per common share, Basic | $ 0.53 | $ 5.86 | $ 3.66 | $ 11.59 |
Earnings per common share, Diluted | $ 0.53 | $ 5.81 | $ 3.66 | $ 11.52 |
Previously Reported [Member] | ||||
Prior Period Adjustments [Line Items] | ||||
Pre-tax earnings | $ 3,305 | |||
Provision for taxes | 882 | |||
Net earnings | 2,423 | |||
Preferred stock dividends | 176 | |||
Net earnings applicable to common shareholders | $ 2,247 | |||
Earnings per common share, Basic | $ 6.29 | |||
Earnings per common share, Diluted | $ 6.26 | |||
Change [Member] | ||||
Prior Period Adjustments [Line Items] | ||||
Pre-tax earnings | $ (2,014) | |||
Provision for taxes | 36 | |||
Net earnings | (2,050) | |||
Net earnings applicable to common shareholders | $ (2,050) | |||
Earnings per common share, Basic | $ (5.76) | |||
Earnings per common share, Diluted | $ (5.73) |