Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Document Information [Line Items] | ||
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000895421 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | MORGAN STANLEY | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Entity File Number | 1-11758 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1585 Broadway | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10036 | |
Entity Tax Identification Number | 36-3145972 | |
City Area Code | (212) | |
Local Phone Number | 761-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,575,656,380 | |
Common Stock, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | MS | |
Security Exchange Name | NYSE | |
Non-Cumulative Preferred Stock, Series A, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series A, $0.01 par value | |
Trading Symbol | MS/PA | |
Security Exchange Name | NYSE | |
Non-Cumulative Preferred Stock, Series E, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series E, $0.01 par value | |
Trading Symbol | MS/PE | |
Security Exchange Name | NYSE | |
Non-Cumulative Preferred Stock, Series F, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series F, $0.01 par value | |
Trading Symbol | MS/PF | |
Security Exchange Name | NYSE | |
Non-Cumulative Preferred Stock, Series I, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series I, $0.01 par value | |
Trading Symbol | MS/PI | |
Security Exchange Name | NYSE | |
Non-Cumulative Preferred Stock, Series K, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series K, $0.01 par value | |
Trading Symbol | MS/PK | |
Security Exchange Name | NYSE | |
Non-Cumulative Preferred Stock, Series L, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series L, $0.01 par value | |
Trading Symbol | MS/PL | |
Security Exchange Name | NYSE | |
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 | |
Trading Symbol | MS/26C | |
Security Exchange Name | NYSE | |
Morgan Stanley Cushing® MLP High Income Index ETNs due March 21, 2031 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Morgan Stanley Cushing® MLP High Income Index ETNs due March 21, 2031 | |
Trading Symbol | MLPY | |
Security Exchange Name | NYSEArca |
Consolidated Income Statements
Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Investment banking | $ 1,271 | $ 1,242 |
Trading | 3,056 | 3,441 |
Investments | 38 | 273 |
Commissions and fees | 1,360 | 966 |
Asset management | 3,417 | 3,049 |
Other | (1,011) | 301 |
Total non-interest revenues | 8,131 | 9,272 |
Interest income | 3,503 | 4,290 |
Interest expense | 2,147 | 3,276 |
Net interest | 1,356 | 1,014 |
Net revenues | 9,487 | 10,286 |
Non-interest expenses | ||
Compensation and benefits | 4,283 | 4,651 |
Brokerage, clearing and exchange fees | 740 | 593 |
Information processing and communications | 563 | 532 |
Professional services | 449 | 514 |
Occupancy and equipment | 365 | 347 |
Marketing and business development | 132 | 141 |
Other | 809 | 553 |
Total non-interest expenses | 7,341 | 7,331 |
Income before provision for income taxes | 2,146 | 2,955 |
Provision for income taxes | 366 | 487 |
Net income | 1,780 | 2,468 |
Net income applicable to noncontrolling interests | 82 | 39 |
Net income applicable to Morgan Stanley | 1,698 | 2,429 |
Preferred stock dividends | 108 | 93 |
Earnings applicable to Morgan Stanley common shareholders | $ 1,590 | $ 2,336 |
Earnings per common share | ||
Basic (USD per share) | $ 1.02 | $ 1.41 |
Diluted (USD per share) | $ 1.01 | $ 1.39 |
Average common shares outstanding | ||
Basic (shares) | 1,555 | 1,658 |
Diluted (shares) | 1,573 | 1,677 |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income Statements - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,780 | $ 2,468 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | (132) | (22) |
Change in net unrealized gains (losses) on available-for-sale securities | 1,325 | 429 |
Pension, postretirement and other | 25 | 1 |
Change in net debt valuation adjustment | 3,803 | (620) |
Total other comprehensive income (loss) | 5,021 | (212) |
Comprehensive income | 6,801 | 2,256 |
Net income applicable to noncontrolling interests | 82 | 39 |
Other comprehensive income (loss) applicable to noncontrolling interests | 138 | (31) |
Comprehensive income applicable to Morgan Stanley | $ 6,581 | $ 2,248 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 131,509 | $ 82,171 |
Trading assets at fair value ($103,637 and $128,386 were pledged to various parties) | 270,916 | 297,110 |
Investment securities (includes $68,871 and $62,223 at fair value) | 116,157 | 105,725 |
Securities purchased under agreements to resell (includes $5 and $4 at fair value) | 104,800 | 88,224 |
Securities borrowed | 72,300 | 106,549 |
Customer and other receivables | 74,424 | 55,646 |
Held for investment (net of allowance of $617 and $349) | 131,335 | 118,060 |
Held for sale | 17,362 | 12,577 |
Goodwill | 7,125 | 7,143 |
Intangible assets (net of accumulated amortization of $3,281 and $3,204) | 2,021 | 2,107 |
Other assets | 19,846 | 20,117 |
Total assets | 947,795 | 895,429 |
Liabilities | ||
Deposits (includes $4,052 and $2,099 at fair value) | 235,239 | 190,356 |
Trading liabilities at fair value | 142,076 | 133,356 |
Securities sold under agreements to repurchase (includes $775 and $733 at fair value) | 45,816 | 54,200 |
Securities loaned | 11,631 | 8,506 |
Other secured financings (includes $6,897 and $7,809 at fair value) | 13,058 | 14,698 |
Customer and other payables | 198,074 | 197,834 |
Other liabilities and accrued expenses | 19,817 | 21,155 |
Borrowings (includes $57,162 and $64,461 at fair value) | 194,856 | 192,627 |
Total liabilities | 860,567 | 812,732 |
Commitments and contingent liabilities (see Note 13) | ||
Equity | ||
Preferred stock | 8,520 | 8,520 |
Common stock | 20 | 20 |
Additional paid-in capital | 23,428 | 23,935 |
Retained earnings | 71,518 | 70,589 |
Employee stock trusts | 3,088 | 2,918 |
Accumulated other comprehensive income (loss) | 2,095 | (2,788) |
Common stock held in treasury at cost, $0.01 par value (463,393,472 and 444,920,299 shares) | (19,721) | (18,727) |
Common stock issued to employee stock trusts | (3,088) | (2,918) |
Total Morgan Stanley shareholders’ equity | 85,860 | 81,549 |
Noncontrolling interests | 1,368 | 1,148 |
Total equity | 87,228 | 82,697 |
Total liabilities and equity | $ 947,795 | $ 895,429 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Trading assets pledged to various parties | $ 103,637 | $ 128,386 |
Investment securities at fair value | 68,871 | 62,223 |
Securities purchased under agreement to resell at fair value | 5 | 4 |
Loans held for investment, allowance | 617 | 349 |
Intangible assets, accumulated amortization | 3,281 | 3,204 |
Deposits at fair value | 4,052 | 2,099 |
Securities sold under agreement to repurchase at fair value | 775 | 733 |
Other secured financings at fair value | 6,897 | 7,809 |
Borrowings at fair value | $ 57,162 | $ 64,461 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock authorized (shares) | 3,500,000,000 | 3,500,000,000 |
Common stock issued (shares) | 2,038,893,979 | 2,038,893,979 |
Common stock outstanding (shares) | 1,575,500,507 | 1,593,973,680 |
Common stock held in treasury (shares) | 463,393,472 | 444,920,299 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Total Equity - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Employee Stock Trusts | Accumulated Other Comprehensive Income (Loss) | Common Stock Held In Treasury at Cost | Common Stock Issued to Employee Stock Trusts | Non-Controlling Interests | ||
Balance at beginning of period at Dec. 31, 2018 | $ 23,794 | $ 64,175 | $ 2,836 | $ (2,292) | $ (13,971) | $ (2,836) | $ 1,160 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Share-based award activity | (618) | 164 | 1,034 | (164) | ||||||||
Net income applicable to Morgan Stanley | $ 2,429 | 2,429 | ||||||||||
Preferred stock dividends | (93) | (93) | [1] | |||||||||
Common stock dividends | [1] | (513) | ||||||||||
Repurchases of common stock and employee tax withholdings | (1,645) | |||||||||||
Net income applicable to noncontrolling interests | 39 | 39 | ||||||||||
Net change in Accumulated other comprehensive income (loss) | (212) | (181) | (31) | |||||||||
Other net increases | 2 | |||||||||||
Balance at end of period at Mar. 31, 2019 | 81,892 | $ 8,520 | $ 20 | 23,178 | 66,061 | 3,000 | (2,473) | (14,582) | (3,000) | 1,168 | ||
Balance at beginning of period at Dec. 31, 2019 | 82,697 | 23,935 | 70,589 | 2,918 | (2,788) | (18,727) | (2,918) | 1,148 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Share-based award activity | (507) | 170 | 788 | (170) | ||||||||
Net income applicable to Morgan Stanley | 1,698 | 1,698 | ||||||||||
Preferred stock dividends | (108) | (108) | [1] | |||||||||
Common stock dividends | [1] | (561) | ||||||||||
Repurchases of common stock and employee tax withholdings | (1,782) | |||||||||||
Net income applicable to noncontrolling interests | 82 | 82 | ||||||||||
Net change in Accumulated other comprehensive income (loss) | 5,021 | 4,883 | 138 | |||||||||
Other net increases | 0 | |||||||||||
Balance at end of period at Mar. 31, 2020 | $ 87,228 | $ 8,520 | $ 20 | $ 23,428 | $ 71,518 | $ 3,088 | $ 2,095 | $ (19,721) | $ (3,088) | $ 1,368 | ||
[1] | See Note 16 for information regarding dividends per share for each class of stock. |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | ||
Net income | $ 1,780 | $ 2,468 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Stock-based compensation expense | 154 | 293 |
Depreciation and amortization | 824 | 658 |
Provision for (Release of) credit losses on lending activities | 407 | 36 |
Other operating adjustments | 1,044 | (92) |
Changes in assets and liabilities: | ||
Trading assets, net of Trading liabilities | 35,079 | 23,977 |
Securities borrowed | 34,249 | (22,578) |
Securities loaned | 3,125 | 600 |
Customer and other receivables and other assets | (23,619) | 1,567 |
Customer and other payables and other liabilities | (4,247) | 9,971 |
Securities purchased under agreements to resell | (16,576) | 1,952 |
Securities sold under agreements to repurchase | (8,384) | (1,811) |
Net cash provided by (used for) operating activities | 23,836 | 17,041 |
Proceeds from (payments for): | ||
Other assets—Premises, equipment and software, net | (354) | (529) |
Changes in loans, net | (13,243) | (1,329) |
Investment securities: | ||
Purchases | (12,924) | (15,895) |
Proceeds from sales | 3,128 | 7,875 |
Proceeds from paydowns and maturities | 2,378 | 2,663 |
Other investing activities | (93) | (12) |
Net cash provided by (used for) investing activities | (21,108) | (7,227) |
Net proceeds from (payments for): | ||
Other secured financings | 259 | (1,575) |
Deposits | 44,694 | (8,089) |
Proceeds from issuance of Borrowings | 20,601 | 8,091 |
Payments for: | ||
Borrowings | (14,967) | (11,927) |
Repurchases of common stock and employee tax withholdings | (1,782) | (1,645) |
Cash dividends | (688) | (663) |
Other financing activities | (163) | (56) |
Net cash provided by (used for) financing activities | 47,954 | (15,864) |
Effect of exchange rate changes on cash and cash equivalents | (1,344) | (464) |
Net increase (decrease) in cash and cash equivalents | 49,338 | (6,514) |
Cash and cash equivalents, at beginning of period | 82,171 | 87,196 |
Cash and cash equivalents, at end of period | 131,509 | 80,682 |
Supplemental Disclosure of Cash Flow Information | ||
Cash payments for interest | 2,123 | 2,896 |
Cash payments for income taxes, net of refunds | $ 342 | $ 245 |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Introduction and Basis of Presentation | Introduction and Basis of Presentation The Firm Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q. A description of the clients and principal products and services of each of the Firm’s business segments is as follows: Institutional Securities provides investment banking, sales and trading, lending and other services to corporations, governments, financial institutions and high to ultra-high net worth clients. Investment banking services consist of capital raising and financial advisory services, including services relating to the underwriting of debt, equity and other securities, as well as advice on mergers and acquisitions, restructurings, real estate and project finance. Sales and trading services include sales, financing, prime brokerage and market-making activities in equity and fixed income products, including foreign exchange and commodities. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending financing to sales and trading customers. Other activities include Asia wealth management services, investments and research. Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions covering: brokerage and investment advisory services; financial and wealth planning services; stock plan administration services; annuity and insurance products; securities-based lending, residential real estate loans and other lending products; banking; and retirement plan services. Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, liquidity and alternative/other products. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors. Basis of Financial Information The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, allowance for credit losses, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates. Certain reclassifications have been made to prior periods to conform to the current presentation. The Notes are an integral part of the Firm's financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto. The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2019 Form 10-K . Certain footnote disclosures included in the 2019 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year. Consolidation The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14 ). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as noncontrolling interests. The net income attributable to noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statements. The portion of shareholders’ equity that is attributable to noncontrolling interests for such subsidiaries is presented as noncontrolling interests, a component of Total equity, in the balance sheets. For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2019 Form 10-K . |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the 2019 Form 10-K . During the three months ended March 31, 2020 (“current quarter”), there were no significant revisions to the Firm’s significant accounting policies, other than for the accounting updates adopted. Accounting Updates Adopted in 2020 See Note 16 for a summary of the Retained earnings impact of this adoption. Financial Instruments — Credit Losses The Firm adopted the Financial Instruments - Credit Losses accounting update on January 1, 2020. This accounting update impacted the impairment model for certain financial assets measured at amortized cost by requiring a CECL methodology to estimate expected credit losses over the entire life of the financial asset, recorded at inception or purchase. CECL replaced the loss model currently applicable to loans held for investment, HTM securities and other receivables carried at amortized cost, such as employee loans. The update also eliminated the concept of other-than-temporary impairment for AFS securities and instead requires impairments on AFS securities to be recognized in earnings through an allowance when the fair value is less than amortized cost and a credit loss exists, and through a permanent reduction of the amortized cost basis when the securities are expected to be sold before recovery of amortized cost. For certain portfolios, we determined that there are de minimus or zero expected credit losses; for example, for lending and financing transactions, such as Securities borrowed, Securities purchased under agreements to resell and certain other portfolios where collateral arrangements are being followed. Also, we have zero expected credit losses for certain financial assets based on the credit quality of the borrower or issuer, such as U.S. government and agency securities. At transition on January 1, 2020, the adoption of this accounting standard resulted in an increase in the allowance for credit losses of $ 131 million with a corresponding reduction in Retained earnings of $ 100 million, net of tax. The adoption impact was primarily attributable to a $124 million increase in the allowance for credit losses on employee loans. The following discussion highlights changes to the Firm’s accounting policies as a result of this adoption. Instruments Measured at Amortized Cost and Certain Off-Balance Sheet Credit Exposures Allowance for Credit Losses (“ACL”) The ACL for financial instruments measured at amortized cost and certain off-balance sheet exposures ( e.g., HFI loans and lending commitments, HTM securities, customer and other receivables and certain guarantees) represents an estimate of expected credit losses over the entire life of the financial instrument. Factors considered by management when determining the ACL include payment status, fair value of collateral, expected payments of principal and interest, as well as internal or external information relating to past events, current conditions and reasonable and supportable forecasts. The Firm’s forecasts include assumptions about certain macroeconomic variables including, but not limited to, U.S. gross domestic product, equity market indices, unemployment rates, as well as commercial real estate and home price indices. At the conclusion of the Firm’s reasonable and supportable forecast period of three years, there is a gradual reversion back to historical averages. The ACL is measured on a collective basis when similar risk characteristics exist for multiple instruments considering all available information relevant to assessing the collectability of cash flows. Generally, the Firm applies a probability of default (“PD”)/loss given default (“LGD”) model (“PD/LGD model”) for instruments that are collectively assessed, under which the ACL is calculated as the product of PD, LGD and exposure at default (“EAD”). These parameters are forecast for each collective group of loans using a scenario-based statistical model and at the conclusion of the Firm’s reasonable and supportable forecast period, the parameters gradually revert back to historical averages. If the instrument does not share similar risk characteristics with other instruments, including when it is probable that the Firm will be unable to collect the full payment of principal and interest on the instrument when due, the ACL is measured on an individual basis. The Firm typically applies a discounted cash flow (“DCF”) method for instruments that are individually assessed. The Firm may also elect to use an approach that considers the fair value of the collateral when measuring the ACL if the loan is collateral dependent ( i.e., repayment of the loan is expected to be provided substantially by the sale or operation of the underlying collateral and the borrower is experiencing financial difficulty). Additionally, the Firm can elect to use an approach to measure the ACL using the fair value of collateral where the borrower is required to, and reasonably expected to, continually adjust and replenish the amount of collateral securing the instrument to reflect changes in the fair value of such collateral. The Firm has elected to use this approach for certain securities-based loans, customer receivables representing margin loans, Securities purchased under agreements to resell and Securities borrowed. Credit quality indicators considered in developing the ACL include: • Corporate loans and Commercial real estate loans and securities: Internal risk ratings developed by CRM which are refreshed at least annually, and more frequently as necessary. These ratings generally correspond to external ratings published by S&P. The Firm also considers transaction structure, including type of collateral, collateral terms, and position of the obligation within the capital structure. In addition, for Commercial real estate, the Firm considers property type and location, net operating income, LTV ratios, among others, as well as commercial real estate price and credit spread indices and capitalization rates. • Residential real estate loans: Loan origination Fair Isaac Corporation (“FICO”) credit scores as determined by independent credit agencies in the United States and loan-to-value (“LTV”) ratios. • Employee loans: Employment status, which includes those currently employed by the Firm and for which the Firm can deduct any unpaid amounts due to it through certain compensation arrangements; and those no longer employed by the Firm where such compensation arrangements are no longer applicable. Consumer loans primarily comprise securities-based loans and therefore the Firm generally measures the ACL on such loans based on the fair value of collateral. Qualitative and environmental factors such as economic and business conditions, the nature and volume of the portfolio, and lending terms and the volume and severity of past due loans are also considered in the ACL calculations. Recognition . The Firm recognizes its ACL and provision for credit losses in its balance sheets and income statements, respectively, for on– and off–balance sheet instruments as follows. ACL Provision for credit losses Instruments measured at amortized cost ( e.g., HFI loans, HTM securities and customer and other receivables) Contra asset Other revenue Employee loans Contra asset Compensation and benefits expense Off-balance sheet instruments ( e.g., HFI lending commitments and certain guarantees) Other liabilities and accrued expenses Other expense Troubled Debt Restructurings (“TDRs”) The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower’s financial difficulties by granting one or more concessions that the Firm would not otherwise consider. Such modifications are accounted for and reported as a TDR, except for certain modifications related to the Coronavirus Disease (“COVID-19”) as noted in “Modifications and Nonaccrual Status for Borrowers Impacted by COVID-19” herein. A loan that has been modified in a TDR is generally considered to be impaired and is evaluated individually. TDRs are also generally classified as nonaccrual and may be returned to accrual status only after the Firm expects repayment of the remaining contractual principal and interest and there is sustained repayment performance for a reasonable period. Nonaccrual The Firm places financial instruments on nonaccrual status if principal or interest is past due for a period of 90 days or more or payment of principal or interest is in doubt unless the obligation is well-secured and in the process of collection, or in certain cases when related to the Coronavirus Disease (“COVID-19”) as noted in “Modifications and Nonaccrual Status for Borrowers Impacted by COVID-19” herein. For any instrument placed on nonaccrual status, the Firm reverses any unpaid interest accrued with an offsetting reduction to Interest income. Principal and interest payments received on nonaccrual instruments are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal is not in doubt, interest income is realized on a cash basis. If neither principal nor interest collection is in doubt and the instruments are brought current, instruments are generally placed on accrual status and interest income is recognized using the effective interest method. Modifications and Nonaccrual Status for Borrowers Impacted by COVID-19 In the first quarter of 2020, the Firm elected to apply the guidance issued by Congress in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) as well as by the U.S. banking agencies stating that certain concessions granted to borrowers that are current on existing loans, either individually or as part of a program for creditworthy borrowers who are experiencing short-term financial or operational problems as a result of the coronavirus pandemic, generally would not be considered TDRs or nonaccrual. ACL Write-offs The Firm writes-off a financial instrument in the period that it is deemed uncollectible and records a reduction in the ACL and the balance of the financial instrument in the balance sheet. However, for accrued interest receivable balances that are separately recorded from the related financial instruments, the Firm's nonaccrual policy requires that accrued interest receivable be written off against Interest income when the related financial instrument is placed in nonaccrual status. Accordingly, the Firm elected not to measure an ACL for accrued interest receivables. Available-for-Sale (“AFS”) Investment Securities Unrealized Losses on AFS Securities AFS securities are analyzed as part of the Firm's periodic assessment of credit losses at the individual security level. When considering if a credit loss exists, the Firm considers relevant information as discussed in Note 2 of the 2019 Form 10-K. Upon the adoption of Financial Instruments—Credit Losses , the Firm no longer considers the length of time the fair value has been less than the amortized cost basis in determining whether a credit loss exists. Recognition . The Firm recognizes its ACL and provision for credit losses for AFS securities in its balance sheets and income statements, respectively, as follows. ACL Provision for credit losses AFS securities Contra asset Other revenue The Firm recognizes the non-credit loss component of the unrealized loss as an adjustment to the security’s asset balance with an offsetting entry to AOCI in the balance sheets. For AFS securities in an unrealized loss position as of the balance sheet date that the Firm either has the intent to sell or that the Firm is likely to be required to sell before recovery of its amortized cost basis, any allowance for credit losses previously established is written off and the amortized cost basis is written down to the security’s fair value with any incremental unrealized losses reported in Other revenues. Nonaccrual & ACL Write-Offs on AFS Securities |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of Cash and due from banks and Interest bearing deposits with banks. Cash equivalents are highly liquid investments with remaining maturities of three months or less from the acquisition date that are readily convertible to cash and are not held for trading purposes. $ in millions At At Cash and due from banks $ 11,570 $ 6,763 Interest bearing deposits with banks 119,939 75,408 Total Cash and cash equivalents $ 131,509 $ 82,171 Restricted cash $ 56,064 $ 32,512 Cash and cash equivalents also include Restricted cash such as cash in banks subject to withdrawal restrictions, restricted deposits held as compensating balances and cash segregated in compliance with federal or other regulations, including the minimum reserve requirement set by the Federal Reserve Bank and other central banks. |
Fair Values
Fair Values | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Values | Fair Values Recurring Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis At March 31, 2020 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 42,231 $ 29,105 $ 99 $ — $ 71,435 Other sovereign government obligations 29,493 5,017 17 — 34,527 State and municipal securities — 2,226 1 — 2,227 MABS — 838 483 — 1,321 Loans and lending commitments 2 — 4,082 5,980 — 10,062 Corporate and other debt — 23,448 1,708 — 25,156 Corporate equities 3 66,409 582 146 — 67,137 Derivative and other contracts: Interest rate 14,025 253,646 1,367 — 269,038 Credit — 12,605 753 — 13,358 Foreign exchange 26 112,711 76 — 112,813 Equity 1,041 93,175 1,560 — 95,776 Commodity and other 1,070 17,813 3,384 — 22,267 Netting 1 (12,720 ) (376,568 ) (1,301 ) (69,653 ) (460,242 ) Total derivative and other contracts 3,442 113,382 5,839 (69,653 ) 53,010 Investments 4 562 204 725 — 1,491 Physical commodities — 960 — — 960 Total trading assets 4 142,137 179,844 14,998 (69,653 ) 267,326 Investment securities—AFS 35,899 32,972 — — 68,871 Securities purchased under agreements to resell — 5 — — 5 Total assets at fair value $ 178,036 $ 212,821 $ 14,998 $ (69,653 ) $ 336,202 At March 31, 2020 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 3,935 $ 117 $ — $ 4,052 Trading liabilities: U.S. Treasury and agency securities 13,273 201 16 — 13,490 Other sovereign government obligations 20,273 836 2 — 21,111 Corporate and other debt — 9,341 6 — 9,347 Corporate equities 3 57,134 85 40 — 57,259 Derivative and other contracts: Interest rate 14,655 242,840 494 — 257,989 Credit — 12,631 555 — 13,186 Foreign exchange 20 112,552 226 — 112,798 Equity 1,090 89,344 2,936 — 93,370 Commodity and other 1,438 15,280 1,535 — 18,253 Netting 1 (12,720 ) (376,568 ) (1,301 ) (64,138 ) (454,727 ) Total derivative and other contracts 4,483 96,079 4,445 (64,138 ) 40,869 Total trading liabilities 95,163 106,542 4,509 (64,138 ) 142,076 Securities sold under agreements to repurchase — 775 — — 775 Other secured financings — 6,508 389 — 6,897 Borrowings — 53,164 3,998 — 57,162 Total liabilities at fair value $ 95,163 $ 170,924 $ 9,013 $ (64,138 ) $ 210,962 At December 31, 2019 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 36,866 $ 28,992 $ 22 $ — $ 65,880 Other sovereign government obligations 23,402 4,347 5 — 27,754 State and municipal securities — 2,790 1 — 2,791 MABS — 1,690 438 — 2,128 Loans and lending commitments 2 — 6,253 5,073 — 11,326 Corporate and other debt — 22,124 1,396 — 23,520 Corporate equities 3 123,942 652 97 — 124,691 Derivative and other contracts: Interest rate 1,265 182,977 1,239 — 185,481 Credit — 6,658 654 — 7,312 Foreign exchange 15 64,260 145 — 64,420 Equity 1,219 48,927 922 — 51,068 Commodity and other 1,079 7,255 2,924 — 11,258 Netting 1 (2,794 ) (235,947 ) (993 ) (47,804 ) (287,538 ) Total derivative and other contracts 784 74,130 4,891 (47,804 ) 32,001 Investments 4 481 252 858 — 1,591 Physical commodities — 1,907 — — 1,907 Total trading assets 4 185,475 143,137 12,781 (47,804 ) 293,589 Investment securities—AFS 32,902 29,321 — — 62,223 Securities purchased under agreements to resell — 4 — — 4 Total assets at fair value $ 218,377 $ 172,462 $ 12,781 $ (47,804 ) $ 355,816 At December 31, 2019 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 1,920 $ 179 $ — $ 2,099 Trading liabilities: U.S. Treasury and agency securities 11,191 34 — — 11,225 Other sovereign government obligations 21,837 1,332 1 — 23,170 Corporate and other debt — 7,410 — — 7,410 Corporate equities 3 63,002 79 36 — 63,117 Derivative and other contracts: Interest rate 1,144 171,025 462 — 172,631 Credit — 7,391 530 — 7,921 Foreign exchange 6 67,473 176 — 67,655 Equity 1,200 49,062 2,606 — 52,868 Commodity and other 1,194 7,118 1,312 — 9,624 Netting 1 (2,794 ) (235,947 ) (993 ) (42,531 ) (282,265 ) Total derivative and other contracts 750 66,122 4,093 (42,531 ) 28,434 Total trading liabilities 96,780 74,977 4,130 (42,531 ) 133,356 Securities sold under agreements to repurchase — 733 — — 733 Other secured financings — 7,700 109 — 7,809 Borrowings — 60,373 4,088 — 64,461 Total liabilities at fair value $ 96,780 $ 145,703 $ 8,506 $ (42,531 ) $ 208,458 MABS — Mortgage- and asset-backed securities 1. For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6 . 2. For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table. 3. For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes. 4. Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein. Detail of Loans and Lending Commitments at Fair Value $ in millions At At Corporate $ 7,711 $ 8,036 Residential real estate 1,154 1,192 Commercial real estate 1,197 2,098 Total $ 10,062 $ 11,326 Unsettled Fair Value of Futures Contracts 1 $ in millions At At Customer and other receivables, net $ 935 $ 365 1. These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables. For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 3 to the financial statements in the 2019 Form 10-K . During the current quarter, there were no significant revisions made to the Firm’s valuation techniques. Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Three Months Ended $ in millions 2020 2019 U.S. Treasury and agency securities Beginning balance $ 22 $ 54 Realized and unrealized gains (losses) 5 — Purchases 85 — Sales (21 ) (50 ) Net transfers 8 3 Ending balance $ 99 $ 7 Unrealized gains (losses) $ 5 $ — Other sovereign government obligations Beginning balance $ 5 $ 17 Realized and unrealized gains (losses) 1 — Purchases 10 2 Sales — (2 ) Net transfers 1 (12 ) Ending balance $ 17 $ 5 Unrealized gains (losses) $ 1 $ — State and municipal securities Beginning balance $ 1 $ 148 Realized and unrealized gains (losses) — 1 Purchases — 10 Sales — (44 ) Net transfers — (103 ) Ending balance $ 1 $ 12 Unrealized gains (losses) $ — $ 1 MABS Beginning balance $ 438 $ 354 Realized and unrealized gains (losses) (89 ) (7 ) Purchases 158 19 Sales (140 ) (83 ) Settlements — (3 ) Net transfers 116 21 Ending balance $ 483 $ 301 Unrealized gains (losses) $ (92 ) $ (14 ) Loans and lending commitments Beginning balance $ 5,073 $ 6,870 Realized and unrealized gains (losses) (102 ) — Purchases and originations 1,952 1,255 Sales (529 ) (108 ) Settlements (1,387 ) (820 ) Net transfers 1 973 (854 ) Ending balance $ 5,980 $ 6,343 Unrealized gains (losses) $ (101 ) $ (7 ) Three Months Ended $ in millions 2020 2019 Corporate and other debt Beginning balance $ 1,396 $ 1,076 Realized and unrealized gains (losses) (92 ) 43 Purchases 585 204 Sales (177 ) (127 ) Settlements — (3 ) Net transfers (4 ) (132 ) Ending balance $ 1,708 $ 1,061 Unrealized gains (losses) $ (90 ) $ 41 Corporate equities Beginning balance $ 97 $ 95 Realized and unrealized gains (losses) (60 ) 6 Purchases 22 51 Sales (40 ) (9 ) Net transfers 127 9 Ending balance $ 146 $ 152 Unrealized gains (losses) $ (54 ) $ 7 Investments Beginning balance $ 858 $ 757 Realized and unrealized gains (losses) (63 ) 10 Purchases 15 10 Sales (8 ) (4 ) Net transfers (77 ) 201 Ending balance $ 725 $ 974 Unrealized gains (losses) $ (64 ) $ 14 Net derivatives: Interest rate Beginning balance $ 777 $ 618 Realized and unrealized gains (losses) 156 (48 ) Purchases 61 24 Issuances (7 ) (19 ) Settlements (42 ) (12 ) Net transfers (72 ) (12 ) Ending balance $ 873 $ 551 Unrealized gains (losses) $ 111 $ (43 ) Net derivatives: Credit Beginning balance $ 124 $ 40 Realized and unrealized gains (losses) 131 162 Purchases 26 26 Issuances (21 ) (442 ) Settlements (24 ) (33 ) Net transfers (38 ) (14 ) Ending balance $ 198 $ (261 ) Unrealized gains (losses) $ 123 $ 167 Three Months Ended $ in millions 2020 2019 Net derivatives: Foreign exchange Beginning balance $ (31 ) $ 75 Realized and unrealized gains (losses) (62 ) (113 ) Purchases 3 1 Issuances (8 ) — Settlements (8 ) 8 Net transfers (44 ) 34 Ending balance $ (150 ) $ 5 Unrealized gains (losses) $ (164 ) $ 3 Net derivatives: Equity Beginning balance $ (1,684 ) $ (1,485 ) Realized and unrealized gains (losses) 635 (191 ) Purchases 97 34 Issuances (144 ) (193 ) Settlements (167 ) 139 Net transfers (113 ) (64 ) Ending balance $ (1,376 ) $ (1,760 ) Unrealized gains (losses) $ 566 $ (203 ) Net derivatives: Commodity and other Beginning balance $ 1,612 $ 2,052 Realized and unrealized gains (losses) 75 43 Purchases 3 5 Issuances (3 ) (1 ) Settlements 157 (81 ) Net transfers 5 88 Ending balance $ 1,849 $ 2,106 Unrealized gains (losses) $ 22 $ (25 ) Deposits Beginning balance $ 179 $ 27 Realized and unrealized losses (gains) (6 ) 6 Issuances 12 24 Settlements (5 ) (1 ) Net transfers (63 ) 43 Ending balance $ 117 $ 99 Unrealized losses (gains) $ (6 ) $ 6 Nonderivative trading liabilities Beginning balance $ 37 $ 16 Realized and unrealized losses (gains) (43 ) (1 ) Purchases (82 ) (6 ) Sales 52 23 Net transfers 100 11 Ending balance $ 64 $ 43 Unrealized losses (gains) $ (43 ) $ (1 ) Other secured financings Beginning balance $ 109 $ 208 Realized and unrealized losses (gains) (12 ) 4 Issuances 2 — Settlements (115 ) (7 ) Net transfers 405 (52 ) Ending balance $ 389 $ 153 Unrealized losses (gains) $ (12 ) $ 4 Three Months Ended $ in millions 2020 2019 Borrowings Beginning balance $ 4,088 $ 3,806 Realized and unrealized losses (gains) (897 ) 287 Issuances 701 264 Settlements (234 ) (115 ) Net transfers 340 (467 ) Ending balance $ 3,998 $ 3,775 Unrealized losses (gains) $ (895 ) $ 276 Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA (398 ) 59 1. Net transfers in the current quarter include the transfer of $857 million of equity margin loans from Level 2 to Level 3 as the unobservable input became significant. Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains (losses) for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains (losses) on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories. The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statements. Additionally, in the previous tables, consolidations of VIEs are included in Purchases and deconsolidations of VIEs are included in Settlements. Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Valuation Techniques and Unobservable Inputs Balance / Range (Average) 1 $ in millions, except inputs At March 31, 2020 At December 31, 2019 Assets Measured at Fair Value on a Recurring Basis U.S. Treasury and agency securities $ 99 $ 22 Comparable pricing: Bond price 18 to 117 points (86 points) N/M MABS $ 483 $ 438 Comparable pricing: Bond price 0 to 87 points (43 points) 0 to 96 points (47 points) Loans and lending commitments $ 5,980 $ 5,073 Margin loan model: Discount rate 1% to 10% (2%) 1% to 9% (2%) Volatility skew 13% to 89% (58%) 15% to 80% (28%) Credit Spread 12 to 109 bps (41 bps) 9 to 39 bps (19 bps) Comparable pricing: Loan price 71 to 100 points (92 points) 69 to 100 points (93 points) Corporate and other debt $ 1,708 $ 1,396 Comparable pricing: Bond price 10 to 108 points (85 points) 11 to 108 points (84 points) Discounted cash flow: Recovery rate 51% to 62% (54% / 51%) 35 % Option model: At the money volatility 21 % 21 % Corporate equities $ 146 $ 97 Comparable pricing: Equity price 100 % 100 % Investments $ 725 $ 858 Discounted cash flow: WACC 11% to 16% (14%) 8% to 17% (15%) Exit multiple 7 to 17 times (12 times) 7 to 16 times (11 times) Market approach: EBITDA multiple 7 to 22 times (9 times) 7 to 24 times (11 times) Comparable pricing: Equity price 50% to 100% (99%) 75% to 100% (99%) Net derivative and other contracts: Interest rate $ 873 $ 777 Option model: IR volatility skew 2% to 183% (68% / 70%) 24% to 156% (63% / 59%) IR curve correlation 46% to 88% (71% / 73%) 47% to 90% (72% / 72%) Bond volatility 6% to 35% (25% / 25%) 4% to 15% (13% / 14%) Inflation volatility 24% to 63% (44% / 41%) 24% to 63% (44% / 41%) IR curve 0 % 1 % Balance / Range (Average) 1 $ in millions, except inputs At March 31, 2020 At December 31, 2019 Credit $ 198 $ 124 Credit default swap model: Cash-synthetic basis 6 points 6 points Bond price 0 to 98 points (52 points) 0 to 104 points (45 points) Credit spread 20 to 488 bps (114 bps) 9 to 469 bps (81 bps) Funding spread 204 to 278 bps (267 bps) 47 to 117 bps (84 bps) Correlation model: Credit correlation 40% to 78% (50%) 29% to 62% (36%) Foreign exchange 2 $ (150 ) $ (31 ) Option model: IR - FX correlation 21% to 58% (38% / 38%) 32% to 56% (46% / 46%) IR volatility skew 2% to 183% (68% / 70%) 24% to 156% (63% / 59%) IR curve 10 % 10% to 11% (10% / 10%) Contingency probability 95 % 85% to 95% (94% / 95%) Equity 2 $ (1,376 ) $ (1,684 ) Option model: At the money volatility 17% to 78% (45%) 9% to 90% (36%) Volatility skew -4% to 0% (-1%) -2% to 0% (-1%) Equity correlation 5% to 96% (76%) 5% to 98% (70%) FX correlation -79% to 55% (-39%) -79% to 60% (-37%) IR correlation -7% to 44% (19% / 18%) -11% to 44% (18% / 16%) Commodity and other $ 1,849 $ 1,612 Option model: Forward power price $1 to $137 ($26) per MWh $3 to $182 ($28) per MWh Commodity volatility 8% to 145% (18%) 7% to 183% (18%) Cross-commodity correlation 5% to 99% (93%) 43% to 99% (93%) Liabilities Measured at Fair Value on a Recurring Basis Deposits $ 117 $ 179 Option Model: At the money volatility 7% to 24% (7%) 16% to 37% (20%) Other secured financings $ 389 $ 109 Discounted cash flow: Funding spread 106 to 161 bps (121 bps) 111 to 124 bps (117 bps) Comparable pricing: Loan price 30 to 101 points (86 points) N/M Borrowings $ 3,998 $ 4,088 Option model: At the money volatility 5% to 55% (31%) 5% to 44% (21%) Volatility skew -2% to 0% (0%) -2% to 0% (0%) Equity correlation 39% to 98% (81%) 38% to 94% (78%) Equity - FX correlation -75% to 17% (-32%) -75% to 26% (-25%) IR - FX Correlation -27% to 7% (-5% / -5%) -26% to 10% (-7% / -7%) Balance / Range (Average) 1 $ in millions, except inputs At March 31, 2020 At December 31, 2019 Nonrecurring Fair Value Measurement Loans $ 3,901 $ 1,500 Corporate loan model: Credit spread 44 to 600 bps (367 bps) 69 to 446 bps (225 bps) Warehouse model: Credit spread 159 to 743 bps (313 bps) 287 to 318 bps (297 bps) Points—Percentage of par IR—Interest rate FX—Foreign exchange 1. A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant. 2. Includes derivative contracts with multiple risks ( i.e. , hybrid products) . The previous tables provide information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. There are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique. For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 3 to the financial statements in the 2019 Form 10-K . During the current quarter, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs. Net Asset Value Measurements Fund Interests At March 31, 2020 At December 31, 2019 $ in millions Carrying Value Commitment Carrying Value Commitment Private equity $ 2,219 $ 557 $ 2,078 $ 450 Real estate 1,280 147 1,349 150 Hedge 1 91 — 94 4 Total $ 3,590 $ 704 $ 3,521 $ 604 1. Investments in hedge funds may be subject to initial period lock-up or gate provisions, which restrict an investor from withdrawing from the fund during a certain initial period or restrict the redemption amount on any redemption date, respectively. Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based fees in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value. For a description of the Firm’s investments in private equity funds, real estate funds and hedge funds, which are measured based on NAV, see Note 3 to the financial statements in the 2019 Form 10-K . See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regarding unrealized carried interest at risk of reversal. Nonredeemable Funds by Contractual Maturity Carrying Value at March 31, 2020 $ in millions Private Equity Real Estate Less than 5 years $ 1,409 $ 431 5-10 years 759 173 Over 10 years 51 676 Total $ 2,219 $ 1,280 Nonrecurring Fair Value Measurements Carrying and Fair Values At March 31, 2020 Fair Value $ in millions Level 2 Level 31 Total Assets Loans $ 5,823 $ 3,901 $ 9,724 Liabilities Other liabilities and accrued expenses—Lending commitments $ 321 $ 247 $ 568 At December 31, 2019 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 1,543 $ 1,500 $ 3,043 Other assets—Other investments $ — $ 113 $ 113 Total $ 1,543 $ 1,613 $ 3,156 Liabilities Other liabilities and accrued expenses—Lending commitments $ 132 $ 69 $ 201 Total $ 132 $ 69 $ 201 1. For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement. Gains (Losses) from Fair Value Remeasurements 1 Three Months Ended $ in millions 2020 2019 Assets Loans 2 $ (713 ) $ 36 Other assets—Other investments 3 — (5 ) Other assets—Premises, equipment and software 4 (3 ) (2 ) Total $ (716 ) $ 29 Liabilities Other liabilities and accrued expenses—Lending commitments 2 $ (316 ) $ 67 Total $ (316 ) $ 67 1. Gains and losses for Loans and Other assets—Other investments are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses. 2. Nonrecurring changes in the fair value of loans and lending commitments were calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable. 3. Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions. 4. Losses related to Other assets—Premises, equipment and software generally include write-offs related to the disposal of certain assets. Financial Instruments Not Measured at Fair Value At March 31, 2020 Carrying Value Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 131,509 $ 131,509 $ — $ — $ 131,509 Investment securities—HTM 47,286 32,207 17,149 777 50,133 Securities purchased under agreements to resell 104,795 — 103,451 1,426 104,877 Securities borrowed 72,300 — 72,303 — 72,303 Customer and other receivables 1 69,923 — 67,086 2,852 69,938 Loans 2 148,697 — 32,529 114,841 147,370 Other assets 461 — 461 — 461 Financial liabilities Deposits $ 231,187 $ — $ 231,555 $ — $ 231,555 Securities sold under agreements to repurchase 45,041 — 45,077 — 45,077 Securities loaned 11,631 — 11,633 — 11,633 Other secured financings 6,161 — 6,167 — 6,167 Customer and other payables 1 195,211 — 195,211 — 195,211 Borrowings 137,694 — 135,148 10 135,158 Commitment Lending commitments 3 $ 105,466 $ — $ 1,668 $ 1,089 $ 2,757 At December 31, 2019 Carrying Value Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 82,171 $ 82,171 $ — $ — $ 82,171 Investment securities—HTM 43,502 30,661 12,683 789 44,133 Securities purchased under agreements to resell 88,220 — 86,794 1,442 88,236 Securities borrowed 106,549 — 106,551 — 106,551 Customer and other receivables 1 51,134 — 48,215 2,872 51,087 Loans 2 130,637 — 22,293 108,059 130,352 Other assets 495 — 495 — 495 Financial liabilities Deposits $ 188,257 $ — $ 188,639 $ — $ 188,639 Securities sold under agreements to repurchase 53,467 — 53,486 — 53,486 Securities loaned 8,506 — 8,506 — 8,506 Other secured financings 6,889 — 6,800 92 6,892 Customer and other payables 1 195,035 — 195,035 — 195,035 Borrowings 128,166 — 133,563 10 133,573 Commitment Lending commitments 3 $ 119,004 $ — $ 748 $ 338 $ 1,086 1. Accrued interest and dividend receivables and payables have been excluded. Carrying value approximates fair value for these receivables and payables. As of March 31, 2020 and December 31, 2019, accrued interest receivable was $2.4 billion and $1.7 billion , respectively. 2. Amounts include loans measured at fair value on a nonrecurring basis. 3. Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13 . The previous tables exclude certain financial instruments such as equity method investments and all non-financial assets and liabilities such as the value of the long-term relationships with the Firm’s deposit customers. |
Fair Value Option
Fair Value Option | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Fair Value Option The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models. Borrowings Measured at Fair Value on a Recurring Basis $ in millions At At Business Unit Responsible for Risk Management Equity $ 25,089 $ 30,214 Interest rates 25,195 27,298 Commodities 4,681 4,501 Credit 1,179 1,246 Foreign exchange 1,018 1,202 Total $ 57,162 $ 64,461 Net Revenues from Borrowings under the Fair Value Option Three Months Ended $ in millions 2020 2019 Trading revenues $ 3,447 $ (2,903 ) Interest expense 83 93 Net revenues 1 $ 3,364 $ (2,996 ) 1. Amounts do not reflect any gains or losses from related economic hedges. Gains (losses) from changes in fair value are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates. Gains (Losses) Due to Changes in Instrument-Specific Credit Risk Three Months Ended March 31, 2020 2019 $ in millions Trading Revenues OCI Trading Revenues OCI Borrowings $ (5 ) $ 4,948 $ (4 ) $ (816 ) Loans and other debt 1 (281 ) — 93 — Lending commitments 2 — (1 ) — Deposits — 72 — (4 ) $ in millions At At Cumulative pre-tax DVA gain (loss) recognized in AOCI $ 3,022 $ (1,998 ) 1. Loans and other debt instrument-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses. Difference Between Contractual Principal and Fair Value 1 $ in millions At At Loans and other debt 2 $ 13,654 $ 13,037 Nonaccrual loans 2 11,014 10,849 Borrowings 3 798 (1,665 ) 1. Amounts indicate contractual principal greater than or (less than) fair value. 2. The majority of the difference between principal and fair value amounts for loans and other debt relates to distressed debt positions purchased at amounts well below par. 3. Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index. The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to transfers of financial assets treated as collateralized financings, pledged commodities and other liabilities that have specified assets attributable to them. Fair Value Loans on Nonaccrual Status $ in millions At At Nonaccrual loans $ 1,150 $ 1,100 Nonaccrual loans 90 or more days past due $ 262 $ 330 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Fair Values of Derivative Contracts At March 31, 2020 Assets $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 1,295 $ 7 $ — $ 1,302 Foreign exchange 152 83 — 235 Total 1,447 90 — 1,537 Not designated as accounting hedges Interest rate 252,956 13,730 1,050 267,736 Credit 10,204 3,154 — 13,358 Foreign exchange 109,212 3,191 175 112,578 Equity 44,289 — 51,487 95,776 Commodity and other 17,778 — 4,489 22,267 Total 434,439 20,075 57,201 511,715 Total gross derivatives $ 435,886 $ 20,165 $ 57,201 $ 513,252 Amounts offset Counterparty netting (328,104 ) (16,673 ) (54,079 ) (398,856 ) Cash collateral netting (59,531 ) (1,855 ) — (61,386 ) Total in Trading assets $ 48,251 $ 1,637 $ 3,122 $ 53,010 Amounts not offset 1 Financial instruments collateral (23,868 ) — — (23,868 ) Other cash collateral (83 ) — — (83 ) Net amounts $ 24,300 $ 1,637 $ 3,122 $ 29,059 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,984 Liabilities $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ — $ — $ — Foreign exchange 54 2 — 56 Total 54 2 — 56 Not designated as accounting hedges Interest rate 245,978 10,698 1,313 257,989 Credit 9,556 3,630 — 13,186 Foreign exchange 109,225 3,336 181 112,742 Equity 39,606 — 53,764 93,370 Commodity and other 13,661 — 4,592 18,253 Total 418,026 17,664 59,850 495,540 Total gross derivatives $ 418,080 $ 17,666 $ 59,850 $ 495,596 Amounts offset Counterparty netting (328,104 ) (16,673 ) (54,079 ) (398,856 ) Cash collateral netting (55,307 ) (564 ) — (55,871 ) Total in Trading liabilities $ 34,669 $ 429 $ 5,771 $ 40,869 Amounts not offset 1 Financial instruments collateral (8,357 ) — (3,825 ) (12,182 ) Other cash collateral (34 ) (37 ) — (71 ) Net amounts $ 26,278 $ 392 $ 1,946 $ 28,616 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable 5,601 At December 31, 2019 Assets $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 673 $ — $ — $ 673 Foreign exchange 41 1 — 42 Total 714 1 — 715 Not designated as accounting hedges Interest rate 179,450 4,839 519 184,808 Credit 4,895 2,417 — 7,312 Foreign exchange 62,957 1,399 22 64,378 Equity 27,621 — 23,447 51,068 Commodity and other 9,306 — 1,952 11,258 Total 284,229 8,655 25,940 318,824 Total gross derivatives $ 284,943 $ 8,656 $ 25,940 $ 319,539 Amounts offset Counterparty netting (213,710 ) (7,294 ) (24,037 ) (245,041 ) Cash collateral netting (41,222 ) (1,275 ) — (42,497 ) Total in Trading assets $ 30,011 $ 87 $ 1,903 $ 32,001 Amounts not offset 1 Financial instruments collateral (15,596 ) — — (15,596 ) Other cash collateral (46 ) — — (46 ) Net amounts $ 14,369 $ 87 $ 1,903 $ 16,359 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 1,900 Liabilities $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 1 $ — $ — $ 1 Foreign exchange 121 38 — 159 Total 122 38 — 160 Not designated as accounting hedges Interest rate 168,597 3,597 436 172,630 Credit 4,798 3,123 — 7,921 Foreign exchange 65,965 1,492 39 67,496 Equity 30,135 — 22,733 52,868 Commodity and other 7,713 — 1,911 9,624 Total 277,208 8,212 25,119 310,539 Total gross derivatives $ 277,330 $ 8,250 $ 25,119 $ 310,699 Amounts offset Counterparty netting (213,710 ) (7,294 ) (24,037 ) (245,041 ) Cash collateral netting (36,392 ) (832 ) — (37,224 ) Total in Trading liabilities $ 27,228 $ 124 $ 1,082 $ 28,434 Amounts not offset 1 Financial instruments collateral (7,747 ) — (287 ) (8,034 ) Other cash collateral (14 ) — — (14 ) Net amounts $ 19,467 $ 124 $ 795 $ 20,386 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,680 1. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. See Note 4 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables. Notionals of Derivative Contracts At March 31, 2020 Assets $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 10 $ 144 $ — $ 154 Foreign exchange 5 2 — 7 Total 15 146 — 161 Not designated as accounting hedges Interest rate 4,261 8,028 615 12,904 Credit 173 111 — 284 Foreign exchange 3,054 104 10 3,168 Equity 426 — 453 879 Commodity and other 111 — 72 183 Total 8,025 8,243 1,150 17,418 Total gross derivatives $ 8,040 $ 8,389 $ 1,150 $ 17,579 Liabilities $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 43 $ — $ 43 Foreign exchange 6 — — 6 Total 6 43 — 49 Not designated as accounting hedges Interest rate 5,085 8,023 545 13,653 Credit 164 124 — 288 Foreign exchange 2,981 104 9 3,094 Equity 352 — 541 893 Commodity and other 89 — 69 158 Total 8,671 8,251 1,164 18,086 Total gross derivatives $ 8,677 $ 8,294 $ 1,164 $ 18,135 At December 31, 2019 Assets $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 14 $ 94 $ — $ 108 Foreign exchange 2 — — 2 Total 16 94 — 110 Not designated as accounting hedges Interest rate 4,230 7,398 732 12,360 Credit 136 79 — 215 Foreign exchange 2,667 91 10 2,768 Equity 429 — 419 848 Commodity and other 99 — 61 160 Total 7,561 7,568 1,222 16,351 Total gross derivatives $ 7,577 $ 7,662 $ 1,222 $ 16,461 Liabilities $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 71 $ — $ 71 Foreign exchange 9 2 — 11 Total 9 73 — 82 Not designated as accounting hedges Interest rate 4,185 6,866 666 11,717 Credit 153 84 — 237 Foreign exchange 2,841 91 14 2,946 Equity 455 — 515 970 Commodity and other 85 — 61 146 Total 7,719 7,041 1,256 16,016 Total gross derivatives $ 7,728 $ 7,114 $ 1,256 $ 16,098 The Firm believes that the notional amounts of derivative contracts generally overstate its exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the benefit of legally enforceable netting arrangements or risk mitigating transactions. For a discussion of the Firm's derivative instruments and hedging activities, see Note 5 to the financial statements in the 2019 Form 10-K . Gains (Losses) on Accounting Hedges Three Months Ended March 31, $ in millions 2020 2019 Fair value hedges—Recognized in Interest income Interest rate contracts $ (64 ) $ (5 ) Investment Securities—AFS 65 5 Fair value hedges—Recognized in Interest expense Interest rate contracts $ 6,667 $ 1,577 Deposits 1 (261 ) — Borrowings (6,432 ) (1,621 ) Net investment hedges—Foreign exchange contracts Recognized in OCI $ 410 $ 64 Forward points excluded from hedge effectiveness testing—Recognized in Interest income 33 35 Fair Value Hedges—Hedged Items $ in millions At At Investment Securities—AFS Carrying amount 2 currently or previously hedged $ 1,969 $ 917 Basis adjustments included in carrying amount 3 $ 77 $ 14 Deposits 1 Carrying amount currently or previously hedged 18,335 5,435 Basis adjustments included in carrying amount 3 254 (7 ) Borrowings Carrying amount currently or previously hedged $ 109,810 $ 102,456 Basis adjustments included in carrying amount 3 $ 9,007 $ 2,593 1. The Firm began designating interest rate swaps as fair value hedges of certain Deposits in the fourth quarter of 2019. 2. Carrying amount represents amortized cost basis for AFS securities. 3. Hedge accounting basis adjustments are primarily related to outstanding hedges. Net Derivative Liabilities and Collateral Posted $ in millions At At Net derivative liabilities with credit risk-related contingent features $ 33,064 $ 21,620 Collateral posted 28,502 17,392 The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business. Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade $ in millions At One-notch downgrade $ 325 Two-notch downgrade 377 Bilateral downgrade agreements included in the amounts above 1 $ 614 1. Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades. The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by either or both of Moody’s Investors Service, Inc. (“Moody’s”) and S&P Global Ratings. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers. Maximum Potential Payout/Notional of Credit Protection Sold 1 Years to Maturity at March 31, 2020 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 13 $ 17 $ 34 $ 13 $ 77 Non-investment grade 9 9 16 5 39 Total $ 22 $ 26 $ 50 $ 18 $ 116 Index and basket CDS Investment grade $ 5 $ 8 $ 65 $ 34 $ 112 Non-investment grade 7 5 21 17 50 Total $ 12 $ 13 $ 86 $ 51 $ 162 Total CDS sold $ 34 $ 39 $ 136 $ 69 $ 278 Other credit contracts — — — — — Total credit protection sold $ 34 $ 39 $ 136 $ 69 $ 278 CDS protection sold with identical protection purchased $ 242 Years to Maturity at December 31, 2019 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 16 $ 17 $ 33 $ 9 $ 75 Non-investment grade 9 9 16 1 35 Total $ 25 $ 26 $ 49 $ 10 $ 110 Index and basket CDS Investment grade $ 4 $ 7 $ 46 $ 11 $ 68 Non-investment grade 7 4 17 10 38 Total $ 11 $ 11 $ 63 $ 21 $ 106 Total CDS sold $ 36 $ 37 $ 112 $ 31 $ 216 Other credit contracts — — — — — Total credit protection sold $ 36 $ 37 $ 112 $ 31 $ 216 CDS protection sold with identical protection purchased $ 187 Fair Value Asset (Liability) of Credit Protection Sold 1 $ in millions At At Single-name CDS Investment grade $ (963 ) $ 1,057 Non-investment grade (3,350 ) (540 ) Total $ (4,313 ) $ 517 Index and basket CDS Investment grade $ (693 ) $ 1,052 Non-investment grade (4,849 ) 134 Total $ (5,542 ) $ 1,186 Total CDS sold $ (9,855 ) $ 1,703 Other credit contracts (4 ) (17 ) Total credit protection sold $ (9,859 ) $ 1,686 1. Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the Credit Risk Management Department’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor. Protection Purchased with CDS Notional $ in billions At At Single name $ 123 $ 118 Index and basket 153 103 Tranched index and basket 18 15 Total $ 294 $ 236 Fair Value Asset (Liability) $ in millions At At Single name $ 4,152 $ (723 ) Index and basket 5,176 (1,139 ) Tranched index and basket 699 (450 ) Total $ 10,027 $ (2,312 ) The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions. The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further information on credit derivatives and other contracts, see Note 5 to the financial statements in the 2019 Form 10-K . |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities AFS and HTM Securities At March 31, 2020 $ in millions Amortized Cost 1 Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agency securities: U.S. Treasury securities $ 34,600 $ 1,298 $ — $ 35,898 U.S. agency securities 2 22,687 717 82 23,322 Total U.S. government and agency securities 57,287 2,015 82 59,220 Corporate and other debt: Agency CMBS 4,765 244 8 5,001 Corporate bonds 1,828 16 35 1,809 State and municipal securities 1,453 48 48 1,453 FFELP student loan ABS 3 1,535 — 147 1,388 Total corporate and other debt 9,581 308 238 9,651 Total AFS securities 66,868 2,323 320 68,871 HTM securities U.S. government and agency securities: U.S. Treasury securities 29,951 2,256 — 32,207 U.S. agency securities 2 16,542 607 — 17,149 Total U.S. government and agency securities 46,493 2,863 — 49,356 Corporate and other debt: Non-agency CMBS 793 4 20 777 Total HTM securities 47,286 2,867 20 50,133 Total investment securities $ 114,154 $ 5,190 $ 340 $ 119,004 At December 31, 2019 $ in millions Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agency securities: U.S. Treasury securities $ 32,465 $ 224 $ 111 $ 32,578 U.S. agency securities 2 20,725 249 100 20,874 Total U.S. government and agency securities 53,190 473 211 53,452 Corporate and other debt: Agency CMBS 4,810 55 57 4,808 Corporate bonds 1,891 17 1 1,907 State and municipal securities 481 22 — 503 FFELP student loan ABS 3 1,580 1 28 1,553 Total corporate and other debt 8,762 95 86 8,771 Total AFS securities 61,952 568 297 62,223 HTM securities U.S. government and agency securities: U.S. Treasury securities 30,145 568 52 30,661 U.S. agency securities 2 12,589 151 57 12,683 Total U.S. government and agency securities 42,734 719 109 43,344 Corporate and other debt: Non-agency CMBS 768 22 1 789 Total HTM securities 43,502 741 110 44,133 Total investment securities $ 105,454 $ 1,309 $ 407 $ 106,356 1. Amounts are net of any allowance for credit losses. 2. U.S. agency securities consist mainly of agency-issued debt, agency mortgage pass-through pool securities and CMOs. 3. Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding. In the current quarter, the Firm transferred certain municipal securities from Trading assets into AFS securities as a result of a change in intent due to the severe deterioration in liquidity for these instruments. At March 31, 2020 , these securities had a fair value of $441 million . I nvestment Securities in an Unrealized Loss Position At March 31, 2020 Less than 12 Months 12 Months or Longer Total $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. agency securities $ 931 $ 7 $ 3,892 $ 75 $ 4,823 $ 82 Corporate and other debt: Agency CMBS 30 — 670 8 700 8 Corporate bonds 747 24 58 11 805 35 State and municipal securities 678 48 — — 678 48 FFELP student loan ABS 349 29 1,038 118 1,387 147 Total corporate and other debt 1,804 101 1,766 137 3,570 238 Total AFS securities $ 2,735 $ 108 $ 5,658 $ 212 $ 8,393 $ 320 At December 31, 2019 Less than 12 Months 12 Months or Longer Total $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. government and agency securities: U.S. Treasury securities $ 4,793 $ 28 $ 7,904 $ 83 $ 12,697 $ 111 U.S. agency securities 2,641 20 7,697 80 10,338 100 Total U.S. government and agency securities 7,434 48 15,601 163 23,035 211 Corporate and other debt: Agency CMBS 2,294 26 681 31 2,975 57 Corporate bonds 194 1 44 — 238 1 FFELP student loan ABS 91 — 1,165 28 1,256 28 Total corporate and other debt 2,579 27 1,890 59 4,469 86 Total AFS securities 10,013 75 17,491 222 27,504 297 HTM securities U.S. government and agency securities: U.S. Treasury securities 6,042 52 651 — 6,693 52 U.S. agency securities 2,524 18 2,420 39 4,944 57 Total U.S. government and agency securities 8,566 70 3,071 39 11,637 109 Corporate and other debt: Non-agency CMBS 167 1 65 — 232 1 Total HTM securities 8,733 71 3,136 39 11,869 110 Total investment securities $ 18,746 $ 146 $ 20,627 $ 261 $ 39,373 $ 407 For AFS securities, t he Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 . Additionally, the Firm does not intend to sell the securities and is not likely to be required to sell the securities prior to recovery of the amortized cost basis. Furthermore, the securities have not experienced credit losses as they are predominantly investment-grade and the Firm expects to recover the amortized cost basis. As of March 31, 2020, the HTM securities net carrying amount reflects an amortized cost of $47,312 million less an allowance for credit losses of $26 million related to Non-agency CMBS. See Note 2 for a description of the ACL methodology used beginning in 2020 following the Firm's adoption of CECL and see Note 2 to the financial statements in the 2019 Form 10-K for prior period credit loss considerations. There were no securities in an unrealized loss position as of December 31, 2019 that had credit losses. As of March 31, 2020, and December 31, 2019, Non-Agency CMBS HTM securities were all on accrual status and were predominantly investment-grade. See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS and FFELP student loan ABS . Investment Securities by Contractual Maturity At March 31, 2020 $ in millions Amortized 1 Fair Annualized AFS securities U.S. government and agency securities: U.S. Treasury securities: Due within 1 year $ 3,728 $ 3,770 2.0 % After 1 year through 5 years 27,748 28,791 1.7 % After 5 years through 10 years 3,124 3,337 1.6 % Total 34,600 35,898 U.S. agency securities: Due within 1 year 235 236 0.8 % After 1 year through 5 years 78 78 1.4 % After 5 years through 10 years 1,293 1,322 1.8 % After 10 years 21,081 21,686 2.3 % Total 22,687 23,322 Total U.S. government and agency securities 57,287 59,220 1.9 % Corporate and other debt: Agency CMBS: After 1 year through 5 years 599 605 1.8 % After 5 years through 10 years 3,273 3,488 2.5 % After 10 years 893 908 2.0 % Total 4,765 5,001 Corporate bonds: Due within 1 year 44 44 2.3 % After 1 year through 5 years 1,439 1,439 2.6 % After 5 years through 10 years 345 326 2.9 % Total 1,828 1,809 State and municipal securities: After 1 year through 5 years 2 2 3.4 % After 5 years through 10 years 139 142 3.1 % After 10 Years 1,312 1,309 2.8 % Total 1,453 1,453 FFELP student loan ABS: After 1 year through 5 years 98 87 0.8 % After 5 years through 10 years 307 270 0.9 % After 10 years 1,130 1,031 1.2 % Total 1,535 1,388 Total corporate and other debt 9,581 9,651 2.3 % Total AFS securities 66,868 68,871 2.0 % At March 31, 2020 $ in millions Amortized 1 Fair Annualized HTM securities U.S. government and agency securities: U.S. Treasury securities: Due within 1 year 3,282 3,332 2.6 % After 1 year through 5 years 17,769 18,733 2.0 % After 5 years through 10 years 7,818 8,777 2.2 % After 10 years 1,082 1,365 2.5 % Total 29,951 32,207 U.S. agency securities: After 5 years through 10 years 50 51 1.8 % After 10 years 16,492 17,098 2.4 % Total 16,542 17,149 Total U.S. government and agency securities 46,493 49,356 2.2 % Corporate and other debt: Non-agency CMBS: Due within 1 year 100 99 4.8 % After 1 year through 5 years 107 104 3.7 % After 5 years through 10 years 549 536 3.9 % After 10 years 37 38 4.4 % Total corporate and other debt 793 777 4.0 % Total HTM securities 47,286 50,133 2.3 % Total investment securities $ 114,154 $ 119,004 2.1 % 1. Amounts are net of any allowance for credit losses. Gross Realized Gains (Losses) on Sales of AFS Securities Three Months Ended $ in millions 2020 2019 Gross realized gains $ 49 $ 19 Gross realized (losses) (8 ) (9 ) Total 1 $ 41 $ 10 1. Realized gains and losses are recognized in Other revenues in the income statements . |
Collateralized Transactions
Collateralized Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Collateralized Agreements [Abstract] | |
Collateralized Transactions | Collateralized Transactions Offsetting of Certain Collateralized Transactions At March 31, 2020 $ in millions Gross Amounts Amounts Offset Net Amounts Presented Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 249,124 $ (144,324 ) $ 104,800 $ (98,800 ) $ 6,000 Securities borrowed 76,276 (3,976 ) 72,300 (67,384 ) 4,916 Liabilities Securities sold under agreements to repurchase $ 189,937 $ (144,121 ) $ 45,816 $ (39,114 ) $ 6,702 Securities loaned 15,810 (4,179 ) 11,631 (11,241 ) 390 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 5,403 Securities borrowed 1,010 Securities sold under agreements to repurchase 5,325 Securities loaned 134 At December 31, 2019 $ in millions Gross Amounts Amounts Offset Net Amounts Presented Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 247,545 $ (159,321 ) $ 88,224 $ (85,200 ) $ 3,024 Securities borrowed 109,528 (2,979 ) 106,549 (101,850 ) 4,699 Liabilities Securities sold under agreements to repurchase $ 213,519 $ (159,319 ) $ 54,200 $ (44,549 ) $ 9,651 Securities loaned 11,487 (2,981 ) 8,506 (8,324 ) 182 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 2,255 Securities borrowed 1,181 Securities sold under agreements to repurchase 8,033 Securities loaned 101 1. Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. For further discussion of the Firm’s collateralized transactions, see Note 7 to the financial statements in the 2019 Form 10-K . For information related to offsetting of derivatives, see Note 6 . Gross Secured Financing Balances by Remaining Contractual Maturity At March 31, 2020 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 65,591 $ 60,940 $ 25,746 $ 37,660 $ 189,937 Securities loaned 6,824 214 2,034 6,738 15,810 Total included in the offsetting disclosure $ 72,415 $ 61,154 $ 27,780 $ 44,398 $ 205,747 Trading liabilities— 15,270 — — — 15,270 Total $ 87,685 $ 61,154 $ 27,780 $ 44,398 $ 221,017 At December 31, 2019 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 67,158 $ 81,300 $ 26,904 $ 38,157 $ 213,519 Securities loaned 2,378 3,286 516 5,307 11,487 Total included in the offsetting disclosure $ 69,536 $ 84,586 $ 27,420 $ 43,464 $ 225,006 Trading liabilities— 23,877 — — — 23,877 Total $ 93,413 $ 84,586 $ 27,420 $ 43,464 $ 248,883 Gross Secured Financing Balances by Class of Collateral Pledged $ in millions At At Securities sold under agreements to repurchase U.S. Treasury and agency securities $ 77,557 $ 68,895 State and municipal securities 689 905 Other sovereign government obligations 88,871 109,414 ABS 2,278 2,218 Corporate and other debt 7,369 6,066 Corporate equities 12,710 25,563 Other 463 458 Total $ 189,937 $ 213,519 Securities loaned Other sovereign government obligations $ 4,876 $ 3,026 Corporate equities 10,277 8,422 Other 657 39 Total $ 15,810 $ 11,487 Total included in the offsetting disclosure $ 205,747 $ 225,006 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 15,263 $ 23,873 Other 7 4 Total $ 15,270 $ 23,877 Total $ 221,017 $ 248,883 Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge $ in millions At At Trading assets $ 40,345 $ 41,201 Loans (before allowance for credit losses) 1,158 750 Total $ 41,503 $ 41,951 The Firm pledges certain of its trading assets and loans to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales. Counterparties may or may not have the right to sell or repledge the collateral. Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged to various parties) in the balance sheets. Fair Value of Collateral Received with Right to Sell or Repledge $ in millions At At Collateral received with right to sell $ 604,450 $ 679,280 Collateral that was sold or repledged 1 483,708 539,412 1. Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers. Segregated Securities $ in millions At At Segregated securities 1 35,491 25,061 1. Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheets. The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or for delivery to counterparties to cover short positions. Customer Margin Lending $ in millions At At Customer receivables representing margin loans $ 26,181 $ 31,916 The Firm provides margin lending arrangements which allow customers to borrow against the value of qualifying securities. Receivables under margin lending arrangements are included within Customer and other receivables in the balance sheets. Under these agreements and transactions, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Customer receivables generated from margin lending activities are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary. For a further discussion of the Firm’s margin lending activities, see Note 7 to the financial statements in the 2019 Form 10-K . The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12 . |
Loans, Lending Commitments and
Loans, Lending Commitments and Related Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans, Lending Commitments and Related Allowance for Credit Losses | Loans, Lending Commitments and Related Allowance for Credit Losses Loans by Type At March 31, 2020 $ in millions Loans Held for Investment Loans Held for Sale Total Loans Corporate 1 $ 61,474 $ 15,525 $ 76,999 Consumer 2 31,948 — 31,948 Residential real estate 31,100 14 31,114 Commercial real estate 7,430 1,823 9,253 Total loans, before allowance 131,952 17,362 149,314 Allowance for credit losses (617 ) — (617 ) Total loans, net $ 131,335 $ 17,362 $ 148,697 Fixed rate loans, net $ 25,155 Floating or adjustable rate loans, net 123,542 Loans to non-U.S. borrowers, net 24,633 At December 31, 2019 $ in millions Loans Held for Investment Loans Held for Sale Total Loans Corporate 1 $ 48,756 $ 10,515 $ 59,271 Consumer 2 31,610 — 31,610 Residential real estate 30,184 13 30,197 Commercial real estate 7,859 2,049 9,908 Total loans, before allowance 118,409 12,577 130,986 Allowance for credit losses (349 ) — (349 ) Total loans, net $ 118,060 $ 12,577 $ 130,637 Fixed rate loans, net $ 22,716 Floating or adjustable rate loans, net 107,921 Loans to non-U.S. borrowers, net 21,617 1. Institutional Securities business segment Corporate loans include relationship and event-driven loans, secured lending facilities and securities-based lending and other loans. Wealth Management business segment Corporate loans include securities-based and other loans, which are classified as Corporate based on the nature of the borrowing entity or the intended use of the loan proceeds. 2. Wealth Management business segment Consumer loans include securities-based lending and other loans. Loans Held for Investment before Allowance by Origination Year At March 31, 2020 Corporate $ in millions AA-A BBB BB Other NIG Total Revolving Loans $ 3,418 $ 16,474 $ 19,772 $ 8,193 $ 47,857 2020 YTD 122 671 456 23 1,272 2019 631 1,234 1,940 444 4,249 2018 37 2,083 1,096 493 3,709 2017 358 639 500 82 1,579 2016 74 547 505 60 1,186 Prior 641 311 595 75 1,622 Total $ 5,281 $ 21,959 $ 24,864 $ 9,370 $ 61,474 At March 31, 2020 $ in millions Consumer 1 Revolving Loans $ 31,362 2020 YTD 62 2019 382 2018 — 2017 16 2016 57 Prior 69 Total $ 31,948 1. Consumer loans primarily comprise securities-based loans, which are subject to collateral maintenance provisions, and at March 31, 2020, these loans are predominantly over-collateralized. For more information on the ACL methodology related to Consumer loans, see Note 2. At March 31, 2020 Residential Real Estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving Loans $ 103 $ 40 $ 6 $ 149 $ — $ 149 2020 YTD 1,865 369 35 2,143 126 2,269 2019 6,239 1,397 179 7,290 525 7,815 2018 2,699 770 90 3,277 282 3,559 2017 3,248 817 116 3,882 299 4,181 2016 3,924 1,074 152 4,804 346 5,150 Prior 5,659 1,963 355 7,101 876 7,977 Total $ 23,737 $ 6,430 $ 933 $ 28,646 $ 2,454 $ 31,100 At March 31, 2020 Commercial Real Estate $ in millions AA-A BBB BB Other NIG Total Revolving Loans $ 5 $ — $ — $ — $ 5 2020 YTD — — 167 23 190 2019 — 539 2,056 360 2,955 2018 10 723 764 421 1,918 2017 — 217 577 344 1,138 2016 134 100 352 172 758 Prior 10 — 285 171 466 Total $ 159 $ 1,579 $ 4,201 $ 1,491 $ 7,430 YTD–Year to date Past Due Status of Loans Held for Investment before Allowance At March 31, 2020 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Current $ 61,466 $ 31,948 $ 30,883 $ 7,430 Past due 1 8 — 217 — Total $ 61,474 $ 31,948 $ 31,100 $ 7,430 1. The majority of the amounts are less than 60 days past due as of March 31, 2020. See Note 2 for a description of the ACL calculated under the CECL methodology, including credit quality indicators, used for HFI loans beginning in 2020. Loans Held for Investment before Allowance 1 At December 31, 2019 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total Pass $ 47,681 $ 31,605 $ 30,060 $ 7,664 $ 117,010 Special mention 464 — 28 3 495 Substandard 605 5 96 192 898 Doubtful 6 — — — 6 Total $ 48,756 $ 31,610 $ 30,184 $ 7,859 $ 118,409 1. There were no loans held for investment considered Loss as of December 31, 2019. Impaired Loans and Lending Commitments before Allowance At December 31, 2019 $ in millions Corporate Consumer Residential Commercial Real Estate Total Loans With allowance $ 268 $ — $ — $ 85 $ 353 Without allowance 1 32 5 87 — 124 Total impaired loans $ 300 $ 5 $ 87 $ 85 $ 477 UPB 309 5 90 85 489 Lending commitments With allowance $ 4 $ — $ — $ 14 $ 18 Without allowance 1 32 — — — 32 Total impaired lending commitments $ 36 $ — $ — $ 14 $ 50 1. No allowance was recorded for these loans and lending commitments as the present value of the expected future cash flows or value of the collateral equaled or exceeded the carrying value. Loans and lending commitments in the previous table were evaluated for a specific allowance. All remaining loans and lending commitments were assessed under the inherent allowance methodology. Impaired Loans before Allowance and Total Allowance by Region At December 31, 2019 $ in millions Americas EMEA Asia Total Impaired loans $ 392 $ 85 $ — $ 477 Total Allowance for credit losses 270 76 3 349 Troubled Debt Restructurings $ in millions At At Loans, before allowance $ 132 $ 92 Lending commitments 33 32 Allowance for credit losses on Loans and Lending commitments 26 16 Troubled debt restructurings typically include modifications of interest rates, collateral requirements, other loan covenants and payment extensions. As of December 31, 2019, impaired loans and lending commitments classified as held for investment within corporate loans include TDRs. See Note 2 for further information on TDR guidance issued by Congress in the CARES Act as well as by the U.S. banking agencies. For a discussion of the Firm’s ACL methodology under the prior incurred loss model, including credit quality indicators, used for HFI loans as of December 31, 2019, and a further discussion of the Firm's loans, including loan types and categories, see Notes 2 and 8 in the 2019 Form 10-K. Allowance for Credit Losses Rollforward—Loans $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2019 $ 241 $ 8 $ 25 $ 75 $ 349 Effect of CECL adoption (31 ) (6 ) 21 25 9 Gross charge-offs (32 ) — — — (32 ) Provision (release) 215 1 1 75 292 Other — — — (1 ) (1 ) March 31, 2020 $ 393 $ 3 $ 47 $ 174 $ 617 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2018 $ 144 $ 7 $ 20 $ 67 $ 238 Provision (release) 26 (1 ) 2 — 27 Other (6 ) — — — (6 ) March 31, 2019 $ 164 $ 6 $ 22 $ 67 $ 259 Inherent $ 150 $ 6 $ 22 $ 67 $ 245 Specific 14 — — — 14 Allowance for Credit Losses Rollforward—Lending Commitments $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2019 $ 232 $ 2 $ — $ 7 $ 241 Effect of CECL adoption (53 ) (1 ) 3 1 (50 ) Provision (release) 110 — — 5 115 Other (1 ) — — (1 ) (2 ) March 31, 2020 $ 288 $ 1 $ 3 $ 12 $ 304 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2018 $ 198 $ 2 $ — $ 3 $ 203 Provision (release) 8 — — 1 9 Other — (1 ) — — (1 ) March 31, 2019 $ 206 $ 1 $ — $ 4 $ 211 Inherent $ 202 $ 1 $ — $ 4 $ 207 Specific 4 — — — 4 The aggregate allowance for loans and lending commitments increased in the current quarter , principally reflecting a provision for credit losses within the Institutional Securities business segment resulting from the economic impact of COVID-19. This provision was primarily the result of higher actual and expected future downgrades, an increase in funded balances, principally in Corporate relationship and event-driven loans, as well as revisions to our forecasts in light of current and expected future market and macroeconomic conditions . For a further discussion of the Firm’s loans, including loan types and categories, as well as the Firm’s allowance methodology prior to the adoption of CECL, refer to Notes 2 and 8 to the financial statements in the 2019 Form 10-K . See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future. Employee Loans $ in millions At At Currently employed by the Firm 1 $ 2,867 N/A No longer employed by the Firm 2 150 N/A Balance $ 3,017 $ 2,980 Allowance for credit losses 3 (180 ) (61 ) Balance, net $ 2,837 $ 2,919 Remaining repayment term, weighted average in years 5.0 4.8 1. These loans are predominantly current. 2. These loans are predominantly past due for a period of 90 days or more. 3. The change in Allowance for credit losses includes a $124 million increase due to the adoption of CECL in the first quarter of 2020. Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management representatives, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheets. The allowance for credit losses as of March 31, 2020 was calculated under the CECL methodology, while the allowance for credit losses at December 31, 2019 was calculated under the prior incurred loss model. The related provision is recorded in Compensation and benefits expense in the income statements. See Note 2 for a description of the CECL allowance methodology, including credit quality indicators, for employee loans. |
Other Assets - Equity Method In
Other Assets - Equity Method Investments | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Other Assets - Equity Method Investments | Other Assets—Equity Method Investments Equity Method Investments $ in millions At At Investments $ 2,413 $ 2,363 Three Months Ended $ in millions 2020 2019 Income (loss) $ 29 $ (10 ) Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheets with related income or loss included in Other revenues in the income statements. See “Net Asset Value Measurements—Fund Interests” in Note 4 for the carrying value of certain of the Firm’s fund interests, which are comprised of general and limited partnership interests, as well as any related carried interest. Japanese Securities Joint Venture Three Months Ended $ in millions 2020 2019 Income (loss) from investment in MUMSS $ 32 $ 3 The Firm and Mitsubishi UFJ Financial Group, Inc. (“MUFG”) formed a joint venture in Japan comprising their respective investment banking and securities businesses by forming two joint venture companies, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (“MUMSS”) and Morgan Stanley MUFG Securities Co., Ltd. (“MSMS”) (the “Joint Venture”). The Firm owns a 40% economic interest in the Joint Venture and MUFG owns the other 60% . The Firm’s 40% voting interest in MUMSS is accounted for under the equity method within the Institutional Securities business segment, and is included in the equity method investment balances above. The Firm consolidates MSMS into the Institutional Securities business segment, based on its 51% voting interest. The Firm engages in transactions in the ordinary course of business with MUFG and its affiliates, for example investment banking, financial advisory, sales and trading, derivatives, investment management, lending, securitization and other financial services transactions. Such transactions are on substantially the same terms as those that would be available to unrelated third parties for comparable transactions. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2020 | |
Deposits [Abstract] | |
Deposits | Deposits Deposits $ in millions At At Savings and demand deposits $ 188,504 $ 149,465 Time deposits 46,735 40,891 Total $ 235,239 $ 190,356 Deposits subject to FDIC insurance $ 176,034 $ 149,966 Time deposits that equal or exceed the FDIC insurance limit $ 12 $ 12 Time Deposit Maturities $ in millions At 2020 $ 16,656 2021 16,836 2022 4,883 2023 4,070 2024 2,788 Thereafter 1,502 Total $ 46,735 |
Borrowings and Other Secured Fi
Borrowings and Other Secured Financings | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Secured Financings | Borrowings and Other Secured Financings Borrowings $ in millions At At Original maturities of one year or less $ 2,211 $ 2,567 Original maturities greater than one year Senior $ 181,477 $ 179,519 Subordinated 11,168 10,541 Total $ 192,645 $ 190,060 Total borrowings $ 194,856 $ 192,627 Weighted average stated maturity, in years 1 7.6 6.9 1. Only includes borrowings with original maturities greater than one year. Other Secured Financings $ in millions At At Original maturities: One year or less $ 7,304 $ 7,103 Greater than one year 4,682 6,480 Transfers of assets accounted for as secured financings 1,072 1,115 Total $ 13,058 $ 14,698 Other secured financings include the liabilities related to certain ELNs, transfers of financial assets that are accounted for as financings rather than sales, pledged commodities, consolidated VIEs where the Firm is deemed to be the primary beneficiary and other secured borrowings. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 14 for further information on other secured financings related to VIEs and securitization activities. For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheets. |
Commitments, Guarantees and Con
Commitments, Guarantees and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Guarantees and Contingencies | Commitments, Guarantees and Contingencies Commitments Years to Maturity at March 31, 2020 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 23,055 $ 28,998 $ 41,269 $ 3,174 $ 96,496 Consumer 8,112 23 3 — 8,138 Residential and commercial 163 1,179 49 252 1,643 Forward-starting secured financing receivables 80,666 219 — — 80,885 Central counterparty 1 300 — — 12,344 12,644 Underwriting 206 — — — 206 Investment activities 992 226 58 265 1,541 Letters of credit and other financial guarantees 174 2 — 2 178 Total $ 113,668 $ 30,647 $ 41,379 $ 16,037 $ 201,731 Corporate lending commitments participated to third parties $ 7,226 Forward-starting secured financing receivables settled within three business days $ 71,096 1. Beginning in the first quarter of 2020, commitments to central counterparties are presented separately; these commitments were previously included in Corporate Lending commitments and Forward-starting secured financing receivables depending on the type of agreement. These commitments relate to the Firm's membership in certain clearinghouses and are contingent upon the default of a clearinghouse member or other stress events. Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements. For a further description of these commitments, refer to Note 13 to the financial statements in the 2019 Form 10-K . Guarantees Maximum Potential Payout/Notional of Obligations under Guarantee Arrangements Years to Maturity at March 31, 2020 $ in millions Less than 1 1-3 3-5 Over 5 Total Credit derivatives $ 33,900 $ 38,934 $ 136,167 $ 68,581 $ 277,582 Other credit contracts — — — 107 107 Non-credit derivatives 1,571,566 1,474,498 902,550 769,204 4,717,818 Standby letters of credit and other financial guarantees issued 1 1,200 1,006 1,301 3,840 7,347 Market value guarantees 102 35 — — 137 Liquidity facilities 4,047 — — — 4,047 Whole loan sales guarantees — — 2 23,193 23,195 Securitization representations and warranties — — — 68,881 68,881 General partner guarantees 59 137 12 92 300 Client clearing guarantees 17 — — — 17 $ in millions Carrying Amount Asset (Liability) Credit derivatives 2 $ (9,855 ) Other credit contracts (4 ) Non-credit derivatives 2 (146,854 ) Standby letters of credit and other financial guarantees issued 1 111 Market value guarantees — Liquidity facilities 6 Whole loan sales guarantees — Securitization representations and warranties 3 (42 ) General partner guarantees (62 ) Client clearing guarantees — 1. These amounts include certain issued standby letters of credit participated to third parties, totaling $0.7 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. As of March 31, 2020, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $57 million . 2. The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 6 . 3. Primarily related to residential mortgage securitizations. The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make payments to the guaranteed party based on changes in an underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others. Client Clearing Guarantees. In the first quarter of 2020, FICC’s sponsored clearing model was updated such that the Firm could be responsible for liquidation of a sponsored member’s account and guarantees any resulting loss to the FICC in the event the sponsored member fails to fully pay any net liquidation amount due from the sponsored member to the FICC. Accordingly, the Firm’s maximum potential payout amount as of March 31, 2020 reflects the total of the estimated net liquidation amounts for sponsored member accounts. For more information on the nature of the obligations and related business activities for our guarantees, see Note 13 to the financial statements in the 2019 Form 10-K . Other Guarantees and Indemnities In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications related to indemnities, exchange and clearinghouse member guarantees and merger and acquisition guarantees are described in Note 13 to the financial statements in the 2019 Form 10-K . In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements. Finance Subsidiary The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. Contingencies Legal In addition to the matters described in the following paragraphs, in the normal course of business, the Firm has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the entities that would otherwise be the primary defendants in such cases are bankrupt or are in financial distress. These actions have included, but are not limited to, residential mortgage and credit crisis-related matters. While the Firm has identified below any individual proceedings where the Firm believes a material loss to be reasonably possible and reasonably estimable, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or are not yet determined to be probable or possible and reasonably estimable losses. The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financial statements and the Firm can reasonably estimate the amount of that loss, the Firm accrues the estimated loss by a charge to income. In many proceedings and investigations, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount of any loss. In addition, even where a loss is possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss. For certain legal proceedings and investigations, the Firm cannot reasonably estimate such losses, particularly for proceedings and investigations where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, disgorgement or penalties. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, determination of issues related to class certification and the calculation of damages or other relief, and by addressing novel or unsettled legal questions relevant to the proceedings or investigations in question, before a loss or additional loss or range of loss or additional range of loss can be reasonably estimated for a proceeding or investigation. For certain other legal proceedings and investigations, the Firm can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued but does not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on the Firm’s financial statements as a whole, other than the matters referred to in the following paragraphs. On July 15, 2010 , China Development Industrial Bank (“CDIB”) filed a complaint against the Firm, styled China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al. , which is pending in the Supreme Court of the State of New York, New York County (“Supreme Court of NY”). The complaint relates to a $275 million CDS referencing the super senior portion of the STACK 2006-1 CDO. The complaint asserts claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that the Firm misrepresented the risks of the STACK 2006-1 CDO to CDIB, and that the Firm knew that the assets backing the CDO were of poor quality when it entered into the CDS with CDIB. The complaint seeks compensatory damages related to the approximately $228 million that CDIB alleges it has already lost under the CDS, rescission of CDIB’s obligation to pay an additional $12 million , punitive damages, equitable relief, fees and costs. On February 28, 2011, the court denied the Firm’s motion to dismiss the complaint. On December 21, 2018, the court denied the Firm’s motion for summary judgment and granted in part the Firm’s motion for sanctions relating to spoliation of evidence. On January 24, 2019, CDIB filed a notice of appeal from the court’s December 21, 2018 order, and on January 25, 2019, the Firm filed a notice of appeal from the same order. On March 7, 2019, the court denied the relief that CDIB sought in a motion to clarify and resettle the portion of the court’s December 21, 2018 order granting spoliation sanctions. On December 5, 2019, the Appellate Division, First Department (“First Department”) heard the parties’ cross appeals. Based on currently available information, the Firm believes it could incur a loss in this action of up to approximately $240 million plus pre- and post-judgment interest, fees and costs. On July 8, 2013 , U.S. Bank National Association, in its capacity as trustee, filed a complaint against the Firm styled U.S. Bank National Association, solely in its capacity as Trustee of the Morgan Stanley Mortgage Loan Trust 2007-2AX (MSM 2007-2AX) v. Morgan Stanley Mortgage Capital Holdings LLC, Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. and GreenPoint Mortgage Funding, Inc. , pending in the Supreme Court of NY. The complaint asserts claims for breach of contract and alleges, among other things, that the loans in the trust, which had an original principal balance of approximately $650 million , breached various representations and warranties. The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, unspecified damages and interest. On November 24, 2014, the court granted in part and denied in part the Firm’s motion to dismiss the complaint. On April 4, 2019, the court denied the Firm’s motion to renew its motion to dismiss. Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately $240 million , the total original unpaid balance of the mortgage loans for which the Firm received repurchase demands that it did not repurchase, plus pre- and post-judgment interest, fees and costs, but plaintiff is seeking to expand the number of loans at issue and the possible range of loss could increase. On September 23, 2014, Financial Guaranty Insurance Company (“FGIC”) filed a complaint against the Firm in the Supreme Court of NY styled Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. relating to the Morgan Stanley ABS Capital I Inc. Trust 2007-NC4. The complaint asserts claims for breach of contract and fraudulent inducement and alleges, among other things, that the loans in the trust breached various representations and warranties and defendants made untrue statements and material omissions to induce FGIC to issue a financial guaranty policy on certain classes of certificates that had an original balance of approximately $876 million . The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, compensatory, consequential and punitive damages, attorneys’ fees and interest. On January 23, 2017, the court denied the Firm’s motion to dismiss the complaint. On September 13, 2018, the First Department affirmed in part and reversed in part the lower court’s order denying the Firm’s motion to dismiss. On December 20, 2018, the First Department denied plaintiff’s motion for leave to appeal its decision to the New York Court of Appeals ("Court of Appeals") or, in the alternative, for re-argument. Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately $277 million , the total original unpaid balance of the mortgage loans for which the Firm received repurchase demands from a certificate holder and FGIC that the Firm did not repurchase, plus pre- and post- judgment interest, fees and costs, as well as claim payments that FGIC has made and will make in the future. In addition, plaintiff is seeking to expand the number of loans at issue and the possible range of loss could increase. On January 23, 2015, Deutsche Bank National Trust Company, in its capacity as trustee, filed a complaint against the Firm styled Deutsche Bank National Trust Company solely in its capacity as Trustee of the Morgan Stanley ABS Capital I Inc. Trust 2007-NC4 v. Morgan Stanley Mortgage Capital Holdings LLC as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc., and Morgan Stanley ABS Capital I Inc. , pending in the Supreme Court of NY. The complaint asserts claims for breach of contract and alleges, among other things, that the loans in the trust, which had an original principal balance of approximately $1.05 billion , breached various representations and warranties. The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, compensatory, consequential, rescissory, equitable and punitive damages, attorneys’ fees, costs and other related expenses, and interest. On December 11, 2015, the court granted in part and denied in part the Firm’s motion to dismiss the complaint. On October 19, 2018, the court granted the Firm’s motion for leave to amend its answer and to stay the case pending resolution of Deutsche Bank National Trust Company’s appeal to the Court of Appeals in another case, styled Deutsche Bank National Trust Company v. Barclays Bank PLC , regarding the applicable statute of limitations. On January 17, 2019, the First Department reversed the trial court’s order to the extent that it had granted in part the Firm’s motion to dismiss the complaint. On June 4, 2019, the First Department granted the Firm’s motion for leave to appeal to the Court of Appeals. On March 19, 2020, the Firm filed a motion for partial summary judgment. Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately $277 million , the total original unpaid balance of the mortgage loans for which the Firm received repurchase demands from a certificate holder and a monoline insurer that the Firm did not repurchase, plus pre- and post-judgment interest, fees and costs, but plaintiff is seeking to expand the number of loans at issue and the possible range of loss could increase. Tax In matters styled Case number 15/3637 and Case number 15/4353, the Dutch Tax Authority (“Dutch Authority”) has challenged, in the District Court in Amsterdam, the prior set-off by the Firm of approximately €124 million (approximately $137 million ) plus accrued interest of withholding tax credits against the Firm’s corporation tax liabilities for the tax years 2007 to 2013. The Dutch Authority alleges that the Firm was not entitled to receive the withholding tax credits on the basis, inter alia, that a Firm subsidiary did not hold legal title to certain securities subject to withholding tax on the relevant dates. The Dutch Authority has also alleged that the Firm failed to provide certain information to the Dutch Authority and keep adequate books and records. On April 26, 2018, the District Court in Amsterdam issued a decision dismissing the Dutch Authority’s claims. On June 4, 2018, the Dutch Authority filed an appeal before the Court of Appeal in Amsterdam in matters re-styled Case number 18 /00 318 and Case number 18 /00 319 . On June 26 and July 2, 2019, a hearing of the Dutch Authority’s appeal was held. Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately €124 million (approximately $137 million ) plus accrued interest. |
Variable Interest Entities and
Variable Interest Entities and Securitization Activities | 3 Months Ended |
Mar. 31, 2020 | |
Variable Interest Entities and Securitization Activities [Abstract] | |
Variable Interest Entities and Securitization Activities | Variable Interest Entities and Securitization Activities Consolidated VIE Assets and Liabilities by Type of Activity At March 31, 2020 At December 31, 2019 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities OSF $ 728 $ 415 $ 696 $ 391 MABS 1 368 108 265 4 Other 2 934 44 987 66 Total $ 2,030 $ 567 $ 1,948 $ 461 OSF—Other structured financings 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable. 2. Other primarily includes operating entities, investment funds and structured transactions. Consolidated VIE Assets and Liabilities by Balance Sheet Caption $ in millions At At Assets Cash and cash equivalents $ 328 $ 488 Trading assets at fair value 1,234 943 Customer and other receivables 16 18 Intangible assets 107 111 Other assets 345 388 Total $ 2,030 $ 1,948 Liabilities Other secured financings $ 519 $ 422 Other liabilities and accrued expenses 48 39 Total $ 567 $ 461 Noncontrolling interests $ 245 $ 192 Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement. In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders. Non-consolidated VIEs At March 31, 2020 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 124,211 $ 1,881 $ 6,585 $ 2,263 $ 51,280 Maximum exposure to loss 3 Debt and equity interests $ 15,173 $ 254 $ 277 $ 1,086 $ 10,468 Derivative and other contracts — — 4,047 — 3,659 Commitments, guarantees and other 572 — — — 334 Total $ 15,745 $ 254 $ 4,324 $ 1,086 $ 14,461 Carrying value of variable interests—Assets Debt and equity interests $ 15,173 $ 254 $ 277 $ 1,084 $ 10,468 Derivative and other contracts — — 6 — 835 Total $ 15,173 $ 254 $ 283 $ 1,084 $ 11,303 Additional VIE assets owned 4 $ 11,024 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 272 At December 31, 2019 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 125,603 $ 2,976 $ 6,965 $ 2,288 $ 51,305 Maximum exposure to loss 3 Debt and equity interests $ 16,314 $ 240 $ — $ 1,009 $ 11,977 Derivative and other contracts — — 4,599 — 2,995 Commitments, guarantees and other 631 — — — 266 Total $ 16,945 $ 240 $ 4,599 $ 1,009 $ 15,238 Carrying value of variable interests – Assets Debt and equity interests $ 16,314 $ 240 $ — $ 1,008 $ 11,977 Derivative and other contracts — — 6 — 388 Total $ 16,314 $ 240 $ 6 $ 1,008 $ 12,365 Additional VIE assets owned 4 $ 11,453 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 444 MTOB—Municipal tender option bonds 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets. and may be in loan or security form. 2. Other primarily includes exposures to commercial real estate property and investment funds. 3. Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm. 4. Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s primary risk exposure is to the most subordinate class of beneficial interest and maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 3). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives. The majority of the VIEs included in the previous tables are sponsored by unrelated parties; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 7 ). The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as well as the fair value of certain other derivatives and investments the Firm has made in the VIE. The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss. Liabilities issued by VIEs generally are non-recourse to the Firm. Detail of Mortgage- and Asset-Backed Securitization Assets At March 31, 2020 At December 31, 2019 $ in millions UPB Debt and Equity Interests UPB Debt and Equity Interests Residential mortgages $ 20,460 $ 3,298 $ 30,353 $ 3,993 Commercial mortgages 52,672 3,677 53,892 3,881 U.S. agency collateralized mortgage obligations 45,958 6,257 36,366 6,365 Other consumer or commercial loans 5,121 1,941 4,992 2,075 Total $ 124,211 $ 15,173 $ 125,603 $ 16,314 Transferred Assets with Continuing Involvement 1 At March 31, 2020 $ in millions RML CML U.S. Agency CMO CLN and Other 3 SPE assets (UPB) 4 $ 9,501 $ 79,516 $ 15,480 $ 11,109 Retained interests Investment grade $ 26 $ 780 $ 763 $ — Non-investment grade 13 238 — 87 Total $ 39 $ 1,018 $ 763 $ 87 Interests purchased in the secondary market Investment grade $ — $ 65 $ 78 $ — Non-investment grade 29 68 — — Total $ 29 $ 133 $ 78 $ — Derivative assets $ — $ — $ — $ 830 Derivative liabilities — — — 186 At December 31, 2019 2 $ in millions RML CML U.S. Agency CMO CLN and Other 3 SPE assets (UPB) 4 $ 9,850 $ 86,203 $ 19,132 $ 8,410 Retained interests Investment grade $ 29 $ 720 $ 2,376 $ 1 Non-investment grade 17 254 — 92 Total $ 46 $ 974 $ 2,376 $ 93 Interests purchased in the secondary market Investment grade $ 6 $ 197 $ 77 $ — Non-investment grade 75 51 — — Total $ 81 $ 248 $ 77 $ — Derivative assets $ — $ — $ — $ 339 Derivative liabilities — — — 145 Fair Value At March 31, 2020 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 790 $ — $ 790 Non-investment grade 7 83 90 Total $ 797 $ 83 $ 880 Interests purchased in the secondary market Investment grade $ 141 $ 2 $ 143 Non-investment grade 85 12 97 Total $ 226 $ 14 $ 240 Derivative assets $ 820 $ 10 $ 830 Derivative liabilities 185 1 186 Fair Value at December 31, 2019 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 2,401 $ 4 $ 2,405 Non-investment grade 6 97 103 Total $ 2,407 $ 101 $ 2,508 Interests purchased in the secondary market Investment grade $ 278 $ 2 $ 280 Non-investment grade 68 58 126 Total $ 346 $ 60 $ 406 Derivative assets $ 337 $ 2 $ 339 Derivative liabilities 144 1 145 RML—Residential mortgage loans CML—Commercial mortgage loans 1. The Transferred Assets with Continuing Involvement tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. 2. As permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table. 3. Amounts include CLO transactions managed by unrelated third parties. 4. Amounts include assets transferred by unrelated transferors. Transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statements. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained interests are generally carried at fair value in the balance sheets with changes in fair value recognized in the income statements. Fair value for these interests is measured using techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Note 2 in the 2019 Form 10-K and Note 4 herein. Proceeds from New Securitization Transactions and Sales of Loans Three Months Ended $ in millions 2020 2019 New transactions 1 $ 8,471 $ 4,733 Retained interests 4,088 2,887 Sales of corporate loans to CLO SPEs 1, 2 66 — 1. Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented. 2. Sponsored by non-affiliates. The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 13 ). Assets Sold with Retained Exposure $ in millions At At Gross cash proceeds from sale of assets 1 $ 28,213 $ 38,661 Fair value Assets sold $ 28,068 $ 39,137 Derivative assets recognized 862 647 Derivative liabilities recognized 1,004 152 1. The carrying value of assets derecognized at the time of sale approximates gross cash proceeds. The Firm enters into transactions in which it sells securities, primarily equities and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities. For a discussion of the Firm’s VIEs, the determination and structure of VIEs and securitization activities, see Note 14 to the financial statements in the 2019 Form 10-K . |
Regulatory Requirements
Regulatory Requirements | 3 Months Ended |
Mar. 31, 2020 | |
Brokers and Dealers [Abstract] | |
Regulatory Requirements | Regulatory Requirements Regulatory Capital Framework and Requirements For a discussion of the Firm’s regulatory capital framework, see Note 15 to the financial statements in the 2019 Form 10-K . The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows. Minimum risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital (which includes Tier 2 capital). Capital standards require certain adjustments to, and deductions from, capital for purposes of determining these ratios. At March 31, 2020 and December 31, 2019 , the Firm's ratios for determining regulatory compliance are based on the Advanced Approach and the Standardized Approach rules, respectively. In the current quarter, the U.S. banking agencies have adopted an interim final rule altering, for purposes of the regulatory capital rules, the required adoption time period for CECL. As of March 31, 2020, the risk-based and leverage-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure are calculated excluding the effect of the adoption of CECL based on our election to defer this effect over a five-year transition period in accordance with the interim final rule. In addition to the minimum risk-based capital ratio requirements, the Firm is subject to the following Common Equity Tier 1 buffers: • A greater than 2.5% capital conservation buffer; • The G-SIB capital surcharge, currently at 3% ; and • Up to a 2.5% CCyB, currently set by U.S. banking agencies at zero . The Firm’s Regulatory Capital and Capital Ratios At March 31, 2020 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 10.0 % $ 65,195 15.2 % Tier 1 capital 11.5 % 73,896 17.3 % Total capital 13.5 % 83,847 19.6 % Total RWA 427,782 Leverage-based capital Tier 1 leverage 4.0 % $ 73,896 8.1 % Adjusted average assets 2 910,499 SLR 5.0 % 73,896 6.2 % Supplementary leverage exposure 3 1,185,734 At December 31, 2019 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 10.0 % $ 64,751 16.4 % Tier 1 capital 11.5 % 73,443 18.6 % Total capital 13.5 % 82,708 21.0 % Total RWA 394,177 Leverage-based capital Tier 1 leverage 4.0 % $ 73,443 8.3 % Adjusted average assets 2 889,195 SLR 5.0 % 73,443 6.4 % Supplementary leverage exposure 3 1,155,177 1. Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. 2. Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in the Firm's own capital instruments, certain defined tax assets and other capital deductions. 3. Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios The OCC establishes capital requirements for the Firm’s U.S. Bank Subsidiaries and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge requirements do not apply to the U.S. Bank Subsidiaries. The OCC’s regulatory capital framework includes Prompt Corrective Action (“PCA”) standards, including “well-capitalized” PCA standards that are based on specified regulatory capital ratio minimums. For the Firm to remain an FHC, the U.S. Bank Subsidiaries must remain well-capitalized in accordance with the OCC’s PCA standards. In addition, failure by the U.S. Bank Subsidiaries to meet minimum capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements. At March 31, 2020 and December 31, 2019 , the U.S. Bank Subsidiaries’ risk-based capital ratios are based on the Standardized Approach rules. At March 31, 2020, the risk-based and leverage-based capital amounts and ratios are calculated excluding the effect of the adoption of CECL based on our election to defer this effect over a five-year transition period. MSBNA’s Regulatory Capital At March 31, 2020 $ in millions Well-Capitalized Requirement Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 16,839 18.2 % Tier 1 capital 8.0 % 8.5 % 16,839 18.2 % Total capital 10.0 % 10.5 % 17,349 18.7 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 16,839 11.2 % SLR 6.0 % 3.0 % 16,839 8.8 % At December 31, 2019 $ in millions Well-Capitalized Requirement Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 15,919 18.5 % Tier 1 capital 8.0 % 8.5 % 15,919 18.5 % Total capital 10.0 % 10.5 % 16,282 18.9 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 15,919 11.3 % SLR 6.0 % 3.0 % 15,919 8.7 % MSPBNA’s Regulatory Capital At March 31, 2020 $ in millions Well-Capitalized Requirement Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 8,487 22.9 % Tier 1 capital 8.0 % 8.5 % 8,487 22.9 % Total capital 10.0 % 10.5 % 8,556 23.0 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 8,487 9.7 % SLR 6.0 % 3.0 % 8,487 9.3 % At December 31, 2019 $ in millions Well-Capitalized Requirement Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 7,962 24.8 % Tier 1 capital 8.0 % 8.5 % 7,962 24.8 % Total capital 10.0 % 10.5 % 8,016 25.0 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 7,962 9.9 % SLR 6.0 % 3.0 % 7,962 9.4 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the U.S. Bank Subsidiaries' ability to make capital distributions, including the payment of dividends. U.S. Broker-Dealer Regulatory Capital Requirements MS&Co. Regulatory Capital $ in millions At March 31, 2020 At December 31, 2019 Net capital $ 10,887 $ 13,708 Excess net capital 6,620 10,686 MS&Co. is a registered U.S. broker-dealer and registered futures commission merchant and, accordingly, is subject to the minimum net capital requirements of the SEC and the CFTC. MS&Co. has consistently operated with capital in excess of its regulatory capital requirements. As an Alternative Net Capital broker-dealer, and in accordance with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c3-1, Appendix E, MS&Co. is subject to minimum net capital and tentative net capital requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At March 31, 2020 and December 31, 2019 , MS&Co. has exceeded its net capital requirement and has tentative net capital in excess of the minimum and notification requirements. MSSB Regulatory Capital $ in millions At March 31, 2020 At December 31, 2019 Net capital $ 2,924 $ 3,387 Excess net capital 2,774 3,238 MSSB is a registered U.S. broker-dealer and introducing broker for the futures business and, accordingly, is subject to the minimum net capital requirements of the SEC. MSSB has consistently operated with capital in excess of its regulatory capital requirements. Other Regulated Subsidiaries MSIP, a London-based broker-dealer subsidiary, is subject to the capital requirements of the PRA, and MSMS, a Tokyo-based broker-dealer subsidiary, is subject to the capital requirements of the Financial Services Agency. MSIP and MSMS have consistently operated with capital in excess of their respective regulatory capital requirements. Certain other U.S. and non-U.S. subsidiaries of the Firm are subject to various securities, commodities and banking regulations, and capital adequacy requirements promulgated by the regulatory and exchange authorities of the countries in which they operate. These subsidiaries have consistently operated with capital in excess of their local capital adequacy requirements. |
Total Equity
Total Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Total Equity | Total Equity Share Repurchases Three Months Ended March 31, $ in millions 2020 2019 Repurchases of common stock under the Firm's Share Repurchase Program $ 1,347 $ 1,180 The Firm’s 2019 Capital Plan (“Capital Plan”) includes the share repurchase of up to $6.0 billion of outstanding common stock for the period beginning July 1, 2019 through June 30, 2020 . Additionally, the Capital Plan includes quarterly common stock dividends of up to $0.35 per share, beginning with the common stock dividend announced on July 18, 2019. On March 15, 2020, the Financial Services Forum announced that each of its eight member banks, including the Firm, had voluntarily suspended their share repurchase programs. For information about the Firm's 2019 Capital Plan, see Note 16 to the financial statements in the 2019 Form 10-K . A portion of common stock repurchases was conducted under a sales plan with MUFG, whereby MUFG sold shares of the Firm’s common stock to the Firm, as part of the Firm’s Share Repurchase Program. The sales plan is only intended to maintain MUFG’s ownership percentage below 24.9% in order to comply with MUFG’s passivity commitments to the Board of Governors of the Federal Reserve System and has no impact on the strategic alliance between MUFG and the Firm, including the joint ventures in Japan. Common Stock Dividends per Share Three Months Ended March 31, 2020 2019 Dividends declared per common share $ 0.35 $ 0.30 Common Shares Outstanding for Basic and Diluted EPS Three Months Ended in millions 2020 2019 Weighted average common shares outstanding, basic 1,555 1,658 Effect of dilutive Stock options, RSUs and PSUs 18 19 Weighted average common shares outstanding and common stock equivalents, diluted 1,573 1,677 Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) 12 6 Preferred Stock Shares Outstanding Carrying Value $ in millions, except per share data At Liquidation Preference per Share At At Series A 44,000 $ 25,000 $ 1,100 $ 1,100 C 1 519,882 1,000 408 408 E 34,500 25,000 862 862 F 34,000 25,000 850 850 H 52,000 25,000 1,300 1,300 I 40,000 25,000 1,000 1,000 J 60,000 25,000 1,500 1,500 K 40,000 25,000 1,000 1,000 L 20,000 25,000 500 500 Total $ 8,520 $ 8,520 Shares authorized 30,000,000 1. Series C is composed of the issuance of 1,160,791 shares of Series C Preferred Stock to MUFG for an aggregate purchase price of $911 million , less the redemption of 640,909 shares of Series C Preferred Stock of $503 million , which were converted to common shares of approximately $705 million in 2009. For a description of Series A through Series L preferred stock issuances, see Note 16 to the financial statements in the 2019 Form 10-K . The preferred stock has a preference over the common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 15 ). Preferred Stock Dividends $ in millions, except per share data Three Months Ended Three Months Ended Per Share 1 Total Per Share 1 Total Series A $ 253 $ 11 $ 250 $ 11 C 25 13 25 13 E 445 15 445 15 F 430 14 430 15 G 2 — — 414 8 H 3 344 18 — — I 398 16 398 16 J 4 — — — — K 366 15 366 15 L 305 6 — — Total $ 108 $ 93 1. Dividends on all series are payable quarterly, unless otherwise noted. 2. Series G preferred stock was redeemed during the first quarter of 2020. For further information, see Note 16 to the 2019 Form 10-K. 3. Series H was payable semiannually until July 15, 2019, and is now payable quarterly. 4. Series J is payable semiannually until July 15, 2020, and then quarterly thereafter. Accumulated Other Comprehensive Income (Loss) 1 $ in millions CTA AFS Securities Pension, Postretirement and Other DVA Total December 31, 2019 $ (897 ) $ 207 $ (644 ) $ (1,454 ) $ (2,788 ) OCI during the period (141 ) 1,325 25 3,674 4,883 March 31, 2020 $ (1,038 ) $ 1,532 $ (619 ) $ 2,220 $ 2,095 December 31, 2018 $ (889 ) $ (930 ) $ (578 ) $ 105 $ (2,292 ) OCI during the period (12 ) 429 1 (599 ) (181 ) March 31, 2019 $ (901 ) $ (501 ) $ (577 ) $ (494 ) $ (2,473 ) CTA—Cumulative foreign currency translation adjustments 1. Amounts are net of tax and noncontrolling interests. Components of Period Changes in OCI Three Months Ended $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (20 ) $ (112 ) $ (132 ) $ 9 $ (141 ) Reclassified to earnings — — — — — Net OCI $ (20 ) $ (112 ) $ (132 ) $ 9 $ (141 ) Change in net unrealized gains (losses) on AFS securities OCI activity $ 1,773 $ (416 ) $ 1,357 $ — $ 1,357 Reclassified to earnings (41 ) 9 (32 ) — (32 ) Net OCI $ 1,732 $ (407 ) $ 1,325 $ — $ 1,325 Pension, postretirement and other OCI activity $ 25 $ (4 ) $ 21 $ — $ 21 Reclassified to earnings 5 (1 ) 4 — 4 Net OCI $ 30 $ (5 ) $ 25 $ — $ 25 Change in net DVA OCI activity $ 5,015 $ (1,216 ) $ 3,799 $ 129 $ 3,670 Reclassified to earnings 5 (1 ) 4 — 4 Net OCI $ 5,020 $ (1,217 ) $ 3,803 $ 129 $ 3,674 Three Months Ended $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (4 ) $ (18 ) $ (22 ) $ (10 ) $ (12 ) Reclassified to earnings — — — — — Net OCI $ (4 ) $ (18 ) $ (22 ) $ (10 ) $ (12 ) Change in net unrealized gains (losses) on AFS securities OCI activity $ 570 $ (133 ) $ 437 $ — $ 437 Reclassified to earnings (10 ) 2 (8 ) — (8 ) Net OCI $ 560 $ (131 ) $ 429 $ — $ 429 Pension, postretirement and other OCI activity $ — $ (1 ) $ (1 ) $ — $ (1 ) Reclassified to earnings 3 (1 ) 2 — 2 Net OCI $ 3 $ (2 ) $ 1 $ — $ 1 Change in net DVA OCI activity $ (824 ) $ 201 $ (623 ) $ (21 ) $ (602 ) Reclassified to earnings 4 (1 ) 3 — 3 Net OCI $ (820 ) $ 200 $ (620 ) $ (21 ) $ (599 ) Cumulative Adjustments to Beginning Retained Earnings Related to the Adoption of Accounting Updates Three Months Ended $ in millions March 31, 2020 Financial Instruments—Credit Losses $ (100 ) Three Months Ended $ in millions March 31, 2019 Leases $ 63 |
Interest Income and Interest Ex
Interest Income and Interest Expense | 3 Months Ended |
Mar. 31, 2020 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | Interest Income and Interest Expense Three Months Ended $ in millions 2020 2019 Interest income Investment securities $ 445 $ 475 Loans 1,154 1,195 Securities purchased under agreements to resell and Securities borrowed 1 398 947 Trading assets, net of Trading liabilities 749 713 Customer receivables and Other 2 757 960 Total interest income $ 3,503 $ 4,290 Interest expense Deposits $ 406 $ 462 Borrowings 997 1,380 Securities sold under agreements to repurchase and Securities loaned 3 509 600 Customer payables and Other 4 235 834 Total interest expense $ 2,147 $ 3,276 Net interest $ 1,356 $ 1,014 1. Includes fees paid on Securities borrowed. 2. Includes interest from Cash and cash equivalents. 3. Includes fees received on Securities loaned. 4. Includes fees received from prime brokerage customers for stock loan transactions entered into to cover customers’ short positions. Interest income and Interest expense are classified in the income statements based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense. k |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Firm is under continuous examination by the IRS and other tax authorities in certain countries, such as Japan and the U.K., and in states and localities in which it has significant business operations, such as New York. The Firm believes that the resolution of these tax examinations will not have a material effect on the annual financial statements, although a resolution could have a material impact in the income statements and on the effective tax rate for any period in which such resolutions occur. The Firm has established a liability for unrecognized tax benefits, and associated interest, if applicable (“tax liabilities”), that it believes is adequate in relation to the potential for additional assessments. Once established, the Firm adjusts such tax liabilities only when new information is available or when an event occurs necessitating a change. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the Firm’s effective tax rate over the next 12 months. See Note 13 regarding the Dutch Tax Authority’s challenge, in the District Court in Amsterdam (matters styled Case number 15/3637 and Case number 15/4353) , of the Firm’s entitlement to certain withholding tax credits, which may impact the balance of unrecognized tax benefits. Net Discrete Tax Provisions/(Benefits) Three Months Ended March 31, $ in millions 2020 2019 Recurring 1 $ (99 ) $ (107 ) Intermittent (31 ) (101 ) 1. Recurring discrete tax items are related to conversion of employee share-based awards. The current quarter includes intermittent net discrete tax benefits associated with the remeasurement of prior years’ tax liabilities. The prior year quarter includes intermittent net discrete tax benefits primarily associated with remeasurement of reserves and related interest as a result of new information pertaining to the resolution of multi-jurisdiction tax examinations. |
Segment, Geographic and Revenue
Segment, Geographic and Revenue Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment, Geographic and Revenue Information | Segment, Geographic and Revenue Information Selected Financial Information by Business Segment Three Months Ended March 31, 2020 $ in millions IS WM IM I/E Total Investment banking $ 1,144 $ 158 $ — $ (31 ) $ 1,271 Trading 3,416 (347 ) (37 ) 24 3,056 Investments (25 ) — 63 — 38 Commissions and fees 1 874 588 — (102 ) 1,360 Asset management 1 113 2,680 665 (41 ) 3,417 Other (1,079 ) 62 7 (1 ) (1,011 ) Total non-interest revenues 4,443 3,141 698 (151 ) 8,131 Interest income 2,423 1,193 8 (121 ) 3,503 Interest expense 1,961 297 14 (125 ) 2,147 Net interest 462 896 (6 ) 4 1,356 Net revenues $ 4,905 $ 4,037 $ 692 $ (147 ) $ 9,487 Income before provision for income taxes $ 950 $ 1,055 $ 143 $ (2 ) $ 2,146 Provision for income taxes 151 191 25 (1 ) 366 Net income 799 864 118 (1 ) 1,780 Net income applicable to noncontrolling interests 42 — 40 — 82 Net income applicable to Morgan Stanley $ 757 $ 864 $ 78 $ (1 ) $ 1,698 Three Months Ended March 31, 2019 $ in millions IS WM IM I/E Total Investment banking $ 1,151 $ 109 $ — $ (18 ) $ 1,242 Trading 3,130 302 (3 ) 12 3,441 Investments 81 1 191 — 273 Commissions and fees 1 621 406 — (61 ) 966 Asset management 1 107 2,361 617 (36 ) 3,049 Other 222 80 3 (4 ) 301 Total non-interest revenues 5,312 3,259 808 (107 ) 9,272 Interest income 3,056 1,413 4 (183 ) 4,290 Interest expense 3,172 283 8 (187 ) 3,276 Net interest (116 ) 1,130 (4 ) 4 1,014 Net revenues $ 5,196 $ 4,389 $ 804 $ (103 ) $ 10,286 Income before provision for income taxes $ 1,595 $ 1,188 $ 174 $ (2 ) $ 2,955 Provision for income taxes 190 264 33 — 487 Net income 1,405 924 141 (2 ) 2,468 Net income applicable to noncontrolling interests 34 — 5 — 39 Net income applicable to Morgan Stanley $ 1,371 $ 924 $ 136 $ (2 ) $ 2,429 I/E–Intersegment Eliminations 1. Substantially all revenues are from contracts with customers. For a discussion about the Firm’s business segments, see Note 21 to the financial statements in the 2019 Form 10-K . Detail of Investment Banking Revenues Three Months Ended $ in millions 2020 2019 Institutional Securities Advisory $ 362 $ 406 Institutional Securities Underwriting 782 745 Firm Investment banking revenues from contracts with customers 89 % 85 % Trading Revenues by Product Type Three Months Ended $ in millions 2020 2019 Interest rate $ 1,074 $ 785 Foreign exchange 338 241 Equity security and index 1 1,072 1,451 Commodity and other 266 422 Credit 306 542 Total $ 3,056 $ 3,441 1. Dividend income is included within equity security and index contracts. The previous table summarizes realized and unrealized gains and losses, from derivative and non-derivative financial instruments, included in Trading revenues in the income statements. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes. Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest $ in millions At At Net cumulative unrealized performance-based fees at risk of reversing $ 714 $ 774 The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest (for which the Firm is not obligated to pay compensation) are at risk of reversing when the return in certain funds fall below specified performance targets. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. Investment Management Asset Management Revenues — Reduction of Fees Due to Fee Waivers Three Months Ended $ in millions 2020 2019 Fee waivers $ 11 $ 11 The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940. Certain Other Fee Waivers Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees. Net Revenues by Region Three Months Ended $ in millions 2020 2019 Americas $ 6,646 $ 7,321 EMEA 1,148 1,702 Asia 1,693 1,263 Total $ 9,487 $ 10,286 For a discussion about the Firm’s geographic net revenues, see Note 21 to the financial statements in the 2019 Form 10-K . Revenue Recognized from Prior Services Three Months Ended $ in millions 2020 2019 Non-interest revenues $ 614 $ 671 The previous table includes revenue from contracts with customers recognized where some or all services were performed in prior periods and is primarily composed of investment banking advisory fees and distribution fees. Receivables from Contracts with Customers $ in millions At At Customer and other receivables $ 2,199 $ 2,916 Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheets, arise when the Firm has both recorded revenues and has the right per the contract to bill the customer. Assets by Business Segment $ in millions At At Institutional Securities $ 707,489 $ 691,201 Wealth Management 233,824 197,682 Investment Management 6,482 6,546 Total 1 $ 947,795 $ 895,429 1. Parent assets have been fully allocated to the business segments. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Financial Information | Basis of Financial Information The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, allowance for credit losses, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates. Certain reclassifications have been made to prior periods to conform to the current presentation. The Notes are an integral part of the Firm's financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto. The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2019 Form 10-K . Certain footnote disclosures included in the 2019 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year. |
Consolidation | Consolidation The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14 ). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as noncontrolling interests. The net income attributable to noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statements. The portion of shareholders’ equity that is attributable to noncontrolling interests for such subsidiaries is presented as noncontrolling interests, a component of Total equity, in the balance sheets. For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2019 Form 10-K . |
Accounting Updates Adopted | Accounting Updates Adopted in 2020 See Note 16 for a summary of the Retained earnings impact of this adoption. Financial Instruments — Credit Losses The Firm adopted the Financial Instruments - Credit Losses accounting update on January 1, 2020. This accounting update impacted the impairment model for certain financial assets measured at amortized cost by requiring a CECL methodology to estimate expected credit losses over the entire life of the financial asset, recorded at inception or purchase. CECL replaced the loss model currently applicable to loans held for investment, HTM securities and other receivables carried at amortized cost, such as employee loans. The update also eliminated the concept of other-than-temporary impairment for AFS securities and instead requires impairments on AFS securities to be recognized in earnings through an allowance when the fair value is less than amortized cost and a credit loss exists, and through a permanent reduction of the amortized cost basis when the securities are expected to be sold before recovery of amortized cost. For certain portfolios, we determined that there are de minimus or zero expected credit losses; for example, for lending and financing transactions, such as Securities borrowed, Securities purchased under agreements to resell and certain other portfolios where collateral arrangements are being followed. Also, we have zero expected credit losses for certain financial assets based on the credit quality of the borrower or issuer, such as U.S. government and agency securities. At transition on January 1, 2020, the adoption of this accounting standard resulted in an increase in the allowance for credit losses of $ 131 million with a corresponding reduction in Retained earnings of $ 100 million, net of tax. The adoption impact was primarily attributable to a $124 million increase in the allowance for credit losses on employee loans. The following discussion highlights changes to the Firm’s accounting policies as a result of this adoption. Instruments Measured at Amortized Cost and Certain Off-Balance Sheet Credit Exposures Allowance for Credit Losses (“ACL”) The ACL for financial instruments measured at amortized cost and certain off-balance sheet exposures ( e.g., HFI loans and lending commitments, HTM securities, customer and other receivables and certain guarantees) represents an estimate of expected credit losses over the entire life of the financial instrument. Factors considered by management when determining the ACL include payment status, fair value of collateral, expected payments of principal and interest, as well as internal or external information relating to past events, current conditions and reasonable and supportable forecasts. The Firm’s forecasts include assumptions about certain macroeconomic variables including, but not limited to, U.S. gross domestic product, equity market indices, unemployment rates, as well as commercial real estate and home price indices. At the conclusion of the Firm’s reasonable and supportable forecast period of three years, there is a gradual reversion back to historical averages. The ACL is measured on a collective basis when similar risk characteristics exist for multiple instruments considering all available information relevant to assessing the collectability of cash flows. Generally, the Firm applies a probability of default (“PD”)/loss given default (“LGD”) model (“PD/LGD model”) for instruments that are collectively assessed, under which the ACL is calculated as the product of PD, LGD and exposure at default (“EAD”). These parameters are forecast for each collective group of loans using a scenario-based statistical model and at the conclusion of the Firm’s reasonable and supportable forecast period, the parameters gradually revert back to historical averages. If the instrument does not share similar risk characteristics with other instruments, including when it is probable that the Firm will be unable to collect the full payment of principal and interest on the instrument when due, the ACL is measured on an individual basis. The Firm typically applies a discounted cash flow (“DCF”) method for instruments that are individually assessed. The Firm may also elect to use an approach that considers the fair value of the collateral when measuring the ACL if the loan is collateral dependent ( i.e., repayment of the loan is expected to be provided substantially by the sale or operation of the underlying collateral and the borrower is experiencing financial difficulty). Additionally, the Firm can elect to use an approach to measure the ACL using the fair value of collateral where the borrower is required to, and reasonably expected to, continually adjust and replenish the amount of collateral securing the instrument to reflect changes in the fair value of such collateral. The Firm has elected to use this approach for certain securities-based loans, customer receivables representing margin loans, Securities purchased under agreements to resell and Securities borrowed. Credit quality indicators considered in developing the ACL include: • Corporate loans and Commercial real estate loans and securities: Internal risk ratings developed by CRM which are refreshed at least annually, and more frequently as necessary. These ratings generally correspond to external ratings published by S&P. The Firm also considers transaction structure, including type of collateral, collateral terms, and position of the obligation within the capital structure. In addition, for Commercial real estate, the Firm considers property type and location, net operating income, LTV ratios, among others, as well as commercial real estate price and credit spread indices and capitalization rates. • Residential real estate loans: Loan origination Fair Isaac Corporation (“FICO”) credit scores as determined by independent credit agencies in the United States and loan-to-value (“LTV”) ratios. • Employee loans: Employment status, which includes those currently employed by the Firm and for which the Firm can deduct any unpaid amounts due to it through certain compensation arrangements; and those no longer employed by the Firm where such compensation arrangements are no longer applicable. Consumer loans primarily comprise securities-based loans and therefore the Firm generally measures the ACL on such loans based on the fair value of collateral. Qualitative and environmental factors such as economic and business conditions, the nature and volume of the portfolio, and lending terms and the volume and severity of past due loans are also considered in the ACL calculations. Recognition . The Firm recognizes its ACL and provision for credit losses in its balance sheets and income statements, respectively, for on– and off–balance sheet instruments as follows. ACL Provision for credit losses Instruments measured at amortized cost ( e.g., HFI loans, HTM securities and customer and other receivables) Contra asset Other revenue Employee loans Contra asset Compensation and benefits expense Off-balance sheet instruments ( e.g., HFI lending commitments and certain guarantees) Other liabilities and accrued expenses Other expense Troubled Debt Restructurings (“TDRs”) The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower’s financial difficulties by granting one or more concessions that the Firm would not otherwise consider. Such modifications are accounted for and reported as a TDR, except for certain modifications related to the Coronavirus Disease (“COVID-19”) as noted in “Modifications and Nonaccrual Status for Borrowers Impacted by COVID-19” herein. A loan that has been modified in a TDR is generally considered to be impaired and is evaluated individually. TDRs are also generally classified as nonaccrual and may be returned to accrual status only after the Firm expects repayment of the remaining contractual principal and interest and there is sustained repayment performance for a reasonable period. Nonaccrual The Firm places financial instruments on nonaccrual status if principal or interest is past due for a period of 90 days or more or payment of principal or interest is in doubt unless the obligation is well-secured and in the process of collection, or in certain cases when related to the Coronavirus Disease (“COVID-19”) as noted in “Modifications and Nonaccrual Status for Borrowers Impacted by COVID-19” herein. For any instrument placed on nonaccrual status, the Firm reverses any unpaid interest accrued with an offsetting reduction to Interest income. Principal and interest payments received on nonaccrual instruments are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal is not in doubt, interest income is realized on a cash basis. If neither principal nor interest collection is in doubt and the instruments are brought current, instruments are generally placed on accrual status and interest income is recognized using the effective interest method. Modifications and Nonaccrual Status for Borrowers Impacted by COVID-19 In the first quarter of 2020, the Firm elected to apply the guidance issued by Congress in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) as well as by the U.S. banking agencies stating that certain concessions granted to borrowers that are current on existing loans, either individually or as part of a program for creditworthy borrowers who are experiencing short-term financial or operational problems as a result of the coronavirus pandemic, generally would not be considered TDRs or nonaccrual. ACL Write-offs The Firm writes-off a financial instrument in the period that it is deemed uncollectible and records a reduction in the ACL and the balance of the financial instrument in the balance sheet. However, for accrued interest receivable balances that are separately recorded from the related financial instruments, the Firm's nonaccrual policy requires that accrued interest receivable be written off against Interest income when the related financial instrument is placed in nonaccrual status. Accordingly, the Firm elected not to measure an ACL for accrued interest receivables. Available-for-Sale (“AFS”) Investment Securities Unrealized Losses on AFS Securities AFS securities are analyzed as part of the Firm's periodic assessment of credit losses at the individual security level. When considering if a credit loss exists, the Firm considers relevant information as discussed in Note 2 of the 2019 Form 10-K. Upon the adoption of Financial Instruments—Credit Losses , the Firm no longer considers the length of time the fair value has been less than the amortized cost basis in determining whether a credit loss exists. Recognition . The Firm recognizes its ACL and provision for credit losses for AFS securities in its balance sheets and income statements, respectively, as follows. ACL Provision for credit losses AFS securities Contra asset Other revenue The Firm recognizes the non-credit loss component of the unrealized loss as an adjustment to the security’s asset balance with an offsetting entry to AOCI in the balance sheets. For AFS securities in an unrealized loss position as of the balance sheet date that the Firm either has the intent to sell or that the Firm is likely to be required to sell before recovery of its amortized cost basis, any allowance for credit losses previously established is written off and the amortized cost basis is written down to the security’s fair value with any incremental unrealized losses reported in Other revenues. Nonaccrual & ACL Write-Offs on AFS Securities |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | $ in millions At At Cash and due from banks $ 11,570 $ 6,763 Interest bearing deposits with banks 119,939 75,408 Total Cash and cash equivalents $ 131,509 $ 82,171 Restricted cash $ 56,064 $ 32,512 |
Fair Values (Tables)
Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis At March 31, 2020 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 42,231 $ 29,105 $ 99 $ — $ 71,435 Other sovereign government obligations 29,493 5,017 17 — 34,527 State and municipal securities — 2,226 1 — 2,227 MABS — 838 483 — 1,321 Loans and lending commitments 2 — 4,082 5,980 — 10,062 Corporate and other debt — 23,448 1,708 — 25,156 Corporate equities 3 66,409 582 146 — 67,137 Derivative and other contracts: Interest rate 14,025 253,646 1,367 — 269,038 Credit — 12,605 753 — 13,358 Foreign exchange 26 112,711 76 — 112,813 Equity 1,041 93,175 1,560 — 95,776 Commodity and other 1,070 17,813 3,384 — 22,267 Netting 1 (12,720 ) (376,568 ) (1,301 ) (69,653 ) (460,242 ) Total derivative and other contracts 3,442 113,382 5,839 (69,653 ) 53,010 Investments 4 562 204 725 — 1,491 Physical commodities — 960 — — 960 Total trading assets 4 142,137 179,844 14,998 (69,653 ) 267,326 Investment securities—AFS 35,899 32,972 — — 68,871 Securities purchased under agreements to resell — 5 — — 5 Total assets at fair value $ 178,036 $ 212,821 $ 14,998 $ (69,653 ) $ 336,202 At March 31, 2020 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 3,935 $ 117 $ — $ 4,052 Trading liabilities: U.S. Treasury and agency securities 13,273 201 16 — 13,490 Other sovereign government obligations 20,273 836 2 — 21,111 Corporate and other debt — 9,341 6 — 9,347 Corporate equities 3 57,134 85 40 — 57,259 Derivative and other contracts: Interest rate 14,655 242,840 494 — 257,989 Credit — 12,631 555 — 13,186 Foreign exchange 20 112,552 226 — 112,798 Equity 1,090 89,344 2,936 — 93,370 Commodity and other 1,438 15,280 1,535 — 18,253 Netting 1 (12,720 ) (376,568 ) (1,301 ) (64,138 ) (454,727 ) Total derivative and other contracts 4,483 96,079 4,445 (64,138 ) 40,869 Total trading liabilities 95,163 106,542 4,509 (64,138 ) 142,076 Securities sold under agreements to repurchase — 775 — — 775 Other secured financings — 6,508 389 — 6,897 Borrowings — 53,164 3,998 — 57,162 Total liabilities at fair value $ 95,163 $ 170,924 $ 9,013 $ (64,138 ) $ 210,962 At December 31, 2019 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 36,866 $ 28,992 $ 22 $ — $ 65,880 Other sovereign government obligations 23,402 4,347 5 — 27,754 State and municipal securities — 2,790 1 — 2,791 MABS — 1,690 438 — 2,128 Loans and lending commitments 2 — 6,253 5,073 — 11,326 Corporate and other debt — 22,124 1,396 — 23,520 Corporate equities 3 123,942 652 97 — 124,691 Derivative and other contracts: Interest rate 1,265 182,977 1,239 — 185,481 Credit — 6,658 654 — 7,312 Foreign exchange 15 64,260 145 — 64,420 Equity 1,219 48,927 922 — 51,068 Commodity and other 1,079 7,255 2,924 — 11,258 Netting 1 (2,794 ) (235,947 ) (993 ) (47,804 ) (287,538 ) Total derivative and other contracts 784 74,130 4,891 (47,804 ) 32,001 Investments 4 481 252 858 — 1,591 Physical commodities — 1,907 — — 1,907 Total trading assets 4 185,475 143,137 12,781 (47,804 ) 293,589 Investment securities—AFS 32,902 29,321 — — 62,223 Securities purchased under agreements to resell — 4 — — 4 Total assets at fair value $ 218,377 $ 172,462 $ 12,781 $ (47,804 ) $ 355,816 At December 31, 2019 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 1,920 $ 179 $ — $ 2,099 Trading liabilities: U.S. Treasury and agency securities 11,191 34 — — 11,225 Other sovereign government obligations 21,837 1,332 1 — 23,170 Corporate and other debt — 7,410 — — 7,410 Corporate equities 3 63,002 79 36 — 63,117 Derivative and other contracts: Interest rate 1,144 171,025 462 — 172,631 Credit — 7,391 530 — 7,921 Foreign exchange 6 67,473 176 — 67,655 Equity 1,200 49,062 2,606 — 52,868 Commodity and other 1,194 7,118 1,312 — 9,624 Netting 1 (2,794 ) (235,947 ) (993 ) (42,531 ) (282,265 ) Total derivative and other contracts 750 66,122 4,093 (42,531 ) 28,434 Total trading liabilities 96,780 74,977 4,130 (42,531 ) 133,356 Securities sold under agreements to repurchase — 733 — — 733 Other secured financings — 7,700 109 — 7,809 Borrowings — 60,373 4,088 — 64,461 Total liabilities at fair value $ 96,780 $ 145,703 $ 8,506 $ (42,531 ) $ 208,458 MABS — Mortgage- and asset-backed securities 1. For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6 . 2. For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table. 3. For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes. 4. Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein. |
Schedule of Details of Loans and Lending Commitments at Fair Value | Detail of Loans and Lending Commitments at Fair Value $ in millions At At Corporate $ 7,711 $ 8,036 Residential real estate 1,154 1,192 Commercial real estate 1,197 2,098 Total $ 10,062 $ 11,326 |
Schedule of Unsettled Fair Value of Futures Contracts | Unsettled Fair Value of Futures Contracts 1 $ in millions At At Customer and other receivables, net $ 935 $ 365 1. These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables. |
Schedule of Rollforward of Level 3 Assets Measured at Fair Value on a Recurring Basis | Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Three Months Ended $ in millions 2020 2019 U.S. Treasury and agency securities Beginning balance $ 22 $ 54 Realized and unrealized gains (losses) 5 — Purchases 85 — Sales (21 ) (50 ) Net transfers 8 3 Ending balance $ 99 $ 7 Unrealized gains (losses) $ 5 $ — Other sovereign government obligations Beginning balance $ 5 $ 17 Realized and unrealized gains (losses) 1 — Purchases 10 2 Sales — (2 ) Net transfers 1 (12 ) Ending balance $ 17 $ 5 Unrealized gains (losses) $ 1 $ — State and municipal securities Beginning balance $ 1 $ 148 Realized and unrealized gains (losses) — 1 Purchases — 10 Sales — (44 ) Net transfers — (103 ) Ending balance $ 1 $ 12 Unrealized gains (losses) $ — $ 1 MABS Beginning balance $ 438 $ 354 Realized and unrealized gains (losses) (89 ) (7 ) Purchases 158 19 Sales (140 ) (83 ) Settlements — (3 ) Net transfers 116 21 Ending balance $ 483 $ 301 Unrealized gains (losses) $ (92 ) $ (14 ) Loans and lending commitments Beginning balance $ 5,073 $ 6,870 Realized and unrealized gains (losses) (102 ) — Purchases and originations 1,952 1,255 Sales (529 ) (108 ) Settlements (1,387 ) (820 ) Net transfers 1 973 (854 ) Ending balance $ 5,980 $ 6,343 Unrealized gains (losses) $ (101 ) $ (7 ) Three Months Ended $ in millions 2020 2019 Corporate and other debt Beginning balance $ 1,396 $ 1,076 Realized and unrealized gains (losses) (92 ) 43 Purchases 585 204 Sales (177 ) (127 ) Settlements — (3 ) Net transfers (4 ) (132 ) Ending balance $ 1,708 $ 1,061 Unrealized gains (losses) $ (90 ) $ 41 Corporate equities Beginning balance $ 97 $ 95 Realized and unrealized gains (losses) (60 ) 6 Purchases 22 51 Sales (40 ) (9 ) Net transfers 127 9 Ending balance $ 146 $ 152 Unrealized gains (losses) $ (54 ) $ 7 Investments Beginning balance $ 858 $ 757 Realized and unrealized gains (losses) (63 ) 10 Purchases 15 10 Sales (8 ) (4 ) Net transfers (77 ) 201 Ending balance $ 725 $ 974 Unrealized gains (losses) $ (64 ) $ 14 Net derivatives: Interest rate Beginning balance $ 777 $ 618 Realized and unrealized gains (losses) 156 (48 ) Purchases 61 24 Issuances (7 ) (19 ) Settlements (42 ) (12 ) Net transfers (72 ) (12 ) Ending balance $ 873 $ 551 Unrealized gains (losses) $ 111 $ (43 ) Net derivatives: Credit Beginning balance $ 124 $ 40 Realized and unrealized gains (losses) 131 162 Purchases 26 26 Issuances (21 ) (442 ) Settlements (24 ) (33 ) Net transfers (38 ) (14 ) Ending balance $ 198 $ (261 ) Unrealized gains (losses) $ 123 $ 167 Three Months Ended $ in millions 2020 2019 Net derivatives: Foreign exchange Beginning balance $ (31 ) $ 75 Realized and unrealized gains (losses) (62 ) (113 ) Purchases 3 1 Issuances (8 ) — Settlements (8 ) 8 Net transfers (44 ) 34 Ending balance $ (150 ) $ 5 Unrealized gains (losses) $ (164 ) $ 3 Net derivatives: Equity Beginning balance $ (1,684 ) $ (1,485 ) Realized and unrealized gains (losses) 635 (191 ) Purchases 97 34 Issuances (144 ) (193 ) Settlements (167 ) 139 Net transfers (113 ) (64 ) Ending balance $ (1,376 ) $ (1,760 ) Unrealized gains (losses) $ 566 $ (203 ) Net derivatives: Commodity and other Beginning balance $ 1,612 $ 2,052 Realized and unrealized gains (losses) 75 43 Purchases 3 5 Issuances (3 ) (1 ) Settlements 157 (81 ) Net transfers 5 88 Ending balance $ 1,849 $ 2,106 Unrealized gains (losses) $ 22 $ (25 ) Deposits Beginning balance $ 179 $ 27 Realized and unrealized losses (gains) (6 ) 6 Issuances 12 24 Settlements (5 ) (1 ) Net transfers (63 ) 43 Ending balance $ 117 $ 99 Unrealized losses (gains) $ (6 ) $ 6 Nonderivative trading liabilities Beginning balance $ 37 $ 16 Realized and unrealized losses (gains) (43 ) (1 ) Purchases (82 ) (6 ) Sales 52 23 Net transfers 100 11 Ending balance $ 64 $ 43 Unrealized losses (gains) $ (43 ) $ (1 ) Other secured financings Beginning balance $ 109 $ 208 Realized and unrealized losses (gains) (12 ) 4 Issuances 2 — Settlements (115 ) (7 ) Net transfers 405 (52 ) Ending balance $ 389 $ 153 Unrealized losses (gains) $ (12 ) $ 4 Three Months Ended $ in millions 2020 2019 Borrowings Beginning balance $ 4,088 $ 3,806 Realized and unrealized losses (gains) (897 ) 287 Issuances 701 264 Settlements (234 ) (115 ) Net transfers 340 (467 ) Ending balance $ 3,998 $ 3,775 Unrealized losses (gains) $ (895 ) $ 276 Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA (398 ) 59 1. Net transfers in the current quarter include the transfer of $857 million of equity margin loans from Level 2 to Level 3 as the unobservable input became significant. |
Schedule of Rollforward of Level 3 Liabilities Measured at Fair Value on a Recurring Basis | Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Three Months Ended $ in millions 2020 2019 U.S. Treasury and agency securities Beginning balance $ 22 $ 54 Realized and unrealized gains (losses) 5 — Purchases 85 — Sales (21 ) (50 ) Net transfers 8 3 Ending balance $ 99 $ 7 Unrealized gains (losses) $ 5 $ — Other sovereign government obligations Beginning balance $ 5 $ 17 Realized and unrealized gains (losses) 1 — Purchases 10 2 Sales — (2 ) Net transfers 1 (12 ) Ending balance $ 17 $ 5 Unrealized gains (losses) $ 1 $ — State and municipal securities Beginning balance $ 1 $ 148 Realized and unrealized gains (losses) — 1 Purchases — 10 Sales — (44 ) Net transfers — (103 ) Ending balance $ 1 $ 12 Unrealized gains (losses) $ — $ 1 MABS Beginning balance $ 438 $ 354 Realized and unrealized gains (losses) (89 ) (7 ) Purchases 158 19 Sales (140 ) (83 ) Settlements — (3 ) Net transfers 116 21 Ending balance $ 483 $ 301 Unrealized gains (losses) $ (92 ) $ (14 ) Loans and lending commitments Beginning balance $ 5,073 $ 6,870 Realized and unrealized gains (losses) (102 ) — Purchases and originations 1,952 1,255 Sales (529 ) (108 ) Settlements (1,387 ) (820 ) Net transfers 1 973 (854 ) Ending balance $ 5,980 $ 6,343 Unrealized gains (losses) $ (101 ) $ (7 ) Three Months Ended $ in millions 2020 2019 Corporate and other debt Beginning balance $ 1,396 $ 1,076 Realized and unrealized gains (losses) (92 ) 43 Purchases 585 204 Sales (177 ) (127 ) Settlements — (3 ) Net transfers (4 ) (132 ) Ending balance $ 1,708 $ 1,061 Unrealized gains (losses) $ (90 ) $ 41 Corporate equities Beginning balance $ 97 $ 95 Realized and unrealized gains (losses) (60 ) 6 Purchases 22 51 Sales (40 ) (9 ) Net transfers 127 9 Ending balance $ 146 $ 152 Unrealized gains (losses) $ (54 ) $ 7 Investments Beginning balance $ 858 $ 757 Realized and unrealized gains (losses) (63 ) 10 Purchases 15 10 Sales (8 ) (4 ) Net transfers (77 ) 201 Ending balance $ 725 $ 974 Unrealized gains (losses) $ (64 ) $ 14 Net derivatives: Interest rate Beginning balance $ 777 $ 618 Realized and unrealized gains (losses) 156 (48 ) Purchases 61 24 Issuances (7 ) (19 ) Settlements (42 ) (12 ) Net transfers (72 ) (12 ) Ending balance $ 873 $ 551 Unrealized gains (losses) $ 111 $ (43 ) Net derivatives: Credit Beginning balance $ 124 $ 40 Realized and unrealized gains (losses) 131 162 Purchases 26 26 Issuances (21 ) (442 ) Settlements (24 ) (33 ) Net transfers (38 ) (14 ) Ending balance $ 198 $ (261 ) Unrealized gains (losses) $ 123 $ 167 Three Months Ended $ in millions 2020 2019 Net derivatives: Foreign exchange Beginning balance $ (31 ) $ 75 Realized and unrealized gains (losses) (62 ) (113 ) Purchases 3 1 Issuances (8 ) — Settlements (8 ) 8 Net transfers (44 ) 34 Ending balance $ (150 ) $ 5 Unrealized gains (losses) $ (164 ) $ 3 Net derivatives: Equity Beginning balance $ (1,684 ) $ (1,485 ) Realized and unrealized gains (losses) 635 (191 ) Purchases 97 34 Issuances (144 ) (193 ) Settlements (167 ) 139 Net transfers (113 ) (64 ) Ending balance $ (1,376 ) $ (1,760 ) Unrealized gains (losses) $ 566 $ (203 ) Net derivatives: Commodity and other Beginning balance $ 1,612 $ 2,052 Realized and unrealized gains (losses) 75 43 Purchases 3 5 Issuances (3 ) (1 ) Settlements 157 (81 ) Net transfers 5 88 Ending balance $ 1,849 $ 2,106 Unrealized gains (losses) $ 22 $ (25 ) Deposits Beginning balance $ 179 $ 27 Realized and unrealized losses (gains) (6 ) 6 Issuances 12 24 Settlements (5 ) (1 ) Net transfers (63 ) 43 Ending balance $ 117 $ 99 Unrealized losses (gains) $ (6 ) $ 6 Nonderivative trading liabilities Beginning balance $ 37 $ 16 Realized and unrealized losses (gains) (43 ) (1 ) Purchases (82 ) (6 ) Sales 52 23 Net transfers 100 11 Ending balance $ 64 $ 43 Unrealized losses (gains) $ (43 ) $ (1 ) Other secured financings Beginning balance $ 109 $ 208 Realized and unrealized losses (gains) (12 ) 4 Issuances 2 — Settlements (115 ) (7 ) Net transfers 405 (52 ) Ending balance $ 389 $ 153 Unrealized losses (gains) $ (12 ) $ 4 Three Months Ended $ in millions 2020 2019 Borrowings Beginning balance $ 4,088 $ 3,806 Realized and unrealized losses (gains) (897 ) 287 Issuances 701 264 Settlements (234 ) (115 ) Net transfers 340 (467 ) Ending balance $ 3,998 $ 3,775 Unrealized losses (gains) $ (895 ) $ 276 Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA (398 ) 59 1. Net transfers in the current quarter include the transfer of $857 million of equity margin loans from Level 2 to Level 3 as the unobservable input became significant. |
Schedule of Valuation Techniques and Unobservable Inputs | Valuation Techniques and Unobservable Inputs Balance / Range (Average) 1 $ in millions, except inputs At March 31, 2020 At December 31, 2019 Assets Measured at Fair Value on a Recurring Basis U.S. Treasury and agency securities $ 99 $ 22 Comparable pricing: Bond price 18 to 117 points (86 points) N/M MABS $ 483 $ 438 Comparable pricing: Bond price 0 to 87 points (43 points) 0 to 96 points (47 points) Loans and lending commitments $ 5,980 $ 5,073 Margin loan model: Discount rate 1% to 10% (2%) 1% to 9% (2%) Volatility skew 13% to 89% (58%) 15% to 80% (28%) Credit Spread 12 to 109 bps (41 bps) 9 to 39 bps (19 bps) Comparable pricing: Loan price 71 to 100 points (92 points) 69 to 100 points (93 points) Corporate and other debt $ 1,708 $ 1,396 Comparable pricing: Bond price 10 to 108 points (85 points) 11 to 108 points (84 points) Discounted cash flow: Recovery rate 51% to 62% (54% / 51%) 35 % Option model: At the money volatility 21 % 21 % Corporate equities $ 146 $ 97 Comparable pricing: Equity price 100 % 100 % Investments $ 725 $ 858 Discounted cash flow: WACC 11% to 16% (14%) 8% to 17% (15%) Exit multiple 7 to 17 times (12 times) 7 to 16 times (11 times) Market approach: EBITDA multiple 7 to 22 times (9 times) 7 to 24 times (11 times) Comparable pricing: Equity price 50% to 100% (99%) 75% to 100% (99%) Net derivative and other contracts: Interest rate $ 873 $ 777 Option model: IR volatility skew 2% to 183% (68% / 70%) 24% to 156% (63% / 59%) IR curve correlation 46% to 88% (71% / 73%) 47% to 90% (72% / 72%) Bond volatility 6% to 35% (25% / 25%) 4% to 15% (13% / 14%) Inflation volatility 24% to 63% (44% / 41%) 24% to 63% (44% / 41%) IR curve 0 % 1 % Balance / Range (Average) 1 $ in millions, except inputs At March 31, 2020 At December 31, 2019 Credit $ 198 $ 124 Credit default swap model: Cash-synthetic basis 6 points 6 points Bond price 0 to 98 points (52 points) 0 to 104 points (45 points) Credit spread 20 to 488 bps (114 bps) 9 to 469 bps (81 bps) Funding spread 204 to 278 bps (267 bps) 47 to 117 bps (84 bps) Correlation model: Credit correlation 40% to 78% (50%) 29% to 62% (36%) Foreign exchange 2 $ (150 ) $ (31 ) Option model: IR - FX correlation 21% to 58% (38% / 38%) 32% to 56% (46% / 46%) IR volatility skew 2% to 183% (68% / 70%) 24% to 156% (63% / 59%) IR curve 10 % 10% to 11% (10% / 10%) Contingency probability 95 % 85% to 95% (94% / 95%) Equity 2 $ (1,376 ) $ (1,684 ) Option model: At the money volatility 17% to 78% (45%) 9% to 90% (36%) Volatility skew -4% to 0% (-1%) -2% to 0% (-1%) Equity correlation 5% to 96% (76%) 5% to 98% (70%) FX correlation -79% to 55% (-39%) -79% to 60% (-37%) IR correlation -7% to 44% (19% / 18%) -11% to 44% (18% / 16%) Commodity and other $ 1,849 $ 1,612 Option model: Forward power price $1 to $137 ($26) per MWh $3 to $182 ($28) per MWh Commodity volatility 8% to 145% (18%) 7% to 183% (18%) Cross-commodity correlation 5% to 99% (93%) 43% to 99% (93%) Liabilities Measured at Fair Value on a Recurring Basis Deposits $ 117 $ 179 Option Model: At the money volatility 7% to 24% (7%) 16% to 37% (20%) Other secured financings $ 389 $ 109 Discounted cash flow: Funding spread 106 to 161 bps (121 bps) 111 to 124 bps (117 bps) Comparable pricing: Loan price 30 to 101 points (86 points) N/M Borrowings $ 3,998 $ 4,088 Option model: At the money volatility 5% to 55% (31%) 5% to 44% (21%) Volatility skew -2% to 0% (0%) -2% to 0% (0%) Equity correlation 39% to 98% (81%) 38% to 94% (78%) Equity - FX correlation -75% to 17% (-32%) -75% to 26% (-25%) IR - FX Correlation -27% to 7% (-5% / -5%) -26% to 10% (-7% / -7%) Balance / Range (Average) 1 $ in millions, except inputs At March 31, 2020 At December 31, 2019 Nonrecurring Fair Value Measurement Loans $ 3,901 $ 1,500 Corporate loan model: Credit spread 44 to 600 bps (367 bps) 69 to 446 bps (225 bps) Warehouse model: Credit spread 159 to 743 bps (313 bps) 287 to 318 bps (297 bps) Points—Percentage of par IR—Interest rate FX—Foreign exchange 1. A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant. 2. Includes derivative contracts with multiple risks ( i.e. , hybrid products) . |
Schedule of Net Asset Value Measurements | Nonredeemable Funds by Contractual Maturity Carrying Value at March 31, 2020 $ in millions Private Equity Real Estate Less than 5 years $ 1,409 $ 431 5-10 years 759 173 Over 10 years 51 676 Total $ 2,219 $ 1,280 Fund Interests At March 31, 2020 At December 31, 2019 $ in millions Carrying Value Commitment Carrying Value Commitment Private equity $ 2,219 $ 557 $ 2,078 $ 450 Real estate 1,280 147 1,349 150 Hedge 1 91 — 94 4 Total $ 3,590 $ 704 $ 3,521 $ 604 1. Investments in hedge funds may be subject to initial period lock-up or gate provisions, which restrict an investor from withdrawing from the fund during a certain initial period or restrict the redemption amount on any redemption date, respectively. |
Schedule of Nonrecurring Fair Value Measurements | Carrying and Fair Values At March 31, 2020 Fair Value $ in millions Level 2 Level 31 Total Assets Loans $ 5,823 $ 3,901 $ 9,724 Liabilities Other liabilities and accrued expenses—Lending commitments $ 321 $ 247 $ 568 At December 31, 2019 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 1,543 $ 1,500 $ 3,043 Other assets—Other investments $ — $ 113 $ 113 Total $ 1,543 $ 1,613 $ 3,156 Liabilities Other liabilities and accrued expenses—Lending commitments $ 132 $ 69 $ 201 Total $ 132 $ 69 $ 201 1. For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement. Gains (Losses) from Fair Value Remeasurements 1 Three Months Ended $ in millions 2020 2019 Assets Loans 2 $ (713 ) $ 36 Other assets—Other investments 3 — (5 ) Other assets—Premises, equipment and software 4 (3 ) (2 ) Total $ (716 ) $ 29 Liabilities Other liabilities and accrued expenses—Lending commitments 2 $ (316 ) $ 67 Total $ (316 ) $ 67 1. Gains and losses for Loans and Other assets—Other investments are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses. 2. Nonrecurring changes in the fair value of loans and lending commitments were calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable. 3. Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions. 4. Losses related to Other assets—Premises, equipment and software generally include write-offs related to the disposal of certain assets. |
Schedule of Financial Instruments Not Measured at Fair Value | Financial Instruments Not Measured at Fair Value At March 31, 2020 Carrying Value Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 131,509 $ 131,509 $ — $ — $ 131,509 Investment securities—HTM 47,286 32,207 17,149 777 50,133 Securities purchased under agreements to resell 104,795 — 103,451 1,426 104,877 Securities borrowed 72,300 — 72,303 — 72,303 Customer and other receivables 1 69,923 — 67,086 2,852 69,938 Loans 2 148,697 — 32,529 114,841 147,370 Other assets 461 — 461 — 461 Financial liabilities Deposits $ 231,187 $ — $ 231,555 $ — $ 231,555 Securities sold under agreements to repurchase 45,041 — 45,077 — 45,077 Securities loaned 11,631 — 11,633 — 11,633 Other secured financings 6,161 — 6,167 — 6,167 Customer and other payables 1 195,211 — 195,211 — 195,211 Borrowings 137,694 — 135,148 10 135,158 Commitment Lending commitments 3 $ 105,466 $ — $ 1,668 $ 1,089 $ 2,757 At December 31, 2019 Carrying Value Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 82,171 $ 82,171 $ — $ — $ 82,171 Investment securities—HTM 43,502 30,661 12,683 789 44,133 Securities purchased under agreements to resell 88,220 — 86,794 1,442 88,236 Securities borrowed 106,549 — 106,551 — 106,551 Customer and other receivables 1 51,134 — 48,215 2,872 51,087 Loans 2 130,637 — 22,293 108,059 130,352 Other assets 495 — 495 — 495 Financial liabilities Deposits $ 188,257 $ — $ 188,639 $ — $ 188,639 Securities sold under agreements to repurchase 53,467 — 53,486 — 53,486 Securities loaned 8,506 — 8,506 — 8,506 Other secured financings 6,889 — 6,800 92 6,892 Customer and other payables 1 195,035 — 195,035 — 195,035 Borrowings 128,166 — 133,563 10 133,573 Commitment Lending commitments 3 $ 119,004 $ — $ 748 $ 338 $ 1,086 1. Accrued interest and dividend receivables and payables have been excluded. Carrying value approximates fair value for these receivables and payables. As of March 31, 2020 and December 31, 2019, accrued interest receivable was $2.4 billion and $1.7 billion , respectively. 2. Amounts include loans measured at fair value on a nonrecurring basis. 3. Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13 . |
Fair Value Option (Tables)
Fair Value Option (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Option | Three Months Ended March 31, 2020 2019 $ in millions Trading Revenues OCI Trading Revenues OCI Borrowings $ (5 ) $ 4,948 $ (4 ) $ (816 ) Loans and other debt 1 (281 ) — 93 — Lending commitments 2 — (1 ) — Deposits — 72 — (4 ) $ in millions At At Cumulative pre-tax DVA gain (loss) recognized in AOCI $ 3,022 $ (1,998 ) 1. Loans and other debt instrument-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses. $ in millions At At Nonaccrual loans $ 1,150 $ 1,100 Nonaccrual loans 90 or more days past due $ 262 $ 330 $ in millions At At Business Unit Responsible for Risk Management Equity $ 25,089 $ 30,214 Interest rates 25,195 27,298 Commodities 4,681 4,501 Credit 1,179 1,246 Foreign exchange 1,018 1,202 Total $ 57,162 $ 64,461 Three Months Ended $ in millions 2020 2019 Trading revenues $ 3,447 $ (2,903 ) Interest expense 83 93 Net revenues 1 $ 3,364 $ (2,996 ) 1. Amounts do not reflect any gains or losses from related economic hedges. $ in millions At At Loans and other debt 2 $ 13,654 $ 13,037 Nonaccrual loans 2 11,014 10,849 Borrowings 3 798 (1,665 ) 1. Amounts indicate contractual principal greater than or (less than) fair value. 2. The majority of the difference between principal and fair value amounts for loans and other debt relates to distressed debt positions purchased at amounts well below par. 3. Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Asset Contracts | At December 31, 2019 Assets $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 673 $ — $ — $ 673 Foreign exchange 41 1 — 42 Total 714 1 — 715 Not designated as accounting hedges Interest rate 179,450 4,839 519 184,808 Credit 4,895 2,417 — 7,312 Foreign exchange 62,957 1,399 22 64,378 Equity 27,621 — 23,447 51,068 Commodity and other 9,306 — 1,952 11,258 Total 284,229 8,655 25,940 318,824 Total gross derivatives $ 284,943 $ 8,656 $ 25,940 $ 319,539 Amounts offset Counterparty netting (213,710 ) (7,294 ) (24,037 ) (245,041 ) Cash collateral netting (41,222 ) (1,275 ) — (42,497 ) Total in Trading assets $ 30,011 $ 87 $ 1,903 $ 32,001 Amounts not offset 1 Financial instruments collateral (15,596 ) — — (15,596 ) Other cash collateral (46 ) — — (46 ) Net amounts $ 14,369 $ 87 $ 1,903 $ 16,359 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 1,900 Fair Values of Derivative Contracts At March 31, 2020 Assets $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 1,295 $ 7 $ — $ 1,302 Foreign exchange 152 83 — 235 Total 1,447 90 — 1,537 Not designated as accounting hedges Interest rate 252,956 13,730 1,050 267,736 Credit 10,204 3,154 — 13,358 Foreign exchange 109,212 3,191 175 112,578 Equity 44,289 — 51,487 95,776 Commodity and other 17,778 — 4,489 22,267 Total 434,439 20,075 57,201 511,715 Total gross derivatives $ 435,886 $ 20,165 $ 57,201 $ 513,252 Amounts offset Counterparty netting (328,104 ) (16,673 ) (54,079 ) (398,856 ) Cash collateral netting (59,531 ) (1,855 ) — (61,386 ) Total in Trading assets $ 48,251 $ 1,637 $ 3,122 $ 53,010 Amounts not offset 1 Financial instruments collateral (23,868 ) — — (23,868 ) Other cash collateral (83 ) — — (83 ) Net amounts $ 24,300 $ 1,637 $ 3,122 $ 29,059 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,984 1. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. |
Schedule of Fair Values of Derivative Liability Contracts | Liabilities $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 1 $ — $ — $ 1 Foreign exchange 121 38 — 159 Total 122 38 — 160 Not designated as accounting hedges Interest rate 168,597 3,597 436 172,630 Credit 4,798 3,123 — 7,921 Foreign exchange 65,965 1,492 39 67,496 Equity 30,135 — 22,733 52,868 Commodity and other 7,713 — 1,911 9,624 Total 277,208 8,212 25,119 310,539 Total gross derivatives $ 277,330 $ 8,250 $ 25,119 $ 310,699 Amounts offset Counterparty netting (213,710 ) (7,294 ) (24,037 ) (245,041 ) Cash collateral netting (36,392 ) (832 ) — (37,224 ) Total in Trading liabilities $ 27,228 $ 124 $ 1,082 $ 28,434 Amounts not offset 1 Financial instruments collateral (7,747 ) — (287 ) (8,034 ) Other cash collateral (14 ) — — (14 ) Net amounts $ 19,467 $ 124 $ 795 $ 20,386 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,680 1. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. Liabilities $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ — $ — $ — Foreign exchange 54 2 — 56 Total 54 2 — 56 Not designated as accounting hedges Interest rate 245,978 10,698 1,313 257,989 Credit 9,556 3,630 — 13,186 Foreign exchange 109,225 3,336 181 112,742 Equity 39,606 — 53,764 93,370 Commodity and other 13,661 — 4,592 18,253 Total 418,026 17,664 59,850 495,540 Total gross derivatives $ 418,080 $ 17,666 $ 59,850 $ 495,596 Amounts offset Counterparty netting (328,104 ) (16,673 ) (54,079 ) (398,856 ) Cash collateral netting (55,307 ) (564 ) — (55,871 ) Total in Trading liabilities $ 34,669 $ 429 $ 5,771 $ 40,869 Amounts not offset 1 Financial instruments collateral (8,357 ) — (3,825 ) (12,182 ) Other cash collateral (34 ) (37 ) — (71 ) Net amounts $ 26,278 $ 392 $ 1,946 $ 28,616 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable 5,601 |
Schedule of Notionals of Derivative Contracts | Notionals of Derivative Contracts At March 31, 2020 Assets $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 10 $ 144 $ — $ 154 Foreign exchange 5 2 — 7 Total 15 146 — 161 Not designated as accounting hedges Interest rate 4,261 8,028 615 12,904 Credit 173 111 — 284 Foreign exchange 3,054 104 10 3,168 Equity 426 — 453 879 Commodity and other 111 — 72 183 Total 8,025 8,243 1,150 17,418 Total gross derivatives $ 8,040 $ 8,389 $ 1,150 $ 17,579 Liabilities $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 43 $ — $ 43 Foreign exchange 6 — — 6 Total 6 43 — 49 Not designated as accounting hedges Interest rate 5,085 8,023 545 13,653 Credit 164 124 — 288 Foreign exchange 2,981 104 9 3,094 Equity 352 — 541 893 Commodity and other 89 — 69 158 Total 8,671 8,251 1,164 18,086 Total gross derivatives $ 8,677 $ 8,294 $ 1,164 $ 18,135 At December 31, 2019 Assets $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 14 $ 94 $ — $ 108 Foreign exchange 2 — — 2 Total 16 94 — 110 Not designated as accounting hedges Interest rate 4,230 7,398 732 12,360 Credit 136 79 — 215 Foreign exchange 2,667 91 10 2,768 Equity 429 — 419 848 Commodity and other 99 — 61 160 Total 7,561 7,568 1,222 16,351 Total gross derivatives $ 7,577 $ 7,662 $ 1,222 $ 16,461 Liabilities $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 71 $ — $ 71 Foreign exchange 9 2 — 11 Total 9 73 — 82 Not designated as accounting hedges Interest rate 4,185 6,866 666 11,717 Credit 153 84 — 237 Foreign exchange 2,841 91 14 2,946 Equity 455 — 515 970 Commodity and other 85 — 61 146 Total 7,719 7,041 1,256 16,016 Total gross derivatives $ 7,728 $ 7,114 $ 1,256 $ 16,098 The Firm believes that the notional amounts of derivative contracts generally overstate its exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the benefit of legally enforceable netting arrangements or risk mitigating transactions. |
Schedule of Gains (Losses) on Accounting Hedges | Gains (Losses) on Accounting Hedges Three Months Ended March 31, $ in millions 2020 2019 Fair value hedges—Recognized in Interest income Interest rate contracts $ (64 ) $ (5 ) Investment Securities—AFS 65 5 Fair value hedges—Recognized in Interest expense Interest rate contracts $ 6,667 $ 1,577 Deposits 1 (261 ) — Borrowings (6,432 ) (1,621 ) Net investment hedges—Foreign exchange contracts Recognized in OCI $ 410 $ 64 Forward points excluded from hedge effectiveness testing—Recognized in Interest income 33 35 |
Schedule of Fair Value Hedges - Hedged Items | Fair Value Hedges—Hedged Items $ in millions At At Investment Securities—AFS Carrying amount 2 currently or previously hedged $ 1,969 $ 917 Basis adjustments included in carrying amount 3 $ 77 $ 14 Deposits 1 Carrying amount currently or previously hedged 18,335 5,435 Basis adjustments included in carrying amount 3 254 (7 ) Borrowings Carrying amount currently or previously hedged $ 109,810 $ 102,456 Basis adjustments included in carrying amount 3 $ 9,007 $ 2,593 1. The Firm began designating interest rate swaps as fair value hedges of certain Deposits in the fourth quarter of 2019. 2. Carrying amount represents amortized cost basis for AFS securities. 3. Hedge accounting basis adjustments are primarily related to outstanding hedges. |
Schedule of Credit Risk-Related Contingencies | Net Derivative Liabilities and Collateral Posted $ in millions At At Net derivative liabilities with credit risk-related contingent features $ 33,064 $ 21,620 Collateral posted 28,502 17,392 The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business. Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade $ in millions At One-notch downgrade $ 325 Two-notch downgrade 377 Bilateral downgrade agreements included in the amounts above 1 $ 614 1. Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades. The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by either or both of Moody’s Investors Service, Inc. (“Moody’s”) and S&P Global Ratings. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers. |
Schedule of Credit Derivatives and Other Credit Contracts | Maximum Potential Payout/Notional of Credit Protection Sold 1 Years to Maturity at March 31, 2020 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 13 $ 17 $ 34 $ 13 $ 77 Non-investment grade 9 9 16 5 39 Total $ 22 $ 26 $ 50 $ 18 $ 116 Index and basket CDS Investment grade $ 5 $ 8 $ 65 $ 34 $ 112 Non-investment grade 7 5 21 17 50 Total $ 12 $ 13 $ 86 $ 51 $ 162 Total CDS sold $ 34 $ 39 $ 136 $ 69 $ 278 Other credit contracts — — — — — Total credit protection sold $ 34 $ 39 $ 136 $ 69 $ 278 CDS protection sold with identical protection purchased $ 242 Years to Maturity at December 31, 2019 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 16 $ 17 $ 33 $ 9 $ 75 Non-investment grade 9 9 16 1 35 Total $ 25 $ 26 $ 49 $ 10 $ 110 Index and basket CDS Investment grade $ 4 $ 7 $ 46 $ 11 $ 68 Non-investment grade 7 4 17 10 38 Total $ 11 $ 11 $ 63 $ 21 $ 106 Total CDS sold $ 36 $ 37 $ 112 $ 31 $ 216 Other credit contracts — — — — — Total credit protection sold $ 36 $ 37 $ 112 $ 31 $ 216 CDS protection sold with identical protection purchased $ 187 Fair Value Asset (Liability) of Credit Protection Sold 1 $ in millions At At Single-name CDS Investment grade $ (963 ) $ 1,057 Non-investment grade (3,350 ) (540 ) Total $ (4,313 ) $ 517 Index and basket CDS Investment grade $ (693 ) $ 1,052 Non-investment grade (4,849 ) 134 Total $ (5,542 ) $ 1,186 Total CDS sold $ (9,855 ) $ 1,703 Other credit contracts (4 ) (17 ) Total credit protection sold $ (9,859 ) $ 1,686 1. Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the Credit Risk Management Department’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor. Protection Purchased with CDS Notional $ in billions At At Single name $ 123 $ 118 Index and basket 153 103 Tranched index and basket 18 15 Total $ 294 $ 236 Fair Value Asset (Liability) $ in millions At At Single name $ 4,152 $ (723 ) Index and basket 5,176 (1,139 ) Tranched index and basket 699 (450 ) Total $ 10,027 $ (2,312 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of AFS and HTM Securities | AFS and HTM Securities At March 31, 2020 $ in millions Amortized Cost 1 Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agency securities: U.S. Treasury securities $ 34,600 $ 1,298 $ — $ 35,898 U.S. agency securities 2 22,687 717 82 23,322 Total U.S. government and agency securities 57,287 2,015 82 59,220 Corporate and other debt: Agency CMBS 4,765 244 8 5,001 Corporate bonds 1,828 16 35 1,809 State and municipal securities 1,453 48 48 1,453 FFELP student loan ABS 3 1,535 — 147 1,388 Total corporate and other debt 9,581 308 238 9,651 Total AFS securities 66,868 2,323 320 68,871 HTM securities U.S. government and agency securities: U.S. Treasury securities 29,951 2,256 — 32,207 U.S. agency securities 2 16,542 607 — 17,149 Total U.S. government and agency securities 46,493 2,863 — 49,356 Corporate and other debt: Non-agency CMBS 793 4 20 777 Total HTM securities 47,286 2,867 20 50,133 Total investment securities $ 114,154 $ 5,190 $ 340 $ 119,004 At December 31, 2019 $ in millions Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agency securities: U.S. Treasury securities $ 32,465 $ 224 $ 111 $ 32,578 U.S. agency securities 2 20,725 249 100 20,874 Total U.S. government and agency securities 53,190 473 211 53,452 Corporate and other debt: Agency CMBS 4,810 55 57 4,808 Corporate bonds 1,891 17 1 1,907 State and municipal securities 481 22 — 503 FFELP student loan ABS 3 1,580 1 28 1,553 Total corporate and other debt 8,762 95 86 8,771 Total AFS securities 61,952 568 297 62,223 HTM securities U.S. government and agency securities: U.S. Treasury securities 30,145 568 52 30,661 U.S. agency securities 2 12,589 151 57 12,683 Total U.S. government and agency securities 42,734 719 109 43,344 Corporate and other debt: Non-agency CMBS 768 22 1 789 Total HTM securities 43,502 741 110 44,133 Total investment securities $ 105,454 $ 1,309 $ 407 $ 106,356 1. Amounts are net of any allowance for credit losses. 2. U.S. agency securities consist mainly of agency-issued debt, agency mortgage pass-through pool securities and CMOs. 3. Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding. |
Schedule of Investment Securities in an Unrealized Loss Position | I nvestment Securities in an Unrealized Loss Position At March 31, 2020 Less than 12 Months 12 Months or Longer Total $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. agency securities $ 931 $ 7 $ 3,892 $ 75 $ 4,823 $ 82 Corporate and other debt: Agency CMBS 30 — 670 8 700 8 Corporate bonds 747 24 58 11 805 35 State and municipal securities 678 48 — — 678 48 FFELP student loan ABS 349 29 1,038 118 1,387 147 Total corporate and other debt 1,804 101 1,766 137 3,570 238 Total AFS securities $ 2,735 $ 108 $ 5,658 $ 212 $ 8,393 $ 320 At December 31, 2019 Less than 12 Months 12 Months or Longer Total $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. government and agency securities: U.S. Treasury securities $ 4,793 $ 28 $ 7,904 $ 83 $ 12,697 $ 111 U.S. agency securities 2,641 20 7,697 80 10,338 100 Total U.S. government and agency securities 7,434 48 15,601 163 23,035 211 Corporate and other debt: Agency CMBS 2,294 26 681 31 2,975 57 Corporate bonds 194 1 44 — 238 1 FFELP student loan ABS 91 — 1,165 28 1,256 28 Total corporate and other debt 2,579 27 1,890 59 4,469 86 Total AFS securities 10,013 75 17,491 222 27,504 297 HTM securities U.S. government and agency securities: U.S. Treasury securities 6,042 52 651 — 6,693 52 U.S. agency securities 2,524 18 2,420 39 4,944 57 Total U.S. government and agency securities 8,566 70 3,071 39 11,637 109 Corporate and other debt: Non-agency CMBS 167 1 65 — 232 1 Total HTM securities 8,733 71 3,136 39 11,869 110 Total investment securities $ 18,746 $ 146 $ 20,627 $ 261 $ 39,373 $ 407 |
Schedule of Investment Securities by Contractual Maturity | Investment Securities by Contractual Maturity At March 31, 2020 $ in millions Amortized 1 Fair Annualized AFS securities U.S. government and agency securities: U.S. Treasury securities: Due within 1 year $ 3,728 $ 3,770 2.0 % After 1 year through 5 years 27,748 28,791 1.7 % After 5 years through 10 years 3,124 3,337 1.6 % Total 34,600 35,898 U.S. agency securities: Due within 1 year 235 236 0.8 % After 1 year through 5 years 78 78 1.4 % After 5 years through 10 years 1,293 1,322 1.8 % After 10 years 21,081 21,686 2.3 % Total 22,687 23,322 Total U.S. government and agency securities 57,287 59,220 1.9 % Corporate and other debt: Agency CMBS: After 1 year through 5 years 599 605 1.8 % After 5 years through 10 years 3,273 3,488 2.5 % After 10 years 893 908 2.0 % Total 4,765 5,001 Corporate bonds: Due within 1 year 44 44 2.3 % After 1 year through 5 years 1,439 1,439 2.6 % After 5 years through 10 years 345 326 2.9 % Total 1,828 1,809 State and municipal securities: After 1 year through 5 years 2 2 3.4 % After 5 years through 10 years 139 142 3.1 % After 10 Years 1,312 1,309 2.8 % Total 1,453 1,453 FFELP student loan ABS: After 1 year through 5 years 98 87 0.8 % After 5 years through 10 years 307 270 0.9 % After 10 years 1,130 1,031 1.2 % Total 1,535 1,388 Total corporate and other debt 9,581 9,651 2.3 % Total AFS securities 66,868 68,871 2.0 % At March 31, 2020 $ in millions Amortized 1 Fair Annualized HTM securities U.S. government and agency securities: U.S. Treasury securities: Due within 1 year 3,282 3,332 2.6 % After 1 year through 5 years 17,769 18,733 2.0 % After 5 years through 10 years 7,818 8,777 2.2 % After 10 years 1,082 1,365 2.5 % Total 29,951 32,207 U.S. agency securities: After 5 years through 10 years 50 51 1.8 % After 10 years 16,492 17,098 2.4 % Total 16,542 17,149 Total U.S. government and agency securities 46,493 49,356 2.2 % Corporate and other debt: Non-agency CMBS: Due within 1 year 100 99 4.8 % After 1 year through 5 years 107 104 3.7 % After 5 years through 10 years 549 536 3.9 % After 10 years 37 38 4.4 % Total corporate and other debt 793 777 4.0 % Total HTM securities 47,286 50,133 2.3 % Total investment securities $ 114,154 $ 119,004 2.1 % 1. Amounts are net of any allowance for credit losses. |
Schedule of Gross Realized Gains (Losses) on Sales of AFS Securities | Gross Realized Gains (Losses) on Sales of AFS Securities Three Months Ended $ in millions 2020 2019 Gross realized gains $ 49 $ 19 Gross realized (losses) (8 ) (9 ) Total 1 $ 41 $ 10 1. Realized gains and losses are recognized in Other revenues in the income statements . |
Collateralized Transactions (Ta
Collateralized Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Collateralized Agreements [Abstract] | |
Schedule of Offsetting of Certain Collaterized Transactions | Offsetting of Certain Collateralized Transactions At March 31, 2020 $ in millions Gross Amounts Amounts Offset Net Amounts Presented Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 249,124 $ (144,324 ) $ 104,800 $ (98,800 ) $ 6,000 Securities borrowed 76,276 (3,976 ) 72,300 (67,384 ) 4,916 Liabilities Securities sold under agreements to repurchase $ 189,937 $ (144,121 ) $ 45,816 $ (39,114 ) $ 6,702 Securities loaned 15,810 (4,179 ) 11,631 (11,241 ) 390 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 5,403 Securities borrowed 1,010 Securities sold under agreements to repurchase 5,325 Securities loaned 134 At December 31, 2019 $ in millions Gross Amounts Amounts Offset Net Amounts Presented Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 247,545 $ (159,321 ) $ 88,224 $ (85,200 ) $ 3,024 Securities borrowed 109,528 (2,979 ) 106,549 (101,850 ) 4,699 Liabilities Securities sold under agreements to repurchase $ 213,519 $ (159,319 ) $ 54,200 $ (44,549 ) $ 9,651 Securities loaned 11,487 (2,981 ) 8,506 (8,324 ) 182 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 2,255 Securities borrowed 1,181 Securities sold under agreements to repurchase 8,033 Securities loaned 101 1. Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. |
Schedule of Gross Secured Financing Balances | Gross Secured Financing Balances by Remaining Contractual Maturity At March 31, 2020 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 65,591 $ 60,940 $ 25,746 $ 37,660 $ 189,937 Securities loaned 6,824 214 2,034 6,738 15,810 Total included in the offsetting disclosure $ 72,415 $ 61,154 $ 27,780 $ 44,398 $ 205,747 Trading liabilities— 15,270 — — — 15,270 Total $ 87,685 $ 61,154 $ 27,780 $ 44,398 $ 221,017 At December 31, 2019 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 67,158 $ 81,300 $ 26,904 $ 38,157 $ 213,519 Securities loaned 2,378 3,286 516 5,307 11,487 Total included in the offsetting disclosure $ 69,536 $ 84,586 $ 27,420 $ 43,464 $ 225,006 Trading liabilities— 23,877 — — — 23,877 Total $ 93,413 $ 84,586 $ 27,420 $ 43,464 $ 248,883 Gross Secured Financing Balances by Class of Collateral Pledged $ in millions At At Securities sold under agreements to repurchase U.S. Treasury and agency securities $ 77,557 $ 68,895 State and municipal securities 689 905 Other sovereign government obligations 88,871 109,414 ABS 2,278 2,218 Corporate and other debt 7,369 6,066 Corporate equities 12,710 25,563 Other 463 458 Total $ 189,937 $ 213,519 Securities loaned Other sovereign government obligations $ 4,876 $ 3,026 Corporate equities 10,277 8,422 Other 657 39 Total $ 15,810 $ 11,487 Total included in the offsetting disclosure $ 205,747 $ 225,006 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 15,263 $ 23,873 Other 7 4 Total $ 15,270 $ 23,877 Total $ 221,017 $ 248,883 |
Schedule of Carrying Value of Assets Loaned or Pledged Without Counterparty Right to Sell or Repledge | Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge $ in millions At At Trading assets $ 40,345 $ 41,201 Loans (before allowance for credit losses) 1,158 750 Total $ 41,503 $ 41,951 |
Schedule of Fair Value of Collateral Received with Right to Sell or Repledge | Fair Value of Collateral Received with Right to Sell or Repledge $ in millions At At Collateral received with right to sell $ 604,450 $ 679,280 Collateral that was sold or repledged 1 483,708 539,412 1. Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers. |
Schedule of Segregated Securities | Segregated Securities $ in millions At At Segregated securities 1 35,491 25,061 1. Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheets. |
Schedule of Customer Margin Lending | Customer Margin Lending $ in millions At At Customer receivables representing margin loans $ 26,181 $ 31,916 |
Loans, Lending Commitments an_2
Loans, Lending Commitments and Related Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of Loans by Type | Loans by Type At March 31, 2020 $ in millions Loans Held for Investment Loans Held for Sale Total Loans Corporate 1 $ 61,474 $ 15,525 $ 76,999 Consumer 2 31,948 — 31,948 Residential real estate 31,100 14 31,114 Commercial real estate 7,430 1,823 9,253 Total loans, before allowance 131,952 17,362 149,314 Allowance for credit losses (617 ) — (617 ) Total loans, net $ 131,335 $ 17,362 $ 148,697 Fixed rate loans, net $ 25,155 Floating or adjustable rate loans, net 123,542 Loans to non-U.S. borrowers, net 24,633 At December 31, 2019 $ in millions Loans Held for Investment Loans Held for Sale Total Loans Corporate 1 $ 48,756 $ 10,515 $ 59,271 Consumer 2 31,610 — 31,610 Residential real estate 30,184 13 30,197 Commercial real estate 7,859 2,049 9,908 Total loans, before allowance 118,409 12,577 130,986 Allowance for credit losses (349 ) — (349 ) Total loans, net $ 118,060 $ 12,577 $ 130,637 Fixed rate loans, net $ 22,716 Floating or adjustable rate loans, net 107,921 Loans to non-U.S. borrowers, net 21,617 1. Institutional Securities business segment Corporate loans include relationship and event-driven loans, secured lending facilities and securities-based lending and other loans. Wealth Management business segment Corporate loans include securities-based and other loans, which are classified as Corporate based on the nature of the borrowing entity or the intended use of the loan proceeds. 2. Wealth Management business segment Consumer loans include securities-based lending and other loans. |
Schedule of Loans Held for Investment | Loans Held for Investment before Allowance 1 At December 31, 2019 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total Pass $ 47,681 $ 31,605 $ 30,060 $ 7,664 $ 117,010 Special mention 464 — 28 3 495 Substandard 605 5 96 192 898 Doubtful 6 — — — 6 Total $ 48,756 $ 31,610 $ 30,184 $ 7,859 $ 118,409 1. There were no loans held for investment considered Loss as of December 31, 2019. Loans Held for Investment before Allowance by Origination Year At March 31, 2020 Corporate $ in millions AA-A BBB BB Other NIG Total Revolving Loans $ 3,418 $ 16,474 $ 19,772 $ 8,193 $ 47,857 2020 YTD 122 671 456 23 1,272 2019 631 1,234 1,940 444 4,249 2018 37 2,083 1,096 493 3,709 2017 358 639 500 82 1,579 2016 74 547 505 60 1,186 Prior 641 311 595 75 1,622 Total $ 5,281 $ 21,959 $ 24,864 $ 9,370 $ 61,474 At March 31, 2020 $ in millions Consumer 1 Revolving Loans $ 31,362 2020 YTD 62 2019 382 2018 — 2017 16 2016 57 Prior 69 Total $ 31,948 1. Consumer loans primarily comprise securities-based loans, which are subject to collateral maintenance provisions, and at March 31, 2020, these loans are predominantly over-collateralized. For more information on the ACL methodology related to Consumer loans, see Note 2. At March 31, 2020 Residential Real Estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving Loans $ 103 $ 40 $ 6 $ 149 $ — $ 149 2020 YTD 1,865 369 35 2,143 126 2,269 2019 6,239 1,397 179 7,290 525 7,815 2018 2,699 770 90 3,277 282 3,559 2017 3,248 817 116 3,882 299 4,181 2016 3,924 1,074 152 4,804 346 5,150 Prior 5,659 1,963 355 7,101 876 7,977 Total $ 23,737 $ 6,430 $ 933 $ 28,646 $ 2,454 $ 31,100 At March 31, 2020 Commercial Real Estate $ in millions AA-A BBB BB Other NIG Total Revolving Loans $ 5 $ — $ — $ — $ 5 2020 YTD — — 167 23 190 2019 — 539 2,056 360 2,955 2018 10 723 764 421 1,918 2017 — 217 577 344 1,138 2016 134 100 352 172 758 Prior 10 — 285 171 466 Total $ 159 $ 1,579 $ 4,201 $ 1,491 $ 7,430 YTD–Year to date Past Due Status of Loans Held for Investment before Allowance At March 31, 2020 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Current $ 61,466 $ 31,948 $ 30,883 $ 7,430 Past due 1 8 — 217 — Total $ 61,474 $ 31,948 $ 31,100 $ 7,430 1. The majority of the amounts are less than 60 days past due as of March 31, 2020. |
Schedule of Impaired Loans and Lending Commitments before Allowance | Impaired Loans and Lending Commitments before Allowance At December 31, 2019 $ in millions Corporate Consumer Residential Commercial Real Estate Total Loans With allowance $ 268 $ — $ — $ 85 $ 353 Without allowance 1 32 5 87 — 124 Total impaired loans $ 300 $ 5 $ 87 $ 85 $ 477 UPB 309 5 90 85 489 Lending commitments With allowance $ 4 $ — $ — $ 14 $ 18 Without allowance 1 32 — — — 32 Total impaired lending commitments $ 36 $ — $ — $ 14 $ 50 1. No allowance was recorded for these loans and lending commitments as the present value of the expected future cash flows or value of the collateral equaled or exceeded the carrying value. Loans and lending commitments in the previous table were evaluated for a specific allowance. All remaining loans and lending commitments were assessed under the inherent allowance methodology. |
Schedule of Impaired Loans before Allowance and Total Allowance by Region | Impaired Loans before Allowance and Total Allowance by Region At December 31, 2019 $ in millions Americas EMEA Asia Total Impaired loans $ 392 $ 85 $ — $ 477 Total Allowance for credit losses 270 76 3 349 |
Schedule of Troubled Debt Restructurings | Troubled Debt Restructurings $ in millions At At Loans, before allowance $ 132 $ 92 Lending commitments 33 32 Allowance for credit losses on Loans and Lending commitments 26 16 Troubled debt restructurings typically include modifications of interest rates, collateral requirements, other loan covenants and payment extensions. As of December 31, 2019, impaired loans and lending commitments classified as held for investment within corporate loans include TDRs. |
Schedule of Allowance for Credit Losses Rollforward - Loans and Lending Commitments | Allowance for Credit Losses Rollforward—Loans $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2019 $ 241 $ 8 $ 25 $ 75 $ 349 Effect of CECL adoption (31 ) (6 ) 21 25 9 Gross charge-offs (32 ) — — — (32 ) Provision (release) 215 1 1 75 292 Other — — — (1 ) (1 ) March 31, 2020 $ 393 $ 3 $ 47 $ 174 $ 617 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2018 $ 144 $ 7 $ 20 $ 67 $ 238 Provision (release) 26 (1 ) 2 — 27 Other (6 ) — — — (6 ) March 31, 2019 $ 164 $ 6 $ 22 $ 67 $ 259 Inherent $ 150 $ 6 $ 22 $ 67 $ 245 Specific 14 — — — 14 Allowance for Credit Losses Rollforward—Lending Commitments $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2019 $ 232 $ 2 $ — $ 7 $ 241 Effect of CECL adoption (53 ) (1 ) 3 1 (50 ) Provision (release) 110 — — 5 115 Other (1 ) — — (1 ) (2 ) March 31, 2020 $ 288 $ 1 $ 3 $ 12 $ 304 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2018 $ 198 $ 2 $ — $ 3 $ 203 Provision (release) 8 — — 1 9 Other — (1 ) — — (1 ) March 31, 2019 $ 206 $ 1 $ — $ 4 $ 211 Inherent $ 202 $ 1 $ — $ 4 $ 207 Specific 4 — — — 4 |
Schedule of Employee Loans | Employee Loans $ in millions At At Currently employed by the Firm 1 $ 2,867 N/A No longer employed by the Firm 2 150 N/A Balance $ 3,017 $ 2,980 Allowance for credit losses 3 (180 ) (61 ) Balance, net $ 2,837 $ 2,919 Remaining repayment term, weighted average in years 5.0 4.8 1. These loans are predominantly current. 2. These loans are predominantly past due for a period of 90 days or more. 3. The change in Allowance for credit losses includes a $124 million increase due to the adoption of CECL in the first quarter of 2020. Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management representatives, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheets. |
Other Assets - Equity Method _2
Other Assets - Equity Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | Equity Method Investments $ in millions At At Investments $ 2,413 $ 2,363 Three Months Ended $ in millions 2020 2019 Income (loss) $ 29 $ (10 ) |
Schedule of Joint Ventures | Japanese Securities Joint Venture Three Months Ended $ in millions 2020 2019 Income (loss) from investment in MUMSS $ 32 $ 3 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits $ in millions At At Savings and demand deposits $ 188,504 $ 149,465 Time deposits 46,735 40,891 Total $ 235,239 $ 190,356 Deposits subject to FDIC insurance $ 176,034 $ 149,966 Time deposits that equal or exceed the FDIC insurance limit $ 12 $ 12 |
Schedule of Time Deposit Maturities | Time Deposit Maturities $ in millions At 2020 $ 16,656 2021 16,836 2022 4,883 2023 4,070 2024 2,788 Thereafter 1,502 Total $ 46,735 |
Borrowings and Other Secured _2
Borrowings and Other Secured Financings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings $ in millions At At Original maturities of one year or less $ 2,211 $ 2,567 Original maturities greater than one year Senior $ 181,477 $ 179,519 Subordinated 11,168 10,541 Total $ 192,645 $ 190,060 Total borrowings $ 194,856 $ 192,627 Weighted average stated maturity, in years 1 7.6 6.9 1. Only includes borrowings with original maturities greater than one year. |
Schedule of Other Secured Financings | Other Secured Financings $ in millions At At Original maturities: One year or less $ 7,304 $ 7,103 Greater than one year 4,682 6,480 Transfers of assets accounted for as secured financings 1,072 1,115 Total $ 13,058 $ 14,698 |
Commitments, Guarantees and C_2
Commitments, Guarantees and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | Commitments Years to Maturity at March 31, 2020 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 23,055 $ 28,998 $ 41,269 $ 3,174 $ 96,496 Consumer 8,112 23 3 — 8,138 Residential and commercial 163 1,179 49 252 1,643 Forward-starting secured financing receivables 80,666 219 — — 80,885 Central counterparty 1 300 — — 12,344 12,644 Underwriting 206 — — — 206 Investment activities 992 226 58 265 1,541 Letters of credit and other financial guarantees 174 2 — 2 178 Total $ 113,668 $ 30,647 $ 41,379 $ 16,037 $ 201,731 Corporate lending commitments participated to third parties $ 7,226 Forward-starting secured financing receivables settled within three business days $ 71,096 1. Beginning in the first quarter of 2020, commitments to central counterparties are presented separately; these commitments were previously included in Corporate Lending commitments and Forward-starting secured financing receivables depending on the type of agreement. These commitments relate to the Firm's membership in certain clearinghouses and are contingent upon the default of a clearinghouse member or other stress events. |
Schedule of Obligations under Guarantee Arrangements | Maximum Potential Payout/Notional of Obligations under Guarantee Arrangements Years to Maturity at March 31, 2020 $ in millions Less than 1 1-3 3-5 Over 5 Total Credit derivatives $ 33,900 $ 38,934 $ 136,167 $ 68,581 $ 277,582 Other credit contracts — — — 107 107 Non-credit derivatives 1,571,566 1,474,498 902,550 769,204 4,717,818 Standby letters of credit and other financial guarantees issued 1 1,200 1,006 1,301 3,840 7,347 Market value guarantees 102 35 — — 137 Liquidity facilities 4,047 — — — 4,047 Whole loan sales guarantees — — 2 23,193 23,195 Securitization representations and warranties — — — 68,881 68,881 General partner guarantees 59 137 12 92 300 Client clearing guarantees 17 — — — 17 $ in millions Carrying Amount Asset (Liability) Credit derivatives 2 $ (9,855 ) Other credit contracts (4 ) Non-credit derivatives 2 (146,854 ) Standby letters of credit and other financial guarantees issued 1 111 Market value guarantees — Liquidity facilities 6 Whole loan sales guarantees — Securitization representations and warranties 3 (42 ) General partner guarantees (62 ) Client clearing guarantees — 1. These amounts include certain issued standby letters of credit participated to third parties, totaling $0.7 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. As of March 31, 2020, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $57 million . 2. The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 6 . 3. Primarily related to residential mortgage securitizations. |
Variable Interest Entities an_2
Variable Interest Entities and Securitization Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Variable Interest Entities and Securitization Activities [Abstract] | |
Schedule of Consolidated VIEs | Consolidated VIE Assets and Liabilities by Type of Activity At March 31, 2020 At December 31, 2019 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities OSF $ 728 $ 415 $ 696 $ 391 MABS 1 368 108 265 4 Other 2 934 44 987 66 Total $ 2,030 $ 567 $ 1,948 $ 461 OSF—Other structured financings 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable. 2. Other primarily includes operating entities, investment funds and structured transactions. Consolidated VIE Assets and Liabilities by Balance Sheet Caption $ in millions At At Assets Cash and cash equivalents $ 328 $ 488 Trading assets at fair value 1,234 943 Customer and other receivables 16 18 Intangible assets 107 111 Other assets 345 388 Total $ 2,030 $ 1,948 Liabilities Other secured financings $ 519 $ 422 Other liabilities and accrued expenses 48 39 Total $ 567 $ 461 Noncontrolling interests $ 245 $ 192 |
Schedule of Non-Consolidated VIEs | Non-consolidated VIEs At March 31, 2020 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 124,211 $ 1,881 $ 6,585 $ 2,263 $ 51,280 Maximum exposure to loss 3 Debt and equity interests $ 15,173 $ 254 $ 277 $ 1,086 $ 10,468 Derivative and other contracts — — 4,047 — 3,659 Commitments, guarantees and other 572 — — — 334 Total $ 15,745 $ 254 $ 4,324 $ 1,086 $ 14,461 Carrying value of variable interests—Assets Debt and equity interests $ 15,173 $ 254 $ 277 $ 1,084 $ 10,468 Derivative and other contracts — — 6 — 835 Total $ 15,173 $ 254 $ 283 $ 1,084 $ 11,303 Additional VIE assets owned 4 $ 11,024 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 272 At December 31, 2019 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 125,603 $ 2,976 $ 6,965 $ 2,288 $ 51,305 Maximum exposure to loss 3 Debt and equity interests $ 16,314 $ 240 $ — $ 1,009 $ 11,977 Derivative and other contracts — — 4,599 — 2,995 Commitments, guarantees and other 631 — — — 266 Total $ 16,945 $ 240 $ 4,599 $ 1,009 $ 15,238 Carrying value of variable interests – Assets Debt and equity interests $ 16,314 $ 240 $ — $ 1,008 $ 11,977 Derivative and other contracts — — 6 — 388 Total $ 16,314 $ 240 $ 6 $ 1,008 $ 12,365 Additional VIE assets owned 4 $ 11,453 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 444 MTOB—Municipal tender option bonds 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets. and may be in loan or security form. 2. Other primarily includes exposures to commercial real estate property and investment funds. 3. Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm. 4. Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s primary risk exposure is to the most subordinate class of beneficial interest and maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 3). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives. |
Schedule of Mortgage- and Asset-Backed Securitization Assets | Detail of Mortgage- and Asset-Backed Securitization Assets At March 31, 2020 At December 31, 2019 $ in millions UPB Debt and Equity Interests UPB Debt and Equity Interests Residential mortgages $ 20,460 $ 3,298 $ 30,353 $ 3,993 Commercial mortgages 52,672 3,677 53,892 3,881 U.S. agency collateralized mortgage obligations 45,958 6,257 36,366 6,365 Other consumer or commercial loans 5,121 1,941 4,992 2,075 Total $ 124,211 $ 15,173 $ 125,603 $ 16,314 |
Schedule of Transferred Assets with Continuing Involvement | Transferred Assets with Continuing Involvement 1 At March 31, 2020 $ in millions RML CML U.S. Agency CMO CLN and Other 3 SPE assets (UPB) 4 $ 9,501 $ 79,516 $ 15,480 $ 11,109 Retained interests Investment grade $ 26 $ 780 $ 763 $ — Non-investment grade 13 238 — 87 Total $ 39 $ 1,018 $ 763 $ 87 Interests purchased in the secondary market Investment grade $ — $ 65 $ 78 $ — Non-investment grade 29 68 — — Total $ 29 $ 133 $ 78 $ — Derivative assets $ — $ — $ — $ 830 Derivative liabilities — — — 186 At December 31, 2019 2 $ in millions RML CML U.S. Agency CMO CLN and Other 3 SPE assets (UPB) 4 $ 9,850 $ 86,203 $ 19,132 $ 8,410 Retained interests Investment grade $ 29 $ 720 $ 2,376 $ 1 Non-investment grade 17 254 — 92 Total $ 46 $ 974 $ 2,376 $ 93 Interests purchased in the secondary market Investment grade $ 6 $ 197 $ 77 $ — Non-investment grade 75 51 — — Total $ 81 $ 248 $ 77 $ — Derivative assets $ — $ — $ — $ 339 Derivative liabilities — — — 145 Fair Value At March 31, 2020 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 790 $ — $ 790 Non-investment grade 7 83 90 Total $ 797 $ 83 $ 880 Interests purchased in the secondary market Investment grade $ 141 $ 2 $ 143 Non-investment grade 85 12 97 Total $ 226 $ 14 $ 240 Derivative assets $ 820 $ 10 $ 830 Derivative liabilities 185 1 186 Fair Value at December 31, 2019 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 2,401 $ 4 $ 2,405 Non-investment grade 6 97 103 Total $ 2,407 $ 101 $ 2,508 Interests purchased in the secondary market Investment grade $ 278 $ 2 $ 280 Non-investment grade 68 58 126 Total $ 346 $ 60 $ 406 Derivative assets $ 337 $ 2 $ 339 Derivative liabilities 144 1 145 RML—Residential mortgage loans CML—Commercial mortgage loans 1. The Transferred Assets with Continuing Involvement tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. 2. As permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table. 3. Amounts include CLO transactions managed by unrelated third parties. 4. Amounts include assets transferred by unrelated transferors. |
Schedule of Proceeds from New Securitization Transactions and Sales of Loans | Proceeds from New Securitization Transactions and Sales of Loans Three Months Ended $ in millions 2020 2019 New transactions 1 $ 8,471 $ 4,733 Retained interests 4,088 2,887 Sales of corporate loans to CLO SPEs 1, 2 66 — 1. Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented. 2. Sponsored by non-affiliates. |
Schedule of Assets Sold with Retained Exposure | Assets Sold with Retained Exposure $ in millions At At Gross cash proceeds from sale of assets 1 $ 28,213 $ 38,661 Fair value Assets sold $ 28,068 $ 39,137 Derivative assets recognized 862 647 Derivative liabilities recognized 1,004 152 1. The carrying value of assets derecognized at the time of sale approximates gross cash proceeds. |
Regulatory Requirements (Tables
Regulatory Requirements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | The Firm’s Regulatory Capital and Capital Ratios At March 31, 2020 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 10.0 % $ 65,195 15.2 % Tier 1 capital 11.5 % 73,896 17.3 % Total capital 13.5 % 83,847 19.6 % Total RWA 427,782 Leverage-based capital Tier 1 leverage 4.0 % $ 73,896 8.1 % Adjusted average assets 2 910,499 SLR 5.0 % 73,896 6.2 % Supplementary leverage exposure 3 1,185,734 At December 31, 2019 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 10.0 % $ 64,751 16.4 % Tier 1 capital 11.5 % 73,443 18.6 % Total capital 13.5 % 82,708 21.0 % Total RWA 394,177 Leverage-based capital Tier 1 leverage 4.0 % $ 73,443 8.3 % Adjusted average assets 2 889,195 SLR 5.0 % 73,443 6.4 % Supplementary leverage exposure 3 1,155,177 1. Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. 2. Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in the Firm's own capital instruments, certain defined tax assets and other capital deductions. 3. Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. |
MSBNA | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | MSBNA’s Regulatory Capital At March 31, 2020 $ in millions Well-Capitalized Requirement Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 16,839 18.2 % Tier 1 capital 8.0 % 8.5 % 16,839 18.2 % Total capital 10.0 % 10.5 % 17,349 18.7 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 16,839 11.2 % SLR 6.0 % 3.0 % 16,839 8.8 % At December 31, 2019 $ in millions Well-Capitalized Requirement Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 15,919 18.5 % Tier 1 capital 8.0 % 8.5 % 15,919 18.5 % Total capital 10.0 % 10.5 % 16,282 18.9 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 15,919 11.3 % SLR 6.0 % 3.0 % 15,919 8.7 % |
MSPBNA | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | MSPBNA’s Regulatory Capital At March 31, 2020 $ in millions Well-Capitalized Requirement Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 8,487 22.9 % Tier 1 capital 8.0 % 8.5 % 8,487 22.9 % Total capital 10.0 % 10.5 % 8,556 23.0 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 8,487 9.7 % SLR 6.0 % 3.0 % 8,487 9.3 % At December 31, 2019 $ in millions Well-Capitalized Requirement Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 7,962 24.8 % Tier 1 capital 8.0 % 8.5 % 7,962 24.8 % Total capital 10.0 % 10.5 % 8,016 25.0 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 7,962 9.9 % SLR 6.0 % 3.0 % 7,962 9.4 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the U.S. Bank Subsidiaries' ability to make capital distributions, including the payment of dividends. |
MS&Co. | |
Regulatory Requirements | |
Schedule of Broker-Dealer Regulatory Capital Requirements | MS&Co. Regulatory Capital $ in millions At March 31, 2020 At December 31, 2019 Net capital $ 10,887 $ 13,708 Excess net capital 6,620 10,686 |
MSSB LLC | |
Regulatory Requirements | |
Schedule of Broker-Dealer Regulatory Capital Requirements | MSSB Regulatory Capital $ in millions At March 31, 2020 At December 31, 2019 Net capital $ 2,924 $ 3,387 Excess net capital 2,774 3,238 |
Total Equity (Tables)
Total Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of Share Repurchases | Share Repurchases Three Months Ended March 31, $ in millions 2020 2019 Repurchases of common stock under the Firm's Share Repurchase Program $ 1,347 $ 1,180 |
Schedule of Common Stock Dividends Per Share | Common Stock Dividends per Share Three Months Ended March 31, 2020 2019 Dividends declared per common share $ 0.35 $ 0.30 |
Schedule of Common Shares Outstanding for Basic and Diluted EPS | Common Shares Outstanding for Basic and Diluted EPS Three Months Ended in millions 2020 2019 Weighted average common shares outstanding, basic 1,555 1,658 Effect of dilutive Stock options, RSUs and PSUs 18 19 Weighted average common shares outstanding and common stock equivalents, diluted 1,573 1,677 Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) 12 6 |
Schedule of Preferred Stock Outstanding and Preferred Stock Dividends | Preferred Stock Shares Outstanding Carrying Value $ in millions, except per share data At Liquidation Preference per Share At At Series A 44,000 $ 25,000 $ 1,100 $ 1,100 C 1 519,882 1,000 408 408 E 34,500 25,000 862 862 F 34,000 25,000 850 850 H 52,000 25,000 1,300 1,300 I 40,000 25,000 1,000 1,000 J 60,000 25,000 1,500 1,500 K 40,000 25,000 1,000 1,000 L 20,000 25,000 500 500 Total $ 8,520 $ 8,520 Shares authorized 30,000,000 1. Series C is composed of the issuance of 1,160,791 shares of Series C Preferred Stock to MUFG for an aggregate purchase price of $911 million , less the redemption of 640,909 shares of Series C Preferred Stock of $503 million , which were converted to common shares of approximately $705 million in 2009. Preferred Stock Dividends $ in millions, except per share data Three Months Ended Three Months Ended Per Share 1 Total Per Share 1 Total Series A $ 253 $ 11 $ 250 $ 11 C 25 13 25 13 E 445 15 445 15 F 430 14 430 15 G 2 — — 414 8 H 3 344 18 — — I 398 16 398 16 J 4 — — — — K 366 15 366 15 L 305 6 — — Total $ 108 $ 93 1. Dividends on all series are payable quarterly, unless otherwise noted. 2. Series G preferred stock was redeemed during the first quarter of 2020. For further information, see Note 16 to the 2019 Form 10-K. 3. Series H was payable semiannually until July 15, 2019, and is now payable quarterly. 4. Series J is payable semiannually until July 15, 2020, and then quarterly thereafter. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) 1 $ in millions CTA AFS Securities Pension, Postretirement and Other DVA Total December 31, 2019 $ (897 ) $ 207 $ (644 ) $ (1,454 ) $ (2,788 ) OCI during the period (141 ) 1,325 25 3,674 4,883 March 31, 2020 $ (1,038 ) $ 1,532 $ (619 ) $ 2,220 $ 2,095 December 31, 2018 $ (889 ) $ (930 ) $ (578 ) $ 105 $ (2,292 ) OCI during the period (12 ) 429 1 (599 ) (181 ) March 31, 2019 $ (901 ) $ (501 ) $ (577 ) $ (494 ) $ (2,473 ) CTA—Cumulative foreign currency translation adjustments 1. Amounts are net of tax and noncontrolling interests. |
Schedule of Components of Period Changes in OCI | Components of Period Changes in OCI Three Months Ended $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (20 ) $ (112 ) $ (132 ) $ 9 $ (141 ) Reclassified to earnings — — — — — Net OCI $ (20 ) $ (112 ) $ (132 ) $ 9 $ (141 ) Change in net unrealized gains (losses) on AFS securities OCI activity $ 1,773 $ (416 ) $ 1,357 $ — $ 1,357 Reclassified to earnings (41 ) 9 (32 ) — (32 ) Net OCI $ 1,732 $ (407 ) $ 1,325 $ — $ 1,325 Pension, postretirement and other OCI activity $ 25 $ (4 ) $ 21 $ — $ 21 Reclassified to earnings 5 (1 ) 4 — 4 Net OCI $ 30 $ (5 ) $ 25 $ — $ 25 Change in net DVA OCI activity $ 5,015 $ (1,216 ) $ 3,799 $ 129 $ 3,670 Reclassified to earnings 5 (1 ) 4 — 4 Net OCI $ 5,020 $ (1,217 ) $ 3,803 $ 129 $ 3,674 Three Months Ended $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (4 ) $ (18 ) $ (22 ) $ (10 ) $ (12 ) Reclassified to earnings — — — — — Net OCI $ (4 ) $ (18 ) $ (22 ) $ (10 ) $ (12 ) Change in net unrealized gains (losses) on AFS securities OCI activity $ 570 $ (133 ) $ 437 $ — $ 437 Reclassified to earnings (10 ) 2 (8 ) — (8 ) Net OCI $ 560 $ (131 ) $ 429 $ — $ 429 Pension, postretirement and other OCI activity $ — $ (1 ) $ (1 ) $ — $ (1 ) Reclassified to earnings 3 (1 ) 2 — 2 Net OCI $ 3 $ (2 ) $ 1 $ — $ 1 Change in net DVA OCI activity $ (824 ) $ 201 $ (623 ) $ (21 ) $ (602 ) Reclassified to earnings 4 (1 ) 3 — 3 Net OCI $ (820 ) $ 200 $ (620 ) $ (21 ) $ (599 ) |
Schedule of Cumulative Adjustments to Beginning Retained Earnings Related to Adoption of Accounting Updates | Cumulative Adjustments to Beginning Retained Earnings Related to the Adoption of Accounting Updates Three Months Ended $ in millions March 31, 2020 Financial Instruments—Credit Losses $ (100 ) Three Months Ended $ in millions March 31, 2019 Leases $ 63 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Interest Income (Expense), Net [Abstract] | |
Schedule of Details of Interest Income and Interest Expense | Three Months Ended $ in millions 2020 2019 Interest income Investment securities $ 445 $ 475 Loans 1,154 1,195 Securities purchased under agreements to resell and Securities borrowed 1 398 947 Trading assets, net of Trading liabilities 749 713 Customer receivables and Other 2 757 960 Total interest income $ 3,503 $ 4,290 Interest expense Deposits $ 406 $ 462 Borrowings 997 1,380 Securities sold under agreements to repurchase and Securities loaned 3 509 600 Customer payables and Other 4 235 834 Total interest expense $ 2,147 $ 3,276 Net interest $ 1,356 $ 1,014 1. Includes fees paid on Securities borrowed. 2. Includes interest from Cash and cash equivalents. 3. Includes fees received on Securities loaned. 4. Includes fees received from prime brokerage customers for stock loan transactions entered into to cover customers’ short positions. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Net Discrete Tax Benefits in Income Tax Provisions | Net Discrete Tax Provisions/(Benefits) Three Months Ended March 31, $ in millions 2020 2019 Recurring 1 $ (99 ) $ (107 ) Intermittent (31 ) (101 ) 1. Recurring discrete tax items are related to conversion of employee share-based awards. |
Segment, Geographic and Reven_2
Segment, Geographic and Revenue Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Information by Business Segment | Selected Financial Information by Business Segment Three Months Ended March 31, 2020 $ in millions IS WM IM I/E Total Investment banking $ 1,144 $ 158 $ — $ (31 ) $ 1,271 Trading 3,416 (347 ) (37 ) 24 3,056 Investments (25 ) — 63 — 38 Commissions and fees 1 874 588 — (102 ) 1,360 Asset management 1 113 2,680 665 (41 ) 3,417 Other (1,079 ) 62 7 (1 ) (1,011 ) Total non-interest revenues 4,443 3,141 698 (151 ) 8,131 Interest income 2,423 1,193 8 (121 ) 3,503 Interest expense 1,961 297 14 (125 ) 2,147 Net interest 462 896 (6 ) 4 1,356 Net revenues $ 4,905 $ 4,037 $ 692 $ (147 ) $ 9,487 Income before provision for income taxes $ 950 $ 1,055 $ 143 $ (2 ) $ 2,146 Provision for income taxes 151 191 25 (1 ) 366 Net income 799 864 118 (1 ) 1,780 Net income applicable to noncontrolling interests 42 — 40 — 82 Net income applicable to Morgan Stanley $ 757 $ 864 $ 78 $ (1 ) $ 1,698 Three Months Ended March 31, 2019 $ in millions IS WM IM I/E Total Investment banking $ 1,151 $ 109 $ — $ (18 ) $ 1,242 Trading 3,130 302 (3 ) 12 3,441 Investments 81 1 191 — 273 Commissions and fees 1 621 406 — (61 ) 966 Asset management 1 107 2,361 617 (36 ) 3,049 Other 222 80 3 (4 ) 301 Total non-interest revenues 5,312 3,259 808 (107 ) 9,272 Interest income 3,056 1,413 4 (183 ) 4,290 Interest expense 3,172 283 8 (187 ) 3,276 Net interest (116 ) 1,130 (4 ) 4 1,014 Net revenues $ 5,196 $ 4,389 $ 804 $ (103 ) $ 10,286 Income before provision for income taxes $ 1,595 $ 1,188 $ 174 $ (2 ) $ 2,955 Provision for income taxes 190 264 33 — 487 Net income 1,405 924 141 (2 ) 2,468 Net income applicable to noncontrolling interests 34 — 5 — 39 Net income applicable to Morgan Stanley $ 1,371 $ 924 $ 136 $ (2 ) $ 2,429 I/E–Intersegment Eliminations 1. Substantially all revenues are from contracts with customers. |
Schedule of Investment Banking Revenues | Detail of Investment Banking Revenues Three Months Ended $ in millions 2020 2019 Institutional Securities Advisory $ 362 $ 406 Institutional Securities Underwriting 782 745 Firm Investment banking revenues from contracts with customers 89 % 85 % |
Schedule of Trading Revenues by Product Type | Trading Revenues by Product Type Three Months Ended $ in millions 2020 2019 Interest rate $ 1,074 $ 785 Foreign exchange 338 241 Equity security and index 1 1,072 1,451 Commodity and other 266 422 Credit 306 542 Total $ 3,056 $ 3,441 1. Dividend income is included within equity security and index contracts. |
Schedule of Net Unrealized Carried Interest and Reduction of Fees due to Fee Waivers | Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest $ in millions At At Net cumulative unrealized performance-based fees at risk of reversing $ 714 $ 774 Investment Management Asset Management Revenues — Reduction of Fees Due to Fee Waivers Three Months Ended $ in millions 2020 2019 Fee waivers $ 11 $ 11 |
Schedule of Net Revenues by Region | Net Revenues by Region Three Months Ended $ in millions 2020 2019 Americas $ 6,646 $ 7,321 EMEA 1,148 1,702 Asia 1,693 1,263 Total $ 9,487 $ 10,286 |
Schedule of Revenue Recognized from Prior Services | Revenue Recognized from Prior Services Three Months Ended $ in millions 2020 2019 Non-interest revenues $ 614 $ 671 The previous table includes revenue from contracts with customers recognized where some or all services were performed in prior periods and is primarily composed of investment banking advisory fees and distribution fees. |
Schedule of Receivables from Contracts with Customers | Receivables from Contracts with Customers $ in millions At At Customer and other receivables $ 2,199 $ 2,916 |
Schedule of Assets by Business Segment | Assets by Business Segment $ in millions At At Institutional Securities $ 707,489 $ 691,201 Wealth Management 233,824 197,682 Investment Management 6,482 6,546 Total 1 $ 947,795 $ 895,429 1. Parent assets have been fully allocated to the business segments. |
Significant Accounting Polici_3
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Accounting Standards Adopted | |||||||
Adjustment to allowance for credit/ loan losses | $ 617 | $ 349 | $ 259 | $ 238 | |||
Cumulative adjustments for accounting changes | 87,228 | 82,697 | 81,892 | ||||
Retained Earnings | |||||||
Accounting Standards Adopted | |||||||
Cumulative adjustments for accounting changes | $ 71,518 | $ 70,589 | $ 66,061 | $ 64,175 | |||
Adjustment | Retained Earnings | |||||||
Accounting Standards Adopted | |||||||
Cumulative adjustments for accounting changes | [1] | $ (100) | $ 63 | ||||
Adjustment | Accounting Standards Update 2016-13 | Retained Earnings | |||||||
Accounting Standards Adopted | |||||||
Cumulative adjustments for accounting changes | (100) | ||||||
Adjustment | Accounting Standards Update 2016-13 | Allowance for Credit Losses | |||||||
Accounting Standards Adopted | |||||||
Adjustment to allowance for credit/ loan losses | 131 | ||||||
Adjustment | Accounting Standards Update 2016-13 | Allowance for Credit Losses on Employee Loans | |||||||
Accounting Standards Adopted | |||||||
Cumulative adjustments for accounting changes | $ 124 | ||||||
[1] | See Notes 2 and 16 for further information regarding cumulative adjustments for accounting changes. |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||
Cash and due from banks | $ 11,570 | $ 6,763 |
Interest bearing deposits with banks | 119,939 | 75,408 |
Total Cash and cash equivalents | 131,509 | 82,171 |
Restricted cash | $ 56,064 | $ 32,512 |
Fair Values - Assets and Liabil
Fair Values - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets at fair value | ||
Derivative and other contracts | $ 53,010 | $ 32,001 |
Investments | 119,004 | 106,356 |
Total trading assets | 270,916 | 297,110 |
Investment securities—AFS | 68,871 | 62,223 |
Securities purchased under agreements to resell | 5 | 4 |
Liabilities at fair value | ||
Deposits | 4,052 | 2,099 |
Derivative and other contracts | 40,869 | 28,434 |
Securities sold under agreements to repurchase | 775 | 733 |
Other secured financings | 6,897 | 7,809 |
Borrowings | 57,162 | 64,461 |
Recurring | ||
Assets at fair value | ||
Netting | (69,653) | (47,804) |
Liabilities at fair value | ||
Netting | (64,138) | (42,531) |
Borrowings | 57,162 | 64,461 |
Recurring | Interest rate | ||
Liabilities at fair value | ||
Borrowings | 25,195 | 27,298 |
Recurring | Credit | ||
Liabilities at fair value | ||
Borrowings | 1,179 | 1,246 |
Recurring | Foreign exchange | ||
Liabilities at fair value | ||
Borrowings | 1,018 | 1,202 |
Recurring | Equity | ||
Liabilities at fair value | ||
Borrowings | 25,089 | 30,214 |
Recurring | Commodity and other | ||
Liabilities at fair value | ||
Borrowings | 4,681 | 4,501 |
Total | Recurring | ||
Assets at fair value | ||
Derivative and other contracts | 53,010 | 32,001 |
Netting | (460,242) | (287,538) |
Investments | 1,491 | 1,591 |
Physical commodities | 960 | 1,907 |
Total trading assets | 267,326 | 293,589 |
Investment securities—AFS | 68,871 | 62,223 |
Securities purchased under agreements to resell | 5 | 4 |
Total assets at fair value | 336,202 | 355,816 |
Liabilities at fair value | ||
Deposits | 4,052 | 2,099 |
Trading liabilities | 142,076 | 133,356 |
Derivative and other contracts | 40,869 | 28,434 |
Netting | (454,727) | (282,265) |
Securities sold under agreements to repurchase | 775 | 733 |
Other secured financings | 6,897 | 7,809 |
Borrowings | 57,162 | 64,461 |
Total liabilities at fair value | 210,962 | 208,458 |
Total | Recurring | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 269,038 | 185,481 |
Liabilities at fair value | ||
Derivative and other contracts | 257,989 | 172,631 |
Total | Recurring | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 13,358 | 7,312 |
Liabilities at fair value | ||
Derivative and other contracts | 13,186 | 7,921 |
Total | Recurring | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 112,813 | 64,420 |
Liabilities at fair value | ||
Derivative and other contracts | 112,798 | 67,655 |
Total | Recurring | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 95,776 | 51,068 |
Liabilities at fair value | ||
Derivative and other contracts | 93,370 | 52,868 |
Total | Recurring | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 22,267 | 11,258 |
Liabilities at fair value | ||
Derivative and other contracts | 18,253 | 9,624 |
Level 1 | Recurring | ||
Assets at fair value | ||
Derivative and other contracts | 3,442 | 784 |
Netting | (12,720) | (2,794) |
Investments | 562 | 481 |
Physical commodities | 0 | 0 |
Total trading assets | 142,137 | 185,475 |
Investment securities—AFS | 35,899 | 32,902 |
Securities purchased under agreements to resell | 0 | 0 |
Total assets at fair value | 178,036 | 218,377 |
Liabilities at fair value | ||
Deposits | 0 | 0 |
Trading liabilities | 95,163 | 96,780 |
Derivative and other contracts | 4,483 | 750 |
Netting | (12,720) | (2,794) |
Securities sold under agreements to repurchase | 0 | 0 |
Other secured financings | 0 | 0 |
Borrowings | 0 | 0 |
Total liabilities at fair value | 95,163 | 96,780 |
Level 1 | Recurring | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 14,025 | 1,265 |
Liabilities at fair value | ||
Derivative and other contracts | 14,655 | 1,144 |
Level 1 | Recurring | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 0 | 0 |
Liabilities at fair value | ||
Derivative and other contracts | 0 | 0 |
Level 1 | Recurring | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 26 | 15 |
Liabilities at fair value | ||
Derivative and other contracts | 20 | 6 |
Level 1 | Recurring | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 1,041 | 1,219 |
Liabilities at fair value | ||
Derivative and other contracts | 1,090 | 1,200 |
Level 1 | Recurring | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 1,070 | 1,079 |
Liabilities at fair value | ||
Derivative and other contracts | 1,438 | 1,194 |
Level 2 | Recurring | ||
Assets at fair value | ||
Derivative and other contracts | 113,382 | 74,130 |
Netting | (376,568) | (235,947) |
Investments | 204 | 252 |
Physical commodities | 960 | 1,907 |
Total trading assets | 179,844 | 143,137 |
Investment securities—AFS | 32,972 | 29,321 |
Securities purchased under agreements to resell | 5 | 4 |
Total assets at fair value | 212,821 | 172,462 |
Liabilities at fair value | ||
Deposits | 3,935 | 1,920 |
Trading liabilities | 106,542 | 74,977 |
Derivative and other contracts | 96,079 | 66,122 |
Netting | (376,568) | (235,947) |
Securities sold under agreements to repurchase | 775 | 733 |
Other secured financings | 6,508 | 7,700 |
Borrowings | 53,164 | 60,373 |
Total liabilities at fair value | 170,924 | 145,703 |
Level 2 | Recurring | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 253,646 | 182,977 |
Liabilities at fair value | ||
Derivative and other contracts | 242,840 | 171,025 |
Level 2 | Recurring | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 12,605 | 6,658 |
Liabilities at fair value | ||
Derivative and other contracts | 12,631 | 7,391 |
Level 2 | Recurring | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 112,711 | 64,260 |
Liabilities at fair value | ||
Derivative and other contracts | 112,552 | 67,473 |
Level 2 | Recurring | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 93,175 | 48,927 |
Liabilities at fair value | ||
Derivative and other contracts | 89,344 | 49,062 |
Level 2 | Recurring | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 17,813 | 7,255 |
Liabilities at fair value | ||
Derivative and other contracts | 15,280 | 7,118 |
Level 3 | Recurring | ||
Assets at fair value | ||
Equity securities | 146 | 97 |
Derivative and other contracts | 5,839 | 4,891 |
Netting | (1,301) | (993) |
Investments | 725 | 858 |
Physical commodities | 0 | 0 |
Total trading assets | 14,998 | 12,781 |
Investment securities—AFS | 0 | 0 |
Securities purchased under agreements to resell | 0 | 0 |
Total assets at fair value | 14,998 | 12,781 |
Liabilities at fair value | ||
Deposits | 117 | 179 |
Trading liabilities | 4,509 | 4,130 |
Derivative and other contracts | 4,445 | 4,093 |
Netting | (1,301) | (993) |
Securities sold under agreements to repurchase | 0 | 0 |
Other secured financings | 389 | 109 |
Borrowings | 3,998 | 4,088 |
Total liabilities at fair value | 9,013 | 8,506 |
Level 3 | Recurring | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 1,367 | 1,239 |
Liabilities at fair value | ||
Derivative and other contracts | 494 | 462 |
Level 3 | Recurring | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 753 | 654 |
Liabilities at fair value | ||
Derivative and other contracts | 555 | 530 |
Level 3 | Recurring | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 76 | 145 |
Liabilities at fair value | ||
Derivative and other contracts | 226 | 176 |
Level 3 | Recurring | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 1,560 | 922 |
Liabilities at fair value | ||
Derivative and other contracts | 2,936 | 2,606 |
Level 3 | Recurring | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 3,384 | 2,924 |
Liabilities at fair value | ||
Derivative and other contracts | 1,535 | 1,312 |
U.S. Treasury and agency securities | Total | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 13,490 | 11,225 |
U.S. Treasury and agency securities | Level 1 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 13,273 | 11,191 |
U.S. Treasury and agency securities | Level 2 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 201 | 34 |
U.S. Treasury and agency securities | Level 3 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 16 | 0 |
Other sovereign government obligations | Total | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 21,111 | 23,170 |
Other sovereign government obligations | Level 1 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 20,273 | 21,837 |
Other sovereign government obligations | Level 2 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 836 | 1,332 |
Other sovereign government obligations | Level 3 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 2 | 1 |
Corporate and other debt | Total | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 9,347 | 7,410 |
Corporate and other debt | Level 1 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 0 | 0 |
Corporate and other debt | Level 2 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 9,341 | 7,410 |
Corporate and other debt | Level 3 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 6 | 0 |
Corporate equities | Total | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 57,259 | 63,117 |
Corporate equities | Level 1 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 57,134 | 63,002 |
Corporate equities | Level 2 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 85 | 79 |
Corporate equities | Level 3 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 40 | 36 |
U.S. Treasury and agency securities | ||
Assets at fair value | ||
Investment securities—AFS | 59,220 | 53,452 |
U.S. Treasury and agency securities | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 71,435 | 65,880 |
U.S. Treasury and agency securities | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 42,231 | 36,866 |
U.S. Treasury and agency securities | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 29,105 | 28,992 |
U.S. Treasury and agency securities | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 99 | 22 |
Other sovereign government obligations | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 34,527 | 27,754 |
Other sovereign government obligations | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 29,493 | 23,402 |
Other sovereign government obligations | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 5,017 | 4,347 |
Other sovereign government obligations | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 17 | 5 |
State and municipal securities | ||
Assets at fair value | ||
Investment securities—AFS | 1,453 | 503 |
State and municipal securities | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 2,227 | 2,791 |
State and municipal securities | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
State and municipal securities | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 2,226 | 2,790 |
State and municipal securities | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 1 | 1 |
MABS | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 1,321 | 2,128 |
MABS | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
MABS | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 838 | 1,690 |
MABS | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 483 | 438 |
Loans and lending commitments | Recurring | ||
Assets at fair value | ||
Trading assets | 10,062 | 11,326 |
Loans and lending commitments | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 10,062 | 11,326 |
Loans and lending commitments | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
Loans and lending commitments | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 4,082 | 6,253 |
Loans and lending commitments | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 5,980 | 5,073 |
Corporate and other debt | ||
Assets at fair value | ||
Investment securities—AFS | 9,651 | 8,771 |
Corporate and other debt | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 25,156 | 23,520 |
Corporate and other debt | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
Corporate and other debt | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 23,448 | 22,124 |
Corporate and other debt | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 1,708 | 1,396 |
Corporate equities | Total | Recurring | ||
Assets at fair value | ||
Equity securities | 67,137 | 124,691 |
Corporate equities | Level 1 | Recurring | ||
Assets at fair value | ||
Equity securities | 66,409 | 123,942 |
Corporate equities | Level 2 | Recurring | ||
Assets at fair value | ||
Equity securities | 582 | 652 |
Corporate equities | Level 3 | Recurring | ||
Assets at fair value | ||
Equity securities | $ 146 | $ 97 |
Fair Values - Detail of Loans a
Fair Values - Detail of Loans and Lending Commitments at Fair Value and Unsettled Fair Value of Futures Contracts (Details) - Recurring - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Loans and lending commitments | ||
Fair Value Measurements | ||
Trading assets | $ 10,062 | $ 11,326 |
Futures Contracts | Accounts Receivable and Other Receivables, Net | ||
Fair Value Measurements | ||
Derivative assets, unsettled fair value | 935 | 365 |
Corporate | Loans and lending commitments | ||
Fair Value Measurements | ||
Trading assets | 7,711 | 8,036 |
Residential real estate | Loans and lending commitments | ||
Fair Value Measurements | ||
Trading assets | 1,154 | 1,192 |
Commercial real estate | Loans and lending commitments | ||
Fair Value Measurements | ||
Trading assets | $ 1,197 | $ 2,098 |
Fair Values - Activity of Level
Fair Values - Activity of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Liabilities at Fair Value | ||
Transfers of equity margin loans from Level 2 to Level 3 | $ 857 | |
Recurring | Level 3 | ||
Liabilities at Fair Value | ||
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA | (398) | $ 59 |
Recurring | Level 3 | Deposits | ||
Liabilities at Fair Value | ||
Beginning balance | 179 | 27 |
Realized and unrealized losses (gains) | (6) | 6 |
Issuances | 12 | 24 |
Settlements | (5) | (1) |
Net transfers | (63) | 43 |
Ending balance | 117 | 99 |
Unrealized losses (gains) | (6) | 6 |
Recurring | Level 3 | Nonderivative trading liabilities | ||
Liabilities at Fair Value | ||
Beginning balance | 37 | 16 |
Realized and unrealized losses (gains) | (43) | (1) |
Purchases | (82) | (6) |
Sales | 52 | 23 |
Net transfers | 100 | 11 |
Ending balance | 64 | 43 |
Unrealized losses (gains) | (43) | (1) |
Recurring | Level 3 | Other secured financings | ||
Liabilities at Fair Value | ||
Beginning balance | 109 | 208 |
Realized and unrealized losses (gains) | (12) | 4 |
Issuances | 2 | 0 |
Settlements | (115) | (7) |
Net transfers | 405 | (52) |
Ending balance | 389 | 153 |
Unrealized losses (gains) | (12) | 4 |
Recurring | Level 3 | Borrowings | ||
Liabilities at Fair Value | ||
Beginning balance | 4,088 | 3,806 |
Realized and unrealized losses (gains) | (897) | 287 |
Issuances | 701 | 264 |
Settlements | (234) | (115) |
Net transfers | 340 | (467) |
Ending balance | 3,998 | 3,775 |
Unrealized losses (gains) | (895) | 276 |
Recurring | Level 3 | Interest rate | ||
Assets at Fair value | ||
Beginning balance | 777 | 618 |
Realized and unrealized gains (losses) | 156 | (48) |
Purchases | 61 | 24 |
Issuances | (7) | (19) |
Settlements | (42) | (12) |
Net transfers | (72) | (12) |
Ending balance | 873 | 551 |
Unrealized gains (losses) | 111 | (43) |
Recurring | Level 3 | Credit | ||
Assets at Fair value | ||
Beginning balance | 124 | 40 |
Realized and unrealized gains (losses) | 131 | 162 |
Purchases | 26 | 26 |
Issuances | (21) | (442) |
Settlements | (24) | (33) |
Net transfers | (38) | (14) |
Ending balance | 198 | (261) |
Unrealized gains (losses) | 123 | 167 |
Recurring | Level 3 | Foreign exchange | ||
Assets at Fair value | ||
Beginning balance | (31) | 75 |
Realized and unrealized gains (losses) | (62) | (113) |
Purchases | 3 | 1 |
Issuances | (8) | 0 |
Settlements | (8) | 8 |
Net transfers | (44) | 34 |
Ending balance | (150) | 5 |
Unrealized gains (losses) | (164) | 3 |
Recurring | Level 3 | Equity | ||
Assets at Fair value | ||
Beginning balance | (1,684) | (1,485) |
Realized and unrealized gains (losses) | 635 | (191) |
Purchases | 97 | 34 |
Issuances | (144) | (193) |
Settlements | (167) | 139 |
Net transfers | (113) | (64) |
Ending balance | (1,376) | (1,760) |
Unrealized gains (losses) | 566 | (203) |
Recurring | Level 3 | Commodity and other | ||
Assets at Fair value | ||
Beginning balance | 1,612 | 2,052 |
Realized and unrealized gains (losses) | 75 | 43 |
Purchases | 3 | 5 |
Issuances | (3) | (1) |
Settlements | 157 | (81) |
Net transfers | 5 | 88 |
Ending balance | 1,849 | 2,106 |
Unrealized gains (losses) | 22 | (25) |
U.S. Treasury and agency securities | Recurring | Level 3 | ||
Assets at Fair value | ||
Beginning balance | 22 | 54 |
Realized and unrealized gains (losses) | 5 | 0 |
Purchases | 85 | 0 |
Sales | (21) | (50) |
Net transfers | 8 | 3 |
Ending balance | 99 | 7 |
Unrealized gains (losses) | 5 | 0 |
Other sovereign government obligations | Recurring | Level 3 | ||
Assets at Fair value | ||
Beginning balance | 5 | 17 |
Realized and unrealized gains (losses) | 1 | 0 |
Purchases | 10 | 2 |
Sales | 0 | (2) |
Net transfers | 1 | (12) |
Ending balance | 17 | 5 |
Unrealized gains (losses) | 1 | 0 |
State and municipal securities | Recurring | Level 3 | ||
Assets at Fair value | ||
Beginning balance | 1 | 148 |
Realized and unrealized gains (losses) | 0 | 1 |
Purchases | 0 | 10 |
Sales | 0 | (44) |
Net transfers | 0 | (103) |
Ending balance | 1 | 12 |
Unrealized gains (losses) | 0 | 1 |
MABS | Recurring | Level 3 | ||
Assets at Fair value | ||
Beginning balance | 438 | 354 |
Realized and unrealized gains (losses) | (89) | (7) |
Purchases | 158 | 19 |
Sales | (140) | (83) |
Settlements | 0 | (3) |
Net transfers | 116 | 21 |
Ending balance | 483 | 301 |
Unrealized gains (losses) | (92) | (14) |
Loans and lending commitments | Recurring | Level 3 | ||
Assets at Fair value | ||
Beginning balance | 5,073 | 6,870 |
Realized and unrealized gains (losses) | (102) | 0 |
Purchases | 1,952 | 1,255 |
Sales | (529) | (108) |
Settlements | (1,387) | (820) |
Net transfers | 973 | (854) |
Ending balance | 5,980 | 6,343 |
Unrealized gains (losses) | (101) | (7) |
Corporate and other debt | Recurring | Level 3 | ||
Assets at Fair value | ||
Beginning balance | 1,396 | 1,076 |
Realized and unrealized gains (losses) | (92) | 43 |
Purchases | 585 | 204 |
Sales | (177) | (127) |
Settlements | 0 | (3) |
Net transfers | (4) | (132) |
Ending balance | 1,708 | 1,061 |
Unrealized gains (losses) | (90) | 41 |
Corporate equities | Recurring | Level 3 | ||
Assets at Fair value | ||
Beginning balance | 97 | 95 |
Realized and unrealized gains (losses) | (60) | 6 |
Purchases | 22 | 51 |
Sales | (40) | (9) |
Net transfers | 127 | 9 |
Ending balance | 146 | 152 |
Unrealized gains (losses) | (54) | 7 |
Investments | Recurring | Level 3 | ||
Assets at Fair value | ||
Beginning balance | 858 | 757 |
Realized and unrealized gains (losses) | (63) | 10 |
Purchases | 15 | 10 |
Sales | (8) | (4) |
Net transfers | (77) | 201 |
Ending balance | 725 | 974 |
Unrealized gains (losses) | $ (64) | $ 14 |
Fair Values - Valuation Techniq
Fair Values - Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) $ in Millions | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 53,010 | $ 32,001 |
Deposits | 4,052 | 2,099 |
Other secured financings | 13,058 | 14,698 |
Borrowings | 57,162 | 64,461 |
Recurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings | 57,162 | 64,461 |
Recurring | Loans and lending commitments | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 10,062 | 11,326 |
Recurring | Level 3 | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Corporate equities | 146 | 97 |
Investments | 725 | 858 |
Derivative assets | 5,839 | 4,891 |
Deposits | 117 | 179 |
Other secured financings | 389 | 109 |
Borrowings | $ 3,998 | $ 4,088 |
Recurring | Level 3 | Comparable Pricing | Equity Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Corporate equities, measurement input value | 1 | 1 |
Recurring | Level 3 | U.S. Treasury and agency securities | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | $ 99 | $ 22 |
Recurring | Level 3 | MABS | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 483 | 438 |
Recurring | Level 3 | Loans and lending commitments | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 5,980 | 5,073 |
Recurring | Level 3 | State and municipal securities | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 1 | 1 |
Recurring | Level 3 | Corporate and other debt | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | $ 1,708 | $ 1,396 |
Recurring | Level 3 | Corporate and other debt | Discounted Cash Flow | Recovery Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.35 | |
Recurring | Level 3 | Corporate and other debt | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.21 | 0.21 |
Recurring | Level 3 | Interest rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 873 | $ 777 |
Recurring | Level 3 | Interest rate | Option Model | IR Curve | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0 | 0.01 |
Recurring | Level 3 | Credit | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 198 | $ 124 |
Recurring | Level 3 | Credit | Comparable Pricing | Cash-Synthetic Basis | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.06 | 0.06 |
Recurring | Level 3 | Foreign exchange | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ (150) | $ (31) |
Recurring | Level 3 | Foreign exchange | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.95 | |
Recurring | Level 3 | Foreign exchange | Option Model | IR Curve | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.10 | |
Recurring | Level 3 | Equity | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ (1,376) | (1,684) |
Recurring | Level 3 | Commodity and other | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | 1,849 | 1,612 |
Nonrecurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans | 9,724 | 3,043 |
Nonrecurring | Level 3 | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans | $ 3,901 | $ 1,500 |
Weighted Average | Recurring | Level 3 | Comparable Pricing | Equity Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.99 | 0.99 |
Weighted Average | Recurring | Level 3 | Comparable Pricing | Loan Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Other secured financings, measurement input value | 0.0086 | |
Weighted Average | Recurring | Level 3 | Discounted Cash Flow | Exit Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 12 | 11 |
Weighted Average | Recurring | Level 3 | Discounted Cash Flow | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Other secured financings, measurement input value | 0.0121 | 0.0117 |
Weighted Average | Recurring | Level 3 | Discounted Cash Flow | WACC | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.14 | 0.15 |
Weighted Average | Recurring | Level 3 | Market Approach | EBITDA Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 9 | 11 |
Weighted Average | Recurring | Level 3 | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Deposits, measurement input value | 0.07 | 0.20 |
Borrowings, measurement input value | 0.31 | 0.21 |
Weighted Average | Recurring | Level 3 | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.81 | 0.78 |
Weighted Average | Recurring | Level 3 | Option Model | Equity - FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.32) | (0.25) |
Weighted Average | Recurring | Level 3 | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0 | 0 |
Weighted Average | Recurring | Level 3 | U.S. Treasury and agency securities | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.86 | |
Weighted Average | Recurring | Level 3 | MABS | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.43 | 0.47 |
Weighted Average | Recurring | Level 3 | Loans and lending commitments | Comparable Pricing | Loan Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.92 | 0.93 |
Weighted Average | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.0041 | 0.0019 |
Weighted Average | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Discount Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.02 | 0.02 |
Weighted Average | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.58 | 0.28 |
Weighted Average | Recurring | Level 3 | Corporate and other debt | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.85 | 0.84 |
Weighted Average | Recurring | Level 3 | Credit | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.52 | 0.45 |
Weighted Average | Recurring | Level 3 | Credit | Comparable Pricing | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0114 | 0.0081 |
Weighted Average | Recurring | Level 3 | Credit | Comparable Pricing | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0267 | 0.0084 |
Weighted Average | Recurring | Level 3 | Credit | Correlation Model | Credit Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.50 | 0.36 |
Weighted Average | Recurring | Level 3 | Equity | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.45 | 0.36 |
Weighted Average | Recurring | Level 3 | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.76 | 0.70 |
Weighted Average | Recurring | Level 3 | Equity | Option Model | FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.39) | (0.37) |
Weighted Average | Recurring | Level 3 | Equity | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.01) | (0.01) |
Weighted Average | Recurring | Level 3 | Commodity and other | Option Model | Commodity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.18 | 0.18 |
Weighted Average | Recurring | Level 3 | Commodity and other | Option Model | Cross-Commodity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.93 | 0.93 |
Weighted Average | Recurring | Level 3 | Commodity and other | Option Model | Forward Power Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 26 | 28 |
Weighted Average | Nonrecurring | Level 3 | Corporate Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0367 | 0.0225 |
Weighted Average | Nonrecurring | Level 3 | Warehouse Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0313 | 0.0297 |
Average | Recurring | Level 3 | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.05) | (0.07) |
Average | Recurring | Level 3 | Corporate and other debt | Discounted Cash Flow | Recovery Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.54 | |
Average | Recurring | Level 3 | Interest rate | Option Model | IR Curve Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.71 | 0.72 |
Average | Recurring | Level 3 | Interest rate | Option Model | Bond Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.25 | 0.13 |
Average | Recurring | Level 3 | Interest rate | Option Model | Inflation Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.44 | 0.44 |
Average | Recurring | Level 3 | Interest rate | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.68 | 0.63 |
Average | Recurring | Level 3 | Foreign exchange | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.94 | |
Average | Recurring | Level 3 | Foreign exchange | Option Model | IR Curve | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.10 | |
Average | Recurring | Level 3 | Foreign exchange | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.38 | 0.46 |
Average | Recurring | Level 3 | Foreign exchange | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.68 | 0.63 |
Average | Recurring | Level 3 | Equity | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.19 | 0.18 |
Median | Recurring | Level 3 | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.05) | (0.07) |
Median | Recurring | Level 3 | Corporate and other debt | Discounted Cash Flow | Recovery Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.51 | |
Median | Recurring | Level 3 | Interest rate | Option Model | IR Curve Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.73 | 0.72 |
Median | Recurring | Level 3 | Interest rate | Option Model | Bond Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.25 | 0.14 |
Median | Recurring | Level 3 | Interest rate | Option Model | Inflation Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.41 | 0.41 |
Median | Recurring | Level 3 | Interest rate | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.70 | 0.59 |
Median | Recurring | Level 3 | Foreign exchange | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.95 | |
Median | Recurring | Level 3 | Foreign exchange | Option Model | IR Curve | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.10 | |
Median | Recurring | Level 3 | Foreign exchange | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.38 | 0.46 |
Median | Recurring | Level 3 | Foreign exchange | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.70 | 0.59 |
Median | Recurring | Level 3 | Equity | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.18 | 0.16 |
Minimum | Recurring | Level 3 | Comparable Pricing | Equity Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.50 | 0.75 |
Minimum | Recurring | Level 3 | Comparable Pricing | Loan Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Other secured financings, measurement input value | 0.0030 | |
Minimum | Recurring | Level 3 | Discounted Cash Flow | Exit Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 7 | 7 |
Minimum | Recurring | Level 3 | Discounted Cash Flow | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Other secured financings, measurement input value | 0.0106 | 0.0111 |
Minimum | Recurring | Level 3 | Discounted Cash Flow | WACC | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.11 | 0.08 |
Minimum | Recurring | Level 3 | Market Approach | EBITDA Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 7 | 7 |
Minimum | Recurring | Level 3 | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Deposits, measurement input value | 0.07 | 0.16 |
Borrowings, measurement input value | 0.05 | 0.05 |
Minimum | Recurring | Level 3 | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.39 | 0.38 |
Minimum | Recurring | Level 3 | Option Model | Equity - FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.75) | (0.75) |
Minimum | Recurring | Level 3 | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.27) | (0.26) |
Minimum | Recurring | Level 3 | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.02) | (0.02) |
Minimum | Recurring | Level 3 | U.S. Treasury and agency securities | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.18 | |
Minimum | Recurring | Level 3 | MABS | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0 | 0 |
Minimum | Recurring | Level 3 | Loans and lending commitments | Comparable Pricing | Loan Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.71 | 0.69 |
Minimum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.0012 | 0.0009 |
Minimum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Discount Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.01 | 0.01 |
Minimum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.13 | 0.15 |
Minimum | Recurring | Level 3 | Corporate and other debt | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.10 | 0.11 |
Minimum | Recurring | Level 3 | Corporate and other debt | Discounted Cash Flow | Recovery Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.51 | |
Minimum | Recurring | Level 3 | Interest rate | Option Model | IR Curve Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.46 | 0.47 |
Minimum | Recurring | Level 3 | Interest rate | Option Model | Bond Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.06 | 0.04 |
Minimum | Recurring | Level 3 | Interest rate | Option Model | Inflation Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.24 | 0.24 |
Minimum | Recurring | Level 3 | Interest rate | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.02 | 0.24 |
Minimum | Recurring | Level 3 | Credit | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0 | 0 |
Minimum | Recurring | Level 3 | Credit | Comparable Pricing | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0020 | 0.0009 |
Minimum | Recurring | Level 3 | Credit | Comparable Pricing | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0204 | 0.0047 |
Minimum | Recurring | Level 3 | Credit | Correlation Model | Credit Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.40 | 0.29 |
Minimum | Recurring | Level 3 | Foreign exchange | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.85 | |
Minimum | Recurring | Level 3 | Foreign exchange | Option Model | IR Curve | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.10 | |
Minimum | Recurring | Level 3 | Foreign exchange | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.21 | 0.32 |
Minimum | Recurring | Level 3 | Foreign exchange | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.02 | 0.24 |
Minimum | Recurring | Level 3 | Equity | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.17 | 0.09 |
Minimum | Recurring | Level 3 | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.05 | 0.05 |
Minimum | Recurring | Level 3 | Equity | Option Model | FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.79) | (0.79) |
Minimum | Recurring | Level 3 | Equity | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.07) | (0.11) |
Minimum | Recurring | Level 3 | Equity | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.04) | (0.02) |
Minimum | Recurring | Level 3 | Commodity and other | Option Model | Commodity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.08 | 0.07 |
Minimum | Recurring | Level 3 | Commodity and other | Option Model | Cross-Commodity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.05 | 0.43 |
Minimum | Recurring | Level 3 | Commodity and other | Option Model | Forward Power Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 1 | 3 |
Minimum | Nonrecurring | Level 3 | Corporate Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0044 | 0.0069 |
Minimum | Nonrecurring | Level 3 | Warehouse Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0159 | 0.0287 |
Maximum | Corporate Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0600 | 0.0446 |
Maximum | Warehouse Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0743 | 0.0318 |
Maximum | Recurring | Level 3 | Comparable Pricing | Equity Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 1 | 1 |
Maximum | Recurring | Level 3 | Comparable Pricing | Loan Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Other secured financings, measurement input value | 0.0101 | |
Maximum | Recurring | Level 3 | Discounted Cash Flow | Exit Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 17 | 16 |
Maximum | Recurring | Level 3 | Discounted Cash Flow | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Other secured financings, measurement input value | 0.0161 | 0.0124 |
Maximum | Recurring | Level 3 | Discounted Cash Flow | WACC | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.16 | 0.17 |
Maximum | Recurring | Level 3 | Market Approach | EBITDA Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 22 | 24 |
Maximum | Recurring | Level 3 | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Deposits, measurement input value | 0.24 | 0.37 |
Borrowings, measurement input value | 0.55 | 0.44 |
Maximum | Recurring | Level 3 | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.98 | 0.94 |
Maximum | Recurring | Level 3 | Option Model | Equity - FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.17 | 0.26 |
Maximum | Recurring | Level 3 | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.07 | 0.10 |
Maximum | Recurring | Level 3 | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0 | 0 |
Maximum | Recurring | Level 3 | U.S. Treasury and agency securities | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 1.17 | |
Maximum | Recurring | Level 3 | MABS | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.87 | 0.96 |
Maximum | Recurring | Level 3 | Loans and lending commitments | Comparable Pricing | Loan Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 1 | 1 |
Maximum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.0109 | 0.0039 |
Maximum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Discount Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.10 | 0.09 |
Maximum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.89 | 0.80 |
Maximum | Recurring | Level 3 | Corporate and other debt | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 1.08 | 1.08 |
Maximum | Recurring | Level 3 | Corporate and other debt | Discounted Cash Flow | Recovery Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.62 | |
Maximum | Recurring | Level 3 | Interest rate | Option Model | IR Curve Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.88 | 0.90 |
Maximum | Recurring | Level 3 | Interest rate | Option Model | Bond Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.35 | 0.15 |
Maximum | Recurring | Level 3 | Interest rate | Option Model | Inflation Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.63 | 0.63 |
Maximum | Recurring | Level 3 | Interest rate | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 1.83 | 1.56 |
Maximum | Recurring | Level 3 | Credit | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.98 | 1.04 |
Maximum | Recurring | Level 3 | Credit | Comparable Pricing | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0488 | 0.0469 |
Maximum | Recurring | Level 3 | Credit | Comparable Pricing | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0278 | 0.0117 |
Maximum | Recurring | Level 3 | Credit | Correlation Model | Credit Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.78 | 0.62 |
Maximum | Recurring | Level 3 | Foreign exchange | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.95 | |
Maximum | Recurring | Level 3 | Foreign exchange | Option Model | IR Curve | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.11 | |
Maximum | Recurring | Level 3 | Foreign exchange | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.58 | 0.56 |
Maximum | Recurring | Level 3 | Foreign exchange | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 1.83 | 1.56 |
Maximum | Recurring | Level 3 | Equity | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.78 | 0.90 |
Maximum | Recurring | Level 3 | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.96 | 0.98 |
Maximum | Recurring | Level 3 | Equity | Option Model | FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.55 | 0.60 |
Maximum | Recurring | Level 3 | Equity | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.44 | 0.44 |
Maximum | Recurring | Level 3 | Equity | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0 | 0 |
Maximum | Recurring | Level 3 | Commodity and other | Option Model | Commodity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 1.45 | 1.83 |
Maximum | Recurring | Level 3 | Commodity and other | Option Model | Cross-Commodity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.99 | 0.99 |
Maximum | Recurring | Level 3 | Commodity and other | Option Model | Forward Power Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 137 | 182 |
Fair Values - Fund Interests Me
Fair Values - Fund Interests Measured Based on Net Asset Value (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Measured Based on Net Asset Value | ||
Carrying Value | $ 3,590 | $ 3,521 |
Commitment | 704 | 604 |
Private equity | ||
Measured Based on Net Asset Value | ||
Carrying Value | 2,219 | 2,078 |
Commitment | 557 | 450 |
Carrying Value of Nonredeemable Funds by Contractual Maturity | ||
Less than 5 years | 1,409 | |
5-10 years | 759 | |
Over 10 years | 51 | |
Total | 2,219 | |
Real estate | ||
Measured Based on Net Asset Value | ||
Carrying Value | 1,280 | 1,349 |
Commitment | 147 | 150 |
Carrying Value of Nonredeemable Funds by Contractual Maturity | ||
Less than 5 years | 431 | |
5-10 years | 173 | |
Over 10 years | 676 | |
Total | 1,280 | |
Hedge | ||
Measured Based on Net Asset Value | ||
Carrying Value | 91 | 94 |
Commitment | $ 0 | $ 4 |
Fair Values - Assets and Liab_2
Fair Values - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Assets at fair value | |||
Loans | $ 9,724 | $ 3,043 | |
Other assets—Other investments | 113 | ||
Total | 3,156 | ||
Liabilities at fair value | |||
Other liabilities and accrued expenses—Lending commitments | 568 | 201 | |
Total | 201 | ||
Assets | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | (716) | $ 29 | |
Loans | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | (713) | 36 | |
Other assets—Other investments | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | 0 | (5) | |
Other assets—Premises, equipment and software | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | (3) | (2) | |
Liabilities | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | (316) | 67 | |
Other liabilities and accrued expenses—Lending commitments | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | (316) | $ 67 | |
Level 2 | |||
Assets at fair value | |||
Loans | 5,823 | 1,543 | |
Other assets—Other investments | 0 | ||
Total | 1,543 | ||
Liabilities at fair value | |||
Other liabilities and accrued expenses—Lending commitments | 321 | 132 | |
Total | 132 | ||
Level 3 | |||
Assets at fair value | |||
Loans | 3,901 | 1,500 | |
Other assets—Other investments | 113 | ||
Total | 1,613 | ||
Liabilities at fair value | |||
Other liabilities and accrued expenses—Lending commitments | $ 247 | 69 | |
Total | $ 69 |
Fair Values - Financial Instrum
Fair Values - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Assets | ||
Securities borrowed | $ 72,300 | $ 106,549 |
Customer and other receivables | 74,424 | 55,646 |
Loans | 131,335 | 118,060 |
Financial Liabilities | ||
Deposits | 235,239 | 190,356 |
Securities sold under agreements to repurchase | 45,816 | 54,200 |
Securities loaned | 11,631 | 8,506 |
Other secured financings | 13,058 | 14,698 |
Customer and other payables | 198,074 | 197,834 |
Borrowings | 194,856 | 192,627 |
Additional Disclosures | ||
Accrued interest receivable | 2,400 | 1,700 |
Carrying Value | ||
Financial Assets | ||
Cash and cash equivalents | 131,509 | 82,171 |
Investment securities - HTM | 47,286 | 43,502 |
Securities purchased under agreements to resell | 104,795 | 88,220 |
Securities borrowed | 72,300 | 106,549 |
Customer and other receivables | 69,923 | 51,134 |
Loans | 148,697 | 130,637 |
Other assets | 461 | 495 |
Financial Liabilities | ||
Deposits | 231,187 | 188,257 |
Securities sold under agreements to repurchase | 45,041 | 53,467 |
Securities loaned | 11,631 | 8,506 |
Other secured financings | 6,161 | 6,889 |
Customer and other payables | 195,211 | 195,035 |
Borrowings | 137,694 | 128,166 |
Additional Disclosures | ||
Lending commitments | 105,466 | 119,004 |
Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 131,509 | 82,171 |
Investment securities - HTM | 50,133 | 44,133 |
Securities purchased under agreements to resell | 104,877 | 88,236 |
Securities borrowed | 72,303 | 106,551 |
Customer and other receivables | 69,938 | 51,087 |
Loans | 147,370 | 130,352 |
Other assets | 461 | 495 |
Financial Liabilities | ||
Deposits | 231,555 | 188,639 |
Securities sold under agreements to repurchase | 45,077 | 53,486 |
Securities loaned | 11,633 | 8,506 |
Other secured financings | 6,167 | 6,892 |
Customer and other payables | 195,211 | 195,035 |
Borrowings | 135,158 | 133,573 |
Additional Disclosures | ||
Lending commitments | 2,757 | 1,086 |
Fair Value | Level 1 | ||
Financial Assets | ||
Cash and cash equivalents | 131,509 | 82,171 |
Investment securities - HTM | 32,207 | 30,661 |
Securities purchased under agreements to resell | 0 | 0 |
Securities borrowed | 0 | 0 |
Customer and other receivables | 0 | 0 |
Loans | 0 | 0 |
Other assets | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Securities loaned | 0 | 0 |
Other secured financings | 0 | 0 |
Customer and other payables | 0 | 0 |
Borrowings | 0 | 0 |
Additional Disclosures | ||
Lending commitments | 0 | 0 |
Fair Value | Level 2 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities - HTM | 17,149 | 12,683 |
Securities purchased under agreements to resell | 103,451 | 86,794 |
Securities borrowed | 72,303 | 106,551 |
Customer and other receivables | 67,086 | 48,215 |
Loans | 32,529 | 22,293 |
Other assets | 461 | 495 |
Financial Liabilities | ||
Deposits | 231,555 | 188,639 |
Securities sold under agreements to repurchase | 45,077 | 53,486 |
Securities loaned | 11,633 | 8,506 |
Other secured financings | 6,167 | 6,800 |
Customer and other payables | 195,211 | 195,035 |
Borrowings | 135,148 | 133,563 |
Additional Disclosures | ||
Lending commitments | 1,668 | 748 |
Fair Value | Level 3 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities - HTM | 777 | 789 |
Securities purchased under agreements to resell | 1,426 | 1,442 |
Securities borrowed | 0 | 0 |
Customer and other receivables | 2,852 | 2,872 |
Loans | 114,841 | 108,059 |
Other assets | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Securities loaned | 0 | 0 |
Other secured financings | 0 | 92 |
Customer and other payables | 0 | 0 |
Borrowings | 10 | 10 |
Additional Disclosures | ||
Lending commitments | $ 1,089 | $ 338 |
Fair Value Option - Borrowings
Fair Value Option - Borrowings Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurements | ||
Borrowings at fair value | $ 57,162 | $ 64,461 |
Recurring | ||
Fair Value Measurements | ||
Borrowings at fair value | 57,162 | 64,461 |
Recurring | Equity | ||
Fair Value Measurements | ||
Borrowings at fair value | 25,089 | 30,214 |
Recurring | Interest rates | ||
Fair Value Measurements | ||
Borrowings at fair value | 25,195 | 27,298 |
Recurring | Commodities | ||
Fair Value Measurements | ||
Borrowings at fair value | 4,681 | 4,501 |
Recurring | Credit | ||
Fair Value Measurements | ||
Borrowings at fair value | 1,179 | 1,246 |
Recurring | Foreign exchange | ||
Fair Value Measurements | ||
Borrowings at fair value | $ 1,018 | $ 1,202 |
Fair Value Option - Net Revenue
Fair Value Option - Net Revenues from Borrowings under the Fair Value Option (Details) - Borrowings - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value Option Quantitative Disclosures | ||
Earnings impact | $ 3,364 | $ (2,996) |
Trading revenues | ||
Fair Value Option Quantitative Disclosures | ||
Earnings impact | 3,447 | (2,903) |
Interest expense | ||
Fair Value Option Quantitative Disclosures | ||
Earnings impact | $ 83 | $ 93 |
Fair Value Option - Gains (Loss
Fair Value Option - Gains (Losses) Due to Changes in Instrument-Specific Credit Risk (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Fair Value disclosure | |||
Cumulative pre-tax DVA gain (loss) recognized in AOCI | $ 3,022 | $ (1,998) | |
Borrowings | Trading revenues | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | (5) | $ (4) | |
Borrowings | OCI | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 4,948 | (816) | |
Loans and other debt | Trading revenues | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | (281) | 93 | |
Loans and other debt | OCI | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | |
Lending commitments | Trading revenues | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 2 | (1) | |
Lending commitments | OCI | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | |
Deposits | Trading revenues | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | |
Deposits | OCI | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | $ 72 | $ (4) |
Fair Value Option - Difference
Fair Value Option - Difference Between Contractual Principal and Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Loans and other debt | $ 13,654 | $ 13,037 |
Nonaccrual loans | 11,014 | 10,849 |
Borrowings | $ 798 | $ (1,665) |
Fair Value Option - Fair Value
Fair Value Option - Fair Value Loans on Nonaccrual Status (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Nonaccrual loans | $ 1,150 | $ 1,100 |
Nonaccrual loans 90 or more days past due | $ 262 | $ 330 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Derivative Contracts (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Assets | ||
Total gross derivatives | $ 513,252 | $ 319,539 |
Amounts offset against counterparty netting | (398,856) | (245,041) |
Amounts offset against cash collateral netting | (61,386) | (42,497) |
Total in Trading assets | 53,010 | 32,001 |
Amounts not offset against financial instruments collateral | (23,868) | (15,596) |
Amounts not offset against other cash collateral | (83) | (46) |
Net amounts | 29,059 | 16,359 |
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | 3,984 | 1,900 |
Derivative Liabilities | ||
Total gross derivatives | 495,596 | 310,699 |
Amounts offset against counterparty netting | (398,856) | (245,041) |
Amounts offset against cash collateral netting | (55,871) | (37,224) |
Total in Trading liabilities | 40,869 | 28,434 |
Amounts not offset against financial instruments collateral | (12,182) | (8,034) |
Amounts not offset against other cash collateral | (71) | (14) |
Net amounts | 28,616 | 20,386 |
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | 5,601 | 3,680 |
Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 435,886 | 284,943 |
Amounts offset against counterparty netting | (328,104) | (213,710) |
Amounts offset against cash collateral netting | (59,531) | (41,222) |
Total in Trading assets | 48,251 | 30,011 |
Amounts not offset against financial instruments collateral | (23,868) | (15,596) |
Amounts not offset against other cash collateral | (83) | (46) |
Net amounts | 24,300 | 14,369 |
Derivative Liabilities | ||
Total gross derivatives | 418,080 | 277,330 |
Amounts offset against counterparty netting | (328,104) | (213,710) |
Amounts offset against cash collateral netting | (55,307) | (36,392) |
Total in Trading liabilities | 34,669 | 27,228 |
Amounts not offset against financial instruments collateral | (8,357) | (7,747) |
Amounts not offset against other cash collateral | (34) | (14) |
Net amounts | 26,278 | 19,467 |
Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 20,165 | 8,656 |
Amounts offset against counterparty netting | (16,673) | (7,294) |
Amounts offset against cash collateral netting | (1,855) | (1,275) |
Total in Trading assets | 1,637 | 87 |
Amounts not offset against financial instruments collateral | 0 | 0 |
Amounts not offset against other cash collateral | 0 | 0 |
Net amounts | 1,637 | 87 |
Derivative Liabilities | ||
Total gross derivatives | 17,666 | 8,250 |
Amounts offset against counterparty netting | (16,673) | (7,294) |
Amounts offset against cash collateral netting | (564) | (832) |
Total in Trading liabilities | 429 | 124 |
Amounts not offset against financial instruments collateral | 0 | 0 |
Amounts not offset against other cash collateral | (37) | 0 |
Net amounts | 392 | 124 |
Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 57,201 | 25,940 |
Amounts offset against counterparty netting | (54,079) | (24,037) |
Amounts offset against cash collateral netting | 0 | 0 |
Total in Trading assets | 3,122 | 1,903 |
Amounts not offset against financial instruments collateral | 0 | 0 |
Amounts not offset against other cash collateral | 0 | 0 |
Net amounts | 3,122 | 1,903 |
Derivative Liabilities | ||
Total gross derivatives | 59,850 | 25,119 |
Amounts offset against counterparty netting | (54,079) | (24,037) |
Amounts offset against cash collateral netting | 0 | 0 |
Total in Trading liabilities | 5,771 | 1,082 |
Amounts not offset against financial instruments collateral | (3,825) | (287) |
Amounts not offset against other cash collateral | 0 | 0 |
Net amounts | 1,946 | 795 |
Designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 1,537 | 715 |
Derivative Liabilities | ||
Total gross derivatives | 56 | 160 |
Designated as accounting hedges | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 1,447 | 714 |
Derivative Liabilities | ||
Total gross derivatives | 54 | 122 |
Designated as accounting hedges | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 90 | 1 |
Derivative Liabilities | ||
Total gross derivatives | 2 | 38 |
Designated as accounting hedges | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Designated as accounting hedges | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 1,302 | 673 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 1 |
Designated as accounting hedges | Interest rate | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 1,295 | 673 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 1 |
Designated as accounting hedges | Interest rate | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 7 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Designated as accounting hedges | Interest rate | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Designated as accounting hedges | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 235 | 42 |
Derivative Liabilities | ||
Total gross derivatives | 56 | 159 |
Designated as accounting hedges | Foreign exchange | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 152 | 41 |
Derivative Liabilities | ||
Total gross derivatives | 54 | 121 |
Designated as accounting hedges | Foreign exchange | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 83 | 1 |
Derivative Liabilities | ||
Total gross derivatives | 2 | 38 |
Designated as accounting hedges | Foreign exchange | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Not designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 511,715 | 318,824 |
Derivative Liabilities | ||
Total gross derivatives | 495,540 | 310,539 |
Not designated as accounting hedges | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 434,439 | 284,229 |
Derivative Liabilities | ||
Total gross derivatives | 418,026 | 277,208 |
Not designated as accounting hedges | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 20,075 | 8,655 |
Derivative Liabilities | ||
Total gross derivatives | 17,664 | 8,212 |
Not designated as accounting hedges | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 57,201 | 25,940 |
Derivative Liabilities | ||
Total gross derivatives | 59,850 | 25,119 |
Not designated as accounting hedges | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 267,736 | 184,808 |
Derivative Liabilities | ||
Total gross derivatives | 257,989 | 172,630 |
Not designated as accounting hedges | Interest rate | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 252,956 | 179,450 |
Derivative Liabilities | ||
Total gross derivatives | 245,978 | 168,597 |
Not designated as accounting hedges | Interest rate | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 13,730 | 4,839 |
Derivative Liabilities | ||
Total gross derivatives | 10,698 | 3,597 |
Not designated as accounting hedges | Interest rate | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 1,050 | 519 |
Derivative Liabilities | ||
Total gross derivatives | 1,313 | 436 |
Not designated as accounting hedges | Credit | ||
Derivative Assets | ||
Total gross derivatives | 13,358 | 7,312 |
Derivative Liabilities | ||
Total gross derivatives | 13,186 | 7,921 |
Not designated as accounting hedges | Credit | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 10,204 | 4,895 |
Derivative Liabilities | ||
Total gross derivatives | 9,556 | 4,798 |
Not designated as accounting hedges | Credit | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 3,154 | 2,417 |
Derivative Liabilities | ||
Total gross derivatives | 3,630 | 3,123 |
Not designated as accounting hedges | Credit | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Not designated as accounting hedges | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 112,578 | 64,378 |
Derivative Liabilities | ||
Total gross derivatives | 112,742 | 67,496 |
Not designated as accounting hedges | Foreign exchange | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 109,212 | 62,957 |
Derivative Liabilities | ||
Total gross derivatives | 109,225 | 65,965 |
Not designated as accounting hedges | Foreign exchange | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 3,191 | 1,399 |
Derivative Liabilities | ||
Total gross derivatives | 3,336 | 1,492 |
Not designated as accounting hedges | Foreign exchange | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 175 | 22 |
Derivative Liabilities | ||
Total gross derivatives | 181 | 39 |
Not designated as accounting hedges | Equity | ||
Derivative Assets | ||
Total gross derivatives | 95,776 | 51,068 |
Derivative Liabilities | ||
Total gross derivatives | 93,370 | 52,868 |
Not designated as accounting hedges | Equity | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 44,289 | 27,621 |
Derivative Liabilities | ||
Total gross derivatives | 39,606 | 30,135 |
Not designated as accounting hedges | Equity | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Not designated as accounting hedges | Equity | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 51,487 | 23,447 |
Derivative Liabilities | ||
Total gross derivatives | 53,764 | 22,733 |
Not designated as accounting hedges | Commodity and other | ||
Derivative Assets | ||
Total gross derivatives | 22,267 | 11,258 |
Derivative Liabilities | ||
Total gross derivatives | 18,253 | 9,624 |
Not designated as accounting hedges | Commodity and other | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 17,778 | 9,306 |
Derivative Liabilities | ||
Total gross derivatives | 13,661 | 7,713 |
Not designated as accounting hedges | Commodity and other | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Not designated as accounting hedges | Commodity and other | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 4,489 | 1,952 |
Derivative Liabilities | ||
Total gross derivatives | $ 4,592 | $ 1,911 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Notionals of Derivative Contracts (Details) - USD ($) $ in Billions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Notional Amount | ||
Derivative assets | $ 17,579 | $ 16,461 |
Derivative liabilities | 18,135 | 16,098 |
Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 8,040 | 7,577 |
Derivative liabilities | 8,677 | 7,728 |
Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 8,389 | 7,662 |
Derivative liabilities | 8,294 | 7,114 |
Exchange- Traded | ||
Derivatives, Notional Amount | ||
Derivative assets | 1,150 | 1,222 |
Derivative liabilities | 1,164 | 1,256 |
Designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 161 | 110 |
Derivative liabilities | 49 | 82 |
Designated as accounting hedges | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 154 | 108 |
Derivative liabilities | 43 | 71 |
Designated as accounting hedges | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 7 | 2 |
Derivative liabilities | 6 | 11 |
Designated as accounting hedges | Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 15 | 16 |
Derivative liabilities | 6 | 9 |
Designated as accounting hedges | Bilateral OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 10 | 14 |
Derivative liabilities | 0 | 0 |
Designated as accounting hedges | Bilateral OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 5 | 2 |
Derivative liabilities | 6 | 9 |
Designated as accounting hedges | Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 146 | 94 |
Derivative liabilities | 43 | 73 |
Designated as accounting hedges | Cleared OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 144 | 94 |
Derivative liabilities | 43 | 71 |
Designated as accounting hedges | Cleared OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 2 | 0 |
Derivative liabilities | 0 | 2 |
Designated as accounting hedges | Exchange- Traded | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Designated as accounting hedges | Exchange- Traded | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Designated as accounting hedges | Exchange- Traded | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Not designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 17,418 | 16,351 |
Derivative liabilities | 18,086 | 16,016 |
Not designated as accounting hedges | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 12,904 | 12,360 |
Derivative liabilities | 13,653 | 11,717 |
Not designated as accounting hedges | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 284 | 215 |
Derivative liabilities | 288 | 237 |
Not designated as accounting hedges | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 3,168 | 2,768 |
Derivative liabilities | 3,094 | 2,946 |
Not designated as accounting hedges | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 879 | 848 |
Derivative liabilities | 893 | 970 |
Not designated as accounting hedges | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 183 | 160 |
Derivative liabilities | 158 | 146 |
Not designated as accounting hedges | Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 8,025 | 7,561 |
Derivative liabilities | 8,671 | 7,719 |
Not designated as accounting hedges | Bilateral OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 4,261 | 4,230 |
Derivative liabilities | 5,085 | 4,185 |
Not designated as accounting hedges | Bilateral OTC | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 173 | 136 |
Derivative liabilities | 164 | 153 |
Not designated as accounting hedges | Bilateral OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 3,054 | 2,667 |
Derivative liabilities | 2,981 | 2,841 |
Not designated as accounting hedges | Bilateral OTC | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 426 | 429 |
Derivative liabilities | 352 | 455 |
Not designated as accounting hedges | Bilateral OTC | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 111 | 99 |
Derivative liabilities | 89 | 85 |
Not designated as accounting hedges | Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 8,243 | 7,568 |
Derivative liabilities | 8,251 | 7,041 |
Not designated as accounting hedges | Cleared OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 8,028 | 7,398 |
Derivative liabilities | 8,023 | 6,866 |
Not designated as accounting hedges | Cleared OTC | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 111 | 79 |
Derivative liabilities | 124 | 84 |
Not designated as accounting hedges | Cleared OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 104 | 91 |
Derivative liabilities | 104 | 91 |
Not designated as accounting hedges | Cleared OTC | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Not designated as accounting hedges | Cleared OTC | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Not designated as accounting hedges | Exchange- Traded | ||
Derivatives, Notional Amount | ||
Derivative assets | 1,150 | 1,222 |
Derivative liabilities | 1,164 | 1,256 |
Not designated as accounting hedges | Exchange- Traded | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 615 | 732 |
Derivative liabilities | 545 | 666 |
Not designated as accounting hedges | Exchange- Traded | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Not designated as accounting hedges | Exchange- Traded | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 10 | 10 |
Derivative liabilities | 9 | 14 |
Not designated as accounting hedges | Exchange- Traded | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 453 | 419 |
Derivative liabilities | 541 | 515 |
Not designated as accounting hedges | Exchange- Traded | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 72 | 61 |
Derivative liabilities | $ 69 | $ 61 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Gains (Losses) on Accounting Hedges and Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Investment Securities - AFS | |||
Fair Value Hedges - Hedged Items | |||
Carrying amount of currently or previously hedged asset | $ 1,969 | $ 917 | |
Basis adjustments included in carrying amount | 77 | 14 | |
Deposits | |||
Fair Value Hedges - Hedged Items | |||
Carrying amount of currently or previously hedged asset | 18,335 | 5,435 | |
Basis adjustments included in carrying amount | 254 | (7) | |
Borrowings | |||
Borrowings | |||
Carrying amount of currently or previously hedged liability | 109,810 | 102,456 | |
Basis adjustments included in carrying amount | 9,007 | $ 2,593 | |
Fair Value Hedges | Interest Income | Interest rate | |||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||
Gains (losses) recognized in Interest Expense | (64) | $ (5) | |
Fair Value Hedges | Interest Income | Investment Securities - AFS | |||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||
Gains (losses) recognized in Interest Expense | 65 | 5 | |
Fair Value Hedges | Interest expense | Interest rate | |||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||
Gains (losses) recognized in Interest Expense | 6,667 | 1,577 | |
Fair Value Hedges | Interest expense | Deposits | |||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||
Gains (losses) recognized in Interest Expense | (261) | 0 | |
Fair Value Hedges | Interest expense | Borrowings | |||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||
Gains (losses) recognized in Interest Expense | (6,432) | (1,621) | |
Net Investment Hedges | Foreign exchange | |||
Net Investment Hedges | |||
Recognized in OCI | 410 | 64 | |
Forward points excluded from hedge effectiveness testing—Recognized in Interest income | $ 33 | $ 35 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Credit Risk-Related Contingencies (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives | ||
Net derivative liabilities with credit risk-related contingent features | $ 33,064 | $ 21,620 |
Collateral posted | 28,502 | $ 17,392 |
Bilateral Downgrade Agreement | ||
Derivatives | ||
Incremental collateral or termination payments upon potential future ratings downgrade | 614 | |
One-notch downgrade | ||
Derivatives | ||
Incremental collateral or termination payments upon potential future ratings downgrade | 325 | |
Two-notch downgrade | ||
Derivatives | ||
Incremental collateral or termination payments upon potential future ratings downgrade | $ 377 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Maximum Potential Payout/Notional of Credit Protection Sold (Details) - Credit Protection Sold - USD ($) $ in Billions | Mar. 31, 2020 | Dec. 31, 2019 |
Credit Derivatives | ||
Maximum potential payout/notional | $ 278 | $ 216 |
Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 34 | 36 |
1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 39 | 37 |
3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 136 | 112 |
Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 69 | 31 |
CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 278 | 216 |
CDS protection sold with identical protection purchased | 242 | 187 |
CDS | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 34 | 36 |
CDS | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 39 | 37 |
CDS | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 136 | 112 |
CDS | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 69 | 31 |
Single-name CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 116 | 110 |
Single-name CDS | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 22 | 25 |
Single-name CDS | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 26 | 26 |
Single-name CDS | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 50 | 49 |
Single-name CDS | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 18 | 10 |
Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 77 | 75 |
Single-name CDS | Investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 13 | 16 |
Single-name CDS | Investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 17 | 17 |
Single-name CDS | Investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 34 | 33 |
Single-name CDS | Investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 13 | 9 |
Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 39 | 35 |
Single-name CDS | Non-investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 9 | 9 |
Single-name CDS | Non-investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 9 | 9 |
Single-name CDS | Non-investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 16 | 16 |
Single-name CDS | Non-investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 5 | 1 |
Index and basket CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 162 | 106 |
Index and basket CDS | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 12 | 11 |
Index and basket CDS | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 13 | 11 |
Index and basket CDS | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 86 | 63 |
Index and basket CDS | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 51 | 21 |
Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 112 | 68 |
Index and basket CDS | Investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 5 | 4 |
Index and basket CDS | Investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 8 | 7 |
Index and basket CDS | Investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 65 | 46 |
Index and basket CDS | Investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 34 | 11 |
Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 50 | 38 |
Index and basket CDS | Non-investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 7 | 7 |
Index and basket CDS | Non-investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 5 | 4 |
Index and basket CDS | Non-investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 21 | 17 |
Index and basket CDS | Non-investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 17 | 10 |
Other credit contracts | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Other credit contracts | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Other credit contracts | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Other credit contracts | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Other credit contracts | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | $ 0 | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Fair Value Asset/(Liability) of Credit Protection Sold (Details) - Credit Protection Sold - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Credit Derivatives | ||
Fair Value Asset (Liability) | $ (9,859) | $ 1,686 |
CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (9,855) | 1,703 |
Single-name CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (4,313) | 517 |
Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (963) | 1,057 |
Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (3,350) | (540) |
Index and basket CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (5,542) | 1,186 |
Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (693) | 1,052 |
Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (4,849) | 134 |
Other credit contracts | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | $ (4) | $ (17) |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities - Protection Purchased with CDS (Details) - Protection Purchased - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Credit Derivatives | ||
Notional | $ 294,000 | $ 236,000 |
CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 10,027 | (2,312) |
Single name | ||
Credit Derivatives | ||
Notional | 123,000 | 118,000 |
Fair Value Asset (Liability) | 4,152 | (723) |
Index and basket | ||
Credit Derivatives | ||
Notional | 153,000 | 103,000 |
Fair Value Asset (Liability) | 5,176 | (1,139) |
Tranched index and basket | ||
Credit Derivatives | ||
Notional | 18,000 | 15,000 |
Fair Value Asset (Liability) | $ 699 | $ (450) |
Investment Securities - AFS and
Investment Securities - AFS and HTM Securities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Investment securities | ||
Amortized Cost | $ 114,154 | $ 105,454 |
Gross Unrealized Gains | 5,190 | 1,309 |
Gross Unrealized Losses | 340 | 407 |
Fair Value | 119,004 | 106,356 |
AFS securities | ||
Amortized Cost | 66,868 | 61,952 |
Gross Unrealized Gains | 2,323 | 568 |
Gross Unrealized Losses | 320 | 297 |
Fair Value | 68,871 | 62,223 |
HTM securities | ||
Net Carrying Amount | 47,286 | |
Amortized Cost | 43,502 | |
Gross Unrealized Gains | 2,867 | 741 |
Gross Unrealized Losses | 20 | 110 |
Fair Value | 50,133 | 44,133 |
U.S. Treasury and agency securities | ||
AFS securities | ||
Amortized Cost | 57,287 | 53,190 |
Gross Unrealized Gains | 2,015 | 473 |
Gross Unrealized Losses | 82 | 211 |
Fair Value | 59,220 | 53,452 |
HTM securities | ||
Net Carrying Amount | 46,493 | |
Amortized Cost | 42,734 | |
Gross Unrealized Gains | 2,863 | 719 |
Gross Unrealized Losses | 0 | 109 |
Fair Value | 49,356 | 43,344 |
U.S. Treasury securities | ||
AFS securities | ||
Amortized Cost | 34,600 | 32,465 |
Gross Unrealized Gains | 1,298 | 224 |
Gross Unrealized Losses | 0 | 111 |
Fair Value | 35,898 | 32,578 |
HTM securities | ||
Net Carrying Amount | 29,951 | |
Amortized Cost | 30,145 | |
Gross Unrealized Gains | 2,256 | 568 |
Gross Unrealized Losses | 0 | 52 |
Fair Value | 32,207 | 30,661 |
U.S. agency securities | ||
AFS securities | ||
Amortized Cost | 22,687 | 20,725 |
Gross Unrealized Gains | 717 | 249 |
Gross Unrealized Losses | 82 | 100 |
Fair Value | 23,322 | 20,874 |
HTM securities | ||
Net Carrying Amount | 16,542 | |
Amortized Cost | 12,589 | |
Gross Unrealized Gains | 607 | 151 |
Gross Unrealized Losses | 0 | 57 |
Fair Value | 17,149 | 12,683 |
Corporate and other debt | ||
AFS securities | ||
Amortized Cost | 9,581 | 8,762 |
Gross Unrealized Gains | 308 | 95 |
Gross Unrealized Losses | 238 | 86 |
Fair Value | 9,651 | 8,771 |
HTM securities | ||
Net Carrying Amount | 793 | |
Fair Value | 777 | |
Agency CMBS | ||
AFS securities | ||
Amortized Cost | 4,765 | 4,810 |
Gross Unrealized Gains | 244 | 55 |
Gross Unrealized Losses | 8 | 57 |
Fair Value | 5,001 | 4,808 |
Non-agency CMBS | ||
HTM securities | ||
Net Carrying Amount | 793 | |
Amortized Cost | 768 | |
Gross Unrealized Gains | 4 | 22 |
Gross Unrealized Losses | 20 | 1 |
Fair Value | 777 | 789 |
Corporate bonds | ||
AFS securities | ||
Amortized Cost | 1,828 | 1,891 |
Gross Unrealized Gains | 16 | 17 |
Gross Unrealized Losses | 35 | 1 |
Fair Value | 1,809 | 1,907 |
State and municipal securities | ||
AFS securities | ||
Amortized Cost | 1,453 | 481 |
Gross Unrealized Gains | 48 | 22 |
Gross Unrealized Losses | 48 | 0 |
Fair Value | 1,453 | 503 |
FFELP Student Loan ABS | ||
AFS securities | ||
Amortized Cost | 1,535 | 1,580 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 147 | 28 |
Fair Value | $ 1,388 | $ 1,553 |
HTM securities | ||
Third party guarantees (as a percent) | 95.00% |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |
Transfers from trading assets to available-for-sale | $ 441 |
Non-agency CMBS | |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized cost of held-to-maturity securities | 47,312 |
Allowance for credit loss related to held-to-maturity securities | $ 26 |
Investment Securities - Investm
Investment Securities - Investment Securities in an Unrealized Loss Position (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
AFS securities | ||
AFS: Fair Value, Less than 12 Months | $ 2,735 | $ 10,013 |
AFS: Fair Value, 12 Months or Longer | 5,658 | 17,491 |
AFS: Fair Value, Total | 8,393 | 27,504 |
AFS: Gross Unrealized Losses, Less than 12 Months | 108 | 75 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 212 | 222 |
AFS: Gross Unrealized Losses, Total | 320 | 297 |
HTM securities | ||
HTM: Fair Value, Less than 12 Months | 8,733 | |
HTM: Fair Value, 12 Months or Longer | 3,136 | |
HTM: Fair Value, Total | 11,869 | |
HTM: Gross Unrealized Losses, Less than 12 Months | 71 | |
HTM: Gross Unrealized Losses, 12 Months or Longer | 39 | |
HTM: Gross Unrealized Losses, Total | 110 | |
Total investment securities | ||
Investment securities: Fair Value, Less than 12 Months | 18,746 | |
Investment securities: Fair Value, 12 Months or Longer | 20,627 | |
Investment securities: Fair Value | 39,373 | |
Investment securities: Gross Unrealized Loss, Less than 12 Months | 146 | |
Investment securities: Gross Unrealized Loss, 12 Months or Longer | 261 | |
Investment securities: Gross Unrealized Loss | 407 | |
U.S. Treasury and agency securities | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 7,434 | |
AFS: Fair Value, 12 Months or Longer | 15,601 | |
AFS: Fair Value, Total | 23,035 | |
AFS: Gross Unrealized Losses, Less than 12 Months | 48 | |
AFS: Gross Unrealized Losses, 12 Months or Longer | 163 | |
AFS: Gross Unrealized Losses, Total | 211 | |
HTM securities | ||
HTM: Fair Value, Less than 12 Months | 8,566 | |
HTM: Fair Value, 12 Months or Longer | 3,071 | |
HTM: Fair Value, Total | 11,637 | |
HTM: Gross Unrealized Losses, Less than 12 Months | 70 | |
HTM: Gross Unrealized Losses, 12 Months or Longer | 39 | |
HTM: Gross Unrealized Losses, Total | 109 | |
U.S. Treasury securities | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 4,793 | |
AFS: Fair Value, 12 Months or Longer | 7,904 | |
AFS: Fair Value, Total | 12,697 | |
AFS: Gross Unrealized Losses, Less than 12 Months | 28 | |
AFS: Gross Unrealized Losses, 12 Months or Longer | 83 | |
AFS: Gross Unrealized Losses, Total | 111 | |
HTM securities | ||
HTM: Fair Value, Less than 12 Months | 6,042 | |
HTM: Fair Value, 12 Months or Longer | 651 | |
HTM: Fair Value, Total | 6,693 | |
HTM: Gross Unrealized Losses, Less than 12 Months | 52 | |
HTM: Gross Unrealized Losses, 12 Months or Longer | 0 | |
HTM: Gross Unrealized Losses, Total | 52 | |
U.S. agency securities | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 931 | 2,641 |
AFS: Fair Value, 12 Months or Longer | 3,892 | 7,697 |
AFS: Fair Value, Total | 4,823 | 10,338 |
AFS: Gross Unrealized Losses, Less than 12 Months | 7 | 20 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 75 | 80 |
AFS: Gross Unrealized Losses, Total | 82 | 100 |
HTM securities | ||
HTM: Fair Value, Less than 12 Months | 2,524 | |
HTM: Fair Value, 12 Months or Longer | 2,420 | |
HTM: Fair Value, Total | 4,944 | |
HTM: Gross Unrealized Losses, Less than 12 Months | 18 | |
HTM: Gross Unrealized Losses, 12 Months or Longer | 39 | |
HTM: Gross Unrealized Losses, Total | 57 | |
Corporate and other debt | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 1,804 | 2,579 |
AFS: Fair Value, 12 Months or Longer | 1,766 | 1,890 |
AFS: Fair Value, Total | 3,570 | 4,469 |
AFS: Gross Unrealized Losses, Less than 12 Months | 101 | 27 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 137 | 59 |
AFS: Gross Unrealized Losses, Total | 238 | 86 |
Agency CMBS | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 30 | 2,294 |
AFS: Fair Value, 12 Months or Longer | 670 | 681 |
AFS: Fair Value, Total | 700 | 2,975 |
AFS: Gross Unrealized Losses, Less than 12 Months | 0 | 26 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 8 | 31 |
AFS: Gross Unrealized Losses, Total | 8 | 57 |
Non-agency CMBS | ||
HTM securities | ||
HTM: Fair Value, Less than 12 Months | 167 | |
HTM: Fair Value, 12 Months or Longer | 65 | |
HTM: Fair Value, Total | 232 | |
HTM: Gross Unrealized Losses, Less than 12 Months | 1 | |
HTM: Gross Unrealized Losses, 12 Months or Longer | 0 | |
HTM: Gross Unrealized Losses, Total | 1 | |
Corporate bonds | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 747 | 194 |
AFS: Fair Value, 12 Months or Longer | 58 | 44 |
AFS: Fair Value, Total | 805 | 238 |
AFS: Gross Unrealized Losses, Less than 12 Months | 24 | 1 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 11 | 0 |
AFS: Gross Unrealized Losses, Total | 35 | 1 |
State and municipal securities | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 678 | |
AFS: Fair Value, 12 Months or Longer | 0 | |
AFS: Fair Value, Total | 678 | |
AFS: Gross Unrealized Losses, Less than 12 Months | 48 | |
AFS: Gross Unrealized Losses, 12 Months or Longer | 0 | |
AFS: Gross Unrealized Losses, Total | 48 | |
FFELP Student Loan ABS | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 349 | 91 |
AFS: Fair Value, 12 Months or Longer | 1,038 | 1,165 |
AFS: Fair Value, Total | 1,387 | 1,256 |
AFS: Gross Unrealized Losses, Less than 12 Months | 29 | 0 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 118 | 28 |
AFS: Gross Unrealized Losses, Total | $ 147 | $ 28 |
Investment Securities - Inves_2
Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Amortized Cost | ||
AFS securities: Amortized cost, total | $ 66,868 | $ 61,952 |
HTM securities: Net carrying amount, total | 47,286 | |
Investment securities: Amortized cost, total | 114,154 | 105,454 |
Fair Value | ||
AFS securities: Fair value, total | 68,871 | 62,223 |
HTM securities: Fair value, total | 50,133 | 44,133 |
Investment securities: Fair value, total | $ 119,004 | 106,356 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, total (as a percent) | 2.00% | |
HTM securities: Annualized average yield, total (as a percent) | 2.30% | |
Investment securities: Annualized average yield, total (as a percent) | 2.10% | |
U.S. Treasury and agency securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, total | $ 57,287 | 53,190 |
HTM securities: Net carrying amount, total | 46,493 | |
Fair Value | ||
AFS securities: Fair value, total | 59,220 | 53,452 |
HTM securities: Fair value, total | $ 49,356 | 43,344 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, total (as a percent) | 1.90% | |
HTM securities: Annualized average yield, total (as a percent) | 2.20% | |
U.S. Treasury securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 3,728 | |
AFS securities: Amortized cost, after 1 year through 5 years | 27,748 | |
AFS securities: Amortized cost, after 5 years through 10 years | 3,124 | |
AFS securities: Amortized cost, total | 34,600 | 32,465 |
HTM securities: Net carrying amount, due within 1 year | 3,282 | |
HTM securities: Net carrying amount, after 1 year through 5 years | 17,769 | |
HTM securities: Net carrying amount, after 5 year through 10 years | 7,818 | |
HTM securities: Net carrying amount, after 10 years | 1,082 | |
HTM securities: Net carrying amount, total | 29,951 | |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 3,770 | |
AFS securities: Fair value, after 1 year through 5 years | 28,791 | |
AFS securities: Fair value, after 5 years through 10 years | 3,337 | |
AFS securities: Fair value, total | 35,898 | 32,578 |
HTM securities: Fair value, due within 1 year | 3,332 | |
HTM securities: Fair value, after 1 year through 5 years | 18,733 | |
HTM securities: Fair value, after 5 years through 10 years | 8,777 | |
HTM securities: Fair value, after 10 years | 1,365 | |
HTM securities: Fair value, total | $ 32,207 | 30,661 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 2.00% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 1.70% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 1.60% | |
HTM securities: Annualized average yield, due within 1 year (as a percent) | 2.60% | |
HTM securities: Annualized average yield, after 1 years through 5 years (as a percent) | 2.00% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 2.20% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 2.50% | |
U.S. agency securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 235 | |
AFS securities: Amortized cost, after 1 year through 5 years | 78 | |
AFS securities: Amortized cost, after 5 years through 10 years | 1,293 | |
AFS securities: Amortized cost, after 10 years | 21,081 | |
AFS securities: Amortized cost, total | 22,687 | 20,725 |
HTM securities: Net carrying amount, after 5 year through 10 years | 50 | |
HTM securities: Net carrying amount, after 10 years | 16,492 | |
HTM securities: Net carrying amount, total | 16,542 | |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 236 | |
AFS securities: Fair value, after 1 year through 5 years | 78 | |
AFS securities: Fair value, after 5 years through 10 years | 1,322 | |
AFS securities: Fair value, after 10 years | 21,686 | |
AFS securities: Fair value, total | 23,322 | 20,874 |
HTM securities: Fair value, after 5 years through 10 years | 51 | |
HTM securities: Fair value, after 10 years | 17,098 | |
HTM securities: Fair value, total | $ 17,149 | 12,683 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 0.80% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 1.40% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 1.80% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 2.30% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 1.80% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 2.40% | |
Corporate and other debt | ||
Amortized Cost | ||
AFS securities: Amortized cost, total | $ 9,581 | 8,762 |
HTM securities: Net carrying amount, total | 793 | |
Fair Value | ||
AFS securities: Fair value, total | 9,651 | 8,771 |
HTM securities: Fair value, total | $ 777 | |
Annualized Average Yield | ||
AFS securities: Annualized average yield, total (as a percent) | 2.30% | |
HTM securities: Annualized average yield, total (as a percent) | 4.00% | |
Agency CMBS | ||
Amortized Cost | ||
AFS securities: Amortized cost, after 1 year through 5 years | $ 599 | |
AFS securities: Amortized cost, after 5 years through 10 years | 3,273 | |
AFS securities: Amortized cost, after 10 years | 893 | |
AFS securities: Amortized cost, total | 4,765 | 4,810 |
Fair Value | ||
AFS securities: Fair value, after 1 year through 5 years | 605 | |
AFS securities: Fair value, after 5 years through 10 years | 3,488 | |
AFS securities: Fair value, after 10 years | 908 | |
AFS securities: Fair value, total | $ 5,001 | 4,808 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 1.80% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 2.50% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 2.00% | |
Non-agency CMBS | ||
Amortized Cost | ||
HTM securities: Net carrying amount, due within 1 year | $ 100 | |
HTM securities: Net carrying amount, after 1 year through 5 years | 107 | |
HTM securities: Net carrying amount, after 5 year through 10 years | 549 | |
HTM securities: Net carrying amount, after 10 years | 37 | |
HTM securities: Net carrying amount, total | 793 | |
Fair Value | ||
HTM securities: Fair value, due within 1 year | 99 | |
HTM securities: Fair value, after 1 year through 5 years | 104 | |
HTM securities: Fair value, after 5 years through 10 years | 536 | |
HTM securities: Fair value, after 10 years | 38 | |
HTM securities: Fair value, total | $ 777 | 789 |
Annualized Average Yield | ||
HTM securities: Annualized average yield, due within 1 year (as a percent) | 4.80% | |
HTM securities: Annualized average yield, after 1 years through 5 years (as a percent) | 3.70% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 3.90% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 4.40% | |
Corporate bonds | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 44 | |
AFS securities: Amortized cost, after 1 year through 5 years | 1,439 | |
AFS securities: Amortized cost, after 5 years through 10 years | 345 | |
AFS securities: Amortized cost, total | 1,828 | 1,891 |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 44 | |
AFS securities: Fair value, after 1 year through 5 years | 1,439 | |
AFS securities: Fair value, after 5 years through 10 years | 326 | |
AFS securities: Fair value, total | $ 1,809 | 1,907 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 2.30% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 2.60% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 2.90% | |
State and municipal securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, after 1 year through 5 years | $ 2 | |
AFS securities: Amortized cost, after 5 years through 10 years | 139 | |
AFS securities: Amortized cost, after 10 years | 1,312 | |
AFS securities: Amortized cost, total | 1,453 | 481 |
Fair Value | ||
AFS securities: Fair value, after 1 year through 5 years | 2 | |
AFS securities: Fair value, after 5 years through 10 years | 142 | |
AFS securities: Fair value, after 10 years | 1,309 | |
AFS securities: Fair value, total | $ 1,453 | 503 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 3.40% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 3.10% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 2.80% | |
FFELP Student Loan ABS | ||
Amortized Cost | ||
AFS securities: Amortized cost, after 1 year through 5 years | $ 98 | |
AFS securities: Amortized cost, after 5 years through 10 years | 307 | |
AFS securities: Amortized cost, after 10 years | 1,130 | |
AFS securities: Amortized cost, total | 1,535 | 1,580 |
Fair Value | ||
AFS securities: Fair value, after 1 year through 5 years | 87 | |
AFS securities: Fair value, after 5 years through 10 years | 270 | |
AFS securities: Fair value, after 10 years | 1,031 | |
AFS securities: Fair value, total | $ 1,388 | $ 1,553 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 0.80% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 0.90% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 1.20% |
Investment Securities - Gross R
Investment Securities - Gross Realized Gains (Losses) on Sales of AFS Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
AFS securities | ||
Gross realized gains | $ 49 | $ 19 |
Gross realized (losses) | (8) | (9) |
Total | $ 41 | $ 10 |
Collateralized Transactions - O
Collateralized Transactions - Offsetting of Certain Collateralized Transactions (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Securities purchased under agreements to resell | ||
Gross amounts | $ 249,124 | $ 247,545 |
Amounts offset | (144,324) | (159,321) |
Net amounts presented | 104,800 | 88,224 |
Amounts not offset | (98,800) | (85,200) |
Net amounts | 6,000 | 3,024 |
Securities borrowed | ||
Gross amounts | 76,276 | 109,528 |
Amounts offset | (3,976) | (2,979) |
Net amounts presented | 72,300 | 106,549 |
Amounts not offset | (67,384) | (101,850) |
Net amounts | 4,916 | 4,699 |
Securities sold under agreements to repurchase | ||
Gross amounts | 189,937 | 213,519 |
Amounts offset | (144,121) | (159,319) |
Net amounts presented | 45,816 | 54,200 |
Amounts not offset | (39,114) | (44,549) |
Net amounts | 6,702 | 9,651 |
Securities loaned | ||
Gross amounts | 15,810 | 11,487 |
Amounts offset | (4,179) | (2,981) |
Net amounts presented | 11,631 | 8,506 |
Amounts not offset | (11,241) | (8,324) |
Net amounts | 390 | 182 |
Net amounts for which master netting agreements are not in place or may not be legally enforceable | ||
Securities purchased under agreements to resell | 5,403 | 2,255 |
Securities borrowed | 1,010 | 1,181 |
Securities sold under agreements to repurchase | 5,325 | 8,033 |
Securities loaned | $ 134 | $ 101 |
Collateralized Transactions - G
Collateralized Transactions - Gross Secured Financing Balances (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | $ 189,937 | $ 213,519 |
Securities loaned | 15,810 | 11,487 |
Total included in the offsetting disclosure | 205,747 | 225,006 |
Trading liabilities— Obligation to return securities received as collateral | 15,270 | 23,877 |
Total | 221,017 | 248,883 |
U.S. Treasury and agency securities | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 77,557 | 68,895 |
State and municipal securities | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 689 | 905 |
Other sovereign government obligations | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 88,871 | 109,414 |
Securities loaned | 4,876 | 3,026 |
ABS | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 2,278 | 2,218 |
Corporate and other debt | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 7,369 | 6,066 |
Corporate equities | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 12,710 | 25,563 |
Securities loaned | 10,277 | 8,422 |
Trading liabilities— Obligation to return securities received as collateral | 15,263 | 23,873 |
Other | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 463 | 458 |
Securities loaned | 657 | 39 |
Trading liabilities— Obligation to return securities received as collateral | 7 | 4 |
Overnight and Open | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 65,591 | 67,158 |
Securities loaned | 6,824 | 2,378 |
Total included in the offsetting disclosure | 72,415 | 69,536 |
Trading liabilities— Obligation to return securities received as collateral | 15,270 | 23,877 |
Total | 87,685 | 93,413 |
Less than 30 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 60,940 | 81,300 |
Securities loaned | 214 | 3,286 |
Total included in the offsetting disclosure | 61,154 | 84,586 |
Trading liabilities— Obligation to return securities received as collateral | 0 | 0 |
Total | 61,154 | 84,586 |
30-90 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 25,746 | 26,904 |
Securities loaned | 2,034 | 516 |
Total included in the offsetting disclosure | 27,780 | 27,420 |
Trading liabilities— Obligation to return securities received as collateral | 0 | 0 |
Total | 27,780 | 27,420 |
Over 90 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 37,660 | 38,157 |
Securities loaned | 6,738 | 5,307 |
Total included in the offsetting disclosure | 44,398 | 43,464 |
Trading liabilities— Obligation to return securities received as collateral | 0 | 0 |
Total | $ 44,398 | $ 43,464 |
Collateralized Transactions - A
Collateralized Transactions - Assets Loaned or Pledged (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Collateralized Agreements [Abstract] | ||
Trading assets | $ 40,345 | $ 41,201 |
Loans (before allowance for credit losses) | 1,158 | 750 |
Total | $ 41,503 | $ 41,951 |
Collateralized Transactions - C
Collateralized Transactions - Collateral Received (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Collateralized Agreements [Abstract] | ||
Collateral received with right to sell or repledge | $ 604,450 | $ 679,280 |
Collateral that was sold or repledged | $ 483,708 | $ 539,412 |
Collateralized Transactions - S
Collateralized Transactions - Segregated Securities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Collateralized Agreements [Abstract] | ||
Segregated securities | $ 35,491 | $ 25,061 |
Collateralized Transactions -_2
Collateralized Transactions - Customer Margin Lending (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Collateralized Agreements [Abstract] | ||
Customer receivables representing margin loans | $ 26,181 | $ 31,916 |
Loans, Lending Commitments an_3
Loans, Lending Commitments and Related Allowance for Credit Losses - Loans by Type (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Loans Held for Investment | ||||
Loans held for investment, before allowance | $ 131,952 | $ 118,409 | ||
Allowance for credit losses | (617) | (349) | $ (259) | $ (238) |
Loans held for investment, net | 131,335 | 118,060 | ||
Loans Held for Sale | ||||
Loans held for sale, before allowance | 17,362 | 12,577 | ||
Allowance for credit losses | 0 | 0 | ||
Loans held for sale, net | 17,362 | 12,577 | ||
Total Loans | ||||
Total loans, before allowance | 149,314 | 130,986 | ||
Allowance for credit losses | (617) | (349) | ||
Total loans, net | 148,697 | 130,637 | ||
Fixed rate loans, net | 25,155 | 22,716 | ||
Floating or adjustable rate loans, net | 123,542 | 107,921 | ||
Loans to non-U.S. borrowers, net | 24,633 | 21,617 | ||
Corporate | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 61,474 | 48,756 | ||
Allowance for credit losses | (393) | (241) | (164) | (144) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 15,525 | 10,515 | ||
Total Loans | ||||
Total loans, before allowance | 76,999 | 59,271 | ||
Consumer | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 31,948 | 31,610 | ||
Allowance for credit losses | (3) | (8) | (6) | (7) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 0 | 0 | ||
Total Loans | ||||
Total loans, before allowance | 31,948 | 31,610 | ||
Residential real estate | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 31,100 | 30,184 | ||
Allowance for credit losses | (47) | (25) | (22) | (20) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 14 | 13 | ||
Total Loans | ||||
Total loans, before allowance | 31,114 | 30,197 | ||
Commercial real estate | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 7,430 | 7,859 | ||
Allowance for credit losses | (174) | (75) | $ (67) | $ (67) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 1,823 | 2,049 | ||
Total Loans | ||||
Total loans, before allowance | $ 9,253 | $ 9,908 |
Loans, Lending Commitments an_4
Loans, Lending Commitments and Related Allowance for Credit Losses - Loans Held for Investment before Allowance by Credit Quality and Origination Year (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 131,952 | $ 118,409 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 61,474 | 48,756 |
Corporate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 5,281 | |
Corporate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 21,959 | |
Corporate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 24,864 | |
Corporate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 9,370 | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 31,948 | 31,610 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 31,100 | 30,184 |
Residential real estate | Less than or equal to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 28,646 | |
Residential real estate | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 2,454 | |
Residential real estate | Greater than or equal to 740 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 23,737 | |
Residential real estate | 680-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 6,430 | |
Residential real estate | Less than or equal to 679 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 933 | |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 7,430 | $ 7,859 |
Commercial real estate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 159 | |
Commercial real estate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,579 | |
Commercial real estate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 4,201 | |
Commercial real estate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,491 | |
Revolving Loans | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 47,857 | |
Revolving Loans | Corporate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 3,418 | |
Revolving Loans | Corporate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 16,474 | |
Revolving Loans | Corporate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 19,772 | |
Revolving Loans | Corporate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 8,193 | |
Revolving Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 31,362 | |
Revolving Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 149 | |
Revolving Loans | Residential real estate | Less than or equal to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 149 | |
Revolving Loans | Residential real estate | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
Revolving Loans | Residential real estate | Greater than or equal to 740 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 103 | |
Revolving Loans | Residential real estate | 680-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 40 | |
Revolving Loans | Residential real estate | Less than or equal to 679 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 6 | |
Revolving Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 5 | |
Revolving Loans | Commercial real estate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 5 | |
Revolving Loans | Commercial real estate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
Revolving Loans | Commercial real estate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
Revolving Loans | Commercial real estate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
2020 YTD | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,272 | |
2020 YTD | Corporate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 122 | |
2020 YTD | Corporate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 671 | |
2020 YTD | Corporate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 456 | |
2020 YTD | Corporate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 23 | |
2020 YTD | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 62 | |
2020 YTD | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 2,269 | |
2020 YTD | Residential real estate | Less than or equal to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 2,143 | |
2020 YTD | Residential real estate | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 126 | |
2020 YTD | Residential real estate | Greater than or equal to 740 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,865 | |
2020 YTD | Residential real estate | 680-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 369 | |
2020 YTD | Residential real estate | Less than or equal to 679 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 35 | |
2020 YTD | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 190 | |
2020 YTD | Commercial real estate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
2020 YTD | Commercial real estate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
2020 YTD | Commercial real estate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 167 | |
2020 YTD | Commercial real estate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 23 | |
2019 | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 4,249 | |
2019 | Corporate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 631 | |
2019 | Corporate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,234 | |
2019 | Corporate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,940 | |
2019 | Corporate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 444 | |
2019 | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 382 | |
2019 | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 7,815 | |
2019 | Residential real estate | Less than or equal to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 7,290 | |
2019 | Residential real estate | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 525 | |
2019 | Residential real estate | Greater than or equal to 740 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 6,239 | |
2019 | Residential real estate | 680-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,397 | |
2019 | Residential real estate | Less than or equal to 679 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 179 | |
2019 | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 2,955 | |
2019 | Commercial real estate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
2019 | Commercial real estate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 539 | |
2019 | Commercial real estate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 2,056 | |
2019 | Commercial real estate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 360 | |
2018 | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 3,709 | |
2018 | Corporate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 37 | |
2018 | Corporate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 2,083 | |
2018 | Corporate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,096 | |
2018 | Corporate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 493 | |
2018 | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
2018 | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 3,559 | |
2018 | Residential real estate | Less than or equal to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 3,277 | |
2018 | Residential real estate | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 282 | |
2018 | Residential real estate | Greater than or equal to 740 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 2,699 | |
2018 | Residential real estate | 680-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 770 | |
2018 | Residential real estate | Less than or equal to 679 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 90 | |
2018 | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,918 | |
2018 | Commercial real estate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 10 | |
2018 | Commercial real estate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 723 | |
2018 | Commercial real estate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 764 | |
2018 | Commercial real estate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 421 | |
2017 | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,579 | |
2017 | Corporate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 358 | |
2017 | Corporate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 639 | |
2017 | Corporate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 500 | |
2017 | Corporate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 82 | |
2017 | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 16 | |
2017 | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 4,181 | |
2017 | Residential real estate | Less than or equal to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 3,882 | |
2017 | Residential real estate | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 299 | |
2017 | Residential real estate | Greater than or equal to 740 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 3,248 | |
2017 | Residential real estate | 680-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 817 | |
2017 | Residential real estate | Less than or equal to 679 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 116 | |
2017 | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,138 | |
2017 | Commercial real estate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
2017 | Commercial real estate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 217 | |
2017 | Commercial real estate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 577 | |
2017 | Commercial real estate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 344 | |
2016 | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,186 | |
2016 | Corporate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 74 | |
2016 | Corporate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 547 | |
2016 | Corporate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 505 | |
2016 | Corporate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 60 | |
2016 | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 57 | |
2016 | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 5,150 | |
2016 | Residential real estate | Less than or equal to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 4,804 | |
2016 | Residential real estate | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 346 | |
2016 | Residential real estate | Greater than or equal to 740 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 3,924 | |
2016 | Residential real estate | 680-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,074 | |
2016 | Residential real estate | Less than or equal to 679 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 152 | |
2016 | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 758 | |
2016 | Commercial real estate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 134 | |
2016 | Commercial real estate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 100 | |
2016 | Commercial real estate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 352 | |
2016 | Commercial real estate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 172 | |
Prior | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,622 | |
Prior | Corporate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 641 | |
Prior | Corporate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 311 | |
Prior | Corporate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 595 | |
Prior | Corporate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 75 | |
Prior | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 69 | |
Prior | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 7,977 | |
Prior | Residential real estate | Less than or equal to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 7,101 | |
Prior | Residential real estate | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 876 | |
Prior | Residential real estate | Greater than or equal to 740 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 5,659 | |
Prior | Residential real estate | 680-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 1,963 | |
Prior | Residential real estate | Less than or equal to 679 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 355 | |
Prior | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 466 | |
Prior | Commercial real estate | AA-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 10 | |
Prior | Commercial real estate | BBB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
Prior | Commercial real estate | BB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 285 | |
Prior | Commercial real estate | Other NIG | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 171 |
Loans, Lending Commitments an_5
Loans, Lending Commitments and Related Allowance for Credit Losses - Past Due Status of Loans Held for Investment before Allowance (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 131,952 | $ 118,409 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 61,474 | 48,756 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 31,948 | 31,610 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 31,100 | 30,184 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 7,430 | $ 7,859 |
Current | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 61,466 | |
Current | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 31,948 | |
Current | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 30,883 | |
Current | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 7,430 | |
Past due | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 8 | |
Past due | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
Past due | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 217 | |
Past due | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
Total | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 61,474 | |
Total | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 31,948 | |
Total | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 31,100 | |
Total | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 7,430 |
Loans, Lending Commitments an_6
Loans, Lending Commitments and Related Allowance for Credit Losses - Loans Held for Investment before Allowance (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 131,952,000,000 | $ 118,409,000,000 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 61,474,000,000 | 48,756,000,000 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 31,948,000,000 | 31,610,000,000 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 31,100,000,000 | 30,184,000,000 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 7,430,000,000 | 7,859,000,000 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 117,010,000,000 | |
Pass | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 47,681,000,000 | |
Pass | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 31,605,000,000 | |
Pass | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 30,060,000,000 | |
Pass | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 7,664,000,000 | |
Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 495,000,000 | |
Special mention | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 464,000,000 | |
Special mention | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
Special mention | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 28,000,000 | |
Special mention | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 3,000,000 | |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 898,000,000 | |
Substandard | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 605,000,000 | |
Substandard | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 5,000,000 | |
Substandard | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 96,000,000 | |
Substandard | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 192,000,000 | |
Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 6,000,000 | |
Doubtful | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 6,000,000 | |
Doubtful | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
Doubtful | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
Doubtful | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | |
Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 0 |
Loans, Lending Commitments an_7
Loans, Lending Commitments and Related Allowance for Credit Losses - Impaired Loans and Lending Commitments before Allowance (Details) $ in Millions | Dec. 31, 2019USD ($) |
Loans | |
With allowance | $ 353 |
Without allowance | 124 |
Total impaired loans | 477 |
UPB | 489 |
Lending commitments | |
With allowance | 18 |
Without allowance | 32 |
Total impaired lending commitments | 50 |
Corporate | |
Loans | |
With allowance | 268 |
Without allowance | 32 |
Total impaired loans | 300 |
UPB | 309 |
Lending commitments | |
With allowance | 4 |
Without allowance | 32 |
Total impaired lending commitments | 36 |
Consumer | |
Loans | |
With allowance | 0 |
Without allowance | 5 |
Total impaired loans | 5 |
UPB | 5 |
Lending commitments | |
With allowance | 0 |
Without allowance | 0 |
Total impaired lending commitments | 0 |
Residential real estate | |
Loans | |
With allowance | 0 |
Without allowance | 87 |
Total impaired loans | 87 |
UPB | 90 |
Lending commitments | |
With allowance | 0 |
Without allowance | 0 |
Total impaired lending commitments | 0 |
Commercial real estate | |
Loans | |
With allowance | 85 |
Without allowance | 0 |
Total impaired loans | 85 |
UPB | 85 |
Lending commitments | |
With allowance | 14 |
Without allowance | 0 |
Total impaired lending commitments | $ 14 |
Loans, Lending Commitments an_8
Loans, Lending Commitments and Related Allowance for Credit Losses - Impaired Loans before Allowance and Total Allowance by Region (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Impaired Loans | ||
Impaired loans | $ 477 | |
Total Allowance for loan losses | $ 617 | 349 |
Americas | ||
Impaired Loans | ||
Impaired loans | 392 | |
Total Allowance for loan losses | 270 | |
EMEA | ||
Impaired Loans | ||
Impaired loans | 85 | |
Total Allowance for loan losses | 76 | |
Asia | ||
Impaired Loans | ||
Impaired loans | 0 | |
Total Allowance for loan losses | $ 3 |
Loans, Lending Commitments an_9
Loans, Lending Commitments and Related Allowance for Credit Losses - Troubled Debt Restructurings (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Troubled Debt Restructurings | ||
Loans, before allowance | $ 132 | $ 92 |
Lending commitments | 33 | 32 |
Allowance for credit losses on Loans and Lending commitments | $ 26 | $ 16 |
Loans, Lending Commitments a_10
Loans, Lending Commitments and Related Allowance for Credit Losses - Allowance for Credit Losses Rollforward - Loans and Lending Commitments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Allowance for loan losses rollforward | ||
Beginning balance | $ 349 | $ 238 |
Effect of CECL adoption | 9 | |
Gross charge-offs | (32) | |
Provision (release) | 292 | 27 |
Other | (1) | (6) |
Ending balance | 617 | 259 |
Inherent | 245 | |
Specific | 14 | |
Allowance for lending commitments rollforward | ||
Beginning balance | 241 | 203 |
Effect of CECL adoption | (50) | |
Provision (release) | 115 | 9 |
Other | (2) | (1) |
Ending balance | 304 | 211 |
Inherent | 207 | |
Specific | 4 | |
Corporate | ||
Allowance for loan losses rollforward | ||
Beginning balance | 241 | 144 |
Effect of CECL adoption | (31) | |
Gross charge-offs | (32) | |
Provision (release) | 215 | 26 |
Other | 0 | (6) |
Ending balance | 393 | 164 |
Inherent | 150 | |
Specific | 14 | |
Allowance for lending commitments rollforward | ||
Beginning balance | 232 | 198 |
Effect of CECL adoption | (53) | |
Provision (release) | 110 | 8 |
Other | (1) | 0 |
Ending balance | 288 | 206 |
Inherent | 202 | |
Specific | 4 | |
Consumer | ||
Allowance for loan losses rollforward | ||
Beginning balance | 8 | 7 |
Effect of CECL adoption | (6) | |
Gross charge-offs | 0 | |
Provision (release) | 1 | (1) |
Other | 0 | 0 |
Ending balance | 3 | 6 |
Inherent | 6 | |
Specific | 0 | |
Allowance for lending commitments rollforward | ||
Beginning balance | 2 | 2 |
Effect of CECL adoption | (1) | |
Provision (release) | 0 | 0 |
Other | 0 | (1) |
Ending balance | 1 | 1 |
Inherent | 1 | |
Specific | 0 | |
Residential real estate | ||
Allowance for loan losses rollforward | ||
Beginning balance | 25 | 20 |
Effect of CECL adoption | 21 | |
Gross charge-offs | 0 | |
Provision (release) | 1 | 2 |
Other | 0 | 0 |
Ending balance | 47 | 22 |
Inherent | 22 | |
Specific | 0 | |
Allowance for lending commitments rollforward | ||
Beginning balance | 0 | 0 |
Effect of CECL adoption | 3 | |
Provision (release) | 0 | 0 |
Other | 0 | 0 |
Ending balance | 3 | 0 |
Inherent | 0 | |
Specific | 0 | |
Commercial real estate | ||
Allowance for loan losses rollforward | ||
Beginning balance | 75 | 67 |
Effect of CECL adoption | 25 | |
Gross charge-offs | 0 | |
Provision (release) | 75 | 0 |
Other | (1) | 0 |
Ending balance | 174 | 67 |
Inherent | 67 | |
Specific | 0 | |
Allowance for lending commitments rollforward | ||
Beginning balance | 7 | 3 |
Effect of CECL adoption | 1 | |
Provision (release) | 5 | 1 |
Other | (1) | 0 |
Ending balance | $ 12 | 4 |
Inherent | 4 | |
Specific | $ 0 |
Loans, Lending Commitments a_11
Loans, Lending Commitments and Related Allowance for Credit Losses - Employee Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | Mar. 31, 2019 | |
Employee Loans [Line Items] | ||||
Balance | $ 3,017 | $ 2,980 | ||
Allowance for credit losses | (180) | (61) | ||
Balance, net | $ 2,837 | $ 2,919 | ||
Repayment term range, in years | 5 years | 4 years 9 months 18 days | ||
Cumulative adjustments for accounting changes | $ 87,228 | $ 82,697 | $ 81,892 | |
Adjustment | Accounting Standards Update 2016-13 | Allowance for Credit Losses on Employee Loans | ||||
Employee Loans [Line Items] | ||||
Cumulative adjustments for accounting changes | $ 124 | |||
Currently employed by the Firm | ||||
Employee Loans [Line Items] | ||||
Balance | 2,867 | |||
No longer employed by the Firm | ||||
Employee Loans [Line Items] | ||||
Balance | $ 150 |
Other Assets - Equity Method _3
Other Assets - Equity Method Investments - Balances (Details) - Investment Management - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Equity Method Investments | |||
Investments | $ 2,413 | $ 2,363 | |
Income (loss) | $ 29 | $ (10) |
Other Assets - Equity Method _4
Other Assets - Equity Method Investments - Joint Ventures (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
MSMS | ||
Equity Method Investments | ||
Voting interest (as a percent) | 40.00% | |
MSMS | MUFG | ||
Equity Method Investments | ||
Voting interest (as a percent) | 60.00% | |
MUMSS | ||
Equity Method Investments | ||
Income from equity method investments | $ 32 | $ 3 |
Voting interest (as a percent) | 40.00% | |
Institutional Securities | MSMS | ||
Equity Method Investments | ||
Voting interest (as a percent) | 51.00% |
Deposits - Summary (Details)
Deposits - Summary (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Savings and demand deposits | $ 188,504 | $ 149,465 |
Time deposits | 46,735 | 40,891 |
Total | 235,239 | 190,356 |
Deposits subject to FDIC insurance | 176,034 | 149,966 |
Time deposits that equal or exceed the FDIC insurance limit | $ 12 | $ 12 |
Deposits - Time Deposit Maturit
Deposits - Time Deposit Maturities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Time Deposit Maturities | ||
2020 | $ 16,656 | |
2021 | 16,836 | |
2022 | 4,883 | |
2023 | 4,070 | |
2024 | 2,788 | |
Thereafter | 1,502 | |
Total | $ 46,735 | $ 40,891 |
Borrowings and Other Secured _3
Borrowings and Other Secured Financings - Borrowings (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Borrowings | ||
Original maturities of one year or less | $ 2,211 | $ 2,567 |
Original maturities greater than one year | ||
Senior | 181,477 | 179,519 |
Subordinated | 11,168 | 10,541 |
Total | 192,645 | 190,060 |
Total borrowings | $ 194,856 | $ 192,627 |
Weighted average stated maturity, in years | 6 years 10 months 24 days |
Borrowings and Other Secured _4
Borrowings and Other Secured Financings - Other Secured Financings (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Original maturities: | ||
One year or less | $ 7,304 | $ 7,103 |
Greater than one year | 4,682 | 6,480 |
Transfers of assets accounted for as secured financings | 1,072 | 1,115 |
Total | $ 13,058 | $ 14,698 |
Commitments, Guarantees and C_3
Commitments, Guarantees and Contingencies - Commitments (Details) $ in Millions | Mar. 31, 2020USD ($) |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | $ 113,668 |
1-3 (years) | 30,647 |
3-5 (years) | 41,379 |
Over 5 (years) | 16,037 |
Total | 201,731 |
Corporate Lending | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 23,055 |
1-3 (years) | 28,998 |
3-5 (years) | 41,269 |
Over 5 (years) | 3,174 |
Total | 96,496 |
Corporate lending commitments participated to third parties | 7,226 |
Consumer Lending | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 8,112 |
1-3 (years) | 23 |
3-5 (years) | 3 |
Over 5 (years) | 0 |
Total | 8,138 |
Residential and Commercial Real Estate Lending | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 163 |
1-3 (years) | 1,179 |
3-5 (years) | 49 |
Over 5 (years) | 252 |
Total | 1,643 |
Forward-starting secured financing receivables | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 80,666 |
1-3 (years) | 219 |
3-5 (years) | 0 |
Over 5 (years) | 0 |
Total | 80,885 |
Forward-starting secured financing receivables settled within three business days | 71,096 |
Central counterparty | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 300 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 12,344 |
Total | 12,644 |
Underwriting | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 206 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 0 |
Total | 206 |
Investment activities | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 992 |
1-3 (years) | 226 |
3-5 (years) | 58 |
Over 5 (years) | 265 |
Total | 1,541 |
Letters of credit and other financial guarantees | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 174 |
1-3 (years) | 2 |
3-5 (years) | 0 |
Over 5 (years) | 2 |
Total | $ 178 |
Commitments, Guarantees and C_4
Commitments, Guarantees and Contingencies - Obligations under Guarantee Arrangements (Details) $ in Millions | Mar. 31, 2020USD ($) |
Credit derivatives | |
Guarantees | |
Maximum potential payout/notional | $ 277,582 |
Carrying amount: liability | (9,855) |
Credit derivatives | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 33,900 |
Credit derivatives | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 38,934 |
Credit derivatives | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 136,167 |
Credit derivatives | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 68,581 |
Other credit contracts | |
Guarantees | |
Maximum potential payout/notional | 107 |
Carrying amount: liability | (4) |
Other credit contracts | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Other credit contracts | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Other credit contracts | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Other credit contracts | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 107 |
Non-credit derivatives | |
Guarantees | |
Maximum potential payout/notional | 4,717,818 |
Carrying amount: liability | (146,854) |
Non-credit derivatives | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 1,571,566 |
Non-credit derivatives | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 1,474,498 |
Non-credit derivatives | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 902,550 |
Non-credit derivatives | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 769,204 |
Standby letters of credit and other financial guarantees issued1 | |
Guarantees | |
Maximum potential payout/notional | 7,347 |
Carrying amount: asset | 111 |
Standby letters of credit | 700 |
Allowance for credit loss | 57 |
Standby letters of credit and other financial guarantees issued1 | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 1,200 |
Standby letters of credit and other financial guarantees issued1 | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 1,006 |
Standby letters of credit and other financial guarantees issued1 | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 1,301 |
Standby letters of credit and other financial guarantees issued1 | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 3,840 |
Market value guarantees | |
Guarantees | |
Maximum potential payout/notional | 137 |
Carrying amount: asset | 0 |
Market value guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 102 |
Market value guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 35 |
Market value guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Market value guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Liquidity facilities | |
Guarantees | |
Maximum potential payout/notional | 4,047 |
Carrying amount: asset | 6 |
Liquidity facilities | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 4,047 |
Liquidity facilities | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Liquidity facilities | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Liquidity facilities | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Whole loan sales guarantees | |
Guarantees | |
Maximum potential payout/notional | 23,195 |
Carrying amount: liability | 0 |
Whole loan sales guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Whole loan sales guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Whole loan sales guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 2 |
Whole loan sales guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 23,193 |
Securitization representations and warranties | |
Guarantees | |
Maximum potential payout/notional | 68,881 |
Carrying amount: liability | (42) |
Securitization representations and warranties | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Securitization representations and warranties | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Securitization representations and warranties | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Securitization representations and warranties | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 68,881 |
General partner guarantees | |
Guarantees | |
Maximum potential payout/notional | 300 |
Carrying amount: liability | (62) |
General partner guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 59 |
General partner guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 137 |
General partner guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 12 |
General partner guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 92 |
Client clearing guarantees | |
Guarantees | |
Maximum potential payout/notional | 17 |
Carrying amount: liability | 0 |
Client clearing guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 17 |
Client clearing guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Client clearing guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Client clearing guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | $ 0 |
Commitments, Guarantees and C_5
Commitments, Guarantees and Contingencies - Narrative (Details) € in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | |
Loss Contingencies | |||
Derivative asset | $ 17,579,000 | $ 16,461,000 | |
China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al. | Pending Litigation | |||
Loss Contingencies | |||
Derivative asset | 275 | ||
Damages sought | 228 | ||
Damages sought for obligations to pay | 12 | ||
China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al. | Pending Litigation | Maximum | |||
Loss Contingencies | |||
Estimate of possible loss | 240 | ||
US Bank National Association, solely in its capacity as Trustee of the Morgan Stanley Mortgage Loan Trust 2007-2AX (MSM 2007-2AX) v. Morgan Stanley Mortgage Capital Holdings LLC, as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. and GreenPoint Mortgage Funding, Inc. | Pending Litigation | |||
Loss Contingencies | |||
Original principal amount of debt instrument | 650 | ||
US Bank National Association, solely in its capacity as Trustee of the Morgan Stanley Mortgage Loan Trust 2007-2AX (MSM 2007-2AX) v. Morgan Stanley Mortgage Capital Holdings LLC, as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. and GreenPoint Mortgage Funding, Inc. | Pending Litigation | Maximum | |||
Loss Contingencies | |||
Estimate of possible loss | 240 | ||
Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. (Trust 2007-NC4) | Pending Litigation | |||
Loss Contingencies | |||
Original principal amount of debt instrument | 876 | ||
Deutsche Bank National Trust Company solely in its capacity as Trustee of the Morgan Stanley ABS Capital I Inc. Trust 2007-NC4 v. Morgan Stanley Mortgage Capital Holdings LLC as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc., and Morgan Stanley ABS Capital I Inc. | Pending Litigation | |||
Loss Contingencies | |||
Original principal amount of debt instrument | 1,050 | ||
Deutsche Bank National Trust Company solely in its capacity as Trustee of the Morgan Stanley ABS Capital I Inc. Trust 2007-NC4 v. Morgan Stanley Mortgage Capital Holdings LLC as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc., and Morgan Stanley ABS Capital I Inc. | Pending Litigation | Maximum | |||
Loss Contingencies | |||
Estimate of possible loss | 277 | ||
Case Number 15/3637 and Case Number 15/4353 | Pending Litigation | |||
Loss Contingencies | |||
Withholding tax credit set-off | € | € 124 | ||
Case Number 15/3637 and Case Number 15/4353 | Pending Litigation | Maximum | |||
Loss Contingencies | |||
Estimate of possible loss | $ 137 | € 124 |
Variable Interest Entities an_3
Variable Interest Entities and Securitization Activities - Assets and Liabilities by Type of Activity (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity | ||
VIE Assets | $ 947,795 | $ 895,429 |
VIE Liabilities | 860,567 | 812,732 |
Consolidated VIEs | ||
Variable Interest Entity | ||
VIE Assets | 2,030 | 1,948 |
VIE Liabilities | 567 | 461 |
Consolidated VIEs | OSF | ||
Variable Interest Entity | ||
VIE Assets | 728 | 696 |
VIE Liabilities | 415 | 391 |
Consolidated VIEs | MABS | ||
Variable Interest Entity | ||
VIE Assets | 368 | 265 |
VIE Liabilities | 108 | 4 |
Consolidated VIEs | Other | ||
Variable Interest Entity | ||
VIE Assets | 934 | 987 |
VIE Liabilities | $ 44 | $ 66 |
Variable Interest Entities an_4
Variable Interest Entities and Securitization Activities - Assets and Liabilities by Balance Sheet Caption (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 131,509 | $ 82,171 |
Trading assets at fair value | 270,916 | 297,110 |
Customer and other receivables | 74,424 | 55,646 |
Intangible assets | 2,021 | 2,107 |
Other assets | 19,846 | 20,117 |
Total assets | 947,795 | 895,429 |
Liabilities | ||
Other secured financings | 6,897 | 7,809 |
Other liabilities and accrued expenses | 19,817 | 21,155 |
Total liabilities | 860,567 | 812,732 |
Noncontrolling interests | 1,368 | 1,148 |
Consolidated VIEs | ||
Assets | ||
Cash and cash equivalents | 328 | 488 |
Trading assets at fair value | 1,234 | 943 |
Customer and other receivables | 16 | 18 |
Intangible assets | 107 | 111 |
Other assets | 345 | 388 |
Total assets | 2,030 | 1,948 |
Liabilities | ||
Other secured financings | 519 | 422 |
Other liabilities and accrued expenses | 48 | 39 |
Total liabilities | 567 | 461 |
Noncontrolling interests | $ 245 | $ 192 |
Variable Interest Entities an_5
Variable Interest Entities and Securitization Activities - Non-Consolidated VIEs (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity | ||
Additional VIE assets owned | $ 11,024 | $ 11,453 |
MABS | ||
Variable Interest Entity | ||
VIE assets (UPB) | 124,211 | 125,603 |
Maximum exposure to loss | 15,745 | 16,945 |
CDO | ||
Variable Interest Entity | ||
VIE assets (UPB) | 1,881 | 2,976 |
Maximum exposure to loss | 254 | 240 |
MTOB | ||
Variable Interest Entity | ||
VIE assets (UPB) | 6,585 | 6,965 |
Maximum exposure to loss | 4,324 | 4,599 |
OSF | ||
Variable Interest Entity | ||
VIE assets (UPB) | 2,263 | 2,288 |
Maximum exposure to loss | 1,086 | 1,009 |
Other | ||
Variable Interest Entity | ||
VIE assets (UPB) | 51,280 | 51,305 |
Maximum exposure to loss | 14,461 | 15,238 |
Assets | MABS | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 15,173 | 16,314 |
Assets | CDO | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 254 | 240 |
Assets | MTOB | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 283 | 6 |
Assets | OSF | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 1,084 | 1,008 |
Assets | Other | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 11,303 | 12,365 |
Debt and equity interests | MABS | ||
Variable Interest Entity | ||
Maximum exposure to loss | 15,173 | 16,314 |
Carrying value of variable interests—Assets | 15,173 | 16,314 |
Debt and equity interests | CDO | ||
Variable Interest Entity | ||
Maximum exposure to loss | 254 | 240 |
Carrying value of variable interests—Assets | 254 | 240 |
Debt and equity interests | MTOB | ||
Variable Interest Entity | ||
Maximum exposure to loss | 277 | 0 |
Carrying value of variable interests—Assets | 277 | 0 |
Debt and equity interests | OSF | ||
Variable Interest Entity | ||
Maximum exposure to loss | 1,086 | 1,009 |
Carrying value of variable interests—Assets | 1,084 | 1,008 |
Debt and equity interests | Other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 10,468 | 11,977 |
Carrying value of variable interests—Assets | 10,468 | 11,977 |
Derivative and other contracts | MABS | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Carrying value of variable interests—Assets | 0 | 0 |
Derivative and other contracts | CDO | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Carrying value of variable interests—Assets | 0 | 0 |
Derivative and other contracts | MTOB | ||
Variable Interest Entity | ||
Maximum exposure to loss | 4,047 | 4,599 |
Carrying value of variable interests—Assets | 6 | 6 |
Derivative and other contracts | OSF | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Carrying value of variable interests—Assets | 0 | 0 |
Derivative and other contracts | Other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 3,659 | 2,995 |
Carrying value of variable interests—Assets | 835 | 388 |
Commitments, guarantees and other | MABS | ||
Variable Interest Entity | ||
Maximum exposure to loss | 572 | 631 |
Commitments, guarantees and other | CDO | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Commitments, guarantees and other | MTOB | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Commitments, guarantees and other | OSF | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Commitments, guarantees and other | Other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 334 | 266 |
Derivative and other contracts | MABS | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | 0 | 0 |
Derivative and other contracts | CDO | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | 0 | 0 |
Derivative and other contracts | MTOB | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | 0 | 0 |
Derivative and other contracts | OSF | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | 0 | 0 |
Derivative and other contracts | Other | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | $ 272 | $ 444 |
Variable Interest Entities an_6
Variable Interest Entities and Securitization Activities - Mortgage and Asset Backed Securitization Assets (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Residential mortgages | ||
Variable Interest Entity | ||
UPB | $ 20,460 | $ 30,353 |
Commercial mortgages | ||
Variable Interest Entity | ||
UPB | 52,672 | 53,892 |
U.S. agency collateralized mortgage obligations | ||
Variable Interest Entity | ||
UPB | 45,958 | 36,366 |
Other consumer or commercial loans | ||
Variable Interest Entity | ||
UPB | 5,121 | 4,992 |
MABS | ||
Variable Interest Entity | ||
UPB | 124,211 | 125,603 |
Debt and equity interests | ||
Variable Interest Entity | ||
Debt and Equity Interests | 15,173 | 16,314 |
Debt and equity interests | Residential mortgages | ||
Variable Interest Entity | ||
Debt and Equity Interests | 3,298 | 3,993 |
Debt and equity interests | Commercial mortgages | ||
Variable Interest Entity | ||
Debt and Equity Interests | 3,677 | 3,881 |
Debt and equity interests | U.S. agency collateralized mortgage obligations | ||
Variable Interest Entity | ||
Debt and Equity Interests | 6,257 | 6,365 |
Debt and equity interests | Other consumer or commercial loans | ||
Variable Interest Entity | ||
Debt and Equity Interests | $ 1,941 | $ 2,075 |
Variable Interest Entities an_7
Variable Interest Entities and Securitization Activities - Transferred Assets with Continuing Involvement (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity | ||
Derivative assets | $ 53,010 | $ 32,001 |
Derivative liabilities | 40,869 | 28,434 |
SPE | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 240 | 406 |
Derivative assets | 830 | 339 |
Derivative liabilities | 186 | 145 |
SPE | Investment grade | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 143 | 280 |
SPE | Non-investment grade | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 97 | 126 |
SPE | RML | ||
Variable Interest Entity | ||
SPE assets (UPB) | 9,501 | 9,850 |
Retained interest | 39 | 46 |
Interests purchased in the secondary market | 29 | 81 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | RML | Investment grade | ||
Variable Interest Entity | ||
Retained interest | 26 | 29 |
Interests purchased in the secondary market | 0 | 6 |
SPE | RML | Non-investment grade | ||
Variable Interest Entity | ||
Retained interest | 13 | 17 |
Interests purchased in the secondary market | 29 | 75 |
SPE | CML | ||
Variable Interest Entity | ||
SPE assets (UPB) | 79,516 | 86,203 |
Retained interest | 1,018 | 974 |
Interests purchased in the secondary market | 133 | 248 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | CML | Investment grade | ||
Variable Interest Entity | ||
Retained interest | 780 | 720 |
Interests purchased in the secondary market | 65 | 197 |
SPE | CML | Non-investment grade | ||
Variable Interest Entity | ||
Retained interest | 238 | 254 |
Interests purchased in the secondary market | 68 | 51 |
SPE | U.S. Agency CMO | ||
Variable Interest Entity | ||
SPE assets (UPB) | 15,480 | 19,132 |
Retained interest | 763 | 2,376 |
Interests purchased in the secondary market | 78 | 77 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | U.S. Agency CMO | Investment grade | ||
Variable Interest Entity | ||
Retained interest | 763 | 2,376 |
Interests purchased in the secondary market | 78 | 77 |
SPE | U.S. Agency CMO | Non-investment grade | ||
Variable Interest Entity | ||
Retained interest | 0 | 0 |
Interests purchased in the secondary market | 0 | 0 |
SPE | CLN and Other | ||
Variable Interest Entity | ||
SPE assets (UPB) | 11,109 | 8,410 |
Retained interest | 87 | 93 |
Interests purchased in the secondary market | 0 | 0 |
Derivative assets | 830 | 339 |
Derivative liabilities | 186 | 145 |
SPE | CLN and Other | Investment grade | ||
Variable Interest Entity | ||
Retained interest | 0 | 1 |
Interests purchased in the secondary market | 0 | 0 |
SPE | CLN and Other | Non-investment grade | ||
Variable Interest Entity | ||
Retained interest | 87 | 92 |
Interests purchased in the secondary market | $ 0 | $ 0 |
Variable Interest Entities an_8
Variable Interest Entities and Securitization Activities - Fair Value of Transferred Assets with Continuing Involvement (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity | ||
Derivative assets | $ 53,010 | $ 32,001 |
Derivative liabilities | 40,869 | 28,434 |
SPE | ||
Variable Interest Entity | ||
Retained interests | 880 | 2,508 |
Interests purchased in the secondary market | 240 | 406 |
Derivative assets | 830 | 339 |
Derivative liabilities | 186 | 145 |
SPE | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 790 | 2,405 |
Interests purchased in the secondary market | 143 | 280 |
SPE | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 90 | 103 |
Interests purchased in the secondary market | 97 | 126 |
SPE | Level 2 | ||
Variable Interest Entity | ||
Retained interests | 797 | 2,407 |
Interests purchased in the secondary market | 226 | 346 |
Derivative assets | 820 | 337 |
Derivative liabilities | 185 | 144 |
SPE | Level 2 | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 790 | 2,401 |
Interests purchased in the secondary market | 141 | 278 |
SPE | Level 2 | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 7 | 6 |
Interests purchased in the secondary market | 85 | 68 |
SPE | Level 3 | ||
Variable Interest Entity | ||
Retained interests | 83 | 101 |
Interests purchased in the secondary market | 14 | 60 |
Derivative assets | 10 | 2 |
Derivative liabilities | 1 | 1 |
SPE | Level 3 | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 0 | 4 |
Interests purchased in the secondary market | 2 | 2 |
SPE | Level 3 | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 83 | 97 |
Interests purchased in the secondary market | $ 12 | $ 58 |
Variable Interest Entities an_9
Variable Interest Entities and Securitization Activities - Proceeds from New Securitization Transactions and Sales of Loans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Transfer of Financial Assets Accounted for as Sales | ||
New transactions | $ 8,471 | $ 4,733 |
Retained interests | 4,088 | 2,887 |
CLO SPEs | Corporate Loans | ||
Transfer of Financial Assets Accounted for as Sales | ||
Sales of corporate loans to CLO SPEs | $ 66 | $ 0 |
Variable Interest Entities a_10
Variable Interest Entities and Securitization Activities - Assets Sold with Retained Exposure (Details) - Bilateral OTC - Equity Derivatives - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Transfer of Financial Assets Accounted for as Sales | ||
Gross cash proceeds from sale of assets | $ 28,213 | $ 38,661 |
Fair value | ||
Assets sold | 28,068 | 39,137 |
Derivative assets recognized in the balance sheets | 862 | 647 |
Derivative liabilities recognized in the balance sheets | $ 1,004 | $ 152 |
Regulatory Requirements - Narra
Regulatory Requirements - Narrative (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Brokers and Dealers [Abstract] | |
Common Equity Tier 1 capital conservation buffer requirement (as a percent) | 2.50% |
Common Equity Tier 1 G-SIB capital surcharge requirement (as a percent) | 3.00% |
Common Equity Tier 1 CCyB requirement (as a percent) | 2.50% |
Regulatory Requirements - The F
Regulatory Requirements - The Firm's Regulatory Capital and Capital Ratios (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 10.00% | 10.00% |
Tier 1 capital (as a percent) | 11.50% | 11.50% |
Total capital (as a percent) | 13.50% | 13.50% |
Tier 1 leverage (as a percent) | 4.00% | 4.00% |
SLR (as a percent) | 5.00% | 5.00% |
Amount | ||
Common Equity Tier 1 capital | $ 65,195 | $ 64,751 |
Tier 1 capital | 73,896 | 73,443 |
Total capital | 83,847 | 82,708 |
Total RWA | 427,782 | 394,177 |
Tier 1 leverage | 73,896 | 73,443 |
Adjusted average assets | 910,499 | 889,195 |
SLR | 73,896 | 73,443 |
Supplementary leverage exposure | $ 1,185,734 | $ 1,155,177 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 15.20% | 16.40% |
Tier 1 capital (as a percent) | 17.30% | 18.60% |
Total capital (as a percent) | 19.60% | 21.00% |
Tier 1 leverage (as a percent) | 8.10% | 8.30% |
SLR (as a percent) | 6.20% | 6.40% |
Regulatory Requirements - U.S.
Regulatory Requirements - U.S. Bank Subsidiaries' Regulatory Capital and Capital Ratios (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 10.00% | 10.00% |
Tier 1 capital (as a percent) | 11.50% | 11.50% |
Total capital (as a percent) | 13.50% | 13.50% |
Tier 1 leverage (as a percent) | 4.00% | 4.00% |
SLR (as a percent) | 5.00% | 5.00% |
Amount | ||
Common Equity Tier 1 capital | $ 65,195 | $ 64,751 |
Tier 1 capital | 73,896 | 73,443 |
Total capital | 83,847 | 82,708 |
Tier 1 leverage | 73,896 | 73,443 |
SLR | $ 73,896 | $ 73,443 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 15.20% | 16.40% |
Tier 1 capital (as a percent) | 17.30% | 18.60% |
Total capital (as a percent) | 19.60% | 21.00% |
Tier 1 leverage (as a percent) | 8.10% | 8.30% |
SLR (as a percent) | 6.20% | 6.40% |
MSBNA | ||
Well-Capitalized Requirement | ||
Common Equity Tier 1 capital (as a percent) | 6.50% | 6.50% |
Tier 1 capital (as a percent) | 8.00% | 8.00% |
Total capital (as a percent) | 10.00% | 10.00% |
Tier 1 leverage (as a percent) | 5.00% | 5.00% |
SLR (as a percent) | 6.00% | 6.00% |
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 7.00% | 7.00% |
Tier 1 capital (as a percent) | 8.50% | 8.50% |
Total capital (as a percent) | 10.50% | 10.50% |
Tier 1 leverage (as a percent) | 4.00% | 4.00% |
SLR (as a percent) | 3.00% | 3.00% |
Amount | ||
Common Equity Tier 1 capital | $ 16,839 | $ 15,919 |
Tier 1 capital | 16,839 | 15,919 |
Total capital | 17,349 | 16,282 |
Tier 1 leverage | 16,839 | 15,919 |
SLR | $ 16,839 | $ 15,919 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 18.20% | 18.50% |
Tier 1 capital (as a percent) | 18.20% | 18.50% |
Total capital (as a percent) | 18.70% | 18.90% |
Tier 1 leverage (as a percent) | 11.20% | 11.30% |
SLR (as a percent) | 8.80% | 8.70% |
MSPBNA | ||
Well-Capitalized Requirement | ||
Common Equity Tier 1 capital (as a percent) | 6.50% | 6.50% |
Tier 1 capital (as a percent) | 8.00% | 8.00% |
Total capital (as a percent) | 10.00% | 10.00% |
Tier 1 leverage (as a percent) | 5.00% | 5.00% |
SLR (as a percent) | 6.00% | 6.00% |
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 7.00% | 7.00% |
Tier 1 capital (as a percent) | 8.50% | 8.50% |
Total capital (as a percent) | 10.50% | 10.50% |
Tier 1 leverage (as a percent) | 4.00% | 4.00% |
SLR (as a percent) | 3.00% | 3.00% |
Amount | ||
Common Equity Tier 1 capital | $ 8,487 | $ 7,962 |
Tier 1 capital | 8,487 | 7,962 |
Total capital | 8,556 | 8,016 |
Tier 1 leverage | 8,487 | 7,962 |
SLR | $ 8,487 | $ 7,962 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 22.90% | 24.80% |
Tier 1 capital (as a percent) | 22.90% | 24.80% |
Total capital (as a percent) | 23.00% | 25.00% |
Tier 1 leverage (as a percent) | 9.70% | 9.90% |
SLR (as a percent) | 9.30% | 9.40% |
Regulatory Requirements - U.S_2
Regulatory Requirements - U.S. Broker-Dealer Regulatory Capital Requirements (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
MS&Co. | ||
Regulatory Requirements | ||
Net capital | $ 10,887 | $ 13,708 |
Excess net capital | 6,620 | 10,686 |
MSSB LLC | ||
Regulatory Requirements | ||
Net capital | 2,924 | 3,387 |
Excess net capital | $ 2,774 | $ 3,238 |
Total Equity - Common Stock Rep
Total Equity - Common Stock Repurchases (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity [Abstract] | ||
Repurchases of common stock under the Firm's Share Repurchase Program | $ 1,347 | $ 1,180 |
Total Equity - Narrative (Detai
Total Equity - Narrative (Details) | 3 Months Ended |
Mar. 31, 2020USD ($)$ / shares | |
MUFG | |
Capital Plans | |
Share Repurchase Program, Ownership Proportion Maximum, Percent | 24.90% |
2019 Capital Plan | |
Capital Plans | |
Authorized repurchase amount of outstanding common stock | $ | $ 6,000,000,000 |
Maximum quarterly common stock dividends per share (USD per share) | $ / shares | $ 0.35 |
Total Equity - Common Stock Div
Total Equity - Common Stock Dividends Per Share (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity [Abstract] | ||
Dividends declared per common share (USD per share) | $ 0.35 | $ 0.30 |
Total Equity - Common Shares Ou
Total Equity - Common Shares Outstanding for Basic and Diluted EPS (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity [Abstract] | ||
Weighted average common shares outstanding, basic (shares) | 1,555 | 1,658 |
Effect of dilutive Stock options, RSUs and PSUs (shares) | 18 | 19 |
Weighted average common shares outstanding and common stock equivalents, diluted (shares) | 1,573 | 1,677 |
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) (shares) | 12 | 6 |
Total Equity - Preferred Stock
Total Equity - Preferred Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Class of Stock | ||
Preferred stock carrying value | $ 8,520 | $ 8,520 |
Preferred stock shares authorized (shares) | 30,000,000 | |
Series A | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 44,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,100 | 1,100 |
Series C | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 519,882 | |
Liquidation preference per share (USD per share) | $ 1,000 | |
Preferred stock carrying value | $ 408 | 408 |
Series C | MUFG | ||
Class of Stock | ||
Preferred stock shares issued (shares) | 1,160,791 | |
Preferred stock aggregate purchase price | $ 911 | |
Preferred stock redemption (shares) | 640,909 | |
Preferred stock redemption amount | $ 503 | |
Preferred stock converted to common shares | $ 705 | |
Series E | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 34,500 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 862 | 862 |
Series F | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 34,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 850 | 850 |
Series H | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 52,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,300 | 1,300 |
Series I | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 40,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,000 | 1,000 |
Series J | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 60,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,500 | 1,500 |
Series K | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 40,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,000 | 1,000 |
Series L | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 20,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 500 | $ 500 |
Total Equity - Preferred Stoc_2
Total Equity - Preferred Stock Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Preferred Stock Dividends | ||
Preferred stock dividends declared | $ 108 | $ 93 |
Series A | ||
Preferred Stock Dividends | ||
Preferred stock dividend declared (USD per share) | $ 253 | $ 250 |
Preferred stock dividends declared | $ 11 | $ 11 |
Series C | ||
Preferred Stock Dividends | ||
Preferred stock dividend declared (USD per share) | $ 25 | $ 25 |
Preferred stock dividends declared | $ 13 | $ 13 |
Series E | ||
Preferred Stock Dividends | ||
Preferred stock dividend declared (USD per share) | $ 445 | $ 445 |
Preferred stock dividends declared | $ 15 | $ 15 |
Series F | ||
Preferred Stock Dividends | ||
Preferred stock dividend declared (USD per share) | $ 430 | $ 430 |
Preferred stock dividends declared | $ 14 | $ 15 |
Series G | ||
Preferred Stock Dividends | ||
Preferred stock dividend declared (USD per share) | $ 0 | $ 414 |
Preferred stock dividends declared | $ 0 | $ 8 |
Series H | ||
Preferred Stock Dividends | ||
Preferred stock dividend declared (USD per share) | $ 344 | $ 0 |
Preferred stock dividends declared | $ 18 | $ 0 |
Series I | ||
Preferred Stock Dividends | ||
Preferred stock dividend declared (USD per share) | $ 398 | $ 398 |
Preferred stock dividends declared | $ 16 | $ 16 |
Series J | ||
Preferred Stock Dividends | ||
Preferred stock dividend declared (USD per share) | $ 0 | $ 0 |
Preferred stock dividends declared | $ 0 | $ 0 |
Series K | ||
Preferred Stock Dividends | ||
Preferred stock dividend declared (USD per share) | $ 366 | $ 366 |
Preferred stock dividends declared | $ 15 | $ 15 |
Series L | ||
Preferred Stock Dividends | ||
Preferred stock dividend declared (USD per share) | $ 305 | $ 0 |
Preferred stock dividends declared | $ 6 | $ 0 |
Total Equity - Accumulated Othe
Total Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 82,697 | |
OCI during the period | 5,021 | $ (212) |
Balance at end of period | 87,228 | 81,892 |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (2,788) | (2,292) |
OCI during the period | 4,883 | (181) |
Balance at end of period | 2,095 | (2,473) |
CTA | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (897) | (889) |
OCI during the period | (141) | (12) |
Balance at end of period | (1,038) | (901) |
AFS Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | 207 | (930) |
OCI during the period | 1,325 | 429 |
Balance at end of period | 1,532 | (501) |
Pension, Postretirement and Other | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (644) | (578) |
OCI during the period | 25 | 1 |
Balance at end of period | (619) | (577) |
DVA | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (1,454) | 105 |
OCI during the period | 3,674 | (599) |
Balance at end of period | $ 2,220 | $ (494) |
Total Equity - Components of Pe
Total Equity - Components of Period Changes in OCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
After-tax Gain (Loss) | ||
Net OCI | $ 5,021 | $ (212) |
Foreign Currency Translation Adjustment Including Noncontrolling Interest | ||
Pre-tax Gain (Loss) | ||
OCI activity | (20) | (4) |
Reclassified to earnings | 0 | 0 |
Net OCI | (20) | (4) |
Income Tax Benefit (Provision) | ||
OCI activity | (112) | (18) |
Reclassified to earnings | 0 | 0 |
Net OCI | (112) | (18) |
After-tax Gain (Loss) | ||
OCI activity | (132) | (22) |
Reclassified to earnings | 0 | 0 |
Net OCI | (132) | (22) |
Foreign Currency Translation Adjustment Attributable to Noncontrolling Interest | ||
After-tax Gain (Loss) | ||
OCI activity | 9 | (10) |
Reclassified to earnings | 0 | 0 |
Net OCI | 9 | (10) |
Foreign Currency Translation Adjustment Attributable to Parent | ||
After-tax Gain (Loss) | ||
OCI activity | (141) | (12) |
Reclassified to earnings | 0 | 0 |
Net OCI | (141) | (12) |
Change in Net Unrealized Gains (Losses) on AFS Securities Including Noncontrolling Interest | ||
Pre-tax Gain (Loss) | ||
OCI activity | 1,773 | 570 |
Reclassified to earnings | (41) | (10) |
Net OCI | 1,732 | 560 |
Income Tax Benefit (Provision) | ||
OCI activity | (416) | (133) |
Reclassified to earnings | 9 | 2 |
Net OCI | (407) | (131) |
After-tax Gain (Loss) | ||
OCI activity | 1,357 | 437 |
Reclassified to earnings | (32) | (8) |
Net OCI | 1,325 | 429 |
Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Noncontrolling Interest | ||
After-tax Gain (Loss) | ||
OCI activity | 0 | 0 |
Reclassified to earnings | 0 | 0 |
Net OCI | 0 | 0 |
Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Parent | ||
After-tax Gain (Loss) | ||
OCI activity | 1,357 | 437 |
Reclassified to earnings | (32) | (8) |
Net OCI | 1,325 | 429 |
Pension, Postretirement and Other Including Noncontrolling Interest | ||
Pre-tax Gain (Loss) | ||
OCI activity | 25 | 0 |
Reclassified to earnings | 5 | 3 |
Net OCI | 30 | 3 |
Income Tax Benefit (Provision) | ||
OCI activity | (4) | (1) |
Reclassified to earnings | (1) | (1) |
Net OCI | (5) | (2) |
After-tax Gain (Loss) | ||
OCI activity | 21 | (1) |
Reclassified to earnings | 4 | 2 |
Net OCI | 25 | 1 |
Pension, Postretirement and Other Attributable to Noncontrolling Interest | ||
After-tax Gain (Loss) | ||
OCI activity | 0 | 0 |
Reclassified to earnings | 0 | 0 |
Net OCI | 0 | 0 |
Pension, Postretirement and Other Attributable to Parent | ||
After-tax Gain (Loss) | ||
OCI activity | 21 | (1) |
Reclassified to earnings | 4 | 2 |
Net OCI | 25 | 1 |
Change in Net DVA Including Noncontrolling Interest | ||
Pre-tax Gain (Loss) | ||
OCI activity | 5,015 | (824) |
Reclassified to earnings | 5 | 4 |
Net OCI | 5,020 | (820) |
Income Tax Benefit (Provision) | ||
OCI activity | (1,216) | 201 |
Reclassified to earnings | (1) | (1) |
Net OCI | (1,217) | 200 |
After-tax Gain (Loss) | ||
OCI activity | 3,799 | (623) |
Reclassified to earnings | 4 | 3 |
Net OCI | 3,803 | (620) |
Change in Net DVA Attributable to Noncontrolling Interest | ||
After-tax Gain (Loss) | ||
OCI activity | 129 | (21) |
Reclassified to earnings | 0 | 0 |
Net OCI | 129 | (21) |
Change in Net DVA Attributable to Parent | ||
After-tax Gain (Loss) | ||
OCI activity | 3,670 | (602) |
Reclassified to earnings | 4 | 3 |
Net OCI | $ 3,674 | $ (599) |
Total Equity - Cumulative Adjus
Total Equity - Cumulative Adjustments to Beginning Retained Earnings Related to the Adoption of Accounting Updates (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Retained Earnings Adjustments [Line Items] | |||||||
Cumulative adjustments for accounting changes | $ 87,228 | $ 82,697 | $ 81,892 | ||||
Retained Earnings | |||||||
Retained Earnings Adjustments [Line Items] | |||||||
Cumulative adjustments for accounting changes | $ 71,518 | $ 70,589 | $ 66,061 | $ 64,175 | |||
Adjustment | Retained Earnings | |||||||
Retained Earnings Adjustments [Line Items] | |||||||
Cumulative adjustments for accounting changes | [1] | $ (100) | $ 63 | ||||
Adjustment | Retained Earnings | Financial Instruments—Credit Losses | |||||||
Retained Earnings Adjustments [Line Items] | |||||||
Cumulative adjustments for accounting changes | $ (100) | ||||||
Adjustment | Retained Earnings | Leases | |||||||
Retained Earnings Adjustments [Line Items] | |||||||
Cumulative adjustments for accounting changes | $ 63 | ||||||
[1] | See Notes 2 and 16 for further information regarding cumulative adjustments for accounting changes. |
Interest Income and Interest _3
Interest Income and Interest Expense - Summary (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest income | ||
Investment securities | $ 445 | $ 475 |
Loans | 1,154 | 1,195 |
Securities purchased under agreements to resell and Securities borrowed | 398 | 947 |
Trading assets, net of Trading liabilities | 749 | 713 |
Customer receivables and Other | 757 | 960 |
Total interest income | 3,503 | 4,290 |
Interest expense | ||
Deposits | 406 | 462 |
Borrowings | 997 | 1,380 |
Securities sold under agreements to repurchase and Securities loaned | 509 | 600 |
Customer payables and Other | 235 | 834 |
Total interest expense | 2,147 | 3,276 |
Net interest | $ 1,356 | $ 1,014 |
Income Taxes - Summary (Details
Income Taxes - Summary (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Recurring | $ (99) | $ (107) |
Intermittent | $ (31) | $ (101) |
Segment, Geographic and Reven_3
Segment, Geographic and Revenue Information - Selected Financial Information by Business Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information | ||
Investment banking | $ 1,271 | $ 1,242 |
Trading | 3,056 | 3,441 |
Investments | 38 | 273 |
Commissions and fees | 1,360 | 966 |
Asset management | 3,417 | 3,049 |
Other | (1,011) | 301 |
Total non-interest revenues | 8,131 | 9,272 |
Interest income | 3,503 | 4,290 |
Interest expense | 2,147 | 3,276 |
Net interest | 1,356 | 1,014 |
Net revenues | 9,487 | 10,286 |
Income before provision for income taxes | 2,146 | 2,955 |
Provision for income taxes | 366 | 487 |
Net income | 1,780 | 2,468 |
Net income (loss) applicable to noncontrolling interests | 82 | 39 |
Net income applicable to Morgan Stanley | 1,698 | 2,429 |
I/E | ||
Segment Reporting Information | ||
Investment banking | (31) | (18) |
Trading | 24 | 12 |
Investments | 0 | 0 |
Commissions and fees | (102) | (61) |
Asset management | (41) | (36) |
Other | (1) | (4) |
Total non-interest revenues | (151) | (107) |
Interest income | (121) | (183) |
Interest expense | (125) | (187) |
Net interest | 4 | 4 |
Net revenues | (147) | (103) |
Income before provision for income taxes | (2) | (2) |
Provision for income taxes | (1) | 0 |
Net income | (1) | (2) |
Net income (loss) applicable to noncontrolling interests | 0 | 0 |
Net income applicable to Morgan Stanley | (1) | (2) |
IS | Operating Segments | ||
Segment Reporting Information | ||
Investment banking | 1,144 | 1,151 |
Trading | 3,416 | 3,130 |
Investments | (25) | 81 |
Commissions and fees | 874 | 621 |
Asset management | 113 | 107 |
Other | (1,079) | 222 |
Total non-interest revenues | 4,443 | 5,312 |
Interest income | 2,423 | 3,056 |
Interest expense | 1,961 | 3,172 |
Net interest | 462 | (116) |
Net revenues | 4,905 | 5,196 |
Income before provision for income taxes | 950 | 1,595 |
Provision for income taxes | 151 | 190 |
Net income | 799 | 1,405 |
Net income (loss) applicable to noncontrolling interests | 42 | 34 |
Net income applicable to Morgan Stanley | 757 | 1,371 |
WM | Operating Segments | ||
Segment Reporting Information | ||
Investment banking | 158 | 109 |
Trading | (347) | 302 |
Investments | 0 | 1 |
Commissions and fees | 588 | 406 |
Asset management | 2,680 | 2,361 |
Other | 62 | 80 |
Total non-interest revenues | 3,141 | 3,259 |
Interest income | 1,193 | 1,413 |
Interest expense | 297 | 283 |
Net interest | 896 | 1,130 |
Net revenues | 4,037 | 4,389 |
Income before provision for income taxes | 1,055 | 1,188 |
Provision for income taxes | 191 | 264 |
Net income | 864 | 924 |
Net income (loss) applicable to noncontrolling interests | 0 | 0 |
Net income applicable to Morgan Stanley | 864 | 924 |
IM | Operating Segments | ||
Segment Reporting Information | ||
Investment banking | 0 | 0 |
Trading | (37) | (3) |
Investments | 63 | 191 |
Commissions and fees | 0 | 0 |
Asset management | 665 | 617 |
Other | 7 | 3 |
Total non-interest revenues | 698 | 808 |
Interest income | 8 | 4 |
Interest expense | 14 | 8 |
Net interest | (6) | (4) |
Net revenues | 692 | 804 |
Income before provision for income taxes | 143 | 174 |
Provision for income taxes | 25 | 33 |
Net income | 118 | 141 |
Net income (loss) applicable to noncontrolling interests | 40 | 5 |
Net income applicable to Morgan Stanley | $ 78 | $ 136 |
Segment, Geographic and Reven_4
Segment, Geographic and Revenue Information - Institutional Securities - Investment Banking Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from External Customer [Line Items] | ||
Investment banking | $ 1,271 | $ 1,242 |
Accounting Standards Update 2014-09 | ||
Revenue from External Customer [Line Items] | ||
Firm Investment banking revenues from contracts with customers (as a percent) | 89.00% | 85.00% |
Institutional Securities | Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Investment banking | $ 1,144 | $ 1,151 |
Institutional Securities | Operating Segments | Advisory | ||
Revenue from External Customer [Line Items] | ||
Investment banking | 362 | 406 |
Institutional Securities | Operating Segments | Underwriting | ||
Revenue from External Customer [Line Items] | ||
Investment banking | $ 782 | $ 745 |
Segment, Geographic and Reven_5
Segment, Geographic and Revenue Information - Trading Revenues by Product Type (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue | ||
Trading revenues | $ 3,056 | $ 3,441 |
Interest rate | ||
Disaggregation of Revenue | ||
Trading revenues | 1,074 | 785 |
Foreign exchange | ||
Disaggregation of Revenue | ||
Trading revenues | 338 | 241 |
Equity security and index | ||
Disaggregation of Revenue | ||
Trading revenues | 1,072 | 1,451 |
Commodity and other | ||
Disaggregation of Revenue | ||
Trading revenues | 266 | 422 |
Credit | ||
Disaggregation of Revenue | ||
Trading revenues | $ 306 | $ 542 |
Segment, Geographic and Reven_6
Segment, Geographic and Revenue Information - Investment Management Investments Revenues - Net Unrealized Carried Interest (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Segment Reporting [Abstract] | ||
Net cumulative unrealized performance-based fees at risk of reversing | $ 714 | $ 774 |
Segment, Geographic and Reven_7
Segment, Geographic and Revenue Information - Investment Management Asset Management Revenues - Reduction of Fees due to Fee Waivers (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting [Abstract] | ||
Fee waivers | $ 11 | $ 11 |
Segment, Geographic and Reven_8
Segment, Geographic and Revenue Information - Net Revenues by Region (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information | ||
Net revenues | $ 9,487 | $ 10,286 |
Americas | ||
Segment Reporting Information | ||
Net revenues | 6,646 | 7,321 |
EMEA | ||
Segment Reporting Information | ||
Net revenues | 1,148 | 1,702 |
Asia | ||
Segment Reporting Information | ||
Net revenues | $ 1,693 | $ 1,263 |
Segment, Geographic and Reven_9
Segment, Geographic and Revenue Information - Revenue Recognized from Prior Services (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting [Abstract] | ||
Non-interest revenues | $ 614 | $ 671 |
Segment, Geographic and Reve_10
Segment, Geographic and Revenue Information - Receivables from Contracts with Customers (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Segment Reporting [Abstract] | ||
Customer and other receivables | $ 2,199 | $ 2,916 |
Segment, Geographic and Reve_11
Segment, Geographic and Revenue Information - Assets by Business Segment (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information | ||
Assets | $ 947,795 | $ 895,429 |
Institutional Securities | ||
Segment Reporting Information | ||
Assets | 707,489 | 691,201 |
Wealth Management | ||
Segment Reporting Information | ||
Assets | 233,824 | 197,682 |
Investment Management | ||
Segment Reporting Information | ||
Assets | $ 6,482 | $ 6,546 |