Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 22, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Period End Date | Jun. 30, 2022 | |
Entity Central Index Key | 0000886982 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | The 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 | 341,355,930 | |
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 | |
Document Quarterly Report | true | |
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 | |
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 F Medium Term Notes Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp. [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Medium-Term Notes | |
Trading Symbol | GS/31B | |
Security Exchange Name | NYSE | |
Series F Medium Term Notes Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp. [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Medium-Term Notes | |
Trading Symbol | GS/31X | |
Security Exchange Name | NYSE |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | ||||
Investment banking | $ 1,785 | $ 3,450 | $ 3,916 | $ 7,016 |
Investment management | 2,393 | 1,905 | 4,457 | 3,701 |
Commissions and fees | 1,073 | 833 | 2,084 | 1,906 |
Market making | 4,929 | 3,274 | 10,919 | 9,167 |
Other principal transactions | (50) | 4,297 | (140) | 8,191 |
Total non-interest revenues | 10,130 | 13,759 | 21,236 | 29,981 |
Interest income | 4,851 | 2,939 | 8,063 | 5,993 |
Interest expense | 3,117 | 1,310 | 4,502 | 2,882 |
Net interest income | 1,734 | 1,629 | 3,561 | 3,111 |
Total net revenues | 11,864 | 15,388 | 24,797 | 33,092 |
Provision for credit losses | 667 | (92) | 1,228 | (162) |
Operating expenses | ||||
Compensation and benefits | 3,695 | 5,263 | 7,778 | 11,306 |
Transaction based | 1,317 | 1,125 | 2,561 | 2,381 |
Market development | 235 | 115 | 397 | 195 |
Communications and technology | 444 | 371 | 868 | 746 |
Depreciation and amortization | 570 | 520 | 1,062 | 1,018 |
Occupancy | 259 | 241 | 510 | 488 |
Professional fees | 490 | 344 | 927 | 704 |
Other expenses | 643 | 661 | 1,266 | 1,239 |
Total operating expenses | 7,653 | 8,640 | 15,369 | 18,077 |
Pre-tax earnings | 3,544 | 6,840 | 8,200 | 15,177 |
Provision for taxes | 617 | 1,354 | 1,334 | 2,855 |
Net earnings | 2,927 | 5,486 | 6,866 | 12,322 |
Preferred stock dividends | 141 | 139 | 249 | 264 |
Net earnings applicable to common shareholders | $ 2,786 | $ 5,347 | $ 6,617 | $ 12,058 |
Earnings per common share | ||||
Basic | $ 7.81 | $ 15.22 | $ 18.67 | $ 34.06 |
Diluted | $ 7.73 | $ 15.02 | $ 18.47 | $ 33.64 |
Average common shares | ||||
Basic | 355 | 350.8 | 353.1 | 353.6 |
Diluted | 360.5 | 356 | 358.2 | 358.4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 2,927 | $ 5,486 | $ 6,866 | $ 12,322 |
Other comprehensive income/(loss) adjustments, net of tax: | ||||
Currency translation | (16) | (16) | (31) | (16) |
Debt valuation adjustment | 1,188 | 117 | 1,928 | 98 |
Pension and postretirement liabilities | (1) | 0 | 12 | 7 |
Available-for-sale securities | (441) | 84 | (1,795) | (544) |
Other comprehensive income/(loss) | 730 | 185 | 114 | (455) |
Comprehensive income | $ 3,657 | $ 5,671 | $ 6,980 | $ 11,867 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 288,606 | $ 261,036 |
Collateralized agreements: | ||
Securities purchased under agreements to resell (at fair value) | 239,017 | 205,703 |
Securities borrowed (includes $40,251 and $39,955 at fair value) | 208,667 | 178,771 |
Customer and other receivables (includes $26 and $42 at fair value) | 163,251 | 160,673 |
Trading assets (at fair value and includes $72,781 and $68,208 pledged as collateral) | 371,896 | 375,916 |
Investments (includes $77,933 and $83,427 at fair value, and $11,686 and $12,840 pledged as collateral) | 114,775 | 88,719 |
Loans (net of allowance of $4,562 and $3,573, and includes $9,492 and $10,769 at fair value) | 175,938 | 158,562 |
Other assets | 39,074 | 34,608 |
Total assets | 1,601,224 | 1,463,988 |
Liabilities and shareholders' equity | ||
Deposits (includes $31,335 and $35,425 at fair value) | 391,326 | 364,227 |
Collateralized financings: | ||
Securities sold under agreements to repurchase (at fair value) | 172,894 | 165,883 |
Securities loaned (includes $8,683 and $9,170 at fair value) | 38,254 | 46,505 |
Other secured financings (includes $15,781 and $17,074 at fair value) | 17,171 | 18,544 |
Customer and other payables | 279,984 | 251,931 |
Trading liabilities (at fair value) | 255,292 | 181,424 |
Unsecured short-term borrowings (includes $32,002 and $29,832 at fair value) | 57,615 | 46,955 |
Unsecured long-term borrowings (includes $62,238 and $52,390 at fair value) | 250,444 | 254,092 |
Other liabilities (includes $87 and $359 at fair value) | 20,373 | 24,501 |
Total liabilities | 1,483,353 | 1,354,062 |
Commitments, contingencies and guarantees | ||
Shareholders' equity | ||
Preferred stock; aggregate liquidation preference of $10,703 and $10,703 | 10,703 | 10,703 |
Common stock; 917,638,955 and 906,430,314 shares issued, and 341,963,005 and 333,573,254 shares outstanding | 9 | 9 |
Share-based awards | 5,245 | 4,211 |
Nonvoting common stock; no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 58,993 | 56,396 |
Retained earnings | 136,998 | 131,811 |
Accumulated other comprehensive loss | (1,954) | (2,068) |
Stock held in treasury, at cost; 575,675,952 and 572,857,062 shares | (92,123) | (91,136) |
Total shareholders' equity | 117,871 | 109,926 |
Total liabilities and shareholders' equity | $ 1,601,224 | $ 1,463,988 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Securities borrowed at fair value | $ 40,251 | $ 39,955 |
Customer and other receivables at fair value | 26 | 42 |
Trading assets, at fair value pledged as collateral | 72,781 | 68,208 |
Investment at fair value | 77,933 | 83,427 |
Investment at pledged collateral | 11,686 | 12,840 |
Net allowance of loan | 4,562 | 3,573 |
Loans receivable at fair value | 9,492 | 10,769 |
Deposits at fair value | 31,335 | 35,425 |
Securities loaned at fair value | 8,683 | 9,170 |
Other secured financings at fair value | 15,781 | 17,074 |
Unsecured short-term borrowings | 32,002 | 29,832 |
Unsecured long-term borrowings at fair value | 62,238 | 52,390 |
Other liabilities and accrued expenses at fair value | 87 | 359 |
Preferred stock, liquidation preference | $ 10,703 | $ 10,703 |
Common stock, shares issued | 917,638,955 | 906,430,314 |
Common stock, shares outstanding | 341,963,005 | 333,573,254 |
Treasury stock, shares | 575,675,952 | 572,857,062 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Share-Based Awards [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Stock Held in Treasury, at Cost [Member] |
Beginning balance at Dec. 31, 2020 | $ 11,203 | $ 9 | $ 3,468 | $ 55,679 | $ 112,947 | $ (1,434) | $ (85,940) | |
Repurchased | $ (3,700) | (3,700) | ||||||
Issued | 675 | 0 | ||||||
Redeemed | (2,675) | |||||||
Issuance and amortization of share-based awards | 1,978 | |||||||
Delivery of common stock underlying share-based awards | (1,604) | 1,653 | ||||||
Forfeiture of share-based awards | (83) | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (969) | |||||||
Issuance costs of redeemed preferred stock | 26 | |||||||
Net earnings | 12,322 | 12,322 | ||||||
Accretion of redeemable noncontrolling interests | (65) | |||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (889) | |||||||
Dividends declared on preferred stock | (223) | (223) | ||||||
Preferred stock redemption premium | (41) | |||||||
Other comprehensive income/(loss) | (455) | (455) | ||||||
Reissued | 10 | |||||||
Issuance of common stock in connection with acquisition | 0 | |||||||
Other | (3) | |||||||
Other | 1 | |||||||
Ending balance at Jun. 30, 2021 | 101,890 | 9,203 | 9 | 3,759 | 56,390 | 124,051 | (1,889) | (89,633) |
Beginning balance at Dec. 31, 2020 | 11,203 | 9 | 3,468 | 55,679 | 112,947 | (1,434) | (85,940) | |
Ending balance at Dec. 31, 2021 | 109,926 | 10,703 | 9 | 4,211 | 56,396 | 131,811 | (2,068) | (91,136) |
Beginning balance at Mar. 31, 2021 | 9,203 | 9 | 3,608 | 56,340 | 119,210 | (2,074) | (88,632) | |
Repurchased | (1,000) | (1,000) | ||||||
Issued | 675 | 0 | ||||||
Redeemed | (675) | |||||||
Issuance and amortization of share-based awards | 219 | |||||||
Delivery of common stock underlying share-based awards | (7) | 63 | ||||||
Forfeiture of share-based awards | (61) | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (32) | |||||||
Issuance costs of redeemed preferred stock | 19 | |||||||
Net earnings | 5,486 | 5,486 | ||||||
Accretion of redeemable noncontrolling interests | (65) | |||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (441) | |||||||
Dividends declared on preferred stock | (119) | (119) | ||||||
Preferred stock redemption premium | (20) | |||||||
Other comprehensive income/(loss) | 185 | 185 | ||||||
Reissued | 0 | |||||||
Issuance of common stock in connection with acquisition | 0 | |||||||
Other | (1) | |||||||
Other | 0 | |||||||
Ending balance at Jun. 30, 2021 | 101,890 | 9,203 | 9 | 3,759 | 56,390 | 124,051 | (1,889) | (89,633) |
Beginning balance at Dec. 31, 2021 | 109,926 | 10,703 | 9 | 4,211 | 56,396 | 131,811 | (2,068) | (91,136) |
Repurchased | (1,000) | (1,000) | ||||||
Issued | 0 | 0 | ||||||
Redeemed | 0 | |||||||
Issuance and amortization of share-based awards | 3,500 | |||||||
Delivery of common stock underlying share-based awards | (2,419) | 2,433 | ||||||
Forfeiture of share-based awards | (47) | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (1,564) | |||||||
Issuance costs of redeemed preferred stock | 0 | |||||||
Net earnings | 6,866 | 6,866 | ||||||
Accretion of redeemable noncontrolling interests | 0 | |||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (1,430) | |||||||
Dividends declared on preferred stock | (249) | (249) | ||||||
Preferred stock redemption premium | 0 | |||||||
Other comprehensive income/(loss) | 114 | 114 | ||||||
Reissued | 19 | |||||||
Issuance of common stock in connection with acquisition | 1,730 | |||||||
Other | (6) | |||||||
Other | (2) | |||||||
Ending balance at Jun. 30, 2022 | 117,871 | 10,703 | 9 | 5,245 | 58,993 | 136,998 | (1,954) | (92,123) |
Beginning balance at Mar. 31, 2022 | 10,703 | 9 | 4,965 | 58,938 | 134,931 | (2,684) | (91,623) | |
Repurchased | (500) | (500) | ||||||
Issued | 0 | 0 | ||||||
Redeemed | 0 | |||||||
Issuance and amortization of share-based awards | 390 | |||||||
Delivery of common stock underlying share-based awards | (78) | 92 | ||||||
Forfeiture of share-based awards | (32) | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (37) | |||||||
Issuance costs of redeemed preferred stock | 0 | |||||||
Net earnings | 2,927 | 2,927 | ||||||
Accretion of redeemable noncontrolling interests | 0 | |||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (719) | |||||||
Dividends declared on preferred stock | (141) | (141) | ||||||
Preferred stock redemption premium | 0 | |||||||
Other comprehensive income/(loss) | 730 | 730 | ||||||
Reissued | 1 | |||||||
Issuance of common stock in connection with acquisition | 0 | |||||||
Other | (1) | |||||||
Other | 0 | |||||||
Ending balance at Jun. 30, 2022 | $ 117,871 | $ 10,703 | $ 9 | $ 5,245 | $ 58,993 | $ 136,998 | $ (1,954) | $ (92,123) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net earnings | $ 6,866 | $ 12,322 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 1,062 | 1,018 |
Share-based compensation | 3,511 | 1,961 |
Provision for credit losses | 1,228 | (162) |
Changes in operating assets and liabilities: | ||
Customer and other receivables and payables, net | 25,150 | 7,272 |
Collateralized transactions (excluding other secured financings), net | (64,450) | (58,500) |
Trading assets | (18,694) | 17,387 |
Trading liabilities | 72,486 | 45,064 |
Loans held for sale, net | 3,044 | 435 |
Other, net | (14,681) | (11,513) |
Net cash provided by operating activities | 15,522 | 15,284 |
Cash flows from investing activities | ||
Purchase of property, leasehold improvements and equipment | (2,004) | (2,665) |
Proceeds from sales of property, leasehold improvements and equipment | 939 | 735 |
Net cash used for business acquisitions | (1,830) | 0 |
Purchase of investments | (36,502) | (19,716) |
Proceeds from sales and paydowns of investments | 4,964 | 23,569 |
Loans (excluding loans held for sale), net | (21,076) | (13,631) |
Net cash used for investing activities | (55,509) | (11,708) |
Cash flows from financing activities | ||
Unsecured short-term borrowings, net | 8,436 | 7,513 |
Other secured financings (short-term), net | 92 | 2,992 |
Proceeds from issuance of other secured financings (long-term) | 867 | 2,879 |
Repayment of other secured financings (long-term), including the current portion | (1,931) | (1,500) |
Proceeds from issuance of unsecured long-term borrowings | 53,603 | 52,897 |
Repayment of unsecured long-term borrowings, including the current portion | (23,781) | (23,136) |
Derivative contracts with a financing element, net | 1,336 | 302 |
Deposits, net | 32,806 | 46,334 |
Preferred stock redemption | 0 | (2,675) |
Common stock repurchased | (1,000) | (3,700) |
Settlement of share-based awards in satisfaction of withholding tax requirements | (1,568) | (970) |
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (1,672) | (1,111) |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 675 |
Other financing, net | 369 | 371 |
Net cash provided by financing activities | 67,557 | 80,871 |
Net increase in cash and cash equivalents | 27,570 | 84,447 |
Cash and cash equivalents, beginning balance | 261,036 | 155,842 |
Cash and cash equivalents, ending balance | 288,606 | 240,289 |
Supplemental disclosures: | ||
Cash payments for interest, net of capitalized interest | 3,738 | 3,023 |
Cash payments for income taxes, net | $ 1,600 | $ 3,299 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2022 | |
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 financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. The firm reports its activities in 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. The firm also provides transaction banking services to certain corporate clients. Global Markets The firm facilitates client transactions and makes markets in fixed income, equity, currency and commodity products with institutional clients, such as corporations, financial institutions, investment funds and governments. The firm also makes markets in and clears institutional client transactions on major stock, options and futures exchanges worldwide and provides prime brokerage and other equities financing activities, including securities lending, margin lending and swaps. The firm also provides financing to clients through securities purchased under agreements to resell (resale agreements), and through structured credit, warehouse and asset-backed lending. 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, accepts deposits and provides investing services through its consumer banking digital platform, Marcus by Goldman Sachs point-of-sale |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
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 2022, March 2022 and June 2021 refer to the firm’s periods ended, or the dates, as the context requires, June 30, 2022, March 31, 2022 and June 30, 2021, respectively. All references to December 2021 refer to the date December 31, 2021. Any reference to a future year refers to a year ending on December 31 of that year. Certain reclassifications have been made to previously reported amounts to conform to the current presentation. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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 accounting for income taxes. These estimates and assumptions are based on the best available information but actual results could be materially different. Revenue Recognition Financial Assets and Liabilities at Fair Value. Trading assets and liabilities and certain investments are carried at fair value either under the fair value option or in accordance with other U.S. GAAP. In addition, the firm has elected to account for certain of its loans and other financial assets and liabilities at fair value by electing the fair value option. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. Fair value gains or losses are generally included in market making or other principal transactions. See Note 4 for further information about fair value measurements. Revenue from Contracts with Clients. The firm recognizes revenue earned from contracts with clients for services, such as investment banking, investment management, and execution and clearing (contracts with clients), when the performance obligations related to the underlying transaction are completed. Revenues from contracts with clients represent approximately 45% of total non-interest 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 transaction based expenses. Client reimbursements for such expenses are included in investment banking revenues. Underwriting. Fees from underwriting assignments are recognized in revenues upon completion of the underlying transaction based on the terms of the assignment. Expenses associated with underwriting assignments are generally deferred until the related revenue is recognized or the assignment is otherwise concluded. Such expenses are included in transaction based expenses for completed assignments. Investment Management The firm earns management fees and incentive fees for investment management services, which are included in investment management revenues. The firm makes payments to brokers and advisors related to the placement of the firm’s investment funds (distribution fees), which are included in transaction based expenses. Management Fees. Management fees for mutual funds are calculated as a percentage of daily net asset value and are received monthly. Management fees for hedge funds and separately managed accounts are calculated as a percentage of month-end Distribution fees paid by the firm are calculated based on either a percentage of the management fee, the investment fund’s net asset value or the committed capital. Such fees are included in transaction based expenses. Incentive Fees. Incentive fees are calculated as a percentage of a fund’s or separately managed account’s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a twelve-month period or over the life of a fund. Fees that are based on performance over a twelve-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund. Incentive fees earned from a fund or separately managed account are recognized when it is probable that a significant reversal of such fees will not occur, which is generally when such fees are no longer subject to fluctuations in the market value of investments held by the fund or separately managed account. Therefore, incentive fees recognized during the period may relate to performance obligations satisfied in previous periods. Commissions and Fees The firm earns 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 2022, substantially all future net revenues associated with such remaining performance obligations will be recognized through 2029. Annual revenues associated with such performance obligations average less than $250 million through 2029. 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 $10.28 billion as of June 2022 and $10.14 billion as of December 2021. Cash and cash equivalents also included interest-bearing deposits with banks of $278.33 billion as of June 2022 and $250.90 billion as of December 2021. The firm segregates cash for regulatory and other purposes related to client activity. Cash and cash equivalents segregated for regulatory and other purposes were $26.86 billion as of June 2022 and $24.87 billion as of December 2021. 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 $94.44 billion as of June 2022 and $103.82 billion as of December 2021, and receivables from brokers, dealers and clearing organizations of $68.81 billion as of June 2022 and $56.85 billion as of December 2021. 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 2022 and December 2021. 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 $2.91 billion as of June 2022 and $3.01 billion as of December 2021. As of both June 2022 and December 2021 contract assets were not material. Customer and Other Payables Customer and other payables included payables to customers and counterparties of $259.48 billion as of June 2022 and $241.93 billion as of December 2021, and payables to brokers, dealers and clearing organizations of $20.50 billion as of June 2022 and $10.00 billion as of December 2021. 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 2022 and December 2021. 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 restricted stock units (RSUs) are generally charged to retained earnings. If RSUs that require future service are forfeited, the related dividend equivalents originally charged to retained earnings are reclassified to compensation expense in the period in which forfeiture occurs. The firm generally issues new shares of common stock upon delivery of share-based awards. In 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 Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). In March 2020, the FASB issued ASU No. 2020-04, No. 2021-01, Troubled Debt Restructurings and Vintage Disclosures (ASC 326). In March 2022, the FASB issued ASU No. 2022-02, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for Platform Users (SAB 121). In March 2022, the SEC staff issued SAB 121 (SAB 121) — “Accounting for obligations to safeguard crypto-assets an entity holds for platform users.” SAB 121 adds interpretive guidance requiring an entity to recognize a liability on its balance sheet to reflect the obligation to safeguard the crypto-assets held for its platform users, along with a corresponding asset. The firm adopted this guidance in June 2022 under a modified retrospective approach and adoption did not have a material impact on the firm’s consolidated financial statements. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASC 820). In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” This ASU clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring its fair value. In addition, the ASU requires specific disclosures related to equity securities that are subject to contractual sale restrictions. The ASU is effective in January 2024 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the firm’s consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
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 executable) and the relationship of recent market activity to the prices provided from alternative pricing sources. Valuation adjustments are typically made to level 2 instruments (i) if the instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence. Level 3. Level 3 instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales. Valuation techniques of level 3 instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 instrument are described below: Loans and Securities Backed by Commercial Real Estate Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single property or a portfolio of properties and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include: • Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices, such as the CMBX (an index that tracks the performance of commercial mortgage bonds); • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral and capitalization rates. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and • Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of any loan forbearances and other unobservable inputs (e.g., prepayment speeds). Loans and Securities Backed by Residential Real Estate Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: • Market yields implied by transactions of similar or related assets; • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines, related costs and subsequent recoveries; and • Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines. Corporate Debt Instruments Corporate debt instruments includes corporate loans, debt securities and convertible debentures. Significant inputs for corporate debt instruments are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same or similar issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices, such as the CDX (an index that tracks the performance of corporate credit); • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; • Duration; and • Market and transaction multiples for corporate debt instruments with convertibility or participation options. Equity Securities Equity securities consists of private equities. Recent third-party completed or pending transactions (e.g., merger proposals, debt restructurings, tender offers) are considered the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate: • Industry multiples (primarily EBITDA and revenue multiples) and public comparables; • Transactions in similar instruments; • Discounted cash flow techniques; and • Third-party appraisals. The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include: • Market and transaction multiples; • Discount rates and capitalization rates; and • For equity securities with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration. Other Trading Cash Instruments, Investments and Loans The significant inputs to the valuation of other instruments, such as non-U.S. 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 executable) and the relationship of recent market activity to the prices provided from alternative pricing sources. Level 3. Level 3 derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs. The significant unobservable inputs used to value the firm’s level 3 derivatives are described below. • For level 3 interest rate and currency derivatives, significant unobservable inputs include correlations of certain currencies and interest rates (e.g., the correlation between Euro inflation and Euro interest rates) and specific interest rate and currency volatilities. • For level 3 credit derivatives, significant unobservable inputs include illiquid credit spreads and upfront credit points, which are unique to specific reference obligations and reference entities, and recovery rates. • For level 3 commodity derivatives, significant unobservable inputs include volatilities for options with strike prices that differ significantly from current market prices and prices or spreads for certain products for which the product quality or physical location of the commodity is not aligned with benchmark indices. • For level 3 equity derivatives, significant unobservable inputs generally include equity volatility inputs for options that are long-dated and/or have strike prices that differ significantly from current market prices. In addition, the valuation of certain structured trades requires the use of level 3 correlation inputs, such as the correlation of the price performance of two or more individual stocks or the correlation of the price performance for a basket of stocks to another asset class, such as commodities. Subsequent to the initial valuation of a level 3 derivative, the firm updates the level 1 and level 2 inputs to reflect observable market changes and any resulting gains and losses are classified in level 3. Level 3 inputs are changed when corroborated by evidence, such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. See Note 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 resale and repurchase agreements; certain securities borrowed and loaned transactions; certain customer and other receivables, including certain margin loans; certain time deposits, including structured certificates of deposit, which are hybrid financial instruments; substantially all other secured financings, including transfers of assets accounted for as financings; certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; and certain other 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 and the fair value of the collateral delivered by the firm (determined using the amount and timing of expected future cash flows, market prices, market yields and recovery assumptions). See Note 11 for further information about other secured financings. Unsecured Short- and Long-Term Borrowings. The significant inputs to the valuation of unsecured short- and long-term borrowings are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm and commodity prices for prepaid commodity transactions. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 14 for further information about borrowings. Other 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 carried at fair value. As of $ in millions June 2022 March 2022 December Total level 1 financial assets $ 249,974 $ 263,891 $ Total level 2 financial assets 526,910 559,866 498,527 Total level 3 financial assets 28,884 25,373 24,083 Investments in funds at NAV 3,045 3,237 3,469 Counterparty and cash collateral netting (70,198 ) (69,043 ) (66,041 ) Total financial assets at fair value $ 738,615 $ 783,324 $ Total assets $1,601,224 $1,589,441 $1,463,988 Total level 3 financial assets divided by: Total assets 1.8% 1.6% 1.6% Total financial assets at fair value 3.9% 3.2% 3.4% Total level 1 financial liabilities $ 168,941 $ 145,098 $ Total level 2 financial liabilities 435,827 423,749 403,627 Total level 3 financial liabilities 24,470 29,598 29,169 Counterparty and cash collateral netting (50,926 ) (48,513 ) (51,269 ) Total financial liabilities at fair value $ 578,312 $ 549,932 $ Total liabilities $1,483,353 $1,474,202 $1,354,062 Total level 3 financial liabilities divided by: Total liabilities 1.6% 2.0% 2.2% Total financial liabilities at fair value 4.2% 5.4% 5.9% In the table above: • Counterparty netting among positions classified in the same level is included in that level. • Counterparty and cash collateral netting represents the impact on derivatives of netting across levels. The table below presents a summary of level 3 financial assets. As of $ in millions June March December Trading assets: Trading cash instruments $ 2,080 $ 1,921 $ 1,889 Derivatives 8,348 6,793 5,938 Investments 16,109 14,168 13,902 Loans 2,347 2,491 2,354 Total $28,884 $25,373 $24,083 Level 3 financial assets as of June 2022 increased compared with both March 2022 and December 2021, primarily reflecting an increase in level 3 investments and derivatives. 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, 2022 | |
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 carried at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are generally recognized in the consolidated statements of earnings. The table below presents a summary of trading assets and liabilities. $ in millions Trading Assets Trading Liabilities As of June 2022 Trading cash instruments $295,582 $191,513 Derivatives 76,314 63,779 Total $371,896 $255,292 As of December 2021 Trading cash instruments $311,956 $129,471 Derivatives 63,960 51,953 Total $375,916 $181,424 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 Ended June Six Months Ended June $ in millions 2022 2021 2022 2021 Interest rates $(2,787 ) $ 920 $ (4,662 ) $ (323 ) Credit 948 310 1,666 1,162 Currencies 4,087 (108 ) 8,228 2,742 Equities 2,557 1,540 4,600 4,318 Commodities 124 612 1,087 1,268 Total $ 4,929 $3,274 $10,919 $9,167 In the table above: • Gains/(losses) include both realized and unrealized gains and losses. Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense. • Gains/(losses) included in market making are primarily related to the firm’s trading assets and liabilities, including both derivative and non-derivative • 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, 2022 | |
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 carried 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 2022 Assets Government and agency obligations: U.S. $ 70,402 $ 21,535 $ – $ 91,937 Non-U.S. 45,174 12,916 137 58,227 Loans and securities backed by: Commercial real estate – 1,367 74 1,441 Residential real estate – 11,166 110 11,276 Corporate debt instruments 288 32,167 1,440 33,895 State and municipal obligations – 194 32 226 Other debt obligations 25 2,827 123 2,975 Equity securities 84,100 2,378 160 86,638 Commodities – 8,963 4 8,967 Total $ 199,989 $ 93,513 $2,080 $ 295,582 Liabilities Government and agency obligations: U.S. $ (29,183 ) $ (362 ) $ – $ (29,545 ) Non-U.S. (40,570 ) (2,846 ) – (43,416 ) Loans and securities backed by: Commercial real estate – (30 ) (1 ) (31 ) Residential real estate – (11 ) – (11 ) Corporate debt instruments (12 ) (18,530 ) (140 ) (18,682 ) Other debt obligations – (114 ) – (114 ) Equity securities (99,148 ) (523 ) (41 ) (99,712 ) Commodities – (2 ) – (2 ) Total $(168,913 ) $ (22,418 ) $ (182 ) $(191,513 ) As of December 2021 Assets Government and agency obligations: U.S. $ $ 27,427 $ $ Non-U.S. 35,284 13,511 19 48,814 Loans and securities backed by: Commercial real estate – 1,717 137 1,854 Residential real estate – 13,083 152 13,235 Corporate debt instruments 590 36,874 1,318 38,782 State and municipal obligations – 568 36 604 Other debt obligations 69 1,564 66 1,699 Equity securities 105,233 2,958 156 108,347 Commodities – 7,801 5 7,806 Total $ $105,503 $1,889 $ Liabilities Government and agency obligations: U.S. $ ) $ (25 ) $ $ ) Non-U.S. (39,983 ) (2,602 ) – (42,585 ) Loans and securities backed by: Commercial real estate – (40 ) (2 ) (42 ) Residential real estate – (5 ) – (5 ) Corporate debt instruments (23 ) (15,781 ) (71 ) (15,875 ) Equity securities (48,991 ) (915 ) (31 ) (49,937 ) Total $ ) $ (19,368 ) $ (104 ) $ ) 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. • Other debt obligations includes other asset-backed securities and money market instruments. • Equity securities includes public equities and exchange-traded funds. See Note 4 for an overview of the firm’s fair value measurement policies and the valuation techniques and significant inputs used to determine the fair value of trading cash instruments. See Note 7 for information about hedging activities for precious metals included in commodities and accounted for at the lower of cost or net realizable value. These precious metals are designated in a fair value hedging relationship, and therefore their carrying value equals fair value. Significant Unobservable Inputs The table below presents the amount of level 3 As of June 2022 As of December 2021 $ in millions Amount or Range Weighted Amount or Range Weighted Loans and securities backed by commercial real estate Level 3 assets $74 $137 Yield 4.4% to 30.0% 16.5% 2.8% to 28.5% 12.3% Recovery rate 6.5% to 78.6% 50.2% 5.1% to 86.5% 55.0% Duration (years) 0.8 to 3.5 1.8 0.1 to 4.3 1.8 Loans and securities backed by residential real estate Level 3 assets $110 $152 Yield 2.1% to 24.2% 8.8% 0.4% to 26.6% 7.0% Cumulative loss rate 0.2% to 30.7% 7.4% 0.1% to 43.4% 17.7% Duration (years) 0.2 to 11.6 6.0 1.2 to 17.2 6.5 Corporate debt instruments Level 3 assets $1,440 $1,318 Yield 1.9% to 29.2% 9.1% 0.0% to 18.0% 7.1% Recovery rate 9.0% to 69.7% 51.0% 9.0% to 69.9% 52.0% Duration (years) 0.8 to 21.6 4.8 2.0 to 28.5 4.5 Other Level 3 assets $456 $282 Yield 1.7% to 36.5% 13.9% 1.1% to 44.8% 9.4% Multiples 0.7x to 5.0x 4.3x N/A N/A Duration (years) 1.1 to 11.0 5.1 0.9 to 5.2 2.4 In the table above: • Other includes government and agency obligations, state and municipal obligations, other debt obligations, equity securities and commodities. • Ranges represent the significant unobservable inputs that were used in the valuation of each type of trading cash instrument. • Weighted averages are calculated by weighting each input by the relative fair value of the trading cash instruments. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one trading cash instrument. For example, the highest recovery rate for corporate debt instruments is appropriate for valuing a specific corporate debt instrument, but may not be appropriate for valuing any other corporate debt instrument. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 trading cash instruments. • Increases in yield, duration or cumulative loss rate used in the valuation of level 3 trading cash instruments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both June 2022 and December 2021. 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. • In other, the significant unobservable inputs for multiples as of December 2021 did not have a range (and there was no weighted average) as they pertained to a single position. Therefore, such unobservable inputs are not included in the table above. 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 2022 2021 2022 2021 Total trading cash instrument assets Beginning balance $1,921 $1,373 $1,889 $1,237 Net realized gains/(losses) 27 23 44 42 Net unrealized gains/(losses) (76 ) 10 (1,422 ) 16 Purchases 374 275 1,225 647 Sales (270 ) (284 ) (554 ) (401 ) Settlements (124 ) (100 ) (262 ) (208 ) Transfers into level 3 434 148 1,400 181 Transfers out of level 3 (206 ) (141 ) (240 ) (210 ) Ending balance $2,080 $1,304 $2,080 $1,304 Total trading cash instrument liabilities Beginning balance $ ) $ (106 ) $ ) $ (80 ) Net realized gains/(losses) (13 ) 2 (12 ) 4 Net unrealized gains/(losses) (24 ) (2 ) (39 ) – Purchases 72 35 152 28 Sales (88 ) (27 ) (138 ) (39 ) Settlements 2 20 3 10 Transfers into level 3 (50 ) (5 ) (56 ) (4 ) Transfers out of level 3 11 5 12 3 Ending balance $ ) $ (78 ) $ ) $ (78 ) 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 Ended June $ in millions 2022 2021 2022 2021 Loans and securities backed by commercial real estate Beginning balance $ 76 $ 115 $ 137 $ 203 Net realized gains/(losses) 1 2 1 5 Net unrealized gains/(losses) (2 ) (3 ) (2 ) (9 ) Purchases 2 10 26 7 Sales (8 ) (13 ) (52 ) (37 ) Settlements (5 ) (5 ) (8 ) (13 ) Transfers into level 3 20 5 4 19 Transfers out of level 3 (10 ) (15 ) (32 ) (79 ) Ending balance $ 74 $ 96 $ 74 $ 96 Loans and securities backed by residential real estate Beginning balance $ 78 $ 204 $ 152 $ 131 Net realized gains/(losses) 2 4 6 8 Net unrealized gains/(losses) (3 ) 9 (4 ) 10 Purchases 6 4 27 21 Sales (11 ) (76 ) (53 ) (42 ) Settlements (7 ) (7 ) (13 ) (9 ) Transfers into level 3 57 12 22 31 Transfers out of level 3 (12 ) (20 ) (27 ) (20 ) Ending balance $ 110 $ 130 $ 110 $ 130 Corporate debt instruments Beginning balance $1,435 $ 918 $ 1,318 $ 797 Net realized gains/(losses) 24 12 49 26 Net unrealized gains/(losses) (90 ) 3 (72 ) 20 Purchases 197 215 382 554 Sales (105 ) (164 ) (316 ) (287 ) Settlements (106 ) (77 ) (221 ) (151 ) Transfers into level 3 249 65 453 35 Transfers out of level 3 (164 ) (81 ) (153 ) (103 ) Ending balance $1,440 $ 891 $ 1,440 $ 891 Other Beginning balance $ 332 $ 136 $ 282 $ 106 Net realized gains/(losses) – 5 (12 ) 3 Net unrealized gains/(losses) 19 1 (1,344 ) (5 ) Purchases 169 46 790 65 Sales (146 ) (31 ) (133 ) (35 ) Settlements (6 ) (11 ) (20 ) (35 ) Transfers into level 3 108 66 921 96 Transfers out of level 3 (20 ) (25 ) (28 ) (8 ) Ending balance $ 456 $ 187 $ 456 $ 187 In the table above, other includes government and agency obligations, state and municipal obligations, other debt obligations, equity securities and commodities. Level 3 Rollforward Commentary Three Months Ended June 2022. The net realized and unrealized losses on level 3 trading cash instrument assets of $49 million (reflecting $27 million of net realized gains and $76 million of net unrealized losses) for the three months ended June 2022 included gains/(losses) of $(74) million reported in market making and $25 million reported in interest income. The drivers of net unrealized losses on level 3 trading cash instrument assets for the three months ended June 2022 were not material. Transfers into level 3 trading cash instrument assets during the three months ended June 2022 primarily reflected transfers of certain corporate debt instruments and other debt obligations (included in other cash instruments) from level 2 (in each case, 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 instruments assets during the three months ended June 2022 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 2022. The net realized and unrealized losses on level 3 trading cash instrument assets of $1.38 billion (reflecting $44 million of net realized gains and $1.42 billion of net unrealized losses) for the six months ended June 2022 included gains/(losses) of $(1.42) billion reported in market making and $46 million reported in interest income. The net unrealized losses on level 3 trading cash instrument assets for the six months ended June 2022 primarily reflected losses on certain equity securities (included in other cash instruments), principally driven by broad macroeconomic and geopolitical concerns. Transfers into level 3 trading cash instrument assets during the six months ended June 2022 primarily reflected transfers of certain equity securities (included in other cash instruments) and corporate debt instruments from both level 1 and level 2 (in each case, 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 2022 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). Three Months Ended June 2021. The net realized and unrealized gains on level 3 trading cash instrument assets of $33 million (reflecting $23 million of net realized gains and $10 million of net unrealized gains) for the three months ended June 2021 included gains/(losses) of $(2) million reported in market making and $35 million reported in interest income. The drivers of net unrealized gains on level 3 trading cash instrument assets for the three months ended June 2021 were not material. The drivers of transfers into level 3 trading cash instrument assets during the three months ended June 2021 were not material. The drivers of transfers out of level 3 trading cash instrument assets during the three months ended June 2021 were not material. Six Months Ended June 2021. The net realized and unrealized gains on level 3 trading cash instrument assets of $58 million (reflecting $42 million of net realized gains and $16 million of net unrealized gains) for the six months ended June 2021 included gains/(losses) of $(10) million reported in market making and $68 million reported in interest income. The drivers of net unrealized gains on level 3 trading cash instrument assets for the six months ended June 2021 were not material. The drivers of transfers into level 3 trading cash instrument assets during the six months ended June 2021 were not material. Transfers out of level 3 trading cash instrument assets during the six months ended June 2021 primarily reflected transfers of certain corporate debt instruments and loans and securities backed by commercial real estate to level 2 (in each case, 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, 2022 | |
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 available-for-sale 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 2022 As of December 2021 $ in millions Derivative Derivative Derivative Derivative Not accounted for as hedges Exchange-traded $ 1,087 $ 1,424 $ 256 $ 557 OTC-cleared 41,053 40,041 13,795 12,692 Bilateral OTC 193,273 166,941 232,595 205,073 Total interest rates 235,413 208,406 246,646 218,322 OTC-cleared 1,317 1,432 3,665 4,053 Bilateral OTC 15,534 13,927 12,591 11,702 Total credit 16,851 15,359 16,256 15,755 Exchange-traded 94 45 417 10 OTC-cleared 933 587 423 338 Bilateral OTC 117,437 118,184 86,076 85,795 Total currencies 118,464 118,816 86,916 86,143 Exchange-traded 15,609 15,494 6,534 6,189 OTC-cleared 871 971 652 373 Bilateral OTC 49,924 38,894 28,359 25,969 Total commodities 66,404 55,359 35,545 32,531 Exchange-traded 29,992 32,662 33,840 35,518 OTC-cleared 12 14 8 5 Bilateral OTC 34,746 40,475 39,718 44,750 Total equities 64,750 73,151 73,566 80,273 Subtotal 501,882 471,091 458,929 433,024 Accounted for as hedges OTC-cleared 2 58 1 – Bilateral OTC 519 9 945 – Total interest rates 521 67 946 – OTC-cleared 41 3 34 27 Bilateral OTC 579 55 60 139 Total currencies 620 58 94 166 Subtotal 1,141 125 1,040 166 Total gross fair value $ 503,023 $ 471,216 $ 459,969 $ 433,190 Offset in the consolidated balance sheets Exchange-traded $ (40,580 ) $ (40,580 ) $ (35,724 ) $ (35,724 ) OTC-cleared (42,280 ) (42,280 ) (16,979 ) (16,979 ) Bilateral OTC (277,167 ) (277,167 ) (279,189 ) (279,189 ) Counterparty netting (360,027 ) (360,027 ) (331,892 ) (331,892 ) OTC-cleared (1,147 ) (108 ) (1,033 ) (361 ) Bilateral OTC (65,535 ) (47,302 ) (63,084 ) (48,984 ) Cash collateral netting (66,682 ) (47,410 ) (64,117 ) (49,345 ) Total amounts offset $(426,709 ) $(407,437 ) $(396,009 ) $(381,237 ) Included in the consolidated balance sheets Exchange-traded $ 6,202 $ 9,045 $ 5,323 $ 6,550 OTC-cleared 802 718 566 148 Bilateral OTC 69,310 54,016 58,071 45,255 Total $ 76,314 $ 63,779 $ 63,960 $ 51,953 Not offset in the consolidated balance sheets Cash collateral $ (572 ) $ (2,795 ) $ (1,008 ) $ (1,939 ) Securities collateral (16,914 ) (4,441 ) (15,751 ) (7,349 ) Total $ 58,828 $ 56,543 $ 47,201 $ 42,665 Notional Amounts as of $ in millions June 2022 December Not accounted for as hedges Exchange-traded $ 3,251,469 $ 2,630,915 OTC-cleared 19,359,538 17,874,504 Bilateral OTC 10,607,894 11,122,871 Total interest rates 33,218,901 31,628,290 Exchange-traded 38 – OTC-cleared 440,236 463,477 Bilateral OTC 592,007 616,095 Total credit 1,032,281 1,079,572 Exchange-traded 15,206 14,617 OTC-cleared 220,454 194,124 Bilateral OTC 5,970,998 6,606,927 Total currencies 6,206,658 6,815,668 Exchange-traded 417,329 308,917 OTC-cleared 3,911 3,647 Bilateral OTC 253,638 234,322 Total commodities 674,878 546,886 Exchange-traded 1,190,917 1,149,777 OTC-cleared 297 198 Bilateral OTC 1,097,269 1,173,103 Total equities 2,288,483 2,323,078 Subtotal 43,421,201 42,393,494 Accounted for as hedges OTC-cleared 249,222 219,083 Bilateral OTC 3,495 4,499 Total interest rates 252,717 223,582 OTC-cleared 3,351 2,758 Bilateral OTC 20,133 18,658 Total currencies 23,484 21,416 Exchange-traded – 1,050 Total commodities – 1,050 Subtotal 276,201 246,048 Total notional amounts $43,697,402 $42,639,542 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 $14.45 billion as of June 2022 and $17.48 billion as of December 2021, and derivative liabilities of $17.55 billion as of June 2022 and $17.29 billion as of December 2021, which are not subject to an enforceable netting agreement or are subject to a netting agreement that the firm has not yet determined to be enforceable. Fair Value of Derivatives by Level The 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 2022 Assets Interest rates $ 34 $ 234,108 $ 1,792 $ 235,934 Credit – 13,372 3,479 16,851 Currencies – 118,706 378 119,084 Commodities – 63,981 2,423 66,404 Equities 40 63,157 1,553 64,750 Gross fair value 74 493,324 9,625 503,023 Counterparty netting in levels – (355,234 ) (1,277 ) (356,511 ) Subtotal $ 74 $ 138,090 $ 8,348 $ 146,512 Cross-level counterparty netting (3,516 ) Cash collateral netting (66,682 ) Net fair value $ 76,314 Liabilities Interest rates $ (9 ) $(207,707 ) $ (757 ) $(208,473 ) Credit – (14,044 ) (1,315 ) (15,359 ) Currencies – (118,257 ) (617 ) (118,874 ) Commodities – (54,371 ) (988 ) (55,359 ) Equities (19 ) (70,358 ) (2,774 ) (73,151 ) Gross fair value (28 ) (464,737 ) (6,451 ) (471,216 ) Counterparty netting in levels – 355,234 1,277 356,511 Subtotal $(28 ) $(109,503 ) $(5,174 ) $(114,705 ) Cross-level counterparty netting 3,516 Cash collateral netting 47,410 Net fair value $ (63,779 ) As of December 2021 Assets Interest rates $ $ $ $ Credit – 12,823 3,433 16,256 Currencies – 86,773 237 87,010 Commodities – 34,501 1,044 35,545 Equities 33 72,570 963 73,566 Gross fair value 35 453,192 6,742 459,969 Counterparty netting in levels – (329,164 ) (804 ) (329,968 ) Subtotal $ $ $ $ Cross-level counterparty netting (1,924 ) Cash collateral netting (64,117 ) Net fair value $ Liabilities Interest rates $ ) $ ) $ ) $ ) Credit – (14,176 ) (1,579 ) (15,755 ) Currencies – (85,925 ) (384 ) (86,309 ) Commodities – (31,925 ) (606 ) (32,531 ) Equities (29 ) (77,393 ) (2,851 ) (80,273 ) Gross fair value (31 ) (426,857 ) (6,302 ) (433,190 ) Counterparty netting in levels – 329,164 804 329,968 Subtotal $ ) $ ) $ ) $ ) Cross-level counterparty netting 1,924 Cash collateral netting 49,345 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. As of June 2022 As of December 2021 $ in millions, except inputs Amount or Range Average/ Median Amount or Range Average/ Median Interest rates, net $1,035 $183 Correlation (10)% to 81% 59%/62% 25% to 81% 63%/62% Volatility (bps) 31 to 100 63/61 31 to 100 59/54 Credit, net $2,164 $1,854 Credit spreads (bps) 6 to 910 197/123 1 to 568 136/107 Upfront credit points 1 to 100 41/35 2 to 100 34/26 Recovery rates 20% to 75% 42%/40% 20% to 50% 37%/40% Currencies, net $(239) $(147) Correlation 20% to 71% 40%/41% 20% to 71% 40%/41% Volatility 21% to 21% 21%/21% 19% to 19% 19%/19% Commodities, net $1,435 $438 Volatility 27% to 127% 48%/41% 15% to 93% 32%/29% Natural gas spread $(2.29) to $9.78 $(0.14)/ $(0.18) $(1.33) to $2.60 $(0.11)/ $(0.07) Oil spread $(5.00) to $46.27 $19.89/ $13.68 $8.64 to $22.68 $13.36/ $12.69 Electricity price $2.70 to $568.77 $57.43/ $46.08 $1.50 to $289.96 $37.42/ $32.20 Equities, net $(1,221) $(1,888) Correlation (70)% to 99% 64%/68% (70)% to 99% 59%/62% Volatility 2% to 111% 18%/20% 3% to 150% 17%/17% 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 amount of the respective financial instruments. An average greater than the median indicates that the majority of inputs are below the average. For example, the difference between the average and the median for credit spreads indicates that the majority of the inputs fall in the lower end of the range. • The ranges, averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative. For example, the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 derivatives. • Interest rates, currencies and equities derivatives are valued using option pricing models, credit derivatives are valued using option pricing, correlation and discounted cash flow models, and commodities derivatives are valued using option pricing and discounted cash flow models. • The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flow models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. • Correlation within currencies and equities includes cross-product type correlation. • Natural gas spread represents the spread per million British thermal units of natural gas. • Oil spread represents the spread per barrel of oil and refined products. • Electricity price represents the price per megawatt hour of electricity. 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 Ended June Six Months Ended June $ in millions 2022 2021 2022 2021 Total level 3 derivatives, net Beginning balance $ 915 $ 645 $ 440 $1,175 Net realized gains/(losses) 97 119 329 73 Net unrealized gains/(losses) 2,084 (408 ) 3,225 (458 ) Purchases 128 29 187 134 Sales (704 ) (294 ) (1,345 ) (756 ) Settlements 791 568 583 509 Transfers into level 3 149 (260 ) 76 (181 ) Transfers out of level 3 (286 ) 168 (321 ) 71 Ending balance $3,174 $ 567 $ $ 567 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 2022 2021 2022 2021 Interest rates, net Beginning balance $ $ 319 $ $ 267 Net realized gains/(losses) 1 33 (41 ) 56 Net unrealized gains/(losses) 286 (42 ) 909 97 Purchases 44 – 64 2 Sales (37 ) (33 ) (69 ) (55 ) Settlements 301 60 160 6 Transfers into level 3 21 (1 ) 4 2 Transfers out of level 3 96 (28 ) (175 ) (67 ) Ending balance $ 1,035 $ 308 $ 1,035 $ 308 Credit, net Beginning balance $ 1,834 $ 1,875 $ 1,854 $ 1,778 Net realized gains/(losses) (41 ) 5 (28 ) (14 ) Net unrealized gains/(losses) 384 18 188 29 Purchases 5 10 20 8 Sales (48 ) (26 ) (53 ) (28 ) Settlements 19 6 180 49 Transfers into level 3 36 (82 ) 27 (36 ) Transfers out of level 3 (25 ) (56 ) (24 ) (36 ) Ending balance $ 2,164 $ 1,750 $ 2,164 $ 1,750 Currencies, net Beginning balance $ ) $ (289 ) $ ) $ (338 ) Net realized gains/(losses) 39 28 46 28 Net unrealized gains/(losses) (21 ) (169 ) 11 (90 ) Purchases – 1 1 4 Sales (6 ) (30 ) (8 ) (36 ) Settlements 5 272 13 245 Transfers into level 3 (121 ) (57 ) (129 ) (70 ) Transfers out of level 3 – 10 (26 ) 23 Ending balance $ ) $ (234 ) $ ) $ (234 ) Commodities, net Beginning balance $ $ 212 $ $ 300 Net realized gains/(losses) (26 ) 9 49 (59 ) Net unrealized gains/(losses) 806 135 1,195 129 Purchases 13 4 27 16 Sales (11 ) (2 ) (131 ) (8 ) Settlements 33 (67 ) (44 ) (84 ) Transfers into level 3 218 (3 ) 174 (17 ) Transfers out of level 3 (426 ) (22 ) (273 ) (11 ) Ending balance $ 1,435 $ 266 $ 1,435 $ 266 Equities, net Beginning balance $(1,935 ) $(1,472 ) $(1,888 ) $ (832 ) Net realized gains/(losses) 124 44 303 62 Net unrealized gains/(losses) 629 (350 ) 922 (623 ) Purchases 66 14 75 104 Sales (602 ) (203 ) (1,084 ) (629 ) Settlements 433 297 274 293 Transfers into level 3 (5 ) (117 ) – (60 ) Transfers out of level 3 69 264 177 162 Ending balance $(1,221 ) $(1,523 ) $(1,221 ) $(1,523 ) Level 3 Rollforward Commentary Three Months Ended June 2022. The net realized and unrealized gains on level 3 derivatives of $2.18 billion (reflecting $97 million of net realized gains and $2.08 billion of net unrealized gains) for the three months ended June 2022 included gains of $2.18 billion reported in market making and gains of $1 million reported in other principal transactions. The net unrealized gains on level 3 derivatives for the three months ended June 2022 were primarily attributable to gains on certain commodity derivatives (primarily reflecting the impact of an increase in commodity prices), gains on certain equity derivatives (primarily reflecting the impact of a decrease in equity prices), and gains on certain credit derivatives and interest rate derivatives (in each case, primarily reflecting the impact of an increase in interest rates). Transfers into level 3 derivatives during the three months ended June 2022 primarily reflected transfers of certain commodity derivative assets from level 2 (principally due to decreased transparency of certain electricity price inputs used to value these derivatives), partially offset by transfers of certain currency derivative liabilities from level 2 (principally due to decreased transparency of certain interest rate inputs used to value these derivatives). Transfers out of level 3 derivatives during the three months ended June 2022 Six Months Ended June 2022. The net realized and unrealized gains on level 3 derivatives of $3.55 billion (reflecting $329 million of net realized gains and $3.23 billion of net unrealized gains) for the six months ended June 2022 included gains of $3.55 billion reported in market making and gains of $8 million reported in other principal transactions. The net unrealized gains on level 3 derivatives for the six months ended June 2022 were primarily attributable to gains on certain commodity derivatives (primarily reflecting the impact of an increase in commodity prices), gains on certain equity derivatives (primarily reflecting the impact of a decrease in equity prices), and gains on certain interest rate derivatives and credit derivatives ( in each case, Transfers into level 3 derivatives during the six months ended June 2022 primarily reflected transfers of certain commodity derivative assets from level 2 (principally due to decreased transparency of certain electricity price inputs used to value these derivatives), partially offset by transfers of certain currency derivative liabilities from level 2 (principally due to decreased transparency of certain interest rate inputs used to value these derivatives). Transfers out of level 3 derivatives during the six months ended June 2022 primarily reflected transfers of certain commodity derivative assets to level 2 (principally due to certain correlation inputs no longer being significant to the valuation of these derivatives) and transfers of certain interest rate derivative assets to level 2 (principally due to increased transparency of certain unobservable volatility inputs used to value these derivatives), partially offset by transfers of certain equity derivative liabilities to level 2 (principally due to increased transparency of certain unobservable volatility inputs used to value these derivatives). Three Months Ended June 2021. The net realized and unrealized losses on level 3 derivatives of $289 million (reflecting $119 million of net realized gains and $408 million of net unrealized losses) for the three months ended June 2021 included gains/(losses) of $(307) million reported in market making and $18 million reported in other principal transactions. The net unrealized losses on level 3 derivatives for the three months ended June 2021 were primarily attributable to losses on certain equity derivatives (primarily reflecting the impact of an increase in equity prices) and losses on certain currency derivatives (primarily reflecting the impact of changes in foreign exchange rates), partially offset by gains on certain commodity derivatives (primarily reflecting the impact of an increase in commodity prices). Transfers into level 3 derivatives during the three months ended June 2021 primarily reflected transfers of certain equity derivative liabilities from level 2 (principally due to reduced transparency of certain volatility inputs used to value these derivatives) and transfers of certain credit derivative liabilities from level 2 (principally due to certain unobservable credit spread inputs becoming significant to the valuation of these derivatives). Transfers out of level 3 derivatives during the three months ended June 2021 primarily reflected transfers of certain equity derivative liabilities to level 2 (principally due to increased transparency of certain volatility inputs used to value these derivatives). Six Months Ended June 2021. The net realized and unrealized losses on level 3 derivatives of $385 million (reflecting $73 million of net realized gains and $458 million of net unrealized losses) for the six months ended June 2021 included gains/(losses) of $(407) million reported in market making and $22 million reported in other principal transactions. The net unrealized losses on level 3 derivatives for the six months ended June 2021 were primarily attributable to losses on certain equity derivatives (primarily reflecting the impact of an increase in equity prices), partially offset by gains on certain commodity derivatives (primarily reflecting the impact of an increase in commodity prices). The drivers of transfers into level 3 derivatives during the six months ended June 2021 were not material. Transfers out of level 3 derivatives during the six months ended June 2021 primarily reflected transfers of certain equity derivative liabilities to level 2 (principally due to increased transparency of certain volatility inputs used to value these derivatives), partially offset by transfers of certain interest rate derivative assets to level 2 (principally due to certain unobservable inputs no longer being significant to the valuation of these derivatives). OTC Derivatives The table below presents OTC derivative assets and liabilities by tenor and major product type. $ in millions Less than 1 Year 1 - 5 Greater than 5 Years Total As of June 2022 Assets Interest rates $ 8,677 $14,667 $49,972 $ 73,316 Credit 1,710 3,394 2,790 7,894 Currencies 19,818 8,265 6,708 34,791 Commodities 20,427 11,276 1,823 33,526 Equities 9,064 5,022 2,833 16,919 Counterparty netting in tenors (4,294 ) (3,927 ) (3,823 ) (12,044 ) Subtotal $55,402 $38,697 $60,303 $154,402 Cross-tenor counterparty netting (17,608 ) Cash collateral netting (66,682 ) Total OTC derivative assets $ 70,112 Liabilities Interest rates $ 6,934 $17,809 $20,774 $ 45,517 Credit 1,891 3,255 1,256 6,402 Currencies 17,581 9,049 8,001 34,631 Commodities 12,209 9,345 1,042 22,596 Equities 11,569 8,318 2,763 22,650 Counterparty netting in tenors (4,294 ) (3,927 ) (3,823 ) (12,044 ) Subtotal $45,890 $43,849 $30,013 $119,752 Cross-tenor counterparty netting (17,608 ) Cash collateral netting (47,410 ) Total OTC derivative liabilities $ 54,734 As of December 2021 Assets Interest rates $ 6,076 $11,655 $61,380 $ 79,111 Credit 1,800 2,381 3,113 7,294 Currencies 13,366 6,642 6,570 26,578 Commodities 10,178 7,348 770 18,296 Equities 11,075 6,592 2,100 19,767 Counterparty netting in tenors (3,624 ) (3,357 ) (2,673 ) (9,654 ) Subtotal $38,871 $31,261 $71,260 $141,392 Cross-tenor counterparty netting (18,638 ) Cash collateral netting (64,117 ) Total OTC derivative assets $ 58,637 Liabilities Interest rates $ 3,929 $10,932 $34,676 $ 49,537 Credit 1,695 3,257 1,841 6,793 Currencies 14,122 6,581 5,580 26,283 Commodities 7,591 6,274 1,763 15,628 Equities 8,268 12,944 3,587 24,799 Counterparty netting in tenors (3,624 ) (3,357 ) (2,673 ) (9,654 ) Subtotal $31,981 $36,631 $44,774 $113,386 Cross-tenor counterparty netting (18,638 ) Cash collateral netting (49,345 ) Total OTC derivative liabilities $ 45,403 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 2022, written credit derivatives had a total gross notional amount of $491.06 billion and purchased credit derivatives had a total gross notional amount of $541.22 billion, for total net notional purchased protection of $50.16 billion. As of December 2021, written credit derivatives had a total gross notional amount of $510.24 billion and purchased credit derivatives had a total gross notional amount of $569.34 billion, for total net notional purchased protection of $59.10 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 – 1,000 Greater than 1,000 Total As of June 2022 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $100,879 $ 2,517 $12,006 $ 6,002 $121,404 1 – 5 years 256,472 33,827 20,131 15,650 326,080 Greater than 5 years 35,946 3,708 3,354 567 43,575 Total $393,297 $40,052 $35,491 $22,219 $491,059 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $318,748 $35,115 $23,404 $18,850 $396,117 Other $120,903 $ 8,142 $12,958 $ 3,102 $145,105 Fair Value of Written Credit Derivatives Asset $ 3,435 $ 358 $ 235 $ 277 $ 4,305 Liability 2,437 1,269 2,339 6,151 12,196 Net asset/(liability) $ 998 $ ) $ ) $ ) $ (7,891 ) As of December 2021 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $120,456 $ 6,173 $ 1,656 $ 4,314 $132,599 1 – 5 years 305,255 14,328 12,754 3,814 336,151 Greater than 5 years 35,558 3,087 2,529 311 41,485 Total $461,269 $23,588 $16,939 $ 8,439 $510,235 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $381,715 $17,210 $12,806 $ 6,714 $418,445 Other $138,214 $ 7,780 $ 3,576 $ 1,322 $150,892 Fair Value of Written Credit Derivatives Asset $ 9,803 $ 924 $ 318 $ 137 $ 11,182 Liability 941 123 1,666 1,933 4,663 Net asset/(liability) $ 8,862 $ 801 $ (1,348 ) $ (1,796 ) $ 6,519 In the table above: • Fair values exclude the effects of both netting of receivable balances with payable balances under enforceable netting agreements, and netting of cash received or posted under enforceable credit support agreements, and therefore are not representative of the firm’s credit exposure. • Tenor is based on remaining contractual maturity. • The credit spread on the underlier, together with the tenor of the contract, are indicators of payment/performance risk. The firm is less likely to pay or otherwise be required to perform where the credit spread and the tenor are lower. • Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underliers. • Other purchased credit derivatives represent the notional amount of all other purchased credit derivatives not included in offsetting. Impact of Credit and Funding Spreads on Derivatives The firm realizes gains or losses on its derivative contracts. These gains or losses include credit valuation adjustments (CVA) relating to uncollateralized derivative assets and liabilities, which represent the gains or losses (including hedges) attributable to the impact of changes in credit exposure, counterparty credit spreads, liability funding spreads (which include the firm’s own credit), probability of default and assumed recovery. These gains or losses also include funding valuation adjustments (FVA) relating to uncollateralized derivative assets, which represent the gains or losses (including hedges) attributable to the impact of changes in expected funding exposures and funding spreads. The table below presents information about CVA and FVA. Three Months Ended June Six Months Ended June $ in millions 2022 2021 2022 2021 CVA, net of hedges $ 217 $45 $ 300 $(63 ) FVA, net of hedges (122 ) 25 (391 ) 37 Total $ 95 $70 $ (91 ) $(26 ) 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 2022 December 2021 Fair value of assets $ 319 $ 845 Fair value of liabilities (177 ) (124 ) Net asset/(liability) $ 142 $ 721 Notional amount $8,692 $10,743 In the table above, derivatives that have been bifurcated from their related borrowings are recorded at fair value and primarily consist of interest rate, equity and commodity products. These derivatives are included in unsecured short- and long-term borrowings, as well as other secured financings, with the related borrowings. Derivatives with Credit-Related Contingent Features Certain of the firm’s derivatives have been transacted under bilateral agreements with counterparties who may require the firm to post collateral or terminate the transactions based on changes in the firm’s credit ratings. The firm assesses the impact of these bilateral agreements by determining the collateral or termination payments that would occur assuming a downgrade by all rating agencies. A downgrade by any one rating agency, depending on the agency’s relative ratings of the firm at the time of the downgrade, may have an impact which is comparable to the impact of a downgrade by all rating agencies. The table below presents information about net derivative liabilities under bilateral agreements (excluding collateral posted), the fair value of collateral posted and additional collateral or termination payments that could have been called by counterparties in the event of a one- two-notch As of $ in millions June 2022 December 2021 Net derivative liabilities under bilateral agreements $32,136 $34,315 Collateral posted $25,973 $29,214 Additional collateral or termination payments: One-notch $ 235 $ 345 Two-notch $ 843 $ 1,536 Hedge Accounting T he firm applies hedge accounting for (i) interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long- and short-term borrowings and |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
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 $ 15,149 $18,937 Debt instruments, at fair value 14,993 15,558 Available-for-sale 47,791 48,932 Investments, at fair value 77,933 83,427 Held-to-maturity 36,089 4,699 Equity method investments 753 593 Total investments $114,775 $88,719 Equity Securities and Debt Instruments, at Fair Value Equity securities and debt instruments, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are recognized in the consolidated statements of earnings. Equity Securities, at Fair Value. Equity securities, at fair value consists of the firm’s public and private equity investments in corporate and real estate entities. The table below presents information about equity securities, at fair value. As of $ in millions June December Equity securities, at fair value $15,149 $18,937 Equity Type Public equity 18% 24% Private equity 82% 76% Total 100% 100% Asset Class Corporate 75% 78% Real estate 25% 22% 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 $4.68 billion as of June 2022 and $5.81 billion as of December 2021. Gains/(losses) recognized as a result of changes in the fair value of equity securities for which the fair value option was elected were $116 million for the three months ended June 2022, $1.22 billion for the three months ended June 2021, $(71) million for the six months ended June 2022 and $1.64 billion for the six months ended June 2021. These gains/(losses) are included in other principal transactions. • Equity securities, at fair value included $1.35 billion as of June 2022 and $1.80 billion as of December 2021 of investments in funds that are measured at NAV. Debt Instruments, at Fair Value. Debt instruments, at fair value primarily includes mezzanine, senior and distressed debt. The table below presents information about debt instruments, at fair value. As of $ in millions June December Corporate debt securities $10,059 $ 9,793 Securities backed by real estate 1,792 2,280 Money market instruments 1,116 1,396 Other 2,026 2,089 Total $14,993 $15,558 In the table above: • Money market instruments primarily includes time deposits and investments in money market funds. • Other included $1.70 billion as of June 2022 and $1.67 billion as of December 2021 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 and hedge funds, in which the firm is invested, include “covered funds” as defined in the Volcker Rule of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Substantially all of the credit and real estate funds, in which the firm is invested, are not covered funds. 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. As of June 2022, the firm’s total investments in funds at NAV of $3.05 billion included $183 million of investments in covered funds for which compliance with the Volcker Rule was required by July 2022. The firm has achieved such compliance through the restructuring of these funds as liquidating trusts. 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 2022 Private equity funds $ 952 $ 601 Credit funds 1,724 448 Hedge funds 78 – Real estate funds 291 153 Total $3,045 $1,202 As of December 2021 Private equity funds $1,411 $ 619 Credit funds 1,686 556 Hedge funds 84 – Real estate funds 288 147 Total $3,469 $1,322 Available-for-Sale Available-for-sale available-for-sale The table below presents information about available-for-sale $ in millions Amortized Fair Weighted As of June 2022 Less than 1 year $ $ 0.21 1 year to 5 years 44,396 41,894 0.51 5 years to 10 years 2,892 2,616 1.21 Total U.S. government obligations 48,192 45,404 0.54 1 year to 5 years 10 10 0.28 5 years to 10 years 2,647 2,377 0.41 Total non-U.S. 2,657 2,387 0.41 Total available-for-sale $50,849 $47,791 0.54 As of December 2021 Less than 1 year $ $ 0.12 1 year to 5 years 41,536 41,066 0.47 5 years to 10 years 5,337 5,229 0.92 Greater than 10 years 2 2 2.00 Total U.S. government obligations 46,900 46,322 0.53 5 years to 10 years 2,693 2,610 0.33 Total non-U.S. 2,693 2,610 0.33 Total available-for-sale $49,593 $48,932 0.52 In the table above: • Available-for-sale • The weighted average yield for available-for-sale pre-tax • The gross unrealized gains included in accumulated other comprehensive income/(loss) were not material and the gross unrealized losses included in accumulated other comprehensive income/(loss) were $3.06 billion as of June 2022 and primarily related to U.S. government obligations in a continuous unrealized loss position for more than a year. The gross unrealized gains included in accumulated other comprehensive income/(loss) were $118 million and the gross unrealized losses included in accumulated other comprehensive income/(loss) were $779 million as of December 2021 and primarily related to U.S. government obligations in a continuous unrealized loss position for less than a year. Net unrealized gains/(losses) included in other comprehensive income/(loss) were $(589) million ($(441) million, net of tax) for the three months ended June 2022, $112 million ($84 million, net of tax) for the three months ended June 2021, $(2.40) billion ($(1.80) billion, net of tax) for the six months ended June 2022 and $(728) million ($(544) million, net of tax) for the six months ended June 2021. • If the fair value of available-for-sale available-for-sale The table below presents gross realized gains and the proceeds from the sales of available-for-sale Three Months Six Months Ended June $ in millions 2022 2021 2022 2021 Gross realized gains $ $ $ $ Proceeds from sales $1 $3,217 $2 $13,415 In the table above, the realized gains were reclassified from accumulated other comprehensive income/(loss) to other principal transactions in the consolidated statements of earnings. 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 2022 Government and agency obligations: U.S. $45,404 $ $ $45,404 Non-U.S. 2,387 3 – 2,390 Corporate debt securities 63 3,420 6,576 10,059 Securities backed by real estate – 725 1,067 1,792 Money market instruments 22 1,094 – 1,116 Other debt obligations – 17 303 320 Equity securities 2,035 3,609 8,163 13,807 Subtotal $49,911 $ 8,868 $16,109 $74,888 Investments in funds at NAV 3,045 Total investments $77,933 As of December 2021 Government and agency obligations: U.S. $46,322 $ $ $46,322 Non-U.S. 2,612 – – 2,612 Corporate debt securities 65 5,201 4,527 9,793 Securities backed by real estate – 1,202 1,078 2,280 Money market instruments 41 1,355 – 1,396 Other debt obligations – 35 382 417 Equity securities 2,135 7,088 7,915 17,138 Subtotal $51,175 $14,881 $13,902 $79,958 Investments in funds at NAV 3,469 Total investments $83,427 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. As of June 2022 As of December 2021 $ in millions Amount or Range Weighted Amount or Range Weighted Corporate debt securities Level 3 assets $6,576 $4,527 Yield 2.0% to 25.8% 12.0% 2.0% to 29.0% 10.8% Recovery rate 9.1% to 78.5% 52.8% 9.1% to 76.0% 59.1% Duration (years) 1.5 to 5.5 3.6 1.4 to 6.4 3.8 Multiples 1.8x to 29.3x 8.0x 0.5x to 28.2x 6.9x Securities backed by real estate Level 3 assets $1,067 $1,078 Yield 8.6% to 30.7% 17.4% 8.3% to 20.3% 13.1% Recovery rate 44.5% to 45.0% 44.6% 55.1% to 61.0% 56.4% Duration (years) 0.6 to 4.8 4.1 0.1 to 2.6 1.2 Other debt obligations Level 3 assets $303 $382 Yield 4.9% to 17.5% 5.8% 2.3% to 10.6% 3.2% Duration (years) 0.7 to 5.5 4.0 0.9 to 9.3 4.8 Equity securities Level 3 assets $8,163 $7,915 Multiples 0.3x to 25.7x 9.3x 0.4x to 30.5x 10.1x Discount rate/yield 5.2% to 39.1% 14.0% 2.0% to 35.0% 14.1% Capitalization rate 3.4% to 10.8% 5.3% 3.5% to 14.0% 5.7% 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 2022 and December 2021. 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 2022 2021 2022 2021 Beginning balance $14,168 $17,049 $13,902 $16,423 Net realized gains/(losses) 144 85 309 245 Net unrealized gains/(losses) (547 ) 1,106 (1,615 ) 1,894 Purchases 425 558 815 971 Sales (296 ) (422 ) (417 ) (778 ) Settlements (567 ) (1,174 ) (1,288 ) (1,734 ) Transfers into level 3 3,542 873 5,550 1,522 Transfers out of level 3 (760 ) (1,743 ) (1,147 ) (2,211 ) Ending balance $16,109 $16,332 $16,109 $16,332 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 2022 2021 2022 2021 Corporate debt securities Beginning balance $4,645 $ 5,314 $ 4,527 $ 5,286 Net realized gains/(losses) 74 25 161 127 Net unrealized gains/(losses) (194 ) 179 (180 ) 295 Purchases 203 27 393 215 Sales (62 ) (155 ) (28 ) (281 ) Settlements (265 ) (437 ) (779 ) (678 ) Transfers into level 3 2,304 506 2,650 844 Transfers out of level 3 (129 ) (501 ) (168 ) (850 ) Ending balance $6,576 $ 4,958 $ 6,576 $ 4,958 Securities backed by real estate Beginning balance $1,060 $ 1,039 $ 1,078 $ 998 Net realized gains/(losses) 10 13 20 27 Net unrealized gains/(losses) (58 ) 36 (208 ) 36 Purchases 33 168 79 208 Sales (2 ) – (9 ) – Settlements (70 ) (111 ) (121 ) (211 ) Transfers into level 3 137 – 270 87 Transfers out of level 3 (43 ) (28 ) (42 ) (28 ) Ending balance $1,067 $ 1,117 $ 1,067 $ 1,117 Other debt obligations Beginning balance $ $ 523 $ $ 497 Net realized gains/(losses) 3 4 5 8 Net unrealized gains/(losses) (2 ) 3 (5 ) 2 Purchases 11 11 26 39 Sales (10 ) (11 ) (16 ) (12 ) Settlements (21 ) (28 ) (89 ) (32 ) Ending balance $ $ 502 $ $ 502 Equity securities Beginning balance $8,141 $10,173 $ 7,915 $ 9,642 Net realized gains/(losses) 57 43 123 83 Net unrealized gains/(losses) (293 ) 888 (1,222 ) 1,561 Purchases 178 352 317 509 Sales (222 ) (256 ) (364 ) (485 ) Settlements (211 ) (598 ) (299 ) (813 ) Transfers into level 3 1,101 367 2,630 591 Transfers out of level 3 (588 ) (1,214 ) (937 ) (1,333 ) Ending balance $8,163 $ 9,755 $ 8,163 $ 9,755 Level 3 Rollforward Commentary Three Months Ended June 2022. The net realized and unrealized losses on level 3 investments of $403 million (reflecting $144 million of net realized gains and $547 million of net unrealized losses) for the three months ended June 2022 included gains/(losses) of $(512) million reported in other principal transactions and $109 million reported in interest income. The net unrealized losses on level 3 investments for the three months ended June 2022 primarily reflected losses on certain equity securities and corporate debt securities (in each case, principally driven by corporate performance). Transfers into level 3 investments during the three months ended June 2022 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 reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments) and transfers of certain equity securities from level 2 (principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments). T ransfers out of level 3 investments during the three months ended June 2022 primarily reflected transfers of certain equity securities and corporate debt securities to level 2 (in each case, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments). Six Months Ended June 2022. The net realized and unrealized losses on level 3 investments of $1.31 billion (reflecting $309 million of net realized gains and $1.62 billion of net unrealized losses) for the six months ended June 2022 included gains/(losses) of $(1.53) billion reported in other principal transactions and $220 million reported in interest income. The net unrealized losses on level 3 investments for the six months ended June 2022 primarily reflected losses on certain equity securities (principally driven by broad macroeconomic and geopolitical concerns and corporate performance), certain securities backed by real estate (principally driven by broad macroeconomic and geopolitical concerns) and certain corporate debt securities (principally driven by corporate performance). Transfers into level 3 investments during the six months ended June 2022 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 reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments) and transfers of certain equity securities from level 2 (principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments ). Transfers out of level 3 investments during the six months ended June 2022 primarily reflected transfers of certain equity securities and corporate debt securities to level 2 (in each case, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments). Three Months Ended June 2021. The net realized and unrealized gains on level 3 investments of $1.19 billion (reflecting $85 million of net realized gains and $1.11 billion of net unrealized gains) for the three months ended June 2021 included gains of $1.12 billion reported in other principal transactions and $66 million reported in interest income. The net unrealized gains on level 3 investments for the three months ended June 2021 primarily reflected gains on certain private equity securities and corporate debt securities (in each case, principally driven by corporate performance and company-specific events). Transfers into level 3 investments during the three months ended June 2021 primarily reflected transfers of certain corporate debt securities and private equity securities from level 2 (in each case, 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 investments during the three months ended June 2021 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) and transfers of certain corporate debt securities 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). Six Months Ended June 2021. The net realized and unrealized gains on level 3 investments of $2.14 billion (reflecting $245 million of net realized gains and $1.89 billion of net unrealized gains) for the six months ended June 2021 included gains of $2.02 billion reported in other principal transactions and $116 million reported in interest income. The net unrealized gains on level 3 investments for the six months ended June 2021 primarily reflected gains on certain private equity securities and corporate debt securities (in each case, principally driven by corporate performance and company-specific events). Transfers into level 3 investments during the six months ended June 2021 primarily reflected transfers of certain corporate debt securities and private equity securities from level 2 (in each case, 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 investments during the six months ended June 2021 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) and transfers of certain corporate debt securities 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). Held-to-Maturity Held-to-maturity The table below presents information about held-to-maturity $ in millions Amortized Fair Value Weighted As of June 2022 Less than 1 year $ 4,087 $ 4,075 1.33% 1 year to 5 years 31,727 31,405 2.59% 5 years to 10 years 89 89 3.06% Total U.S. government obligations 35,903 35,569 2.45% 5 years to 10 years 3 3 3.73% Greater than 10 years 183 181 1.04% Total securities backed by real estate 186 184 1.10% Total held-to-maturity $36,089 $35,753 2.44% As of December 2021 1 year to 5 years $ 4,054 $ 4,200 2.30% Total U.S. government obligations 4,054 4,200 2.30% 5 years to 10 years 3 3 2.78% Greater than 10 years 642 670 1.03% Total securities backed by real estate 645 673 1.04% Total held-to-maturity $ 4,699 $ 4,873 2.13% 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 securities backed by real estate would have been primarily classified in level 2 of the fair value hierarchy as of both June 2022 and December 2021. • The weighted average yield for held-to-maturity pre-tax • The gross unrealized gains were not material as of June 2022 and were $175 million as of December 2021. The gross unrealized losses were $341 million as of June 2022 and were not material as of December 2021. • Held-to-maturity |
Loans
Loans | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Loans | Note 9. Loans Loans includes (i) loans held for investment that are accounted The table below presents information about loans. $ in millions Amortized Fair Held For Total As of June 2022 Loan Type Corporate $ 57,072 $ 2,304 $2,170 $ 61,546 Wealth management 43,397 4,882 – 48,279 Commercial real estate 22,698 1,404 4,076 28,178 Residential real estate 16,403 551 1 16,955 Consumer: Installment 4,582 – – 4,582 Credit cards 11,844 – – 11,844 Other 7,966 351 799 9,116 Total loans, gross 163,962 9,492 7,046 180,500 Allowance for loan losses (4,562 ) – – (4,562 ) Total loans $159,400 $ 9,492 $7,046 $175,938 As of December 2021 Loan Type Corporate $ 50,960 $ 2,492 $2,475 $ 55,927 Wealth management 38,062 5,936 – 43,998 Commercial real estate 21,150 1,588 3,145 25,883 Residential real estate 15,493 320 100 15,913 Consumer: Installment 3,672 – – 3,672 Credit cards 8,212 – – 8,212 Other 5,958 433 2,139 8,530 Total loans, gross 143,507 10,769 7,859 162,135 Allowance for loan losses (3,573 ) – – (3,573 ) Total loans $139,934 $10,769 $7,859 $158,562 In the table above: • The increase in credit cards from December 2021 to June 2022 reflected approximately $2.0 billion relating to the firm’s acquisition of the General Motors co-branded • Loans held for investment that are accounted for at amortized cost include net deferred fees and costs, and unamortized premiums and discounts, which are amortized over the life of the loan. These amounts were less than 1% of loans accounted for at amortized cost as of both June 2022 and December 2021. 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. Credit Quality Risk Assessment. The firm’s risk assessment process includes evaluating the credit quality of its loans by the firm’s independent risk oversight and control function. For corporate loans and a majority of wealth management, real estate and other loans, the firm performs credit analyses which incorporate 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- Non-Investment- Other Metrics/ Total As of June 2022 Accounting Method Amortized cost $57,082 $83,113 $23,767 $163,962 Fair value 2,170 4,244 3,078 9,492 Held for sale 2,206 4,578 262 7,046 Total $61,458 $91,935 $27,107 $180,500 Loan Type Corporate $18,229 $43,058 $ $ 61,546 Wealth management 33,436 7,243 7,600 48,279 Real estate: Commercial 4,437 23,510 231 28,178 Residential 1,540 13,973 1,442 16,955 Consumer: Installment – – 4,582 4,582 Credit cards – – 11,844 11,844 Other 3,816 4,151 1,149 9,116 Total $61,458 $91,935 $27,107 $180,500 Secured 84% 93% 35% 81% Unsecured 16% 7% 65% 19% Total 100% 100% 100% 100% As of December 2021 Accounting Method Amortized cost $50,923 $75,179 $17,405 $143,507 Fair value 2,301 4,634 3,834 10,769 Held for sale 1,650 4,747 1,462 7,859 Total $54,874 $84,560 $22,701 $162,135 Loan Type Corporate $15,370 $40,389 $ $ 55,927 Wealth management 31,476 5,730 6,792 43,998 Real estate: Commercial 3,986 21,523 374 25,883 Residential 1,112 13,779 1,022 15,913 Consumer: Installment – – 3,672 3,672 Credit cards – – 8,212 8,212 Other 2,930 3,139 2,461 8,530 Total $54,874 $84,560 $22,701 $162,135 Secured 85% 92% 36% 82% Unsecured 15% 8% 64% 18% Total 100% 100% 100% 100% In the table above: • Wealth management loans included in the other metrics/unrated category primarily consists of loans backed by residential real estate and securities, and real estate loans included in the other metrics/unrated category primarily consists of purchased loans. The firm’s risk assessment process for these loans includes reviewing certain key metrics, such as loan-to-value • For installment and credit card loans included in the other metrics/unrated category, the evaluation of credit quality incorporates the borrower’s FICO credit score. FICO credit scores are periodically refreshed by the firm to assess the updated creditworthiness of the borrower. See “Vintage” below for information about installment and credit card loans by FICO credit scores. The firm also assigns a regulatory risk rating to its loans based on the definitions provided by the U.S. federal bank regulatory agencies. Total loans included 94% of loans as of June 2022 and 92% of loans as of December 2021 that were rated pass/non-criticized. Vintage. The tables below present gross loans accounted for at amortized cost (excluding installment and credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans. As of June 2022 $ in millions Investment- Non-Investment- Other Metrics/ Total 2022 $ 2,409 $ 2,718 $ 200 $ 5,327 2021 4,448 8,534 – 12,982 2020 1,283 4,859 – 6,142 2019 443 3,393 – 3,836 2018 1,871 2,475 – 4,346 2017 or earlier 952 3,746 – 4,698 Revolving 5,936 13,801 4 19,741 Corporate 17,342 39,526 204 57,072 2022 960 615 721 2,296 2021 1,489 1,078 1,185 3,752 2020 549 333 – 882 2019 486 225 – 711 2018 349 37 – 386 2017 or earlier 590 619 – 1,209 Revolving 27,850 3,167 3,144 34,161 Wealth management 32,273 6,074 5,050 43,397 2022 10 2,292 29 2,331 2021 302 3,683 – 3,985 2020 74 1,856 – 1,930 2019 49 1,340 – 1,389 2018 193 724 – 917 2017 or earlier 706 786 7 1,499 Revolving 919 9,728 – 10,647 Commercial real estate 2,253 20,409 36 22,698 2022 513 1 191 705 2021 150 1,980 234 2,364 2020 – 295 94 389 2019 – – 128 128 2018 – 67 147 214 2017 or earlier 6 2 152 160 Revolving 828 11,215 400 12,443 Residential real estate 1,497 13,560 1,346 16,403 2022 – 74 89 163 2021 – 611 181 792 2020 – 37 332 369 2019 – 14 14 28 2018 – 19 7 26 2017 or earlier – 4 6 10 Revolving 3,717 2,785 76 6,578 Other 3,717 3,544 705 7,966 Total $57,082 $83,113 $7,341 $147,536 Percentage of total 39% 56% 5% 100% As of December 2021 $ in millions Investment- Non-Investment- Other Metrics/ Total 2021 $ 4,687 $10,424 $ 52 $ 15,163 2020 1,911 4,561 7 6,479 2019 451 3,949 – 4,400 2018 1,842 2,901 – 4,743 2017 733 1,857 – 2,590 2016 or earlier 274 1,693 – 1,967 Revolving 3,800 11,744 74 15,618 Corporate 13,698 37,129 133 50,960 2021 1,405 1,186 1,265 3,856 2020 558 287 – 845 2019 537 352 – 889 2018 334 38 – 372 2017 380 31 – 411 2016 or earlier 565 243 – 808 Revolving 26,349 2,127 2,405 30,881 Wealth management 30,128 4,264 3,670 38,062 2021 334 4,084 94 4,512 2020 127 1,890 – 2,017 2019 52 1,336 – 1,388 2018 207 829 – 1,036 2017 398 624 – 1,022 2016 or earlier 405 583 7 995 Revolving 1,768 8,412 – 10,180 Commercial real estate 3,291 17,758 101 21,150 2021 113 1,944 253 2,310 2020 260 557 103 920 2019 – – 173 173 2018 – 84 165 249 2017 8 65 119 192 2016 or earlier – 1 56 57 Revolving 673 10,919 – 11,592 Residential real estate 1,054 13,570 869 15,493 2021 – 694 261 955 2020 – 59 378 437 2019 – 25 19 44 2018 – 30 – 30 2017 – 5 8 13 Revolving 2,752 1,645 82 4,479 Other 2,752 2,458 748 5,958 Total $50,923 $75,179 $5,521 $131,623 Percentage of total 39% 57% 4% 100% In the tables above, revolving loans which converted to term loans were $574 million as of June 2022 and were not material as of December 2021. The table below presents gross installment loans by refreshed FICO credit scores and origination year and gross credit card loans by refreshed FICO credit scores. $ in millions Greater than or Less than 660 Total As of June 2022 2022 $ 2,009 $ 39 $ 2,048 2021 1,506 84 1,590 2020 418 30 448 2019 285 36 321 2018 136 22 158 2017 or earlier 14 3 17 Installment 4,368 214 4,582 Credit cards 8,491 3,353 11,844 Total $12,859 $3,567 $16,426 Percentage of total: Installment 95% 5% 100% Credit cards 72% 28% 100% Total 78% 22% 100% As of December 2021 2021 $ 2,017 $ 42 $ 2,059 2020 665 40 705 2019 508 61 569 2018 257 42 299 2017 32 7 39 2016 1 – 1 Installment 3,480 192 3,672 Credit cards 6,100 2,112 8,212 Total $ 9,580 $2,304 $11,884 Percentage of total: Installment 95% 5% 100% Credit cards 74% 26% 100% Total 81% 19% 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 2022 Corporate $ 61,546 59% 33% 8% 100% Wealth management 48,279 89% 9% 2% 100% Commercial real estate 28,178 80% 14% 6% 100% Residential real estate 16,955 94% 5% 1% 100% Consumer: Installment 4,582 100% – – 100% Credit cards 11,844 100% – – 100% Other 9,116 88% 11% 1% 100% Total $180,500 79% 17% 4% 100% As of December 2021 Corporate $ 55,927 54% 38% 8% 100% Wealth management 43,998 87% 10% 3% 100% Commercial real estate 25,883 80% 15% 5% 100% Residential real estate 15,913 95% 2% 3% 100% Consumer: Installment 3,672 100% – – 100% Credit cards 8,212 100% – – 100% Other 8,530 84% 15% 1% 100% Total $162,135 76% 19% 5% 100% In the table above: • EMEA represents Europe, Middle East and Africa. • The top five industry concentrations for corporate loans as of June 2022 were 20% for funds (21% as of December 2021), 18% for technology, media & telecommunications (18% as of December 2021), 13% for diversified industrials (13% as of December 2021), 8% for real estate (8% as of December 2021), and 8% for natural resources & utilities (9% as of December 2021). 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 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. The table below presents information about past due loans. $ in millions 30-89 days 90 days or more Total As of June 2022 Corporate $ $131 $ Wealth management 282 53 335 Commercial real estate 21 328 349 Residential real estate 2 5 7 Consumer: Installment 23 7 30 Credit cards 175 147 322 Other 19 5 24 Total $522 $676 $1,198 Total divided by gross loans at amortized cost 0.7% As of December 2021 Corporate $ 5 $ 90 $ Wealth management – 20 20 Commercial real estate 7 143 150 Residential real estate 3 4 7 Consumer: Installment 20 7 27 Credit cards 86 71 157 Other 15 3 18 Total $136 $338 $ Total divided by gross loans at amortized cost 0.3% The table below presents information about nonaccrual loans. As of $ in millions June 2022 December 2021 Corporate $1,426 $1,559 Wealth management 156 21 Commercial real estate 660 841 Residential real estate 4 5 Installment 37 43 Total $2,283 $2,469 Total divided by gross loans at amortized cost 1.4% 1.7% In the table above: • Nonaccrual loans included $502 million as of June 2022 and $254 million as of December 2021 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 2022 and December 2021. • Nonaccrual loans included $224 million as of June 2022 and $267 million as of December 2021 of corporate and commercial real estate loans that were modified in a TDR. The firm’s lending commitments related to these loans were not material as of both June 2022 and December 2021. Installment loans that were modified in a TDR were not material as of both June 2022 and December 2021. • Allowance for loan losses as a percentage of total nonaccrual loans was 199.8% as of June 2022 and 144.7% as of December 2021. Allowance for Credit Losses The firm’s allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at amortized cost. Loans and lending commitments accounted for at fair value or accounted for at the lower of cost or fair value are not subject to an allowance for credit losses. To determine the allowance for credit losses, the firm classifies its loans and lending commitments accounted for at amortized cost into wholesale and consumer portfolios. These portfolios represent the level at which the firm has developed and documented its methodology to determine the allowance for credit losses. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and on an asset-specific basis for loans that do not share similar risk characteristics. The allowance for credit losses takes into account the weighted average of a range of forecasts of future economic conditions over the expected life of the loan and lending commitments. The expected life of each loan or lending commitment is determined based on the contractual term adjusted for extension options or demand features, or is modeled in the case of revolving credit card loans. The forecasts include baseline, favorable and adverse economic scenarios over a three-year period. For loans with expected lives beyond three years, the model reverts to historical loss information based on a non-linear The allowance for credit losses also includes qualitative components which allow management to reflect the uncertain nature of economic forecasting, capture uncertainty regarding model inputs, and account for model imprecision and concentration risk. Management’s estimate of credit losses entails judgment about the expected life of the loan and loan collectability at the reporting dates, and there are uncertainties inherent in those judgments. The allowance for credit losses is subject to a governance process that involves review and approval by senior management within the firm’s independent risk oversight and control functions. Personnel within the firm’s independent risk oversight and control functions are responsible for forecasting the economic variables that underlie the economic scenarios that are used in the modeling of expected credit losses. While management uses the best information available to determine this estimate, future adjustments to the allowance may be necessary based on, among other things, changes in the economic environment or variances between actual results and the original assumptions used. The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio. As of June 2022 December 2021 $ in millions Loans Lending Commitments Loans Lending Commitments Wholesale Corporate $ 57,072 $142,681 $ 50,960 $143,296 Wealth management 43,397 4,424 38,062 4,091 Commercial real estate 22,698 3,298 21,150 4,306 Residential real estate 16,403 3,325 15,493 3,317 Other 7,966 5,233 5,958 6,169 Consumer Installment 4,582 19 3,672 9 Credit cards 11,844 57,184 8,212 35,932 Total $163,962 $216,164 $143,507 $197,120 In the table above: • Wholesale loans included $2.25 billion as of June 2022 and $2.43 billion as of December 2021 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 $477 million as of June 2022 and $543 million as of December 2021. These loans included $294 million as of June 2022 and $140 million as of December 2021 of loans which did not require a reserve as the loan was deemed to be recoverable. • Credit card lending commitments included $57.18 billion as of June 2022 and $33.97 billion as of December 2021 related to credit card lines issued by the firm to consumers. These credit card lines are cancellable by the firm. The increase in credit card lending commitments from December 2021 to June 2022 reflected approximately $15.0 billion relating to the firm’s acquisition of the General Motors co-branded co-branded 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 The allowance for loan losses for wholesale loans that do not share similar risk characteristics, such as nonaccrual loans or loans in a TDR, 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 against the allowance for loan losses when deemed to be uncollectible. Consumer The allowance for credit losses for consumer loans that The allowance for credit losses for consumer loans that do not share similar risk characteristics, such as loans in a TDR, is calculated using the present value of expected future cash flows discounted at the loan’s original effective rate. Installment loans are charged off when they are 120 days past due. Credit card loans are charged off when they are 180 days past due. Allowance for Credit Losses Rollforward The table below presents information about the allowance for credit losses. $ in millions Wholesale Consumer Total Three Months Ended June 2022 Allowance for loan losses Beginning balance $2,300 $1,786 $4,086 Net (charge-offs)/recoveries (60 ) (89 ) (149 ) Provision 216 407 623 Other 2 – 2 Ending balance $2,458 $2,104 $4,562 Allowance ratio 1.7% 12.8% 2.8% Net charge-off 0.2% 2.3% 0.4% Allowance for losses on lending commitments Beginning balance $ $ $ Provision 43 1 44 Other (3 ) – (3 ) Ending balance $ $ $ Three Months Ended June 2021 Allowance for loan losses Beginning balance $2,408 $1,107 $3,515 Net (charge-offs)/recoveries 8 (56 ) (48 ) Provision (240 ) 47 (193 ) Other (3 ) – (3 ) Ending balance $2,173 $1,098 $3,271 Allowance ratio 2.0% 13.0% 2.7% Net charge-off – 2.8% 0.2% Allowance for losses on lending commitments Beginning balance $ $ $ Provision 95 6 101 Ending balance $ $ $ Six Months Ended June 2022 Allowance for loan losses Beginning balance $2,135 $1,438 $3,573 Net (charge-offs)/recoveries (146 ) (157 ) (303 ) Provision 473 823 1,296 Other (4 ) – (4 ) Ending balance $2,458 $2,104 $4,562 Allowance ratio 1.7% 12.8% 2.8% Net charge-off 0.2% 2.2% 0.4% Allowance for losses on lending commitments Beginning balance $ $ $ Provision 116 (184 ) (68 ) Other (3 ) – (3 ) Ending balance $ $ $ Six Months Ended June 2021 Allowance for loan losses Beginning balance $2,584 $1,290 $3,874 Net (charge-offs)/recoveries (9 ) (117 ) (126 ) Provision (370 ) (75 ) (445 ) Other (32 ) – (32 ) Ending balance $2,173 $1,098 $3,271 Allowance ratio 2.0% 13.0% 2.7% Net charge-off – 2.9% 0.2% Allowance for losses on lending commitments Beginning balance $ $ $ Provision 97 186 283 Other (18 ) – (18 ) Ending balance $ $ $ In the table above: • For the six months ended June 2021, other primarily represented the reduction to the allowance related to loans and lending commitments transferred to held for sale. • The allowance ratio is calculated by dividing the allowance for loan losses by gross loans accounted for at amortized cost. • The net charge-off Forecast Model Inputs as of June 2022 When modeling expected credit losses, the firm employs a weighted, multi-scenario forecast, which includes baseline, adverse and favorable economic scenarios. As of June 2022, this multi-scenario forecast was weighted towards the baseline and adverse economic scenarios. During the second quarter of 2022, the firm more heavily weighted the adverse scenario compared to the first quarter of 2022 due to significant macroeconomic uncertainties, resulting from, among other things, the risk of persistent high inflation, probability of recession and rising unemployment. The table below presents the forecasted U.S. unemployment and U.S. GDP growth rates used in the baseline economic scenario of the forecast model. As of June 2022 U.S. unemployment rate Forecast for the quarter ended: December 2022 3.5% June 2023 3.6% December 2023 3.6% Growth in U.S. GDP Forecast for the year: 2022 2.4% 2023 1.8% 2024 1.7% The adverse economic scenario of the forecast model reflects a global recession in the second half of 2022 through the first half of 2023 resulting in economic contraction, decline in consumer spending and rising unemployment rates. In this scenario, the U.S. unemployment rate peaks at approximately 7.9% during the third quarter of 2023 and the maximum decline in the quarterly U.S. GDP relative to the second quarter of 2022 is approximately 1.6%, which occurs during the second quarter of 2023. In the table above: • U.S. unemployment rate represents the rate forecasted as of the respective quarter-end. • Growth in U.S. GDP represents the year-over-year growth rate • While the U.S. unemployment and U.S. GDP growth rates are significant inputs to the forecast model, the model contemplates a variety of other inputs across a range of scenarios to provide a forecast of future economic conditions. Given the complex nature of the forecasting process, no single economic variable can be viewed in isolation and independently of other inputs. Allowance for Credit Losses Commentary Three Months Ended June 2022. The allowance for credit losses increased by $517 million during the three months ended June 2022. The provision for credit losses reflected growth in the firm’s lending portfolios (primarily in credit cards) and higher modeled expected losses due to broad macroeconomic conditions. Net (charge-offs)/recoveries for the three months ended June 2022 for wholesale loans were primarily related to corporate loans and net (charge-offs)/recoveries for consumer loans were primarily related to credit cards. Six Months Ended June 2022. The allowance for credit losses increased by $918 million during the six months ended June 2022. The provision for credit losses reflected growth in the firm’s lending portfolios (primarily in credit cards) and the impact of macroeconomic and geopolitical concerns. Net (charge-offs)/recoveries for the six months ended June 2022 for wholesale loans were primarily related to corporate loans and net (charge-offs)/recoveries for consumer loans were primarily related to credit cards. Three Months Ended June 2021. The allowance for credit losses decreased by $143 million during the three months ended June 2021. The provision for credit losses for wholesale and consumer loans and lending commitments reflected a net reserve reduction driven by improved broader economic conditions, partially offset by growth in the firm’s wholesale and consumer lending portfolios. Net (charge-offs)/recoveries for the three months ended June 2021 for wholesale loans were not material and net (charge-offs)/recoveries for consumer loans were primarily related to credit cards. Six Months Ended June 2021. The allowance for credit losses decreased by $338 million during the six months ended June 2021. The provision for credit losses for wholesale and consumer loans and lending commitments reflected a reserve reduction driven by improved broader economic conditions and lower credit loss expectations, partially offset by growth in the firm’s wholesale and consumer lending portfolios, including a provision for credit losses of $185 million relating to the pending acquisition of the General Motors co-branded Net (charge-offs)/recoveries for the six months ended June 2021 for wholesale loans were not material and net (charge-offs)/recoveries for consumer loans were primarily related to credit cards. 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 2022 Loan Type Corporate $ – $1,346 $ $ 2,304 Wealth management – 4,818 64 4,882 Commercial real estate – 513 891 1,404 Residential real estate – 435 116 551 Other – 33 318 351 Total $ – $7,145 $2,347 $ 9,492 As of December 2021 Loan Type Corporate $ – $1,655 $ $ 2,492 Wealth management – 5,873 63 5,936 Commercial real estate – 605 983 1,588 Residential real estate – 115 205 320 Other – 167 266 433 Total $ – $8,415 $2,354 $10,769 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 $(79) million for the three months ended June 2022, $101 million for the three months ended June 2021, $(195) million for the six months ended June 2022 and $193 million for the six months ended June 2021. These gains/(losses) were included in other principal transactions. 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. As of June 2022 As of December 2021 $ in millions Amount or Range Weighted Amount or Range Weighted Corporate Level 3 assets $958 $837 Yield 0.6% to 25.8% 7.5% 1.5% to 55.6% 14.9% Recovery rate 4.5% to 95.0% 43.0% 15.0% to 92.0% 40.8% Duration (years) 0.5 to 9.3 3.4 0.9 to 6.8 2.7 Commercial real estate Level 3 assets $891 $983 Yield 1.3% to 18.7% 12.8% 3.2% to 18.7% 12.6% Recovery rate 13.9% to 99.5% 41.9% 4.1% to 99.5% 41.4% Duration (years) 0.5 to 5.0 1.9 0.4 to 4.0 1.7 Residential real estate Level 3 assets $116 $205 Yield 2.7% to 17.0% 14.4% 2.1% to 20.0% 16.1% Duration (years) 0.5 to 7.5 1.8 0.1 to 2.4 1.0 Wealth management and other Level 3 assets $382 $329 Yield 5.0% to 18.7% 8.5% 3.6% to 18.7% 7.1% Duration (years) 2.9 to 5.3 3.8 2.9 to 5.5 3.6 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 2022 and December 2021. 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 2022 2021 2022 2021 Beginning balance $2,491 $2,531 $2,354 $2,678 Net realized gains/(losses) 27 21 76 47 Net unrealized gains/(losses) (67 ) 22 (119 ) (11 ) Purchases 131 35 241 68 Sales (42 ) – (41 ) – Settlements (141 ) (249 ) (314 ) (377 ) Transfers into level 3 89 51 211 94 Transfers out of level 3 (141 ) (182 ) (61 ) (270 ) Ending balance $2,347 $2,229 $2,347 $2,229 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 2022 2021 2022 2021 Corporate Beginning balance $ 954 $ 976 $ 837 $ 929 Net realized gains/(losses) 12 8 15 16 Net unrealized gains/(losses) (19 ) 3 (13 ) (8 ) Purchases 126 32 150 51 Sales (42 ) – (40 ) – Settlements (54 ) (136 ) (94 ) (133 ) Transfers into level 3 89 50 122 94 Transfers out of level 3 (108 ) (81 ) (19 ) (97 ) Ending balance $ 958 $ 852 $ 958 $ 852 Commercial real estate Beginning balance $ 982 $1,028 $ 983 $1,104 Net realized gains/(losses) 7 7 43 13 Net unrealized gains/(losses) (33 ) – (79 ) (18 ) Purchases 2 3 72 17 Settlements (59 ) (68 ) (117 ) (148 ) Transfers into level 3 – 1 4 – Transfers out of level 3 (8 ) (51 ) (15 ) (48 ) Ending balance $ 891 $ 920 $ 891 $ 920 Residential real estate Beginning balance $ 154 $ 176 $ 205 $ 260 Net realized gains/(losses) – 3 – 6 Net unrealized gains/(losses) (9 ) (19 ) (14 ) (24 ) Purchases 3 – 4 – Sales – – (1 ) – Settlements (8 ) (17 ) (71 ) (28 ) Transfers into level 3 – – 19 – Transfers out of level 3 (24 ) (25 ) (26 ) (96 ) Ending balance $ 116 $ 118 $ 116 $ 118 Wealth management and other Beginning balance $ 401 $ 351 $ 329 $ 385 Net realized gains/(losses) 8 3 18 12 Net unrealized gains/(losses) (6 ) 38 (13 ) 39 Purchases – – 15 – Settlements (20 ) (28 ) (32 ) (68 ) Transfers into level 3 – – 66 – Transfers out of level 3 (1 ) (25 ) (1 ) (29 ) Ending balance $ 382 $ 339 $ 382 $ 339 Level 3 Rollforward Commentary Three Months Ended June 2022. The net realized and unrealized losses on level 3 loans of $40 million (reflecting $27 million of net realized gains and $67 million of net unrealized losses) for the three months ended June 2022 included gains/(losses) of $(50) million reported in other principal transactions and $10 million reported in interest income. The drivers of net unrealized losses on level 3 loans for the three months ended June 2022 were not material. The drivers of transfers into level 3 loans during the three months ended June 2022 were not material. Transfers out of level 3 loans during the three months ended June 2022 primarily reflected transfers of certain corporate loans to level Six Months Ended June 2022. The net realized and unrealized losses on level 3 loans of $43 million (reflecting $76 million of net realized gains and $119 million of net unrealized losses) for the six months ended June 2022 included gains/(losses) of $(59) million reported in other principal transactions and $16 million reported in interest income. The drivers of net unrealized losses on level 3 loans for the six months ended June 2022 were not material. The drivers of transfers into level 3 loans during the six months ended June 2022 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). The drivers of transfers out of level 3 loans during the six months ended June 2022 were not material. Three Months Ended June 2021. The net realized and unrealized gains on level 3 loans of $43 million (reflecting $21 million of net realized gains and $22 million of net unrealized gains) for the three months ended June 2021 included gains of $32 million reported in other principal transactions and $11 million reported in interest income. The drivers of net unrealized gains on level 3 loans for the three months ended June 2021 were not material. The drivers of transfers into level 3 loans d |
Fair Value Option
Fair Value Option | 6 Months Ended |
Jun. 30, 2022 | |
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: • Resale and repurchase agreements; • Certain securities borrowed and loaned transactions; • Certain customer and other receivables and certain other liabilities; • Certain time deposits (deposits with no stated maturity are not eligible for a fair value option election), including structured certificates of deposit, which are hybrid financial instruments; • Substantially all other secured financings, including transfers of assets accounted for as financings; and • Certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments. 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 2022 Assets Resale agreements $ – $ 239,017 $ $ 239,017 Securities borrowed – 40,251 – 40,251 Customer and other receivables – 26 – 26 Total $ – $ 279,294 $ $ 279,294 Liabilities Deposits $ – $ (28,546 ) $ (2,789 ) $ (31,335 ) Repurchase agreements – (172,894 ) – (172,894 ) Securities loaned – (8,683 ) – (8,683 ) Other secured financings – (14,369 ) (1,412 ) (15,781 ) Unsecured borrowings: Short-term – (26,793 ) (5,209 ) (32,002 ) Long-term – (52,612 ) (9,626 ) (62,238 ) Other liabilities – (9 ) (78 ) (87 ) Total $ – $(303,906 ) $(19,114 ) $(323,020 ) As of December 2021 Assets Resale agreements $ – $ $ $ Securities borrowed – 39,955 – 39,955 Customer and other receivables – 42 – 42 Total $ – $ $ $ Liabilities Deposits $ – $ ) $ ) $ ) Repurchase agreements – (165,883 ) – (165,883 ) Securities loaned – (9,170 ) – (9,170 ) Other secured financings – (14,508 ) (2,566 ) (17,074 ) Unsecured borrowings: Short-term – (22,003 ) (7,829 ) (29,832 ) Long-term – (42,977 ) (9,413 ) (52,390 ) Other liabilities – (213 ) (146 ) (359 ) 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 liabilities at fair value as of both June 2022 and December 2021. 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 2022: • Yield: 3.2% to 6.4% (weighted average: 3.8%) • Duration: 0.1 to 3.0 years (weighted average: 2.1 years) As of December 2021: • Yield: 1.3% to 6.4% (weighted average: 2.1%) • Duration: 0.6 to 7.1 years (weighted average: 3.7 years) 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. 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 Ended June Six Months Ended June $ in millions 2022 2021 2022 2021 Beginning balance $(23,628 ) $(27,791 ) $(23,567 ) $(28,058 ) Net realized gains/(losses) (149 ) (200 ) (282 ) (294 ) Net unrealized gains/(losses) 2,911 (612 ) 4,778 (49 ) Issuances (3,651 ) (7,776 ) (7,576 ) (12,334 ) Settlements 4,205 7,258 7,402 10,844 Transfers into level 3 (885 ) (903 ) (2,037 ) (980 ) Transfers out of level 3 2,083 1,888 2,168 2,735 Ending balance $(19,114 ) $(28,136 ) $(19,114 ) $(28,136 ) 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 2022 2021 2022 2021 Deposits Beginning balance $ (3,244 ) $ (3,984 ) $(3,613 ) $ (4,221 ) Net realized gains/(losses) (3 ) (9 ) (7 ) (16 ) Net unrealized gains/(losses) 209 (110 ) 346 (111 ) Issuances (219 ) (125 ) (399 ) (215 ) Settlements 391 313 777 625 Transfers into level 3 (13 ) (7 ) (17 ) (28 ) Transfers out of level 3 90 14 124 58 Ending balance $ (2,789 ) $ (3,908 ) $(2,789 ) $ (3,908 ) Repurchase agreements Beginning balance $ $ (1 ) $ $ (2 ) Settlements – 1 – 2 Ending balance $ $ $ $ Other secured financings Beginning balance $ (2,589 ) $ (3,224 ) $(2,566 ) $ (3,474 ) Net realized gains/(losses) (2 ) (9 ) (5 ) (6 ) Net unrealized gains/(losses) 80 (1 ) 91 35 Issuances (22 ) (34 ) (61 ) (62 ) Settlements 405 92 572 323 Transfers into level 3 – (111 ) (110 ) (304 ) Transfers out of level 3 716 396 667 597 Ending balance $ (1,412 ) $ (2,891 ) $(1,412 ) $ (2,891 ) Unsecured short-term borrowings Beginning balance $ (7,028 ) $(10,246 ) $(7,829 ) $ (7,523 ) Net realized gains/(losses) (63 ) (103 ) (100 ) (130 ) Net unrealized gains/(losses) 859 (184 ) 1,230 (135 ) Issuances (1,538 ) (6,012 ) (3,514 ) (9,480 ) Settlements 2,571 4,510 4,752 5,303 Transfers into level 3 (420 ) (395 ) (479 ) (218 ) Transfers out of level 3 410 969 731 722 Ending balance $ (5,209 ) $(11,461 ) $(5,209 ) $(11,461 ) Unsecured long-term borrowings Beginning balance $(10,670 ) $(10,177 ) $(9,413 ) $(12,576 ) Net realized gains/(losses) (81 ) (79 ) (170 ) (142 ) Net unrealized gains/(losses) 1,751 (314 ) 3,065 62 Issuances (1,872 ) (1,605 ) (3,602 ) (2,577 ) Settlements 831 2,342 1,279 4,591 Transfers into level 3 (452 ) (390 ) (1,431 ) (430 ) Transfers out of level 3 867 509 646 1,358 Ending balance $ (9,626 ) $ (9,714 ) $(9,626 ) $ (9,714 ) Other liabilities Beginning balance $ ) $ (159 ) $ ) $ (262 ) Net unrealized gains/(losses) 12 (3 ) 46 100 Settlements 7 – 22 – Ending balance $ ) $ (162 ) $ ) $ (162 ) Level 3 Rollforward Commentary Three Months Ended June 2022. The net realized and unrealized gains on level 3 other financial liabilities of $2.76 billion (reflecting $149 million of net realized losses and $2.91 billion of net unrealized gains) for the three months ended June 2022 included gains/(losses) of $2.34 billion reported in market making, $57 million reported in other principal transactions and $(4) million reported in interest expense in the consolidated statements of earnings, and $372 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 three months ended June 2022 primarily reflected gains on certain hybrid financial instruments included in unsecured long- and short-term borrowings and deposits (in each case, Transfers into level 3 other financial liabilities during the three months ended June 2022 primarily reflected transfers of certain hybrid financial instruments included in unsecured long- and short-term borrowings from level 2 (principally due to reduced price transparency of certain volatility inputs used to value these instruments). Transfers out of level 3 other financial liabilities during the three months ended June 2022 primarily reflected transfers of certain hybrid financial instruments included in unsecured long- and short-term borrowings to level Six Months Ended June 2022. The net realized and unrealized gains on level 3 other financial liabilities of $4.50 billion (reflecting $282 million of net realized losses and $4.78 billion of net unrealized gains) for the six months ended June 2022 included gains/(losses) of $3.79 billion reported in market making, $85 million reported in other principal transactions and $(7) million reported in interest expense in the consolidated statements of earnings, and $626 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 2022 primarily reflected gains on certain hybrid financial instruments included in unsecured long- and short-term borrowings and deposits (in each case, Transfers into level 3 other financial liabilities during the six months ended June 2022 primarily reflected transfers of certain hybrid financial instruments included in unsecured long- and short-term borrowings from level 2 (principally due to reduced price transparency of certain volatility inputs used to value these instruments). Transfers out of level 3 other financial liabilities during the six months ended June 2022 primarily reflected transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings and certain deposits to level 2 (in each case, principally due to increased price transparency of certain volatility and correlation inputs used to value these instruments) and certain other secured financings to level 2 (principally due to certain unobservable yield inputs no longer being significant to the valuation of these instruments). Three Months Ended June 2021. The net realized and unrealized losses on level 3 other financial liabilities of $812 million (reflecting $200 million of net realized losses and $612 million of net unrealized losses) for the three months ended June 2021 included gains/(losses) of $(862) million reported in market making, $(10) million reported in other principal transactions and $(4) million reported in interest expense in the consolidated statements of earnings, and $64 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 2021 primarily reflected losses on certain hybrid financial instruments included in unsecured long- and short-term borrowings and deposits (in each case, principally due to an increase in global equity prices). Transfers into level 3 other financial liabilities during the three months ended June 2021 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 2021 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) and transfers of certain other secured financings to level 2 (principally due to increased price transparency of certain yield and duration inputs used to value these instruments). Six Months Ended June 2021. The net realized and unrealized losses on level 3 other financial liabilities of $343 million (reflecting $294 million of net realized losses and $49 million of net unrealized losses) for the six months ended June 2021 included gains/(losses) of $(428) million reported in market making, $29 million reported in other principal transactions and $(7) million reported in interest expense in the consolidated statements of earnings and $63 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 2021 primarily reflected losses on certain hybrid financial instruments included in unsecured short-term borrowings and deposits (in each case, principally due to an increase in global equity prices), partially offset by gains on other liabilities (principally due to an increase in the market value of the underlying assets) and gains on certain hybrid financial instruments included in unsecured long-term borrowings (principally due to an increase in interest rates). Transfers into level 3 other financial liabilities during the six months ended June 2021 primarily reflected transfers of certain hybrid financial instruments included in unsecured long- and short-term borrowings from level 2 (principally due to reduced transparency of certain volatility and correlation inputs used to value these instruments) and transfers of certain other secured financings from level 2 (principally due to reduced price transparency of certain yield and duration inputs used to value these instruments). Transfers out of level 3 other financial liabilities during the six months ended June 2021 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) and transfers of certain other secured financings to level 2 (principally due to increased price transparency of certain yield and duration 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 2022 2021 2022 2021 Unsecured short-term borrowings $2,560 $ (850 ) $ 4,265 $(1,810 ) Unsecured long-term borrowings 3,324 (1,473 ) 5,871 (1,702 ) Other 491 (177 ) 821 (71 ) Total $6,375 $(2,500 ) $10,957 $(3,583 ) 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 each of the three and six months ended June 2022 and June 2021. 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 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 aggregate contractual principal amount of long-term other secured financings, for which the fair value option was elected, exceeded the related fair value by $137 million as of June 2022. The related amount was not material as of December 2021. The aggregate contractual principal amount of unsecured long-term borrowings, for which the fair value option was elected, exceeded the related fair value by $4.42 billion as of June 2022. The related amount was not material as of December 2021. These debt instruments 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 Six Months $ in millions 2022 2021 2022 2021 Pre-tax $1,588 $159 $2,581 $130 After tax DVA $1,188 $117 $1,928 $ 98 In the table above: • After tax DVA is included in debt valuation adjustment in the consolidated statements of comprehensive income. • The gains/(losses) reclassified to market making in the consolidated statements of earnings from accumulated other comprehensive income/(loss) upon extinguishment of such financial liabilities were not material for each of the three and six months ended June 2022 and June 2021. Loans and Lending Commitments The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans (included in trading assets and loans in the consolidated balance sheets) for which the fair value option was elected. As of $ in millions June December Performing loans Aggregate contractual principal in excess of fair value $2,238 $1,373 Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value $7,273 $8,600 Aggregate fair value $2,637 $3,559 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 $24 million as of June 2022 and $20 million as of December 2021, and the related total contractual amount of these lending commitments was $366 million as of June 2022 and $611 million as of December 2021. 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 $(105) million for the three months ended June 2022, $71 million for the three months ended June 2021, $(107) million for the six months ended June 2022 and $203 million for the six months ended June 2021. 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, 2022 | |
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 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 Fixed Income, Currency and Commodities (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. Substantially all of the securities borrowed and loaned within Equities financing are recorded based on the amount of cash collateral advanced or received plus accrued interest. The firm also reviews such securities borrowed to determine if an allowance for credit losses should be recorded by taking into consideration the fair value of collateral received. As these agreements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates. Therefore, the carrying value of such agreements approximates fair value. As these agreements are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 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 2022 and December 2021. 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 Securities Repurchase Securities As of June 2022 Included in the consolidated balance sheets Gross carrying value $ 332,925 $ 218,533 $ 266,802 $ 48,120 Counterparty netting (93,908 ) (9,866 ) (93,908 ) (9,866 ) Total 239,017 208,667 172,894 38,254 Amounts not offset Counterparty netting (26,073 ) (9,312 ) (26,073 ) (9,312 ) Collateral (207,300 ) (181,211 ) (145,340 ) (28,361 ) Total $ 5,644 $ 18,144 $ 1,481 $ 581 As of December 2021 Included in the consolidated balance sheets Gross carrying value $ 334,725 $ 190,197 $ 294,905 $ Counterparty netting (129,022 ) (11,426 ) (129,022 ) (11,426 ) Total 205,703 178,771 165,883 46,505 Amounts not offset Counterparty netting (27,376 ) (12,822 ) (27,376 ) (12,822 ) Collateral (173,915 ) (157,752 ) (134,465 ) (33,143 ) Total $ 4,412 $ 8,197 $ 4,042 $ In the table above: • Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Amounts not offset includes counterparty netting that does not meet the criteria for netting under U.S. GAAP and the fair value of collateral received or posted subject to enforceable credit support agreements. • Resale agreements and repurchase agreements are carried at fair value under the fair value option. See Note 4 for further information about the valuation techniques and significant inputs used to determine fair value. • Securities borrowed included in the consolidated balance sheets of $40.25 billion as of June 2022 and $39.96 billion as of December 2021, and securities loaned of $8.68 billion as of June 2022 and $9.17 billion as of December 2021 were at fair value under the fair value option. See Note 10 for further information about securities borrowed and securities loaned accounted for at fair value. Gross Carrying Value of Repurchase Agreements and Securities Loaned The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged. $ in millions Repurchase Securities As of June 2022 Money market instruments $ 895 $ – U.S. government and agency obligations 139,319 259 Non-U.S. 106,862 1,113 Securities backed by commercial real estate 43 – Securities backed by residential real estate 147 – Corporate debt securities 10,045 409 State and municipal obligations 1 – Equity securities 9,490 46,339 Total $266,802 $48,120 As of December 2021 Money market instruments $ 328 $ 14 U.S. government and agency obligations 132,049 503 Non-U.S. 126,397 1,254 Securities backed by commercial real estate 362 – Securities backed by residential real estate 919 – Corporate debt securities 11,034 510 State and municipal obligations 248 – Other debt obligations 374 – Equity securities 23,194 55,650 Total $294,905 $57,931 The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity. As of June 2022 $ in millions Repurchase Securities No stated maturity and overnight $ 97,763 $26,345 2 - 30 days 75,943 227 31 - 90 days 30,897 1,131 91 days - 1 year 51,808 14,826 Greater than 1 year 10,391 5,591 Total $266,802 $48,120 In the table above: • Repurchase agreements and securities loaned that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Repurchase agreements and securities loaned that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable. Other Secured Financings In addition to repurchase agreements and securities loaned transactions, the firm funds certain assets through the use of other secured financings and pledges financial instruments and other assets as collateral in these transactions. These other secured financings include: • Liabilities of consolidated VIEs; • Transfers of assets accounted for as financings rather than sales (e.g., pledged commodities, bank loans and mortgage whole loans); and • Other structured financing arrangements. Other secured financings included nonrecourse arrangements. Nonrecourse other secured financings were $8.33 billion as of June 2022 and $8.64 billion as of December 2021. 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, substantially all would have been classified in level 3 as of both June 2022 and December 2021. The table below presents information about other secured financings. $ in millions U.S. Non-U.S. Total As of June 2022 Other secured financings (short-term): At fair value $ 6,655 $1,831 $ 8,486 At amortized cost – 163 163 Other secured financings (long-term): At fair value 3,916 3,379 7,295 At amortized cost 844 383 1,227 Total other secured financings $11,415 $5,756 $17,171 Other secured financings collateralized by: Financial instruments $ 6,839 $4,627 $11,466 Other assets $ 4,576 $1,129 $ 5,705 As of December 2021 Other secured financings (short-term): At fair value $ 5,315 $3,664 $ 8,979 At amortized cost – 191 191 Other secured financings (long-term): At fair value 4,170 3,925 8,095 At amortized cost 827 452 1,279 Total other secured financings $10,312 $8,232 $18,544 Other secured financings collateralized by: Financial instruments $ 5,990 $6,834 $12,824 Other assets $ 4,322 $1,398 $ 5,720 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. • Non-U.S. • U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 2.18% as of June 2022 and 1.06% as of December 2021. These rates include the effect of hedging activities. • Non-U.S. • Total other secured financings included $1.60 billion as of June 2022 and $1.97 billion as of December 2021 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets, primarily included in trading assets, of $1.58 billion as of June 2022 and $2.02 billion as of December 2021. • Other secured financings collateralized by financial instruments included $10.30 billion as of June 2022 and $10.37 billion as of December 2021 of other secured financings collateralized by trading assets, investments and loans, and included $1.17 billion as of June 2022 and $2.45 billion as of December 2021 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 Other secured financings (short-term) $ 8,649 Other secured financings (long-term): 2023 2,441 2024 2,106 2025 1,052 2026 961 2027 224 2028 - thereafter 1,738 Total other secured financings (long-term) 8,522 Total other secured financings $17,171 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 December Collateral available to be delivered or repledged $988,795 $1,057,195 Collateral that was delivered or repledged $828,091 $ 875,213 The table below presents information about assets pledged. As of $ in millions June December Pledged to counterparties that had the right to deliver or repledge Trading assets $ 72,781 $ 68,208 Investments $ 11,686 $ 12,840 Pledged to counterparties that did not have the right to deliver or repledge Trading assets $ 82,203 $ 102,259 Investments $ 19,279 $ 8,683 Loans $ 7,429 $ 6,808 Other assets $ 8,812 $ 8,878 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 $58.36 billion as of June 2022 and $41.49 billion as of December 2021. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2022 | |
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 December Property, leasehold improvements and equipment $18,537 $18,094 Goodwill 6,196 4,285 Identifiable intangible assets 2,014 418 Operating lease right-of-use 2,168 2,292 Income tax-related 4,781 3,860 Miscellaneous receivables and other 5,378 5,659 Total $39,074 $34,608 During the first half of 2022, the firm completed the acquisitions of GreenSky (a leading technology company facilitating point-of-sale all-stock customer and receivables Property, Leasehold Improvements and Equipment Property, leasehold improvements and equipment is net of accumulated depreciation and amortization of $11.55 billion as of June 2022 and $10.81 billion as of December 2021. Property, leasehold improvements and equipment included $7.07 billion as of June 2022 and $6.71 billion as of December 2021 that the firm uses in connection with its operations, and $161 million as of June 2022 and $194 million as of December 2021 of foreclosed real estate primarily related to distressed loans that were purchased by the firm. The remainder is held by investment entities, including VIEs, consolidated by the firm. Substantially all property and equipment is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years. The firm tests property, leasehold improvements and equipment for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. There were no material impairments during each of the three and six months ended June 2022 and June 2021. 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 December Investment Banking $ $ 281 Global Markets: FICC 269 269 Equities 2,638 2,638 Asset Management 1,206 349 Consumer & Wealth Management: Consumer banking 1,102 48 Wealth management 700 700 Total $6,196 $4,285 In the table above, the increase in goodwill from December 2021 to June 2022 reflected approximately $1.05 billion related to the acquisition of GreenSky and approximately $890 million related to the acquisition of NNIP. Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its 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 2021, the firm performed its annual assessment of goodwill for impairment, for each of its reporting units, by performing a qualitative assessment. Multiple factors, including performance indicators, macroeconomic indicators, firm and industry events, and fair value indicators, were assessed with respect to each of the firm’s reporting units to determine whether it was more likely than not that the estimated fair value of any of those reporting units was less than its estimated carrying value. The qualitative assessment also considered changes since a quantitative test was last performed in 2019. As a result of the qualitative assessment, the firm determined that it was more likely than not that the estimated fair value of each reporting unit exceeded its respective estimated carrying value. Therefore, the firm determined that goodwill for each reporting unit was not impaired and that a quantitative goodwill test was not required. Based on the evaluation of relevant factors first half of , the firm determined exceeded Identifiable Intangible Assets The table below presents identifiable intangible assets by reporting unit and type. As of $ in millions June December By Reporting Unit Global Markets: FICC $ $ Equities 41 43 Asset Management 956 122 Consumer & Wealth Management: Consumer banking 786 – Wealth management 230 252 Total $ $ By Type Customer lists and merchant relationships Gross carrying value $ $ Accumulated amortization (1,182 ) (1,130 ) Net carrying value 1,939 330 Acquired leases and other Gross carrying value 488 500 Accumulated amortization (413 ) (412 ) Net carrying value 75 88 Total gross carrying value 3,609 1,960 Total accumulated amortization (1,595 ) (1,542 ) Total net carrying value $ $ The firm acquired approximately $1.71 billion of identifiable intangible assets (with a weighted average amortization period of 13 years) during the six months ended June 2022. These acquisitions included approximately $710 million related to GreenSky, substantially all of which consisted of merchant relationships, and approximately $900 million related to NNIP, substantially all of which consisted of customer lists. During 2021, the amount of identifiable intangible assets acquired by the firm was not material. 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 Six Months Ended June $ in millions 2022 2021 2022 2021 Amortization $51 $31 $70 $67 $ in millions As of Estimated future amortization Remainder of 2022 $100 2023 $192 2024 $180 2025 $162 2026 $155 2027 $153 The firm tests identifiable intangible assets for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. There were no material impairments during each of the three and six months ended June 2022 and June 2021. 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 $701 million as of June 2022 and $714 million as of December 2021. • Assets classified as held for sale of $520 million as of June 2022 and $1.02 billion as of December 2021 related to certain of 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, 2022 | |
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 2022 Consumer $ 89,049 $ 21,815 $ 110,864 Private bank 76,135 13,805 89,940 Brokered certificates of deposit – 39,760 39,760 Deposit sweep programs 45,736 – 45,736 Transaction banking 59,332 5,709 65,041 Other 1,030 38,955 39,985 Total $ 271,282 $ 120,044 $ 391,326 As of December 2021 Consumer $ 89,150 $ 20,533 $109,683 Private bank 85,427 9,665 95,092 Brokered certificates of deposit – 30,816 30,816 Deposit sweep programs 37,965 – 37,965 Transaction banking 48,618 5,689 54,307 Other 275 36,089 36,364 Total $261,435 $102,792 $364,227 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 $31.34 billion as of June 2022 and $35.43 billion as of December 2021 of deposits accounted for at fair value under the fair value option. See Note 10 for further information about deposits accounted for at fair value. • Time deposits had a weighted average maturity of approximately 0.9 years as of both June 2022 and December 2021. • Deposit sweep programs include long-term contractual agreements with U.S. broker-dealers who sweep client cash to FDIC-insured deposits. • Transaction banking deposits consists of deposits that the firm raised through its cash management services business for corporate and other institutional clients. • Other deposits represent deposits from institutional clients. • Deposits insured by the FDIC were $184.13 billion as of June 2022 and $156.66 billion as of December 2021. • Deposits insured by non-U.S. The table below presents the location of deposits. As of $ in millions June December U.S. offices $314,347 $283,705 Non-U.S. 76,979 80,522 Total $391,326 $364,227 In the table above, U.S. deposits were held at Goldman Sachs Bank USA (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 2022 $ in millions U.S. Non-U.S. Total Remainder of 2022 $35,967 $23,805 $ 59,772 2023 33,824 8,879 42,703 2024 8,477 105 8,582 2025 3,611 297 3,908 2026 2,407 230 2,637 2027 763 173 936 2028 - thereafter 1,188 318 1,506 Total $86,237 $33,807 $120,044 As of June 2022, deposits in U.S. offices included $32.50 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 2022 and December 2021. 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 2022 and December 2021. |
Unsecured Borrowings
Unsecured Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
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 $ 57,615 $ 46,955 Unsecured long-term borrowings 250,444 254,092 Total $308,059 $301,047 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 2022 and December 2021. The table below presents information about unsecured short-term borrowings. As of $ in millions June December Current portion of unsecured long-term borrowings $26,292 $18,118 Hybrid financial instruments 18,915 20,073 Commercial paper 10,091 6,730 Other unsecured short-term borrowings 2,317 2,034 Total unsecured short-term borrowings $57,615 $46,955 Weighted average interest rate 1.65% 2.34% 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. Non-U.S. Total As of June 2022 Fixed-rate obligations $124,866 $40,423 $165,289 Floating-rate obligations 54,826 30,329 85,155 Total $179,692 $70,752 $250,444 As of December 2021 Fixed-rate obligations $126,534 $46,408 $172,942 Floating-rate obligations 50,995 30,155 81,150 Total $177,529 $76,563 $254,092 In the table above: • Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2065. • Floating-rate obligations includes equity-linked, credit-linked and indexed instruments. Floating interest rates are generally based on Euro Interbank Offered Rate, USD LIBOR or SOFR. • U.S. dollar-denominated debt had interest rates ranging from 0.63% to 7.68% (with a weighted average rate of 3.37%) as of June 2022 and 0.48% to 7.68% (with a weighted average rate of 3.34%) as of December 2021. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. • Non-U.S. dollar-denominated debt had interest rates ranging from 0.13% to 13.00% (with a weighted average rate of 1.82%) as of June 2022 and 0.13% to 13.00% (with a weighted average rate of 1.86%) as of December 2021. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. The table below presents unsecured long-term borrowings by maturity. $ in millions As of 2023 $ 23,319 2024 40,075 2025 34,009 2026 21,452 2027 25,528 2028 - thereafter 106,061 Total $250,444 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 $(8.22) 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: $(21) million in 2023, $(266) million in 2024, $(730) million in 2025, $(390) million in 2026, $(1.08) billion in 2027 and $(5.73) billion in 2028 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 December Fixed-rate obligations: At fair value $ 5,391 $ 4,863 At amortized cost 12,487 30,370 Floating-rate obligations: At fair value 56,847 47,527 At amortized cost 175,719 171,332 Total $250,444 $254,092 In the table above, the aggregate amounts of unsecured long-term borrowings had weighted average interest rates of 2.69% (3.54% related to fixed-rate obligations and 2.63% related to floating-rate obligations) as of June 2022 and 1.60% (2.25% related to fixed-rate obligations and 1.48% related to floating-rate obligations) as of December 2021. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. The carrying value of unsecured long-term borrowings for which the firm did not elect the fair value option was $188.21 billion as of June 2022 and $201.70 billion as of December 2021. The estimated fair value of such unsecured long-term borrowings was $185.00 billion as of June 2022 and $209.37 billion as of December 2021. 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 2022 and December 2021. Subordinated Borrowings Unsecured long-term borrowings includes subordinated debt and junior subordinated debt. Subordinated debt that matures within one year is included in unsecured short-term borrowings. Junior subordinated debt is junior in right of payment to other subordinated borrowings, which are junior to senior borrowings. Long-term subordinated debt had maturities ranging from 2025 to 2045 as of both June 2022 and December 2021 . T he table below presents information about subordinated borrowings. $ in millions Par Carrying Rate As of June 2022 Subordinated debt $12,243 $12,882 3.30% Junior subordinated debt 968 1,134 2.45% Total $13,211 $14,016 3.23% As of December 2021 Subordinated debt $12,437 $15,571 1.74% Junior subordinated debt 968 1,321 1.31% Total $13,405 $16,892 1.71% 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 both June 2022 and December 2021, 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. The Trust is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes. The firm pays interest semi-annually on the junior subordinated debt at an annual rate of 6.345% and the debt matures on February 15, 2034. The coupon rate and the payment dates applicable to the beneficial interests are the same as the interest rate and payment dates for the junior subordinated debt. The firm has the right, from time to time, to defer payment of interest on the junior subordinated debt, and therefore cause payment on the Trust’s preferred beneficial interests to be deferred, in each case up to ten consecutive semi-annual periods. During any such deferral period, the firm will not be permitted to, among other things, pay dividends on or make certain repurchases of its common stock. The Trust is not permitted to pay any distributions on the common beneficial interests held by Group Inc. unless all dividends payable on the preferred beneficial interests have been paid in full. 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 III or shares of Group Inc.’s Perpetual Non-Cumulative Non-Cumulative Goldman Sachs Capital II and Goldman Sachs Capital III (APEX Trusts) hold Group Inc.’s Perpetual Non-Cumulative Preferred Stock, Series E (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, 2022 | |
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 $ 5,064 $10,838 Income tax-related 3,223 2,360 Operating lease liabilities 2,160 2,288 Noncontrolling interests 844 840 Employee interests in consolidated funds 28 29 Accrued expenses and other 9,054 8,146 Total $20,373 $24,501 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 2022 Remainder of 2022 $ 2023 323 2024 296 2025 262 2026 218 2027 - thereafter 1,585 Total undiscounted lease payments 2,852 Imputed interest (692 ) Total operating lease liabilities $2,160 Weighted average remaining lease term 13 years Weighted average discount rate 3.57% As of December 2021 2022 $ 305 2023 307 2024 284 2025 258 2026 216 2027 - thereafter 1,655 Total undiscounted lease payments 3,025 Imputed interest (737 ) Total operating lease liabilities $2,288 Weighted average remaining lease term 14 years Weighted average discount rate 3.61% 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 $117 million for the three months ended June 2022, $110 million for the three months ended June 2021, $237 million for the six months ended June 2022 and $230 million for the six months ended June 2021. Variable lease costs, which are included in operating lease costs, were not material for each of the three and six months ended June 2022 and June 2021. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for each of the three and six months ended June 2022 and June 2021. Lease payments relating to operating lease arrangements that were signed, but had not yet commenced were $312 million as of June 2022. Accrued Expenses and Other Accrued expenses and other included: • Liabilities classified as held for sale were not material as of June 2022 and were $310 million as of December 2021 related to certain of the firm’s consolidated investments within the Asset Management segment, substantially all of which consisted of other secured financings primarily carried at fair value under the fair value option, and were related to assets classified as held for sale. See Note 12 for further information about assets held for sale. • Contract liabilities, which represent consideration received by the firm in connection with its contracts with clients prior to providing the service. As of both June 2022 and December 2021, the firm’s contract liabilities were not material. |
Securitization Activities
Securitization Activities | 6 Months Ended |
Jun. 30, 2022 | |
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 primarily classified in level 2 of the fair value hierarchy. Interests not accounted for at fair value are carried at amounts that approximate fair value. See 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 Ended June Six Months Ended June $ in millions 2022 2021 2022 2021 Residential mortgages $ 8,626 $ 4,813 $20,009 $ 9,751 Commercial mortgages 5,293 5,836 11,514 11,209 Other financial assets 1,090 1,162 2,772 2,225 Total financial assets securitized $15,009 $11,811 $34,295 $23,185 Retained interests cash flows $ 152 $ 282 $ 331 $ 412 The firm securitized assets of $199 million during the three months ended June 2022, $274 million during the three months ended June 2021, $399 million during the six months ended June 2022 and $413 million during the six months ended June 2021, in a non-cash 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 Principal Amount Retained Interests Purchased Interests As of June 2022 U.S. government agency-issued CMOs $ 37,045 $1,771 $ Other residential mortgage-backed 27,131 1,127 110 Other commercial mortgage-backed 57,172 1,119 130 Corporate debt and other asset-backed 9,010 430 36 Total $130,358 $4,447 $276 As of December 2021 U.S. government agency-issued CMOs $ 33,984 $ 955 $ 3 Other residential mortgage-backed 23,262 1,114 96 Other commercial mortgage-backed 50,350 1,123 130 Corporate debt and other asset-backed 7,755 360 37 Total $115,351 $3,552 $266 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 2017 and thereafter. • The fair value of retained interests was $4.44 billion as of June 2022 and $3.57 billion as of December 2021. 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 $109 million as of June 2022 and $81 million as of December 2021, and the notional amount of these derivatives and commitments was $1.73 billion as of June 2022 and $1.81 billion as of December 2021. 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 2022 December 2021 Fair value of retained interests $4,020 $3,209 Weighted average life (years) 8.0 5.1 Constant prepayment rate 11.0% 14.1% Impact of 10% adverse change $ ) $ (38 ) Impact of 20% adverse change $ ) $ (69 ) Discount rate 6.5% 5.6% Impact of 10% adverse change $ ) $ (49 ) Impact of 20% adverse change $ ) $ (96 ) 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 $422 million and a weighted average life of 7.0 years as of June 2022, and a fair value of $360 million and a weighted average life of 3.6 years as of December 2021. 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 2022 and December 2021. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $430 million as of June 2022 and $360 million as of December 2021. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 December 2021 Total nonconsolidated VIEs Assets in VIEs $180,186 $176,809 Carrying value of variable interests — assets $ 11,172 $ 9,582 Carrying value of variable interests — liabilities $ 769 $ 928 Maximum exposure to loss: Retained interests $ 4,447 $ 3,552 Purchased interests 541 1,071 Commitments and guarantees 2,637 2,440 Derivatives 8,790 8,682 Debt and equity 5,891 4,639 Total $ 22,306 $ 20,384 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 2022 December 2021 Mortgage-backed Assets in VIEs $123,953 $120,343 Carrying value of variable interests — assets $ 4,470 $ 4,147 Maximum exposure to loss: Retained interests $ 4,017 $ 3,192 Purchased interests 453 955 Commitments and guarantees 28 34 Derivatives 18 18 Total $ 4,516 $ 4,199 Real estate, credit- and power-related and other investing Assets in VIEs $ 26,400 $ 26,867 Carrying value of variable interests — assets $ 4,071 $ 3,923 Carrying value of variable interests — liabilities $ 2 $ Maximum exposure to loss: Commitments and guarantees $ 2,043 $ 2,030 Derivatives 46 64 Debt and equity 4,069 3,923 Total $ 6,158 $ 6,017 Corporate debt and other asset-backed Assets in VIEs $ 20,995 $ 18,391 Carrying value of variable interests — assets $ 2,328 $ 1,156 Carrying value of variable interests — liabilities $ 767 $ 920 Maximum exposure to loss: Retained interests $ 430 $ 360 Purchased interests 88 116 Commitments and guarantees 418 250 Derivatives 8,724 8,597 Debt and equity 1,519 360 Total $ 11,179 $ 9,683 Investments in funds Assets in VIEs $ 8,838 $ 11,208 Carrying value of variable interests — assets $ 303 $ 356 Maximum exposure to loss: Commitments and guarantees $ 148 $ 126 Derivatives 2 3 Debt and equity 303 356 Total $ 453 $ 485 As of both June 2022 and December 2021, the carrying values of the firm’s variable interests in nonconsolidated VIEs are included in the consolidated balance sheets as follows: • Mortgage-backed: Assets primarily included in trading assets and loans. • Real estate, credit- and power-related and other investing: Assets primarily included in investments and loans, and liabilities included in trading liabilities and other liabilities. • Corporate debt and other asset-backed: Assets included in loans and trading assets, and liabilities included in trading liabilities. • Investments in funds: Assets included in investments. Consolidated VIEs The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in consolidated VIEs. As of $ in millions June 2022 December 2021 Total consolidated VIEs Assets Cash and cash equivalents $ 291 $ 501 Customer and other receivables 48 – Trading assets 166 122 Investments 105 153 Loans 1,524 1,988 Other assets 311 314 Total $2,445 $3,078 Liabilities Other secured financings $1,051 $1,143 Customer and other payables 3 34 Trading liabilities – 7 Unsecured short-term borrowings 127 146 Unsecured long-term borrowings 69 81 Other liabilities 138 163 Total $1,388 $1,574 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 2022 December 2021 Real estate, credit-related and other investing Assets Cash and cash equivalents $ 261 $ 274 Customer and other receivables 48 – Trading assets 31 16 Investments 105 153 Loans 1,524 1,988 Other assets 311 314 Total $2,280 $2,745 Liabilities Other secured financings $ 144 $ 150 Customer and other payables 3 34 Trading liabilities – 7 Other liabilities 138 163 Total $ 285 $ 354 Corporate debt and other asset-backed Assets Cash and cash equivalents $ 30 $ 227 Trading assets 108 17 Total $ 138 $ 244 Liabilities Other secured financings $ 477 $ 602 Total $ 477 $ 602 Principal-protected notes Assets Trading assets $ 27 $ 89 Total $ 27 $ 89 Liabilities Other secured financings $ 430 $ 391 Unsecured short-term borrowings 127 146 Unsecured long-term borrowings 69 81 Total $ 626 $ 618 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, 2022 | |
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 2022 December 2021 Commitment Type Commercial lending: Investment-grade $ 91,329 $ 95,585 Non-investment-grade 66,832 69,644 Warehouse financing 10,274 10,391 Credit cards 57,184 35,932 Total lending 225,619 211,552 Risk participations 9,551 10,016 Collateralized agreement 106,119 101,031 Collateralized financing 35,805 29,561 Investment 7,686 11,381 Other 12,197 9,143 Total commitments $396,977 $372,684 The table below presents commitments by expiration. As of June 2022 $ in millions Remainder of 2022 2023 - 2024 2025 - 2026 2027 - Thereafter Commitment Type Commercial lending: Investment-grade $ 6,548 $23,682 $41,926 $19,173 Non-investment-grade 2,233 20,860 24,251 19,488 Warehouse financing 1,103 5,694 3,092 385 Credit cards 57,184 – – – Total lending 67,068 50,236 69,269 39,046 Risk participations 696 5,983 2,168 704 Collateralized agreement 104,649 1,470 – – Collateralized financing 34,705 1,100 – – Investment 2,006 1,043 1,569 3,068 Other 8,658 3,282 – 257 Total commitments $217,782 $63,114 $73,006 $43,075 Lending Commitments The firm’s commercial and warehouse financing lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing. These commitments are presented net of amounts syndicated to third parties. The total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate portions of these commitments. In addition, commitments can expire unused or be reduced or cancelled at the counterparty’s request. The firm also provides credit to consumers by issuing credit card lines. The table below presents information about lending commitments. As of $ in millions June 2022 December 2021 Held for investment $216,164 $197,120 Held for sale 8,219 13,175 At fair value 1,236 1,257 Total $225,619 $211,552 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 $944 million (including allowance for credit losses of $705 million) as of June 2022 and $1.05 billion (including allowance for credit losses of $776 million) as of December 2021. The estimated fair value of such lending commitments was a liability of $6.79 billion as of June 2022 and $4.17 billion as of December 2021. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $3.31 billion as of June 2022 and $1.91 billion as of December 2021 would have been classified in level 2, and $3.48 billion as of June 2022 and $2.26 billion as of December 2021 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 $286 million as of June 2022 and $91 million as of December 2021. 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 2022 and December 2021. • 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 $123.36 billion as of June 2022 and $120.99 billion as of December 2021, related to relationship lending activities (principally used for operating and general corporate purposes) and $14.12 billion as of June 2022 and $21.07 billion as of December 2021, 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. To mitigate the credit risk associated with the firm’s commercial lending activities, the firm obtains credit protection on certain loans and lending commitments through credit default swaps, both single-name and index-based contracts, and through the issuance of credit-linked notes. Warehouse Financing. The firm provides financing to clients who warehouse financial assets. These arrangements are secured by the warehoused assets, primarily consisting of residential real estate, consumer and corporate loans. Credit Cards. The firm’s credit card lending commitments included $57.18 billion as of June 2022 and $33.97 billion as of December 2021 related to credit card lines issued by the firm to consumers. These credit card lines are cancellable by the firm. The increase in credit card lending commitments from December 2021 to June 2022 reflected approximately $15.0 billion relating to the firm’s acquisition of the General Motors co-branded co-branded Risk Participations The firm also risk participates certain of its commercial lending commitments to other financial institutions. In the event of a risk participant’s default, the firm will be responsible to fund the borrower. Collateralized Agreement Commitments/ Collateralized Financing Commitments Collateralized agreement commitments includes forward starting resale and securities borrowing agreements, and collateralized financing commitments includes forward starting repurchase and secured lending agreements that settle at a future date, generally within three business days. Collateralized agreement commitments also includes transactions where the firm has entered into commitments to provide contingent financing to its clients and counterparties through resale agreements. The firm’s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused. Investment Commitments Investment commitments includes commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages. Investment commitments included $1.41 billion as of June 2022 and $1.60 billion as of December 2021, 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. Investment commitments as of December 2021 included approximately $1.90 billion related to the firm’s commitment to acquire NNIP and approximately $2.0 billion related to the firm’s commitment to acquire GreenSky. These acquisitions were completed in the first half of 2022. See Note 12 for information about these acquisitions. In addition, as of December 2021, the firm had an undrawn commitment of approximately $600 million (included within other commitments) to GreenSky to acquire loans originated by GreenSky’s bank partners, which was terminated upon completion of the acquisition. Contingencies Legal Proceedings. See Note 27 for information about legal proceedings. Guarantees The table below presents derivatives that meet the definition of a guarantee, securities lending and clearing guarantees and certain other financial guarantees. $ in millions Derivatives Securities Other As of June 2022 Carrying Value of Net Liability $ 5,087 $ – $ 278 Maximum Payout/Notional Amount by Period of Expiration Remainder of 2022 $ 48,198 $12,258 $ 235 2023 – 2024 98,627 – 3,158 2025 – 2026 33,069 – 2,261 2027 – thereafter 32,199 – 244 Total $212,093 $12,258 $5,898 As of December 2021 Carrying Value of Net Liability $ 3,406 $ $ 234 Maximum Payout/Notional Amount by Period of Expiration 2022 $ 68,212 $11,046 $ 871 2023 – 2024 48,273 – 3,608 2025 – 2026 19,706 – 2,015 2027 – thereafter 30,006 – 97 Total $166,197 $11,046 $6,591 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 $1.31 billion as of June 2022 and $1.10 billion as of December 2021, and derivative liabilities of $6.40 billion as of June 2022 and $4.51 billion as of December 2021. 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. Accordingly, the firm has not included such contracts in the table above. See Note 7 for information about credit derivatives that meet the definition of a guarantee, which are not included in the table above. Derivatives are accounted for at fair value and therefore the carrying value is considered the best indication of payment/performance risk for individual contracts. However, the carrying values in the table above exclude the effect of counterparty and cash collateral netting. Securities Lending and Clearing Guarantees. Securities lending and clearing guarantees include the indemnifications and guarantees that the firm provides in its capacity as an agency lender and in its capacity as a sponsoring member of the Fixed Income Clearing Corporation. As an agency lender, the firm indemnifies most of its securities lending customers against losses incurred in the event that borrowers do not return securities and the collateral held is insufficient to cover the market value of the securities borrowed. The maximum payout of such indemnifications was $12.26 billion as of June 2022 and $11.05 billion as of December 2021. Collateral held by the lenders in connection with securities lending indemnifications was $12.83 billion as of June 2022 and $11.36 billion as of December 2021. Because the contractual nature of these arrangements requires the firm to obtain collateral with a market value that exceeds the value of the securities lent to the borrower, there is minimal performance risk associated with these indemnifications. As a sponsoring member of the Government Securities Division of the Fixed Income Clearing Corporation, the firm guarantees the performance of its sponsored member clients to the Fixed Income Clearing Corporation in connection with certain resale and repurchase agreements. To minimize potential losses on such guarantees, the firm obtains a security interest in the collateral that the sponsored client placed with the Fixed Income Clearing Corporation. Therefore, the risk of loss on such guarantees is minimal. There were no amounts outstanding under the guarantee as of both June 2022 and December 2021. Other Financial Guarantees. In the ordinary course of business, the firm provides other financial guarantees of the obligations of third parties (e.g., standby letters of credit and other guarantees to enable clients to complete transactions and fund-related guarantees). These guarantees represent obligations to make payments to beneficiaries if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Other financial guarantees also include a guarantee that the firm has provided to the Government of Malaysia that it will receive at least $1.4 billion in assets and proceeds from assets seized by governmental authorities around the world related to 1Malaysia Development Berhad, a sovereign wealth fund in Malaysia (1MDB). The firm evaluates progress toward satisfying this obligation based on the report that it receives on a semi-annual basis, expected in February and August. Based on the latest report as of February 2022, approximately $450 million in assets and proceeds from assets has been returned to the Government of Malaysia in connection with this guarantee, which must be satisfied by August 2025. Any amounts paid by the firm under this guarantee would be subject to reimbursement in the event the assets and proceeds received by the Government of Malaysia through August 18, 2028 exceed $1.4 billion. See Note 27 for further information about matters related to 1MDB. Guarantees of Securities Issued by Trusts. The firm has established trusts, including Goldman Sachs Capital I, 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. No subsidiary of Group Inc. guarantees the securities of Goldman Sachs Capital I or the APEX Trusts. Management believes that it is unlikely that any circumstances will occur, such as nonperformance on the part of paying agents or other service providers, that would make it necessary for the firm to make payments related to these entities other than those required under the terms of the guarantee, borrowing, preferred stock and related contractual arrangements and in connection with certain expenses incurred by these entities. Indemnities and Guarantees of Service Providers. In the ordinary course of business, the firm indemnifies and guarantees certain service providers, such as clearing and custody agents, trustees and administrators, against specified potential losses in connection with their acting as an agent of, or providing services to, the firm or its affiliates. The firm may also be liable to some clients or other parties for losses arising from its custodial role or caused by acts or omissions of third-party service providers, including sub-custodians 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 2022 and December 2021. 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 2022 and December 2021. Guarantees of Subsidiaries. Group Inc. is the entity that 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.), GS Bank USA and Goldman Sachs Paris Inc. et Cie, subject to certain exceptions. In addition, Group Inc. has provided guarantees to Goldman Sachs International (GSI) and Goldman Sachs Bank Europe SE (GSBE) related to agreements that each entity 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, 2022 | |
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Shareholders' Equity | Note 19. Shareholders’ Equity Common Equity As of both June 2022 and December 2021, 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. During the first quarter of 2022, in connection with the acquisition of GreenSky, the firm issued approximately 5.5 million shares of common stock, including approximately 325,000 shares subject to future service. 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. Three Months Ended June Six Months Ended June in millions, except per share amounts 2022 2021 2022 2021 Common share repurchases 1.5 2.8 2.9 11.6 Average cost per share $323.74 $350.90 $342.48 $320.12 Total cost of common share repurchases $ $ 1,000 $ 1,000 $ 3,700 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 2022, 11,595 shares were remitted with a total value of $4 million and the firm cancelled 4.5 million share-based awards with a total value of $1.56 billion. The table below presents common stock dividends declared. Three Months Ended June Six Months Ended June 2022 2021 2022 2021 Dividends declared per common share $2.00 $1.25 $4.00 $2.50 On July 14, 2022, the Board of Directors of Group Inc. (Board) increased the quarterly dividend to $2.50 per common share from $2.00 per common share. This dividend will be paid on Preferred Equity The tables below present information about the perpetual preferred stock issued and outstanding as of June 2022. Series Shares Shares Shares Depositary Shares A 50,000 30,000 29,999 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 7,667 7,667 N/A F 5,000 1,615 1,615 N/A J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 O 26,000 26,000 26,000 25 P 66,000 60,000 60,000 25 Q 20,000 20,000 20,000 25 R 24,000 24,000 24,000 25 S 14,000 14,000 14,000 25 T 27,000 27,000 27,000 25 U 30,000 30,000 30,000 25 V 30,000 30,000 30,000 25 Total 472,700 400,282 400,280 Series Earliest Redemption Date Liquidation Redemption Value ($ in millions) A Currently redeemable $ 25,000 $ 750 C Currently redeemable $ 25,000 200 D Currently redeemable $ 25,000 1,350 E Currently redeemable $100,000 767 F Currently redeemable $100,000 161 J May 10, 2023 $ 25,000 1,000 K May 10, 2024 $ 25,000 700 O November 10, 2026 $ 25,000 650 P 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 T May 10, 2026 $ 25,000 675 U August 10, 2026 $ 25,000 750 V November 10, 2026 $ 25,000 750 Total $10,703 In the tables above: • All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares. • The earliest redemption date represents the date on which each share of non-cumulative • Prior to redeeming preferred stock, the firm must receive approval from the FRB. • The redemption price per share for Series A through F and Series Q through V Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series J through P Preferred Stock is the liquidation preference plus accrued and unpaid dividends. Each share of Series F and Series O 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 F and Series O 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 half of 2021, the firm redeemed all outstanding shares of its (i) Series N 6.30% Non-Cumulative Fixed-to-Floating Non-Cumulative second The table below presents the dividend rates of perpetual preferred stock as of June 2022. 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; 3 month LIBOR + 3.64% thereafter, payable quarterly K 6.375% to, but excluding, May 10, 2024; 3 month LIBOR + 3.55% thereafter, payable quarterly O 5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter P 5.00%, payable semi-annually, from issuance date to, but excluding, November 10, 2022; 3 month LIBOR + 2.874%, payable quarterly, thereafter Q 5.50%, payable semi-annually, from issuance date to, but excluding, August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter R 4.95%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter S 4.40%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter T 3.80%, payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter U 3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter V 4.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter In the table above, dividends on each series of preferred stock are payable in arrears for the periods specified. The table below presents preferred stock dividends declared. 2022 2021 Series per share $ in millions per share $ in millions Three Months Ended June A $ $ 7 $ 231.77 $ 7 C $ 2 $ 247.22 2 D $ 13 $ 247.22 13 E $1,022.22 9 $1,022.22 8 F $1,022.22 1 $1,022.22 1 J $ 14 $ 343.75 13 K $ 11 $ 398.44 11 N $ – – $ 393.75 9 O $ 17 $ 662.50 17 P $ 38 $ 625.00 38 T $ 13 $ – V $ 16 $ – Total $141 $119 Six Months Ended June A $ $ 14 $ 471.35 $ 14 C $ 4 $ 502.78 4 D $ 27 $ 502.78 27 E $2,022.22 16 $2,022.22 15 F $2,022.22 3 $2,022.22 3 J $ 28 $ 687.50 27 K $ 22 $ 796.88 22 N $ – – $ 787.50 19 O $ 17 $ 662.50 17 P $ 38 $ 625.00 38 Q $ 14 $ 687.50 14 R $ 15 $ 618.75 15 S $ 8 $ 550.00 8 T $ 13 $ – U $ 14 $ – V $ 16 $ – Total $249 $223 On July 5, 2022, Group Inc. declared dividends of $239.58 per share of Series A Preferred Stock, $255.56 per share of Series C Preferred Stock, $255.56 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, $687.50 per share of Series Q Preferred Stock, $618.75 per share of Series R Preferred Stock, $550.00 per share of Series S Preferred Stock and $456.25 per share of Series U Preferred Stock to be paid on August 10, 2022 to preferred shareholders of record on July 26, 2022. 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, 2022 to preferred shareholders of record on August 17, 2022. Accumulated Other Comprehensive Income/(Loss) The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type. $ in millions Beginning Other Ending Three Months Ended June 2022 Currency translation $ ) $ ) $ ) Debt valuation adjustment 229 1,188 1,417 Pension and postretirement liabilities (314 ) (1 ) (315 ) Available-for-sale (1,846 ) (441 ) (2,287 ) Total $(2,684 ) $ $(1,954 ) Three Months Ended June 2021 Currency translation $ ) $ ) $ ) Debt valuation adjustment (852 ) 117 (735 ) Pension and postretirement liabilities (361 ) – (361 ) Available-for-sale (165 ) 84 (81 ) Total $ ) $ $ ) Six Months Ended June 2022 Currency translation $ ) $ ) $ ) Debt valuation adjustment (511 ) 1,928 1,417 Pension and postretirement liabilities (327 ) 12 (315 ) Available-for-sale (492 ) (1,795 ) (2,287 ) Total $(2,068 ) $ $(1,954 ) Six Months Ended June 2021 Currency translation $ ) $ ) $ ) Debt valuation adjustment (833 ) 98 (735 ) Pension and postretirement liabilities (368 ) 7 (361 ) Available-for-sale 463 (544 ) (81 ) Total $ ) $ ) $ ) |
Regulation and Capital Adequacy
Regulation and Capital Adequacy | 6 Months Ended |
Jun. 30, 2022 | |
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Regulation and Capital Adequacy | Note 20. Regulation and Capital Adequacy The FRB is the primary regulator of Group Inc., a bank holding company under the U.S. Bank Holding Company Act of 1956 and a financial holding company under amendments to this Act. The firm is subject to consolidated regulatory capital requirements which are calculated in accordance with the regulations of the FRB (Capital Framework). The capital requirements are expressed as risk-based capital and leverage ratios that compare measures of regulatory capital to risk-weighted assets (RWAs), average assets and off-balance Capital Framework The regulations under the Capital Framework are largely based on the Basel Committee on Banking Supervision’s (Basel Committee) capital framework for strengthening international capital standards (Basel III) and also implement certain provisions of the Dodd-Frank Act. Under the Capital Framework, the firm is an “Advanced approaches” banking organization and has been designated as a global systemically important bank (G-SIB). The Capital Framework includes the minimum risk-based capital and the capital conservation buffer requirements. The buffer must consist entirely of capital that qualifies as Common Equity Tier 1 (CET1) capital. The firm calculates its CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. Each of the ratios calculated under the Standardized and Advanced Capital Rules must meet its respective capital requirements. Under the Capital Framework, the firm is also subject to leverage requirements which consist of a minimum Tier 1 leverage ratio and a minimum supplementary leverage ratio (SLR), as well as the SLR buffer. Risk-Based Capital Ratios. The table below presents the risk-based capital requirements. Standardized Advanced CET1 capital ratio 13.4% 9.5% Tier 1 capital ratio 14.9% 11.0% Total capital ratio 16.9% 13.0% In the table above: • Under both the Standardized and Advanced Capital Rules, the CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements, consisting of the G-SIB • The G-SIB G-SIB G-SIB. Based on the firm’s 2022 Comprehensive Capital Analysis and Review (CCAR) submission, the FRB has set the SCB for the firm at 6.3% for the period from October 1, 2022 through September 30, 2023. As a result, beginning on October 1, 2022, the firm’s Standardized requirements will be 13.3% for the CET1 capital ratio, 14.8% for the Tier 1 capital ratio and 16.8% for the Total capital ratio. The table below presents information about risk-based capital ratios. $ in millions Standardized Advanced As of June 2022 CET1 capital $ 98,278 $ 98,278 Tier 1 capital $108,789 $108,789 Tier 2 capital $ 15,375 $ 12,466 Total capital $124,164 $121,255 RWAs $691,659 $686,317 CET1 capital ratio 14.2% 14.3% Tier 1 capital ratio 15.7% 15.9% Total capital ratio 18.0% 17.7% As of December 2021 CET1 capital $ 96,254 $ 96,254 Tier 1 capital $106,766 $106,766 Tier 2 capital $ 14,636 $ 12,051 Total capital $121,402 $118,817 RWAs $676,863 $647,921 CET1 capital ratio 14.2% 14.9% Tier 1 capital ratio 15.8% 16.5% Total capital ratio 17.9% 18.3% Leverage Ratios. The table below presents the leverage requirements. Requirements Tier 1 leverage ratio 4.0% SLR 5.0% In the table above, the SLR requirement of 5% includes a minimum of 3% and a 2% buffer applicable to G-SIBs. The table below presents information about leverage ratios. For the Three Months $ in millions June 2022 December Tier 1 capital $ $ 106,766 Average total assets $1,565,030 $1,466,770 Deductions from Tier 1 capital (8,277 ) (4,583 ) Average adjusted total assets 1,556,753 1,462,187 Off-balance 388,786 448,334 Total leverage exposure $1,945,539 $1,910,521 Tier 1 leverage ratio 7.0% 7.3% SLR 5.6% 5.6% In the table above: • Average total assets represents the average daily assets for the quarter adjusted for the impact of Current Expected Credit Losses (CECL) transition. • Off-balance 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 $107,168 $ 99,223 Impact of CECL transition 829 1,105 Deduction for goodwill (5,515 ) (3,610 ) Deduction for identifiable intangible assets (1,770 ) (401 ) Other adjustments (2,434 ) (63 ) CET1 capital 98,278 96,254 Preferred stock 10,703 10,703 Deduction for investments in covered funds (189 ) (189 ) Other adjustments (3 ) (2 ) Tier 1 capital $108,789 $106,766 Standardized Tier 2 and Total capital Tier 1 capital $108,789 $106,766 Qualifying subordinated debt 11,145 11,554 Junior subordinated debt – 94 Allowance for credit losses 4,281 3,034 Other adjustments (51 ) (46 ) Standardized Tier 2 capital 15,375 14,636 Standardized Total capital $124,164 $121,402 Advanced Tier 2 and Total capital Tier 1 capital $108,789 $106,766 Standardized Tier 2 capital 15,375 14,636 Allowance for credit losses (4,281 ) (3,034 ) Other adjustments 1,372 449 Advanced Tier 2 capital 12,466 12,051 Advanced Total capital $121,255 $118,817 In the table above: • Beginning in January 2022, the firm started to phase in the estimated reduction to regulatory capital as a result of adopting the CECL model. Impact of CECL transition in the table above reflects the total amount of reduction of $1.11 billion as of December 2021 to be phased-in phased-in phased-in • Deduction for goodwill was net of deferred tax liabilities of $681 million as of June 2022 and $675 million as of December 2021. • Deduction for identifiable intangible assets was net of deferred tax liabilities of $244 million as of June 2022 and $17 million as of December 2021. • 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 and was fully phased out of regulatory capital on January 1, The table below presents changes in CET1 capital, Tier 1 capital and Tier 2 capital. $ in millions Standardized Advanced Six Months Ended June 2022 CET1 capital Beginning balance $ 96,254 $ 96,254 Change in: Common shareholders’ equity 7,945 7,945 Impact of CECL transition (276 ) (276 ) Deduction for goodwill (1,905 ) (1,905 ) Deduction for identifiable intangible assets (1,369 ) (1,369 ) Other adjustments (2,371 ) (2,371 ) Ending balance $ 98,278 $ 98,278 Tier 1 capital Beginning balance $106,766 $106,766 Change in: CET1 capital 2,024 2,024 Other adjustments (1 ) (1 ) Ending balance 108,789 108,789 Tier 2 capital Beginning balance 14,636 12,051 Change in: Qualifying subordinated debt (409 ) (409 ) Junior subordinated debt (94 ) (94 ) Allowance for credit losses 1,247 – Other adjustments (5 ) 918 Ending balance 15,375 12,466 Total capital $124,164 $121,255 Year Ended December 2021 CET1 capital Beginning balance $ 81,641 $ 81,641 Change in: Common shareholders’ equity 14,494 14,494 Impact of CECL transition (21 ) (21 ) Deduction for goodwill 42 42 Deduction for identifiable intangible assets 200 200 Other adjustments (102 ) (102 ) Ending balance $ 96,254 $ 96,254 Tier 1 capital Beginning balance $ 92,730 $ 92,730 Change in: CET1 capital 14,613 14,613 Deduction for investments in covered funds (83 ) (83 ) Preferred stock (500 ) (500 ) Other adjustments 6 6 Ending balance 106,766 106,766 Tier 2 capital Beginning balance 15,424 13,279 Change in: Qualifying subordinated debt (642 ) (642 ) Junior subordinated debt (94 ) (94 ) Allowance for credit losses (61 ) – Other adjustments 9 (492 ) Ending balance 14,636 12,051 Total capital $121,402 $118,817 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 one-day The firm’s positional losses observed on a single day exceeded its 99% one-day • 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 2022 Credit RWAs Derivatives $161,903 $112,763 Commitments, guarantees and loans 246,811 191,443 Securities financing transactions 73,523 23,196 Equity investments 30,935 32,771 Other 81,226 96,133 Total Credit RWAs 594,398 456,306 Market RWAs Regulatory VaR 22,748 22,748 Stressed VaR 39,509 39,509 Incremental risk 11,716 11,716 Comprehensive risk 4,574 4,574 Specific risk 18,714 18,714 Total Market RWAs 97,261 97,261 Total Operational RWAs – 132,750 Total RWAs $691,659 $686,317 As of December 2021 Credit RWAs Derivatives $175,628 $109,532 Commitments, guarantees and loans 233,639 182,210 Securities financing transactions 76,346 14,407 Equity investments 43,256 45,582 Other 71,485 86,768 Total Credit RWAs 600,354 438,499 Market RWAs Regulatory VaR 13,510 13,510 Stressed VaR 38,922 38,922 Incremental risk 6,867 6,867 Comprehensive risk 2,521 2,521 Specific risk 14,689 14,689 Total Market RWAs 76,509 76,509 Total Operational RWAs – 132,913 Total RWAs $676,863 $647,921 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 2022 RWAs Beginning balance $676,863 $647,921 Credit RWAs Change in: Derivatives (13,725 ) 3,231 Commitments, guarantees and loans 13,172 9,233 Securities financing transactions (2,823 ) 8,789 Equity investments (12,321 ) (12,811 ) Other 9,741 9,365 Change in Credit RWAs (5,956 ) 17,807 Market RWAs Change in: Regulatory VaR 9,238 9,238 Stressed VaR 587 587 Incremental risk 4,849 4,849 Comprehensive risk 2,053 2,053 Specific risk 4,025 4,025 Change in Market RWAs 20,752 20,752 Change in Operational RWAs – (163 ) Ending balance $ 691,659 $686,317 Year Ended December 2021 RWAs Beginning balance $554,162 $609,750 Credit RWAs Change in: Derivatives 55,336 (2,159 ) Commitments, guarantees and loans 57,138 30,623 Securities financing transactions 4,919 (2,161 ) Equity investments (3,688 ) (3,686 ) Other 1,211 3,169 Change in Credit RWAs 114,916 25,786 Market RWAs Change in: Regulatory VaR (1,403 ) (1,403 ) Stressed VaR 6,944 6,944 Incremental risk (1,015 ) (1,015 ) Comprehensive risk 763 763 Specific risk 2,496 2,496 Change in Market RWAs 7,785 7,785 Change in Operational RWAs – 4,600 Ending balance $676,863 $647,921 RWAs Rollforward Commentary Six Months Ended June 2022. Standardized Credit RWAs as of June 2022 decreased by $5.96 billion compared with December 2021, primarily reflecting a decrease in derivatives (principally due to reduced exposures) and a decrease in equity investments (principally due to reduced exposures as a result of unrealized losses and sales). These decreases were partially offset by an increase in commitments, guarantees and loans (principally due to increased lending activity) and an increase in other credit RWAs (principally due to increased other assets and customer and other receivables exposures). Standardized Market RWAs as of June 2022 increased by $20.75 billion compared with December 2021, primarily reflecting an increase in regulatory VaR (principally due to higher levels of market volatility), an increase in incremental risk (principally due to increased exposures) and an increase in specific risk (principally due to increased exposures). Advanced Credit RWAs as of June 2022 increased by $17.81 billion compared with December 2021, primarily reflecting an increase in other credit RWAs (principally due to increased other assets and customer and other receivables exposures), an increase in commitments, guarantees and loans (principally due to increased lending activity), an increase in securities financing transactions (principally due to increased funding exposures) and an increase in derivatives (principally due to increased counterparty credit risk). These increases were partially offset by a decrease in equity investments (principally due to reduced exposures as a result of unrealized losses and sales). Advanced Market RWAs as of June 2022 increased by exposures). Year Ended December 2021. Standardized Credit RWAs as of December 2021 increased by $114.92 billion compared with December 2020, primarily reflecting an increase in commitments, guarantees and loans (principally due to increased lending activity and revisions to certain interpretations of the Capital Rules underlying the RWA calculation based on regulatory feedback) and an increase in derivatives (principally due to increased exposures and the impact of SA-CCR Advanced Credit RWAs as of December 2021 increased by $25.79 billion compared with December 2020, primarily reflecting an increase in commitments, guarantees and loans (principally due to increased lending activity). This increase was partially offset by a decrease in equity investments (principally due to the sale of equity positions). Advanced Market RWAs as of December 2021 increased by $7.79 billion compared with December 2020, primarily reflecting an increase in stressed VaR (principally due to increased exposures to interest rates). Advanced Operational RWAs as of December 2021 increased by $4.60 billion compared with December 2020, primarily associated with litigation and regulatory proceedings. Bank Subsidiaries G S Bank USA. GS Bank USA is the firm’s primary U.S. bank subsidiary. GS Bank USA 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 (NYDFS) and the Consumer Financial Protection Bureau, and is subject to regulatory capital requirements that are calculated under the Capital Framework. GS Bank USA is an Advanced approaches banking organization under the Capital Framework. The Capital Framework includes the minimum risk-based capital and the capital conservation buffer requirements (consisting of a 2.5% buffer and the countercyclical capital buffer). The buffer must consist entirely of capital that qualifies as CET1 capital. In addition, the Capital Framework includes the leverage ratio requirement. GS Bank USA is required to calculate the CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. The lower of each risk-based capital ratio under the Standardized and Advanced Capital Rules is the ratio against which GS Bank USA’s compliance with its risk-based capital requirements is assessed. In addition, under the regulatory framework for prompt corrective action applicable to GS Bank USA, in order to meet the quantitative requirements for a “well-capitalized” depository institution, GS Bank USA must also meet the “well-capitalized” requirements in the table below. GS Bank USA’s capital levels and prompt corrective action classification are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Failure to comply with the capital requirements, including a breach of the buffers described below, would result in restrictions being imposed by the regulators. Requirements “Well-capitalized” Risk-based capital requirements CET1 capital ratio 7.0% 6.5% Tier 1 capital ratio 8.5% 8.0% Total capital ratio 10.5% 10.0% Leverage requirements Tier 1 leverage ratio 4.0% 5.0% SLR 3.0% 6.0% In the table above: • The CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements consisting of a 2.5% buffer and the countercyclical capital buffer, which the FRB has set to zero percent. • The “well-capitalized” requirements are the binding requirements for leverage ratios. The table below presents information about GS Bank USA’s risk-based capital ratios. $ in millions Standardized Advanced As of June 2022 CET1 capital $ 42,931 $ 42,931 Tier 1 capital $ 42,931 $ 42,931 Tier 2 capital $ 7,419 $ 5,285 Total capital $ 50,350 $ 48,216 RWAs $329,527 $251,984 CET1 capital ratio 13.0% 17.0% Tier 1 capital ratio 13.0% 17.0% Total capital ratio 15.3% 19.1% As of December 2021 CET1 capital $ 42,535 $ 42,535 Tier 1 capital $ 42,535 $ 42,535 Tier 2 capital $ 6,430 $ 4,646 Total capital $ 48,965 $ 47,181 RWAs $312,601 $222,607 CET1 capital ratio 13.6% 19.1% Tier 1 capital ratio 13.6% 19.1% Total capital ratio 15.7% 21.2% 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 2022 and December 2021. • Beginning in January 2022, GS Bank USA started to phase in the estimated reduction to regulatory capital as a result of adopting the CECL model. The total amount to be phased-in • The Standardized and Advanced risk-based capital ratios decreased from December 2021 to June 2022, reflecting an increase 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 December Tier 1 capital $ 42,931 $ 42,535 Average adjusted total assets $477,725 $409,739 Total leverage exposure $639,660 $627,799 Tier 1 leverage ratio 9.0% 10.4% SLR 6.7% 6.8% In the table above: • Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital and the impact of CECL transition. • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. The 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. As of both June 2022 and December 2021, the reserve requirement ratio was zero percent. The amount deposited by GS Bank USA at the Federal Reserve was $156.21 billion as of June 2022 and $122.01 billion as of December 2021. GS Bank USA is a registered swap dealer with the CFTC and a registered security-based swap dealer with the SEC. As of both June 2022 and December 2021, GS Bank USA was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers. GSIB. GSIB is the firm’s U.K. bank subsidiary regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). GSIB is subject to the U.K. capital framework, which is largely based on Basel III. The table below presents GSIB’s risk-based capital requirements. As of June December Risk-based capital requirements CET1 capital ratio 9.3% 8.5% Tier 1 capital ratio 11.5% 10.5% Total capital ratio 14.5% 13.2% The table below presents information about GSIB’s risk-based capital ratios. As of $ in millions June December Risk-based capital and risk-weighted assets CET1 capital $ 3,454 $ 3,408 Tier 1 capital $ 3,454 $ 3,408 Tier 2 capital $ 826 $ 826 Total capital $ 4,280 $ 4,234 RWAs $17,135 $17,196 Risk-based capital ratios CET1 capital ratio 20.2% 19.8% Tier 1 capital ratio 20.2% 19.8% Total capital ratio 25.0% 24.6% In the table above, the risk-based capital ratios as of June 2022 reflected profits after foreseeable charges that are still subject to verification by GSIB’s external auditors and approval by GSIB’s Board of Directors for inclusion in risk-based capital. These profits contributed approximately 107 basis points to the CET1 capital ratio as of June 2022. The eligible retail deposits of GSIB are covered by the U.K. Financial Services Compensation Scheme to the extent provided by law. GSBE. GSBE is the firm’s German bank subsidiary supervised by the European Central Bank, BaFin and Deutsche Bundesbank. GSBE is a non-U.S. The table below presents GSBE’s risk-based capital requirements. As of June December Risk-based capital requirements CET1 capital ratio 9.0% 8.7% Tier 1 capital ratio 11.0% 10.8% Total capital ratio 13.8% 13.5% The table below presents information about GSBE’s risk-based capital ratios. As of $ in millions June December Risk-based capital and risk-weighted assets CET1 capital $ 9,105 $ 6,527 Tier 1 capital $ 9,105 $ 6,527 Tier 2 capital $ 21 $ Total capital $ 9,126 $ 6,550 RWAs $28,218 $28,924 Risk-based capital ratios CET1 capital ratio 32.3% 22.6% Tier 1 capital ratio 32.3% 22.6% Total capital ratio 32.3% 22.6% In the table above, the risk-based capital ratios as of June 2022 reflected profits after foreseeable charges that are still subject to verification by GSBE’s external auditors and approval by GSBE’s shareholder (GS Bank USA) for inclusion in risk-based capital. These profits contributed approximately 89 basis points to the CET1 capital ratio as of June 2022. The table below presents GSBE’s leverage ratio requirement and leverage ratios. As of June 2022 December 2021 Leverage ratio requirement 3.0% 3.0% Leverage ratio 8.4% 7.6% In the table above, the leverage ratio as of June 2022 reflected profits after foreseeable charges that are still subject to verification by GSBE’s external auditors and approval by GSBE’s shareholder (GS Bank USA) for inclusion in risk-based capital. These profits contributed approximately 23 basis points to the leverage ratio as of June 2022. The deposits of GSBE are covered by the German statutory deposit protection program to the extent provided by law. In addition, GSBE has elected to participate in the German voluntary deposit protection program which provides insurance for certain eligible deposits not covered by the German statutory deposit program. GSBE is subject to minimum reserve requirements at central banks in certain of the jurisdictions in which it operates. The minimum reserve requirement was $153 million as of June 2022 and $189 million as of December 2021. The amount deposited by GSBE at central banks was $13.22 billion as of June 2022 and $20.36 billion as of December 2021, substantially all of which was deposited with Deutsche Bundesbank. GSBE is a registered swap dealer with the CFTC and a registered security-based swap dealer with the SEC. As of both June 2022 and December 2021, GSBE was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers. Restrictions on Payments Group Inc. may be limited in its ability to access capital held at certain subsidiaries as a result of regulatory, tax or other constraints. These limitations include provisions of applicable law and regulations and other regulatory restrictions that limit the ability of those subsidiaries to declare and pay dividends without prior regulatory approval. For example, the amount of dividends that may be paid by GS Bank USA are limited to the lesser of the amounts calculated under a recent earnings test and an undivided profits test. As a result of dividends paid in connection with the acquisition of GSBE in July 2021, GS Bank USA cannot currently declare any additional dividends without prior regulatory approval. In addition, subsidiaries not subject to separate regulatory capital requirements may hold capital to satisfy local tax and legal guidelines, rating agency requirements (for entities with assigned credit ratings) or internal policies, including policies concerning the minimum amount of capital a subsidiary should hold based on its underlying level of risk. Group Inc.’s equity investment in subsidiaries was $127.88 billion as of June 2022 and $118.90 billion as of December 2021, of which Group Inc. was required to maintain $83.93 billion as of June 2022 and $77.22 billion as of December 2021, 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, 2022 | |
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, performance or market conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service, performance or market conditions. The table below presents information about basic and diluted EPS. Three Months Ended June Six Months Ended June in millions, except per share amounts 2022 2021 2022 2021 Net earnings to common $2,786 $5,347 $6,617 $12,058 Weighted average basic shares 355.0 350.8 353.1 353.6 Effect of dilutive RSUs 5.5 5.2 5.1 4.8 Weighted average diluted shares 360.5 356.0 358.2 358.4 Basic EPS $ 7.81 $15.22 $18.67 $ 34.06 Diluted EPS $ 7.73 $15.02 $18.47 $ 33.64 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 • Diluted EPS does not include antidilutive RSUs, including those that are subject to market conditions, of 1.0 million for the three months ended June 2022, 0.7 million for the six months ended June 2022, and 0.1 million for both the three and six months ended June 2021. |
Transactions with Affiliated Fu
Transactions with Affiliated Funds | 6 Months Ended |
Jun. 30, 2022 | |
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 Six Months Ended June $ in millions 2022 2021 2022 2021 Fees earned from funds $1,288 $783 $2,250 $1,601 As of $ in millions June December Fees receivable from funds $1,179 $ 873 Aggregate carrying value of interests in funds $3,913 $4,321 The firm has waived, and may waive in the future, certain management fees on selected money market funds to enhance the yield for investors in such funds. Management fees waived were $11 million for the three months ended June 2022, $161 million for the three months ended June 2021, $99 million for the six months ended June 2022 and $266 million for the six months ended June 2021. 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. Except for the fee waivers noted above, the firm did not provide any additional financial support to its affiliated funds during either the three or six months ended June 2022 or June 2021. 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, 2022 | |
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 2022 2021 2022 2021 Deposits with banks $ 277 $ 7 $ 285 $ 4 Collateralized agreements 372 (250 ) 170 (431 ) Trading assets 1,127 1,130 2,217 2,323 Investments 474 378 855 885 Loans 1,900 1,295 3,450 2,515 Other interest 701 379 1,086 697 Total interest income 4,851 2,939 8,063 5,993 Deposits 794 316 1,164 659 Collateralized financings 307 25 318 8 Trading liabilities 482 372 914 745 Short-term borrowings 104 160 181 318 Long-term borrowings 1,176 741 1,930 1,634 Other interest 254 (304 ) (5 ) (482 ) Total interest expense 3,117 1,310 4,502 2,882 Net interest income $1,734 $1,629 $3,561 $3,111 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, 2022 | |
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 U.S. Federal 2011 New York State and City 2015 United Kingdom 2017 Japan 2016 Hong Kong 2016 The firm has been accepted into the Compliance Assurance Process program by the IRS for each of the tax years from 2013 through 2022. This program allows the firm to work with the IRS to identify and resolve potential U.S. Federal tax issues before the filing of tax returns. All issues for the 2011 tax year have been resolved and completion is pending final administrative settlement. During April 2022, the firm reached an agreement with IRS Appeals on the remaining issues for tax years 2012 through 2018. Subject to final review by the Joint Committee on Taxation, this agreement will not have a material impact on the effective tax rate for 2022. The 2019 and 2020 tax years remain subject to post-filing review. New York State and City examinations of 2015 through 2018 commenced during 2021. All years, including and subsequent to the years in the table above, remain open to examination by the taxing authorities. The firm believes that the liability for unrecognized tax benefits it has established is adequate in relation to the potential for additional assessments. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Note 25. Business Segments The firm reports its activities in 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 2022 2021 2022 2021 Investment Banking Non-interest $ 1,982 $ 3,485 $ 4,288 $ 7,156 Net interest income 155 124 260 224 Total net revenues 2,137 3,609 4,548 7,380 Provision for credit losses 83 (107 ) 247 (270 ) Operating expenses 1,105 1,955 2,353 3,818 Pre-tax $ $ 1,761 $ 1,948 $ 3,832 Net earnings $ $ 1,413 $ 1,631 $ 3,111 Net earnings to common $ $ 1,393 $ 1,595 $ 3,072 Average common equity $ 10,454 $ 9,792 $ 11,028 $10,078 Return on average common equity 29.3% 56.9% 28.9% 61.0% Global Markets Non-interest $ 5,980 $ 4,158 $ 13,122 $11,178 Net interest income 487 742 1,217 1,303 Total net revenues 6,467 4,900 14,339 12,481 Provision for credit losses 131 14 233 (6 ) Operating expenses 3,366 3,373 7,127 7,558 Pre-tax $ 2,970 $ 1,513 $ 6,979 $ 4,929 Net earnings $ 2,452 $ 1,201 $ 5,844 $ 4,002 Net earnings to common $ 2,367 $ 1,121 $ 5,694 $ 3,851 Average common equity $ 55,595 $44,430 $ 54,078 $42,741 Return on average common equity 17.0% 10.1% 21.1% 18.0% Asset Management Non-interest $ $ 5,014 $ 1,365 $ 9,445 Net interest income 118 118 265 301 Total net revenues 1,084 5,132 1,630 9,746 Provision for credit losses 59 (65 ) 100 (12 ) Operating expenses 1,461 1,943 2,556 3,833 Pre-tax $ ) $ 3,254 $ ) $ 5,925 Net earnings/(loss) $ ) $ 2,620 $ ) $ 4,810 Net earnings/(loss) to common $ ) $ 2,592 $ ) $ 4,757 Average common equity $ 24,310 $25,410 $ 24,132 $25,092 Return on average common equity (6.3)% 40.8% (7.4)% 37.9% Consumer & Wealth Management Non-interest $ 1,202 $ 1,102 $ 2,461 $ 2,202 Net interest income 974 645 1,819 1,283 Total net revenues 2,176 1,747 4,280 3,485 Provision for credit losses 394 66 648 126 Operating expenses 1,721 1,369 3,333 2,868 Pre-tax $ $ 312 $ $ 491 Net earnings $ $ 252 $ $ 399 Net earnings to common $ $ 241 $ $ 378 Average common equity $ 15,167 $10,459 $ 14,345 $10,335 Return on average common equity 0.9% 9.2% 3.2% 7.3% Total Non-interest $ 10,130 $13,759 $ 21,236 $29,981 Net interest income 1,734 1,629 3,561 3,111 Total net revenues 11,864 15,388 24,797 33,092 Provision for credit losses 667 (92 ) 1,228 (162 ) Operating expenses 7,653 8,640 15,369 18,077 Pre-tax $ 3,544 $ 6,840 $ 8,200 $15,177 Net earnings $ 2,927 $ 5,486 $ 6,866 $12,322 Net earnings to common $ 2,786 $ 5,347 $ 6,617 $12,058 Average common equity $105,526 $90,091 $103,583 $88,246 Return on average common equity 10.6% 23.7% 12.8% 27.3% 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. • Overhead expenses not directly allocable to specific segments are allocated ratably based on direct segment expenses. • The firm reviews and makes any necessary adjustments to attributed equity in January of each year, to reflect, among other things, the results of the latest CCAR process, as well as projected changes in the firm’s balance sheet. The average common equity balances above incorporate such impact, as well as the changes in the size and composition of assets held in each of the firm’s segments that occurred during the respective periods. The table below presents depreciation and amortization expense by segment. Three Months Ended June Six Months Ended June $ in millions 2022 2021 2022 2021 Investment Banking $ 47 $ 46 $ $ 94 Global Markets 223 194 444 362 Asset Management 170 196 298 386 Consumer & Wealth Management 130 84 227 176 Total $570 $520 $1,062 $1,018 Segment Assets The table below presents assets by segment. As of $ in millions June 2022 December Investment Banking $ $ 144,157 Global Markets 1,202,432 1,082,378 Asset Management 91,100 91,115 Consumer & Wealth Management 153,099 146,338 Total $1,601,224 $1,463,988 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 2022 2021 Three Months Ended June Americas $ 7,047 59% $ 9,957 65% EMEA 3,400 29% 3,478 22% Asia 1,417 12% 1,953 13% Total net revenues $11,864 100% $15,388 100% Americas $ 1,828 51% $ 4,465 65% EMEA 1,373 39% 1,675 25% Asia 343 10% 700 10% Total pre-tax $ 3,544 100% $ 6,840 100% Six Months Ended June Americas $14,433 58% $20,782 63% EMEA 7,250 29% 8,191 25% Asia 3,114 13% 4,119 12% Total net revenues $24,797 100% $33,092 100% Americas $ 4,144 50% $ 9,480 62% EMEA 3,164 39% 4,090 27% Asia 892 11% 1,607 11% Total pre-tax $ 8,200 100% $15,177 100% In the table above: • 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, 2022 | |
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 December U.S. government and agency obligations $173,244 $141,191 Percentage of total assets 10.8% 9.6% Non-U.S. $ 60,617 $ 51,426 Percentage of total assets 3.8% 3.5% In addition, the firm had $245.36 billion as of June 2022 and $222.20 billion as of December 2021 of cash deposits held at central banks (included in cash and cash equivalents), of which $156.21 billion as of June 2022 and $122.01 billion as of December 2021 was held at the Federal Reserve. As of both June 2022 and December 2021, 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 December U.S. government and agency obligations $130,049 $ 86,274 Non-U.S. $126,104 $141,588 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, 2022 | |
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 based on (a) in the case of (i), the amount of money damages claimed, (b) in the case of (ii), the difference between the initial sales price of the securities that the firm sold in such offering and the estimated lowest subsequent price of such securities prior to the action being commenced and (c) in the case of (iii), the price that purchasers paid for the securities less the estimated value, if any, as of June 2022 of the relevant securities, in each of cases (i), (ii) and (iii), taking into account any other factors believed to be relevant to the particular matter or matters of that type. As of the date hereof, the firm has estimated the upper end of the range of reasonably possible aggregate loss for such matters and for any other matters described below where management has been able to estimate a range of reasonably possible aggregate loss to be approximately $2.0 billion in excess of the aggregate reserves for such matters. Management is generally unable to estimate a range of reasonably possible loss for matters other than those included in the estimate above, including where (i) actual or potential plaintiffs have not claimed an amount of money damages, except in those instances where management can otherwise determine an appropriate amount, (ii) matters are in early stages, (iii) matters relate to regulatory investigations or reviews, except in those instances where management can otherwise determine an appropriate amount, (iv) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (v) there is uncertainty as to the outcome of pending appeals or motions, (vi) there are significant factual issues to be resolved, and/or (vii) there are novel legal issues presented. For example, the firm’s potential liabilities with respect to the investigations and reviews described below in “Regulatory Investigations and Reviews and Related Litigation” generally are not included in management’s estimate of reasonably possible loss. However, management does not believe, based on currently available information, that the outcomes of such other matters will have a material adverse effect on the firm’s financial condition, though the outcomes could be material to the firm’s operating results for any particular period, depending, in part, upon the operating results for such period. 1MDB-Related Matters Between 2012 and 2013, subsidiaries of the firm acted as arrangers or purchasers of approximately $6.5 billion of debt securities of 1MDB. On November 1, 2018, the U.S. Department of Justice (DOJ) unsealed a criminal information and guilty plea by Tim Leissner, a former participating managing director of the firm, and an indictment against Ng Chong Hwa, a former managing director of the firm. On August 28, 2018, Leissner was adjudicated guilty by the U.S. District Court for the Eastern District of New York of conspiring to launder money and to violate the U.S. Foreign Corrupt Practices Act’s (FCPA) anti-bribery and internal accounting controls provisions. Ng was charged with conspiring to launder money and to violate the FCPA’s anti-bribery and internal accounting controls provisions. On April 8, 2022, Ng was found guilty on all counts following a trial. On August 18, 2020, the firm announced that it entered into a settlement agreement with the Government of Malaysia to resolve the criminal and regulatory proceedings in Malaysia involving the firm, which includes a guarantee that the Government of Malaysia receives at least $1.4 billion in assets and proceeds from assets seized by governmental authorities around the world related to 1MDB. See Note 18 for further information about this guarantee. On October 22, 2020, the firm announced that it reached settlements of governmental and regulatory investigations relating to 1MDB with the DOJ, the SEC, the FRB, the NYDFS, the FCA, the PRA, the Singapore Attorney General’s Chambers, the Singapore Commercial Affairs Department, the Monetary Authority of Singapore and the Hong Kong Securities and Futures Commission. Group Inc. entered into a three-year deferred prosecution agreement with the DOJ, in which a charge against the firm, one count of conspiracy to violate the FCPA, was filed and will later be dismissed if the firm abides by the terms of the agreement. In addition, GS Malaysia pleaded guilty to one count of conspiracy to violate the FCPA, and was sentenced on June 9, 2021. In May 2021, the U.S. Department of Labor granted the firm a five-year exemption to maintain its status as a qualified professional asset manager (QPAM). 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 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 second amended complaint filed on November 13, 2020, 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, and seeks unspecified damages, disgorgement and injunctive relief. Defendants moved to dismiss this action on January 15, 2021. On May 13, 2022, the plaintiffs moved for an order to preliminarily approve a settlement among the parties. In January and February 2021, respectively, the firm received two demands (in addition to three demands that the Board had previously rejected and were subsequently settled) from alleged shareholders to investigate and pursue claims related to 1MDB (and, for one of the demands, other matters) against other parties, including certain current and former directors and executive officers of the firm. In December 2021, the Board voted to reject the two demands. On December 20, 2018, a putative securities class action lawsuit was filed in the U.S. District Court for the Southern District of New York against Group Inc. and certain former officers of the firm alleging violations of the anti-fraud provisions of the Exchange Act with respect to Group Inc.’s disclosures and public statements concerning 1MDB and seeking unspecified damages. The plaintiffs filed the second amended complaint on October 28, 2019. On June 28, 2021, the court dismissed the claims against one of the individual defendants but denied the defendants’ motion to dismiss with respect to the firm and the remaining individual defendants. On November 12, 2021, the plaintiffs moved for class certification. Mortgage-Related Matters Beginning in April 2010, a number of purported securities law class actions were filed in the U.S. District Court for the Southern District of New York challenging the adequacy of Group Inc.’s public disclosure of, among other things, the firm’s activities in the collateralized debt obligation market, and the firm’s conflict of interest management. The consolidated amended complaint filed on July 25, 2011, which named as defendants Group Inc. and certain current and former officers and employees of Group Inc. and its affiliates, generally alleges violations of Sections 10(b) and 20(a) of the Exchange Act and seeks monetary damages. The defendants have moved for summary judgment. On April 7, 2020, the Second Circuit Court of Appeals affirmed the district court’s August 14, 2018 grant of class certification. On June 21, 2021, the United States Supreme Court vacated the judgment of the Second Circuit and remanded the case for further proceedings, and on August 26, 2021, the Second Circuit vacated the district court’s grant of class certification and remanded the case for further proceedings. On December 8, 2021, the district court granted the plaintiffs’ motion for class certification. On March 9, 2022, the Second Circuit granted defendants’ petition seeking interlocutory review of the district court’s grant of class certification. Complaints were filed in the U.S. District Court for the Southern District of New York on July 25, 2019 and May 29, 2020 against Goldman Sachs Mortgage Company and GS Mortgage Securities Corp. by U.S. Bank National Association, as trustee for two residential mortgage-backed securitization trusts that issued $1.7 billion of securities. The complaints generally allege that mortgage loans in the trusts failed to conform to applicable representations and warranties and seek specific performance or, alternatively, compensatory damages and other relief. On November 23, 2020, the court granted in part and denied in part defendants’ motion to dismiss the complaint in the first action and denied defendants’ motion to dismiss the complaint in the second action. On January 14, 2021, amended complaints were filed in both actions. Currencies-Related Litigation GS&Co. and Group Inc. are among the defendants named in an action filed in the U.S. District Court for the Southern District of New York on November 7, 2018, and GSI, GSIB, Goldman Sachs Group UK Limited and GS Bank USA are among the defendants in an action filed in the High Court of England and Wales on November 11, 2020 and subsequently transferred to the U.K. Competition Appeal Tribunal, in each case by certain direct purchasers of foreign exchange instruments that opted out of a class settlement reached with, among others, GS&Co. and Group Inc. The third amended complaint in the U.S. district court action, filed on August 3, 2020, generally alleges that the defendants violated federal antitrust law and state common law in connection with an alleged conspiracy to manipulate the foreign currency exchange markets and seeks declaratory and injunctive relief, as well as unspecified amounts of compensatory, punitive, treble and other damages. The claim in the English action is for breaches of English and E.U. competition rules from 2003 to 2013 and alleges manipulation of foreign exchange rates and bid/offer spreads, the exchange of commercially sensitive information among defendants and collusive trading. GS&Co. is among the defendants named in a putative class action filed in the U.S. District Court for the Southern District of New York on August 4, 2021. The amended complaint, filed on January 6, 2022, generally asserts claims under federal antitrust law and state common law in connection with an alleged conspiracy among the defendants to manipulate auctions for foreign exchange transactions on an electronic trading platform, as well as claims under the Racketeer Influenced and Corrupt Organizations Act. The complaint seeks declaratory and injunctive relief, as well as unspecified amounts of treble and other damages. On March 18, 2022, the defendants moved to dismiss the amended complaint. Banco Espirito Santo S.A. and Oak Finance Beginning in February 2015, GSI commenced actions against Novo Banco S.A. (Novo Banco) in the English Commercial Court and the Bank of Portugal (BoP) in Portuguese Administrative Court in response to BoP’s decisions in December 2014, September 2015 and December 2015 to reverse an earlier transfer to Novo Banco of an $835 million facility agreement (the Facility), structured by GSI, between Oak Finance Luxembourg S.A. (Oak Finance), a special purpose vehicle formed in connection with the Facility, and Banco Espirito Santo S.A. (BES) prior to the failure of BES. In July 2018, the English Supreme Court found that the English courts will not have jurisdiction over GSI’s action unless and until the Portuguese Administrative Court finds against BoP in GSI’s parallel action. In July 2018, the Liquidation Committee for BES issued a decision seeking to claw back from GSI $54 million paid to GSI and $50 million allegedly paid to Oak Finance in connection with the Facility, alleging that GSI acted in bad faith in extending the Facility, including because GSI allegedly knew that BES was at risk of imminent failure. In October 2018, GSI commenced an action in Lisbon Commercial Court challenging the Liquidation Committee’s decision and has since also issued a claim against the Portuguese State seeking compensation for losses of approximately $222 million related to the failure of BES, together with a contingent claim for the $104 million sought by the Liquidation Committee. Financial Advisory Services Group Inc. and certain of its affiliates are from time to time parties to various civil litigation and arbitration proceedings and other disputes with clients and third parties relating to the firm’s financial advisory activities. These claims generally seek, among other things, compensatory damages and, in some cases, punitive damages, and in certain cases allege that the firm did not appropriately disclose or deal with conflicts of interest. Archegos-Related Matters GS&Co. is among the underwriters named as defendants in a putative securities class action filed on August 13, 2021 in New York Supreme Court, County of New York, relating to ViacomCBS Inc.’s (ViacomCBS) March 2021 public offerings of $1.7 billion of common stock and $1.0 billion of preferred stock. In addition to the underwriters, the defendants include ViacomCBS and certain of its officers and directors. GS&Co. underwrote 646,154 shares of common stock representing an aggregate offering price of approximately $55 million and 323,077 shares of preferred stock representing an aggregate offering price of approximately $32 million. The complaint asserts claims under the federal securities laws and alleges that the offering documents contained material misstatements and omissions, including, among other things, that the offering documents failed to disclose that Archegos Capital Management (Archegos) had substantial exposure to ViacomCBS, including through total return swaps to which certain of the underwriters, including GS&Co., were allegedly counterparties, and that such underwriters failed to disclose their exposure to Archegos. The complaint seeks rescission and compensatory damages in unspecified amounts. On November 5, 2021, the plaintiffs filed an amended complaint, and, on December 22, 2021, the defendants filed motions to dismiss the amended complaint. On January 4, 2022, the plaintiffs moved for class certification. Group Inc. is also a defendant in putative securities class actions filed beginning in October 2021 and consolidated in the U.S. District Court for the Southern District of New York. The complaints allege that Group Inc., along with another financial institution, sold shares in Baidu Inc. (Baidu), Discovery Inc. (Discovery), GSX Techedu Inc. (Gaotu), iQIYI Inc. (iQIYI), Tencent Music Entertainment Group (Tencent), ViacomCBS, and Vipshop Holdings Ltd. (Vipshop) based on material nonpublic information regarding the liquidation of Archegos’ position in Baidu, Discovery, Gaotu, iQIYI, Tencent, ViacomCBS and Vipshop, respectively. The complaints generally assert violations of Sections 10(b), 20A and 20(a) of the Exchange Act and seek unspecified damages. On June 13, 2022, the plaintiffs in the class actions filed amended complaints. On January 24, 2022, the firm received a demand from an alleged shareholder under Section 220 of the Delaware General Corporation Law for books and records relating to, among other things, the firm’s involvement with Archegos and the firm’s controls with respect to insider trading. Underwriting Litigation Firm affiliates are among the defendants in a number of proceedings in connection with securities offerings. In these proceedings, including those described below, the plaintiffs assert class action or individual claims under federal and state securities laws and in some cases other applicable laws, allege that the offering documents for the securities that they purchased contained material misstatements and omissions, and generally seek compensatory and rescissory damages in unspecified amounts, as well as rescission. Certain of these proceedings involve additional allegations. Uber Technologies, Inc. GS&Co. is among the underwriters named as defendants in several putative securities class actions filed beginning in September 2019 in California Superior Court, County of San Francisco and the U.S. District Court for the Northern District of California, relating to Uber Technologies, Inc.’s (Uber) $8.1 billion May 2019 initial public offering. In addition to the underwriters, the defendants include Uber and certain of its officers and directors. GS&Co. underwrote 35,864,408 shares of common stock representing an aggregate offering price of approximately $1.6 billion. On November 16, 2020, the court in the state court action granted defendants’ motion to dismiss the consolidated amended complaint filed on February 11, 2020, and on December 16, 2020, plaintiffs appealed. On August 7, 2020, defendants’ motion to dismiss the district court action was denied. On September 25, 2020, the plaintiffs in the district court action moved for class certification. On December 5, 2020, the plaintiffs in the state court action filed a complaint in the district court, which was consolidated with the existing district court action on January 25, 2021. On May 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 March 22, 2021, the defendants’ motion to dismiss the New York state court action was granted and the plaintiffs filed a notice of appeal. On July 7, 2021, the court in the federal action granted in part and denied in part defendants’ motion to dismiss the consolidated complaint. On August 16, 2021, the plaintiffs in the federal action filed an amended consolidated complaint. On November 19, 2021, the plaintiffs in the federal action moved for class certification. On February 28, 2022, the plaintiffs stipulated to withdraw the appeal in the New York state court action after the parties reached a settlement, and on March 29, 2022, the Appellate Division of the Supreme Court of the State of New York for the First Department deemed the appeal withdrawn. On May 19, 2022, the federal court preliminarily approved a settlement among the parties. Under the terms of the settlement, the firm will not be required to contribute to the settlement. GoHealth, Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions filed beginning on September 21, 2020 and consolidated in the U.S. District Court for the Northern District of Illinois relating to GoHealth, Inc.’s (GoHealth) $914 million July 2020 initial public offering. In addition to the underwriters, the defendants include GoHealth, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote 11,540,550 shares of common stock representing an aggregate offering price of approximately $242 million. On February 25, 2021, the plaintiffs filed a consolidated complaint. On April 5, 2022, the defendants’ motion to dismiss the consolidated complaint was denied. Array Technologies, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on May 14, 2021 in the U.S. District Court for the Southern District of New York, relating to Array Technologies, Inc.’s (Array) $1.2 billion October 2020 initial public offering of common stock, $1.3 billion December 2020 offering of common stock and $993 million March 2021 offering of common stock. In addition to the underwriters, the defendants include Array and certain of its officers and directors. GS&Co. underwrote an aggregate of 31,912,213 shares of common stock in the three offerings representing an aggregate offering price of approximately $877 million. On December 7, 2021, the plaintiffs filed an amended consolidated complaint. Skillz Inc. GS&Co. is among the underwriters named as defendants in an amended consolidated complaint for a putative securities class action filed on October 8, 2021 in the U.S. District Court for the Northern District of California relating to Skillz Inc.’s (Skillz) approximately $883 million March 2021 public offering of common stock. In addition to the underwriters, the defendants include Skillz and certain of its officers and directors. GS&Co. underwrote 8,832,000 shares of common stock representing an aggregate offering price of approximately $212 million. On July 5, 2022, the defendants’ motion to dismiss the amended consolidated complaint was granted with leave to replead. ContextLogic Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions filed beginning on May 17, 2021 and consolidated in the U.S. District Court for the Northern District of California, relating to ContextLogic Inc.’s (ContextLogic) $1.1 billion December 2020 initial public offering of common stock. In addition to the underwriters, the defendants include ContextLogic and certain of its officers and directors. GS&Co. underwrote 16,169,000 shares of common stock representing an aggregate offering price of approximately $388 million. On July 15, 2022, the plaintiffs filed a consolidated amended complaint. DiDi Global Inc. Goldman Sachs (Asia) L.L.C. (GS Asia) is among the underwriters named as defendants in putative securities class actions filed beginning on July 6, 2021 in the U.S. District Courts for the Southern District of New York and the Central District of California and New York Supreme Court, County of New York, relating to DiDi Global Inc.’s (DiDi) $4.4 billion June 2021 initial public offering of American Depositary Shares (ADS). In addition to the underwriters, the defendants include DiDi and certain of its officers and directors. GS Asia underwrote 104,554,000 ADS representing an aggregate offering price of approximately $1.5 billion. On September 22, 2021, plaintiffs in the California action voluntarily dismissed their claims without prejudice. On May 5, 2022, plaintiffs in the consolidated federal action filed a second consolidated amended complaint, which includes allegations of violations of Sections 10(b) and 20A of the Exchange Act against the underwriter defendants. On June 3, 2022, the defendants moved to dismiss the second consolidated amended complaint. Vroom Inc. GS&Co. is among the underwriters named as defendants in an amended complaint for a putative securities class action filed on October 4, 2021 in the U.S. District Court for the Southern District of New York relating to Vroom Inc.’s (Vroom) approximately $589 million September 2020 public offering of common stock. In addition to the underwriters, the defendants include Vroom and certain of its officers and directors. GS&Co. underwrote 3,886,819 shares of common stock representing an aggregate offering price of approximately $212 million. On December 20, 2021, the defendants served a motion to dismiss the consolidated complaint. Zymergen Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on August 4, 2021 in the U.S. District Court for the Northern District of California relating to Zymergen Inc.’s (Zymergen) $575 million April 2021 initial public offering of common stock. In addition to the underwriters, the defendants include Zymergen and certain of its officers and directors. GS&Co. underwrote 5,750,345 shares of common stock representing an aggregate offering price of approximately $178 million. On February 24, 2022, the plaintiffs filed an amended complaint, and on April 25, 2022, the defendants moved to dismiss the amended complaint. Waterdrop Inc. GS Asia is among the underwriters named as defendants in a putative securities class action filed on September 14, 2021 in the U.S. District Court for the Southern District of New York relating to Waterdrop Inc.’s (Waterdrop) $360 million May 2021 initial public offering of ADS. In addition to the underwriters, the defendants include Waterdrop and certain of its officers and directors. GS Asia underwrote 15,300,000 ADS representing an aggregate offering price of approximately $184 million. On February 21, 2022, the plaintiffs filed an amended complaint, and on April 22, 2022, the defendants moved to dismiss the amended complaint. Sea Limited. GS Asia is among the underwriters named as defendants in putative securities class actions filed on February 11, 2022 and June 17, 2022, respectively, in New York Supreme Court, County of New York, relating to Sea Limited’s approximately $4.0 billion September 2021 public offering of ADS and approximately $2.9 billion September 2021 public offering of convertible senior notes, respectively. In addition to the underwriters, the defendants include Sea Limited, certain of its officers and directors and certain of its shareholders. GS Asia underwrote 8,222,500 ADS representing an aggregate offering price of approximately $2.6 billion and convertible senior notes representing an aggregate offering price of approximately $1.9 billion. On May 16, 2022, the plaintiffs in the ADS action filed an amended complaint. Rivian Automotive Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on March 7, 2022 in the U.S. District Court for the Central District of California relating to Rivian Automotive Inc.’s (Rivian) approximately $13.7 billion November 2021 initial public offering. In addition to the underwriters, the defendants include Rivian and certain of its officers and directors. GS&Co. underwrote 44,733,050 shares of common stock representing an aggregate offering price of approximately $3.5 billion. Natera Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on March 10, 2022 in New York Supreme Court, County of New York, relating to Natera Inc.’s (Natera) approximately $585 million July 2021 public offering of common stock. In addition to the underwriters, the defendants include Natera and certain of its officers and directors. GS&Co. underwrote 1,449,000 shares of common stock representing an aggregate offering price of approximately $164 million. Robinhood Markets, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on December 17, 2021 in the U.S. District Court for the Northern District of California relating to Robinhood Markets, Inc.’s (Robinhood) approximately $2.2 billion July 2021 initial public offering. In addition to the underwriters, the defendants include Robinhood and certain of its officers and directors. GS&Co. underwrote 18,039,706 shares of common stock representing an aggregate offering price of approximately $686 million. On June 20, 2022, the plaintiffs filed an amended complaint. ON24, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on November 3, 2021 in the U.S. District Court for the Northern District of California relating to ON24, Inc.’s (ON24) approximately $492 million February 2021 initial public offering of common stock. In addition to the underwriters, the defendants include ON24 and certain of its officers and directors. GS&Co. underwrote 3,616,785 shares of common stock representing an aggregate offering price of approximately $181 million. On March 18, 2022, the plaintiffs filed an amended consolidated complaint. On May 2, 2022, the defendants moved to dismiss the amended consolidated complaint. Riskified Ltd. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on May 2, 2022 in the U.S. District Court for the Southern District of New York relating to Riskified Ltd.’s (Riskified) approximately $423 million July 2021 initial public offering. In addition to the underwriters, the defendants include Riskified and certain of its officers and directors. GS&Co. underwrote 6,981,128 shares of common stock representing an aggregate offering price of approximately $147 million. Oscar Health, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on May 12, 2022 in the U.S. District Court for the Southern District of New York relating to Oscar Health, Inc.’s (Oscar Health) approximately $1.4 billion March 2021 initial public offering. In addition to the underwriters, the defendants include Oscar Health and certain of its officers and directors. GS&Co. underwrote 12,760,633 shares of common stock representing an aggregate offering price of approximately $498 million. Oak Street Health, Inc. GS&Co. is among the underwriters named as defendants in an amended complaint for a putative securities class action filed on May 25, 2022 in the U.S. District Court for the Northern District of Illinois relating to Oak Street Health, Inc.’s (Oak Street) $377 million August 2020 initial public offering, $298 million December 2020 secondary equity offering, $691 million February 2021 secondary equity offering and $747 million May 2021 secondary equity offering. In addition to the underwriters, the defendants include Oak Street, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote Reata Pharmaceuticals, Inc. GS&Co. is among the underwriters named as defendants in a consolidated amended complaint for a putative securities class action filed on June 21, 2022 in the U.S. District Court for the Eastern District of Texas relating to Reata Pharmaceuticals, Inc.’s (Reata) approximately $282 million December 2020 public offering of common stock. In addition to the underwriters, the defendants include Reata and certain of its officers and directors. GS&Co. underwrote 1,000,000 shares of common stock representing an aggregate offering price of approximately $141 million. Bright Health Group, Inc. GS&Co. is among the underwriters named as defendants in an amended complaint for a putative securities class action filed on June 24, 2022 in the U.S. District Court for the Eastern District of New York relating to Bright Health Group, Inc.’s (Bright Health) approximately $924 million June 2021 initial public offering of common stock. In addition to the underw |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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 accounting for income taxes. 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 carried at fair value either under the fair value option or in accordance with other U.S. GAAP. In addition, the firm has elected to account for certain of its loans and other financial assets and liabilities at fair value by electing the fair value option. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. Fair value gains or losses are generally included in market making or other principal transactions. See Note 4 for further information about fair value measurements. Revenue from Contracts with Clients. The firm recognizes revenue earned from contracts with clients for services, such as investment banking, investment management, and execution and clearing (contracts with clients), when the performance obligations related to the underlying transaction are completed. Revenues from contracts with clients represent approximately 45% of total non-interest 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 transaction based expenses. Client reimbursements for such expenses are included in investment banking revenues. Underwriting. Fees from underwriting assignments are recognized in revenues upon completion of the underlying transaction based on the terms of the assignment. Expenses associated with underwriting assignments are generally deferred until the related revenue is recognized or the assignment is otherwise concluded. Such expenses are included in transaction based expenses for completed assignments. Investment Management The firm earns management fees and incentive fees for investment management services, which are included in investment management revenues. The firm makes payments to brokers and advisors related to the placement of the firm’s investment funds (distribution fees), which are included in transaction based expenses. Management Fees. Management fees for mutual funds are calculated as a percentage of daily net asset value and are received monthly. Management fees for hedge funds and separately managed accounts are calculated as a percentage of month-end Distribution fees paid by the firm are calculated based on either a percentage of the management fee, the investment fund’s net asset value or the committed capital. Such fees are included in transaction based expenses. Incentive Fees. Incentive fees are calculated as a percentage of a fund’s or separately managed account’s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a twelve-month period or over the life of a fund. Fees that are based on performance over a twelve-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund. Incentive fees earned from a fund or separately managed account are recognized when it is probable that a significant reversal of such fees will not occur, which is generally when such fees are no longer subject to fluctuations in the market value of investments held by the fund or separately managed account. Therefore, incentive fees recognized during the period may relate to performance obligations satisfied in previous periods. Commissions and Fees The firm earns 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 2022, substantially all future net revenues associated with such remaining performance obligations will be recognized through 2029. Annual revenues associated with such performance obligations average less than $250 million through 2029. |
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 $10.28 billion as of June 2022 and $10.14 billion as of December 2021. Cash and cash equivalents also included interest-bearing deposits with banks of $278.33 billion as of June 2022 and $250.90 billion as of December 2021. The firm segregates cash for regulatory and other purposes related to client activity. Cash and cash equivalents segregated for regulatory and other purposes were $26.86 billion as of June 2022 and $24.87 billion as of December 2021. 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 $94.44 billion as of June 2022 and $103.82 billion as of December 2021, and receivables from brokers, dealers and clearing organizations of $68.81 billion as of June 2022 and $56.85 billion as of December 2021. 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 2022 and December 2021. 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 $2.91 billion as of June 2022 and $3.01 billion as of December 2021. As of both June 2022 and December 2021 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 $259.48 billion as of June 2022 and $241.93 billion as of December 2021, and payables to brokers, dealers and clearing organizations of $20.50 billion as of June 2022 and $10.00 billion as of December 2021. 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 2022 and December 2021. 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 restricted stock units (RSUs) are generally charged to retained earnings. If RSUs that require future service are forfeited, the related dividend equivalents originally charged to retained earnings are reclassified to compensation expense in the period in which forfeiture occurs. The firm generally issues new shares of common stock upon delivery of share-based awards. In 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 Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). In March 2020, the FASB issued ASU No. 2020-04, No. 2021-01, Troubled Debt Restructurings and Vintage Disclosures (ASC 326). In March 2022, the FASB issued ASU No. 2022-02, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for Platform Users (SAB 121). In March 2022, the SEC staff issued SAB 121 (SAB 121) — “Accounting for obligations to safeguard crypto-assets an entity holds for platform users.” SAB 121 adds interpretive guidance requiring an entity to recognize a liability on its balance sheet to reflect the obligation to safeguard the crypto-assets held for its platform users, along with a corresponding asset. The firm adopted this guidance in June 2022 under a modified retrospective approach and adoption did not have a material impact on the firm’s consolidated financial statements. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASC 820). In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” This ASU clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring its fair value. In addition, the ASU requires specific disclosures related to equity securities that are subject to contractual sale restrictions. The ASU is effective in January 2024 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the firm’s consolidated financial statements. |
Fair Value Measurements, Policy | 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 executable) and the relationship of recent market activity to the prices provided from alternative pricing sources. Valuation adjustments are typically made to level 2 instruments (i) if the instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence. Level 3. Level 3 instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales. Valuation techniques of level 3 instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 instrument are described below: Loans and Securities Backed by Commercial Real Estate Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single property or a portfolio of properties and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include: • Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices, such as the CMBX (an index that tracks the performance of commercial mortgage bonds); • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral and capitalization rates. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and • Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of any loan forbearances and other unobservable inputs (e.g., prepayment speeds). Loans and Securities Backed by Residential Real Estate Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: • Market yields implied by transactions of similar or related assets; • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines, related costs and subsequent recoveries; and • Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines. Corporate Debt Instruments Corporate debt instruments includes corporate loans, debt securities and convertible debentures. Significant inputs for corporate debt instruments are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same or similar issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices, such as the CDX (an index that tracks the performance of corporate credit); • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; • Duration; and • Market and transaction multiples for corporate debt instruments with convertibility or participation options. Equity Securities Equity securities consists of private equities. Recent third-party completed or pending transactions (e.g., merger proposals, debt restructurings, tender offers) are considered the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate: • Industry multiples (primarily EBITDA and revenue multiples) and public comparables; • Transactions in similar instruments; • Discounted cash flow techniques; and • Third-party appraisals. The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include: • Market and transaction multiples; • Discount rates and capitalization rates; and • For equity securities with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration. Other Trading Cash Instruments, Investments and Loans The significant inputs to the valuation of other instruments, such as non-U.S. 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 executable) and the relationship of recent market activity to the prices provided from alternative pricing sources. Level 3. Level 3 derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs. The significant unobservable inputs used to value the firm’s level 3 derivatives are described below. • For level 3 interest rate and currency derivatives, significant unobservable inputs include correlations of certain currencies and interest rates (e.g., the correlation between Euro inflation and Euro interest rates) and specific interest rate and currency volatilities. • For level 3 credit derivatives, significant unobservable inputs include illiquid credit spreads and upfront credit points, which are unique to specific reference obligations and reference entities, and recovery rates. • For level 3 commodity derivatives, significant unobservable inputs include volatilities for options with strike prices that differ significantly from current market prices and prices or spreads for certain products for which the product quality or physical location of the commodity is not aligned with benchmark indices. • For level 3 equity derivatives, significant unobservable inputs generally include equity volatility inputs for options that are long-dated and/or have strike prices that differ significantly from current market prices. In addition, the valuation of certain structured trades requires the use of level 3 correlation inputs, such as the correlation of the price performance of two or more individual stocks or the correlation of the price performance for a basket of stocks to another asset class, such as commodities. Subsequent to the initial valuation of a level 3 derivative, the firm updates the level 1 and level 2 inputs to reflect observable market changes and any resulting gains and losses are classified in level 3. Level 3 inputs are changed when corroborated by evidence, such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. See Note 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 resale and repurchase agreements; certain securities borrowed and loaned transactions; certain customer and other receivables, including certain margin loans; certain time deposits, including structured certificates of deposit, which are hybrid financial instruments; substantially all other secured financings, including transfers of assets accounted for as financings; certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; and certain other 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 and the fair value of the collateral delivered by the firm (determined using the amount and timing of expected future cash flows, market prices, market yields and recovery assumptions). See Note 11 for further information about other secured financings. Unsecured Short- and Long-Term Borrowings. The significant inputs to the valuation of unsecured short- and long-term borrowings are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm and commodity prices for prepaid commodity transactions. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 14 for further information about borrowings. Other 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 carried at fair value. As of $ in millions June 2022 March 2022 December Total level 1 financial assets $ 249,974 $ 263,891 $ Total level 2 financial assets 526,910 559,866 498,527 Total level 3 financial assets 28,884 25,373 24,083 Investments in funds at NAV 3,045 3,237 3,469 Counterparty and cash collateral netting (70,198 ) (69,043 ) (66,041 ) Total financial assets at fair value $ 738,615 $ 783,324 $ Total assets $1,601,224 $1,589,441 $1,463,988 Total level 3 financial assets divided by: Total assets 1.8% 1.6% 1.6% Total financial assets at fair value 3.9% 3.2% 3.4% Total level 1 financial liabilities $ 168,941 $ 145,098 $ Total level 2 financial liabilities 435,827 423,749 403,627 Total level 3 financial liabilities 24,470 29,598 29,169 Counterparty and cash collateral netting (50,926 ) (48,513 ) (51,269 ) Total financial liabilities at fair value $ 578,312 $ 549,932 $ Total liabilities $1,483,353 $1,474,202 $1,354,062 Total level 3 financial liabilities divided by: Total liabilities 1.6% 2.0% 2.2% Total financial liabilities at fair value 4.2% 5.4% 5.9% In the table above: • Counterparty netting among positions classified in the same level is included in that level. • Counterparty and cash collateral netting represents the impact on derivatives of netting across levels. The table below presents a summary of level 3 financial assets. As of $ in millions June March December Trading assets: Trading cash instruments $ 2,080 $ 1,921 $ 1,889 Derivatives 8,348 6,793 5,938 Investments 16,109 14,168 13,902 Loans 2,347 2,491 2,354 Total $28,884 $25,373 $24,083 Level 3 financial assets as of June 2022 increased compared with both March 2022 and December 2021, primarily reflecting an increase in level 3 investments and derivatives. 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). |
Hedge Accounting, Policy | Hedge Accounting T he firm applies hedge accounting for (i) interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long- and short-term borrowings and certain fixed-rate certificates of deposit and certain U.S. government securities classified as available-for-sale, (ii) foreign exchange forward contracts used to manage the foreign exchange risk of certain available-for-sale 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 interest rate swaps as fair value hedges of certain fixed-rate unsecured long- and short-term debt and fixed-rate certificates of deposit, and beginning in the second quarter of 2022, of certain U.S. government securities classified as available-for-sale. These interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate (e.g., London Interbank Offered Rate (LIBOR), Secured Overnight Financing Rate (SOFR) or Overnight Index Swap Rate), effectively converting a substantial portion of these fixed-rate financial instruments into floating-rate financial instruments. The firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of these hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged (i.e., interest rate risk). An interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% or greater and a slope between 80% and 125%. 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: • Resale and repurchase agreements; • Certain securities borrowed and loaned transactions; • Certain customer and other receivables and certain other liabilities; • Certain time deposits (deposits with no stated maturity are not eligible for a fair value option election), including structured certificates of deposit, which are hybrid financial instruments; • Substantially all other secured financings, including transfers of assets accounted for as financings; and • Certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments. |
Loans, Policy | Loans includes (i) loans held for investment that are accounted Allowance for Credit Losses The firm’s allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at amortized cost. Loans and lending commitments accounted for at fair value or accounted for at the lower of cost or fair value are not subject to an allowance for credit losses. To determine the allowance for credit losses, the firm classifies its loans and lending commitments accounted for at amortized cost into wholesale and consumer portfolios. These portfolios represent the level at which the firm has developed and documented its methodology to determine the allowance for credit losses. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and on an asset-specific basis for loans that do not share similar risk characteristics. The allowance for credit losses takes into account the weighted average of a range of forecasts of future economic conditions over the expected life of the loan and lending commitments. The expected life of each loan or lending commitment is determined based on the contractual term adjusted for extension options or demand features, or is modeled in the case of revolving credit card loans. The forecasts include baseline, favorable and adverse economic scenarios over a three-year period. For loans with expected lives beyond three years, the model reverts to historical loss information based on a non-linear The allowance for credit losses also includes qualitative components which allow management to reflect the uncertain nature of economic forecasting, capture uncertainty regarding model inputs, and account for model imprecision and concentration risk. Management’s estimate of credit losses entails judgment about the expected life of the loan and loan collectability at the reporting dates, and there are uncertainties inherent in those judgments. The allowance for credit losses is subject to a governance process that involves review and approval by senior management within the firm’s independent risk oversight and control functions. Personnel within the firm’s independent risk oversight and control functions are responsible for forecasting the economic variables that underlie the economic scenarios that are used in the modeling of expected credit losses. While management uses the best information available to determine this estimate, future adjustments to the allowance may be necessary based on, among other things, changes in the economic environment or variances between actual results and the original assumptions used. The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio. As of June 2022 December 2021 $ in millions Loans Lending Commitments Loans Lending Commitments Wholesale Corporate $ 57,072 $142,681 $ 50,960 $143,296 Wealth management 43,397 4,424 38,062 4,091 Commercial real estate 22,698 3,298 21,150 4,306 Residential real estate 16,403 3,325 15,493 3,317 Other 7,966 5,233 5,958 6,169 Consumer Installment 4,582 19 3,672 9 Credit cards 11,844 57,184 8,212 35,932 Total $163,962 $216,164 $143,507 $197,120 In the table above: • Wholesale loans included $2.25 billion as of June 2022 and $2.43 billion as of December 2021 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 $477 million as of June 2022 and $543 million as of December 2021. These loans included $294 million as of June 2022 and $140 million as of December 2021 of loans which did not require a reserve as the loan was deemed to be recoverable. • Credit card lending commitments included $57.18 billion as of June 2022 and $33.97 billion as of December 2021 related to credit card lines issued by the firm to consumers. These credit card lines are cancellable by the firm. The increase in credit card lending commitments from December 2021 to June 2022 reflected approximately $15.0 billion relating to the firm’s acquisition of the General Motors co-branded co-branded |
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 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. 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. • Non-U.S. • U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 2.18% as of June 2022 and 1.06% as of December 2021. These rates include the effect of hedging activities. • Non-U.S. • Total other secured financings included $1.60 billion as of June 2022 and $1.97 billion as of December 2021 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets, primarily included in trading assets, of $1.58 billion as of June 2022 and $2.02 billion as of December 2021. • Other secured financings collateralized by financial instruments included $10.30 billion as of June 2022 and $10.37 billion as of December 2021 of other secured financings collateralized by trading assets, investments and loans, and included $1.17 billion as of June 2022 and $2.45 billion as of December 2021 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. |
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 when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. |
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 2022 and December 2021. |
Commitments to Extend Credit, Policy | 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 $944 million (including allowance for credit losses of $705 million) as of June 2022 and $1.05 billion (including allowance for credit losses of $776 million) as of December 2021. The estimated fair value of such lending commitments was a liability of $6.79 billion as of June 2022 and $4.17 billion as of December 2021. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $3.31 billion as of June 2022 and $1.91 billion as of December 2021 would have been classified in level 2, and $3.48 billion as of June 2022 and $2.26 billion as of December 2021 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 $286 million as of June 2022 and $91 million as of December 2021. 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 2022 and December 2021. • 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. Accordingly, the firm has not included such contracts in the table above. See Note 7 for information about credit derivatives that meet the definition of a guarantee, which are not included in the table above. Derivatives are accounted for at fair value and therefore the carrying value is considered the best indication of payment/performance risk for individual contracts. However, the carrying values in the table above exclude the effect of counterparty and cash collateral netting. |
Earnings Per Share Policy | Earnings Per Common Share Basic earnings per common share (EPS) is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and RSUs for which the delivery of the underlying common stock is not subject to satisfaction of future service, performance or market conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service, performance or market conditions. |
Interest Income and Interest Expense, Policy | Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates. |
Income Tax, Policy | 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. |
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 carried at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are generally recognized in the consolidated statements of earnings. |
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 carried 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 the consolidated statements of earnings. Equity Securities, at Fair Value. 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, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Liabilities Summary | The table below presents financial assets and liabilities carried at fair value. As of $ in millions June 2022 March 2022 December Total level 1 financial assets $ 249,974 $ 263,891 $ Total level 2 financial assets 526,910 559,866 498,527 Total level 3 financial assets 28,884 25,373 24,083 Investments in funds at NAV 3,045 3,237 3,469 Counterparty and cash collateral netting (70,198 ) (69,043 ) (66,041 ) Total financial assets at fair value $ 738,615 $ 783,324 $ Total assets $1,601,224 $1,589,441 $1,463,988 Total level 3 financial assets divided by: Total assets 1.8% 1.6% 1.6% Total financial assets at fair value 3.9% 3.2% 3.4% Total level 1 financial liabilities $ 168,941 $ 145,098 $ Total level 2 financial liabilities 435,827 423,749 403,627 Total level 3 financial liabilities 24,470 29,598 29,169 Counterparty and cash collateral netting (50,926 ) (48,513 ) (51,269 ) Total financial liabilities at fair value $ 578,312 $ 549,932 $ Total liabilities $1,483,353 $1,474,202 $1,354,062 Total level 3 financial liabilities divided by: Total liabilities 1.6% 2.0% 2.2% Total financial liabilities at fair value 4.2% 5.4% 5.9% 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. |
Total Level 3 Financial Assets | The table below presents a summary of level 3 financial assets. As of $ in millions June March December Trading assets: Trading cash instruments $ 2,080 $ 1,921 $ 1,889 Derivatives 8,348 6,793 5,938 Investments 16,109 14,168 13,902 Loans 2,347 2,491 2,354 Total $28,884 $25,373 $24,083 |
Trading Assets and Liabilities
Trading Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Assets Trading Liabilities As of June 2022 Trading cash instruments $295,582 $191,513 Derivatives 76,314 63,779 Total $371,896 $255,292 As of December 2021 Trading cash instruments $311,956 $129,471 Derivatives 63,960 51,953 Total $375,916 $181,424 |
Gains and Losses from Market Making | The table below presents market making revenues by major product type. Three Months Ended June Six Months Ended June $ in millions 2022 2021 2022 2021 Interest rates $(2,787 ) $ 920 $ (4,662 ) $ (323 ) Credit 948 310 1,666 1,162 Currencies 4,087 (108 ) 8,228 2,742 Equities 2,557 1,540 4,600 4,318 Commodities 124 612 1,087 1,268 Total $ 4,929 $3,274 $10,919 $9,167 |
Trading Cash Instruments (Table
Trading Cash Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 Assets Government and agency obligations: U.S. $ 70,402 $ 21,535 $ – $ 91,937 Non-U.S. 45,174 12,916 137 58,227 Loans and securities backed by: Commercial real estate – 1,367 74 1,441 Residential real estate – 11,166 110 11,276 Corporate debt instruments 288 32,167 1,440 33,895 State and municipal obligations – 194 32 226 Other debt obligations 25 2,827 123 2,975 Equity securities 84,100 2,378 160 86,638 Commodities – 8,963 4 8,967 Total $ 199,989 $ 93,513 $2,080 $ 295,582 Liabilities Government and agency obligations: U.S. $ (29,183 ) $ (362 ) $ – $ (29,545 ) Non-U.S. (40,570 ) (2,846 ) – (43,416 ) Loans and securities backed by: Commercial real estate – (30 ) (1 ) (31 ) Residential real estate – (11 ) – (11 ) Corporate debt instruments (12 ) (18,530 ) (140 ) (18,682 ) Other debt obligations – (114 ) – (114 ) Equity securities (99,148 ) (523 ) (41 ) (99,712 ) Commodities – (2 ) – (2 ) Total $(168,913 ) $ (22,418 ) $ (182 ) $(191,513 ) As of December 2021 Assets Government and agency obligations: U.S. $ $ 27,427 $ $ Non-U.S. 35,284 13,511 19 48,814 Loans and securities backed by: Commercial real estate – 1,717 137 1,854 Residential real estate – 13,083 152 13,235 Corporate debt instruments 590 36,874 1,318 38,782 State and municipal obligations – 568 36 604 Other debt obligations 69 1,564 66 1,699 Equity securities 105,233 2,958 156 108,347 Commodities – 7,801 5 7,806 Total $ $105,503 $1,889 $ Liabilities Government and agency obligations: U.S. $ ) $ (25 ) $ $ ) Non-U.S. (39,983 ) (2,602 ) – (42,585 ) Loans and securities backed by: Commercial real estate – (40 ) (2 ) (42 ) Residential real estate – (5 ) – (5 ) Corporate debt instruments (23 ) (15,781 ) (71 ) (15,875 ) Equity securities (48,991 ) (915 ) (31 ) (49,937 ) Total $ ) $ (19,368 ) $ (104 ) $ ) 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. • Other debt obligations includes other asset-backed securities and money market instruments. • Equity securities includes public equities and exchange-traded funds. |
Fair Value, Cash Instruments, Measurement Inputs, Disclosure | The table below presents the amount of level 3 As of June 2022 As of December 2021 $ in millions Amount or Range Weighted Amount or Range Weighted Loans and securities backed by commercial real estate Level 3 assets $74 $137 Yield 4.4% to 30.0% 16.5% 2.8% to 28.5% 12.3% Recovery rate 6.5% to 78.6% 50.2% 5.1% to 86.5% 55.0% Duration (years) 0.8 to 3.5 1.8 0.1 to 4.3 1.8 Loans and securities backed by residential real estate Level 3 assets $110 $152 Yield 2.1% to 24.2% 8.8% 0.4% to 26.6% 7.0% Cumulative loss rate 0.2% to 30.7% 7.4% 0.1% to 43.4% 17.7% Duration (years) 0.2 to 11.6 6.0 1.2 to 17.2 6.5 Corporate debt instruments Level 3 assets $1,440 $1,318 Yield 1.9% to 29.2% 9.1% 0.0% to 18.0% 7.1% Recovery rate 9.0% to 69.7% 51.0% 9.0% to 69.9% 52.0% Duration (years) 0.8 to 21.6 4.8 2.0 to 28.5 4.5 Other Level 3 assets $456 $282 Yield 1.7% to 36.5% 13.9% 1.1% to 44.8% 9.4% Multiples 0.7x to 5.0x 4.3x N/A N/A Duration (years) 1.1 to 11.0 5.1 0.9 to 5.2 2.4 |
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 2022 2021 2022 2021 Total trading cash instrument assets Beginning balance $1,921 $1,373 $1,889 $1,237 Net realized gains/(losses) 27 23 44 42 Net unrealized gains/(losses) (76 ) 10 (1,422 ) 16 Purchases 374 275 1,225 647 Sales (270 ) (284 ) (554 ) (401 ) Settlements (124 ) (100 ) (262 ) (208 ) Transfers into level 3 434 148 1,400 181 Transfers out of level 3 (206 ) (141 ) (240 ) (210 ) Ending balance $2,080 $1,304 $2,080 $1,304 Total trading cash instrument liabilities Beginning balance $ ) $ (106 ) $ ) $ (80 ) Net realized gains/(losses) (13 ) 2 (12 ) 4 Net unrealized gains/(losses) (24 ) (2 ) (39 ) – Purchases 72 35 152 28 Sales (88 ) (27 ) (138 ) (39 ) Settlements 2 20 3 10 Transfers into level 3 (50 ) (5 ) (56 ) (4 ) Transfers out of level 3 11 5 12 3 Ending balance $ ) $ (78 ) $ ) $ (78 ) 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 Ended June $ in millions 2022 2021 2022 2021 Loans and securities backed by commercial real estate Beginning balance $ 76 $ 115 $ 137 $ 203 Net realized gains/(losses) 1 2 1 5 Net unrealized gains/(losses) (2 ) (3 ) (2 ) (9 ) Purchases 2 10 26 7 Sales (8 ) (13 ) (52 ) (37 ) Settlements (5 ) (5 ) (8 ) (13 ) Transfers into level 3 20 5 4 19 Transfers out of level 3 (10 ) (15 ) (32 ) (79 ) Ending balance $ 74 $ 96 $ 74 $ 96 Loans and securities backed by residential real estate Beginning balance $ 78 $ 204 $ 152 $ 131 Net realized gains/(losses) 2 4 6 8 Net unrealized gains/(losses) (3 ) 9 (4 ) 10 Purchases 6 4 27 21 Sales (11 ) (76 ) (53 ) (42 ) Settlements (7 ) (7 ) (13 ) (9 ) Transfers into level 3 57 12 22 31 Transfers out of level 3 (12 ) (20 ) (27 ) (20 ) Ending balance $ 110 $ 130 $ 110 $ 130 Corporate debt instruments Beginning balance $1,435 $ 918 $ 1,318 $ 797 Net realized gains/(losses) 24 12 49 26 Net unrealized gains/(losses) (90 ) 3 (72 ) 20 Purchases 197 215 382 554 Sales (105 ) (164 ) (316 ) (287 ) Settlements (106 ) (77 ) (221 ) (151 ) Transfers into level 3 249 65 453 35 Transfers out of level 3 (164 ) (81 ) (153 ) (103 ) Ending balance $1,440 $ 891 $ 1,440 $ 891 Other Beginning balance $ 332 $ 136 $ 282 $ 106 Net realized gains/(losses) – 5 (12 ) 3 Net unrealized gains/(losses) 19 1 (1,344 ) (5 ) Purchases 169 46 790 65 Sales (146 ) (31 ) (133 ) (35 ) Settlements (6 ) (11 ) (20 ) (35 ) Transfers into level 3 108 66 921 96 Transfers out of level 3 (20 ) (25 ) (28 ) (8 ) Ending balance $ 456 $ 187 $ 456 $ 187 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 As of December 2021 $ in millions Derivative Derivative Derivative Derivative Not accounted for as hedges Exchange-traded $ 1,087 $ 1,424 $ 256 $ 557 OTC-cleared 41,053 40,041 13,795 12,692 Bilateral OTC 193,273 166,941 232,595 205,073 Total interest rates 235,413 208,406 246,646 218,322 OTC-cleared 1,317 1,432 3,665 4,053 Bilateral OTC 15,534 13,927 12,591 11,702 Total credit 16,851 15,359 16,256 15,755 Exchange-traded 94 45 417 10 OTC-cleared 933 587 423 338 Bilateral OTC 117,437 118,184 86,076 85,795 Total currencies 118,464 118,816 86,916 86,143 Exchange-traded 15,609 15,494 6,534 6,189 OTC-cleared 871 971 652 373 Bilateral OTC 49,924 38,894 28,359 25,969 Total commodities 66,404 55,359 35,545 32,531 Exchange-traded 29,992 32,662 33,840 35,518 OTC-cleared 12 14 8 5 Bilateral OTC 34,746 40,475 39,718 44,750 Total equities 64,750 73,151 73,566 80,273 Subtotal 501,882 471,091 458,929 433,024 Accounted for as hedges OTC-cleared 2 58 1 – Bilateral OTC 519 9 945 – Total interest rates 521 67 946 – OTC-cleared 41 3 34 27 Bilateral OTC 579 55 60 139 Total currencies 620 58 94 166 Subtotal 1,141 125 1,040 166 Total gross fair value $ 503,023 $ 471,216 $ 459,969 $ 433,190 Offset in the consolidated balance sheets Exchange-traded $ (40,580 ) $ (40,580 ) $ (35,724 ) $ (35,724 ) OTC-cleared (42,280 ) (42,280 ) (16,979 ) (16,979 ) Bilateral OTC (277,167 ) (277,167 ) (279,189 ) (279,189 ) Counterparty netting (360,027 ) (360,027 ) (331,892 ) (331,892 ) OTC-cleared (1,147 ) (108 ) (1,033 ) (361 ) Bilateral OTC (65,535 ) (47,302 ) (63,084 ) (48,984 ) Cash collateral netting (66,682 ) (47,410 ) (64,117 ) (49,345 ) Total amounts offset $(426,709 ) $(407,437 ) $(396,009 ) $(381,237 ) Included in the consolidated balance sheets Exchange-traded $ 6,202 $ 9,045 $ 5,323 $ 6,550 OTC-cleared 802 718 566 148 Bilateral OTC 69,310 54,016 58,071 45,255 Total $ 76,314 $ 63,779 $ 63,960 $ 51,953 Not offset in the consolidated balance sheets Cash collateral $ (572 ) $ (2,795 ) $ (1,008 ) $ (1,939 ) Securities collateral (16,914 ) (4,441 ) (15,751 ) (7,349 ) Total $ 58,828 $ 56,543 $ 47,201 $ 42,665 Notional Amounts as of $ in millions June 2022 December Not accounted for as hedges Exchange-traded $ 3,251,469 $ 2,630,915 OTC-cleared 19,359,538 17,874,504 Bilateral OTC 10,607,894 11,122,871 Total interest rates 33,218,901 31,628,290 Exchange-traded 38 – OTC-cleared 440,236 463,477 Bilateral OTC 592,007 616,095 Total credit 1,032,281 1,079,572 Exchange-traded 15,206 14,617 OTC-cleared 220,454 194,124 Bilateral OTC 5,970,998 6,606,927 Total currencies 6,206,658 6,815,668 Exchange-traded 417,329 308,917 OTC-cleared 3,911 3,647 Bilateral OTC 253,638 234,322 Total commodities 674,878 546,886 Exchange-traded 1,190,917 1,149,777 OTC-cleared 297 198 Bilateral OTC 1,097,269 1,173,103 Total equities 2,288,483 2,323,078 Subtotal 43,421,201 42,393,494 Accounted for as hedges OTC-cleared 249,222 219,083 Bilateral OTC 3,495 4,499 Total interest rates 252,717 223,582 OTC-cleared 3,351 2,758 Bilateral OTC 20,133 18,658 Total currencies 23,484 21,416 Exchange-traded – 1,050 Total commodities – 1,050 Subtotal 276,201 246,048 Total notional amounts $43,697,402 $42,639,542 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 $14.45 billion as of June 2022 and $17.48 billion as of December 2021, and derivative liabilities of $17.55 billion as of June 2022 and $17.29 billion as of December 2021, which are not subject to an enforceable netting agreement or are subject to a netting agreement that the firm has not yet determined to be enforceable. |
Fair Value of Derivatives by Level | The 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 2022 Assets Interest rates $ 34 $ 234,108 $ 1,792 $ 235,934 Credit – 13,372 3,479 16,851 Currencies – 118,706 378 119,084 Commodities – 63,981 2,423 66,404 Equities 40 63,157 1,553 64,750 Gross fair value 74 493,324 9,625 503,023 Counterparty netting in levels – (355,234 ) (1,277 ) (356,511 ) Subtotal $ 74 $ 138,090 $ 8,348 $ 146,512 Cross-level counterparty netting (3,516 ) Cash collateral netting (66,682 ) Net fair value $ 76,314 Liabilities Interest rates $ (9 ) $(207,707 ) $ (757 ) $(208,473 ) Credit – (14,044 ) (1,315 ) (15,359 ) Currencies – (118,257 ) (617 ) (118,874 ) Commodities – (54,371 ) (988 ) (55,359 ) Equities (19 ) (70,358 ) (2,774 ) (73,151 ) Gross fair value (28 ) (464,737 ) (6,451 ) (471,216 ) Counterparty netting in levels – 355,234 1,277 356,511 Subtotal $(28 ) $(109,503 ) $(5,174 ) $(114,705 ) Cross-level counterparty netting 3,516 Cash collateral netting 47,410 Net fair value $ (63,779 ) As of December 2021 Assets Interest rates $ $ $ $ Credit – 12,823 3,433 16,256 Currencies – 86,773 237 87,010 Commodities – 34,501 1,044 35,545 Equities 33 72,570 963 73,566 Gross fair value 35 453,192 6,742 459,969 Counterparty netting in levels – (329,164 ) (804 ) (329,968 ) Subtotal $ $ $ $ Cross-level counterparty netting (1,924 ) Cash collateral netting (64,117 ) Net fair value $ Liabilities Interest rates $ ) $ ) $ ) $ ) Credit – (14,176 ) (1,579 ) (15,755 ) Currencies – (85,925 ) (384 ) (86,309 ) Commodities – (31,925 ) (606 ) (32,531 ) Equities (29 ) (77,393 ) (2,851 ) (80,273 ) Gross fair value (31 ) (426,857 ) (6,302 ) (433,190 ) Counterparty netting in levels – 329,164 804 329,968 Subtotal $ ) $ ) $ ) $ ) Cross-level counterparty netting 1,924 Cash collateral netting 49,345 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. As of June 2022 As of December 2021 $ in millions, except inputs Amount or Range Average/ Median Amount or Range Average/ Median Interest rates, net $1,035 $183 Correlation (10)% to 81% 59%/62% 25% to 81% 63%/62% Volatility (bps) 31 to 100 63/61 31 to 100 59/54 Credit, net $2,164 $1,854 Credit spreads (bps) 6 to 910 197/123 1 to 568 136/107 Upfront credit points 1 to 100 41/35 2 to 100 34/26 Recovery rates 20% to 75% 42%/40% 20% to 50% 37%/40% Currencies, net $(239) $(147) Correlation 20% to 71% 40%/41% 20% to 71% 40%/41% Volatility 21% to 21% 21%/21% 19% to 19% 19%/19% Commodities, net $1,435 $438 Volatility 27% to 127% 48%/41% 15% to 93% 32%/29% Natural gas spread $(2.29) to $9.78 $(0.14)/ $(0.18) $(1.33) to $2.60 $(0.11)/ $(0.07) Oil spread $(5.00) to $46.27 $19.89/ $13.68 $8.64 to $22.68 $13.36/ $12.69 Electricity price $2.70 to $568.77 $57.43/ $46.08 $1.50 to $289.96 $37.42/ $32.20 Equities, net $(1,221) $(1,888) Correlation (70)% to 99% 64%/68% (70)% to 99% 59%/62% Volatility 2% to 111% 18%/20% 3% to 150% 17%/17% |
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 Ended June Six Months Ended June $ in millions 2022 2021 2022 2021 Total level 3 derivatives, net Beginning balance $ 915 $ 645 $ 440 $1,175 Net realized gains/(losses) 97 119 329 73 Net unrealized gains/(losses) 2,084 (408 ) 3,225 (458 ) Purchases 128 29 187 134 Sales (704 ) (294 ) (1,345 ) (756 ) Settlements 791 568 583 509 Transfers into level 3 149 (260 ) 76 (181 ) Transfers out of level 3 (286 ) 168 (321 ) 71 Ending balance $3,174 $ 567 $ $ 567 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 2022 2021 2022 2021 Interest rates, net Beginning balance $ $ 319 $ $ 267 Net realized gains/(losses) 1 33 (41 ) 56 Net unrealized gains/(losses) 286 (42 ) 909 97 Purchases 44 – 64 2 Sales (37 ) (33 ) (69 ) (55 ) Settlements 301 60 160 6 Transfers into level 3 21 (1 ) 4 2 Transfers out of level 3 96 (28 ) (175 ) (67 ) Ending balance $ 1,035 $ 308 $ 1,035 $ 308 Credit, net Beginning balance $ 1,834 $ 1,875 $ 1,854 $ 1,778 Net realized gains/(losses) (41 ) 5 (28 ) (14 ) Net unrealized gains/(losses) 384 18 188 29 Purchases 5 10 20 8 Sales (48 ) (26 ) (53 ) (28 ) Settlements 19 6 180 49 Transfers into level 3 36 (82 ) 27 (36 ) Transfers out of level 3 (25 ) (56 ) (24 ) (36 ) Ending balance $ 2,164 $ 1,750 $ 2,164 $ 1,750 Currencies, net Beginning balance $ ) $ (289 ) $ ) $ (338 ) Net realized gains/(losses) 39 28 46 28 Net unrealized gains/(losses) (21 ) (169 ) 11 (90 ) Purchases – 1 1 4 Sales (6 ) (30 ) (8 ) (36 ) Settlements 5 272 13 245 Transfers into level 3 (121 ) (57 ) (129 ) (70 ) Transfers out of level 3 – 10 (26 ) 23 Ending balance $ ) $ (234 ) $ ) $ (234 ) Commodities, net Beginning balance $ $ 212 $ $ 300 Net realized gains/(losses) (26 ) 9 49 (59 ) Net unrealized gains/(losses) 806 135 1,195 129 Purchases 13 4 27 16 Sales (11 ) (2 ) (131 ) (8 ) Settlements 33 (67 ) (44 ) (84 ) Transfers into level 3 218 (3 ) 174 (17 ) Transfers out of level 3 (426 ) (22 ) (273 ) (11 ) Ending balance $ 1,435 $ 266 $ 1,435 $ 266 Equities, net Beginning balance $(1,935 ) $(1,472 ) $(1,888 ) $ (832 ) Net realized gains/(losses) 124 44 303 62 Net unrealized gains/(losses) 629 (350 ) 922 (623 ) Purchases 66 14 75 104 Sales (602 ) (203 ) (1,084 ) (629 ) Settlements 433 297 274 293 Transfers into level 3 (5 ) (117 ) – (60 ) Transfers out of level 3 69 264 177 162 Ending balance $(1,221 ) $(1,523 ) $(1,221 ) $(1,523 ) |
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 Year 1 - 5 Greater than 5 Years Total As of June 2022 Assets Interest rates $ 8,677 $14,667 $49,972 $ 73,316 Credit 1,710 3,394 2,790 7,894 Currencies 19,818 8,265 6,708 34,791 Commodities 20,427 11,276 1,823 33,526 Equities 9,064 5,022 2,833 16,919 Counterparty netting in tenors (4,294 ) (3,927 ) (3,823 ) (12,044 ) Subtotal $55,402 $38,697 $60,303 $154,402 Cross-tenor counterparty netting (17,608 ) Cash collateral netting (66,682 ) Total OTC derivative assets $ 70,112 Liabilities Interest rates $ 6,934 $17,809 $20,774 $ 45,517 Credit 1,891 3,255 1,256 6,402 Currencies 17,581 9,049 8,001 34,631 Commodities 12,209 9,345 1,042 22,596 Equities 11,569 8,318 2,763 22,650 Counterparty netting in tenors (4,294 ) (3,927 ) (3,823 ) (12,044 ) Subtotal $45,890 $43,849 $30,013 $119,752 Cross-tenor counterparty netting (17,608 ) Cash collateral netting (47,410 ) Total OTC derivative liabilities $ 54,734 As of December 2021 Assets Interest rates $ 6,076 $11,655 $61,380 $ 79,111 Credit 1,800 2,381 3,113 7,294 Currencies 13,366 6,642 6,570 26,578 Commodities 10,178 7,348 770 18,296 Equities 11,075 6,592 2,100 19,767 Counterparty netting in tenors (3,624 ) (3,357 ) (2,673 ) (9,654 ) Subtotal $38,871 $31,261 $71,260 $141,392 Cross-tenor counterparty netting (18,638 ) Cash collateral netting (64,117 ) Total OTC derivative assets $ 58,637 Liabilities Interest rates $ 3,929 $10,932 $34,676 $ 49,537 Credit 1,695 3,257 1,841 6,793 Currencies 14,122 6,581 5,580 26,283 Commodities 7,591 6,274 1,763 15,628 Equities 8,268 12,944 3,587 24,799 Counterparty netting in tenors (3,624 ) (3,357 ) (2,673 ) (9,654 ) Subtotal $31,981 $36,631 $44,774 $113,386 Cross-tenor counterparty netting (18,638 ) Cash collateral netting (49,345 ) Total OTC derivative liabilities $ 45,403 |
Credit Derivatives | The table below presents information about credit derivatives. Credit Spread on Underlier (basis points) $ in millions 0 – 250 251 – 500 501 – 1,000 Greater than 1,000 Total As of June 2022 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $100,879 $ 2,517 $12,006 $ 6,002 $121,404 1 – 5 years 256,472 33,827 20,131 15,650 326,080 Greater than 5 years 35,946 3,708 3,354 567 43,575 Total $393,297 $40,052 $35,491 $22,219 $491,059 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $318,748 $35,115 $23,404 $18,850 $396,117 Other $120,903 $ 8,142 $12,958 $ 3,102 $145,105 Fair Value of Written Credit Derivatives Asset $ 3,435 $ 358 $ 235 $ 277 $ 4,305 Liability 2,437 1,269 2,339 6,151 12,196 Net asset/(liability) $ 998 $ ) $ ) $ ) $ (7,891 ) As of December 2021 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $120,456 $ 6,173 $ 1,656 $ 4,314 $132,599 1 – 5 years 305,255 14,328 12,754 3,814 336,151 Greater than 5 years 35,558 3,087 2,529 311 41,485 Total $461,269 $23,588 $16,939 $ 8,439 $510,235 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $381,715 $17,210 $12,806 $ 6,714 $418,445 Other $138,214 $ 7,780 $ 3,576 $ 1,322 $150,892 Fair Value of Written Credit Derivatives Asset $ 9,803 $ 924 $ 318 $ 137 $ 11,182 Liability 941 123 1,666 1,933 4,663 Net asset/(liability) $ 8,862 $ 801 $ (1,348 ) $ (1,796 ) $ 6,519 |
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 2022 2021 2022 2021 CVA, net of hedges $ 217 $45 $ 300 $(63 ) FVA, net of hedges (122 ) 25 (391 ) 37 Total $ 95 $70 $ (91 ) $(26 ) |
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 2022 December 2021 Fair value of assets $ 319 $ 845 Fair value of liabilities (177 ) (124 ) Net asset/(liability) $ 142 $ 721 Notional amount $8,692 $10,743 |
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 2022 December 2021 Net derivative liabilities under bilateral agreements $32,136 $34,315 Collateral posted $25,973 $29,214 Additional collateral or termination payments: One-notch $ 235 $ 345 Two-notch $ 843 $ 1,536 |
Gain (Loss) from Interest Rate Hedges and Related Hedged Items | The table below presents the gains/(losses) from interest rate derivatives accounted for as hedges and the related hedged items. Three Months Ended June Six Months Ended June $ in millions 2022 2021 2022 2021 Investments Interest rate hedges $ (55 ) $ $ (55 ) $ Hedged investments 52 – 52 – Gains/(losses) $ (3 ) $ $ (3 ) $ Borrowings and deposits Interest rate hedges $(6,067 ) $ 1,475 $(14,809 ) $(3,930 ) Hedged borrowings and deposits 5,843 (1,559 ) 14,538 3,626 Gains/(losses) $ (224 ) $ (84 ) $ (271 ) $ (304 ) |
Summary of Carrying Amount of Hedged Items | The table below presents the carrying value of investments, deposits and unsecured borrowings that are designated in an interest rate hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values. $ in millions Carrying Cumulative As of June 2022 Assets Investments $ 4,074 $ 52 Liabilities Deposits $ 8,753 $ (176 ) Unsecured short-term borrowings $ 7,076 $ (6 ) Unsecured long-term borrowings $153,970 $(8,345 ) As of December 2021 Liabilities Deposits $ 14,131 $ Unsecured short-term borrowings $ 2,167 $ Unsecured long-term borrowings $144,934 $ The table below presents the gains/(losses) from net investment hedging. Three Months Six Months $ in millions 2022 2021 2022 2021 Hedges: Foreign currency forward contract $1,104 $(233 ) $1,213 $227 Foreign currency-denominated debt $ 428 $ (6 ) $ 596 $259 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 $ 15,149 $18,937 Debt instruments, at fair value 14,993 15,558 Available-for-sale 47,791 48,932 Investments, at fair value 77,933 83,427 Held-to-maturity 36,089 4,699 Equity method investments 753 593 Total investments $114,775 $88,719 |
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 $15,149 $18,937 Equity Type Public equity 18% 24% Private equity 82% 76% Total 100% 100% Asset Class Corporate 75% 78% Real estate 25% 22% 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 $10,059 $ 9,793 Securities backed by real estate 1,792 2,280 Money market instruments 1,116 1,396 Other 2,026 2,089 Total $14,993 $15,558 |
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 2022 Private equity funds $ 952 $ 601 Credit funds 1,724 448 Hedge funds 78 – Real estate funds 291 153 Total $3,045 $1,202 As of December 2021 Private equity funds $1,411 $ 619 Credit funds 1,686 556 Hedge funds 84 – Real estate funds 288 147 Total $3,469 $1,322 |
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 2022 Less than 1 year $ $ 0.21 1 year to 5 years 44,396 41,894 0.51 5 years to 10 years 2,892 2,616 1.21 Total U.S. government obligations 48,192 45,404 0.54 1 year to 5 years 10 10 0.28 5 years to 10 years 2,647 2,377 0.41 Total non-U.S. 2,657 2,387 0.41 Total available-for-sale $50,849 $47,791 0.54 As of December 2021 Less than 1 year $ $ 0.12 1 year to 5 years 41,536 41,066 0.47 5 years to 10 years 5,337 5,229 0.92 Greater than 10 years 2 2 2.00 Total U.S. government obligations 46,900 46,322 0.53 5 years to 10 years 2,693 2,610 0.33 Total non-U.S. 2,693 2,610 0.33 Total available-for-sale $49,593 $48,932 0.52 In the table above: • Available-for-sale • The weighted average yield for available-for-sale pre-tax • The gross unrealized gains included in accumulated other comprehensive income/(loss) were not material and the gross unrealized losses included in accumulated other comprehensive income/(loss) were $3.06 billion as of June 2022 and primarily related to U.S. government obligations in a continuous unrealized loss position for more than a year. The gross unrealized gains included in accumulated other comprehensive income/(loss) were $118 million and the gross unrealized losses included in accumulated other comprehensive income/(loss) were $779 million as of December 2021 and primarily related to U.S. government obligations in a continuous unrealized loss position for less than a year. Net unrealized gains/(losses) included in other comprehensive income/(loss) were $(589) million ($(441) million, net of tax) for the three months ended June 2022, $112 million ($84 million, net of tax) for the three months ended June 2021, $(2.40) billion ($(1.80) billion, net of tax) for the six months ended June 2022 and $(728) million ($(544) million, net of tax) for the six months ended June 2021. • If the fair value of available-for-sale available-for-sale |
Debt Securities, Held-to-maturity | The table below presents information about held-to-maturity $ in millions Amortized Fair Value Weighted As of June 2022 Less than 1 year $ 4,087 $ 4,075 1.33% 1 year to 5 years 31,727 31,405 2.59% 5 years to 10 years 89 89 3.06% Total U.S. government obligations 35,903 35,569 2.45% 5 years to 10 years 3 3 3.73% Greater than 10 years 183 181 1.04% Total securities backed by real estate 186 184 1.10% Total held-to-maturity $36,089 $35,753 2.44% As of December 2021 1 year to 5 years $ 4,054 $ 4,200 2.30% Total U.S. government obligations 4,054 4,200 2.30% 5 years to 10 years 3 3 2.78% Greater than 10 years 642 670 1.03% Total securities backed by real estate 645 673 1.04% Total held-to-maturity $ 4,699 $ 4,873 2.13% 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 securities backed by real estate would have been primarily classified in level 2 of the fair value hierarchy as of both June 2022 and December 2021. • The weighted average yield for held-to-maturity pre-tax • The gross unrealized gains were not material as of June 2022 and were $175 million as of December 2021. The gross unrealized losses were $341 million as of June 2022 and were not material as of December 2021. • Held-to-maturity |
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 2022 Government and agency obligations: U.S. $45,404 $ $ $45,404 Non-U.S. 2,387 3 – 2,390 Corporate debt securities 63 3,420 6,576 10,059 Securities backed by real estate – 725 1,067 1,792 Money market instruments 22 1,094 – 1,116 Other debt obligations – 17 303 320 Equity securities 2,035 3,609 8,163 13,807 Subtotal $49,911 $ 8,868 $16,109 $74,888 Investments in funds at NAV 3,045 Total investments $77,933 As of December 2021 Government and agency obligations: U.S. $46,322 $ $ $46,322 Non-U.S. 2,612 – – 2,612 Corporate debt securities 65 5,201 4,527 9,793 Securities backed by real estate – 1,202 1,078 2,280 Money market instruments 41 1,355 – 1,396 Other debt obligations – 35 382 417 Equity securities 2,135 7,088 7,915 17,138 Subtotal $51,175 $14,881 $13,902 $79,958 Investments in funds at NAV 3,469 Total investments $83,427 |
Fair Value, Investments, Measurement Inputs, Disclosure | The table below presents a summary of level 3 financial assets. As of $ in millions June March December Trading assets: Trading cash instruments $ 2,080 $ 1,921 $ 1,889 Derivatives 8,348 6,793 5,938 Investments 16,109 14,168 13,902 Loans 2,347 2,491 2,354 Total $28,884 $25,373 $24,083 |
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 2022 2021 2022 2021 Beginning balance $2,491 $2,531 $2,354 $2,678 Net realized gains/(losses) 27 21 76 47 Net unrealized gains/(losses) (67 ) 22 (119 ) (11 ) Purchases 131 35 241 68 Sales (42 ) – (41 ) – Settlements (141 ) (249 ) (314 ) (377 ) Transfers into level 3 89 51 211 94 Transfers out of level 3 (141 ) (182 ) (61 ) (270 ) Ending balance $2,347 $2,229 $2,347 $2,229 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 2022 2021 2022 2021 Corporate Beginning balance $ 954 $ 976 $ 837 $ 929 Net realized gains/(losses) 12 8 15 16 Net unrealized gains/(losses) (19 ) 3 (13 ) (8 ) Purchases 126 32 150 51 Sales (42 ) – (40 ) – Settlements (54 ) (136 ) (94 ) (133 ) Transfers into level 3 89 50 122 94 Transfers out of level 3 (108 ) (81 ) (19 ) (97 ) Ending balance $ 958 $ 852 $ 958 $ 852 Commercial real estate Beginning balance $ 982 $1,028 $ 983 $1,104 Net realized gains/(losses) 7 7 43 13 Net unrealized gains/(losses) (33 ) – (79 ) (18 ) Purchases 2 3 72 17 Settlements (59 ) (68 ) (117 ) (148 ) Transfers into level 3 – 1 4 – Transfers out of level 3 (8 ) (51 ) (15 ) (48 ) Ending balance $ 891 $ 920 $ 891 $ 920 Residential real estate Beginning balance $ 154 $ 176 $ 205 $ 260 Net realized gains/(losses) – 3 – 6 Net unrealized gains/(losses) (9 ) (19 ) (14 ) (24 ) Purchases 3 – 4 – Sales – – (1 ) – Settlements (8 ) (17 ) (71 ) (28 ) Transfers into level 3 – – 19 – Transfers out of level 3 (24 ) (25 ) (26 ) (96 ) Ending balance $ 116 $ 118 $ 116 $ 118 Wealth management and other Beginning balance $ 401 $ 351 $ 329 $ 385 Net realized gains/(losses) 8 3 18 12 Net unrealized gains/(losses) (6 ) 38 (13 ) 39 Purchases – – 15 – Settlements (20 ) (28 ) (32 ) (68 ) Transfers into level 3 – – 66 – Transfers out of level 3 (1 ) (25 ) (1 ) (29 ) Ending balance $ 382 $ 339 $ 382 $ 339 |
Summary of Gross Realized Gains and the Proceeds from the Sales of Available-for-Sale Securities | The table below presents gross realized gains and the proceeds from the sales of available-for-sale Three Months Six Months Ended June $ in millions 2022 2021 2022 2021 Gross realized gains $ $ $ $ Proceeds from sales $1 $3,217 $2 $13,415 |
Investments [Member] | |
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. As of June 2022 As of December 2021 $ in millions Amount or Range Weighted Amount or Range Weighted Corporate debt securities Level 3 assets $6,576 $4,527 Yield 2.0% to 25.8% 12.0% 2.0% to 29.0% 10.8% Recovery rate 9.1% to 78.5% 52.8% 9.1% to 76.0% 59.1% Duration (years) 1.5 to 5.5 3.6 1.4 to 6.4 3.8 Multiples 1.8x to 29.3x 8.0x 0.5x to 28.2x 6.9x Securities backed by real estate Level 3 assets $1,067 $1,078 Yield 8.6% to 30.7% 17.4% 8.3% to 20.3% 13.1% Recovery rate 44.5% to 45.0% 44.6% 55.1% to 61.0% 56.4% Duration (years) 0.6 to 4.8 4.1 0.1 to 2.6 1.2 Other debt obligations Level 3 assets $303 $382 Yield 4.9% to 17.5% 5.8% 2.3% to 10.6% 3.2% Duration (years) 0.7 to 5.5 4.0 0.9 to 9.3 4.8 Equity securities Level 3 assets $8,163 $7,915 Multiples 0.3x to 25.7x 9.3x 0.4x to 30.5x 10.1x Discount rate/yield 5.2% to 39.1% 14.0% 2.0% to 35.0% 14.1% Capitalization rate 3.4% to 10.8% 5.3% 3.5% to 14.0% 5.7% 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 2022 and December 2021. 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. |
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 2022 2021 2022 2021 Beginning balance $14,168 $17,049 $13,902 $16,423 Net realized gains/(losses) 144 85 309 245 Net unrealized gains/(losses) (547 ) 1,106 (1,615 ) 1,894 Purchases 425 558 815 971 Sales (296 ) (422 ) (417 ) (778 ) Settlements (567 ) (1,174 ) (1,288 ) (1,734 ) Transfers into level 3 3,542 873 5,550 1,522 Transfers out of level 3 (760 ) (1,743 ) (1,147 ) (2,211 ) Ending balance $16,109 $16,332 $16,109 $16,332 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 2022 2021 2022 2021 Corporate debt securities Beginning balance $4,645 $ 5,314 $ 4,527 $ 5,286 Net realized gains/(losses) 74 25 161 127 Net unrealized gains/(losses) (194 ) 179 (180 ) 295 Purchases 203 27 393 215 Sales (62 ) (155 ) (28 ) (281 ) Settlements (265 ) (437 ) (779 ) (678 ) Transfers into level 3 2,304 506 2,650 844 Transfers out of level 3 (129 ) (501 ) (168 ) (850 ) Ending balance $6,576 $ 4,958 $ 6,576 $ 4,958 Securities backed by real estate Beginning balance $1,060 $ 1,039 $ 1,078 $ 998 Net realized gains/(losses) 10 13 20 27 Net unrealized gains/(losses) (58 ) 36 (208 ) 36 Purchases 33 168 79 208 Sales (2 ) – (9 ) – Settlements (70 ) (111 ) (121 ) (211 ) Transfers into level 3 137 – 270 87 Transfers out of level 3 (43 ) (28 ) (42 ) (28 ) Ending balance $1,067 $ 1,117 $ 1,067 $ 1,117 Other debt obligations Beginning balance $ $ 523 $ $ 497 Net realized gains/(losses) 3 4 5 8 Net unrealized gains/(losses) (2 ) 3 (5 ) 2 Purchases 11 11 26 39 Sales (10 ) (11 ) (16 ) (12 ) Settlements (21 ) (28 ) (89 ) (32 ) Ending balance $ $ 502 $ $ 502 Equity securities Beginning balance $8,141 $10,173 $ 7,915 $ 9,642 Net realized gains/(losses) 57 43 123 83 Net unrealized gains/(losses) (293 ) 888 (1,222 ) 1,561 Purchases 178 352 317 509 Sales (222 ) (256 ) (364 ) (485 ) Settlements (211 ) (598 ) (299 ) (813 ) Transfers into level 3 1,101 367 2,630 591 Transfers out of level 3 (588 ) (1,214 ) (937 ) (1,333 ) Ending balance $8,163 $ 9,755 $ 8,163 $ 9,755 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Loans | The table below presents information about loans. $ in millions Amortized Fair Held For Total As of June 2022 Loan Type Corporate $ 57,072 $ 2,304 $2,170 $ 61,546 Wealth management 43,397 4,882 – 48,279 Commercial real estate 22,698 1,404 4,076 28,178 Residential real estate 16,403 551 1 16,955 Consumer: Installment 4,582 – – 4,582 Credit cards 11,844 – – 11,844 Other 7,966 351 799 9,116 Total loans, gross 163,962 9,492 7,046 180,500 Allowance for loan losses (4,562 ) – – (4,562 ) Total loans $159,400 $ 9,492 $7,046 $175,938 As of December 2021 Loan Type Corporate $ 50,960 $ 2,492 $2,475 $ 55,927 Wealth management 38,062 5,936 – 43,998 Commercial real estate 21,150 1,588 3,145 25,883 Residential real estate 15,493 320 100 15,913 Consumer: Installment 3,672 – – 3,672 Credit cards 8,212 – – 8,212 Other 5,958 433 2,139 8,530 Total loans, gross 143,507 10,769 7,859 162,135 Allowance for loan losses (3,573 ) – – (3,573 ) Total loans $139,934 $10,769 $7,859 $158,562 |
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- Non-Investment- Other Metrics/ Total As of June 2022 Accounting Method Amortized cost $57,082 $83,113 $23,767 $163,962 Fair value 2,170 4,244 3,078 9,492 Held for sale 2,206 4,578 262 7,046 Total $61,458 $91,935 $27,107 $180,500 Loan Type Corporate $18,229 $43,058 $ $ 61,546 Wealth management 33,436 7,243 7,600 48,279 Real estate: Commercial 4,437 23,510 231 28,178 Residential 1,540 13,973 1,442 16,955 Consumer: Installment – – 4,582 4,582 Credit cards – – 11,844 11,844 Other 3,816 4,151 1,149 9,116 Total $61,458 $91,935 $27,107 $180,500 Secured 84% 93% 35% 81% Unsecured 16% 7% 65% 19% Total 100% 100% 100% 100% As of December 2021 Accounting Method Amortized cost $50,923 $75,179 $17,405 $143,507 Fair value 2,301 4,634 3,834 10,769 Held for sale 1,650 4,747 1,462 7,859 Total $54,874 $84,560 $22,701 $162,135 Loan Type Corporate $15,370 $40,389 $ $ 55,927 Wealth management 31,476 5,730 6,792 43,998 Real estate: Commercial 3,986 21,523 374 25,883 Residential 1,112 13,779 1,022 15,913 Consumer: Installment – – 3,672 3,672 Credit cards – – 8,212 8,212 Other 2,930 3,139 2,461 8,530 Total $54,874 $84,560 $22,701 $162,135 Secured 85% 92% 36% 82% Unsecured 15% 8% 64% 18% Total 100% 100% 100% 100% |
Schedule of Credit Quality Indicators for Term Loans by Origination Year | Vintage. The tables below present gross loans accounted for at amortized cost (excluding installment and credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans. As of June 2022 $ in millions Investment- Non-Investment- Other Metrics/ Total 2022 $ 2,409 $ 2,718 $ 200 $ 5,327 2021 4,448 8,534 – 12,982 2020 1,283 4,859 – 6,142 2019 443 3,393 – 3,836 2018 1,871 2,475 – 4,346 2017 or earlier 952 3,746 – 4,698 Revolving 5,936 13,801 4 19,741 Corporate 17,342 39,526 204 57,072 2022 960 615 721 2,296 2021 1,489 1,078 1,185 3,752 2020 549 333 – 882 2019 486 225 – 711 2018 349 37 – 386 2017 or earlier 590 619 – 1,209 Revolving 27,850 3,167 3,144 34,161 Wealth management 32,273 6,074 5,050 43,397 2022 10 2,292 29 2,331 2021 302 3,683 – 3,985 2020 74 1,856 – 1,930 2019 49 1,340 – 1,389 2018 193 724 – 917 2017 or earlier 706 786 7 1,499 Revolving 919 9,728 – 10,647 Commercial real estate 2,253 20,409 36 22,698 2022 513 1 191 705 2021 150 1,980 234 2,364 2020 – 295 94 389 2019 – – 128 128 2018 – 67 147 214 2017 or earlier 6 2 152 160 Revolving 828 11,215 400 12,443 Residential real estate 1,497 13,560 1,346 16,403 2022 – 74 89 163 2021 – 611 181 792 2020 – 37 332 369 2019 – 14 14 28 2018 – 19 7 26 2017 or earlier – 4 6 10 Revolving 3,717 2,785 76 6,578 Other 3,717 3,544 705 7,966 Total $57,082 $83,113 $7,341 $147,536 Percentage of total 39% 56% 5% 100% As of December 2021 $ in millions Investment- Non-Investment- Other Metrics/ Total 2021 $ 4,687 $10,424 $ 52 $ 15,163 2020 1,911 4,561 7 6,479 2019 451 3,949 – 4,400 2018 1,842 2,901 – 4,743 2017 733 1,857 – 2,590 2016 or earlier 274 1,693 – 1,967 Revolving 3,800 11,744 74 15,618 Corporate 13,698 37,129 133 50,960 2021 1,405 1,186 1,265 3,856 2020 558 287 – 845 2019 537 352 – 889 2018 334 38 – 372 2017 380 31 – 411 2016 or earlier 565 243 – 808 Revolving 26,349 2,127 2,405 30,881 Wealth management 30,128 4,264 3,670 38,062 2021 334 4,084 94 4,512 2020 127 1,890 – 2,017 2019 52 1,336 – 1,388 2018 207 829 – 1,036 2017 398 624 – 1,022 2016 or earlier 405 583 7 995 Revolving 1,768 8,412 – 10,180 Commercial real estate 3,291 17,758 101 21,150 2021 113 1,944 253 2,310 2020 260 557 103 920 2019 – – 173 173 2018 – 84 165 249 2017 8 65 119 192 2016 or earlier – 1 56 57 Revolving 673 10,919 – 11,592 Residential real estate 1,054 13,570 869 15,493 2021 – 694 261 955 2020 – 59 378 437 2019 – 25 19 44 2018 – 30 – 30 2017 – 5 8 13 Revolving 2,752 1,645 82 4,479 Other 2,752 2,458 748 5,958 Total $50,923 $75,179 $5,521 $131,623 Percentage of total 39% 57% 4% 100% |
Summary of Consumer Loans by Refreshed FICO Credit Score | The table below presents gross installment loans by refreshed FICO credit scores and origination year and gross credit card loans by refreshed FICO credit scores. $ in millions Greater than or Less than 660 Total As of June 2022 2022 $ 2,009 $ 39 $ 2,048 2021 1,506 84 1,590 2020 418 30 448 2019 285 36 321 2018 136 22 158 2017 or earlier 14 3 17 Installment 4,368 214 4,582 Credit cards 8,491 3,353 11,844 Total $12,859 $3,567 $16,426 Percentage of total: Installment 95% 5% 100% Credit cards 72% 28% 100% Total 78% 22% 100% As of December 2021 2021 $ 2,017 $ 42 $ 2,059 2020 665 40 705 2019 508 61 569 2018 257 42 299 2017 32 7 39 2016 1 – 1 Installment 3,480 192 3,672 Credit cards 6,100 2,112 8,212 Total $ 9,580 $2,304 $11,884 Percentage of total: Installment 95% 5% 100% Credit cards 74% 26% 100% Total 81% 19% 100% |
Summary of detailed information about concentration of our loans by region of borrowers | Credit Concentrations. The table below presents the concentration of gross loans by region. $ in millions Carrying Americas EMEA Asia Total As of June 2022 Corporate $ 61,546 59% 33% 8% 100% Wealth management 48,279 89% 9% 2% 100% Commercial real estate 28,178 80% 14% 6% 100% Residential real estate 16,955 94% 5% 1% 100% Consumer: Installment 4,582 100% – – 100% Credit cards 11,844 100% – – 100% Other 9,116 88% 11% 1% 100% Total $180,500 79% 17% 4% 100% As of December 2021 Corporate $ 55,927 54% 38% 8% 100% Wealth management 43,998 87% 10% 3% 100% Commercial real estate 25,883 80% 15% 5% 100% Residential real estate 15,913 95% 2% 3% 100% Consumer: Installment 3,672 100% – – 100% Credit cards 8,212 100% – – 100% Other 8,530 84% 15% 1% 100% Total $162,135 76% 19% 5% 100% |
Summary of Past Due Loans | The table below presents information about past due loans. $ in millions 30-89 days 90 days or more Total As of June 2022 Corporate $ $131 $ Wealth management 282 53 335 Commercial real estate 21 328 349 Residential real estate 2 5 7 Consumer: Installment 23 7 30 Credit cards 175 147 322 Other 19 5 24 Total $522 $676 $1,198 Total divided by gross loans at amortized cost 0.7% As of December 2021 Corporate $ 5 $ 90 $ Wealth management – 20 20 Commercial real estate 7 143 150 Residential real estate 3 4 7 Consumer: Installment 20 7 27 Credit cards 86 71 157 Other 15 3 18 Total $136 $338 $ Total divided by gross loans at amortized cost 0.3% |
Summary of Nonaccrual Loans | The table below presents information about nonaccrual loans. As of $ in millions June 2022 December 2021 Corporate $1,426 $1,559 Wealth management 156 21 Commercial real estate 660 841 Residential real estate 4 5 Installment 37 43 Total $2,283 $2,469 Total divided by gross loans at amortized cost 1.4% 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 2022 December 2021 $ in millions Loans Lending Commitments Loans Lending Commitments Wholesale Corporate $ 57,072 $142,681 $ 50,960 $143,296 Wealth management 43,397 4,424 38,062 4,091 Commercial real estate 22,698 3,298 21,150 4,306 Residential real estate 16,403 3,325 15,493 3,317 Other 7,966 5,233 5,958 6,169 Consumer Installment 4,582 19 3,672 9 Credit cards 11,844 57,184 8,212 35,932 Total $163,962 $216,164 $143,507 $197,120 |
Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments | The table below presents information about the allowance for credit losses. $ in millions Wholesale Consumer Total Three Months Ended June 2022 Allowance for loan losses Beginning balance $2,300 $1,786 $4,086 Net (charge-offs)/recoveries (60 ) (89 ) (149 ) Provision 216 407 623 Other 2 – 2 Ending balance $2,458 $2,104 $4,562 Allowance ratio 1.7% 12.8% 2.8% Net charge-off 0.2% 2.3% 0.4% Allowance for losses on lending commitments Beginning balance $ $ $ Provision 43 1 44 Other (3 ) – (3 ) Ending balance $ $ $ Three Months Ended June 2021 Allowance for loan losses Beginning balance $2,408 $1,107 $3,515 Net (charge-offs)/recoveries 8 (56 ) (48 ) Provision (240 ) 47 (193 ) Other (3 ) – (3 ) Ending balance $2,173 $1,098 $3,271 Allowance ratio 2.0% 13.0% 2.7% Net charge-off – 2.8% 0.2% Allowance for losses on lending commitments Beginning balance $ $ $ Provision 95 6 101 Ending balance $ $ $ Six Months Ended June 2022 Allowance for loan losses Beginning balance $2,135 $1,438 $3,573 Net (charge-offs)/recoveries (146 ) (157 ) (303 ) Provision 473 823 1,296 Other (4 ) – (4 ) Ending balance $2,458 $2,104 $4,562 Allowance ratio 1.7% 12.8% 2.8% Net charge-off 0.2% 2.2% 0.4% Allowance for losses on lending commitments Beginning balance $ $ $ Provision 116 (184 ) (68 ) Other (3 ) – (3 ) Ending balance $ $ $ Six Months Ended June 2021 Allowance for loan losses Beginning balance $2,584 $1,290 $3,874 Net (charge-offs)/recoveries (9 ) (117 ) (126 ) Provision (370 ) (75 ) (445 ) Other (32 ) – (32 ) Ending balance $2,173 $1,098 $3,271 Allowance ratio 2.0% 13.0% 2.7% Net charge-off – 2.9% 0.2% Allowance for losses on lending commitments Beginning balance $ $ $ Provision 97 186 283 Other (18 ) – (18 ) Ending balance $ $ $ |
Schedule of forecasted economic scenarios | The table below presents the forecasted U.S. unemployment and U.S. GDP growth rates used in the baseline economic scenario of the forecast model. As of June 2022 U.S. unemployment rate Forecast for the quarter ended: December 2022 3.5% June 2023 3.6% December 2023 3.6% Growth in U.S. GDP Forecast for the year: 2022 2.4% 2023 1.8% 2024 1.7% |
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 2022 Loan Type Corporate $ – $1,346 $ $ 2,304 Wealth management – 4,818 64 4,882 Commercial real estate – 513 891 1,404 Residential real estate – 435 116 551 Other – 33 318 351 Total $ – $7,145 $2,347 $ 9,492 As of December 2021 Loan Type Corporate $ – $1,655 $ $ 2,492 Wealth management – 5,873 63 5,936 Commercial real estate – 605 983 1,588 Residential real estate – 115 205 320 Other – 167 266 433 Total $ – $8,415 $2,354 $10,769 |
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. As of June 2022 As of December 2021 $ in millions Amount or Range Weighted Amount or Range Weighted Corporate Level 3 assets $958 $837 Yield 0.6% to 25.8% 7.5% 1.5% to 55.6% 14.9% Recovery rate 4.5% to 95.0% 43.0% 15.0% to 92.0% 40.8% Duration (years) 0.5 to 9.3 3.4 0.9 to 6.8 2.7 Commercial real estate Level 3 assets $891 $983 Yield 1.3% to 18.7% 12.8% 3.2% to 18.7% 12.6% Recovery rate 13.9% to 99.5% 41.9% 4.1% to 99.5% 41.4% Duration (years) 0.5 to 5.0 1.9 0.4 to 4.0 1.7 Residential real estate Level 3 assets $116 $205 Yield 2.7% to 17.0% 14.4% 2.1% to 20.0% 16.1% Duration (years) 0.5 to 7.5 1.8 0.1 to 2.4 1.0 Wealth management and other Level 3 assets $382 $329 Yield 5.0% to 18.7% 8.5% 3.6% to 18.7% 7.1% Duration (years) 2.9 to 5.3 3.8 2.9 to 5.5 3.6 |
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 2022 2021 2022 2021 Beginning balance $2,491 $2,531 $2,354 $2,678 Net realized gains/(losses) 27 21 76 47 Net unrealized gains/(losses) (67 ) 22 (119 ) (11 ) Purchases 131 35 241 68 Sales (42 ) – (41 ) – Settlements (141 ) (249 ) (314 ) (377 ) Transfers into level 3 89 51 211 94 Transfers out of level 3 (141 ) (182 ) (61 ) (270 ) Ending balance $2,347 $2,229 $2,347 $2,229 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 2022 2021 2022 2021 Corporate Beginning balance $ 954 $ 976 $ 837 $ 929 Net realized gains/(losses) 12 8 15 16 Net unrealized gains/(losses) (19 ) 3 (13 ) (8 ) Purchases 126 32 150 51 Sales (42 ) – (40 ) – Settlements (54 ) (136 ) (94 ) (133 ) Transfers into level 3 89 50 122 94 Transfers out of level 3 (108 ) (81 ) (19 ) (97 ) Ending balance $ 958 $ 852 $ 958 $ 852 Commercial real estate Beginning balance $ 982 $1,028 $ 983 $1,104 Net realized gains/(losses) 7 7 43 13 Net unrealized gains/(losses) (33 ) – (79 ) (18 ) Purchases 2 3 72 17 Settlements (59 ) (68 ) (117 ) (148 ) Transfers into level 3 – 1 4 – Transfers out of level 3 (8 ) (51 ) (15 ) (48 ) Ending balance $ 891 $ 920 $ 891 $ 920 Residential real estate Beginning balance $ 154 $ 176 $ 205 $ 260 Net realized gains/(losses) – 3 – 6 Net unrealized gains/(losses) (9 ) (19 ) (14 ) (24 ) Purchases 3 – 4 – Sales – – (1 ) – Settlements (8 ) (17 ) (71 ) (28 ) Transfers into level 3 – – 19 – Transfers out of level 3 (24 ) (25 ) (26 ) (96 ) Ending balance $ 116 $ 118 $ 116 $ 118 Wealth management and other Beginning balance $ 401 $ 351 $ 329 $ 385 Net realized gains/(losses) 8 3 18 12 Net unrealized gains/(losses) (6 ) 38 (13 ) 39 Purchases – – 15 – Settlements (20 ) (28 ) (32 ) (68 ) Transfers into level 3 – – 66 – Transfers out of level 3 (1 ) (25 ) (1 ) (29 ) Ending balance $ 382 $ 339 $ 382 $ 339 |
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 2022 Amortized cost $159,400 $90,628 $69,851 $160,479 Held for sale $ 7,046 $ 5,513 $ 1,541 $ 7,054 As of December 2021 Amortized cost $139,934 $87,676 $54,127 $141,803 Held for sale $ 7,859 $ 5,970 $ 1,917 $ 7,887 |
Fair Value Option (Tables)
Fair Value Option (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 Assets Resale agreements $ – $ 239,017 $ $ 239,017 Securities borrowed – 40,251 – 40,251 Customer and other receivables – 26 – 26 Total $ – $ 279,294 $ $ 279,294 Liabilities Deposits $ – $ (28,546 ) $ (2,789 ) $ (31,335 ) Repurchase agreements – (172,894 ) – (172,894 ) Securities loaned – (8,683 ) – (8,683 ) Other secured financings – (14,369 ) (1,412 ) (15,781 ) Unsecured borrowings: Short-term – (26,793 ) (5,209 ) (32,002 ) Long-term – (52,612 ) (9,626 ) (62,238 ) Other liabilities – (9 ) (78 ) (87 ) Total $ – $(303,906 ) $(19,114 ) $(323,020 ) As of December 2021 Assets Resale agreements $ – $ $ $ Securities borrowed – 39,955 – 39,955 Customer and other receivables – 42 – 42 Total $ – $ $ $ Liabilities Deposits $ – $ ) $ ) $ ) Repurchase agreements – (165,883 ) – (165,883 ) Securities loaned – (9,170 ) – (9,170 ) Other secured financings – (14,508 ) (2,566 ) (17,074 ) Unsecured borrowings: Short-term – (22,003 ) (7,829 ) (29,832 ) Long-term – (42,977 ) (9,413 ) (52,390 ) Other liabilities – (213 ) (146 ) (359 ) 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 Ended June Six Months Ended June $ in millions 2022 2021 2022 2021 Beginning balance $(23,628 ) $(27,791 ) $(23,567 ) $(28,058 ) Net realized gains/(losses) (149 ) (200 ) (282 ) (294 ) Net unrealized gains/(losses) 2,911 (612 ) 4,778 (49 ) Issuances (3,651 ) (7,776 ) (7,576 ) (12,334 ) Settlements 4,205 7,258 7,402 10,844 Transfers into level 3 (885 ) (903 ) (2,037 ) (980 ) Transfers out of level 3 2,083 1,888 2,168 2,735 Ending balance $(19,114 ) $(28,136 ) $(19,114 ) $(28,136 ) 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 2022 2021 2022 2021 Deposits Beginning balance $ (3,244 ) $ (3,984 ) $(3,613 ) $ (4,221 ) Net realized gains/(losses) (3 ) (9 ) (7 ) (16 ) Net unrealized gains/(losses) 209 (110 ) 346 (111 ) Issuances (219 ) (125 ) (399 ) (215 ) Settlements 391 313 777 625 Transfers into level 3 (13 ) (7 ) (17 ) (28 ) Transfers out of level 3 90 14 124 58 Ending balance $ (2,789 ) $ (3,908 ) $(2,789 ) $ (3,908 ) Repurchase agreements Beginning balance $ $ (1 ) $ $ (2 ) Settlements – 1 – 2 Ending balance $ $ $ $ Other secured financings Beginning balance $ (2,589 ) $ (3,224 ) $(2,566 ) $ (3,474 ) Net realized gains/(losses) (2 ) (9 ) (5 ) (6 ) Net unrealized gains/(losses) 80 (1 ) 91 35 Issuances (22 ) (34 ) (61 ) (62 ) Settlements 405 92 572 323 Transfers into level 3 – (111 ) (110 ) (304 ) Transfers out of level 3 716 396 667 597 Ending balance $ (1,412 ) $ (2,891 ) $(1,412 ) $ (2,891 ) Unsecured short-term borrowings Beginning balance $ (7,028 ) $(10,246 ) $(7,829 ) $ (7,523 ) Net realized gains/(losses) (63 ) (103 ) (100 ) (130 ) Net unrealized gains/(losses) 859 (184 ) 1,230 (135 ) Issuances (1,538 ) (6,012 ) (3,514 ) (9,480 ) Settlements 2,571 4,510 4,752 5,303 Transfers into level 3 (420 ) (395 ) (479 ) (218 ) Transfers out of level 3 410 969 731 722 Ending balance $ (5,209 ) $(11,461 ) $(5,209 ) $(11,461 ) Unsecured long-term borrowings Beginning balance $(10,670 ) $(10,177 ) $(9,413 ) $(12,576 ) Net realized gains/(losses) (81 ) (79 ) (170 ) (142 ) Net unrealized gains/(losses) 1,751 (314 ) 3,065 62 Issuances (1,872 ) (1,605 ) (3,602 ) (2,577 ) Settlements 831 2,342 1,279 4,591 Transfers into level 3 (452 ) (390 ) (1,431 ) (430 ) Transfers out of level 3 867 509 646 1,358 Ending balance $ (9,626 ) $ (9,714 ) $(9,626 ) $ (9,714 ) Other liabilities Beginning balance $ ) $ (159 ) $ ) $ (262 ) Net unrealized gains/(losses) 12 (3 ) 46 100 Settlements 7 – 22 – Ending balance $ ) $ (162 ) $ ) $ (162 ) |
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 2022 2021 2022 2021 Unsecured short-term borrowings $2,560 $ (850 ) $ 4,265 $(1,810 ) Unsecured long-term borrowings 3,324 (1,473 ) 5,871 (1,702 ) Other 491 (177 ) 821 (71 ) Total $6,375 $(2,500 ) $10,957 $(3,583 ) |
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 Six Months $ in millions 2022 2021 2022 2021 Pre-tax $1,588 $159 $2,581 $130 After tax DVA $1,188 $117 $1,928 $ 98 In the table above: • After tax DVA is included in debt valuation adjustment in the consolidated statements of comprehensive income. • The gains/(losses) reclassified to market making in the consolidated statements of earnings from accumulated other comprehensive income/(loss) upon extinguishment of such financial liabilities were not material for each of the three and six months ended June 2022 and June 2021. |
Loans and Lending Commitments | The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans (included in trading assets and loans in the consolidated balance sheets) for which the fair value option was elected. As of $ in millions June December Performing loans Aggregate contractual principal in excess of fair value $2,238 $1,373 Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value $7,273 $8,600 Aggregate fair value $2,637 $3,559 |
Collateralized Agreements and_2
Collateralized Agreements and Financings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Offsetting Arrangements | The table below presents resale and repurchase agreements and securities borrowed and loaned transactions included in the consolidated balance sheets, as well as the amounts not offset in the consolidated balance sheets. Assets Liabilities $ in millions Resale Securities Repurchase Securities As of June 2022 Included in the consolidated balance sheets Gross carrying value $ 332,925 $ 218,533 $ 266,802 $ 48,120 Counterparty netting (93,908 ) (9,866 ) (93,908 ) (9,866 ) Total 239,017 208,667 172,894 38,254 Amounts not offset Counterparty netting (26,073 ) (9,312 ) (26,073 ) (9,312 ) Collateral (207,300 ) (181,211 ) (145,340 ) (28,361 ) Total $ 5,644 $ 18,144 $ 1,481 $ 581 As of December 2021 Included in the consolidated balance sheets Gross carrying value $ 334,725 $ 190,197 $ 294,905 $ Counterparty netting (129,022 ) (11,426 ) (129,022 ) (11,426 ) Total 205,703 178,771 165,883 46,505 Amounts not offset Counterparty netting (27,376 ) (12,822 ) (27,376 ) (12,822 ) Collateral (173,915 ) (157,752 ) (134,465 ) (33,143 ) Total $ 4,412 $ 8,197 $ 4,042 $ |
Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged | The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged. $ in millions Repurchase Securities As of June 2022 Money market instruments $ 895 $ – U.S. government and agency obligations 139,319 259 Non-U.S. 106,862 1,113 Securities backed by commercial real estate 43 – Securities backed by residential real estate 147 – Corporate debt securities 10,045 409 State and municipal obligations 1 – Equity securities 9,490 46,339 Total $266,802 $48,120 As of December 2021 Money market instruments $ 328 $ 14 U.S. government and agency obligations 132,049 503 Non-U.S. 126,397 1,254 Securities backed by commercial real estate 362 – Securities backed by residential real estate 919 – Corporate debt securities 11,034 510 State and municipal obligations 248 – Other debt obligations 374 – Equity securities 23,194 55,650 Total $294,905 $57,931 |
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 2022 $ in millions Repurchase Securities No stated maturity and overnight $ 97,763 $26,345 2 - 30 days 75,943 227 31 - 90 days 30,897 1,131 91 days - 1 year 51,808 14,826 Greater than 1 year 10,391 5,591 Total $266,802 $48,120 |
Other Secured Financings | The table below presents information about other secured financings. $ in millions U.S. Non-U.S. Total As of June 2022 Other secured financings (short-term): At fair value $ 6,655 $1,831 $ 8,486 At amortized cost – 163 163 Other secured financings (long-term): At fair value 3,916 3,379 7,295 At amortized cost 844 383 1,227 Total other secured financings $11,415 $5,756 $17,171 Other secured financings collateralized by: Financial instruments $ 6,839 $4,627 $11,466 Other assets $ 4,576 $1,129 $ 5,705 As of December 2021 Other secured financings (short-term): At fair value $ 5,315 $3,664 $ 8,979 At amortized cost – 191 191 Other secured financings (long-term): At fair value 4,170 3,925 8,095 At amortized cost 827 452 1,279 Total other secured financings $10,312 $8,232 $18,544 Other secured financings collateralized by: Financial instruments $ 5,990 $6,834 $12,824 Other assets $ 4,322 $1,398 $ 5,720 |
Other Secured Financings by Maturity Date | The table below presents other secured financings by maturity. $ in millions As of Other secured financings (short-term) $ 8,649 Other secured financings (long-term): 2023 2,441 2024 2,106 2025 1,052 2026 961 2027 224 2028 - thereafter 1,738 Total other secured financings (long-term) 8,522 Total other secured financings $17,171 |
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 December Collateral available to be delivered or repledged $988,795 $1,057,195 Collateral that was delivered or repledged $828,091 $ 875,213 |
Financial Instruments Owned, at Fair Value and Other Assets Pledged as Collateral | The table below presents information about assets pledged. As of $ in millions June December Pledged to counterparties that had the right to deliver or repledge Trading assets $ 72,781 $ 68,208 Investments $ 11,686 $ 12,840 Pledged to counterparties that did not have the right to deliver or repledge Trading assets $ 82,203 $ 102,259 Investments $ 19,279 $ 8,683 Loans $ 7,429 $ 6,808 Other assets $ 8,812 $ 8,878 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | The table below presents other assets by type. As of $ in millions June December Property, leasehold improvements and equipment $18,537 $18,094 Goodwill 6,196 4,285 Identifiable intangible assets 2,014 418 Operating lease right-of-use 2,168 2,292 Income tax-related 4,781 3,860 Miscellaneous receivables and other 5,378 5,659 Total $39,074 $34,608 |
Carrying Value of Goodwill | The table below presents the carrying value of goodwill by reporting unit. As of $ in millions June December Investment Banking $ $ 281 Global Markets: FICC 269 269 Equities 2,638 2,638 Asset Management 1,206 349 Consumer & Wealth Management: Consumer banking 1,102 48 Wealth management 700 700 Total $6,196 $4,285 |
Identifiable Intangible Assets by Segment and Type | The table below presents identifiable intangible assets by reporting unit and type. As of $ in millions June December By Reporting Unit Global Markets: FICC $ $ Equities 41 43 Asset Management 956 122 Consumer & Wealth Management: Consumer banking 786 – Wealth management 230 252 Total $ $ By Type Customer lists and merchant relationships Gross carrying value $ $ Accumulated amortization (1,182 ) (1,130 ) Net carrying value 1,939 330 Acquired leases and other Gross carrying value 488 500 Accumulated amortization (413 ) (412 ) Net carrying value 75 88 Total gross carrying value 3,609 1,960 Total accumulated amortization (1,595 ) (1,542 ) Total net carrying value $ $ |
Amortization Expense | The tables below present information about the amortization of identifiable intangible assets. Three Months Six Months Ended June $ in millions 2022 2021 2022 2021 Amortization $51 $31 $70 $67 |
Estimated Future Amortization | $ in millions As of Estimated future amortization Remainder of 2022 $100 2023 $192 2024 $180 2025 $162 2026 $155 2027 $153 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 Consumer $ 89,049 $ 21,815 $ 110,864 Private bank 76,135 13,805 89,940 Brokered certificates of deposit – 39,760 39,760 Deposit sweep programs 45,736 – 45,736 Transaction banking 59,332 5,709 65,041 Other 1,030 38,955 39,985 Total $ 271,282 $ 120,044 $ 391,326 As of December 2021 Consumer $ 89,150 $ 20,533 $109,683 Private bank 85,427 9,665 95,092 Brokered certificates of deposit – 30,816 30,816 Deposit sweep programs 37,965 – 37,965 Transaction banking 48,618 5,689 54,307 Other 275 36,089 36,364 Total $261,435 $102,792 $364,227 |
Deposits | The table below presents the location of deposits. As of $ in millions June December U.S. offices $314,347 $283,705 Non-U.S. 76,979 80,522 Total $391,326 $364,227 |
Maturities of Time Deposits | The table below presents maturities of time deposits held in U.S. and non-U.S. As of June 2022 $ in millions U.S. Non-U.S. Total Remainder of 2022 $35,967 $23,805 $ 59,772 2023 33,824 8,879 42,703 2024 8,477 105 8,582 2025 3,611 297 3,908 2026 2,407 230 2,637 2027 763 173 936 2028 - thereafter 1,188 318 1,506 Total $86,237 $33,807 $120,044 |
Unsecured Borrowings (Tables)
Unsecured Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 $ 57,615 $ 46,955 Unsecured long-term borrowings 250,444 254,092 Total $308,059 $301,047 |
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 $26,292 $18,118 Hybrid financial instruments 18,915 20,073 Commercial paper 10,091 6,730 Other unsecured short-term borrowings 2,317 2,034 Total unsecured short-term borrowings $57,615 $46,955 Weighted average interest rate 1.65% 2.34% |
Unsecured Long-Term Borrowings | The table below presents information about unsecured long-term borrowings. $ in millions U.S. Non-U.S. Total As of June 2022 Fixed-rate obligations $124,866 $40,423 $165,289 Floating-rate obligations 54,826 30,329 85,155 Total $179,692 $70,752 $250,444 As of December 2021 Fixed-rate obligations $126,534 $46,408 $172,942 Floating-rate obligations 50,995 30,155 81,150 Total $177,529 $76,563 $254,092 |
Unsecured Long-Term Borrowings by Maturity Date | The table below presents unsecured long-term borrowings by maturity. $ in millions As of 2023 $ 23,319 2024 40,075 2025 34,009 2026 21,452 2027 25,528 2028 - thereafter 106,061 Total $250,444 |
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 December Fixed-rate obligations: At fair value $ 5,391 $ 4,863 At amortized cost 12,487 30,370 Floating-rate obligations: At fair value 56,847 47,527 At amortized cost 175,719 171,332 Total $250,444 $254,092 |
Subordinated Borrowings | T he table below presents information about subordinated borrowings. $ in millions Par Carrying Rate As of June 2022 Subordinated debt $12,243 $12,882 3.30% Junior subordinated debt 968 1,134 2.45% Total $13,211 $14,016 3.23% As of December 2021 Subordinated debt $12,437 $15,571 1.74% Junior subordinated debt 968 1,321 1.31% Total $13,405 $16,892 1.71% |
Other Liabilities (Tables)
Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | The table below presents other liabilities by type. As of $ in millions June December Compensation and benefits $ 5,064 $10,838 Income tax-related 3,223 2,360 Operating lease liabilities 2,160 2,288 Noncontrolling interests 844 840 Employee interests in consolidated funds 28 29 Accrued expenses and other 9,054 8,146 Total $20,373 $24,501 |
Information About Operating Lease Liabilities | The table below presents information about operating lease liabilities. $ in millions Operating As of June 2022 Remainder of 2022 $ 2023 323 2024 296 2025 262 2026 218 2027 - thereafter 1,585 Total undiscounted lease payments 2,852 Imputed interest (692 ) Total operating lease liabilities $2,160 Weighted average remaining lease term 13 years Weighted average discount rate 3.57% As of December 2021 2022 $ 305 2023 307 2024 284 2025 258 2026 216 2027 - thereafter 1,655 Total undiscounted lease payments 3,025 Imputed interest (737 ) Total operating lease liabilities $2,288 Weighted average remaining lease term 14 years Weighted average discount rate 3.61% |
Securitization Activities (Tabl
Securitization Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Ended June Six Months Ended June $ in millions 2022 2021 2022 2021 Residential mortgages $ 8,626 $ 4,813 $20,009 $ 9,751 Commercial mortgages 5,293 5,836 11,514 11,209 Other financial assets 1,090 1,162 2,772 2,225 Total financial assets securitized $15,009 $11,811 $34,295 $23,185 Retained interests cash flows $ 152 $ 282 $ 331 $ 412 |
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 Principal Amount Retained Interests Purchased Interests As of June 2022 U.S. government agency-issued CMOs $ 37,045 $1,771 $ Other residential mortgage-backed 27,131 1,127 110 Other commercial mortgage-backed 57,172 1,119 130 Corporate debt and other asset-backed 9,010 430 36 Total $130,358 $4,447 $276 As of December 2021 U.S. government agency-issued CMOs $ 33,984 $ 955 $ 3 Other residential mortgage-backed 23,262 1,114 96 Other commercial mortgage-backed 50,350 1,123 130 Corporate debt and other asset-backed 7,755 360 37 Total $115,351 $3,552 $266 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 2017 and thereafter. • The fair value of retained interests was $4.44 billion as of June 2022 and $3.57 billion as of December 2021. |
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 2022 December 2021 Fair value of retained interests $4,020 $3,209 Weighted average life (years) 8.0 5.1 Constant prepayment rate 11.0% 14.1% Impact of 10% adverse change $ ) $ (38 ) Impact of 20% adverse change $ ) $ (69 ) Discount rate 6.5% 5.6% Impact of 10% adverse change $ ) $ (49 ) Impact of 20% adverse change $ ) $ (96 ) 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, 2022 | |
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 2022 December 2021 Total nonconsolidated VIEs Assets in VIEs $180,186 $176,809 Carrying value of variable interests — assets $ 11,172 $ 9,582 Carrying value of variable interests — liabilities $ 769 $ 928 Maximum exposure to loss: Retained interests $ 4,447 $ 3,552 Purchased interests 541 1,071 Commitments and guarantees 2,637 2,440 Derivatives 8,790 8,682 Debt and equity 5,891 4,639 Total $ 22,306 $ 20,384 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 2022 December 2021 Mortgage-backed Assets in VIEs $123,953 $120,343 Carrying value of variable interests — assets $ 4,470 $ 4,147 Maximum exposure to loss: Retained interests $ 4,017 $ 3,192 Purchased interests 453 955 Commitments and guarantees 28 34 Derivatives 18 18 Total $ 4,516 $ 4,199 Real estate, credit- and power-related and other investing Assets in VIEs $ 26,400 $ 26,867 Carrying value of variable interests — assets $ 4,071 $ 3,923 Carrying value of variable interests — liabilities $ 2 $ Maximum exposure to loss: Commitments and guarantees $ 2,043 $ 2,030 Derivatives 46 64 Debt and equity 4,069 3,923 Total $ 6,158 $ 6,017 Corporate debt and other asset-backed Assets in VIEs $ 20,995 $ 18,391 Carrying value of variable interests — assets $ 2,328 $ 1,156 Carrying value of variable interests — liabilities $ 767 $ 920 Maximum exposure to loss: Retained interests $ 430 $ 360 Purchased interests 88 116 Commitments and guarantees 418 250 Derivatives 8,724 8,597 Debt and equity 1,519 360 Total $ 11,179 $ 9,683 Investments in funds Assets in VIEs $ 8,838 $ 11,208 Carrying value of variable interests — assets $ 303 $ 356 Maximum exposure to loss: Commitments and guarantees $ 148 $ 126 Derivatives 2 3 Debt and equity 303 356 Total $ 453 $ 485 As of both June 2022 and December 2021, the carrying values of the firm’s variable interests in nonconsolidated VIEs are included in the consolidated balance sheets as follows: • Mortgage-backed: Assets primarily included in trading assets and loans. • Real estate, credit- and power-related and other investing: Assets primarily included in investments and loans, and liabilities included in trading liabilities and other liabilities. • Corporate debt and other asset-backed: Assets included in loans and trading assets, and liabilities included in trading liabilities. • Investments in funds: Assets included in investments. |
Consolidated 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 2022 December 2021 Total consolidated VIEs Assets Cash and cash equivalents $ 291 $ 501 Customer and other receivables 48 – Trading assets 166 122 Investments 105 153 Loans 1,524 1,988 Other assets 311 314 Total $2,445 $3,078 Liabilities Other secured financings $1,051 $1,143 Customer and other payables 3 34 Trading liabilities – 7 Unsecured short-term borrowings 127 146 Unsecured long-term borrowings 69 81 Other liabilities 138 163 Total $1,388 $1,574 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 2022 December 2021 Real estate, credit-related and other investing Assets Cash and cash equivalents $ 261 $ 274 Customer and other receivables 48 – Trading assets 31 16 Investments 105 153 Loans 1,524 1,988 Other assets 311 314 Total $2,280 $2,745 Liabilities Other secured financings $ 144 $ 150 Customer and other payables 3 34 Trading liabilities – 7 Other liabilities 138 163 Total $ 285 $ 354 Corporate debt and other asset-backed Assets Cash and cash equivalents $ 30 $ 227 Trading assets 108 17 Total $ 138 $ 244 Liabilities Other secured financings $ 477 $ 602 Total $ 477 $ 602 Principal-protected notes Assets Trading assets $ 27 $ 89 Total $ 27 $ 89 Liabilities Other secured financings $ 430 $ 391 Unsecured short-term borrowings 127 146 Unsecured long-term borrowings 69 81 Total $ 626 $ 618 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 an_2
Commitments, Contingencies and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | The table below presents commitments by type. As of $ in millions June 2022 December 2021 Commitment Type Commercial lending: Investment-grade $ 91,329 $ 95,585 Non-investment-grade 66,832 69,644 Warehouse financing 10,274 10,391 Credit cards 57,184 35,932 Total lending 225,619 211,552 Risk participations 9,551 10,016 Collateralized agreement 106,119 101,031 Collateralized financing 35,805 29,561 Investment 7,686 11,381 Other 12,197 9,143 Total commitments $396,977 $372,684 The table below presents commitments by expiration. As of June 2022 $ in millions Remainder of 2022 2023 - 2024 2025 - 2026 2027 - Thereafter Commitment Type Commercial lending: Investment-grade $ 6,548 $23,682 $41,926 $19,173 Non-investment-grade 2,233 20,860 24,251 19,488 Warehouse financing 1,103 5,694 3,092 385 Credit cards 57,184 – – – Total lending 67,068 50,236 69,269 39,046 Risk participations 696 5,983 2,168 704 Collateralized agreement 104,649 1,470 – – Collateralized financing 34,705 1,100 – – Investment 2,006 1,043 1,569 3,068 Other 8,658 3,282 – 257 Total commitments $217,782 $63,114 $73,006 $43,075 |
Lending Commitments | The table below presents information about lending commitments. As of $ in millions June 2022 December 2021 Held for investment $216,164 $197,120 Held for sale 8,219 13,175 At fair value 1,236 1,257 Total $225,619 $211,552 |
Guarantees | The table below presents derivatives that meet the definition of a guarantee, securities lending and clearing guarantees and certain other financial guarantees. $ in millions Derivatives Securities Other As of June 2022 Carrying Value of Net Liability $ 5,087 $ – $ 278 Maximum Payout/Notional Amount by Period of Expiration Remainder of 2022 $ 48,198 $12,258 $ 235 2023 – 2024 98,627 – 3,158 2025 – 2026 33,069 – 2,261 2027 – thereafter 32,199 – 244 Total $212,093 $12,258 $5,898 As of December 2021 Carrying Value of Net Liability $ 3,406 $ $ 234 Maximum Payout/Notional Amount by Period of Expiration 2022 $ 68,212 $11,046 $ 871 2023 – 2024 48,273 – 3,608 2025 – 2026 19,706 – 2,015 2027 – thereafter 30,006 – 97 Total $166,197 $11,046 $6,591 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 $1.31 billion as of June 2022 and $1.10 billion as of December 2021, and derivative liabilities of $6.40 billion as of June 2022 and $4.51 billion as of December 2021. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of Amount of Common Stock Repurchased by the Firm | The table below presents information about common stock repurchases. Three Months Ended June Six Months Ended June in millions, except per share amounts 2022 2021 2022 2021 Common share repurchases 1.5 2.8 2.9 11.6 Average cost per share $323.74 $350.90 $342.48 $320.12 Total cost of common share repurchases $ $ 1,000 $ 1,000 $ 3,700 |
Summary of Dividends Declared on Common Stock | The table below presents common stock dividends declared. Three Months Ended June Six Months Ended June 2022 2021 2022 2021 Dividends declared per common share $2.00 $1.25 $4.00 $2.50 |
Summary of Perpetual Preferred Stock Issued and Outstanding | The tables below present information about the perpetual preferred stock issued and outstanding as of June 2022. Series Shares Shares Shares Depositary Shares A 50,000 30,000 29,999 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 7,667 7,667 N/A F 5,000 1,615 1,615 N/A J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 O 26,000 26,000 26,000 25 P 66,000 60,000 60,000 25 Q 20,000 20,000 20,000 25 R 24,000 24,000 24,000 25 S 14,000 14,000 14,000 25 T 27,000 27,000 27,000 25 U 30,000 30,000 30,000 25 V 30,000 30,000 30,000 25 Total 472,700 400,282 400,280 Series Earliest Redemption Date Liquidation Redemption Value ($ in millions) A Currently redeemable $ 25,000 $ 750 C Currently redeemable $ 25,000 200 D Currently redeemable $ 25,000 1,350 E Currently redeemable $100,000 767 F Currently redeemable $100,000 161 J May 10, 2023 $ 25,000 1,000 K May 10, 2024 $ 25,000 700 O November 10, 2026 $ 25,000 650 P 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 T May 10, 2026 $ 25,000 675 U August 10, 2026 $ 25,000 750 V November 10, 2026 $ 25,000 750 Total $10,703 In the tables above: • All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares. • The earliest redemption date represents the date on which each share of non-cumulative • Prior to redeeming preferred stock, the firm must receive approval from the FRB. • The redemption price per share for Series A through F and Series Q through V Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series J through P Preferred Stock is the liquidation preference plus accrued and unpaid dividends. Each share of Series F and Series O 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 F and Series O 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 2022. 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; 3 month LIBOR + 3.64% thereafter, payable quarterly K 6.375% to, but excluding, May 10, 2024; 3 month LIBOR + 3.55% thereafter, payable quarterly O 5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter P 5.00%, payable semi-annually, from issuance date to, but excluding, November 10, 2022; 3 month LIBOR + 2.874%, payable quarterly, thereafter Q 5.50%, payable semi-annually, from issuance date to, but excluding, August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter R 4.95%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter S 4.40%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter T 3.80%, payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter U 3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter V 4.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter |
Summary of Preferred Dividends Declared on Preferred Stock Issued | The table below presents preferred stock dividends declared. 2022 2021 Series per share $ in millions per share $ in millions Three Months Ended June A $ $ 7 $ 231.77 $ 7 C $ 2 $ 247.22 2 D $ 13 $ 247.22 13 E $1,022.22 9 $1,022.22 8 F $1,022.22 1 $1,022.22 1 J $ 14 $ 343.75 13 K $ 11 $ 398.44 11 N $ – – $ 393.75 9 O $ 17 $ 662.50 17 P $ 38 $ 625.00 38 T $ 13 $ – V $ 16 $ – Total $141 $119 Six Months Ended June A $ $ 14 $ 471.35 $ 14 C $ 4 $ 502.78 4 D $ 27 $ 502.78 27 E $2,022.22 16 $2,022.22 15 F $2,022.22 3 $2,022.22 3 J $ 28 $ 687.50 27 K $ 22 $ 796.88 22 N $ – – $ 787.50 19 O $ 17 $ 662.50 17 P $ 38 $ 625.00 38 Q $ 14 $ 687.50 14 R $ 15 $ 618.75 15 S $ 8 $ 550.00 8 T $ 13 $ – U $ 14 $ – V $ 16 $ – Total $249 $223 |
Accumulated Other Comprehensive Income/(Loss), Net of Tax | The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type. $ in millions Beginning Other Ending Three Months Ended June 2022 Currency translation $ ) $ ) $ ) Debt valuation adjustment 229 1,188 1,417 Pension and postretirement liabilities (314 ) (1 ) (315 ) Available-for-sale (1,846 ) (441 ) (2,287 ) Total $(2,684 ) $ $(1,954 ) Three Months Ended June 2021 Currency translation $ ) $ ) $ ) Debt valuation adjustment (852 ) 117 (735 ) Pension and postretirement liabilities (361 ) – (361 ) Available-for-sale (165 ) 84 (81 ) Total $ ) $ $ ) Six Months Ended June 2022 Currency translation $ ) $ ) $ ) Debt valuation adjustment (511 ) 1,928 1,417 Pension and postretirement liabilities (327 ) 12 (315 ) Available-for-sale (492 ) (1,795 ) (2,287 ) Total $(2,068 ) $ $(1,954 ) Six Months Ended June 2021 Currency translation $ ) $ ) $ ) Debt valuation adjustment (833 ) 98 (735 ) Pension and postretirement liabilities (368 ) 7 (361 ) Available-for-sale 463 (544 ) (81 ) Total $ ) $ ) $ ) |
Regulation and Capital Adequa_2
Regulation and Capital Adequacy (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 CET1 capital Beginning balance $ 96,254 $ 96,254 Change in: Common shareholders’ equity 7,945 7,945 Impact of CECL transition (276 ) (276 ) Deduction for goodwill (1,905 ) (1,905 ) Deduction for identifiable intangible assets (1,369 ) (1,369 ) Other adjustments (2,371 ) (2,371 ) Ending balance $ 98,278 $ 98,278 Tier 1 capital Beginning balance $106,766 $106,766 Change in: CET1 capital 2,024 2,024 Other adjustments (1 ) (1 ) Ending balance 108,789 108,789 Tier 2 capital Beginning balance 14,636 12,051 Change in: Qualifying subordinated debt (409 ) (409 ) Junior subordinated debt (94 ) (94 ) Allowance for credit losses 1,247 – Other adjustments (5 ) 918 Ending balance 15,375 12,466 Total capital $124,164 $121,255 Year Ended December 2021 CET1 capital Beginning balance $ 81,641 $ 81,641 Change in: Common shareholders’ equity 14,494 14,494 Impact of CECL transition (21 ) (21 ) Deduction for goodwill 42 42 Deduction for identifiable intangible assets 200 200 Other adjustments (102 ) (102 ) Ending balance $ 96,254 $ 96,254 Tier 1 capital Beginning balance $ 92,730 $ 92,730 Change in: CET1 capital 14,613 14,613 Deduction for investments in covered funds (83 ) (83 ) Preferred stock (500 ) (500 ) Other adjustments 6 6 Ending balance 106,766 106,766 Tier 2 capital Beginning balance 15,424 13,279 Change in: Qualifying subordinated debt (642 ) (642 ) Junior subordinated debt (94 ) (94 ) Allowance for credit losses (61 ) – Other adjustments 9 (492 ) Ending balance 14,636 12,051 Total capital $121,402 $118,817 |
Risk-weighted Assets | The table below presents information about RWAs. $ in millions Standardized Advanced As of June 2022 Credit RWAs Derivatives $161,903 $112,763 Commitments, guarantees and loans 246,811 191,443 Securities financing transactions 73,523 23,196 Equity investments 30,935 32,771 Other 81,226 96,133 Total Credit RWAs 594,398 456,306 Market RWAs Regulatory VaR 22,748 22,748 Stressed VaR 39,509 39,509 Incremental risk 11,716 11,716 Comprehensive risk 4,574 4,574 Specific risk 18,714 18,714 Total Market RWAs 97,261 97,261 Total Operational RWAs – 132,750 Total RWAs $691,659 $686,317 As of December 2021 Credit RWAs Derivatives $175,628 $109,532 Commitments, guarantees and loans 233,639 182,210 Securities financing transactions 76,346 14,407 Equity investments 43,256 45,582 Other 71,485 86,768 Total Credit RWAs 600,354 438,499 Market RWAs Regulatory VaR 13,510 13,510 Stressed VaR 38,922 38,922 Incremental risk 6,867 6,867 Comprehensive risk 2,521 2,521 Specific risk 14,689 14,689 Total Market RWAs 76,509 76,509 Total Operational RWAs – 132,913 Total RWAs $676,863 $647,921 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. |
Changes in Risk-weighted Assets | The table below presents changes in RWAs. $ in millions Standardized Advanced Six Months Ended June 2022 RWAs Beginning balance $676,863 $647,921 Credit RWAs Change in: Derivatives (13,725 ) 3,231 Commitments, guarantees and loans 13,172 9,233 Securities financing transactions (2,823 ) 8,789 Equity investments (12,321 ) (12,811 ) Other 9,741 9,365 Change in Credit RWAs (5,956 ) 17,807 Market RWAs Change in: Regulatory VaR 9,238 9,238 Stressed VaR 587 587 Incremental risk 4,849 4,849 Comprehensive risk 2,053 2,053 Specific risk 4,025 4,025 Change in Market RWAs 20,752 20,752 Change in Operational RWAs – (163 ) Ending balance $ 691,659 $686,317 Year Ended December 2021 RWAs Beginning balance $554,162 $609,750 Credit RWAs Change in: Derivatives 55,336 (2,159 ) Commitments, guarantees and loans 57,138 30,623 Securities financing transactions 4,919 (2,161 ) Equity investments (3,688 ) (3,686 ) Other 1,211 3,169 Change in Credit RWAs 114,916 25,786 Market RWAs Change in: Regulatory VaR (1,403 ) (1,403 ) Stressed VaR 6,944 6,944 Incremental risk (1,015 ) (1,015 ) Comprehensive risk 763 763 Specific risk 2,496 2,496 Change in Market RWAs 7,785 7,785 Change in Operational RWAs – 4,600 Ending balance $676,863 $647,921 |
Minimum Risk-based Capital Under the Standardized and Advanced Capital Rules and the Leverage Ratios and "well-capitalized" Minimum Ratios | The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements. Requirements “Well-capitalized” Risk-based capital requirements CET1 capital ratio 7.0% 6.5% Tier 1 capital ratio 8.5% 8.0% Total capital ratio 10.5% 10.0% Leverage requirements Tier 1 leverage ratio 4.0% 5.0% SLR 3.0% 6.0% In the table above: • The CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements consisting of a 2.5% buffer and the countercyclical capital buffer, which the FRB has set to zero percent. • 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 $107,168 $ 99,223 Impact of CECL transition 829 1,105 Deduction for goodwill (5,515 ) (3,610 ) Deduction for identifiable intangible assets (1,770 ) (401 ) Other adjustments (2,434 ) (63 ) CET1 capital 98,278 96,254 Preferred stock 10,703 10,703 Deduction for investments in covered funds (189 ) (189 ) Other adjustments (3 ) (2 ) Tier 1 capital $108,789 $106,766 Standardized Tier 2 and Total capital Tier 1 capital $108,789 $106,766 Qualifying subordinated debt 11,145 11,554 Junior subordinated debt – 94 Allowance for credit losses 4,281 3,034 Other adjustments (51 ) (46 ) Standardized Tier 2 capital 15,375 14,636 Standardized Total capital $124,164 $121,402 Advanced Tier 2 and Total capital Tier 1 capital $108,789 $106,766 Standardized Tier 2 capital 15,375 14,636 Allowance for credit losses (4,281 ) (3,034 ) Other adjustments 1,372 449 Advanced Tier 2 capital 12,466 12,051 Advanced Total capital $121,255 $118,817 In the table above: • Beginning in January 2022, the firm started to phase in the estimated reduction to regulatory capital as a result of adopting the CECL model. Impact of CECL transition in the table above reflects the total amount of reduction of $1.11 billion as of December 2021 to be phased-in phased-in phased-in • Deduction for goodwill was net of deferred tax liabilities of $681 million as of June 2022 and $675 million as of December 2021. • Deduction for identifiable intangible assets was net of deferred tax liabilities of $244 million as of June 2022 and $17 million as of December 2021. • 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 and was fully phased out of regulatory capital on January 1, |
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 2022 CET1 capital $ 42,931 $ 42,931 Tier 1 capital $ 42,931 $ 42,931 Tier 2 capital $ 7,419 $ 5,285 Total capital $ 50,350 $ 48,216 RWAs $329,527 $251,984 CET1 capital ratio 13.0% 17.0% Tier 1 capital ratio 13.0% 17.0% Total capital ratio 15.3% 19.1% As of December 2021 CET1 capital $ 42,535 $ 42,535 Tier 1 capital $ 42,535 $ 42,535 Tier 2 capital $ 6,430 $ 4,646 Total capital $ 48,965 $ 47,181 RWAs $312,601 $222,607 CET1 capital ratio 13.6% 19.1% Tier 1 capital ratio 13.6% 19.1% Total capital ratio 15.7% 21.2% |
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 December Tier 1 capital $ 42,931 $ 42,535 Average adjusted total assets $477,725 $409,739 Total leverage exposure $639,660 $627,799 Tier 1 leverage ratio 9.0% 10.4% SLR 6.7% 6.8% In the table above: • Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital and the impact of CECL transition. • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. |
GSIB | |
Risk-based Capital | The table below presents information about GSIB’s risk-based capital ratios. As of $ in millions June December Risk-based capital and risk-weighted assets CET1 capital $ 3,454 $ 3,408 Tier 1 capital $ 3,454 $ 3,408 Tier 2 capital $ 826 $ 826 Total capital $ 4,280 $ 4,234 RWAs $17,135 $17,196 Risk-based capital ratios CET1 capital ratio 20.2% 19.8% Tier 1 capital ratio 20.2% 19.8% Total capital ratio 25.0% 24.6% |
Schedule Of Risk Based Capital Requirements | The table below presents GSIB’s risk-based capital requirements. As of June December Risk-based capital requirements CET1 capital ratio 9.3% 8.5% Tier 1 capital ratio 11.5% 10.5% Total capital ratio 14.5% 13.2% |
GSBE | |
Leverage Ratio | The table below presents GSBE’s leverage ratio requirement and leverage ratios. As of June 2022 December 2021 Leverage ratio requirement 3.0% 3.0% Leverage ratio 8.4% 7.6% |
Risk-based Capital | The table below presents information about GSBE’s risk-based capital ratios. As of $ in millions June December Risk-based capital and risk-weighted assets CET1 capital $ 9,105 $ 6,527 Tier 1 capital $ 9,105 $ 6,527 Tier 2 capital $ 21 $ Total capital $ 9,126 $ 6,550 RWAs $28,218 $28,924 Risk-based capital ratios CET1 capital ratio 32.3% 22.6% Tier 1 capital ratio 32.3% 22.6% Total capital ratio 32.3% 22.6% |
Schedule Of Risk Based Capital Requirements | The table below presents GSBE’s risk-based capital requirements. As of June December Risk-based capital requirements CET1 capital ratio 9.0% 8.7% Tier 1 capital ratio 11.0% 10.8% Total capital ratio 13.8% 13.5% |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2021 2022 2021 Net earnings to common $2,786 $5,347 $6,617 $12,058 Weighted average basic shares 355.0 350.8 353.1 353.6 Effect of dilutive RSUs 5.5 5.2 5.1 4.8 Weighted average diluted shares 360.5 356.0 358.2 358.4 Basic EPS $ 7.81 $15.22 $18.67 $ 34.06 Diluted EPS $ 7.73 $15.02 $18.47 $ 33.64 |
Transactions with Affiliated _2
Transactions with Affiliated Funds (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Fees Earned from Affiliated Funds | The tables below present information about affiliated funds. Three Months Six Months Ended June $ in millions 2022 2021 2022 2021 Fees earned from funds $1,288 $783 $2,250 $1,601 |
Fees Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds | As of $ in millions June December Fees receivable from funds $1,179 $ 873 Aggregate carrying value of interests in funds $3,913 $4,321 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2021 2022 2021 Deposits with banks $ 277 $ 7 $ 285 $ 4 Collateralized agreements 372 (250 ) 170 (431 ) Trading assets 1,127 1,130 2,217 2,323 Investments 474 378 855 885 Loans 1,900 1,295 3,450 2,515 Other interest 701 379 1,086 697 Total interest income 4,851 2,939 8,063 5,993 Deposits 794 316 1,164 659 Collateralized financings 307 25 318 8 Trading liabilities 482 372 914 745 Short-term borrowings 104 160 181 318 Long-term borrowings 1,176 741 1,930 1,634 Other interest 254 (304 ) (5 ) (482 ) Total interest expense 3,117 1,310 4,502 2,882 Net interest income $1,734 $1,629 $3,561 $3,111 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Earliest Tax Years Subject to Examination by Major Jurisdiction | The table below presents the earliest tax years that remain subject to examination by major jurisdiction. Jurisdiction As of U.S. Federal 2011 New York State and City 2015 United Kingdom 2017 Japan 2016 Hong Kong 2016 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Operating Results and Assets By Segment | Segment Results The table below presents a summary of the firm’s segment results. Three Months Ended June Six Months Ended June $ in millions 2022 2021 2022 2021 Investment Banking Non-interest $ 1,982 $ 3,485 $ 4,288 $ 7,156 Net interest income 155 124 260 224 Total net revenues 2,137 3,609 4,548 7,380 Provision for credit losses 83 (107 ) 247 (270 ) Operating expenses 1,105 1,955 2,353 3,818 Pre-tax $ $ 1,761 $ 1,948 $ 3,832 Net earnings $ $ 1,413 $ 1,631 $ 3,111 Net earnings to common $ $ 1,393 $ 1,595 $ 3,072 Average common equity $ 10,454 $ 9,792 $ 11,028 $10,078 Return on average common equity 29.3% 56.9% 28.9% 61.0% Global Markets Non-interest $ 5,980 $ 4,158 $ 13,122 $11,178 Net interest income 487 742 1,217 1,303 Total net revenues 6,467 4,900 14,339 12,481 Provision for credit losses 131 14 233 (6 ) Operating expenses 3,366 3,373 7,127 7,558 Pre-tax $ 2,970 $ 1,513 $ 6,979 $ 4,929 Net earnings $ 2,452 $ 1,201 $ 5,844 $ 4,002 Net earnings to common $ 2,367 $ 1,121 $ 5,694 $ 3,851 Average common equity $ 55,595 $44,430 $ 54,078 $42,741 Return on average common equity 17.0% 10.1% 21.1% 18.0% Asset Management Non-interest $ $ 5,014 $ 1,365 $ 9,445 Net interest income 118 118 265 301 Total net revenues 1,084 5,132 1,630 9,746 Provision for credit losses 59 (65 ) 100 (12 ) Operating expenses 1,461 1,943 2,556 3,833 Pre-tax $ ) $ 3,254 $ ) $ 5,925 Net earnings/(loss) $ ) $ 2,620 $ ) $ 4,810 Net earnings/(loss) to common $ ) $ 2,592 $ ) $ 4,757 Average common equity $ 24,310 $25,410 $ 24,132 $25,092 Return on average common equity (6.3)% 40.8% (7.4)% 37.9% Consumer & Wealth Management Non-interest $ 1,202 $ 1,102 $ 2,461 $ 2,202 Net interest income 974 645 1,819 1,283 Total net revenues 2,176 1,747 4,280 3,485 Provision for credit losses 394 66 648 126 Operating expenses 1,721 1,369 3,333 2,868 Pre-tax $ $ 312 $ $ 491 Net earnings $ $ 252 $ $ 399 Net earnings to common $ $ 241 $ $ 378 Average common equity $ 15,167 $10,459 $ 14,345 $10,335 Return on average common equity 0.9% 9.2% 3.2% 7.3% Total Non-interest $ 10,130 $13,759 $ 21,236 $29,981 Net interest income 1,734 1,629 3,561 3,111 Total net revenues 11,864 15,388 24,797 33,092 Provision for credit losses 667 (92 ) 1,228 (162 ) Operating expenses 7,653 8,640 15,369 18,077 Pre-tax $ 3,544 $ 6,840 $ 8,200 $15,177 Net earnings $ 2,927 $ 5,486 $ 6,866 $12,322 Net earnings to common $ 2,786 $ 5,347 $ 6,617 $12,058 Average common equity $105,526 $90,091 $103,583 $88,246 Return on average common equity 10.6% 23.7% 12.8% 27.3% The table below presents assets by segment. As of $ in millions June 2022 December Investment Banking $ $ 144,157 Global Markets 1,202,432 1,082,378 Asset Management 91,100 91,115 Consumer & Wealth Management 153,099 146,338 Total $1,601,224 $1,463,988 |
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 2022 2021 Three Months Ended June Americas $ 7,047 59% $ 9,957 65% EMEA 3,400 29% 3,478 22% Asia 1,417 12% 1,953 13% Total net revenues $11,864 100% $15,388 100% Americas $ 1,828 51% $ 4,465 65% EMEA 1,373 39% 1,675 25% Asia 343 10% 700 10% Total pre-tax $ 3,544 100% $ 6,840 100% Six Months Ended June Americas $14,433 58% $20,782 63% EMEA 7,250 29% 8,191 25% Asia 3,114 13% 4,119 12% Total net revenues $24,797 100% $33,092 100% Americas $ 4,144 50% $ 9,480 62% EMEA 3,164 39% 4,090 27% Asia 892 11% 1,607 11% Total pre-tax $ 8,200 100% $15,177 100% |
Credit Concentrations (Tables)
Credit Concentrations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 December U.S. government and agency obligations $173,244 $141,191 Percentage of total assets 10.8% 9.6% Non-U.S. $ 60,617 $ 51,426 Percentage of total assets 3.8% 3.5% |
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 December U.S. government and agency obligations $130,049 $ 86,274 Non-U.S. $126,104 $141,588 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 4 |
Significant Accounting Polici_2
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
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 | 45% | 40% | 45% | 40% | |
Investment Banking revenues from contracts with clients subject to ASU 2014-09 as a percentage of firm's investment banking revenues | 85% | 85% | 85% | 85% | |
Investment management revenues from contracts with clients subject to ASU 2014-09 as a percentage of firm's investment management revenue | 95% | 95% | 95% | 95% | |
Cash and due from banks | $ 10,280 | $ 10,280 | $ 10,140 | ||
Interest-bearing deposits with banks | 278,330 | 278,330 | 250,900 | ||
Cash segregated for regulatory and other purposes | 26,860 | 26,860 | 24,870 | ||
Receivable from customers and counterparties | 94,440 | 94,440 | 103,820 | ||
Receivables from brokers, dealers and clearing organizations | 68,810 | 68,810 | 56,850 | ||
Firm's receivables from contracts with clients | 2,910 | 2,910 | 3,010 | ||
Payables to customers and counterparties | 259,480 | 259,480 | 241,930 | ||
Payables to brokers, dealers and clearing organizations | $ 20,500 | 20,500 | $ 10,000 | ||
Maximum [Member] | |||||
Summary of Accounting and Financial Policies [Line Items] | |||||
Annual average revenues associated with known remaining performance obligations | $ 250 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Liabilities Summary (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | $ 738,615 | $ 783,324 | $ 715,812 |
Total assets | $ 1,601,224 | $ 1,589,441 | $ 1,463,988 |
Total level 3 financial assets divided by total assets | 1.80% | 1.60% | 1.60% |
Total level 3 financial assets divided by total financial assets at fair value | 3.90% | 3.20% | 3.40% |
Total financial liabilities at fair value | $ 578,312 | $ 549,932 | $ 491,557 |
Total liabilities | $ 1,483,353 | $ 1,474,202 | $ 1,354,062 |
Total level 3 financial liabilities divided by total liabilities | 1.60% | 2% | 2.20% |
Total level 3 financial liabilities divided by total financial liabilities at fair value | 4.20% | 5.40% | 5.90% |
Counterparty and Cash Collateral Netting [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | $ (70,198) | $ (69,043) | $ (66,041) |
Total financial liabilities at fair value | (50,926) | (48,513) | (51,269) |
Investments in funds at NAV [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 3,045 | 3,237 | 3,469 |
Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 249,974 | 263,891 | 255,774 |
Total financial liabilities at fair value | 168,941 | 145,098 | 110,030 |
Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 526,910 | 559,866 | 498,527 |
Total financial liabilities at fair value | 435,827 | 423,749 | 403,627 |
Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 28,884 | 25,373 | 24,083 |
Total financial liabilities at fair value | $ 24,470 | $ 29,598 | $ 29,169 |
Fair Value Measurements - Total
Fair Value Measurements - Total Level 3 Financial Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | $ 738,615 | $ 783,324 | $ 715,812 |
Investment at fair value | 77,933 | 83,427 | |
Loans receivable at fair value | 9,492 | 10,769 | |
Derivatives [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 146,512 | 130,001 | |
Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 28,884 | 25,373 | 24,083 |
Loans receivable at fair value | 2,347 | 2,354 | |
Level 3 [Member] | Trading cash instruments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Trading cash instrument at fair value | 2,080 | 1,921 | 1,889 |
Level 3 [Member] | Derivatives [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total financial assets at fair value | 8,348 | 6,793 | 5,938 |
Level 3 [Member] | Investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment at fair value | 16,109 | 14,168 | 13,902 |
Level 3 [Member] | Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans receivable at fair value | $ 2,347 | $ 2,491 | $ 2,354 |
Trading Assets and Liabilitie_2
Trading Assets and Liabilities - Summary of Trading Assets and Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Trading Assets | $ 371,896 | $ 375,916 |
Trading Liabilities | 255,292 | 181,424 |
Trading Cash Instruments [Member] | ||
Trading Cash Instruments | 295,582 | 311,956 |
Trading Liabilities | 191,513 | 129,471 |
Derivatives [Member] | ||
Trading Assets at Fair Value | 76,314 | 63,960 |
Trading Liabilities | $ 63,779 | $ 51,953 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Trading activity, gains and losses, net [Line Items] | ||||
Market making | $ 4,929 | $ 3,274 | $ 10,919 | $ 9,167 |
Interest Rates [Member] | ||||
Trading activity, gains and losses, net [Line Items] | ||||
Market making | (2,787) | 920 | (4,662) | (323) |
Credit [Member] | ||||
Trading activity, gains and losses, net [Line Items] | ||||
Market making | 948 | 310 | 1,666 | 1,162 |
Currencies [Member] | ||||
Trading activity, gains and losses, net [Line Items] | ||||
Market making | 4,087 | (108) | 8,228 | 2,742 |
Equities [Member] | ||||
Trading activity, gains and losses, net [Line Items] | ||||
Market making | 2,557 | 1,540 | 4,600 | 4,318 |
Commodities [Member] | ||||
Trading activity, gains and losses, net [Line Items] | ||||
Market making | $ 124 | $ 612 | $ 1,087 | $ 1,268 |
Trading Cash Instruments - Cash
Trading Cash Instruments - Cash Instruments by Level (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Trading Cash Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | $ 295,582 | $ 311,956 |
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 | 199,989 | 204,564 |
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 | 93,513 | 105,503 |
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 | 2,080 | 1,889 |
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 | 91,937 | 90,815 |
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 | 70,402 | 63,388 |
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 | 21,535 | 27,427 |
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 | 0 | 0 |
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 | 58,227 | 48,814 |
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 | 45,174 | 35,284 |
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 | 12,916 | 13,511 |
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 | 137 | 19 |
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 | 1,441 | 1,854 |
Trading cash instruments assets | Loans and Securities Backed by Commercial Real Estate [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 0 | 0 |
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 | 1,367 | 1,717 |
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 | 74 | 137 |
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 | 11,276 | 13,235 |
Trading cash instruments assets | Loans and Securities Backed by Residential Real Estate [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 0 | 0 |
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 | 11,166 | 13,083 |
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 | 110 | 152 |
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 | 33,895 | 38,782 |
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 | 288 | 590 |
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 | 32,167 | 36,874 |
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 | 1,440 | 1,318 |
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 | 226 | 604 |
Trading cash instruments assets | State and Municipal 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 | 0 | 0 |
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 | 194 | 568 |
Trading cash instruments assets | State and Municipal 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 | 32 | 36 |
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 | 2,975 | 1,699 |
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 | 25 | 69 |
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 | 2,827 | 1,564 |
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 | 123 | 66 |
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 | 86,638 | 108,347 |
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 | 84,100 | 105,233 |
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 | 2,378 | 2,958 |
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 | 160 | 156 |
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 | 8,967 | 7,806 |
Trading cash instruments assets | Commodities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 0 | 0 |
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 | 8,963 | 7,801 |
Trading cash instruments assets | Commodities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 4 | 5 |
Cash Instruments Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (191,513) | (129,471) |
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 | (168,913) | (109,999) |
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 | (22,418) | (19,368) |
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 | (182) | (104) |
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 | (29,545) | (21,027) |
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 | (29,183) | (21,002) |
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 | (362) | (25) |
Cash Instruments Liabilities [Member] | 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 | 0 | 0 |
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 | (43,416) | (42,585) |
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 | (40,570) | (39,983) |
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 | (2,846) | (2,602) |
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 | 0 | 0 |
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 | (31) | (42) |
Cash Instruments Liabilities [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | 0 | 0 |
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 | (30) | (40) |
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) | (2) |
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 | (11) | (5) |
Cash Instruments Liabilities [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | 0 | 0 |
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 | (11) | (5) |
Cash Instruments Liabilities [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | 0 | 0 |
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 | (18,682) | (15,875) |
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 | (12) | (23) |
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 | (18,530) | (15,781) |
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) | (71) |
Cash Instruments Liabilities [Member] | Other debt obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (114) | |
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 Liabilities at Fair Value | 0 | |
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 Liabilities at Fair Value | (114) | |
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 Liabilities at Fair Value | 0 | |
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 | (99,712) | (49,937) |
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 | (99,148) | (48,991) |
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 | (523) | (915) |
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 | (41) | $ (31) |
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 | (2) | |
Cash Instruments Liabilities [Member] | Commodities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | 0 | |
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 | (2) | |
Cash Instruments Liabilities [Member] | Commodities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | $ 0 |
Trading Cash Instruments - Fair
Trading Cash Instruments - Fair Value, Cash Instruments, Measurement Inputs, Disclosure (Detail) $ in Millions | Jun. 30, 2022 USD ($) yr | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) yr |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total financial assets at fair value | $ | $ 738,615 | $ 783,324 | $ 715,812 |
Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total financial assets at fair value | $ | 28,884 | $ 25,373 | 24,083 |
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 | $ | $ 74 | $ 137 | |
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 | 0.044 | 0.028 | |
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 | 0.065 | 0.051 | |
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 | 0.8 | 0.1 | |
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 | 0.30 | 0.285 | |
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 | 0.786 | 0.865 | |
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 | 3.5 | 4.3 | |
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 | 0.165 | 0.123 | |
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 | 0.502 | 0.55 | |
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 | 1.8 | 1.8 | |
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 | $ | $ 110 | $ 152 | |
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 | 0.021 | 0.004 | |
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 | 0.002 | 0.001 | |
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 | 0.2 | 1.2 | |
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 | 0.242 | 0.266 | |
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 | 0.307 | 0.434 | |
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 | 11.6 | 17.2 | |
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 | 0.088 | 0.07 | |
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 | 0.074 | 0.177 | |
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 | 6 | 6.5 | |
Level 3 [Member] | Corporate debt instruments [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total financial assets at fair value | $ | $ 1,440 | $ 1,318 | |
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 | 0.019 | 0 | |
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 | 0.09 | 0.09 | |
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 | 0.8 | 2 | |
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 | 0.292 | 0.18 | |
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 | 0.697 | 0.699 | |
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 | 21.6 | 28.5 | |
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 | 0.091 | 0.071 | |
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 | 0.51 | 0.52 | |
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 | 4.8 | 4.5 | |
Level 3 [Member] | Other Cash Instruments [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total financial assets at fair value | $ | $ 456 | $ 282 | |
Level 3 [Member] | Other Cash Instruments [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.017 | 0.011 | |
Level 3 [Member] | Other Cash Instruments [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 1.1 | 0.9 | |
Level 3 [Member] | Other Cash Instruments [Member] | Minimum [Member] | Measurement Input, Revenue Multiple [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.7 | ||
Level 3 [Member] | Other Cash Instruments [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 0.365 | 0.448 | |
Level 3 [Member] | Other Cash Instruments [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 11 | 5.2 | |
Level 3 [Member] | Other Cash Instruments [Member] | Maximum [Member] | Measurement Input, Revenue Multiple [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 5 | ||
Level 3 [Member] | Other Cash 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 | 0.139 | 0.094 | |
Level 3 [Member] | Other Cash 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 | 5.1 | 2.4 | |
Level 3 [Member] | Other Cash Instruments [Member] | Weighted Average [Member] | Measurement Input, Revenue Multiple [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value Unobservable Inputs, Asset | 4.3 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
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 | $ 1,921 | $ 1,373 | $ 1,889 | $ 1,237 |
Net realized gains / (losses) | 27 | 23 | 44 | 42 |
Net unrealized gains / (losses) | (76) | 10 | (1,422) | 16 |
Purchases | 374 | 275 | 1,225 | 647 |
Sales | (270) | (284) | (554) | (401) |
Settlements | (124) | (100) | (262) | (208) |
Transfers into level 3 | 434 | 148 | 1,400 | 181 |
Transfers out of level 3 | (206) | (141) | (240) | (210) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 2,080 | 1,304 | 2,080 | 1,304 |
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 | 76 | 115 | 137 | 203 |
Net realized gains / (losses) | 1 | 2 | 1 | 5 |
Net unrealized gains / (losses) | (2) | (3) | (2) | (9) |
Purchases | 2 | 10 | 26 | 7 |
Sales | (8) | (13) | (52) | (37) |
Settlements | (5) | (5) | (8) | (13) |
Transfers into level 3 | 20 | 5 | 4 | 19 |
Transfers out of level 3 | (10) | (15) | (32) | (79) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 74 | 96 | 74 | 96 |
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 | 78 | 204 | 152 | 131 |
Net realized gains / (losses) | 2 | 4 | 6 | 8 |
Net unrealized gains / (losses) | (3) | 9 | (4) | 10 |
Purchases | 6 | 4 | 27 | 21 |
Sales | (11) | (76) | (53) | (42) |
Settlements | (7) | (7) | (13) | (9) |
Transfers into level 3 | 57 | 12 | 22 | 31 |
Transfers out of level 3 | (12) | (20) | (27) | (20) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 110 | 130 | 110 | 130 |
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 | 1,435 | 918 | 1,318 | 797 |
Net realized gains / (losses) | 24 | 12 | 49 | 26 |
Net unrealized gains / (losses) | (90) | 3 | (72) | 20 |
Purchases | 197 | 215 | 382 | 554 |
Sales | (105) | (164) | (316) | (287) |
Settlements | (106) | (77) | (221) | (151) |
Transfers into level 3 | 249 | 65 | 453 | 35 |
Transfers out of level 3 | (164) | (81) | (153) | (103) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 1,440 | 891 | 1,440 | 891 |
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 | 332 | 136 | 282 | 106 |
Net realized gains / (losses) | 0 | 5 | (12) | 3 |
Net unrealized gains / (losses) | 19 | 1 | (1,344) | (5) |
Purchases | 169 | 46 | 790 | 65 |
Sales | (146) | (31) | (133) | (35) |
Settlements | (6) | (11) | (20) | (35) |
Transfers into level 3 | 108 | 66 | 921 | 96 |
Transfers out of level 3 | (20) | (25) | (28) | (8) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 456 | 187 | 456 | 187 |
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 | (92) | (106) | (104) | (80) |
Net realized gains / (losses) | (13) | 2 | (12) | 4 |
Net unrealized gains / (losses) | (24) | (2) | (39) | 0 |
Purchases | 72 | 35 | 152 | 28 |
Sales | (88) | (27) | (138) | (39) |
Settlements | 2 | 20 | 3 | 10 |
Transfers into level 3 | (50) | (5) | (56) | (4) |
Transfers out of level 3 | 11 | 5 | 12 | 3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (182) | $ (78) | $ (182) | $ (78) |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Net gains / (losses) on assets | $ (49) | $ 33 | $ (1,380) | $ 58 |
Net realized gains / (losses) on assets | 27 | 23 | 44 | 42 |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | (76) | 10 | (1,420) | 16 |
Market making [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Net gains / (losses) on assets | (74) | (2) | (1,420) | (10) |
Interest Income [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Net gains / (losses) on assets | $ 25 | $ 35 | $ 46 | $ 68 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair Value of Derivatives on a Gross Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | $ 503,023 | $ 459,969 |
Total Gross Fair Value of Derivative Liability Contracts | 471,216 | 433,190 |
Offset amounts | (426,709) | (396,009) |
Offset amounts | (407,437) | (381,237) |
Derivative Assets | 76,314 | 63,960 |
Derivative Liabilities | 63,779 | 51,953 |
Cash collateral received | (572) | (1,008) |
Cash collateral posted | (2,795) | (1,939) |
Securities collateral received | (16,914) | (15,751) |
Securities collateral posted | (4,441) | (7,349) |
Total | 58,828 | 47,201 |
Total | 56,543 | 42,665 |
Notional amount | 43,697,402 | 42,639,542 |
Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (360,027) | (331,892) |
Offset amounts | (360,027) | (331,892) |
Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (66,682) | (64,117) |
Offset amounts | (47,410) | (49,345) |
Derivative Contract not Designated as Hedges [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 501,882 | 458,929 |
Total Gross Fair Value of Derivative Liability Contracts | 471,091 | 433,024 |
Notional amount | 43,421,201 | 42,393,494 |
Derivative Contract not Designated as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 235,413 | 246,646 |
Total Gross Fair Value of Derivative Liability Contracts | 208,406 | 218,322 |
Notional amount | 33,218,901 | 31,628,290 |
Derivative Contract not Designated as Hedges [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 16,851 | 16,256 |
Total Gross Fair Value of Derivative Liability Contracts | 15,359 | 15,755 |
Notional amount | 1,032,281 | 1,079,572 |
Derivative Contract not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 118,464 | 86,916 |
Total Gross Fair Value of Derivative Liability Contracts | 118,816 | 86,143 |
Notional amount | 6,206,658 | 6,815,668 |
Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 66,404 | 35,545 |
Total Gross Fair Value of Derivative Liability Contracts | 55,359 | 32,531 |
Notional amount | 674,878 | 546,886 |
Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 64,750 | 73,566 |
Total Gross Fair Value of Derivative Liability Contracts | 73,151 | 80,273 |
Notional amount | 2,288,483 | 2,323,078 |
Derivative Contracts Accounted for as Hedges [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 1,141 | 1,040 |
Total Gross Fair Value of Derivative Liability Contracts | 125 | 166 |
Notional amount | 276,201 | 246,048 |
Derivative Contracts Accounted for as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 521 | 946 |
Total Gross Fair Value of Derivative Liability Contracts | 67 | 0 |
Notional amount | 252,717 | 223,582 |
Derivative Contracts Accounted for as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 620 | 94 |
Total Gross Fair Value of Derivative Liability Contracts | 58 | 166 |
Notional amount | 23,484 | 21,416 |
Derivative Contracts Accounted for as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Notional amount | 0 | 1,050 |
Exchange-Traded [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 6,202 | 5,323 |
Derivative Liabilities | 9,045 | 6,550 |
Exchange-Traded [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (40,580) | (35,724) |
Offset amounts | (40,580) | (35,724) |
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 | 1,087 | 256 |
Total Gross Fair Value of Derivative Liability Contracts | 1,424 | 557 |
Notional amount | 3,251,469 | 2,630,915 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Notional amount | 38 | 0 |
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 | 94 | 417 |
Total Gross Fair Value of Derivative Liability Contracts | 45 | 10 |
Notional amount | 15,206 | 14,617 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 15,609 | 6,534 |
Total Gross Fair Value of Derivative Liability Contracts | 15,494 | 6,189 |
Notional amount | 417,329 | 308,917 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 29,992 | 33,840 |
Total Gross Fair Value of Derivative Liability Contracts | 32,662 | 35,518 |
Notional amount | 1,190,917 | 1,149,777 |
Exchange-Traded [Member] | Derivative Contracts Accounted for as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Notional amount | 0 | 1,050 |
OTC-Cleared [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 802 | 566 |
Derivative Liabilities | 718 | 148 |
OTC-Cleared [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (42,280) | (16,979) |
Offset amounts | (42,280) | (16,979) |
OTC-Cleared [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (1,147) | (1,033) |
Offset amounts | (108) | (361) |
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 | 41,053 | 13,795 |
Total Gross Fair Value of Derivative Liability Contracts | 40,041 | 12,692 |
Notional amount | 19,359,538 | 17,874,504 |
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 | 1,317 | 3,665 |
Total Gross Fair Value of Derivative Liability Contracts | 1,432 | 4,053 |
Notional amount | 440,236 | 463,477 |
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 | 933 | 423 |
Total Gross Fair Value of Derivative Liability Contracts | 587 | 338 |
Notional amount | 220,454 | 194,124 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 871 | 652 |
Total Gross Fair Value of Derivative Liability Contracts | 971 | 373 |
Notional amount | 3,911 | 3,647 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 12 | 8 |
Total Gross Fair Value of Derivative Liability Contracts | 14 | 5 |
Notional amount | 297 | 198 |
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 | 1 |
Total Gross Fair Value of Derivative Liability Contracts | 58 | 0 |
Notional amount | 249,222 | 219,083 |
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 | 41 | 34 |
Total Gross Fair Value of Derivative Liability Contracts | 3 | 27 |
Notional amount | 3,351 | 2,758 |
Bilateral OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 69,310 | 58,071 |
Derivative Liabilities | 54,016 | 45,255 |
Bilateral OTC [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (277,167) | (279,189) |
Offset amounts | (277,167) | (279,189) |
Bilateral OTC [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (65,535) | (63,084) |
Offset amounts | (47,302) | (48,984) |
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 | 193,273 | 232,595 |
Total Gross Fair Value of Derivative Liability Contracts | 166,941 | 205,073 |
Notional amount | 10,607,894 | 11,122,871 |
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 | 15,534 | 12,591 |
Total Gross Fair Value of Derivative Liability Contracts | 13,927 | 11,702 |
Notional amount | 592,007 | 616,095 |
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 | 117,437 | 86,076 |
Total Gross Fair Value of Derivative Liability Contracts | 118,184 | 85,795 |
Notional amount | 5,970,998 | 6,606,927 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 49,924 | 28,359 |
Total Gross Fair Value of Derivative Liability Contracts | 38,894 | 25,969 |
Notional amount | 253,638 | 234,322 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 34,746 | 39,718 |
Total Gross Fair Value of Derivative Liability Contracts | 40,475 | 44,750 |
Notional amount | 1,097,269 | 1,173,103 |
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 | 519 | 945 |
Total Gross Fair Value of Derivative Liability Contracts | 9 | 0 |
Notional amount | 3,495 | 4,499 |
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 | 579 | 60 |
Total Gross Fair Value of Derivative Liability Contracts | 55 | 139 |
Notional amount | $ 20,133 | $ 18,658 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||||
Gross Fair Value of Derivative Asset Contracts Not Enforceable | $ 14,450 | $ 14,450 | $ 17,480 | ||
Gross Fair Value of Derivative Liability Contracts Not Enforceable | 17,550 | 17,550 | 17,290 | ||
Net Gains / (Losses) on Derivative assets and liabilities | 2,180 | $ (289) | 3,550 | $ (385) | |
Net Realized Gains / (Losses) on Derivative assets and liabilities | 97 | 119 | 329 | 73 | |
Net Unrealized Gains / (Losses) on Derivative assets and liabilities | 2,084 | (408) | 3,225 | (458) | |
Maximum Payout/Notional Amount of Written Credit Derivative | 491,059 | 491,059 | 510,235 | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 541,220 | 541,220 | 569,340 | ||
Net purchased protection notional value of credit derivatives | 50,160 | 50,160 | 59,100 | ||
Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | 7,330 | 7,330 | 3,710 | ||
Net hedged debt securities available for sale gain loss | (14) | (28) | |||
FX hedges on debt securities available for sale gain loss | 183 | 236 | |||
FX hedged debt securities available for sale gain loss | (197) | (264) | |||
Commodity Futures Contracts [Member] | |||||
Derivative [Line Items] | |||||
Trading cash instrument at fair value | 1,050 | ||||
Trading cash instruments assets commodities amortized cost | $ 1,020 | ||||
Market making [Member] | |||||
Derivative [Line Items] | |||||
Net Gains / (Losses) on Derivative assets and liabilities | 2,180 | (307) | 3,550 | (407) | |
Other Principal Transactions [Member] | |||||
Derivative [Line Items] | |||||
Net Gains / (Losses) on Derivative assets and liabilities | $ 1 | $ 18 | $ 8 | $ 22 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Fair Value of Derivatives by Level (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | |||
Total financial assets at fair value | $ 738,615 | $ 783,324 | $ 715,812 |
Total financial liabilities at fair value | (578,312) | (549,932) | (491,557) |
Fair value included in financial instruments | (255,292) | (181,424) | |
Level 1 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 249,974 | 263,891 | 255,774 |
Total financial liabilities at fair value | (168,941) | (145,098) | (110,030) |
Level 2 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 526,910 | 559,866 | 498,527 |
Total financial liabilities at fair value | (435,827) | (423,749) | (403,627) |
Level 3 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 28,884 | 25,373 | 24,083 |
Total financial liabilities at fair value | (24,470) | (29,598) | (29,169) |
Derivatives [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 146,512 | 130,001 | |
Total financial liabilities at fair value | (114,705) | (103,222) | |
Fair value included in financial instruments | 76,314 | 63,960 | |
Fair value included in financial instruments | (63,779) | (51,953) | |
Derivatives [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 235,934 | 247,592 | |
Total financial liabilities at fair value | (208,473) | (218,322) | |
Derivatives [Member] | Credit Risk Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 16,851 | 16,256 | |
Total financial liabilities at fair value | (15,359) | (15,755) | |
Derivatives [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 119,084 | 87,010 | |
Total financial liabilities at fair value | (118,874) | (86,309) | |
Derivatives [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 66,404 | 35,545 | |
Total financial liabilities at fair value | (55,359) | (32,531) | |
Derivatives [Member] | Equity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 64,750 | 73,566 | |
Total financial liabilities at fair value | (73,151) | (80,273) | |
Derivatives [Member] | Gross Fair Value Of Derivative [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 503,023 | 459,969 | |
Total financial liabilities at fair value | (471,216) | (433,190) | |
Derivatives [Member] | Counterparty Netting in Levels [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | (356,511) | (329,968) | |
Total financial liabilities at fair value | 356,511 | 329,968 | |
Derivatives [Member] | Cross Level Counterparty Netting Adjustment [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | (3,516) | (1,924) | |
Total financial liabilities at fair value | 3,516 | 1,924 | |
Derivatives [Member] | Cash Collateral Netting [Member] | |||
Derivative [Line Items] | |||
Cash collateral netting | (66,682) | (64,117) | |
Cash collateral netting | 47,410 | 49,345 | |
Derivatives [Member] | Level 1 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 74 | 35 | |
Total financial liabilities at fair value | (28) | (31) | |
Derivatives [Member] | Level 1 [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 34 | 2 | |
Total financial liabilities at fair value | (9) | (2) | |
Derivatives [Member] | Level 1 [Member] | Credit Risk Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 0 | 0 | |
Total financial liabilities at fair value | 0 | 0 | |
Derivatives [Member] | Level 1 [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 0 | 0 | |
Total financial liabilities at fair value | 0 | 0 | |
Derivatives [Member] | Level 1 [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 0 | 0 | |
Total financial liabilities at fair value | 0 | 0 | |
Derivatives [Member] | Level 1 [Member] | Equity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 40 | 33 | |
Total financial liabilities at fair value | (19) | (29) | |
Derivatives [Member] | Level 1 [Member] | Gross Fair Value Of Derivative [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 74 | 35 | |
Total financial liabilities at fair value | (28) | (31) | |
Derivatives [Member] | Level 1 [Member] | Counterparty Netting in Levels [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 0 | 0 | |
Total financial liabilities at fair value | 0 | 0 | |
Derivatives [Member] | Level 2 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 138,090 | 124,028 | |
Total financial liabilities at fair value | (109,503) | (97,693) | |
Derivatives [Member] | Level 2 [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 234,108 | 246,525 | |
Total financial liabilities at fair value | (207,707) | (217,438) | |
Derivatives [Member] | Level 2 [Member] | Credit Risk Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 13,372 | 12,823 | |
Total financial liabilities at fair value | (14,044) | (14,176) | |
Derivatives [Member] | Level 2 [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 118,706 | 86,773 | |
Total financial liabilities at fair value | (118,257) | (85,925) | |
Derivatives [Member] | Level 2 [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 63,981 | 34,501 | |
Total financial liabilities at fair value | (54,371) | (31,925) | |
Derivatives [Member] | Level 2 [Member] | Equity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 63,157 | 72,570 | |
Total financial liabilities at fair value | (70,358) | (77,393) | |
Derivatives [Member] | Level 2 [Member] | Gross Fair Value Of Derivative [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 493,324 | 453,192 | |
Total financial liabilities at fair value | (464,737) | (426,857) | |
Derivatives [Member] | Level 2 [Member] | Counterparty Netting in Levels [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | (355,234) | (329,164) | |
Total financial liabilities at fair value | 355,234 | 329,164 | |
Derivatives [Member] | Level 3 [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 8,348 | $ 6,793 | 5,938 |
Total financial liabilities at fair value | (5,174) | (5,498) | |
Derivatives [Member] | Level 3 [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 1,792 | 1,065 | |
Total financial liabilities at fair value | (757) | (882) | |
Derivatives [Member] | Level 3 [Member] | Credit Risk Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 3,479 | 3,433 | |
Total financial liabilities at fair value | (1,315) | (1,579) | |
Derivatives [Member] | Level 3 [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 378 | 237 | |
Total financial liabilities at fair value | (617) | (384) | |
Derivatives [Member] | Level 3 [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 2,423 | 1,044 | |
Total financial liabilities at fair value | (988) | (606) | |
Derivatives [Member] | Level 3 [Member] | Equity Contract [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 1,553 | 963 | |
Total financial liabilities at fair value | (2,774) | (2,851) | |
Derivatives [Member] | Level 3 [Member] | Gross Fair Value Of Derivative [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | 9,625 | 6,742 | |
Total financial liabilities at fair value | (6,451) | (6,302) | |
Derivatives [Member] | Level 3 [Member] | Counterparty Netting in Levels [Member] | |||
Derivative [Line Items] | |||
Total financial assets at fair value | (1,277) | (804) | |
Total financial liabilities at fair value | $ 1,277 | $ 804 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Fair Value, Derivatives, Measurement Inputs, Disclosure (Detail) $ in Millions | Jun. 30, 2022 USD ($) bps spreads | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) spreads bps | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ | $ 3,174 | $ 915 | $ 440 | $ 567 | $ 645 | $ 1,175 |
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 | $ | 1,035 | 323 | 183 | 308 | 319 | 267 |
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 | $ | 2,164 | 1,834 | 1,854 | 1,750 | 1,875 | 1,778 |
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 | $ | (239) | (135) | (147) | (234) | (289) | (338) |
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 | $ | 1,435 | 828 | 438 | 266 | 212 | 300 |
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 | $ | $ (1,221) | $ (1,935) | $ (1,888) | $ (1,523) | $ (1,472) | $ (832) |
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 | (10) | 25 | ||||
Minimum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 59 | 63 | ||||
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 | bps | 31 | 31 | ||||
Minimum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | bps | 63 | 59 | ||||
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 | bps | 6 | 1 | ||||
Minimum [Member] | 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 | bps | 197 | 136 | ||||
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 | 1 | 2 | ||||
Minimum [Member] | 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 | 41 | 34 | ||||
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 | 20 | 20 | ||||
Minimum [Member] | 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 | 42 | 37 | ||||
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 | 20 | 20 | ||||
Minimum [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 40 | 40 | ||||
Minimum [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 21 | 19 | ||||
Minimum [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 21 | 19 | ||||
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 | 27 | 15 | ||||
Minimum [Member] | Commodity Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 48 | 32 | ||||
Minimum [Member] | Commodity Contract [Member] | Electricity [Member] | Level 3 [Member] | Measurement Input, Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 2.7 | 1.5 | ||||
Minimum [Member] | Commodity Contract [Member] | Electricity [Member] | Level 3 [Member] | Measurement Input, Average Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 57.43 | 37.42 | ||||
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 | (2.29) | (1.33) | ||||
Minimum [Member] | 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 | (0.14) | (0.11) | ||||
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 | (5) | 8.64 | ||||
Minimum [Member] | 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 | 19.89 | 13.36 | ||||
Minimum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | (70) | (70) | ||||
Minimum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 64 | 59 | ||||
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 | 2 | 3 | ||||
Minimum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 18 | 17 | ||||
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 | 81 | 81 | ||||
Maximum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 62 | 62 | ||||
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 | bps | 100 | 100 | ||||
Maximum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | bps | 61 | 54 | ||||
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 | bps | 910 | 568 | ||||
Maximum [Member] | 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 | bps | 123 | 107 | ||||
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 | 100 | 100 | ||||
Maximum [Member] | 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 | 35 | 26 | ||||
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 | 75 | 50 | ||||
Maximum [Member] | 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 | 40 | 40 | ||||
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 | 71 | 71 | ||||
Maximum [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 41 | 41 | ||||
Maximum [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 21 | 19 | ||||
Maximum [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 21 | 19 | ||||
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 | 127 | 93 | ||||
Maximum [Member] | Commodity Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 41 | 29 | ||||
Maximum [Member] | Commodity Contract [Member] | Electricity [Member] | Level 3 [Member] | Measurement Input, Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 568.77 | 289.96 | ||||
Maximum [Member] | Commodity Contract [Member] | Electricity [Member] | Level 3 [Member] | Measurement Input, Average Spread [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 46.08 | 32.2 | ||||
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 | 9.78 | 2.6 | ||||
Maximum [Member] | 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 | (0.18) | (0.07) | ||||
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 | 46.27 | 22.68 | ||||
Maximum [Member] | 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 | 13.68 | 12.69 | ||||
Maximum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 99 | 99 | ||||
Maximum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 68 | 62 | ||||
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 | 111 | 150 | ||||
Maximum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||||
Assets (Liabilities) significant unobservable Inputs | 20 | 17 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | $ 915 | $ 645 | $ 440 | $ 1,175 |
Net Realized Gains / (Losses) | 97 | 119 | 329 | 73 |
Net Unrealized Gains / (Losses) | 2,084 | (408) | 3,225 | (458) |
Purchases | 128 | 29 | 187 | 134 |
Sales | (704) | (294) | (1,345) | (756) |
Settlements | 791 | 568 | 583 | 509 |
Transfers Into Level 3 | 149 | (260) | 76 | (181) |
Transfers Out Of Level 3 | (286) | 168 | (321) | 71 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 3,174 | 567 | 3,174 | 567 |
Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 323 | 319 | 183 | 267 |
Net Realized Gains / (Losses) | 1 | 33 | (41) | 56 |
Net Unrealized Gains / (Losses) | 286 | (42) | 909 | 97 |
Purchases | 44 | 0 | 64 | 2 |
Sales | (37) | (33) | (69) | (55) |
Settlements | 301 | 60 | 160 | 6 |
Transfers Into Level 3 | 21 | (1) | 4 | 2 |
Transfers Out Of Level 3 | 96 | (28) | (175) | (67) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 1,035 | 308 | 1,035 | 308 |
Credit Risk Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 1,834 | 1,875 | 1,854 | 1,778 |
Net Realized Gains / (Losses) | (41) | 5 | (28) | (14) |
Net Unrealized Gains / (Losses) | 384 | 18 | 188 | 29 |
Purchases | 5 | 10 | 20 | 8 |
Sales | (48) | (26) | (53) | (28) |
Settlements | 19 | 6 | 180 | 49 |
Transfers Into Level 3 | 36 | (82) | 27 | (36) |
Transfers Out Of Level 3 | (25) | (56) | (24) | (36) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 2,164 | 1,750 | 2,164 | 1,750 |
Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (135) | (289) | (147) | (338) |
Net Realized Gains / (Losses) | 39 | 28 | 46 | 28 |
Net Unrealized Gains / (Losses) | (21) | (169) | 11 | (90) |
Purchases | 0 | 1 | 1 | 4 |
Sales | (6) | (30) | (8) | (36) |
Settlements | 5 | 272 | 13 | 245 |
Transfers Into Level 3 | (121) | (57) | (129) | (70) |
Transfers Out Of Level 3 | 0 | 10 | (26) | 23 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | (239) | (234) | (239) | (234) |
Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 828 | 212 | 438 | 300 |
Net Realized Gains / (Losses) | (26) | 9 | 49 | (59) |
Net Unrealized Gains / (Losses) | 806 | 135 | 1,195 | 129 |
Purchases | 13 | 4 | 27 | 16 |
Sales | (11) | (2) | (131) | (8) |
Settlements | 33 | (67) | (44) | (84) |
Transfers Into Level 3 | 218 | (3) | 174 | (17) |
Transfers Out Of Level 3 | (426) | (22) | (273) | (11) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 1,435 | 266 | 1,435 | 266 |
Equity Contract [Member] | ||||
Derivative [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (1,935) | (1,472) | (1,888) | (832) |
Net Realized Gains / (Losses) | 124 | 44 | 303 | 62 |
Net Unrealized Gains / (Losses) | 629 | (350) | 922 | (623) |
Purchases | 66 | 14 | 75 | 104 |
Sales | (602) | (203) | (1,084) | (629) |
Settlements | 433 | 297 | 274 | 293 |
Transfers Into Level 3 | (5) | (117) | 0 | (60) |
Transfers Out Of Level 3 | 69 | 264 | 177 | 162 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ (1,221) | $ (1,523) | $ (1,221) | $ (1,523) |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - OTC Derivatives by Product Type and Tenor (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Derivative Assets | $ 76,314 | $ 63,960 |
Derivative Liabilities | 63,779 | 51,953 |
OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 154,402 | 141,392 |
Derivative Liabilities | 119,752 | 113,386 |
OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 73,316 | 79,111 |
Derivative Liabilities | 45,517 | 49,537 |
OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 7,894 | 7,294 |
Derivative Liabilities | 6,402 | 6,793 |
OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 34,791 | 26,578 |
Derivative Liabilities | 34,631 | 26,283 |
OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 33,526 | 18,296 |
Derivative Liabilities | 22,596 | 15,628 |
OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 16,919 | 19,767 |
Derivative Liabilities | 22,650 | 24,799 |
OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (12,044) | (9,654) |
Derivative Liabilities | (12,044) | (9,654) |
OTC [Member] | Cross Tenor Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (17,608) | (18,638) |
Derivative Liabilities | (17,608) | (18,638) |
OTC [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Cash collateral netting | (66,682) | (64,117) |
Cash collateral netting | (47,410) | (49,345) |
OTC [Member] | Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 70,112 | 58,637 |
Derivative Liabilities | 54,734 | 45,403 |
Less than 1 Year [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 55,402 | 38,871 |
Derivative Liabilities | 45,890 | 31,981 |
Less than 1 Year [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,677 | 6,076 |
Derivative Liabilities | 6,934 | 3,929 |
Less than 1 Year [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,710 | 1,800 |
Derivative Liabilities | 1,891 | 1,695 |
Less than 1 Year [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 19,818 | 13,366 |
Derivative Liabilities | 17,581 | 14,122 |
Less than 1 Year [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 20,427 | 10,178 |
Derivative Liabilities | 12,209 | 7,591 |
Less than 1 Year [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 9,064 | 11,075 |
Derivative Liabilities | 11,569 | 8,268 |
Less than 1 Year [Member] | OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (4,294) | (3,624) |
Derivative Liabilities | (4,294) | (3,624) |
1 - 5 Years [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 38,697 | 31,261 |
Derivative Liabilities | 43,849 | 36,631 |
1 - 5 Years [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 14,667 | 11,655 |
Derivative Liabilities | 17,809 | 10,932 |
1 - 5 Years [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 3,394 | 2,381 |
Derivative Liabilities | 3,255 | 3,257 |
1 - 5 Years [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,265 | 6,642 |
Derivative Liabilities | 9,049 | 6,581 |
1 - 5 Years [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 11,276 | 7,348 |
Derivative Liabilities | 9,345 | 6,274 |
1 - 5 Years [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 5,022 | 6,592 |
Derivative Liabilities | 8,318 | 12,944 |
1 - 5 Years [Member] | OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (3,927) | (3,357) |
Derivative Liabilities | (3,927) | (3,357) |
Greater than 5 Years [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 60,303 | 71,260 |
Derivative Liabilities | 30,013 | 44,774 |
Greater than 5 Years [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 49,972 | 61,380 |
Derivative Liabilities | 20,774 | 34,676 |
Greater than 5 Years [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 2,790 | 3,113 |
Derivative Liabilities | 1,256 | 1,841 |
Greater than 5 Years [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 6,708 | 6,570 |
Derivative Liabilities | 8,001 | 5,580 |
Greater than 5 Years [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,823 | 770 |
Derivative Liabilities | 1,042 | 1,763 |
Greater than 5 Years [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 2,833 | 2,100 |
Derivative Liabilities | 2,763 | 3,587 |
Greater than 5 Years [Member] | OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (3,823) | (2,673) |
Derivative Liabilities | $ (3,823) | $ (2,673) |
Derivatives and Hedging Activ_9
Derivatives and Hedging Activities - Credit Derivatives (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | $ 491,059 | $ 510,235 |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 541,220 | 569,340 |
Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 396,117 | 418,445 |
Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 145,105 | 150,892 |
Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 121,404 | 132,599 |
1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 326,080 | 336,151 |
Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 43,575 | 41,485 |
Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 4,305 | 11,182 |
Fair Value Liability of Written Credit Derivatives | 12,196 | 4,663 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (7,891) | 6,519 |
0 - 250 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 393,297 | 461,269 |
0 - 250 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 318,748 | 381,715 |
0 - 250 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 120,903 | 138,214 |
0 - 250 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 100,879 | 120,456 |
0 - 250 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 256,472 | 305,255 |
0 - 250 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 35,946 | 35,558 |
0 - 250 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 3,435 | 9,803 |
Fair Value Liability of Written Credit Derivatives | 2,437 | 941 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 998 | 8,862 |
251 - 500 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 40,052 | 23,588 |
251 - 500 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 35,115 | 17,210 |
251 - 500 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 8,142 | 7,780 |
251 - 500 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 2,517 | 6,173 |
251 - 500 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 33,827 | 14,328 |
251 - 500 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 3,708 | 3,087 |
251 - 500 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 358 | 924 |
Fair Value Liability of Written Credit Derivatives | 1,269 | 123 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (911) | 801 |
501 - 1000 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 35,491 | 16,939 |
501 - 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 23,404 | 12,806 |
501 - 1000 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 12,958 | 3,576 |
501 - 1000 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 12,006 | 1,656 |
501 - 1000 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 20,131 | 12,754 |
501 - 1000 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 3,354 | 2,529 |
501 - 1000 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 235 | 318 |
Fair Value Liability of Written Credit Derivatives | 2,339 | 1,666 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (2,104) | (1,348) |
Greater than 1000 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 22,219 | 8,439 |
Greater than 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 18,850 | 6,714 |
Greater than 1000 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 3,102 | 1,322 |
Greater than 1000 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 6,002 | 4,314 |
Greater than 1000 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 15,650 | 3,814 |
Greater than 1000 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 567 | 311 |
Greater than 1000 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 277 | 137 |
Fair Value Liability of Written Credit Derivatives | 6,151 | 1,933 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | $ (5,874) | $ (1,796) |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
CVA, net of hedges | $ 217 | $ 45 | $ 300 | $ (63) |
FVA, net of hedges | (122) | 25 | (391) | 37 |
Total | $ 95 | $ 70 | $ (91) | $ (26) |
Derivatives and Hedging Acti_11
Derivatives and Hedging Activities - Bifurcated Embedded Derivatives (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | $ 319 | $ 845 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | (177) | (124) |
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability | 142 | 721 |
Notional amount | 43,697,402 | 42,639,542 |
Embedded Derivatives Classified In Debt [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 8,692 | $ 10,743 |
Derivatives and Hedging Acti_12
Derivatives and Hedging Activities - Derivatives with Credit-Related Contingent Features (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Aggregate fair value of derivative contracts which are in net liability position | $ 32,136 | $ 34,315 |
Aggregate fair value of assets as a collateral for derivative contracts | 25,973 | 29,214 |
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 | 235 | 345 |
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 | $ 843 | $ 1,536 |
Derivatives and Hedging Acti_13
Derivatives and Hedging Activities - Gain (Loss) from Interest Rate Hedges and Related Hedged Items (Detail) - Fair Value Hedging [Member] - Derivative Contracts Accounted for as Hedges [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments | ||||
Gains/(losses) on Investments | $ (3) | $ 0 | $ (3) | $ 0 |
Borrowings and deposits | ||||
Gains/(losses) on Borrowings and deposits | (224) | (84) | (271) | (304) |
Interest Rate Contract [Member] | ||||
Investments | ||||
Gains/(losses) on Investments | (55) | 0 | (55) | 0 |
Borrowings and deposits | ||||
Gains/(losses) on Borrowings and deposits | (6,067) | 1,475 | (14,809) | (3,930) |
Hedged Investments [Member] | ||||
Investments | ||||
Gains/(losses) on Investments | 52 | 0 | 52 | 0 |
Hedged Borrowings and Deposits [Member] | ||||
Borrowings and deposits | ||||
Gains/(losses) on Borrowings and deposits | $ 5,843 | $ (1,559) | $ 14,538 | $ 3,626 |
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, 2022 | Dec. 31, 2021 |
Investments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | $ 4,074 | |
Cumulative Hedging Adjustment | 52 | |
Deposits at Fair Value [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | 8,753 | $ 14,131 |
Cumulative Hedging Adjustment | (176) | 246 |
Unsecured short-term borrowings [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | 7,076 | 2,167 |
Cumulative Hedging Adjustment | (6) | 5 |
Unsecured long-term borrowings [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | 153,970 | 144,934 |
Cumulative Hedging Adjustment | $ (8,345) | $ 6,169 |
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) - Derivative Contracts Accounted for as Hedges [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amortized cost of Investments, inclusive of hedging adjustment | $ 4,500 | |
Unsecured long-term borrowings [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative hedging adjustment | 5,360 | $ 5,910 |
Addition Cumulative Hedging adjustments | $ 133 | $ 68 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Gain (Loss) Recognized On Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | $ 428 | $ (6) | $ 596 | $ 259 |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ 1,104 | $ (233) | $ 1,213 | $ 227 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Investments in funds at NAV | $ 3,050 | $ 3,050 | |||
Investment at fair value | 77,933 | 77,933 | $ 83,427 | ||
Level 3 [Member] | |||||
Net gains / (losses) on assets | (40) | $ 43 | (43) | $ 36 | |
Level 3 [Member] | Interest Income [Member] | |||||
Net gains / (losses) on assets | 10 | 11 | 16 | 17 | |
Investments [Member] | |||||
Investments in funds at NAV | 3,045 | 3,045 | 3,469 | ||
Investment at fair value | 74,888 | 74,888 | 79,958 | ||
Net gains / (losses) on assets | 144 | 85 | 309 | 245 | |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | (547) | 1,106 | (1,615) | 1,894 | |
Investments [Member] | Operating income (loss) [Member] | |||||
Net gains / (losses) on assets | (512) | 1,120 | (1,530) | 2,020 | |
Investments [Member] | Interest Income [Member] | |||||
Net gains / (losses) on assets | 109 | 66 | 220 | 116 | |
Investments [Member] | Level 3 [Member] | |||||
Investment at fair value | 16,109 | 16,109 | 13,902 | ||
Net gains / (losses) on assets | (403) | 1,190 | (1,310) | 2,140 | |
Equity Securities [Member] | |||||
Equity method investment | 4,680 | 4,680 | 5,810 | ||
Equity Securities [Member] | Investments [Member] | |||||
Investment at fair value | 13,807 | 13,807 | 17,138 | ||
Net gains / (losses) on assets | 57 | 43 | 123 | 83 | |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | (293) | 888 | (1,222) | 1,561 | |
Equity Securities [Member] | Investments [Member] | Level 3 [Member] | |||||
Investment at fair value | 8,163 | 8,163 | 7,915 | ||
Fair Value Option [Member] | |||||
Gains/(losses) recognized on equity securities | 116 | $ 1,220 | (71) | $ 1,640 | |
Investments in funds at NAV [Member] | |||||
Investments in funds at NAV | 1,350 | 1,350 | 1,800 | ||
Investment at fair value | 1,700 | 1,700 | $ 1,670 | ||
Covered funds [Member] | |||||
Investments in Volcker Covered funds | $ 183 | $ 183 |
Investments - Fair Value of Inv
Investments - Fair Value of Investments by Accounting Type (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Investments, Fair Value Disclosure [Abstract] | ||
Equity securities, at fair value | $ 15,149 | $ 18,937 |
Debt instruments, at fair value | 14,993 | 15,558 |
Available-for-sale securities, at fair value | 47,791 | 48,932 |
Investments, at fair value | 77,933 | 83,427 |
Held-to-maturity securities | 36,089 | 4,699 |
Equity method investments | 753 | 593 |
Total investments | $ 114,775 | $ 88,719 |
Investments - Equity Securities
Investments - Equity Securities At Fair Value (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Equity securities, at fair value | $ 15,149 | $ 18,937 |
Public Equity [Member] | ||
Percentage of investment in equity securities | 18% | 24% |
Private Equity [Member] | ||
Percentage of investment in equity securities | 82% | 76% |
Public And Private Equity [Member] | ||
Percentage of investment in equity securities | 100% | 100% |
Corporate [Member] | ||
Percentage of investment in equity securities | 75% | 78% |
Real Estate [Member] | ||
Percentage of investment in equity securities | 25% | 22% |
Corporate And Real Estate [Member] | ||
Percentage of investment in equity securities | 100% | 100% |
Investments - Debt Securities A
Investments - Debt Securities At Fair Value (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt securities, at fair value | $ 14,993 | $ 15,558 |
Corporate debt securities [Member] | ||
Debt securities, at fair value | 10,059 | 9,793 |
Securities backed by real estate [Member] | ||
Debt securities, at fair value | 1,792 | 2,280 |
Money Market Instruments [Member] | ||
Debt securities, at fair value | 1,116 | 1,396 |
Other [Member] | ||
Debt securities, at fair value | $ 2,026 | $ 2,089 |
Investments - Investments in Fu
Investments - Investments in Funds that are Calculated Using Net Asset Value Per Share (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | $ 3,050 | |
Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 3,045 | $ 3,469 |
Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 1,202 | 1,322 |
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 | 952 | 1,411 |
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 | 601 | 619 |
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 | 1,724 | 1,686 |
Credit Funds [Member] | Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 448 | 556 |
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 | 78 | 84 |
Hedge Funds [Member] | Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
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 | 291 | 288 |
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 | $ 153 | $ 147 |
Investments - Securities Accoun
Investments - Securities Accounted for As Available-for-Sale Included in Investments (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 50,849 | $ 49,593 |
Fair Value | $ 47,791 | $ 48,932 |
Weighted Average Yield | 0.54% | 0.52% |
U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 48,192 | $ 46,900 |
Fair Value | $ 45,404 | $ 46,322 |
Weighted Average Yield | 0.54% | 0.53% |
Non-U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 2,657 | $ 2,693 |
Fair Value | $ 2,387 | $ 2,610 |
Weighted Average Yield | 0.41% | 0.33% |
Less than 1 year [Member] | U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 904 | $ 25 |
Fair Value | $ 894 | $ 25 |
Weighted Average Yield | 0.21% | 0.12% |
1 year to 5 years [Member] | U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 44,396 | $ 41,536 |
Fair Value | $ 41,894 | $ 41,066 |
Weighted Average Yield | 0.51% | 0.47% |
1 year to 5 years [Member] | Non-U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 10 | |
Fair Value | $ 10 | |
Weighted Average Yield | 0.28% | |
5 years to 10 years [Member] | U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 2,892 | $ 5,337 |
Fair Value | $ 2,616 | $ 5,229 |
Weighted Average Yield | 1.21% | 0.92% |
5 years to 10 years [Member] | Non-U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 2,647 | $ 2,693 |
Fair Value | $ 2,377 | $ 2,610 |
Weighted Average Yield | 0.41% | 0.33% |
Greater than 10 years [Member] | U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 2 | |
Fair Value | $ 2 | |
Weighted Average Yield | 2% |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Gross unrealized gain included in accumulated other comprehensive gain/(loss) | $ 0 | $ 118 | |||
Gross unrealized loss included in accumulated other comprehensive gain/(loss) | 3,060 | $ 779 | |||
Net unrealized gains/(losses) included in other comprehensive income/(loss after tax | $ (441) | $ 84 | (1,795) | $ (544) | |
Available-for-sale Securities [Member] | |||||
Net unrealized gains/(losses) included in other comprehensive income/(loss before tax | (589) | 112 | (2,400) | (728) | |
Net unrealized gains/(losses) included in other comprehensive income/(loss after tax | $ (441) | $ 84 | $ (1,800) | $ (544) |
Investments - Summary of Gross
Investments - Summary of Gross Realized Gains and the Proceeds from the Sales of Available-for-Sale Securities (Detail) - Available-for-sale Securities [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Gross realized gains | $ 0 | $ 3 | $ 0 | $ 133 |
Proceeds from sales | $ 1 | $ 3,217 | $ 2 | $ 13,415 |
Investments - Cash Instruments
Investments - Cash Instruments by Level (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in funds at NAV | $ 3,050 | |
Investment at fair value | 77,933 | $ 83,427 |
Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in funds at NAV | 3,045 | 3,469 |
Investment at fair value | 74,888 | 79,958 |
Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 49,911 | 51,175 |
Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 8,868 | 14,881 |
Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 16,109 | 13,902 |
U.S. [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 45,404 | 46,322 |
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 | 45,404 | 46,322 |
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 | 0 | 0 |
U.S. [Member] | Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 0 | 0 |
Non-U.S. [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 2,390 | 2,612 |
Non-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 | 2,387 | 2,612 |
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 | 3 | 0 |
Non-U.S. [Member] | Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 0 | 0 |
Corporate debt securities [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 10,059 | 9,793 |
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 | 63 | 65 |
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 | 3,420 | 5,201 |
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 | 6,576 | 4,527 |
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 | 1,792 | 2,280 |
Securities backed by real estate [Member] | Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 0 | 0 |
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 | 725 | 1,202 |
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 | 1,067 | 1,078 |
Money Market Instruments [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 1,116 | 1,396 |
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 | 22 | 41 |
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 | 1,094 | 1,355 |
Money Market Instruments [Member] | Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 0 | 0 |
Other debt obligations [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 320 | 417 |
Other debt obligations [Member] | Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 0 | 0 |
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 | 17 | 35 |
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 | 303 | 382 |
Equity Securities [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 13,807 | 17,138 |
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 | 2,035 | 2,135 |
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 | 3,609 | 7,088 |
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 | $ 8,163 | $ 7,915 |
Investments - Fair Value Measur
Investments - Fair Value Measurement Inputs (Detail) $ in Millions | Jun. 30, 2022 USD ($) yr | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) yr |
Level 3 assets | $ | $ 738,615 | $ 783,324 | $ 715,812 |
Level 3 assets [Member] | |||
Level 3 assets | $ | 28,884 | $ 25,373 | 24,083 |
Corporate debt securities [Member] | Level 3 assets [Member] | Investments [Member] | |||
Level 3 assets | $ | $ 6,576 | $ 4,527 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 2% | 2% | |
Corporate debt securities [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 25.80% | 29% | |
Corporate debt securities [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 12% | 10.80% | |
Corporate debt securities [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 9.10% | 9.10% | |
Corporate debt securities [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 78.50% | 76% | |
Corporate debt securities [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 52.80% | 59.10% | |
Corporate debt securities [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 1.5 | 1.4 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 5.5 | 6.4 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 3.6 | 3.8 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 1.8 | 0.5 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 29.3 | 28.2 | |
Corporate debt securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 8 | 6.9 | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Investments [Member] | |||
Level 3 assets | $ | $ 1,067 | $ 1,078 | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 8.60% | 8.30% | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 30.70% | 20.30% | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 17.40% | 13.10% | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 44.50% | 55.10% | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 45% | 61% | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 44.60% | 56.40% | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.6 | 0.1 | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 4.8 | 2.6 | |
Securities backed by real estate [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 4.1 | 1.2 | |
Equity Securities [Member] | Level 3 assets [Member] | Investments [Member] | |||
Level 3 assets | $ | $ 8,163 | $ 7,915 | |
Equity Securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.3 | 0.4 | |
Equity Securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 25.7 | 30.5 | |
Equity Securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 9.3 | 10.1 | |
Equity Securities [Member] | Level 3 assets [Member] | Discount rate/yield [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 5.20% | 2% | |
Equity Securities [Member] | Level 3 assets [Member] | Discount rate/yield [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 39.10% | 35% | |
Equity Securities [Member] | Level 3 assets [Member] | Discount rate/yield [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 14% | 14.10% | |
Equity Securities [Member] | Level 3 assets [Member] | Capitalization rate [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 3.40% | 3.50% | |
Equity Securities [Member] | Level 3 assets [Member] | Capitalization rate [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 10.80% | 14% | |
Equity Securities [Member] | Level 3 assets [Member] | Capitalization rate [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 5.30% | 5.70% | |
Other debt obligations [Member] | Level 3 assets [Member] | Investments [Member] | |||
Level 3 assets | $ | $ 303 | $ 382 | |
Other debt obligations [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 4.90% | 2.30% | |
Other debt obligations [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 17.50% | 10.60% | |
Other debt obligations [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 5.80% | 3.20% | |
Other debt obligations [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Minimum [Member] | |||
Investments measurement input | 0.7 | 0.9 | |
Other debt obligations [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Maximum [Member] | |||
Investments measurement input | 5.5 | 9.3 | |
Other debt obligations [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Weighted Average [Member] | |||
Investments measurement input | 4 | 4.8 |
Investments - Investments, Leve
Investments - Investments, Level 3 Rollforward (Detail) - Investments [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
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 | $ 14,168 | $ 17,049 | $ 13,902 | $ 16,423 |
Net realized gains/(losses) | 144 | 85 | 309 | 245 |
Net unrealized gains/(losses) | (547) | 1,106 | (1,615) | 1,894 |
Purchases | 425 | 558 | 815 | 971 |
Sales | (296) | (422) | (417) | (778) |
Settlements | (567) | (1,174) | (1,288) | (1,734) |
Transfers into level 3 | 3,542 | 873 | 5,550 | 1,522 |
Transfers out of level 3 | (760) | (1,743) | (1,147) | (2,211) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 16,109 | 16,332 | 16,109 | 16,332 |
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 | 4,645 | 5,314 | 4,527 | 5,286 |
Net realized gains/(losses) | 74 | 25 | 161 | 127 |
Net unrealized gains/(losses) | (194) | 179 | (180) | 295 |
Purchases | 203 | 27 | 393 | 215 |
Sales | (62) | (155) | (28) | (281) |
Settlements | (265) | (437) | (779) | (678) |
Transfers into level 3 | 2,304 | 506 | 2,650 | 844 |
Transfers out of level 3 | (129) | (501) | (168) | (850) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 6,576 | 4,958 | 6,576 | 4,958 |
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 | 1,060 | 1,039 | 1,078 | 998 |
Net realized gains/(losses) | 10 | 13 | 20 | 27 |
Net unrealized gains/(losses) | (58) | 36 | (208) | 36 |
Purchases | 33 | 168 | 79 | 208 |
Sales | (2) | 0 | (9) | 0 |
Settlements | (70) | (111) | (121) | (211) |
Transfers into level 3 | 137 | 0 | 270 | 87 |
Transfers out of level 3 | (43) | (28) | (42) | (28) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 1,067 | 1,117 | 1,067 | 1,117 |
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 | 8,141 | 10,173 | 7,915 | 9,642 |
Net realized gains/(losses) | 57 | 43 | 123 | 83 |
Net unrealized gains/(losses) | (293) | 888 | (1,222) | 1,561 |
Purchases | 178 | 352 | 317 | 509 |
Sales | (222) | (256) | (364) | (485) |
Settlements | (211) | (598) | (299) | (813) |
Transfers into level 3 | 1,101 | 367 | 2,630 | 591 |
Transfers out of level 3 | (588) | (1,214) | (937) | (1,333) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 8,163 | 9,755 | 8,163 | 9,755 |
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 | 322 | 523 | 382 | 497 |
Net realized gains/(losses) | 3 | 4 | 5 | 8 |
Net unrealized gains/(losses) | (2) | 3 | (5) | 2 |
Purchases | 11 | 11 | 26 | 39 |
Sales | (10) | (11) | (16) | (12) |
Settlements | (21) | (28) | (89) | (32) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 303 | $ 502 | $ 303 | $ 502 |
Investments - Held-to-Maturity
Investments - Held-to-Maturity Securities (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 36,089 | $ 4,699 |
Fair Value | $ 35,753 | $ 4,873 |
Weighted Average Yield | 2.44% | 2.13% |
U.S. government obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 35,903 | $ 4,054 |
Fair Value | $ 35,569 | $ 4,200 |
Weighted Average Yield | 2.45% | 2.30% |
U.S. government obligations [Member] | Less than 1 year [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 4,087 | |
Fair Value | $ 4,075 | |
Weighted Average Yield | 1.33% | |
U.S. government obligations [Member] | 1 year to 5 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 31,727 | $ 4,054 |
Fair Value | $ 31,405 | $ 4,200 |
Weighted Average Yield | 2.59% | 2.30% |
U.S. government obligations [Member] | 5 years to 10 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 89 | |
Fair Value | $ 89 | |
Weighted Average Yield | 3.06% | |
Securities backed by real estate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 186 | $ 645 |
Fair Value | $ 184 | $ 673 |
Weighted Average Yield | 1.10% | 1.04% |
Securities backed by real estate [Member] | 5 years to 10 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 3 | $ 3 |
Fair Value | $ 3 | $ 3 |
Weighted Average Yield | 3.73% | 2.78% |
Securities backed by real estate [Member] | Greater than 10 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 183 | $ 642 |
Fair Value | $ 181 | $ 670 |
Weighted Average Yield | 1.04% | 1.03% |
Investments - Held-to-Maturit_2
Investments - Held-to-Maturity Securities (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-maturity, Maturity [Abstract] | ||
Held-to-maturity securities, gross unrealized gains | $ 0 | $ 175 |
Held-to-maturity securities, gross unrealized losses | $ 341 | $ 0 |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Loans Receivable [Line Items] | ||||||
Gross loans receivable | $ 180,500 | $ 162,135 | ||||
Allowance for loan losses | (4,562) | $ (4,086) | (3,573) | $ (3,271) | $ (3,515) | $ (3,874) |
Total loans receivable | 175,938 | 158,562 | ||||
Loans at fair value | 9,492 | 10,769 | ||||
Amortized cost [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 163,962 | 143,507 | ||||
Allowance for loan losses | (4,562) | (3,573) | ||||
Total loans receivable | 159,400 | 139,934 | ||||
Fair Value [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Total loans receivable | 9,492 | 10,769 | ||||
Loans at fair value | 9,492 | 10,769 | ||||
Held for sale [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Total loans receivable | 7,046 | 7,859 | ||||
Loans held for sale | 7,046 | 7,859 | ||||
Corporate [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 61,546 | 55,927 | ||||
Loans at fair value | 2,304 | 2,492 | ||||
Corporate [Member] | Amortized cost [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 57,072 | 50,960 | ||||
Corporate [Member] | Fair Value [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans at fair value | 2,304 | 2,492 | ||||
Corporate [Member] | Held for sale [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans held for sale | 2,170 | 2,475 | ||||
Wealth management [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 48,279 | 43,998 | ||||
Loans at fair value | 4,882 | 5,936 | ||||
Wealth management [Member] | Amortized cost [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 43,397 | 38,062 | ||||
Wealth management [Member] | Fair Value [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans at fair value | 4,882 | 5,936 | ||||
Wealth management [Member] | Held for sale [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans held for sale | 0 | 0 | ||||
Commercial real estate [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 28,178 | 25,883 | ||||
Loans at fair value | 1,404 | 1,588 | ||||
Commercial real estate [Member] | Amortized cost [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 22,698 | 21,150 | ||||
Commercial real estate [Member] | Fair Value [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans at fair value | 1,404 | 1,588 | ||||
Commercial real estate [Member] | Held for sale [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans held for sale | 4,076 | 3,145 | ||||
Residential real estate [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 16,955 | 15,913 | ||||
Loans at fair value | 551 | 320 | ||||
Residential real estate [Member] | Amortized cost [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 16,403 | 15,493 | ||||
Residential real estate [Member] | Fair Value [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans at fair value | 551 | 320 | ||||
Residential real estate [Member] | Held for sale [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans held for sale | 1 | 100 | ||||
Installment [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 4,582 | 3,672 | ||||
Installment [Member] | Amortized cost [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 4,582 | 3,672 | ||||
Installment [Member] | Fair Value [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans at fair value | 0 | 0 | ||||
Installment [Member] | Held for sale [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans held for sale | 0 | 0 | ||||
Credit card [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 11,844 | 8,212 | ||||
Credit card [Member] | Amortized cost [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 11,844 | 8,212 | ||||
Credit card [Member] | Fair Value [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans at fair value | 0 | 0 | ||||
Credit card [Member] | Held for sale [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans held for sale | 0 | 0 | ||||
Other Loans [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 9,116 | 8,530 | ||||
Loans at fair value | 351 | 433 | ||||
Other Loans [Member] | Amortized cost [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Gross loans receivable | 7,966 | 5,958 | ||||
Other Loans [Member] | Fair Value [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans at fair value | 351 | 433 | ||||
Other Loans [Member] | Held for sale [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Loans held for sale | $ 799 | $ 2,139 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Sep. 30, 2023 | |
Loans Receivable [Line Items] | |||||||
Gains/(Losses) as a result of changes in the fair value | $ 6,375 | $ (2,500) | $ 10,957 | $ (3,583) | |||
Impaired loans receivable (excluding PCI loans) on non-accrual status | 2,283 | 2,283 | $ 2,469 | ||||
Amount Of Lending Commitments Held For Investment | $ 216,164 | $ 216,164 | $ 197,120 | ||||
Percentage of loans that were rated pass/non-criticized | 94% | 94% | 92% | ||||
Change in allowance for credit losses | $ 517 | (143) | $ 918 | (338) | |||
Provision GM | 185 | ||||||
Concentration Risk,Percentage | 100% | 100% | |||||
Nonaccrual loans allowance for loans losses divided by total | 199.80% | 199.80% | 144.70% | ||||
Second Quarter of 2023 | COUNTRY U S [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Maximum decline in gross domestic rate relative to expected rate | 1.60% | ||||||
Third Quarter of 2023 | COUNTRY U S [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Maximum estimated unemployment rate | 7.90% | ||||||
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 | $ 502 | $ 502 | $ 254 | ||||
Wholesale [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Nonaccrual loans, for which allowance for credit losses was measured | 2,250 | 2,250 | 2,430 | ||||
Nonaccrual loans, allowance for credit losses | 477 | 477 | 543 | ||||
Nonaccrual loans, for which no allowance for credit losses required | 294 | 294 | $ 140 | ||||
Financing receivable revolving converted to term loan | 574 | 574 | |||||
Other Principal Transactions [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Gains/(Losses) as a result of changes in the fair value | (79) | 101 | $ (195) | 193 | |||
Credit card [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Concentration Risk,Percentage | 100% | 100% | |||||
Commitment to acquire loan portfolio | $ 2,000 | ||||||
Increase in credit card lending commitments | $ 15,000 | ||||||
Increase in funded loans due to acquisition of GM credit card portfolio | 2,000 | ||||||
Corporate And Commercial Real Estate Loans [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Loans modified in troubled debt restructuring | 224 | $ 224 | $ 267 | ||||
Real Estate [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Concentration Risk,Percentage | 8% | 8% | |||||
Diversified Industrials [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Concentration Risk,Percentage | 13% | 13% | |||||
Technology Media Telecommunications [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Concentration Risk,Percentage | 18% | 18% | |||||
Funds [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Concentration Risk,Percentage | 20% | 21% | |||||
Natural Resources Utilities [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Concentration Risk,Percentage | 8% | 9% | |||||
Credit Card Receivables Issued To Customers [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Amount Of Lending Commitments Held For Investment | 57,180 | $ 57,180 | $ 33,970 | ||||
Level 3 [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Net gains / (losses) on assets | (40) | 43 | (43) | 36 | |||
Level 3 [Member] | Interest Income [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Net gains / (losses) on assets | 10 | 11 | 16 | 17 | |||
Level 3 [Member] | Loans Non Trading [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Net unrealized gains / (losses) on assets | (67) | 22 | (119) | (11) | |||
Net realized gains / (losses) on assets | 27 | 21 | 76 | 47 | |||
Level 3 [Member] | Other Principal Transactions [Member] | |||||||
Loans Receivable [Line Items] | |||||||
Net gains / (losses) on assets | $ (50) | $ 32 | $ (59) | $ 19 |
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, 2022 | Dec. 31, 2021 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 180,500 | $ 162,135 |
Concentration Risk,Percentage | 100% | 100% |
Loans receivable at fair value | $ 9,492 | $ 10,769 |
Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 61,546 | $ 55,927 |
Concentration Risk,Percentage | 100% | 100% |
Loans receivable at fair value | $ 2,304 | $ 2,492 |
Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 48,279 | $ 43,998 |
Concentration Risk,Percentage | 100% | 100% |
Loans receivable at fair value | $ 4,882 | $ 5,936 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 28,178 | $ 25,883 |
Concentration Risk,Percentage | 100% | 100% |
Loans receivable at fair value | $ 1,404 | $ 1,588 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 16,955 | $ 15,913 |
Concentration Risk,Percentage | 100% | 100% |
Loans receivable at fair value | $ 551 | $ 320 |
Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,582 | $ 3,672 |
Concentration Risk,Percentage | 100% | 100% |
Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 11,844 | $ 8,212 |
Concentration Risk,Percentage | 100% | 100% |
Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 9,116 | $ 8,530 |
Concentration Risk,Percentage | 100% | 100% |
Loans receivable at fair value | $ 351 | $ 433 |
Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 180,500 | 162,135 |
Internally rated loans [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 61,546 | 55,927 |
Internally rated loans [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 48,279 | 43,998 |
Internally rated loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 28,178 | 25,883 |
Internally rated loans [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 16,955 | 15,913 |
Internally rated loans [Member] | Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,582 | 3,672 |
Internally rated loans [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 11,844 | 8,212 |
Internally rated loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 9,116 | 8,530 |
Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 163,962 | 143,507 |
Amortized cost [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 57,072 | 50,960 |
Amortized cost [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 43,397 | 38,062 |
Amortized cost [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 22,698 | 21,150 |
Amortized cost [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 16,403 | 15,493 |
Amortized cost [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 11,844 | 8,212 |
Amortized cost [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,966 | 5,958 |
Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 163,962 | 143,507 |
Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 9,492 | 10,769 |
Fair Value [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 2,304 | 2,492 |
Fair Value [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 4,882 | 5,936 |
Fair Value [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 1,404 | 1,588 |
Fair Value [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 551 | 320 |
Fair Value [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 0 | 0 |
Fair Value [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 351 | 433 |
Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 9,492 | 10,769 |
Held for sale [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 7,046 | 7,859 |
Held for sale [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 2,170 | 2,475 |
Held for sale [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 0 | 0 |
Held for sale [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 4,076 | 3,145 |
Held for sale [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 1 | 100 |
Held for sale [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 0 | 0 |
Held for sale [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 799 | 2,139 |
Held for sale [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | $ 7,046 | $ 7,859 |
Loans Receivable [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 100% | 100% |
Loans Receivable [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 81% | 82% |
Loans Receivable [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 19% | 18% |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 61,458 | $ 54,874 |
Concentration Risk,Percentage | 100% | 100% |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 18,229 | $ 15,370 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 33,436 | 31,476 |
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 | 4,437 | 3,986 |
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 | 1,540 | 1,112 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 3,816 | $ 2,930 |
Loans Receivable [Member] | Investment-Grade [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 84% | 85% |
Loans Receivable [Member] | Investment-Grade [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 16% | 15% |
Loans Receivable [Member] | Investment-Grade [Member] | Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 57,082 | $ 50,923 |
Loans Receivable [Member] | Investment-Grade [Member] | Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 2,170 | 2,301 |
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 | 2,206 | 1,650 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 91,935 | $ 84,560 |
Concentration Risk,Percentage | 100% | 100% |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 43,058 | $ 40,389 |
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 | 7,243 | 5,730 |
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 | 23,510 | 21,523 |
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 | 13,973 | 13,779 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,151 | $ 3,139 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 93% | 92% |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 7% | 8% |
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 | $ 83,113 | $ 75,179 |
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 | 4,244 | 4,634 |
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 | 4,578 | 4,747 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 27,107 | $ 22,701 |
Concentration Risk,Percentage | 100% | 100% |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 259 | $ 168 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,600 | 6,792 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 231 | 374 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,442 | 1,022 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,582 | 3,672 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 11,844 | 8,212 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 1,149 | $ 2,461 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 35% | 36% |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 65% | 64% |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 23,767 | $ 17,405 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 3,078 | 3,834 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Held for sale [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | $ 262 | $ 1,462 |
Loans - Schedule of Credit Qual
Loans - Schedule of Credit Quality Indicators for Term Loans by Origination Year (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 180,500 | $ 162,135 |
Percentage of total | 100% | 100% |
All Classes Except Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 147,536 | $ 131,623 |
Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total | 39% | 39% |
Investment-Grade [Member] | All Classes Except Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 57,082 | $ 50,923 |
Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total | 56% | 57% |
Non-Investment-Grade [Member] | All Classes Except Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 83,113 | $ 75,179 |
Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total | 5% | 4% |
Other/Unrated [Member] | All Classes Except Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 7,341 | $ 5,521 |
Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 5,327 | 15,163 |
2021 and 2020 | 12,982 | 6,479 |
2020 and 2019 | 6,142 | 4,400 |
2019 and 2018 | 3,836 | 4,743 |
2018 and 2017 | 4,346 | 2,590 |
2017 and 2016 or earlier | 4,698 | 1,967 |
Revolving | 19,741 | 15,618 |
Loans, gross | 57,072 | 50,960 |
Corporate [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 2,409 | 4,687 |
2021 and 2020 | 4,448 | 1,911 |
2020 and 2019 | 1,283 | 451 |
2019 and 2018 | 443 | 1,842 |
2018 and 2017 | 1,871 | 733 |
2017 and 2016 or earlier | 952 | 274 |
Revolving | 5,936 | 3,800 |
Loans, gross | 17,342 | 13,698 |
Corporate [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 2,718 | 10,424 |
2021 and 2020 | 8,534 | 4,561 |
2020 and 2019 | 4,859 | 3,949 |
2019 and 2018 | 3,393 | 2,901 |
2018 and 2017 | 2,475 | 1,857 |
2017 and 2016 or earlier | 3,746 | 1,693 |
Revolving | 13,801 | 11,744 |
Loans, gross | 39,526 | 37,129 |
Corporate [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 200 | 52 |
2021 and 2020 | 0 | 7 |
2020 and 2019 | 0 | 0 |
2019 and 2018 | 0 | 0 |
2018 and 2017 | 0 | 0 |
2017 and 2016 or earlier | 0 | 0 |
Revolving | 4 | 74 |
Loans, gross | 204 | 133 |
Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 2,296 | 3,856 |
2021 and 2020 | 3,752 | 845 |
2020 and 2019 | 882 | 889 |
2019 and 2018 | 711 | 372 |
2018 and 2017 | 386 | 411 |
2017 and 2016 or earlier | 1,209 | 808 |
Revolving | 34,161 | 30,881 |
Loans, gross | 43,397 | 38,062 |
Wealth management [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 960 | 1,405 |
2021 and 2020 | 1,489 | 558 |
2020 and 2019 | 549 | 537 |
2019 and 2018 | 486 | 334 |
2018 and 2017 | 349 | 380 |
2017 and 2016 or earlier | 590 | 565 |
Revolving | 27,850 | 26,349 |
Loans, gross | 32,273 | 30,128 |
Wealth management [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 615 | 1,186 |
2021 and 2020 | 1,078 | 287 |
2020 and 2019 | 333 | 352 |
2019 and 2018 | 225 | 38 |
2018 and 2017 | 37 | 31 |
2017 and 2016 or earlier | 619 | 243 |
Revolving | 3,167 | 2,127 |
Loans, gross | 6,074 | 4,264 |
Wealth management [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 721 | 1,265 |
2021 and 2020 | 1,185 | 0 |
2020 and 2019 | 0 | 0 |
2019 and 2018 | 0 | 0 |
2018 and 2017 | 0 | 0 |
2017 and 2016 or earlier | 0 | 0 |
Revolving | 3,144 | 2,405 |
Loans, gross | 5,050 | 3,670 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 2,331 | 4,512 |
2021 and 2020 | 3,985 | 2,017 |
2020 and 2019 | 1,930 | 1,388 |
2019 and 2018 | 1,389 | 1,036 |
2018 and 2017 | 917 | 1,022 |
2017 and 2016 or earlier | 1,499 | 995 |
Revolving | 10,647 | 10,180 |
Loans, gross | 22,698 | 21,150 |
Commercial real estate [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 10 | 334 |
2021 and 2020 | 302 | 127 |
2020 and 2019 | 74 | 52 |
2019 and 2018 | 49 | 207 |
2018 and 2017 | 193 | 398 |
2017 and 2016 or earlier | 706 | 405 |
Revolving | 919 | 1,768 |
Loans, gross | 2,253 | 3,291 |
Commercial real estate [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 2,292 | 4,084 |
2021 and 2020 | 3,683 | 1,890 |
2020 and 2019 | 1,856 | 1,336 |
2019 and 2018 | 1,340 | 829 |
2018 and 2017 | 724 | 624 |
2017 and 2016 or earlier | 786 | 583 |
Revolving | 9,728 | 8,412 |
Loans, gross | 20,409 | 17,758 |
Commercial real estate [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 29 | 94 |
2021 and 2020 | 0 | 0 |
2020 and 2019 | 0 | 0 |
2019 and 2018 | 0 | 0 |
2018 and 2017 | 0 | 0 |
2017 and 2016 or earlier | 7 | 7 |
Revolving | 0 | 0 |
Loans, gross | 36 | 101 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 705 | 2,310 |
2021 and 2020 | 2,364 | 920 |
2020 and 2019 | 389 | 173 |
2019 and 2018 | 128 | 249 |
2018 and 2017 | 214 | 192 |
2017 and 2016 or earlier | 160 | 57 |
Revolving | 12,443 | 11,592 |
Loans, gross | 16,403 | 15,493 |
Residential real estate [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 513 | 113 |
2021 and 2020 | 150 | 260 |
2020 and 2019 | 0 | 0 |
2019 and 2018 | 0 | 0 |
2018 and 2017 | 0 | 8 |
2017 and 2016 or earlier | 6 | 0 |
Revolving | 828 | 673 |
Loans, gross | 1,497 | 1,054 |
Residential real estate [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 1 | 1,944 |
2021 and 2020 | 1,980 | 557 |
2020 and 2019 | 295 | 0 |
2019 and 2018 | 0 | 84 |
2018 and 2017 | 67 | 65 |
2017 and 2016 or earlier | 2 | 1 |
Revolving | 11,215 | 10,919 |
Loans, gross | 13,560 | 13,570 |
Residential real estate [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 191 | 253 |
2021 and 2020 | 234 | 103 |
2020 and 2019 | 94 | 173 |
2019 and 2018 | 128 | 165 |
2018 and 2017 | 147 | 119 |
2017 and 2016 or earlier | 152 | 56 |
Revolving | 400 | 0 |
Loans, gross | 1,346 | 869 |
Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 163 | 955 |
2021 and 2020 | 792 | 437 |
2020 and 2019 | 369 | 44 |
2019 and 2018 | 28 | 30 |
2018 and 2017 | 26 | 13 |
2017 and 2016 or earlier | 10 | |
Revolving | 6,578 | 4,479 |
Loans, gross | 7,966 | 5,958 |
Other [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 0 | 0 |
2021 and 2020 | 0 | 0 |
2020 and 2019 | 0 | 0 |
2019 and 2018 | 0 | 0 |
2018 and 2017 | 0 | 0 |
2017 and 2016 or earlier | 0 | |
Revolving | 3,717 | 2,752 |
Loans, gross | 3,717 | 2,752 |
Other [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 74 | 694 |
2021 and 2020 | 611 | 59 |
2020 and 2019 | 37 | 25 |
2019 and 2018 | 14 | 30 |
2018 and 2017 | 19 | 5 |
2017 and 2016 or earlier | 4 | |
Revolving | 2,785 | 1,645 |
Loans, gross | 3,544 | 2,458 |
Other [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | 89 | 261 |
2021 and 2020 | 181 | 378 |
2020 and 2019 | 332 | 19 |
2019 and 2018 | 14 | 0 |
2018 and 2017 | 7 | 8 |
2017 and 2016 or earlier | 6 | |
Revolving | 76 | 82 |
Loans, gross | $ 705 | $ 748 |
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, 2022 | Dec. 31, 2021 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 180,500 | $ 162,135 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100% | 100% |
FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 16,426 | $ 11,884 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100% | 100% |
Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 4,582 | $ 3,672 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100% | 100% |
Installment [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | $ 2,048 | $ 2,059 |
2021 and 2020 | 1,590 | 705 |
2020 and 2019 | 448 | 569 |
2019 and 2018 | 321 | 299 |
2018 and 2017 | 158 | 39 |
2017 or earlier and 2016 | 17 | 1 |
Total loans, gross | $ 4,582 | $ 3,672 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100% | 100% |
Credit card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 11,844 | $ 8,212 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100% | 100% |
Credit card [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 11,844 | $ 8,212 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100% | 100% |
Greater than or equal to 660 [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 12,859 | $ 9,580 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 78% | 81% |
Greater than or equal to 660 [Member] | Installment [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | $ 2,009 | $ 2,017 |
2021 and 2020 | 1,506 | 665 |
2020 and 2019 | 418 | 508 |
2019 and 2018 | 285 | 257 |
2018 and 2017 | 136 | 32 |
2017 or earlier and 2016 | 14 | 1 |
Total loans, gross | $ 4,368 | $ 3,480 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 95% | 95% |
Greater than or equal to 660 [Member] | Credit card [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 8,491 | $ 6,100 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 72% | 74% |
Less than 660 [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 3,567 | $ 2,304 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 22% | 19% |
Less than 660 [Member] | Installment [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 and 2021 | $ 39 | $ 42 |
2021 and 2020 | 84 | 40 |
2020 and 2019 | 30 | 61 |
2019 and 2018 | 36 | 42 |
2018 and 2017 | 22 | 7 |
2017 or earlier and 2016 | 3 | 0 |
Total loans, gross | $ 214 | $ 192 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 5% | 5% |
Less than 660 [Member] | Credit card [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 3,353 | $ 2,112 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 28% | 26% |
Loans - Summary of Credit Conce
Loans - Summary of Credit Concentration by Region (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 180,500 | $ 162,135 |
Concentration Risk,Percentage | 100% | 100% |
Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 79% | 76% |
Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 17% | 19% |
Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 4% | 5% |
Corporate [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 61,546 | $ 55,927 |
Concentration Risk,Percentage | 100% | 100% |
Corporate [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 59% | 54% |
Corporate [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 33% | 38% |
Corporate [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 8% | 8% |
Wealth management [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 48,279 | $ 43,998 |
Concentration Risk,Percentage | 100% | 100% |
Wealth management [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 89% | 87% |
Wealth management [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 9% | 10% |
Wealth management [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 2% | 3% |
Commercial real estate [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 28,178 | $ 25,883 |
Concentration Risk,Percentage | 100% | 100% |
Commercial real estate [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 80% | 80% |
Commercial real estate [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 14% | 15% |
Commercial real estate [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 6% | 5% |
Residential real estate [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 16,955 | $ 15,913 |
Concentration Risk,Percentage | 100% | 100% |
Residential real estate [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 94% | 95% |
Residential real estate [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 5% | 2% |
Residential real estate [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 1% | 3% |
Installment [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,582 | $ 3,672 |
Concentration Risk,Percentage | 100% | 100% |
Installment [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 100% | 100% |
Installment [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 0% | 0% |
Installment [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 0% | 0% |
Credit card [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 11,844 | $ 8,212 |
Concentration Risk,Percentage | 100% | 100% |
Credit card [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 100% | 100% |
Credit card [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 0% | 0% |
Credit card [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 0% | 0% |
Other [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 9,116 | $ 8,530 |
Concentration Risk,Percentage | 100% | 100% |
Other [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 88% | 84% |
Other [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 11% | 15% |
Other [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 1% | 1% |
Loans - Summary of Financing re
Loans - Summary of Financing receivable, past due (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | $ 1,198 | $ 474 |
Past due loans divided by gross loans at amortized cost | 0.70% | 0.30% |
Corporate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | $ 131 | $ 95 |
Wealth management [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 335 | 20 |
Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 349 | 150 |
Residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 7 | 7 |
Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 30 | 27 |
Credit Card Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 322 | 157 |
Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 24 | 18 |
30-89 days [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 522 | 136 |
30-89 days [Member] | Corporate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 0 | 5 |
30-89 days [Member] | Wealth management [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 282 | 0 |
30-89 days [Member] | Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 21 | 7 |
30-89 days [Member] | Residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 2 | 3 |
30-89 days [Member] | Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 23 | 20 |
30-89 days [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 175 | 86 |
30-89 days [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 19 | 15 |
90 days or more [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 676 | 338 |
90 days or more [Member] | Corporate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 131 | 90 |
90 days or more [Member] | Wealth management [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 53 | 20 |
90 days or more [Member] | Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 328 | 143 |
90 days or more [Member] | Residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 5 | 4 |
90 days or more [Member] | Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 7 | 7 |
90 days or more [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 147 | 71 |
90 days or more [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | $ 5 | $ 3 |
Loans - Impaired Financing Rece
Loans - Impaired Financing Receivables (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | $ 2,283 | $ 2,469 |
Nonaccrual loans divided by gross loans at amortized cost | 1.40% | 1.70% |
Corporate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | $ 1,426 | $ 1,559 |
Wealth management [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 156 | 21 |
Commercial real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 660 | 841 |
Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 4 | 5 |
Installment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | $ 37 | $ 43 |
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, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 180,500 | $ 162,135 |
Lending commitments | 216,164 | 197,120 |
Corporate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 61,546 | 55,927 |
Wealth management [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 48,279 | 43,998 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 28,178 | 25,883 |
Residential real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 16,955 | 15,913 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 9,116 | 8,530 |
Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,582 | 3,672 |
Credit card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 11,844 | 8,212 |
Wholesale Portfolio Segment [Member] | Corporate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 57,072 | 50,960 |
Lending commitments | 142,681 | 143,296 |
Wholesale Portfolio Segment [Member] | Wealth management [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 43,397 | 38,062 |
Lending commitments | 4,424 | 4,091 |
Wholesale Portfolio Segment [Member] | Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 22,698 | 21,150 |
Lending commitments | 3,298 | 4,306 |
Wholesale Portfolio Segment [Member] | Residential real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 16,403 | 15,493 |
Lending commitments | 3,325 | 3,317 |
Wholesale Portfolio Segment [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 7,966 | 5,958 |
Lending commitments | 5,233 | 6,169 |
Consumer Portfolio Segment [Member] | Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,582 | 3,672 |
Lending commitments | 19 | 9 |
Consumer Portfolio Segment [Member] | Credit card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 11,844 | 8,212 |
Lending commitments | 57,184 | 35,932 |
Wholesale and Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 163,962 | 143,507 |
Lending commitments | $ 216,164 | $ 197,120 |
Loans - Summary of Changes in A
Loans - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Allowance for loan losses | ||||
Balance, beginning of period | $ 4,086 | $ 3,515 | $ 3,573 | $ 3,874 |
Net (charge-offs)/recoveries | (149) | (48) | (303) | (126) |
Provision | 623 | (193) | 1,296 | (445) |
Other | 2 | (3) | (4) | (32) |
Balance, end of period | $ 4,562 | $ 3,271 | $ 4,562 | $ 3,271 |
Allowance ratio | 2.80% | 2.70% | 2.80% | 2.70% |
Net charge-off ratio | 0.40% | 0.20% | 0.40% | 0.20% |
Allowance for losses on lending commitments | ||||
Balance, beginning of period | $ 664 | $ 721 | $ 776 | $ 557 |
Provision | 44 | 101 | (68) | 283 |
Other | (3) | (3) | (18) | |
Balance, end of period | 705 | 822 | 705 | 822 |
Wholesale [Member] | ||||
Allowance for loan losses | ||||
Balance, beginning of period | 2,300 | 2,408 | 2,135 | 2,584 |
Net (charge-offs)/recoveries | (60) | 8 | (146) | (9) |
Provision | 216 | (240) | 473 | (370) |
Other | 2 | (3) | (4) | (32) |
Balance, end of period | $ 2,458 | $ 2,173 | $ 2,458 | $ 2,173 |
Allowance ratio | 1.70% | 2% | 1.70% | 2% |
Net charge-off ratio | 0.20% | 0% | 0.20% | 0% |
Allowance for losses on lending commitments | ||||
Balance, beginning of period | $ 662 | $ 541 | $ 589 | $ 557 |
Provision | 43 | 95 | 116 | 97 |
Other | (3) | (3) | (18) | |
Balance, end of period | 702 | 636 | 702 | 636 |
Consumer [Member] | ||||
Allowance for loan losses | ||||
Balance, beginning of period | 1,786 | 1,107 | 1,438 | 1,290 |
Net (charge-offs)/recoveries | (89) | (56) | (157) | (117) |
Provision | 407 | 47 | 823 | (75) |
Other | 0 | 0 | 0 | 0 |
Balance, end of period | $ 2,104 | $ 1,098 | $ 2,104 | $ 1,098 |
Allowance ratio | 12.80% | 13% | 12.80% | 13% |
Net charge-off ratio | 2.30% | 2.80% | 2.20% | 2.90% |
Allowance for losses on lending commitments | ||||
Balance, beginning of period | $ 2 | $ 180 | $ 187 | $ 0 |
Provision | 1 | 6 | (184) | 186 |
Other | 0 | 0 | 0 | |
Balance, end of period | $ 3 | $ 186 | $ 3 | $ 186 |
Loans - Schedule of Forecasted
Loans - Schedule of Forecasted Economic Scenarios (Detail) - Scenario, Forecast [Member] - UNITED STATES | Dec. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Unemployment Rate [Member] | ||||
Schedule Of Forecasted Economic Scenarios [Line Items] | ||||
Allowance for credit losses forecast model inputs | 3.60% | 3.60% | 3.50% | |
GDP [Member] | ||||
Schedule Of Forecasted Economic Scenarios [Line Items] | ||||
Allowance for credit losses forecast model inputs | 1.70% | 1.80% | 2.40% |
Loans - Fair value of loans hel
Loans - Fair value of loans held for investment by level (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 9,492 | $ 10,769 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 7,145 | 8,415 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,347 | 2,354 |
Corporate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,304 | 2,492 |
Corporate [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Corporate [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,346 | 1,655 |
Corporate [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 958 | 837 |
Wealth management [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 4,882 | 5,936 |
Wealth management [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Wealth management [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 4,818 | 5,873 |
Wealth management [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 64 | 63 |
Commercial real estate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,404 | 1,588 |
Commercial real estate [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 513 | 605 |
Commercial real estate [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 891 | 983 |
Residential real estate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 551 | 320 |
Residential real estate [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Residential real estate [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 435 | 115 |
Residential real estate [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 116 | 205 |
Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 351 | 433 |
Other [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Other [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 33 | 167 |
Other [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 318 | $ 266 |
Loans - Summary of Weighted Ave
Loans - Summary of Weighted Average of Significant Unobservable Inputs (Detail) $ in Millions | Jun. 30, 2022 USD ($) yr | Dec. 31, 2021 USD ($) yr |
Loans receivable at fair value | $ | $ 9,492 | $ 10,769 |
Level 3 [Member] | ||
Loans receivable at fair value | $ | 2,347 | 2,354 |
Corporate [Member] | ||
Loans receivable at fair value | $ | 2,304 | 2,492 |
Corporate [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | 958 | 837 |
Commercial real estate [Member] | ||
Loans receivable at fair value | $ | 1,404 | 1,588 |
Commercial real estate [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | 891 | 983 |
Residential real estate [Member] | ||
Loans receivable at fair value | $ | 551 | 320 |
Residential real estate [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | 116 | 205 |
Wealth management and other [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | $ 382 | $ 329 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.006 | 0.015 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.013 | 0.032 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.027 | 0.021 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.05 | 0.036 |
Minimum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.045 | 0.15 |
Minimum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.139 | 0.041 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.5 | 0.9 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.5 | 0.4 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.5 | 0.1 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 2.9 | 2.9 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.258 | 0.556 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.187 | 0.187 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.17 | 0.20 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.187 | 0.187 |
Maximum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.95 | 0.92 |
Maximum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.995 | 0.995 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 9.3 | 6.8 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 5 | 4 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 7.5 | 2.4 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 5.3 | 5.5 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.075 | 0.149 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.128 | 0.126 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.144 | 0.161 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.085 | 0.071 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.43 | 0.408 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.419 | 0.414 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 3.4 | 2.7 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 1.9 | 1.7 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 1.8 | 1 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 3.8 | 3.6 |
Loans - Loans, Level 3 Rollforw
Loans - Loans, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
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 | $ 2,491 | $ 2,531 | $ 2,354 | $ 2,678 |
Net realized gains / (losses) | 27 | 21 | 76 | 47 |
Net unrealized gains/(losses) | (67) | 22 | (119) | (11) |
Purchases | 131 | 35 | 241 | 68 |
Sales | (42) | 0 | (41) | 0 |
Settlements | (141) | (249) | (314) | (377) |
Transfers into level 3 | 89 | 51 | 211 | 94 |
Transfers out of level 3 | (141) | (182) | (61) | (270) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 2,347 | 2,229 | 2,347 | 2,229 |
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 | 954 | 976 | 837 | 929 |
Net realized gains / (losses) | 12 | 8 | 15 | 16 |
Net unrealized gains/(losses) | (19) | 3 | (13) | (8) |
Purchases | 126 | 32 | 150 | 51 |
Sales | (42) | 0 | (40) | 0 |
Settlements | (54) | (136) | (94) | (133) |
Transfers into level 3 | 89 | 50 | 122 | 94 |
Transfers out of level 3 | (108) | (81) | (19) | (97) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 958 | 852 | 958 | 852 |
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 | 982 | 1,028 | 983 | 1,104 |
Net realized gains / (losses) | 7 | 7 | 43 | 13 |
Net unrealized gains/(losses) | (33) | 0 | (79) | (18) |
Purchases | 2 | 3 | 72 | 17 |
Settlements | (59) | (68) | (117) | (148) |
Transfers into level 3 | 0 | 1 | 4 | 0 |
Transfers out of level 3 | (8) | (51) | (15) | (48) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 891 | 920 | 891 | 920 |
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 | 154 | 176 | 205 | 260 |
Net realized gains / (losses) | 0 | 3 | 0 | 6 |
Net unrealized gains/(losses) | (9) | (19) | (14) | (24) |
Purchases | 3 | 0 | 4 | 0 |
Sales | 0 | 0 | (1) | 0 |
Settlements | (8) | (17) | (71) | (28) |
Transfers into level 3 | 0 | 0 | 19 | 0 |
Transfers out of level 3 | (24) | (25) | (26) | (96) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 116 | 118 | 116 | 118 |
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 | 401 | 351 | 329 | 385 |
Net realized gains / (losses) | 8 | 3 | 18 | 12 |
Net unrealized gains/(losses) | (6) | 38 | (13) | 39 |
Purchases | 0 | 0 | 15 | 0 |
Settlements | (20) | (28) | (32) | (68) |
Transfers into level 3 | 0 | 0 | 66 | 0 |
Transfers out of level 3 | (1) | (25) | (1) | (29) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 382 | $ 339 | $ 382 | $ 339 |
Loans - Summary of estimated fa
Loans - Summary of estimated fair value of loans and lending commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Carrying Value | $ 175,938 | $ 158,562 |
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 | 159,400 | 139,934 |
Loans, Estimated Fair Value | 160,479 | 141,803 |
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 | 90,628 | 87,676 |
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 | 69,851 | 54,127 |
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 | 7,046 | 7,859 |
Loans Receivable Held-for-sale, Amount | 7,046 | 7,859 |
Loans, Estimated Fair Value | 7,054 | 7,887 |
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 | 5,513 | 5,970 |
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 | $ 1,541 | $ 1,917 |
Fair Value Option - Financial A
Fair Value Option - Financial Assets and Financial Liabilities by Level (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Resale agreements | $ 239,017 | $ 205,703 |
Securities borrowed | 40,251 | 39,955 |
Customer and other receivables | 26 | 42 |
Total financial assets at fair value | 279,294 | 245,700 |
Deposits | (31,335) | (35,425) |
Repurchase agreements | (172,894) | (165,883) |
Securities loaned | (8,683) | (9,170) |
Other secured financings | (15,781) | (17,074) |
Unsecured borrowings Short-term | (32,002) | (29,832) |
Unsecured borrowings Long-term | (62,238) | (52,390) |
Other liabilities | (87) | (359) |
Total financial liabilities at fair value | (323,020) | (310,133) |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Resale agreements | 0 | 0 |
Securities borrowed | 0 | 0 |
Customer and other receivables | 0 | 0 |
Total financial assets at fair value | 0 | 0 |
Deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Securities loaned | 0 | 0 |
Other secured financings | 0 | 0 |
Unsecured borrowings Short-term | 0 | 0 |
Unsecured borrowings Long-term | 0 | 0 |
Other liabilities | 0 | 0 |
Total financial liabilities at fair value | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Resale agreements | 239,017 | 205,703 |
Securities borrowed | 40,251 | 39,955 |
Customer and other receivables | 26 | 42 |
Total financial assets at fair value | 279,294 | 245,700 |
Deposits | (28,546) | (31,812) |
Repurchase agreements | (172,894) | (165,883) |
Securities loaned | (8,683) | (9,170) |
Other secured financings | (14,369) | (14,508) |
Unsecured borrowings Short-term | (26,793) | (22,003) |
Unsecured borrowings Long-term | (52,612) | (42,977) |
Other liabilities | (9) | (213) |
Total financial liabilities at fair value | (303,906) | (286,566) |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Resale agreements | 0 | 0 |
Securities borrowed | 0 | 0 |
Customer and other receivables | 0 | 0 |
Total financial assets at fair value | 0 | 0 |
Deposits | (2,789) | (3,613) |
Repurchase agreements | 0 | 0 |
Securities loaned | 0 | 0 |
Other secured financings | (1,412) | (2,566) |
Unsecured borrowings Short-term | (5,209) | (7,829) |
Unsecured borrowings Long-term | (9,626) | (9,413) |
Other liabilities | (78) | (146) |
Total financial liabilities at fair value | $ (19,114) | $ (23,567) |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
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 | $ (23,628) | $ (27,791) | $ (23,567) | $ (28,058) |
Net realized gains / (losses) | (149) | (200) | (282) | (294) |
Net unrealized gains/(losses) | 2,911 | (612) | 4,778 | (49) |
Issuances | (3,651) | (7,776) | (7,576) | (12,334) |
Settlements | 4,205 | 7,258 | 7,402 | 10,844 |
Transfers into level 3 | (885) | (903) | (2,037) | (980) |
Transfers out of level 3 | 2,083 | 1,888 | 2,168 | 2,735 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (19,114) | (28,136) | (19,114) | (28,136) |
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 | (3,244) | (3,984) | (3,613) | (4,221) |
Net realized gains / (losses) | (3) | (9) | (7) | (16) |
Net unrealized gains/(losses) | 209 | (110) | 346 | (111) |
Issuances | (219) | (125) | (399) | (215) |
Settlements | 391 | 313 | 777 | 625 |
Transfers into level 3 | (13) | (7) | (17) | (28) |
Transfers out of level 3 | 90 | 14 | 124 | 58 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (2,789) | (3,908) | (2,789) | (3,908) |
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 | 0 | (1) | 0 | (2) |
Settlements | 0 | 1 | 0 | 2 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 0 | 0 | 0 | 0 |
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 | (2,589) | (3,224) | (2,566) | (3,474) |
Net realized gains / (losses) | (2) | (9) | (5) | (6) |
Net unrealized gains/(losses) | 80 | (1) | 91 | 35 |
Issuances | (22) | (34) | (61) | (62) |
Settlements | 405 | 92 | 572 | 323 |
Transfers into level 3 | 0 | (111) | (110) | (304) |
Transfers out of level 3 | 716 | 396 | 667 | 597 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (1,412) | (2,891) | (1,412) | (2,891) |
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 | (7,028) | (10,246) | (7,829) | (7,523) |
Net realized gains / (losses) | (63) | (103) | (100) | (130) |
Net unrealized gains/(losses) | 859 | (184) | 1,230 | (135) |
Issuances | (1,538) | (6,012) | (3,514) | (9,480) |
Settlements | 2,571 | 4,510 | 4,752 | 5,303 |
Transfers into level 3 | (420) | (395) | (479) | (218) |
Transfers out of level 3 | 410 | 969 | 731 | 722 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (5,209) | (11,461) | (5,209) | (11,461) |
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 | (10,670) | (10,177) | (9,413) | (12,576) |
Net realized gains / (losses) | (81) | (79) | (170) | (142) |
Net unrealized gains/(losses) | 1,751 | (314) | 3,065 | 62 |
Issuances | (1,872) | (1,605) | (3,602) | (2,577) |
Settlements | 831 | 2,342 | 1,279 | 4,591 |
Transfers into level 3 | (452) | (390) | (1,431) | (430) |
Transfers out of level 3 | 867 | 509 | 646 | 1,358 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (9,626) | (9,714) | (9,626) | (9,714) |
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 | (97) | (159) | (146) | (262) |
Net unrealized gains/(losses) | 12 | (3) | 46 | 100 |
Settlements | 7 | 0 | 22 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (78) | $ (162) | $ (78) | $ (162) |
Fair Value Option - Additional
Fair Value Option - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) yr | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) yr | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) yr | |
Fair Value [Line Items] | |||||
Total contractual amount of unfunded commitments for which the fair value option was elected | $ 366 | $ 366 | $ 611 | ||
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 | (105) | $ 71 | (107) | $ 203 | |
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 | $ 4,420 | $ 4,420 | |||
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 | 3.2 | 3.2 | 1.3 | ||
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 | yr | 0.1 | 0.1 | 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 | 6.4 | 6.4 | 6.4 | ||
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 | yr | 3 | 3 | 7.1 | ||
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 | 3.8 | 3.8 | 2.1 | ||
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 | yr | 2.1 | 2.1 | 3.7 | ||
Other Financial Liabilities [Member] | |||||
Fair Value [Line Items] | |||||
Gains/(Losses) on liabilities | $ 2,760 | (812) | $ 4,500 | (343) | |
Realized Gains/(Losses) on liabilities | (149) | (200) | (282) | (294) | |
Net Unrealized Gains / (Losses) | 2,911 | (612) | 4,778 | (49) | |
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | (149) | (200) | (282) | (294) | |
Other Financial Liabilities [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | |||||
Fair Value [Line Items] | |||||
Net Unrealized Gains / (Losses) | 1,751 | (314) | 3,065 | 62 | |
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | (81) | (79) | (170) | (142) | |
Other Financial Liabilities [Member] | Other Secured Financings at Fair Value [Member] | |||||
Fair Value [Line Items] | |||||
Net Unrealized Gains / (Losses) | 80 | (1) | 91 | 35 | |
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | (2) | (9) | (5) | (6) | |
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 | 372 | 64 | 626 | 63 | |
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 | 2,340 | (862) | 3,790 | (428) | |
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 | 57 | (10) | 85 | 29 | |
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 | (4) | $ (4) | (7) | $ (7) | |
Written Loan Commitment, Fair Value Option [Member] | |||||
Fair Value [Line Items] | |||||
Fair value of unfunded commitments for which the fair value option was elected | 24 | 24 | $ 20 | ||
Secured Long Term Borrowings [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 | $ 137 | $ 137 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Option Gains/(Losses) | $ 6,375 | $ (2,500) | $ 10,957 | $ (3,583) |
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) | 2,560 | (850) | 4,265 | (1,810) |
Unsecured Long-Term Borrowings at Fair Value [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Option Gains/(Losses) | 3,324 | (1,473) | 5,871 | (1,702) |
Fair Value Option Other [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Option Gains/(Losses) | $ 491 | $ (177) | $ 821 | $ (71) |
Fair Value Option - Loans and L
Fair Value Option - Loans and Lending Commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Aggregate contractual principal in excess of fair value | $ 2,238 | $ 1,373 |
Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value | 7,273 | 8,600 |
Aggregate fair value | $ 2,637 | $ 3,559 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
After tax DVA | $ 1,188 | $ 117 | $ 1,928 | $ 98 |
Other Financial Liabilities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Pre-tax DVA | 1,588 | 159 | 2,581 | 130 |
After tax DVA | $ 1,188 | $ 117 | $ 1,928 | $ 98 |
Collateralized Agreements and_3
Collateralized Agreements and Financings - Offsetting Arrangements (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Collateralized Agreements And Financings [Abstract] | ||
Resale agreements, Gross carrying value | $ 332,925 | $ 334,725 |
Resale agreements, Counterparty Netting | (93,908) | (129,022) |
Resale agreements | 239,017 | 205,703 |
Resale agreements, Counterparty Netting | (26,073) | (27,376) |
Resale agreements, Collateral | (207,300) | (173,915) |
Resale agreements | 5,644 | 4,412 |
Securities borrowed, Gross carrying value | 218,533 | 190,197 |
Securities borrowed, Counterparty Netting | (9,866) | (11,426) |
Securities borrowed | 208,667 | 178,771 |
Securities borrowed, Counterparty Netting | (9,312) | (12,822) |
Securities borrowed, Collateral | (181,211) | (157,752) |
Securities borrowed | 18,144 | 8,197 |
Repurchase agreements, Gross carrying value | 266,802 | 294,905 |
Repurchase agreements, Counterparty Netting | (93,908) | (129,022) |
Repurchase agreements | 172,894 | 165,883 |
Repurchase agreements, Counterparty Netting | (26,073) | (27,376) |
Repurchase agreements, Collateral | (145,340) | (134,465) |
Repurchase agreements | 1,481 | 4,042 |
Securities loaned, Gross carrying value | 48,120 | 57,931 |
Securities loaned, Counterparty Netting | (9,866) | (11,426) |
Securities loaned | 38,254 | 46,505 |
Securities loaned, Counterparty Netting | (9,312) | (12,822) |
Securities loaned, Collateral | (28,361) | (33,143) |
Securities loaned | $ 581 | $ 540 |
Collateralized Agreements and_4
Collateralized Agreements and Financings - Offsetting Arrangements (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Collateralized Agreements And Financings [Abstract] | ||
Securities borrowed at fair value | $ 40,251 | $ 39,955 |
Securities loaned at fair value | $ 8,683 | $ 9,170 |
Collateralized Agreements and_5
Collateralized Agreements and Financings - Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 266,802 | $ 294,905 |
Securities loaned | 48,120 | 57,931 |
Money market instruments [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 895 | 328 |
Securities loaned | 0 | 14 |
U.S. Government and Agency Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 139,319 | 132,049 |
Securities loaned | 259 | 503 |
Non-U.S. Government and Agency Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 106,862 | 126,397 |
Securities loaned | 1,113 | 1,254 |
Securities Backed By Commercial Real Estate [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 43 | 362 |
Securities loaned | 0 | 0 |
Securities Backed By Residential Real Estate [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 147 | 919 |
Securities loaned | 0 | 0 |
Corporate debt securities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 10,045 | 11,034 |
Securities loaned | 409 | 510 |
State and Municipal Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 1 | 248 |
Securities loaned | 0 | 0 |
Other debt obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 374 | |
Securities loaned | 0 | |
Equity Securities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 9,490 | 23,194 |
Securities loaned | $ 46,339 | $ 55,650 |
Collateralized Agreements and_6
Collateralized Agreements and Financings - Schedule of Repurchase Agreements and Securities Loaned (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 266,802 | $ 294,905 |
Securities loaned | 48,120 | $ 57,931 |
No Stated Maturity and Overnight [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 97,763 | |
Securities loaned | 26,345 | |
2 - 30 Days [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 75,943 | |
Securities loaned | 227 | |
31 - 90 Days [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 30,897 | |
Securities loaned | 1,131 | |
91 Days - 1 Year [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 51,808 | |
Securities loaned | 14,826 | |
Greater than 1 Year [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 10,391 | |
Securities loaned | $ 5,591 |
Collateralized Agreements and_7
Collateralized Agreements and Financings - Other Secured Financings (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | $ 8,486 | $ 8,979 |
Other Secured Financings Short Term At Amortized Cost | 163 | 191 |
Other Secured Financings Long Term At Fair Value | 7,295 | 8,095 |
Other Secured Financings Long Term At Amortized Cost | 1,227 | 1,279 |
Total other secured financings | 17,171 | 18,544 |
Other secured financings collateralized by financial instruments | 11,466 | 12,824 |
Other secured financings collateralized by other assets | 5,705 | 5,720 |
U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | 6,655 | 5,315 |
Other Secured Financings Short Term At Amortized Cost | 0 | 0 |
Other Secured Financings Long Term At Fair Value | 3,916 | 4,170 |
Other Secured Financings Long Term At Amortized Cost | 844 | 827 |
Total other secured financings | 11,415 | 10,312 |
Other secured financings collateralized by financial instruments | 6,839 | 5,990 |
Other secured financings collateralized by other assets | 4,576 | 4,322 |
Non-U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | 1,831 | 3,664 |
Other Secured Financings Short Term At Amortized Cost | 163 | 191 |
Other Secured Financings Long Term At Fair Value | 3,379 | 3,925 |
Other Secured Financings Long Term At Amortized Cost | 383 | 452 |
Total other secured financings | 5,756 | 8,232 |
Other secured financings collateralized by financial instruments | 4,627 | 6,834 |
Other secured financings collateralized by other assets | $ 1,129 | $ 1,398 |
Collateralized Agreements and_8
Collateralized Agreements and Financings - Other Secured Financings (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Secured Financings [Line Items] | ||
Nonrecourse obligations included in other secured financings | $ 8,330 | $ 8,640 |
Transfers of financial assets accounted for as financings included in other secured financings | 1,600 | 1,970 |
Financial assets collateralizing other secured financings related to failed sales | 1,580 | 2,020 |
Other secured financings collateralized by financial instruments owned | 10,300 | 10,370 |
Other secured financings collateralized by financial instruments received as collateral and repledged | $ 1,170 | $ 2,450 |
U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Weighted average interest rates | 2.18% | 1.06% |
Non-U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Weighted average interest rates | 0.47% | 0.46% |
Weighted average interest rates | 0.22% | 0.22% |
Collateralized Agreements and_9
Collateralized Agreements and Financings - Other Secured Financings by Maturity Date (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Secured Financings By Maturity Period [Line Items] | ||
Other secured financings (short-term) | $ 8,649 | |
Total other secured financings (long-term) | 8,522 | |
Total other secured financings | 17,171 | $ 18,544 |
Other secured financings (long-term) [Member] | ||
Other Secured Financings By Maturity Period [Line Items] | ||
2023 | 2,441 | |
2024 | 2,106 | |
2025 | 1,052 | |
2026 | 961 | |
2027 | 224 | |
2028 - thereafter | $ 1,738 |
Collateralized Agreements an_10
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Collateralized Agreements And Financings [Abstract] | ||
Financial instruments at fair value received as collateral by the firm that it was permitted to deliver or repledge | $ 988,795 | $ 1,057,195 |
Financial instruments at fair value received as collateral which the firm delivered or repledged | $ 828,091 | $ 875,213 |
Collateralized Agreements an_11
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Collateralized Agreements And Financings [Abstract] | ||
Securities segregated for regulatory and other purposes | $ 58,360 | $ 41,490 |
Collateralized Agreements an_12
Collateralized Agreements and Financings - Assets pledged as collateral (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
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 | $ 72,781 | $ 68,208 |
Investments pledged to counterparties that Had the right to deliver or repledge | 11,686 | 12,840 |
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 | 82,203 | 102,259 |
Investments pledged to counterparties that did not have the right to deliver or repledge | 19,279 | 8,683 |
Loans pledged to counterparties that do not have the right to deliver or repledge | 7,429 | 6,808 |
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 | $ 8,812 | $ 8,878 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Assets [Abstract] | ||
Property, leasehold improvements and equipment | $ 18,537 | $ 18,094 |
Goodwill | 6,196 | 4,285 |
Identifiable intangible assets | 2,014 | 418 |
Operating lease right-of-use assets | $ 2,168 | $ 2,292 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Income tax-related assets | $ 4,781 | $ 3,860 |
Miscellaneous receivables and other | 5,378 | 5,659 |
Total | $ 39,074 | $ 34,608 |
Other Assets - Other Assets (Pa
Other Assets - Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Schedule Of Other Assets [Line Items] | |||||
Accumulated depreciation and amortization | $ 11,550 | $ 11,550 | $ 10,810 | ||
Property, leasehold improvements and equipment used for operation | 7,070 | 7,070 | 6,710 | ||
Foreclosed real estate included in property, leasehold improvements and equipment | 161 | $ 161 | $ 194 | ||
Amortization period - Capitalized costs of software developed or obtained for internal use | 3 years | 3 years | |||
Investments in qualified affordable housing projects | 701 | $ 701 | $ 714 | ||
Assets classified as held for sale | 520 | 520 | 1,020 | ||
Goodwill | 6,196 | 6,196 | $ 4,285 | ||
Greensky Inc [Member] | |||||
Schedule Of Other Assets [Line Items] | |||||
Business acquisition Consideration in all stock transaction value | 1,730 | ||||
Goodwill | 1,050 | 1,050 | |||
Intangible assets | 710 | 710 | |||
Tangible assets | 960 | 960 | |||
Liabilities assumed | 990 | 990 | |||
NN Investment Partners [Member] | |||||
Schedule Of Other Assets [Line Items] | |||||
Business acquisition Consideration in all stock transaction value | 1,820 | ||||
Goodwill | 890 | 890 | |||
Intangible assets | 900 | 900 | |||
Tangible assets | 540 | 540 | |||
Liabilities assumed | 510 | 510 | |||
Property Leasehold Improvements And Equipment [Member] | |||||
Schedule Of Other Assets [Line Items] | |||||
Impairment of property leasehold improvements and equipment | 0 | $ 0 | 0 | $ 0 | |
Operating lease right-of-use assets [Member] | |||||
Schedule Of Other Assets [Line Items] | |||||
Operating lease right-of-use assets | $ 49 | $ 36 | $ 116 | $ 144 |
Other Assets - Goodwill and Int
Other Assets - Goodwill and Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 6,196 | $ 4,285 |
Identifiable Intangible Assets | 2,014 | 418 |
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 | 1 | 1 |
Global Markets - Equities [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 2,638 | 2,638 |
Identifiable Intangible Assets | 41 | 43 |
Asset Management [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 1,206 | 349 |
Identifiable Intangible Assets | 956 | 122 |
Consumer banking [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 1,102 | 48 |
Identifiable Intangible Assets | 786 | 0 |
Wealth management [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 700 | 700 |
Identifiable Intangible Assets | $ 230 | $ 252 |
Other Assets - Intangible Asset
Other Assets - Intangible Assets Disclosure (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 3,609 | $ 1,960 |
Accumulated amortization | (1,595) | (1,542) |
Net carrying value | 2,014 | 418 |
Acquired leases and other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 488 | 500 |
Accumulated amortization | (413) | (412) |
Net carrying value | 75 | 88 |
Customer lists and merchant relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 3,121 | 1,460 |
Accumulated amortization | (1,182) | (1,130) |
Net carrying value | $ 1,939 | $ 330 |
Other Assets - Intangible Ass_2
Other Assets - Intangible Assets Disclosure - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
GreenSky [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | $ 710 | |
NN Investment Partners [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | 900 | |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | $ 1,710 | $ 0 |
Identifiable intangible assets approximate weighted average remaining life in years | 13 years |
Other Assets - Amortization Exp
Other Assets - Amortization Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization related to identifiable intangible assets | $ 51 | $ 31 | $ 70 | $ 67 |
Other Assets - Estimated Future
Other Assets - Estimated Future Amortization for Existing Identifiable Intangible Assets Through 2027 (Detail) $ in Millions | Jun. 30, 2022 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2022 | $ 100 |
2023 | 192 |
2024 | 180 |
2025 | 162 |
2026 | 155 |
2027 | $ 153 |
Deposits - Types and Sources of
Deposits - Types and Sources of the Firm's Deposits (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Deposits [Line Items] | ||
Savings and demand | $ 271,282 | $ 261,435 |
Time | 120,044 | 102,792 |
Total | 391,326 | 364,227 |
Consumer [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 89,049 | 89,150 |
Time | 21,815 | 20,533 |
Total | 110,864 | 109,683 |
Private Bank [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 76,135 | 85,427 |
Time | 13,805 | 9,665 |
Total | 89,940 | 95,092 |
Brokered Certificates Of Deposit [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 0 | 0 |
Time | 39,760 | 30,816 |
Total | 39,760 | 30,816 |
Deposit Sweep Programs [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 45,736 | 37,965 |
Time | 0 | 0 |
Total | 45,736 | 37,965 |
Transaction Banking [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 59,332 | 48,618 |
Time | 5,709 | 5,689 |
Total | 65,041 | 54,307 |
Other [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 1,030 | 275 |
Time | 38,955 | 36,089 |
Total | $ 39,985 | $ 36,364 |
Deposits - Types and Sources _2
Deposits - Types and Sources of the Firm's Deposits (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Deposits [Abstract] | ||
Deposits at fair value | $ 31,335 | $ 35,425 |
Weighted average maturity of time deposits | 10 months 24 days | 10 months 24 days |
Deposits insured by the FDIC | $ 184,130 | $ 156,660 |
Deposits insured by non-U.S. Insurance Programs | $ 28,650 | $ 31,440 |
Deposits - Deposits (Detail)
Deposits - Deposits (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
U.S. offices | $ 314,347 | $ 283,705 |
Non-U.S. offices | 76,979 | 80,522 |
Total | $ 391,326 | $ 364,227 |
Deposits - Maturities of Time D
Deposits - Maturities of Time Deposits (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Time Deposits By Maturity [Line Items] | ||
Remainder of 2022 | $ 59,772 | |
2023 | 42,703 | |
2024 | 8,582 | |
2025 | 3,908 | |
2026 | 2,637 | |
2027 | 936 | |
2028 - thereafter | 1,506 | |
Total | 120,044 | $ 102,792 |
U.S. [Member] | ||
Time Deposits By Maturity [Line Items] | ||
Remainder of 2022 | 35,967 | |
2023 | 33,824 | |
2024 | 8,477 | |
2025 | 3,611 | |
2026 | 2,407 | |
2027 | 763 | |
2028 - thereafter | 1,188 | |
Total | 86,237 | |
Non-U.S. [Member] | ||
Time Deposits By Maturity [Line Items] | ||
Remainder of 2022 | 23,805 | |
2023 | 8,879 | |
2024 | 105 | |
2025 | 297 | |
2026 | 230 | |
2027 | 173 | |
2028 - thereafter | 318 | |
Total | $ 33,807 |
Deposits - Maturities of Time_2
Deposits - Maturities of Time Deposits (Parenthetical) (Detail) $ in Millions | Jun. 30, 2022 USD ($) |
Deposits [Abstract] | |
Total domestic time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance | $ 32,500 |
Total foreign time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance | $ 32,290 |
Unsecured Borrowings - Schedule
Unsecured Borrowings - Schedule of Short Term and Long Term Unsecured Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Short-term | ||
Unsecured short-term borrowings | $ 57,615 | $ 46,955 |
Long-term | ||
Unsecured long-term borrowings | 250,444 | 254,092 |
Total | $ 308,059 | $ 301,047 |
Unsecured Borrowings - Unsecure
Unsecured Borrowings - Unsecured Short-Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Current portion of unsecured long-term borrowings | $ 26,292 | $ 18,118 |
Hybrid financial instruments | 18,915 | 20,073 |
Commercial Paper | 10,091 | 6,730 |
Other unsecured short-term borrowings | 2,317 | 2,034 |
Total unsecured short-term borrowings | $ 57,615 | $ 46,955 |
Weighted average interest rate | 1.65% | 2.34% |
Unsecured Borrowings - Unsecu_2
Unsecured Borrowings - Unsecured Long-Term Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Fixed-rate obligations | $ 165,289 | $ 172,942 |
Floating-rate obligations | 85,155 | 81,150 |
Total | 250,444 | 254,092 |
U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 124,866 | 126,534 |
Floating-rate obligations | 54,826 | 50,995 |
Total | 179,692 | 177,529 |
Non-U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 40,423 | 46,408 |
Floating-rate obligations | 30,329 | 30,155 |
Total | $ 70,752 | $ 76,563 |
Unsecured Borrowings - Unsecu_3
Unsecured Borrowings - Unsecured Long-Term Borrowings (Parenthetical) (Detail) - Unsecured Debt [Member] | Jun. 30, 2022 | Dec. 31, 2021 |
U.S. Dollar [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 0.63% | 0.48% |
U.S. Dollar [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 7.68% | 7.68% |
U.S. Dollar [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 3.37% | 3.34% |
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% | 13% |
Non-U.S. Dollar [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 1.82% | 1.86% |
Unsecured Borrowings - Unsecu_4
Unsecured Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total | $ 250,444 | $ 254,092 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 23,319 | |
2024 | 40,075 | |
2025 | 34,009 | |
2026 | 21,452 | |
2027 | 25,528 | |
2028 - thereafter | 106,061 | |
Total | $ 250,444 |
Unsecured Borrowings - Unsecu_5
Unsecured Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Parenthetical) (Detail) $ in Millions | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ (21) |
2024 | (266) |
2025 | (730) |
2026 | (390) |
2027 | (1,080) |
2028 - thereafter | (5,730) |
Amount related to interest rate hedges on certain unsecured long-term borrowings | $ (8,220) |
Unsecured Borrowings - Addition
Unsecured Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Unsecured Long-Term Borrowings Maturities, Range, End | 2065 | |
Minimum redemption or purchase price required | $ 253 | |
Unsecured long-term borrowings for which the firm did not elect the fair value option | 188,210 | $ 201,700 |
Fair value of unsecured long-term borrowings | $ 185,000 | $ 209,370 |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debt maturities, range | 2025 | 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 | $ 968 |
Trust Preferred Securities, outstanding par amount | 939 | 939 |
Common beneficial interests, outstanding par amount | $ 29 | $ 29 |
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, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Fixed-rate obligations: At fair value | $ 5,391 | $ 4,863 |
Fixed rate obligations at amortized cost | 12,487 | 30,370 |
Floating-rate obligations: At fair value | 56,847 | 47,527 |
Floating rate obligations at amortized cost | 175,719 | 171,332 |
Total | $ 250,444 | $ 254,092 |
Unsecured Borrowings - Unsecu_7
Unsecured Borrowings - Unsecured Long-Term Borrowings after Hedging (Parenthetical) (Detail) | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - total | 2.69% | 1.60% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging fixed rate obligations | 3.54% | 2.25% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - floating rate obligations | 2.63% | 1.48% |
Unsecured Borrowings - Subordin
Unsecured Borrowings - Subordinated Borrowings (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total subordinated Borrowings, par amount | $ 13,211 | $ 13,405 |
Total subordinated Borrowings | $ 14,016 | $ 16,892 |
Effective weighted average interest rate on subordinated borrowings, after hedging | 3.23% | 1.71% |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debt, par amount | $ 12,243 | $ 12,437 |
Subordinated debt outstanding | $ 12,882 | $ 15,571 |
Effective weighted average interest rate of subordinated debt after hedging | 3.30% | 1.74% |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debt, par amount | $ 968 | $ 968 |
Junior subordinated debt | $ 1,134 | $ 1,321 |
Effective weighted average interest rate of junior subordinated debt, after hedging | 2.45% | 1.31% |
Other Liabilities - Other Liabi
Other Liabilities - Other Liabilities by Type (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Compensation and benefits | $ 5,064 | $ 10,838 |
Income tax-related liabilities | 3,223 | 2,360 |
Operating lease liabilities | $ 2,160 | $ 2,288 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Total | Total |
Noncontrolling interests | $ 844 | $ 840 |
Employee interests in consolidated funds | 28 | 29 |
Accrued expenses and other | 9,054 | 8,146 |
Total | $ 20,373 | $ 24,501 |
Other Liabilities - Information
Other Liabilities - Information About Operating Lease Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Remainder of 2022 | $ 168 | $ 305 |
2023 | 323 | 307 |
2024 | 296 | 284 |
2025 | 262 | 258 |
2026 | 218 | 216 |
2027 - thereafter | 1,585 | 1,655 |
Total undiscounted lease payments | 2,852 | 3,025 |
Imputed interest | (692) | (737) |
Total operating lease liabilities | $ 2,160 | $ 2,288 |
Weighted average remaining lease term | 13 years | 14 years |
Weighted average discount rate | 3.57% | 3.61% |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Other Liabilities Disclosure [Line Items] | |||||
Operating lease costs | $ 117 | $ 110 | $ 237 | $ 230 | |
Lessee, operating lease, lease not yet commenced amount | 312 | 312 | |||
Asset Management [Member] | |||||
Other Liabilities Disclosure [Line Items] | |||||
Liabilities classified as held for sale related to consolidated investments | $ 0 | $ 0 | $ 310 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Transfers and Servicing of Financial Assets [Abstract] | ||||
Securitization of residential mortgages | $ 8,626 | $ 4,813 | $ 20,009 | $ 9,751 |
Securitization of commercial mortgages | 5,293 | 5,836 | 11,514 | 11,209 |
Securitization of other financial assets | 1,090 | 1,162 | 2,772 | 2,225 |
Total financial assets securitized | 15,009 | 11,811 | 34,295 | 23,185 |
Retained interests cash flows | $ 152 | $ 282 | $ 331 | $ 412 |
Securitization Activities - Add
Securitization Activities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Assets securitized in a non-cash exchange for loans and investments | $ 199 | $ 274 | $ 399 | $ 413 | |
Net Asset related to Other Continuing Involvement | 109 | 109 | $ 81 | ||
Notional amount related to Other Continuing Involvement | 1,730 | 1,730 | 1,810 | ||
Fair Value of Retained Interests | 4,440 | 4,440 | 3,570 | ||
Other Retained Interests [Member] | |||||
Fair Value of Retained Interests | 422 | $ 422 | $ 360 | ||
Weighted average life (years) | 7 years | 3 years 7 months 6 days | |||
Maximum Exposure to Adverse Changes in the value of Other retained interests | $ 430 | $ 430 | $ 360 |
Securitization Activities - Fir
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | $ 130,358 | $ 115,351 |
Retained interests | 4,447 | 3,552 |
Purchased interests | 276 | 266 |
U.S. government agency-issued CMOs [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 37,045 | 33,984 |
Retained interests | 1,771 | 955 |
Purchased interests | 0 | 3 |
Other Residential Mortgage-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 27,131 | 23,262 |
Retained interests | 1,127 | 1,114 |
Purchased interests | 110 | 96 |
Other Commercial Mortgage-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 57,172 | 50,350 |
Retained interests | 1,119 | 1,123 |
Purchased interests | 130 | 130 |
Corporate debt and other asset-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 9,010 | 7,755 |
Retained interests | 430 | 360 |
Purchased interests | $ 36 | $ 37 |
Securitization Activities - F_2
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Transfers and Servicing of Financial Assets [Abstract] | ||
Fair Value of Retained Interests | $ 4,440 | $ 3,570 |
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, 2022 | Dec. 31, 2021 | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Fair Value of Retained Interests | $ 4,440 | $ 3,570 |
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 | $ 4,020 | $ 3,209 |
Weighted average life (years) | 8 years | 5 years 1 month 6 days |
Constant prepayment rate | 11% | 14.10% |
Impact of 10% adverse change | $ (32) | $ (38) |
Impact of 20% adverse change | $ (58) | $ (69) |
Discount rate | 6.50% | 5.60% |
Impact of 10% adverse change | $ (117) | $ (49) |
Impact of 20% adverse change | $ (224) | $ (96) |
Variable Interest Entities - No
Variable Interest Entities - Nonconsolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | |||
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | $ 1,601,224 | $ 1,589,441 | $ 1,463,988 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 1,483,353 | $ 1,474,202 | 1,354,062 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets in VIE | 180,186 | 176,809 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 11,172 | 9,582 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 769 | 928 | |
Maximum Exposure to Loss in Nonconsolidated VIEs | 22,306 | 20,384 | |
Retained Interests, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 4,447 | 3,552 | |
Purchased Interests, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 541 | 1,071 | |
Commitments and Guarantees, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,637 | 2,440 | |
Derivatives, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 8,790 | 8,682 | |
Debt and equity, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 5,891 | 4,639 | |
Mortgage-Backed [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets in VIE | 123,953 | 120,343 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 4,470 | 4,147 | |
Maximum Exposure to Loss in Nonconsolidated VIEs | 4,516 | 4,199 | |
Mortgage-Backed [Member] | Retained Interests, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 4,017 | 3,192 | |
Mortgage-Backed [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 453 | 955 | |
Mortgage-Backed [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 28 | 34 | |
Mortgage-Backed [Member] | Derivatives, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 18 | 18 | |
Corporate debt and other asset-backed [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets in VIE | 20,995 | 18,391 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 2,328 | 1,156 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 767 | 920 | |
Maximum Exposure to Loss in Nonconsolidated VIEs | 11,179 | 9,683 | |
Corporate debt and other asset-backed [Member] | Retained Interests, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 430 | 360 | |
Corporate debt and other asset-backed [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 88 | 116 | |
Corporate debt and other asset-backed [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 418 | 250 | |
Corporate debt and other asset-backed [Member] | Derivatives, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 8,724 | 8,597 | |
Corporate debt and other asset-backed [Member] | Debt and equity, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,519 | 360 | |
Real estate, credit- and power-related and other investing [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets in VIE | 26,400 | 26,867 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 4,071 | 3,923 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 2 | 8 | |
Maximum Exposure to Loss in Nonconsolidated VIEs | 6,158 | 6,017 | |
Real estate, credit- and power-related and other investing [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,043 | 2,030 | |
Real estate, credit- and power-related and other investing [Member] | Derivatives, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 46 | 64 | |
Real estate, credit- and power-related and other investing [Member] | Debt and equity, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 4,069 | 3,923 | |
Investment In Funds [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets in VIE | 8,838 | 11,208 | |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 303 | 356 | |
Maximum Exposure to Loss in Nonconsolidated VIEs | 453 | 485 | |
Investment In Funds [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 148 | 126 | |
Investment In Funds [Member] | Derivatives, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | 2 | 3 | |
Investment In Funds [Member] | Debt and equity, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss in Nonconsolidated VIEs | $ 303 | $ 356 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | |||
Cash and cash equivalents | $ 288,606 | $ 261,036 | |
Customer and other receivables | 163,251 | 160,673 | |
Trading assets | 371,896 | 375,916 | |
Investments | 114,775 | 88,719 | |
Loans | 175,938 | 158,562 | |
Other assets | 39,074 | 34,608 | |
Total assets | 1,601,224 | $ 1,589,441 | 1,463,988 |
Liabilities | |||
Other secured financings | 17,171 | 18,544 | |
Customer and other payables | 279,984 | 251,931 | |
Trading liabilities | 255,292 | 181,424 | |
Unsecured short-term borrowings | 57,615 | 46,955 | |
Unsecured long-term borrowings | 250,444 | 254,092 | |
Other liabilities | 20,373 | 24,501 | |
Total liabilities | 1,483,353 | $ 1,474,202 | 1,354,062 |
Real Estate, Credit-Related and Other Investing [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Assets | |||
Cash and cash equivalents | 261 | 274 | |
Customer and other receivables | 48 | 0 | |
Trading assets | 31 | 16 | |
Investments | 105 | 153 | |
Loans | 1,524 | 1,988 | |
Other assets | 311 | 314 | |
Total assets | 2,280 | 2,745 | |
Liabilities | |||
Other secured financings | 144 | 150 | |
Customer and other payables | 3 | 34 | |
Trading liabilities | 0 | 7 | |
Other liabilities | 138 | 163 | |
Total liabilities | 285 | 354 | |
Corporate Debt and Other Asset-Backed [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Assets | |||
Cash and cash equivalents | 30 | 227 | |
Trading assets | 108 | 17 | |
Total assets | 138 | 244 | |
Liabilities | |||
Other secured financings | 477 | 602 | |
Total liabilities | 477 | 602 | |
Principal-Protected Notes [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Assets | |||
Trading assets | 27 | 89 | |
Total assets | 27 | 89 | |
Liabilities | |||
Other secured financings | 430 | 391 | |
Unsecured short-term borrowings | 127 | 146 | |
Unsecured long-term borrowings | 69 | 81 | |
Total liabilities | 626 | 618 | |
Consolidated Variable Interest Entity, Total Carrying Amount [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Assets | |||
Cash and cash equivalents | 291 | 501 | |
Customer and other receivables | 48 | 0 | |
Trading assets | 166 | 122 | |
Investments | 105 | 153 | |
Loans | 1,524 | 1,988 | |
Other assets | 311 | 314 | |
Total assets | 2,445 | 3,078 | |
Liabilities | |||
Other secured financings | 1,051 | 1,143 | |
Customer and other payables | 3 | 34 | |
Trading liabilities | 0 | 7 | |
Unsecured short-term borrowings | 127 | 146 | |
Unsecured long-term borrowings | 69 | 81 | |
Other liabilities | 138 | 163 | |
Total liabilities | $ 1,388 | $ 1,574 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees - Commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Commitment Liabilities [Line Items] | ||
Total lending | $ 225,619 | $ 211,552 |
Risk participations | 9,551 | 10,016 |
Collateralized agreement | 106,119 | 101,031 |
Collateralized financing | 35,805 | 29,561 |
Investment | 7,686 | 11,381 |
Other | 12,197 | 9,143 |
Total commitments | 396,977 | 372,684 |
Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 67,068 | |
Risk participations | 696 | |
Collateralized agreement | 104,649 | |
Collateralized financing | 34,705 | |
Investment | 2,006 | |
Other | 8,658 | |
Total commitments | 217,782 | |
Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 50,236 | |
Risk participations | 5,983 | |
Collateralized agreement | 1,470 | |
Collateralized financing | 1,100 | |
Investment | 1,043 | |
Other | 3,282 | |
Total commitments | 63,114 | |
Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 69,269 | |
Risk participations | 2,168 | |
Collateralized agreement | 0 | |
Collateralized financing | 0 | |
Investment | 1,569 | |
Other | 0 | |
Total commitments | 73,006 | |
Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 39,046 | |
Risk participations | 704 | |
Collateralized agreement | 0 | |
Collateralized financing | 0 | |
Investment | 3,068 | |
Other | 257 | |
Total commitments | 43,075 | |
Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 91,329 | 95,585 |
Investment Grade Commercial Lending [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 6,548 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 23,682 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 41,926 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 19,173 | |
Non Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 66,832 | 69,644 |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 2,233 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 20,860 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 24,251 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 19,488 | |
Warehouse Financing [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 10,274 | 10,391 |
Warehouse Financing [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 1,103 | |
Warehouse Financing [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 5,694 | |
Warehouse Financing [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 3,092 | |
Warehouse Financing [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 385 | |
Credit cards [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 57,184 | $ 35,932 |
Credit cards [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 57,184 | |
Credit cards [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 0 | |
Credit cards [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 0 | |
Credit cards [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | $ 0 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees - Lending Commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Held for investment | $ 216,164 | $ 197,120 |
Held for sale | 8,219 | 13,175 |
At fair value | 1,236 | 1,257 |
Total | $ 225,619 | $ 211,552 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
Lending commitments | $ 225,619 | $ 211,552 | ||||
Commitments to invest in funds managed by the firm | 1,410 | 1,600 | ||||
Lending Commitments Allowance | 705 | 776 | $ 664 | $ 822 | $ 721 | $ 557 |
Estimated fair value of lending commitments liabilities | 6,790 | 4,170 | ||||
Carrying value of lending commitments liabilities | 286 | 91 | ||||
Lending commitments | 216,164 | 197,120 | ||||
GreenSky, Inc [Member] | ||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
Investment Company, Committed Capital | 2,000 | |||||
GreenSky, Inc [Member] | Other Commitment [Member] | ||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
Total undrawn Lending Commitments Amount | 600 | |||||
NNIP investment partners [Member] | ||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
Investment Company, Committed Capital | 1,900 | |||||
Credit Card Receivables Issued To Customers [Member] | ||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
Lending commitments | 57,180 | 33,970 | ||||
Credit cards [Member] | ||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
CommitmentGM | 2,000 | |||||
Increase in Commitment to Acquire loan portfolio | 15,000 | |||||
Securities Lending Indemnification [Member] | ||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
Collateral held by lenders in connection with securities lending indemnifications | 12,830 | 11,360 | ||||
Maximum Payout/Notional Amount by Period of Expiration | 12,260 | 11,050 | ||||
Amortized cost [Member] | ||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
Carrying value of lending commitments liabilities | 944 | 1,050 | ||||
Amortized cost [Member] | Level 2 [Member] | ||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
Estimated fair value of lending commitments liabilities | 3,310 | 1,910 | ||||
Amortized cost [Member] | Level 3 [Member] | ||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
Estimated fair value of lending commitments liabilities | 3,480 | 2,260 | ||||
Commercial Lending, Relationship Lending Activities [Member] | ||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
Lending commitments | 123,360 | 120,990 | ||||
Commercial Lending, Other Investment Banking Activities Member] | ||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
Lending commitments | 14,120 | 21,070 | ||||
GS Malaysia Development Berhad [Member] | Guarantee Obligations [Member] | ||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||||
Agreement in principle to extend a guarantee related to legal and regulatory proceedings | 1,400 | |||||
Repayments for other financial guarantees | $ 450 | $ 1,400 |
Commitments, Contingencies an_6
Commitments, Contingencies and Guarantees - Guarantees (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | $ 5,087 | $ 3,406 |
Maximum Payout/Notional Amount by Period of Expiration | 212,093 | 166,197 |
Derivative Guarantee [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 48,198 | 68,212 |
Derivative Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 98,627 | 48,273 |
Derivative Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 33,069 | 19,706 |
Derivative Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 32,199 | 30,006 |
Securities Lending and Clearing Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | 0 | 0 |
Maximum Payout/Notional Amount by Period of Expiration | 12,258 | 11,046 |
Securities Lending and Clearing Guarantees [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 12,258 | 11,046 |
Securities Lending and Clearing Guarantees [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 0 | 0 |
Securities Lending and Clearing Guarantees [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 0 | 0 |
Securities Lending and Clearing Guarantees [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 0 | 0 |
Financial Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | 278 | 234 |
Maximum Payout/Notional Amount by Period of Expiration | 5,898 | 6,591 |
Financial Guarantee [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 235 | 871 |
Financial Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 3,158 | 3,608 |
Financial Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 2,261 | 2,015 |
Financial Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | $ 244 | $ 97 |
Commitments, Contingencies an_7
Commitments, Contingencies and Guarantees - Guarantees (Parenthetical) (Detail) - Derivative Guarantee [Member] - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Guarantor Obligations [Line Items] | ||
Carrying value of derivatives included derivative assets | $ 1,310 | $ 1,100 |
Carrying value of derivatives included derivative liabilities | $ 6,400 | $ 4,510 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jul. 14, 2022 | Jul. 05, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
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 | 11,595 | |||||||
Remitted Shares, Total | $ 4 | |||||||
Amount of share-based awards cancelled to satisfy minimum statutory employee tax withholding requirements | 4,500,000 | |||||||
Value of share-based awards cancelled to satisfy minimum statutory employee tax withholding requirements | $ 1,560 | |||||||
Dividends declared per common share | $ 2.5 | $ 2 | $ 2 | $ 1.25 | $ 4 | $ 2.5 | ||
Dividends payable date declared | Jul. 14, 2022 | |||||||
Dividends payable date to be paid | Sep. 29, 2022 | |||||||
Dividends payable date of record | Sep. 01, 2022 | |||||||
Redemption Value | $ 10,703 | $ 10,703 | ||||||
Date of dividends declared on preferred shares | Jul. 05, 2022 | |||||||
Date of dividends to be paid on preferred shares | Aug. 10, 2022 | |||||||
Dividends payable date of record on preferred shares | Jul. 26, 2022 | |||||||
Greensky Inc [Member] | ||||||||
Equity [Line Items] | ||||||||
Number of shares issued | 5,500,000 | |||||||
Number of shares issue or issuable subject to future service | 325,000 | |||||||
Series A Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 231.77 | 231.77 | $ 471.35 | 471.35 | ||||
Redemption Value | $ 750 | $ 750 | ||||||
Series A Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 239.58 | |||||||
Series C Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 247.22 | 247.22 | $ 502.78 | 502.78 | ||||
Redemption Value | $ 200 | $ 200 | ||||||
Series C Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 255.56 | |||||||
Series D Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 247.22 | 247.22 | $ 502.78 | 502.78 | ||||
Redemption Value | $ 1,350 | $ 1,350 | ||||||
Series D Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 255.56 | |||||||
Series J Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 343.75 | 343.75 | $ 687.5 | 687.5 | ||||
Redemption Value | $ 1,000 | $ 1,000 | ||||||
Series J Preferred Stock [Member] | Subsequent Event [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 | ||||
Redemption Value | $ 700 | $ 700 | ||||||
Series K Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 398.44 | |||||||
Series M Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Dividend rate | 5.375% | |||||||
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 | $ 20 | $ 41 | ||||||
Redemption Value | $ 2,000 | |||||||
Series N Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Dividend rate | 6.30% | |||||||
Preferred Stock, Redemption Price Per Share | 25,000 | $ 25,000 | ||||||
Preferred stock dividends declared | $ 0 | $ 393.75 | $ 0 | $ 787.5 | ||||
Redemption Value | $ 675 | $ 675 | ||||||
Series E Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 1,022.22 | $ 1,022.22 | $ 2,022.22 | $ 2,022.22 | ||||
Redemption Value | $ 767 | $ 767 | ||||||
Series E Preferred Stock [Member] | Subsequent Event [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 | $ 1,022.22 | $ 1,022.22 | $ 2,022.22 | 2,022.22 | ||||
Redemption Value | $ 161 | $ 161 | ||||||
Series F Preferred Stock [Member] | Subsequent Event [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 | $ 687.5 | 687.5 | ||||||
Redemption Value | 500 | $ 500 | ||||||
Series Q Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 687.5 | |||||||
Series R Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 618.75 | 618.75 | ||||||
Redemption Value | 600 | $ 600 | ||||||
Series R Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 618.75 | |||||||
Series S Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 550 | 550 | ||||||
Redemption Value | 350 | $ 350 | ||||||
Series S Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | 550 | |||||||
Series U Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 486.67 | $ 0 | ||||||
Redemption Value | $ 750 | $ 750 | ||||||
Series U Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||
Equity [Line Items] | ||||||||
Preferred stock dividends declared | $ 456.25 | |||||||
Series E Preferred Stock and Series F Preferred Stock [Member] | ||||||||
Equity [Line Items] | ||||||||
Date of dividends to be paid on preferred shares | Sep. 01, 2022 | |||||||
Dividends payable date of record on preferred shares | Aug. 17, 2022 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | ||||
Common share repurchases | 1.5 | 2.8 | 2.9 | 11.6 |
Average cost per share | $ 323.74 | $ 350.9 | $ 342.48 | $ 320.12 |
Total cost of common share repurchases | $ 500 | $ 1,000 | $ 1,000 | $ 3,700 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends Declared on Common Stock (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jul. 14, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | ||||||
Dividends declared per common share | $ 2.5 | $ 2 | $ 2 | $ 1.25 | $ 4 | $ 2.5 |
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, 2022 USD ($) $ / shares shares | |
Class of Stock [Line Items] | |
Shares Authorized | 472,700 |
Shares Issued | 400,282 |
Shares Outstanding | 400,280 |
Redemption Value | $ | $ 10,703 |
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 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 |
Series T Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 27,000 |
Shares Issued | 27,000 |
Shares Outstanding | 27,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | May 10, 2026 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 675 |
Dividend rate | 3.80%, payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter |
Series U Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 30,000 |
Shares Issued | 30,000 |
Shares Outstanding | 30,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Aug. 10, 2026 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 750 |
Dividend rate | 3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter |
Series V Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 30,000 |
Shares Issued | 30,000 |
Shares Outstanding | 30,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Nov. 10, 2026 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 750 |
Dividend rate | 4.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter |
Shareholders' Equity - Summar_3
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Parenthetical) (Detail) | Jun. 30, 2022 $ / 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 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 |
Series T Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series U Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series V 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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | ||||
Total preferred stock dividends declared | $ 141 | $ 119 | $ 249 | $ 223 |
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 231.77 | $ 231.77 | $ 471.35 | $ 471.35 |
Total preferred stock dividends declared | $ 7 | $ 7 | $ 14 | $ 14 |
Series C Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 247.22 | $ 247.22 | $ 502.78 | $ 502.78 |
Total preferred stock dividends declared | $ 2 | $ 2 | $ 4 | $ 4 |
Series D Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 247.22 | $ 247.22 | $ 502.78 | $ 502.78 |
Total preferred stock dividends declared | $ 13 | $ 13 | $ 27 | $ 27 |
Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 1,022.22 | $ 1,022.22 | $ 2,022.22 | $ 2,022.22 |
Total preferred stock dividends declared | $ 9 | $ 8 | $ 16 | $ 15 |
Series F Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 1,022.22 | $ 1,022.22 | $ 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 | $ 687.5 | $ 687.5 |
Total preferred stock dividends declared | $ 14 | $ 13 | $ 28 | $ 27 |
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 N Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 0 | $ 393.75 | $ 0 | $ 787.5 |
Total preferred stock dividends declared | $ 0 | $ 9 | $ 0 | $ 19 |
Series O Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 662.5 | $ 662.5 | $ 662.5 | $ 662.5 |
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 | $ 687.5 | $ 687.5 | ||
Total preferred stock dividends declared | $ 14 | $ 14 | ||
Series R Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 618.75 | $ 618.75 | ||
Total preferred stock dividends declared | $ 15 | $ 15 | ||
Series S Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 550 | $ 550 | ||
Total preferred stock dividends declared | $ 8 | $ 8 | ||
Series T Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 475 | $ 0 | $ 475 | $ 0 |
Total preferred stock dividends declared | $ 13 | $ 0 | $ 13 | $ 0 |
Series U Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 486.67 | $ 0 | ||
Total preferred stock dividends declared | $ 14 | $ 0 | ||
Series V Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ 547.14 | $ 0 | $ 547.14 | $ 0 |
Total preferred stock dividends declared | $ 16 | $ 0 | $ 16 | $ 0 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 109,926 | |||
Other comprehensive income/(loss) adjustments, net of tax | $ 730 | $ 185 | 114 | $ (455) |
Ending balance | 117,871 | 101,890 | 117,871 | 101,890 |
Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (753) | (696) | (738) | (696) |
Other comprehensive income/(loss) adjustments, net of tax | (16) | (16) | (31) | (16) |
Ending balance | (769) | (712) | (769) | (712) |
Debt Valuation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 229 | (852) | (511) | (833) |
Other comprehensive income/(loss) adjustments, net of tax | 1,188 | 117 | 1,928 | 98 |
Ending balance | 1,417 | (735) | 1,417 | (735) |
Pension and Postretirement Liabilities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (314) | (361) | (327) | (368) |
Other comprehensive income/(loss) adjustments, net of tax | (1) | 0 | 12 | 7 |
Ending balance | (315) | (361) | (315) | (361) |
Available-for-sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (1,846) | (165) | (492) | 463 |
Other comprehensive income/(loss) adjustments, net of tax | (441) | 84 | (1,795) | (544) |
Ending balance | (2,287) | (81) | (2,287) | (81) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (2,684) | (2,074) | (2,068) | (1,434) |
Other comprehensive income/(loss) adjustments, net of tax | 730 | 185 | 114 | (455) |
Ending balance | $ (1,954) | $ (1,889) | $ (1,954) | $ (1,889) |
Regulation and Capital Adequa_3
Regulation and Capital Adequacy - Risk-based Capital and Leverage Requirements (Detail) | Oct. 01, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 leverage ratio | 0.04 | 0.04 | |
SLR | 5% | 5% | |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital ratio | 13.30% | 13.40% | |
Tier 1 capital ratio | 0.148 | 0.149 | |
Total capital ratio | 0.168 | 0.169 | |
Advanced Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital ratio | 9.50% | ||
Tier 1 capital ratio | 0.11 | ||
Total capital ratio | 0.13 |
Regulation and Capital Adequa_4
Regulation and Capital Adequacy - Risk-based Capital Ratios (Detail) $ in Millions | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 98,278 | $ 96,254 | $ 81,641 |
Tier 1 capital | 108,789 | 106,766 | 92,730 |
Tier 2 capital | 15,375 | 14,636 | 15,424 |
Total capital | 124,164 | 121,402 | |
RWAs | $ 691,659 | $ 676,863 | 554,162 |
CET1 capital ratio | 14.2 | 14.2 | |
Tier 1 capital ratio | 15.7 | 15.8 | |
Total capital ratio | 18 | 17.9 | |
Advanced Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 98,278 | $ 96,254 | 81,641 |
Tier 1 capital | 108,789 | 106,766 | 92,730 |
Tier 2 capital | 12,466 | 12,051 | 13,279 |
Total capital | 121,255 | 118,817 | |
RWAs | $ 686,317 | $ 647,921 | $ 609,750 |
CET1 capital ratio | 14.3 | 14.9 | |
Tier 1 capital ratio | 15.9 | 16.5 | |
Total capital ratio | 17.7 | 18.3 | |
GS Bank USA [Member] | Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 42,931 | $ 42,535 | |
Tier 1 capital | 42,931 | 42,535 | |
Tier 2 capital | 7,419 | 6,430 | |
Total capital | 50,350 | 48,965 | |
RWAs | $ 329,527 | $ 312,601 | |
CET1 capital ratio | 13 | 13.6 | |
Tier 1 capital ratio | 13 | 13.6 | |
Total capital ratio | 15.3 | 15.7 | |
GS Bank USA [Member] | Advanced Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 42,931 | $ 42,535 | |
Tier 1 capital | 42,931 | 42,535 | |
Tier 2 capital | 5,285 | 4,646 | |
Total capital | 48,216 | 47,181 | |
RWAs | $ 251,984 | $ 222,607 | |
CET1 capital ratio | 17 | 19.1 | |
Tier 1 capital ratio | 17 | 19.1 | |
Total capital ratio | 19.1 | 21.2 |
Regulation and Capital Adequa_5
Regulation and Capital Adequacy - Risk-based Capital Ratios (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Jr subordinated debt included in Tier 2 capital | 10% | |
Jr subordinated debt phased out of regulatory capital | 90% | |
Percent of increase in allowance for credit losses under FRBCECL transition relief | 25% | 25% |
GS Bank USA [Member] | ||
Percent of increase in allowance for credit losses under FRBCECL transition relief | 25% | 25% |
Regulation and Capital Adequa_6
Regulation and Capital Adequacy - Leverage Ratios (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital | $ 108,789 | $ 106,766 |
Average total assets | 1,565,030 | 1,466,770 |
Deductions from Tier 1 capital | (8,277) | (4,583) |
Average adjusted total assets | 1,556,753 | 1,462,187 |
Off-balance-sheet and other exposures | 388,786 | 448,334 |
Total leverage exposure | $ 1,945,539 | $ 1,910,521 |
Tier 1 leverage ratio | 7% | 7.30% |
SLR | 0.056 | 0.056 |
GS Bank USA [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital | $ 42,931 | $ 42,535 |
Average adjusted total assets | 477,725 | 409,739 |
Total leverage exposure | $ 639,660 | $ 627,799 |
Tier 1 leverage ratio | 9% | 10.40% |
SLR | 0.067 | 0.068 |
GSBE | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Required Leverage Ratio | 3% | 3% |
Leverage Ratio | 8.40% | 7.60% |
Regulation and Capital Adequa_7
Regulation and Capital Adequacy - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Oct. 01, 2022 | Jan. 01, 2022 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Minimum required CET1 ratio applicable to advanced approach banking institutions | 4.50% | |||
Minimum required Tier 1 capital ratio applicable to advanced approach banking institutions | 6% | |||
Minimum required Total capital ratio applicable to advanced approach banking institutions | 8% | |||
Global Systemically Important Bank (G-SIB) surcharge | 2.50% | |||
Counter-cyclical capital buffer | 0% | |||
SLR | 5% | 5% | ||
Minimum supplementary leverage ratio | 3% | 3% | ||
Minimum supplementary leverage ratio buffer | 2% | 2% | ||
Confidence level for regulatory VaR | 99% | |||
Confidence level for risk management VaR | 95% | 95% | ||
Time horizon for regulatory VaR (in days) | 10 days | 10 days | ||
Time horizon for risk management VaR (in days) | 1 day | |||
Equity investment in subsidiaries | $ 127,880 | $ 118,900 | ||
Minimum equity capital that is required to be maintained in regulated subsidiaries | $ 83,930 | 77,220 | ||
Change in Impact of CECL transition | 1,110 | |||
Phased In amount of reduction to regulatory capital due to CECL adoption | $ 276 | |||
Maximum [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Confidence level for regulatory VaR | 99% | |||
Standardized Capital Rules [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Standardized risk based ratios stress capital buffer | 6.40% | 6.30% | ||
Change in Credit RWAs | $ (5,956) | 114,916 | ||
Change in Market RWAs | 20,752 | 7,785 | ||
Change in operational risk | 0 | 0 | ||
Change in Impact of CECL transition | $ 829 | 1,105 | ||
CET1 capital ratio | 13.40% | 13.30% | ||
Tier 1 capital ratio | 0.149 | 0.148 | ||
Total capital ratio | 0.169 | 0.168 | ||
Advanced Capital Rules [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Capital conservation buffer | 2.50% | |||
Change in Credit RWAs | $ 17,807 | 25,786 | ||
Change in Market RWAs | 20,752 | 7,785 | ||
Change in operational risk | $ (163) | $ 4,600 | ||
CET1 capital ratio | 9.50% | |||
Tier 1 capital ratio | 0.11 | |||
Total capital ratio | 0.13 | |||
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% | ||
Minimum required Tier 1 capital ratio applicable to advanced approach banking institutions | 6% | 6% | ||
Minimum required Total capital ratio applicable to advanced approach banking institutions | 8% | 8% | ||
Capital conservation buffer | 2.50% | 2.50% | ||
Counter-cyclical capital buffer | 0% | 0% | ||
Amount deposited by GS Bank USA held at the Federal Reserve Bank of New York | $ 156,210 | $ 122,010 | ||
CET1 capital ratio | 7% | |||
GSIB | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Profits contributed to risk based capital ratios | 107 | |||
GSIB | UK Financial Services Compensation Scheme [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Amount deposited by GSIB held at the Bank Of England | $ 893 | 2,200 | ||
Amount deposited by GSIB held at the Bank Of England Related to minimum reserve requirements | $ 160 | 172 | ||
GSBE | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Profits contributed to risk based capital ratios | 89 | |||
Profits contributed to leverage ratios | 23 | |||
GSBE | German Statutory Deposit Protection Scheme And A Voluntary Scheme [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Amount deposited by GSBE held at Central Banks | $ 13,220 | 20,360 | ||
Amount deposited by GSBE held at Central Bank Related to minimum reserve requirements | $ 153 | $ 189 |
Regulation and Capital Adequa_8
Regulation and Capital Adequacy - Risk-based Capital (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Impact of CECL transition | $ 1,110 | ||
Preferred stock | $ 10,703 | 10,703 | |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common shareholders' equity | 107,168 | 99,223 | |
Impact of CECL transition | 829 | 1,105 | |
Deduction for goodwill | (5,515) | (3,610) | |
Deduction for identifiable intangible assets | (1,770) | (401) | |
Other adjustments | (2,434) | (63) | |
CET1 capital | 98,278 | 96,254 | $ 81,641 |
Preferred stock | 10,703 | 10,703 | |
Deduction for investments in covered funds | (189) | (189) | |
Other adjustments | (3) | (2) | |
Tier 1 capital | 108,789 | 106,766 | 92,730 |
Qualifying subordinated debt | 11,145 | 11,554 | |
Junior subordinated debt | 0 | 94 | |
Allowance for credit losses | 4,281 | 3,034 | |
Other adjustments | (51) | (46) | |
Tier 2 capital | 15,375 | 14,636 | 15,424 |
Total capital | 124,164 | 121,402 | |
Advanced Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | 98,278 | 96,254 | 81,641 |
Tier 1 capital | 108,789 | 106,766 | 92,730 |
Standardized Tier 2 capital | 15,375 | 14,636 | |
Allowance for credit losses | (4,281) | (3,034) | |
Other adjustments | 1,372 | 449 | |
Tier 2 capital | 12,466 | 12,051 | $ 13,279 |
Total capital | $ 121,255 | $ 118,817 |
Regulation and Capital Adequa_9
Regulation and Capital Adequacy - Risk-based Capital (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Regulation And Capital Adequacy [Abstract] | ||
Percent of increase in allowance for credit losses under FRBCECL transition relief | 25% | 25% |
Deferred tax liabilities associated with goodwill | $ 681 | $ 675 |
Deferred tax liabilities associated with identifiable intangible assets | $ 244 | $ 17 |
Subordinated debt maturity period | 5 years | 5 years |
Phase in of reduction to regulatory capital due to CECL adoption | 25% |
Regulation and Capital Adequ_10
Regulation and Capital Adequacy - CET1, Tier 1 Capital and Tier 2 Capital (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Change in allowance for credit losses | $ (517) | $ 143 | $ (918) | $ 338 | |
Standardized Capital Rules [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
CET 1, Beginning balance | 96,254 | 81,641 | $ 81,641 | ||
Change in Impact of CECL transition | (276) | (21) | |||
Change in common shareholders' equity | 7,945 | 14,494 | |||
Change in deduction for goodwill | (1,905) | 42 | |||
Change in deduction for identifiable intangible assets | (1,369) | 200 | |||
Change in other adjustments | (2,371) | (102) | |||
CET 1, Ending balance | 98,278 | 98,278 | 96,254 | ||
Tier 1 Capital, Beginning balance | 106,766 | 92,730 | 92,730 | ||
Change in CET1 | 2,024 | 14,613 | |||
Change in deduction for investments in covered funds | (83) | ||||
Change in preferred stock | (500) | ||||
Change in other adjustments | (1) | 6 | |||
Tier 1 Capital, Ending balance | 108,789 | 108,789 | 106,766 | ||
Tier 2 capital, Beginning balance | 14,636 | 15,424 | 15,424 | ||
Change in qualifying subordinated debt | (409) | (642) | |||
Change in junior subordinated debt | (94) | (94) | |||
Change in allowance for credit losses | 1,247 | (61) | |||
Change in other adjustments | (5) | 9 | |||
Tier 2 Capital, Ending balance | 15,375 | 15,375 | 14,636 | ||
Total capital | 124,164 | 124,164 | 121,402 | ||
Advanced Capital Rules [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
CET 1, Beginning balance | 96,254 | 81,641 | 81,641 | ||
Change in Impact of CECL transition | (276) | (21) | |||
Change in common shareholders' equity | 7,945 | 14,494 | |||
Change in deduction for goodwill | (1,905) | 42 | |||
Change in deduction for identifiable intangible assets | (1,369) | 200 | |||
Change in other adjustments | (2,371) | (102) | |||
CET 1, Ending balance | 98,278 | 98,278 | 96,254 | ||
Tier 1 Capital, Beginning balance | 106,766 | 92,730 | 92,730 | ||
Change in CET1 | 2,024 | 14,613 | |||
Change in deduction for investments in covered funds | (83) | ||||
Change in preferred stock | (500) | ||||
Change in other adjustments | (1) | 6 | |||
Tier 1 Capital, Ending balance | 108,789 | 108,789 | 106,766 | ||
Tier 2 capital, Beginning balance | 12,051 | $ 13,279 | 13,279 | ||
Change in qualifying subordinated debt | (409) | (642) | |||
Change in junior subordinated debt | (94) | (94) | |||
Change in allowance for credit losses | 0 | 0 | |||
Change in other adjustments | 918 | (492) | |||
Tier 2 Capital, Ending balance | 12,466 | 12,466 | 12,051 | ||
Total capital | $ 121,255 | $ 121,255 | $ 118,817 |
Regulation and Capital Adequ_11
Regulation and Capital Adequacy - Risk-weighted Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Standardized [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | $ 594,398 | $ 600,354 | |
Market RWAs | 97,261 | 76,509 | |
Total Operational RWAs | 0 | 0 | |
Total RWAs | 691,659 | 676,863 | $ 554,162 |
Standardized [Member] | Derivatives [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 161,903 | 175,628 | |
Standardized [Member] | Commitments Guarantees and Loans [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 246,811 | 233,639 | |
Standardized [Member] | Securities Financing Transactions [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 73,523 | 76,346 | |
Standardized [Member] | Equity Investments [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 30,935 | 43,256 | |
Standardized [Member] | Other [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 81,226 | 71,485 | |
Standardized [Member] | Regulatory VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 22,748 | 13,510 | |
Standardized [Member] | Stressed VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 39,509 | 38,922 | |
Standardized [Member] | Incremental Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 11,716 | 6,867 | |
Standardized [Member] | Comprehensive Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 4,574 | 2,521 | |
Standardized [Member] | Specific Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 18,714 | 14,689 | |
Advanced [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 456,306 | 438,499 | |
Market RWAs | 97,261 | 76,509 | |
Total Operational RWAs | 132,750 | 132,913 | |
Total RWAs | 686,317 | 647,921 | $ 609,750 |
Advanced [Member] | Derivatives [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 112,763 | 109,532 | |
Advanced [Member] | Commitments Guarantees and Loans [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 191,443 | 182,210 | |
Advanced [Member] | Securities Financing Transactions [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 23,196 | 14,407 | |
Advanced [Member] | Equity Investments [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 32,771 | 45,582 | |
Advanced [Member] | Other [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 96,133 | 86,768 | |
Advanced [Member] | Regulatory VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 22,748 | 13,510 | |
Advanced [Member] | Stressed VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 39,509 | 38,922 | |
Advanced [Member] | Incremental Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 11,716 | 6,867 | |
Advanced [Member] | Comprehensive Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 4,574 | 2,521 | |
Advanced [Member] | Specific Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | $ 18,714 | $ 14,689 |
Regulation and Capital Adequ_12
Regulation and Capital Adequacy - Changes in Risk-weighted Assets (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Standardized Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-Weighted Assets, Beginning balance | $ 676,863 | $ 554,162 |
Change in Credit RWAs | (5,956) | 114,916 |
Change in Market RWAs | 20,752 | 7,785 |
Change in operational risk | 0 | 0 |
Risk-Weighted Assets, end of period | 691,659 | 676,863 |
Standardized Capital Rules [Member] | Derivatives [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (13,725) | 55,336 |
Standardized Capital Rules [Member] | Commitments Guarantees and Loans [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 13,172 | 57,138 |
Standardized Capital Rules [Member] | Securities Financing Transactions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (2,823) | 4,919 |
Standardized Capital Rules [Member] | Equity Investments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (12,321) | (3,688) |
Standardized Capital Rules [Member] | Other [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 9,741 | 1,211 |
Standardized Capital Rules [Member] | Regulatory VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 9,238 | (1,403) |
Standardized Capital Rules [Member] | Stressed VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 587 | 6,944 |
Standardized Capital Rules [Member] | Incremental Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 4,849 | (1,015) |
Standardized Capital Rules [Member] | Comprehensive Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 2,053 | 763 |
Standardized Capital Rules [Member] | Specific Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 4,025 | 2,496 |
Advanced Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-Weighted Assets, Beginning balance | 647,921 | 609,750 |
Change in Credit RWAs | 17,807 | 25,786 |
Change in Market RWAs | 20,752 | 7,785 |
Change in operational risk | (163) | 4,600 |
Risk-Weighted Assets, end of period | 686,317 | 647,921 |
Advanced Capital Rules [Member] | Derivatives [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 3,231 | (2,159) |
Advanced Capital Rules [Member] | Commitments Guarantees and Loans [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 9,233 | 30,623 |
Advanced Capital Rules [Member] | Securities Financing Transactions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 8,789 | (2,161) |
Advanced Capital Rules [Member] | Equity Investments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (12,811) | (3,686) |
Advanced Capital Rules [Member] | Other [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 9,365 | 3,169 |
Advanced Capital Rules [Member] | Regulatory VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 9,238 | (1,403) |
Advanced Capital Rules [Member] | Stressed VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 587 | 6,944 |
Advanced Capital Rules [Member] | Incremental Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 4,849 | (1,015) |
Advanced Capital Rules [Member] | Comprehensive Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 2,053 | 763 |
Advanced Capital Rules [Member] | Specific Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | $ 4,025 | $ 2,496 |
Regulation and Capital Adequ_13
Regulation and Capital Adequacy - Risk-based Capital and Leverage Ratios and "Well-capitalized" Requirements (Detail) - GS Bank USA [Member] | Jun. 30, 2022 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Required CET1 ratio applicable to advanced approach banking institutions | 7% |
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% |
SLR | 3% |
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% |
Regulation and Capital Adequ_14
Regulation and Capital Adequacy - Non-US Bank Subsidiaries Capital Ratios (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
GSIB | ||
Risk Based Capital [Line Items] | ||
CET1 capital ratio | 9.30% | 8.50% |
Tier 1 capital ratio | 11.50% | 10.50% |
Total capital ratio | 14.50% | 13.20% |
GSIB | Prudential Regulation Authority And Financial Conduct Authority [Member] | ||
Risk Based Capital [Line Items] | ||
CET1 capital | $ 3,454 | $ 3,408 |
Tier 1 capital | 3,454 | 3,408 |
Tier 2 capital | 826 | 826 |
Total capital | 4,280 | 4,234 |
RWAs | $ 17,135 | $ 17,196 |
CET1 capital ratio | 20.2 | 19.8 |
Tier 1 capital ratio | 20.2 | 19.8 |
Total capital ratio | 25 | 24.6 |
GSBE | ||
Risk Based Capital [Line Items] | ||
CET1 capital ratio | 9% | 8.70% |
Tier 1 capital ratio | 11% | 10.80% |
Total capital ratio | 13.80% | 13.50% |
GSBE | Amended E.U. Capital Requirements Directive and E.U. Capital Requirements Regulation [Member] | ||
Risk Based Capital [Line Items] | ||
CET1 capital | $ 9,105 | $ 6,527 |
Tier 1 capital | 9,105 | 6,527 |
Tier 2 capital | 21 | 23 |
Total capital | 9,126 | 6,550 |
RWAs | $ 28,218 | $ 28,924 |
CET1 capital ratio | 32.3 | 22.6 |
Tier 1 capital ratio | 32.3 | 22.6 |
Total capital ratio | 32.3 | 22.6 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net earnings to common | $ 2,786 | $ 5,347 | $ 6,617 | $ 12,058 |
Weighted average basic shares | 355 | 350.8 | 353.1 | 353.6 |
Effect of dilutive RSUs | 5.5 | 5.2 | 5.1 | 4.8 |
Weighted average diluted shares | 360.5 | 356 | 358.2 | 358.4 |
Basic EPS | $ 7.81 | $ 15.22 | $ 18.67 | $ 34.06 |
Diluted EPS | $ 7.73 | $ 15.02 | $ 18.47 | $ 33.64 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings per common share | ||||
Reduction per common share due to impact of applying the amended principles to basic earnings per common share | $ 0.04 | $ 0.02 | $ 0.07 | $ 0.04 |
Number of antidilutive RSUs | 1 | 0.1 | 0.7 | 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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Transactions With Affiliated Funds [Abstract] | ||||
Fees earned from funds | $ 1,288 | $ 783 | $ 2,250 | $ 1,601 |
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, 2022 | Dec. 31, 2021 |
Transactions With Affiliated Funds [Abstract] | ||
Fees receivable from funds | $ 1,179 | $ 873 |
Aggregate Carrying Value of the Firm's Interests In Non Consolidated Investment Funds | $ 3,913 | $ 4,321 |
Transactions with Affiliated _5
Transactions with Affiliated Funds - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Transactions With Affiliated Funds [Abstract] | ||||
Total management fees waived | $ 11 | $ 161 | $ 99 | $ 266 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest income and expense | ||||
Deposits with banks | $ 277 | $ 7 | $ 285 | $ 4 |
Collateralized agreements | 372 | (250) | 170 | (431) |
Trading assets | 1,127 | 1,130 | 2,217 | 2,323 |
Investments | 474 | 378 | 855 | 885 |
Loans | 1,900 | 1,295 | 3,450 | 2,515 |
Other interest | 701 | 379 | 1,086 | 697 |
Total interest income | 4,851 | 2,939 | 8,063 | 5,993 |
Deposits | 794 | 316 | 1,164 | 659 |
Collateralized financings | 307 | 25 | 318 | 8 |
Trading liabilities | 482 | 372 | 914 | 745 |
Short-term borrowings | 104 | 160 | 181 | 318 |
Long-term borrowings | 1,176 | 741 | 1,930 | 1,634 |
Other interest | 254 | (304) | (5) | (482) |
Total interest expense | 3,117 | 1,310 | 4,502 | 2,882 |
Net interest income | $ 1,734 | $ 1,629 | $ 3,561 | $ 3,111 |
Income Taxes - Earliest Tax Yea
Income Taxes - Earliest Tax Years Subject to Examination by Major Jurisdiction (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
U.S. Federal [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2011 |
New York State and City [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 | 2016 |
Hong Kong [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2016 |
Business Segments - Segment Ope
Business Segments - Segment Operating Results (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Non-interest revenues | $ 10,130 | $ 13,759 | $ 21,236 | $ 29,981 |
Net interest income | 1,734 | 1,629 | 3,561 | 3,111 |
Total net revenues | 11,864 | 15,388 | 24,797 | 33,092 |
Provision for credit losses | 667 | (92) | 1,228 | (162) |
Operating expenses | 7,653 | 8,640 | 15,369 | 18,077 |
Pre-tax earnings/(loss) | 3,544 | 6,840 | 8,200 | 15,177 |
Net earnings/(loss) | 2,927 | 5,486 | 6,866 | 12,322 |
Net earnings/(loss) to common | 2,786 | 5,347 | 6,617 | 12,058 |
Average common equity | $ 105,526 | $ 90,091 | $ 103,583 | $ 88,246 |
Return on average common equity | 10.60% | 23.70% | 12.80% | 27.30% |
Investment Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest revenues | $ 1,982 | $ 3,485 | $ 4,288 | $ 7,156 |
Net interest income | 155 | 124 | 260 | 224 |
Total net revenues | 2,137 | 3,609 | 4,548 | 7,380 |
Provision for credit losses | 83 | (107) | 247 | (270) |
Operating expenses | 1,105 | 1,955 | 2,353 | 3,818 |
Pre-tax earnings/(loss) | 949 | 1,761 | 1,948 | 3,832 |
Net earnings/(loss) | 786 | 1,413 | 1,631 | 3,111 |
Net earnings/(loss) to common | 766 | 1,393 | 1,595 | 3,072 |
Average common equity | $ 10,454 | $ 9,792 | $ 11,028 | $ 10,078 |
Return on average common equity | 29.30% | 56.90% | 28.90% | 61% |
Global Markets [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest revenues | $ 5,980 | $ 4,158 | $ 13,122 | $ 11,178 |
Net interest income | 487 | 742 | 1,217 | 1,303 |
Total net revenues | 6,467 | 4,900 | 14,339 | 12,481 |
Provision for credit losses | 131 | 14 | 233 | (6) |
Operating expenses | 3,366 | 3,373 | 7,127 | 7,558 |
Pre-tax earnings/(loss) | 2,970 | 1,513 | 6,979 | 4,929 |
Net earnings/(loss) | 2,452 | 1,201 | 5,844 | 4,002 |
Net earnings/(loss) to common | 2,367 | 1,121 | 5,694 | 3,851 |
Average common equity | $ 55,595 | $ 44,430 | $ 54,078 | $ 42,741 |
Return on average common equity | 17% | 10.10% | 21.10% | 18% |
Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest revenues | $ 966 | $ 5,014 | $ 1,365 | $ 9,445 |
Net interest income | 118 | 118 | 265 | 301 |
Total net revenues | 1,084 | 5,132 | 1,630 | 9,746 |
Provision for credit losses | 59 | (65) | 100 | (12) |
Operating expenses | 1,461 | 1,943 | 2,556 | 3,833 |
Pre-tax earnings/(loss) | (436) | 3,254 | (1,026) | 5,925 |
Net earnings/(loss) | (360) | 2,620 | (859) | 4,810 |
Net earnings/(loss) to common | (382) | 2,592 | (898) | 4,757 |
Average common equity | $ 24,310 | $ 25,410 | $ 24,132 | $ 25,092 |
Return on average common equity | (6.30%) | 40.80% | (7.40%) | 37.90% |
Consumer & Wealth Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest revenues | $ 1,202 | $ 1,102 | $ 2,461 | $ 2,202 |
Net interest income | 974 | 645 | 1,819 | 1,283 |
Total net revenues | 2,176 | 1,747 | 4,280 | 3,485 |
Provision for credit losses | 394 | 66 | 648 | 126 |
Operating expenses | 1,721 | 1,369 | 3,333 | 2,868 |
Pre-tax earnings/(loss) | 61 | 312 | 299 | 491 |
Net earnings/(loss) | 49 | 252 | 250 | 399 |
Net earnings/(loss) to common | 35 | 241 | 226 | 378 |
Average common equity | $ 15,167 | $ 10,459 | $ 14,345 | $ 10,335 |
Return on average common equity | 0.90% | 9.20% | 3.20% | 7.30% |
Business Segments - Depreciatio
Business Segments - Depreciation and Amortization (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total | $ 570 | $ 520 | $ 1,062 | $ 1,018 |
Investment Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total | 47 | 46 | 93 | 94 |
Global Markets [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total | 223 | 194 | 444 | 362 |
Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total | 170 | 196 | 298 | 386 |
Consumer & Wealth Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total | $ 130 | $ 84 | $ 227 | $ 176 |
Business Segments - Assets by S
Business Segments - Assets by Segment (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | |||
Total | $ 1,601,224 | $ 1,589,441 | $ 1,463,988 |
Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Total | 154,593 | 144,157 | |
Global Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total | 1,202,432 | 1,082,378 | |
Asset Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Total | 91,100 | 91,115 | |
Consumer & Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Total | $ 153,099 | $ 146,338 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 11,864 | $ 15,388 | $ 24,797 | $ 33,092 |
Pre-tax earnings | $ 3,544 | $ 6,840 | $ 8,200 | $ 15,177 |
Percentage of total net revenues | 100% | 100% | 100% | 100% |
Percentage of total pre-tax earnings | 100% | 100% | 100% | 100% |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 7,047 | $ 9,957 | $ 14,433 | $ 20,782 |
Pre-tax earnings | $ 1,828 | $ 4,465 | $ 4,144 | $ 9,480 |
Percentage of total net revenues | 59% | 65% | 58% | 63% |
Percentage of total pre-tax earnings | 51% | 65% | 50% | 62% |
Europe, Middle East and Africa [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 3,400 | $ 3,478 | $ 7,250 | $ 8,191 |
Pre-tax earnings | $ 1,373 | $ 1,675 | $ 3,164 | $ 4,090 |
Percentage of total net revenues | 29% | 22% | 29% | 25% |
Percentage of total pre-tax earnings | 39% | 25% | 39% | 27% |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 1,417 | $ 1,953 | $ 3,114 | $ 4,119 |
Pre-tax earnings | $ 343 | $ 700 | $ 892 | $ 1,607 |
Percentage of total net revenues | 12% | 13% | 13% | 12% |
Percentage of total pre-tax earnings | 10% | 10% | 11% | 11% |
Credit Concentrations - Credit
Credit Concentrations - Credit Concentration, Government and Federal Agency Obligations (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
U.S. Government and Agency Obligations Held By The Firm [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 173,244 | $ 141,191 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 10.80% | 9.60% |
Non-U.S. Government and Agency Obligations Held By The Firm [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 60,617 | $ 51,426 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 3.80% | 3.50% |
Credit Concentrations - Additio
Credit Concentrations - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Concentration Risk [Line Items] | ||
Cash deposits held at central banks | $ 245,360 | $ 222,200 |
Percentage Of Other Counterparty | 2% | 2% |
GS Bank USA [Member] | ||
Concentration Risk [Line Items] | ||
Cash deposits held at the Federal Reserve Bank of New York | $ 156,210 | $ 122,010 |
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, 2022 | Dec. 31, 2021 | |
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 | $ 130,049 | $ 86,274 |
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 | $ 126,104 | $ 141,588 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Aug. 18, 2020 | Jun. 30, 2022 | |
Other Commitments [Line Items] | ||
Estimated aggregate amount of reasonably possible losses for legal proceedings | $ 2,000 | |
Mortgage Related Matters [Member] | ||
Other Commitments [Line Items] | ||
Face amount of securitizations claimed for repurchase | 1,700 | |
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 | |
1Malaysia Development Berhad (1MDB) [Member] | Guarantee Obligations [Member] | ||
Other Commitments [Line Items] | ||
Agreement to extend a guarantee related to legal and regulatory proceedings | $ 1,400 | |
Sea Limited [Member] | September 2021 Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 4,000 | |
Number of shares underwritten by Goldman Sachs (Asia) L.L.C. in connection with the offering | 8,222,500 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | $ 2,600 | |
Sea Limited [Member] | September 2021 Public Offering [Member] | Convertible Senior Notes [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 2,900 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | 1,900 | |
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 | 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 | 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 | 5,625,768 | |
Aggregate value underwritten by GS&Co. | $ 127 | |
GoHealth, Inc [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 914 | |
Number of shares underwritten by GS&Co. in connection with the offering | 11,540,550 | |
Aggregate value underwritten by GS&Co. | $ 242 | |
Banco Espirito Santo Sa And Oak Finance [Member] | Transfer Of Facility Agreement [Member] | ||
Other Commitments [Line Items] | ||
Loss contingency, amount received | 50 | |
Banco Espirito Santo Sa And Oak Finance [Member] | Transfer Of Facility Agreement [Member] | GSI [Member] | ||
Other Commitments [Line Items] | ||
Debt instrument, face amount | 835 | |
Loss contingency, amount received | 54 | |
Loss contingency, amount sought | 104 | |
Archegos Related Matters [Member] | March 2021 Public Offering [Member] | Common Stock [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 1,700 | |
Number of shares underwritten by GS&Co. in connection with the offering | 646,154 | |
Aggregate value underwritten by GS&Co. | $ 55 | |
Archegos Related Matters [Member] | March 2021 Public Offering [Member] | Preferred Stock [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 1,000 | |
Number of shares underwritten by GS&Co. in connection with the offering | 323,077 | |
Aggregate value underwritten by GS&Co. | $ 32 | |
Array Technologies Inc [Member] | ||
Other Commitments [Line Items] | ||
Number of shares underwritten by GS&Co. in connection with the offering | 31,912,213 | |
Aggregate value underwritten by GS&Co. | $ 877 | |
Array Technologies Inc [Member] | October 2020 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 1,200 | |
Array Technologies Inc [Member] | December 2020 Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 1,300 | |
Array Technologies Inc [Member] | March 2021 Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | 993 | |
Skillz Inc [Member] | March 2021 Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 883 | |
Number of shares underwritten by GS&Co. in connection with the offering | 8,832,000 | |
Aggregate value underwritten by GS&Co. | $ 212 | |
ContextLogic, Inc [Member] | December 2020 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 1,100 | |
Number of shares underwritten by GS&Co. in connection with the offering | 16,169,000 | |
Aggregate value underwritten by GS&Co. | $ 388 | |
Didi Global Inc [Member] | June 2021 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 4,400 | |
Number of shares underwritten by Goldman Sachs (Asia) L.L.C. in connection with the offering | 104,554,000 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | $ 1,500 | |
Vroom Inc [Member] | September 2020 Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 589 | |
Number of shares underwritten by GS&Co. in connection with the offering | 3,886,819 | |
Aggregate value underwritten by GS&Co. | $ 212 | |
Zymergen Inc [Member] | April 2021 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 575 | |
Number of shares underwritten by GS&Co. in connection with the offering | 5,750,345 | |
Aggregate value underwritten by GS&Co. | $ 178 | |
Waterdrop Inc [Member] | May 2021 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 360 | |
Number of shares underwritten by Goldman Sachs (Asia) L.L.C. in connection with the offering | 15,300,000 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | $ 184 | |
Banco Espirito Santo Sa And Oak Finance And Action In Lisbon Commercial Court [Member] | ||
Other Commitments [Line Items] | ||
Loss contingency, amount sought | 222 | |
Rivian Automotive Inc. [Member] | November 2021 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 13,700 | |
Number of shares underwritten by GS&Co. in connection with the offering | 44,733,050 | |
Aggregate value underwritten by GS&Co. | $ 3,500 | |
Natera Inc [Member] | July 2021 Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 585 | |
Number of shares underwritten by GS&Co. in connection with the offering | 1,449,000 | |
Aggregate value underwritten by GS&Co. | $ 164 | |
Robinhood Markets, Inc [Member] | July 2021 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 2,200 | |
Number of shares underwritten by GS&Co. in connection with the offering | 18,039,706 | |
Aggregate value underwritten by GS&Co. | $ 686 | |
ON24 Inc [Member] | February 2021 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 492 | |
Number of shares underwritten by GS&Co. in connection with the offering | 3,616,785 | |
Aggregate value underwritten by GS&Co. | $ 181 | |
Riskified Ltd [Member] | July 2021 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 423 | |
Number of shares underwritten by GS&Co. in connection with the offering | 6,981,128 | |
Aggregate value underwritten by GS&Co. | $ 147 | |
Oscar Health Inc [Member] | March 2021 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 1,400 | |
Number of shares underwritten by GS&Co. in connection with the offering | 12,760,633 | |
Aggregate value underwritten by GS&Co. | $ 498 | |
Reata Pharmaceuticals Inc [Member] | December 2020 public offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 282 | |
Number of shares underwritten by GS&Co. in connection with the offering | 1,000,000 | |
Aggregate value underwritten by GS&Co. | $ 141 | |
Bright Health Group Inc [Member] | June 2021 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 924 | |
Number of shares underwritten by GS&Co. in connection with the offering | 11,297,000 | |
Aggregate value underwritten by GS&Co. | $ 203 | |
Oak Street Health Inc [Member] | August 2020 initial public offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 377 | |
Number of shares underwritten by GS&Co. in connection with the offering | 4,157,103 | |
Aggregate value underwritten by GS&Co. | $ 87 | |
Oak Street Health Inc [Member] | December 2020 secondary equity offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 298 | |
Number of shares underwritten by GS&Co. in connection with the offering | 1,503,944 | |
Aggregate value underwritten by GS&Co. | $ 69 | |
Oak Street Health Inc [Member] | February 2021 secondary equity offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 691 | |
Number of shares underwritten by GS&Co. in connection with the offering | 3,083,098 | |
Aggregate value underwritten by GS&Co. | $ 173 | |
Oak Street Health Inc [Member] | May 2021 secondary equity offering | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 747 | |
Number of shares underwritten by GS&Co. in connection with the offering | 3,013,065 | |
Aggregate value underwritten by GS&Co. | $ 187 | |
17 Education & Technology Group Inc [Member] | December 2020 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 331 | |
Number of shares underwritten by Goldman Sachs (Asia) L.L.C. in connection with the offering | 12,604,000 | |
Aggregate value underwritten by Goldman Sachs (Asia) L.L.C. | $ 132 |