Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2021 | |
Entity File Number | 1-11758 | |
Entity Registrant Name | MORGAN STANLEY | |
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 | 1,824,561,070 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000895421 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
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, $0.01 par value | |
Trading Symbol | MS/PL | |
Security Exchange Name | NYSE | |
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 | |
Trading Symbol | MS/26C | |
Security Exchange Name | NYSE |
Consolidated Income Statements
Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Investment banking | $ 2,560 | $ 2,142 | $ 5,400 | $ 3,413 |
Trading | 3,330 | 4,803 | 7,555 | 7,604 |
Investments | 381 | 275 | 699 | 313 |
Commissions and fees | 1,308 | 1,102 | 2,934 | 2,462 |
Asset management | 4,973 | 3,265 | 9,371 | 6,682 |
Other | 342 | 473 | 626 | 9 |
Total non-interest revenues | 12,894 | 12,060 | 26,585 | 20,483 |
Interest income | 2,212 | 2,358 | 4,649 | 5,861 |
Interest expense | 347 | 758 | 756 | 2,905 |
Net interest | 1,865 | 1,600 | 3,893 | 2,956 |
Net revenues | 14,759 | 13,660 | 30,478 | 23,439 |
Provision for credit losses | 73 | 239 | (25) | 646 |
Non-interest expenses | ||||
Compensation and benefits | 6,423 | 6,035 | 13,221 | 10,318 |
Brokerage, clearing and exchange fees | 795 | 716 | 1,705 | 1,456 |
Information processing and communications | 765 | 589 | 1,498 | 1,152 |
Professional services | 746 | 535 | 1,370 | 984 |
Occupancy and equipment | 414 | 365 | 819 | 730 |
Marketing and business development | 146 | 63 | 292 | 195 |
Other | 831 | 763 | 1,688 | 1,457 |
Total non-interest expenses | 10,120 | 9,066 | 20,593 | 16,292 |
Income before provision for income taxes | 4,566 | 4,355 | 9,910 | 6,501 |
Provision for income taxes | 1,054 | 1,119 | 2,230 | 1,485 |
Net income | 3,512 | 3,236 | 7,680 | 5,016 |
Net income applicable to noncontrolling interests | 1 | 40 | 49 | 122 |
Net income applicable to Morgan Stanley | 3,511 | 3,196 | 7,631 | 4,894 |
Preferred stock dividends | 103 | 149 | 241 | 257 |
Earnings applicable to Morgan Stanley common shareholders | $ 3,408 | $ 3,047 | $ 7,390 | $ 4,637 |
Earnings per common share | ||||
Basic (USD per share) | $ 1.88 | $ 1.98 | $ 4.10 | $ 3 |
Diluted (USD per share) | $ 1.85 | $ 1.96 | $ 4.04 | $ 2.96 |
Average common shares outstanding | ||||
Basic (shares) | 1,814 | 1,541 | 1,804 | 1,548 |
Diluted (shares) | 1,841 | 1,557 | 1,829 | 1,565 |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income Statements - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,512 | $ 3,236 | $ 7,680 | $ 5,016 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 41 | 21 | (178) | (111) |
Change in net unrealized gains (losses) on available-for-sale securities | (7) | 295 | (783) | 1,620 |
Pension and other | 12 | (1) | 17 | 24 |
Change in net debt valuation adjustment | 186 | (2,496) | 323 | 1,307 |
Total other comprehensive income (loss) | 232 | (2,181) | (621) | 2,840 |
Comprehensive income | 3,744 | 1,055 | 7,059 | 7,856 |
Net income applicable to noncontrolling interests | 1 | 40 | 49 | 122 |
Other comprehensive income (loss) applicable to noncontrolling interests | 1 | (87) | (60) | 51 |
Comprehensive income applicable to Morgan Stanley | $ 3,742 | $ 1,102 | $ 7,070 | $ 7,683 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 126,480 | $ 105,654 |
Trading assets at fair value ($108,288 and $132,578 were pledged to various parties) | 321,145 | 312,738 |
Investment securities (includes $93,222 and $110,383 at fair value) | 175,342 | 182,154 |
Securities purchased under agreements to resell (includes $10 and $15 at fair value) | 95,930 | 116,234 |
Securities borrowed | 126,703 | 112,391 |
Customer and other receivables | 100,921 | 97,737 |
Loans: | ||
Held for investment (net of allowance for credit losses of $687 and $835) | 154,346 | 137,784 |
Held for sale | 11,713 | 12,813 |
Goodwill | 16,838 | 11,635 |
Intangible assets (net of accumulated amortization of $3,518 and $3,265) | 8,690 | 4,980 |
Other assets | 23,697 | 21,742 |
Total assets | 1,161,805 | 1,115,862 |
Liabilities | ||
Deposits (includes $2,672 and $3,521 at fair value) | 320,358 | 310,782 |
Trading liabilities at fair value | 169,074 | 157,631 |
Securities sold under agreements to repurchase (includes $1,028 and $1,115 at fair value) | 57,645 | 50,587 |
Securities loaned | 9,574 | 7,731 |
Other secured financings (includes $6,574 and $11,701 at fair value) | 11,232 | 15,863 |
Customer and other payables | 233,810 | 227,437 |
Other liabilities and accrued expenses | 27,808 | 25,603 |
Borrowings (includes $75,508 and $73,701 at fair value) | 224,142 | 217,079 |
Total liabilities | 1,053,643 | 1,012,713 |
Commitments and contingent liabilities (see Note 14) | ||
Equity | ||
Preferred stock | 7,750 | 9,250 |
Common stock | 20 | 20 |
Additional paid-in capital | 28,030 | 25,546 |
Retained earnings | 84,791 | 78,694 |
Employee stock trusts | 3,768 | 3,043 |
Accumulated other comprehensive income (loss) | (2,523) | (1,962) |
Common stock held in treasury at cost, $0.01 par value (204,523,688 and 229,269,835 shares) | (11,198) | (9,767) |
Common stock issued to employee stock trusts | (3,768) | (3,043) |
Total Morgan Stanley shareholders’ equity | 106,870 | 101,781 |
Noncontrolling interests | 1,292 | 1,368 |
Total equity | 108,162 | 103,149 |
Total liabilities and equity | $ 1,161,805 | $ 1,115,862 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Trading assets pledged to various parties | $ 108,288 | $ 132,578 |
Investment securities - AFS at fair value | 93,222 | 110,383 |
Fair value of securities purchased under agreement to resell | 10 | 15 |
Loans held for investment, allowance | 687 | 835 |
Intangible assets, accumulated amortization | 3,518 | 3,265 |
Liabilities | ||
Deposits at fair value | 2,672 | 3,521 |
Fair value of securities sold under agreement to repurchase | 1,028 | 1,115 |
Fair value of other secured financings | 6,574 | 11,701 |
Fair value of borrowings | $ 75,508 | $ 73,701 |
Equity | ||
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) | 1,834,370,291 | 1,809,624,144 |
Common stock held in treasury (shares) | 204,523,688 | 229,269,835 |
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 | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Employee Stock Trusts | Accumulated Other Comprehensive Income (Loss) | Common Stock Held in Treasury at Cost | Common Stock Issued to Employee Stock Trusts | Noncontrolling Interests | ||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||
Balance at beginning of period at Dec. 31, 2019 | $ 8,520 | $ 23,935 | $ 70,589 | $ (100) | [1] | $ 2,918 | $ (2,788) | $ (18,727) | $ (2,918) | $ 1,148 | |||
Balance at end of period at Mar. 31, 2020 | 8,520 | 23,428 | 71,518 | 0 | [1] | 3,088 | 2,095 | (19,721) | (3,088) | 1,368 | |||
Balance at beginning of period at Dec. 31, 2019 | 8,520 | 23,935 | 70,589 | (100) | [1] | 2,918 | (2,788) | (18,727) | (2,918) | 1,148 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Share-based award activity | (153) | 100 | 844 | (100) | |||||||||
Net income applicable to Morgan Stanley | $ 4,894 | 4,894 | |||||||||||
Preferred stock dividends | (257) | (257) | [2] | ||||||||||
Common stock dividends | (1,111) | (1,111) | [2] | ||||||||||
Repurchases of common stock and employee tax withholdings | (1,810) | ||||||||||||
Net income applicable to noncontrolling interests | 122 | 122 | |||||||||||
Net change in Accumulated other comprehensive income (loss) | 2,840 | 2,789 | 51 | ||||||||||
Other net increases (decreases) | 43 | ||||||||||||
Balance at end of period at Jun. 30, 2020 | 88,009 | 8,520 | $ 20 | 23,782 | 74,015 | 3,018 | 1 | (19,693) | (3,018) | 1,364 | |||
Balance at beginning of period at Mar. 31, 2020 | 8,520 | 23,428 | 71,518 | 0 | [1] | 3,088 | 2,095 | (19,721) | (3,088) | 1,368 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Share-based award activity | 354 | (70) | 56 | 70 | |||||||||
Net income applicable to Morgan Stanley | 3,196 | 3,196 | |||||||||||
Preferred stock dividends | (149) | (149) | [2] | ||||||||||
Common stock dividends | (550) | (550) | [2] | ||||||||||
Repurchases of common stock and employee tax withholdings | (28) | ||||||||||||
Net income applicable to noncontrolling interests | 40 | 40 | |||||||||||
Net change in Accumulated other comprehensive income (loss) | (2,181) | (2,094) | (87) | ||||||||||
Other net increases (decreases) | 43 | ||||||||||||
Balance at end of period at Jun. 30, 2020 | 88,009 | 8,520 | 20 | 23,782 | 74,015 | 3,018 | 1 | (19,693) | (3,018) | 1,364 | |||
Balance at beginning of period at Dec. 31, 2020 | 103,149 | 9,250 | 25,546 | 78,694 | 0 | 3,043 | (1,962) | (9,767) | (3,043) | 1,368 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Redemption of Series J preferred stock | (1,500) | ||||||||||||
Share-based award activity | 292 | 725 | 1,037 | (725) | |||||||||
Net income applicable to Morgan Stanley | 7,631 | 7,631 | |||||||||||
Preferred stock dividends | (241) | (241) | [2] | ||||||||||
Common stock dividends | (1,286) | (1,286) | [2] | ||||||||||
Repurchases of common stock and employee tax withholdings | (5,600) | ||||||||||||
Issuance of common stock for the acquisition of Eaton Vance | 2,185 | 3,132 | |||||||||||
Net income applicable to noncontrolling interests | 49 | 49 | |||||||||||
Net change in Accumulated other comprehensive income (loss) | (621) | (561) | (60) | ||||||||||
Other net increases (decreases) | 7 | (7) | (65) | ||||||||||
Balance at end of period at Jun. 30, 2021 | 108,162 | 7,750 | 20 | 28,030 | 84,791 | 3,768 | (2,523) | (11,198) | (3,768) | 1,292 | |||
Balance at beginning of period at Mar. 31, 2021 | 7,750 | 27,406 | 82,034 | $ 0 | [1] | 3,861 | (2,754) | (8,197) | (3,861) | 1,329 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Share-based award activity | 624 | (93) | 17 | 93 | |||||||||
Net income applicable to Morgan Stanley | 3,511 | 3,511 | |||||||||||
Preferred stock dividends | (103) | (103) | [2] | ||||||||||
Common stock dividends | (651) | (651) | [2] | ||||||||||
Repurchases of common stock and employee tax withholdings | (3,018) | ||||||||||||
Net income applicable to noncontrolling interests | 1 | 1 | |||||||||||
Net change in Accumulated other comprehensive income (loss) | 232 | 231 | 1 | ||||||||||
Other net increases (decreases) | (39) | ||||||||||||
Balance at end of period at Jun. 30, 2021 | $ 108,162 | $ 7,750 | $ 20 | $ 28,030 | $ 84,791 | $ 3,768 | $ (2,523) | $ (11,198) | $ (3,768) | $ 1,292 | |||
[1] | See Notes 2 and 18 in the 2020 Form 10-K for further information regarding cumulative adjustments for accounting changes. | ||||||||||||
[2] | See Note 17 for information regarding dividends per share for each class of stock. |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 7,680 | $ 5,016 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Stock-based compensation expense | 1,136 | 548 |
Depreciation and amortization | 1,944 | 1,510 |
Provision for credit losses | (25) | 646 |
Other operating adjustments | (165) | 599 |
Changes in assets and liabilities: | ||
Trading assets, net of Trading liabilities | (1,526) | 17,539 |
Securities borrowed | (14,312) | (285) |
Securities loaned | 1,843 | 1,987 |
Customer and other receivables and other assets | (2,360) | (7,789) |
Customer and other payables and other liabilities | 9,917 | (1,005) |
Securities purchased under agreements to resell | 20,304 | (8,388) |
Securities sold under agreements to repurchase | 7,058 | (3,352) |
Net cash provided by (used for) operating activities | 31,494 | 7,026 |
Proceeds from (payments for): | ||
Other assets—Premises, equipment and software, net | (1,039) | (782) |
Changes in loans, net | (17,426) | (8,700) |
Investment securities: | ||
Purchases | (40,125) | (33,195) |
Proceeds from sales | 17,546 | 3,581 |
Proceeds from paydowns and maturities | 24,479 | 5,616 |
Cash paid as part of the Eaton Vance acquisition, net of cash acquired | (2,648) | 0 |
Other investing activities | (231) | (138) |
Net cash provided by (used for) investing activities | (19,444) | (33,618) |
Net proceeds from (payments for): | ||
Other secured financings | (1,107) | 332 |
Deposits | 9,643 | 46,287 |
Proceeds from issuance of Borrowings | 49,100 | 32,914 |
Payments for: | ||
Borrowings | (40,300) | (24,632) |
Repurchases of common stock and employee tax withholdings | (5,600) | (1,810) |
Cash dividends | (1,501) | (1,328) |
Other financing activities | (186) | (164) |
Net cash provided by (used for) financing activities | 10,049 | 51,599 |
Effect of exchange rate changes on cash and cash equivalents | (1,273) | (902) |
Net increase (decrease) in cash and cash equivalents | 20,826 | 24,105 |
Cash and cash equivalents, at beginning of period | 105,654 | 82,171 |
Cash and cash equivalents, at end of period | 126,480 | 106,276 |
Supplemental Disclosure of Cash Flow Information | ||
Cash payments for interest | 881 | 2,742 |
Cash payments for income taxes, net of refunds | $ 2,033 | $ 679 |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
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 a variety of products and services to corporations, governments, financial institutions and 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 and project finance. Our Equity and Fixed Income businesses include sales, financing, prime brokerage, market-making, Asia wealth management services and certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to customers. Other activities include research. Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions covering: financial advisor-led brokerage and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services including stock plan administration; 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, alternatives and solutions, and liquidity and overlay services. 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, ACL, 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. The financial statements reflect the effects of the following reclassifications to prior period amounts. The Provision for credit losses for loans and lending commitments is presented as a separate line in the income statements. Previously, the provision for credit losses for loans was included in Other revenues, and the provision for credit losses for lending commitments was included in Other expenses. In addition, economic hedges of certain held-for-sale and held-for-investment loans, which were previously reported in Trading revenues, are reported in Other revenues. 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 2020 Form 10-K. Certain footnote disclosures included in the 2020 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 15). 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 2020 Form 10-K. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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 2020 Form 10-K. During the six months ended June 30, 2021 (“current year period”), there were no significant updates to the Firm’s significant accounting policies, other than as described below and in Note 1 to the financial statements. The Firm’s acquisition of Eaton Vance Corp. (“Eaton Vance”) on March 1, 2021 added indefinite lived intangible assets to the Firm’s balance sheet. Indefinite lived intangible assets are not amortized but are tested for impairment on an annual basis and on an interim basis when certain events or circumstances exist. For both the annual and interim tests, the Firm has the option to either (i) perform a quantitative impairment test or (ii) first perform a qualitative assessment to determine whether it is more likely than not that the asset is impaired, in which case the quantitative test would be performed. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of Eaton Vance On March 1, 2021, the Firm completed the acquisition of 100% of Eaton Vance in a stock and cash transaction, which increases the scale and breadth of the Investment Management business segment. Total consideration for the transaction was approximately $8.7 billion, which consists of the $5.3 billion fair value of 69 million common shares issued from Common stock held in treasury and cash of approximately $3.4 billion. Upon acquisition, the assets and liabilities of Eaton Vance were adjusted to their respective fair values as of the closing date of the transaction, including the identifiable intangible assets acquired. In addition, the excess of the purchase price over the fair value of the net assets acquired has been recorded as goodwill. The fair value estimates used in valuing certain acquired assets and liabilities are based, in part, on inputs that are unobservable. For intangible assets, these include, but are not limited to, forecasted future cash flows, revenue growth rates, attrition rates and discount rates. Eaton Vance Purchase Price Allocation $ in millions At Assets Cash and cash equivalents $ 691 Trading assets at fair value: Loans and lending commitments 445 Investments 299 Corporate and other debt 52 Customer and other receivables 331 Goodwill 5,270 Intangible assets 3,956 Other assets 836 Total assets $ 11,880 Liabilities Other secured financings $ 399 Other liabilities and accrued expenses 2,147 Borrowings 678 Total liabilities $ 3,224 Acquired Intangible Assets $ in millions Weighted At Non-amortizable Management contracts indefinite $ 2,120 Amortizable Customer relationships 16 1,455 Tradenames 23 221 Management contracts 16 160 Total acquired Intangible assets $ 3,956 Eaton Vance Results Included in the Firm’s Consolidated Results $ in millions Three Months Ended Six Months Ended June 30, 2021 1 Net revenues $ 535 $ 709 Net income 119 150 1. Reflects Eaton Vance results from March 1, 2021 through June 30, 2021. Morgan Stanley and Eaton Vance Proforma Combined Financial Information Three Months Ended Six Months Ended $ in millions 2021 1 2020 2021 2020 Net revenues $ 14,759 $ 14,076 $ 30,774 $ 24,241 Net income 3,512 3,282 7,780 4,691 1. Amounts are the same as those presented in the Consolidated Income Statement for the current quarter. The proforma financial information presented in the previous table was computed by combining the historical financial information of the Firm and Eaton Vance along with the effects of the acquisition method of accounting for business combinations as though the companies were combined on January 1, 2020. The proforma information does not reflect the potential benefits of cost and funding synergies, opportunities to earn additional revenues, or other factors, and therefore does not represent what the actual Net revenues and Net income would |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2021 | |
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 $ 8,943 $ 9,792 Interest bearing deposits with banks 117,537 95,862 Total Cash and cash equivalents $ 126,480 $ 105,654 Restricted cash $ 41,203 $ 38,202 |
Fair Values
Fair Values | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Values | Fair Values Recurring Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis At June 30, 2021 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 48,097 $ 28,134 $ 25 $ — $ 76,256 Other sovereign government obligations 32,496 5,020 78 — 37,594 State and municipal securities — 2,002 4 — 2,006 MABS — 1,424 357 — 1,781 Loans and lending commitments 2 — 10,249 4,896 — 15,145 Corporate and other debt — 31,781 1,801 — 33,582 Corporate equities 3 104,834 508 150 — 105,492 Derivative and other contracts: Interest rate 1,805 174,122 1,241 — 177,168 Credit — 7,673 636 — 8,309 Foreign exchange 41 70,710 95 — 70,846 Equity 1,051 68,919 387 — 70,357 Commodity and other 4,932 17,576 2,557 — 25,065 Netting 1 (6,406) (250,928) (975) (52,481) (310,790) Total derivative and other contracts 1,423 88,072 3,941 (52,481) 40,955 Investments 4 638 571 978 — 2,187 Physical commodities — 2,106 — — 2,106 Total trading assets 4 187,488 169,867 12,230 (52,481) 317,104 Investment securities—AFS 46,234 46,988 — — 93,222 Securities purchased under agreements to resell — 10 — — 10 Total assets at fair value $ 233,722 $ 216,865 $ 12,230 $ (52,481) $ 410,336 At June 30, 2021 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 2,586 $ 86 $ — $ 2,672 Trading liabilities: U.S. Treasury and agency securities 14,504 377 — — 14,881 Other sovereign government obligations 27,980 2,030 — — 30,010 Corporate and other debt — 12,367 9 — 12,376 Corporate equities 3 73,195 471 50 — 73,716 Derivative and other contracts: Interest rate 1,855 158,946 573 — 161,374 Credit — 8,354 839 — 9,193 Foreign exchange 32 66,144 62 — 66,238 Equity 1,274 79,795 1,224 — 82,293 Commodity and other 4,750 16,103 1,127 — 21,980 Netting 1 (6,406) (250,928) (975) (44,678) (302,987) Total derivative and other contracts 1,505 78,414 2,850 (44,678) 38,091 Total trading liabilities 117,184 93,659 2,909 (44,678) 169,074 Securities sold under agreements to repurchase — 579 449 — 1,028 Other secured financings — 6,173 401 — 6,574 Borrowings — 73,533 1,975 — 75,508 Total liabilities at fair value $ 117,184 $ 176,530 $ 5,820 $ (44,678) $ 254,856 At December 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 $ 43,084 $ 31,524 $ 9 $ — $ 74,617 Other sovereign government obligations 26,174 5,048 268 — 31,490 State and municipal securities — 1,135 — — 1,135 MABS — 1,070 322 — 1,392 Loans and lending commitments 2 — 5,389 5,759 — 11,148 Corporate and other debt — 30,093 3,435 — 33,528 Corporate equities 3 111,575 1,142 86 — 112,803 Derivative and other contracts: Interest rate 4,458 227,818 1,210 — 233,486 Credit — 6,840 701 — 7,541 Foreign exchange 29 93,770 260 — 94,059 Equity 1,132 65,943 1,369 — 68,444 Commodity and other 1,818 10,108 2,723 — 14,649 Netting 1 (5,488) (310,534) (1,351) (62,956) (380,329) Total derivative and other contracts 1,949 93,945 4,912 (62,956) 37,850 Investments 4 624 234 828 — 1,686 Physical commodities — 3,260 — — 3,260 Total trading assets 4 183,406 172,840 15,619 (62,956) 308,909 Investment securities—AFS 46,354 61,225 2,804 — 110,383 Securities purchased under agreements to resell — 12 3 — 15 Total assets at fair value $ 229,760 $ 234,077 $ 18,426 $ (62,956) $ 419,307 At December 31, 2020 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 3,395 $ 126 $ — $ 3,521 Trading liabilities: U.S. Treasury and agency securities 10,204 1 — — 10,205 Other sovereign government obligations 24,209 1,738 16 — 25,963 Corporate and other debt — 8,468 — — 8,468 Corporate equities 3 67,822 172 63 — 68,057 Derivative and other contracts: Interest rate 4,789 213,321 528 — 218,638 Credit — 7,500 652 — 8,152 Foreign exchange 11 94,698 199 — 94,908 Equity 1,245 81,683 3,600 — 86,528 Commodity and other 1,758 9,418 1,014 — 12,190 Netting 1 (5,488) (310,534) (1,351) (58,105) (375,478) Total derivative and other contracts 2,315 96,086 4,642 (58,105) 44,938 Total trading liabilities 104,550 106,465 4,721 (58,105) 157,631 Securities sold under agreements to repurchase — 671 444 — 1,115 Other secured financings — 11,185 516 — 11,701 Borrowings — 69,327 4,374 — 73,701 Total liabilities at fair value $ 104,550 $ 191,043 $ 10,181 $ (58,105) $ 247,669 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 7. 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 $ 13 $ 13 Secured lending facilities 666 648 Commercial Real Estate 2,441 916 Residential Real Estate 1,829 2,145 Securities-based lending and Other loans 10,196 7,426 Total $ 15,145 $ 11,148 Unsettled Fair Value of Futures Contracts 1 $ in millions At At Customer and other receivables, net $ 323 $ 434 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 5 to the financial statements in the 2020 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 Six Months Ended $ in millions 2021 2020 2021 2020 U.S. Treasury and agency securities Beginning balance $ 12 $ 99 $ 9 $ 22 Realized and unrealized gains (losses) 44 (3) 59 (20) Purchases 22 81 25 108 Sales (68) (38) (68) (23) Net transfers 15 (42) — 10 Ending balance $ 25 $ 97 $ 25 $ 97 Unrealized gains (losses) $ 44 $ (1) $ 58 $ (21) Other sovereign government obligations Beginning balance $ 17 $ 17 $ 268 $ 5 Realized and unrealized gains (losses) — (1) — — Purchases 75 — 76 9 Sales (16) (3) (260) (4) Net transfers 2 (2) (6) 1 Ending balance $ 78 $ 11 $ 78 $ 11 Unrealized gains (losses) $ — $ (1) $ — $ — State and municipal securities Beginning balance $ — $ 1 $ — $ 1 Purchases 4 — 4 — Net transfers — (1) — (1) Ending balance $ 4 $ — $ 4 $ — Unrealized gains (losses) $ — $ — $ — $ — MABS Beginning balance $ 374 $ 483 $ 322 $ 438 Realized and unrealized gains (losses) 8 11 59 (62) Purchases 21 274 128 384 Sales (58) (401) (123) (418) Net transfers 12 12 (29) 37 Ending balance $ 357 $ 379 $ 357 $ 379 Unrealized gains (losses) $ 6 $ 8 $ 1 $ (60) Loans and lending commitments Beginning balance $ 5,045 $ 5,980 $ 5,759 $ 5,073 Realized and unrealized gains (losses) 22 (2) 3 (119) Purchases and originations 1,527 808 2,673 1,160 Sales (1,438) (672) (2,569) (755) Settlements (712) (901) (933) (1,508) Net transfers 1 452 (1,145) (37) 217 Ending balance $ 4,896 $ 4,068 $ 4,896 $ 4,068 Unrealized gains (losses) $ 38 $ 5 $ 9 $ (116) Corporate and other debt Beginning balance $ 3,319 $ 1,708 $ 3,435 $ 1,396 Realized and unrealized gains (losses) 207 55 135 (87) Purchases and originations 883 2,859 1,413 2,522 Sales (908) (1,726) (1,087) (861) Settlements — (232) — (311) Net transfers 2 (1,700) 22 (2,095) 27 Ending balance $ 1,801 $ 2,686 $ 1,801 $ 2,686 Unrealized gains (losses) $ 264 $ 46 $ 248 $ (92) Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Corporate equities Beginning balance $ 114 $ 146 $ 86 $ 97 Realized and unrealized gains (losses) 12 (12) 26 (100) Purchases 25 13 50 24 Sales (36) (25) (38) (127) Net transfers 35 (39) 26 189 Ending balance $ 150 $ 83 $ 150 $ 83 Unrealized gains (losses) $ 15 $ (9) $ 28 $ (91) Investments Beginning balance $ 924 $ 725 $ 828 $ 858 Realized and unrealized gains (losses) 47 (23) 107 (49) Purchases 28 14 92 17 Sales (9) (11) (24) (20) Net transfers (12) 54 (25) (47) Ending balance $ 978 $ 759 $ 978 $ 759 Unrealized gains (losses) $ 47 $ (22) $ 94 $ (50) Investment securities —AFS Beginning balance $ 127 $ — $ 2,804 $ — Realized and unrealized gains (losses) — — (4) — Sales (11) — (203) — Net transfers 3 (116) — (2,597) — Ending balance $ — $ — $ — $ — Unrealized gains (losses) $ — $ — $ — $ — Securities purchased under agreements to resell Beginning balance $ — $ — $ 3 $ — Net transfers — — (3) — Ending balance $ — $ — $ — $ — Unrealized gains (losses) $ — $ — $ — $ — Net derivatives: Interest rate Beginning balance $ 691 $ 873 $ 682 $ 777 Realized and unrealized gains (losses) (43) (126) (388) 70 Purchases 41 11 57 129 Issuances (52) (24) (66) (27) Settlements 18 (12) 103 (26) Net transfers 13 38 280 (163) Ending balance $ 668 $ 760 $ 668 $ 760 Unrealized gains (losses) $ (40) $ (160) $ (370) $ 27 Net derivatives: Credit Beginning balance $ (82) $ 198 $ 49 $ 124 Realized and unrealized gains (losses) (88) (74) (75) (60) Purchases 17 13 25 44 Issuances (24) (22) (38) (39) Settlements 36 54 (60) 102 Net transfers (62) (38) (104) (40) Ending balance $ (203) $ 131 $ (203) $ 131 Unrealized gains (losses) $ (76) $ (143) $ (75) $ (63) Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Net derivatives: Foreign exchange Beginning balance $ (110) $ (150) $ 61 $ (31) Realized and unrealized gains (losses) 96 122 (26) 94 Purchases 2 — 4 3 Issuances — — (2) (9) Settlements 1 2 (67) (11) Net transfers 44 43 63 (29) Ending balance $ 33 $ 17 $ 33 $ 17 Unrealized gains (losses) $ (49) $ 44 $ 25 $ 35 Net derivatives: Equity Beginning balance $ (2,117) $ (1,376) $ (2,231) $ (1,684) Realized and unrealized gains (losses) 283 (135) 344 181 Purchases 28 149 71 237 Issuances (143) (391) (461) (595) Settlements 105 10 5 (52) Net transfers 2 1,007 (141) 1,435 29 Ending balance $ (837) $ (1,884) $ (837) $ (1,884) Unrealized gains (losses) $ (36) $ (156) $ (25) $ (4) Net derivatives: Commodity and other Beginning balance $ 1,944 $ 1,849 $ 1,709 $ 1,612 Realized and unrealized gains (losses) 122 338 348 448 Purchases — 3 10 21 Issuances — (2) (13) (17) Settlements (170) (119) (222) 7 Net transfers (466) 18 (402) 16 Ending balance $ 1,430 $ 2,087 $ 1,430 $ 2,087 Unrealized gains (losses) $ (63) $ 182 $ 69 $ 257 Deposits Beginning balance $ 177 $ 117 $ 126 $ 179 Realized and unrealized losses (gains) 4 6 2 3 Settlements (2) (4) (2) (9) Net transfers (93) (29) (40) (83) Ending balance $ 86 $ 90 $ 86 $ 90 Unrealized losses (gains) $ 4 $ 7 $ 2 $ 3 Nonderivative trading liabilities Beginning balance $ 62 $ 64 $ 79 $ 37 Realized and unrealized losses (gains) (4) 5 4 (10) Purchases (38) (42) (43) (45) Sales 16 24 16 22 Settlements — — — 3 Net transfers 23 23 3 67 Ending balance $ 59 $ 74 $ 59 $ 74 Unrealized losses (gains) $ (2) $ 5 $ 4 $ (10) Securities sold under agreements to repurchase Beginning balance $ 441 $ — $ 444 $ — Realized and unrealized losses (gains) 8 (31) 6 (31) Issuances — 471 — 471 Net transfers — — (1) — Ending balance $ 449 $ 440 $ 449 $ 440 Unrealized losses (gains) $ 8 $ (31) $ 6 $ (31) Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Other secured financings Beginning balance $ 555 $ 389 $ 516 $ 109 Realized and unrealized losses (gains) 9 — 4 (12) Issuances 37 5 407 7 Settlements (176) (88) (498) (203) Net transfers (24) (6) (28) 399 Ending balance $ 401 $ 300 $ 401 $ 300 Unrealized losses (gains) $ 10 $ — $ 4 $ (12) Borrowings Beginning balance $ 4,262 $ 3,998 $ 4,374 $ 4,088 Realized and unrealized losses (gains) 125 500 36 (202) Issuances 146 385 276 766 Settlements (217) (92) (326) (283) Net transfers 2 (2,341) (656) (2,385) (234) Ending balance $ 1,975 $ 4,135 $ 1,975 $ 4,135 Unrealized losses (gains) $ 121 $ 496 $ 29 $ (200) Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA (4) 281 (8) (125) 1. Net transfers in the prior year periods reflect the largely offsetting impacts of the transfer in of $857 million of equity margin loans in the first quarter of the prior year and transfers out of $707 million of equity margin loans in the prior year quarter. The loans were transferred into Level 3 in the first quarter of the prior year as the significance of the margin loan rate input increased as a result of reduced liquidity, and transferred out of Level 3 in the prior year quarter as liquidity conditions improved, reducing the significance of the input. 2. Net transfers from Level 3 to Level 2 in the current quarter reflect $2.0 billion of Corporate and Other Debt, $1.0 billion of net Equity derivatives, and $2.2 billion of Borrowings as the unobservable inputs were not significant to the overall fair value measurements as of June 30, 2021. 3. Net transfers in the current year period also reflect the transfer in the first quarter of $2.5 billion of AFS securities from Level 3 to Level 2 due to increased trading activity and observability of pricing inputs. Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or 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 June 30, 2021 At December 31, 2020 Assets at Fair Value on a Recurring Basis Other sovereign government obligations $ 78 $ 268 Comparable pricing: Bond price 132 to 153 points (143 points) 106 points MABS $ 357 $ 322 Comparable pricing: Bond price 0 to 81 points (55 points) 0 to 80 points (50 points) Loans and lending $ 4,896 $ 5,759 Margin loan model: Margin loan rate 0% to 4% (2%) 1% to 5% (3%) Comparable pricing: Loan price 75 to 101 points (98 points) 75 to 102 points (93 points) Corporate and $ 1,801 $ 3,435 Comparable pricing: Bond price 90 to 102 points (98 points) 10 to 133 points (101 points) Discounted cash flow: Recovery rate 40% to 62% (46% / 40%) 40% to 62% (46% / 40%) Option model: Equity volatility 37% to 47% (41%) 18% to 21% (19%) Corporate equities $ 150 $ 86 Comparable pricing: Equity price 100% 100% Investments $ 978 $ 828 Discounted cash flow: WACC 10% to 16% (15%) 8% to 18% (15%) Exit multiple 8 to 17 times (12 times) 7 to 17 times (12 times) Market approach: EBITDA multiple 8 to 40 times (10 times) 8 to 32 times (11 times) Comparable pricing: Equity price 43% to 100% (99%) 45% to 100% (99%) Investment securities —AFS $ — $ 2,804 Comparable pricing: Bond price N/A 97 to 107 points (101 points) Net derivative and other contracts: Interest rate $ 668 $ 682 Option model: IR volatility skew 25% to 104% (60% / 59%) 0% to 349% (62% / 59%) IR curve correlation 69% to 98% (84% / 83%) 54% to 99% (87% / 89%) Bond volatility 4% to 25% (10% / 6%) 6% to 24% (13% / 13%) Inflation volatility 25% to 66% (45% / 43%) 25% to 66% (45% / 43%) IR curve 1% to 2% (2%) 1% Balance / Range (Average 1 ) $ in millions, except inputs At June 30, 2021 At December 31, 2020 Credit $ (203) $ 49 Credit default swap model: Cash-synthetic basis 7 points 7 points Bond price 0 to 85 points (46 points) 0 to 85 points (47 points) Credit spread 14 to 474 bps (90 bps) 20 to 435 bps (74 bps) Funding spread 21 to 95 bps (62 bps) 65 to 118 bps (86 bps) Correlation model: Credit correlation 26% to 42% (29%) 27% to 44% (32%) Foreign exchange 2 $ 33 $ 61 Option model: IR - FX correlation 53% to 57% (55% 55%) 55% to 59% (56% / 56%) IR volatility skew 25% to 104% (60% / 59%) 0% to 349% (62% / 59%) IR curve 6% to 7% (7% / 7%) 6% to 8% (7% / 8%) Foreign exchange volatility skew -6% to -3% (-5% / -5%) -22% to 28% (3% / 1%) Contingency probability 95% 50% to 95% (83% / 93%) Equity 2 $ (837) $ (2,231) Option model: Equity volatility 5% to 91% (23%) 16% to 97% (43%) Equity volatility skew -3% to 0% (-1%) -3% to 0% (-1%) Equity correlation 35% to 98% (68%) 24% to 96% (74%) FX correlation -85% to 65% (-35%) -79% to 60% (-16%) IR correlation 15% to 40% (38%) -13% to 47% (21% / 20%) Commodity and other $ 1,430 $ 1,709 Option model: Forward power price $-1 to $258 ($33) per MWh $-1 to $157 ($28) per MWh Commodity volatility 8% to 176% (19%) 8% to 183% (19%) Cross-commodity correlation 43% to 100% (94%) 43% to 99% (92%) Liabilities Measured at Fair Value on a Recurring Basis Deposits $ 86 $ 126 Option model: Equity volatility 7% 7% to 22% (8%) Nonderivative trading liabilities $ 50 $ 63 Comparable pricing: Equity price 100% 100% Securities sold under agreements to repurchase $ 449 $ 444 Discounted cash flow: Funding spread 100 to 116 bps (111 bps) 107 to 127 bps (115 bps) Other secured financings $ 401 $ 516 Discounted cash flow: Funding spread N/A 111 bps (111 bps) Comparable pricing: Loan price 30 to 101 points (82 points) 30 to 101 points (56 points) Balance / Range (Average 1 ) $ in millions, except inputs At June 30, 2021 At December 31, 2020 Borrowings $ 1,975 $ 4,374 Option model: Equity volatility 7% to 61% (17%) 6% to 66% (23%) Equity volatility skew -1% to 0% (0%) -2% to 0% (0%) Equity correlation 39% to 95% (81%) 37% to 95% (78%) Equity - FX correlation -32% to 10% (-23%) -72% to 13% (-24%) IR FX Correlation -28% to 7% (-5% / -5%) -28% to 6% (-6% / -6%) Discounted cash flow: Recovery rate 40% to 62% (46% / 40%) N/M Nonrecurring Fair Value Measurement Loans $ 1,202 $ 3,134 Corporate loan model: Credit spread 45 to 526 bps (237 bps) 36 to 636 bps (336 bps) Comparable pricing: Loan price 40 to 88 points (76 points) N/M Warehouse model: Credit spread 217 to 309 bps (291 bps) 200 to 413 bps (368 bps) Comparable pricing: Bond Price N/A 88 to 99 bps (94 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. Generally, 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 5 to the financial statements in the 2020 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 June 30, 2021 At December 31, 2020 $ in millions Carrying Value Commitment Carrying Value Commitment Private equity $ 2,448 $ 576 $ 2,367 $ 644 Real estate 1,518 216 1,403 136 Hedge 1 75 3 59 — Total $ 4,041 $ 795 $ 3,829 $ 780 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 income 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 5 to the financial statements in the 2020 Form 10-K. See Note 14 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 20 for information regarding unrealized carried interest at risk of reversal. Nonredeemable Funds by Contractual Maturity Carrying Value at June 30, 2021 $ in millions Private Equity Real Estate Less than 5 years $ 1,148 $ 434 5-10 years 1,087 401 Over 10 years 213 683 Total $ 2,448 $ 1,518 Nonrecurring Fair Value Measurements Carrying and Fair Values At June 30, 2021 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 3,787 $ 1,202 $ 4,989 Other assets—Other investments — 79 79 Total $ 3,787 $ 1,281 $ 5,068 Liabilities Other liabilities and accrued expenses—Lending commitments $ 154 $ 69 $ 223 Total $ 154 $ 69 $ 223 At December 31, 2020 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 2,566 $ 3,134 $ 5,700 Other assets—Other investments $ — $ 16 $ 16 Other assets—ROU assets 21 — 21 Total $ 2,587 $ 3,150 $ 5,737 Liabilities Other liabilities and accrued expenses—Lending commitments $ 193 $ 72 $ 265 Total $ 193 $ 72 $ 265 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 Six Months Ended $ in millions 2021 2020 2021 2020 Assets Loans 2 $ (38) $ (13) $ (55) $ (488) Goodwill — — (8) — Intangibles (1) — (3) — Other assets—Other investments 3 (2) (52) (53) (52) Other assets—Premises, equipment and software 4 (2) (3) (4) (6) Total $ (43) $ (68) $ (123) $ (546) Liabilities Other liabilities and accrued expenses—Lending commitments 2 $ 5 $ 130 $ 40 $ (88) Total $ 5 $ 130 $ 40 $ (88) 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 impairments as well as write-offs related to the disposal of certain assets. Financial Instruments Not Measured at Fair Value At June 30, 2021 Carrying Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 126,480 $ 126,480 $ — $ — $ 126,480 Investment securities—HTM 82,120 30,623 51,282 972 82,877 Securities purchased under agreements to resell 95,920 — 94,399 1,526 95,925 Securities borrowed 126,703 — 126,703 — 126,703 Customer and other receivables 97,370 — 94,071 3,218 97,289 Loans 1 166,059 — 21,535 145,503 167,038 Other assets 504 — 504 — 504 Financial liabilities Deposits $ 317,686 $ — $ 318,107 $ — $ 318,107 Securities sold under agreements to repurchase 56,617 — 56,666 — 56,666 Securities loaned 9,574 — 9,575 — 9,575 Other secured financings 4,658 — 4,661 — 4,661 Customer and other payables 233,810 — 233,810 — 233,810 Borrowings 148,634 — 155,115 5 155,120 Commitment Lending commitments 2 $ 137,508 $ — $ 680 $ 406 $ 1,086 At December 31, 2020 Carrying Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 105,654 $ 105,654 $ — $ — $ 105,654 Investment securities—HTM 71,771 31,239 42,281 900 74,420 Securities purchased under agreements to resell 116,219 — 114,046 2,173 116,219 Securities borrowed 112,391 — 112,392 — 112,392 Customer and other receivables 92,907 — 89,832 3,041 92,873 Loans 1 150,597 — 16,635 135,277 151,912 Other assets 485 — 485 — 485 Financial liabilities Deposits $ 307,261 $ — $ 307,807 $ — $ 307,807 Securities sold under agreements to repurchase 49,472 — 49,315 195 49,510 Securities loaned 7,731 — 7,731 — 7,731 Other secured financings 4,162 — 4,162 — 4,162 Customer and other payables 224,951 — 224,951 — 224,951 Borrowings 143,378 — 150,824 5 150,829 Commitment Lending commitments 2 $ 125,498 $ — $ 709 $ 395 $ 1,104 1. Amounts include loans measured at fair value on a nonrecurring basis. 2. Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 14. |
Fair Value Option
Fair Value Option | 6 Months Ended |
Jun. 30, 2021 | |
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 $ 35,924 $ 33,952 Interest rates 29,684 31,222 Commodities 6,373 5,078 Credit 1,211 1,344 Foreign exchange 2,316 2,105 Total $ 75,508 $ 73,701 Net Revenues from Borrowings under the Fair Value Option Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Trading revenues $ (2,931) $ (3,439) $ (446) $ 8 Interest expense 84 81 157 164 Net revenues 1 $ (3,015) $ (3,520) $ (603) $ (156) 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 June 30, 2021 2020 $ in millions Trading OCI Trading OCI Loans and other debt 1 $ 95 $ — $ (40) $ — Lending commitments 1 — (1) — Deposits — 10 — (63) Borrowings (10) 237 (1) (3,237) Six Months Ended June 30, 2021 2020 $ in millions Trading OCI Trading OCI Loans and other debt 1 $ 253 $ — $ (239) $ — Lending commitments 1 — 1 — Deposits — 9 — 9 Borrowings (27) 422 (6) 1,711 $ in millions At At Cumulative pre-tax DVA gain (loss) recognized in AOCI $ (2,926) $ (3,357) 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 $ 13,124 $ 14,042 Nonaccrual loans 2 10,883 11,551 Borrowings 3 (2,298) (3,773) 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 $ 770 $ 1,407 Nonaccrual loans 90 or more days past due $ 203 $ 239 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Fair Values of Derivative Contracts Assets at June 30, 2021 $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 654 $ 11 $ — $ 665 Foreign exchange 219 18 — 237 Total 873 29 — 902 Not designated as accounting hedges Economic loan hedges Credit 1 16 — 17 Other derivatives Interest rate 168,475 7,702 326 176,503 Credit 5,356 2,936 — 8,292 Foreign exchange 69,108 1,425 76 70,609 Equity 32,308 — 38,049 70,357 Commodity and other 18,601 — 6,464 25,065 Total 293,849 12,079 44,915 350,843 Total gross derivatives $ 294,722 $ 12,108 $ 44,915 $ 351,745 Amounts offset Counterparty netting (212,181) (10,000) (41,074) (263,255) Cash collateral netting (45,922) (1,613) — (47,535) Total in Trading assets $ 36,619 $ 495 $ 3,841 $ 40,955 Amounts not offset 1 Financial instruments collateral (12,680) — — (12,680) Net amounts $ 23,939 $ 495 $ 3,841 $ 28,275 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 4,132 Liabilities at June 30, 2021 $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 5 $ — $ 5 Foreign exchange 5 15 — 20 Total 5 20 — 25 Not designated as accounting hedges Economic loan hedges Credit 15 246 — 261 Other derivatives Interest rate 154,804 6,154 411 161,369 Credit 5,428 3,504 — 8,932 Foreign exchange 64,788 1,333 97 66,218 Equity 43,053 — 39,240 82,293 Commodity and other 15,510 — 6,470 21,980 Total 283,598 11,237 46,218 341,053 Total gross derivatives $ 283,603 $ 11,257 $ 46,218 $ 341,078 Amounts offset Counterparty netting (212,181) (10,000) (41,074) (263,255) Cash collateral netting (38,774) (958) — (39,732) Total in Trading liabilities $ 32,648 $ 299 $ 5,144 $ 38,091 Amounts not offset 1 Financial instruments collateral (6,634) — (1,103) (7,737) Net amounts $ 26,014 $ 299 $ 4,041 $ 30,354 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable 7,394 Assets at December 31, 2020 $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 946 $ 2 $ — $ 948 Foreign exchange 5 2 — 7 Total 951 4 — 955 Not designated as accounting hedges Economic loan hedges Credit 1 2 51 — 53 Other derivatives Interest rate 221,895 10,343 300 232,538 Credit 1 5,341 2,147 — 7,488 Foreign exchange 92,334 1,639 79 94,052 Equity 34,278 — 34,166 68,444 Commodity and other 11,095 — 3,554 14,649 Total 364,945 14,180 38,099 417,224 Total gross derivatives $ 365,896 $ 14,184 $ 38,099 $ 418,179 Amounts offset Counterparty netting (276,682) (11,601) (35,260) (323,543) Cash collateral netting (54,921) (1,865) — (56,786) Total in Trading assets $ 34,293 $ 718 $ 2,839 $ 37,850 Amounts not offset 2 Financial instruments collateral (13,319) — — (13,319) Other cash collateral (391) — — (391) Net amounts $ 20,583 $ 718 $ 2,839 $ 24,140 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,743 Liabilities at December 31, 2020 $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 19 $ — $ 19 Foreign exchange 291 99 — 390 Total 291 118 — 409 Not designated as accounting hedges Economic loan hedges Credit 1 18 177 — 195 Other derivatives Interest rate 210,015 7,965 639 218,619 Credit 1 5,275 2,682 — 7,957 Foreign exchange 92,975 1,500 43 94,518 Equity 49,943 — 36,585 86,528 Commodity and other 8,831 — 3,359 12,190 Total 367,057 12,324 40,626 420,007 Total gross derivatives $ 367,348 $ 12,442 $ 40,626 $ 420,416 Amounts offset Counterparty netting (276,682) (11,601) (35,260) (323,543) Cash collateral netting (51,112) (823) — (51,935) Total in Trading liabilities $ 39,554 $ 18 $ 5,366 $ 44,938 Amounts not offset 2 Financial instruments collateral (10,598) — (1,520) (12,118) Other cash collateral (62) (3) — (65) Net amounts $ 28,894 $ 15 $ 3,846 $ 32,755 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 6,746 1. Certain prior period amounts have been reclassified to conform to the current presentation. 2. 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 5 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 Assets at June 30, 2021 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 4 $ 109 $ — $ 113 Foreign exchange 13 2 — 15 Total 17 111 — 128 Not designated as accounting hedges Economic loan hedges Credit — — — — Other derivatives Interest rate 4,095 7,338 576 12,009 Credit 188 107 — 295 Foreign exchange 3,494 97 12 3,603 Equity 483 — 410 893 Commodity and other 128 — 77 205 Total 8,388 7,542 1,075 17,005 Total gross derivatives $ 8,405 $ 7,653 $ 1,075 $ 17,133 Liabilities at June 30, 2021 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 90 $ — $ 90 Foreign exchange 1 1 — 2 Total 1 91 — 92 Not designated as accounting hedges Economic loan hedges Credit — 7 — 7 Other derivatives Interest rate 4,084 7,156 523 11,763 Credit 197 113 — 310 Foreign exchange 3,425 90 23 3,538 Equity 535 — 766 1,301 Commodity and other 118 — 76 194 Total 8,359 7,366 1,388 17,113 Total gross derivatives $ 8,360 $ 7,457 $ 1,388 $ 17,205 Assets at December 31, 2020 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 6 $ 123 $ — $ 129 Foreign exchange 2 — — 2 Total 8 123 — 131 Not designated as accounting hedges Economic loan hedges Credit 1 — 1 — 1 Other derivatives Interest rate 3,847 6,946 409 11,202 Credit 1 140 87 — 227 Foreign exchange 3,046 103 10 3,159 Equity 444 — 367 811 Commodity and other 107 — 68 175 Total 7,584 7,137 854 15,575 Total gross derivatives $ 7,592 $ 7,260 $ 854 $ 15,706 Liabilities at December 31, 2020 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 80 $ — $ 80 Foreign exchange 11 3 — 14 Total 11 83 — 94 Not designated as accounting hedges Economic loan hedges Credit 1 1 5 — 6 Other derivatives Interest rate 4,000 6,915 511 11,426 Credit 1 142 93 — 235 Foreign exchange 3,180 102 11 3,293 Equity 474 — 591 1,065 Commodity and other 93 — 68 161 Total 7,890 7,115 1,181 16,186 Total gross derivatives $ 7,901 $ 7,198 $ 1,181 $ 16,280 1. Certain prior period amounts have been reclassified to conform to the current presentation. The notional amounts of derivative contracts generally overstate the Firm’s 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 7 to the financial statements in the 2020 Form 10-K. Gains (Losses) on Accounting Hedges Three Months Ended Six Months Ended June 30, June 30, $ in millions 2021 2020 2021 2020 Fair value hedges—Recognized in Interest income Interest rate contracts $ (331) $ (16) $ 500 $ (80) Investment Securities—AFS 345 23 (427) 89 Fair value hedges—Recognized in Interest expense Interest rate contracts $ 1,238 $ 245 $ (2,870) $ 6,912 Deposits 22 46 58 (215) Borrowings (1,270) (327) 2,751 (6,759) Net investment hedges—Foreign exchange contracts Recognized in OCI $ (106) $ (96) $ 299 $ 314 Forward points excluded from hedge effectiveness testing—Recognized in Interest income (14) (8) (13) 25 Fair Value Hedges—Hedged Items $ in millions At At Investment Securities—AFS Amortized cost basis currently or previously hedged $ 18,009 $ 16,288 Basis adjustments included in amortized cost 1 $ (371) $ (39) Deposits Carrying amount currently or previously hedged $ 6,316 $ 15,059 Basis adjustments included in carrying amount 1 $ 35 $ 93 Borrowings Carrying amount currently or previously hedged $ 114,420 $ 114,349 Basis adjustments included in carrying amount — Outstanding hedges $ 3,799 $ 6,575 Basis adjustments included in carrying amount — Terminated hedges $ (757) $ (756) 1. Hedge accounting basis adjustments are primarily related to outstanding hedges. Gains (Losses) on Economic Loan Hedges Three Months Ended Six Months Ended June 30, June 30, $ in millions 2021 2020 2021 2020 Recognized in Other revenues Credit contracts 1 $ (44) $ (120) $ (149) $ 135 1. Amounts related to hedges of certain held-for-investment and held-for-sale loans. Net Derivative Liabilities and Collateral Posted $ in millions At At Net derivative liabilities with credit risk-related contingent features $ 20,227 $ 30,421 Collateral posted 14,954 23,842 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 $ 227 Two-notch downgrade 328 Bilateral downgrade agreements included in the amounts above 1 $ 489 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. 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 June 30, 2021 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 9 $ 23 $ 30 $ 9 $ 71 Non-investment grade 6 12 16 2 36 Total $ 15 $ 35 $ 46 $ 11 $ 107 Index and basket CDS Investment grade $ 2 $ 7 $ 89 $ 16 $ 114 Non-investment grade 6 15 37 15 73 Total $ 8 $ 22 $ 126 $ 31 $ 187 Total CDS sold $ 23 $ 57 $ 172 $ 42 $ 294 Other credit contracts 1 — — — 1 Total credit protection sold $ 24 $ 57 $ 172 $ 42 $ 295 CDS protection sold with identical protection purchased $ 248 Years to Maturity at December 31, 2020 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 9 $ 19 $ 32 $ 9 $ 69 Non-investment grade 7 10 17 2 36 Total $ 16 $ 29 $ 49 $ 11 $ 105 Index and basket CDS Investment grade $ 2 $ 5 $ 39 $ 14 $ 60 Non-investment grade 6 9 29 14 58 Total $ 8 $ 14 $ 68 $ 28 $ 118 Total CDS sold $ 24 $ 43 $ 117 $ 39 $ 223 Other credit contracts — — — — — Total credit protection sold $ 24 $ 43 $ 117 $ 39 $ 223 CDS protection sold with identical protection purchased $ 196 Fair Value Asset (Liability) of Credit Protection Sold 1 $ in millions At At Single-name CDS Investment grade $ 1,495 $ 1,230 Non-investment grade 147 (22) Total $ 1,642 $ 1,208 Index and basket CDS Investment grade $ 1,331 $ 843 Non-investment grade (617) (824) Total $ 714 $ 19 Total CDS sold $ 2,356 $ 1,227 Other credit contracts (3) (4) Total credit protection sold $ 2,353 $ 1,223 1. Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’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 $ 118 $ 116 Index and basket 185 116 Tranched index and basket 15 14 Total $ 318 $ 246 Fair Value Asset (Liability) $ in millions At At Single name $ (1,906) $ (1,452) Index and basket (999) (57) Tranched index and basket (335) (329) Total $ (3,240) $ (1,838) 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 7 to the financial statements in the 2020 Form 10-K. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities AFS and HTM Securities At June 30, 2021 $ in millions Amortized Cost 1 Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. Treasury securities $ 45,594 $ 654 $ 38 $ 46,210 U.S. agency securities 2 28,855 422 136 29,141 Agency CMBS 15,467 424 47 15,844 State and municipal securities 230 31 5 256 FFELP student loan ABS 3 1,769 13 11 1,771 Total AFS securities 91,915 1,544 237 93,222 HTM securities U.S. Treasury securities 29,429 1,235 40 30,624 U.S. agency securities 2 49,247 306 760 48,793 Agency CMBS 2,513 — 25 2,488 Non-agency CMBS 931 42 1 972 Total HTM securities 82,120 1,583 826 82,877 Total investment securities $ 174,035 $ 3,127 $ 1,063 $ 176,099 At December 31, 2020 $ in millions Amortized Cost 1 Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. Treasury securities $ 45,345 $ 1,010 $ — $ 46,355 U.S. agency securities 2 37,389 762 25 38,126 Agency CMBS 19,982 465 9 20,438 Corporate bonds 1,694 42 — 1,736 State and municipal securities 1,461 103 1 1,563 FFELP student loan ABS 3 1,735 7 26 1,716 Other ABS 449 — — 449 Total AFS securities 108,055 2,389 61 110,383 HTM securities U.S. Treasury securities 29,346 1,893 — 31,239 U.S. agency securities 2 38,951 704 8 39,647 Agency CMBS 2,632 4 2 2,634 Non-agency CMBS 842 58 — 900 Total HTM securities 71,771 2,659 10 74,420 Total investment securities $ 179,826 $ 5,048 $ 71 $ 184,803 1. Amounts are net of any ACL. 2. U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt. 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. Investment Securities in an Unrealized Loss Position At At $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities Less than 12 months $ 13,017 $ 38 $ 151 $ — Total 13,017 38 151 — U.S. agency securities Less than 12 months 9,081 135 5,808 22 12 months or longer 793 1 1,168 3 Total 9,874 136 6,976 25 Agency CMBS Less than 12 months 2,983 47 2,779 9 12 months or longer 28 — 46 — Total 3,011 47 2,825 9 Corporate bonds 12 months or longer — — 31 — Total — — 31 — State and municipal securities Less than 12 months 34 5 86 — 12 months or longer — — 36 1 Total 34 5 122 1 FFELP student loan ABS Less than 12 months 87 — — — 12 months or longer 802 11 1,077 26 Total 889 11 1,077 26 Total AFS securities in an unrealized loss position Less than 12 months 25,202 225 8,824 31 12 months or longer 1,623 12 2,358 30 Total $ 26,825 $ 237 $ 11,182 $ 61 For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2020 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of June 30, 2021 and December 31, 2020, the securities in an unrealized loss position are predominantly investment grade. The HTM securities net carrying amounts at June 30, 2021 and December 31, 2020 reflect an ACL of $28 million and $26 million, respectively, related to Non-agency CMBS. See Note 2 in the 2020 Form 10-K for a description of the ACL methodology used for HTM Securities. As of June 30, 2021, and December 31, 2020, Non-Agency CMBS HTM securities were predominantly on accrual status and investment grade. See Note 15 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, FFELP student loan ABS and other ABS. Investment Securities by Contractual Maturity At June 30, 2021 $ in millions Amortized 1 Fair Annualized AFS securities U.S. Treasury securities: Due within 1 year $ 10,079 $ 10,161 1.4 % After 1 year through 5 years 26,632 27,138 1.3 % After 5 years through 10 years 8,883 8,911 1.2 % Total 45,594 46,210 U.S. agency securities: Due within 1 year 1 1 1.5 % After 1 year through 5 years 147 149 1.3 % After 5 years through 10 years 1,466 1,504 1.8 % After 10 years 27,241 27,487 1.6 % Total 28,855 29,141 Agency CMBS: Due within 1 year 240 242 1.8 % After 1 year through 5 years 1,503 1,534 1.6 % After 5 years through 10 years 10,665 11,030 1.6 % After 10 years 3,059 3,038 1.5 % Total 15,467 15,844 State and municipal securities: Due within 1 year 4 4 1.9 % After 1 year through 5 years 22 22 1.8 % After 5 years through 10 years 30 39 2.3 % After 10 Years 174 191 3.9 % Total 230 256 FFELP student loan ABS: Due within 1 year 32 31 0.8 % After 1 year through 5 years 188 184 0.9 % After 5 years through 10 years 152 148 0.7 % After 10 years 1,397 1,408 1.1 % Total 1,769 1,771 Total AFS securities 91,915 93,222 1.4 % At June 30, 2021 $ in millions Amortized 1 Fair Annualized HTM securities U.S. Treasury securities: Due within 1 year 3,673 3,711 1.9 % After 1 year through 5 years 19,256 19,880 1.7 % After 5 years through 10 years 5,418 5,855 2.4 % After 10 years 1,082 1,178 2.5 % Total 29,429 30,624 U.S. agency securities: After 5 years through 10 years 546 562 2.0 % After 10 years 48,701 48,231 1.6 % Total 49,247 48,793 Agency CMBS: Due within 1 year 21 21 2.4 % After 1 year through 5 years 1,358 1,349 1.3 % After 5 years through 10 years 971 958 1.4 % After 10 years 163 160 1.5 % Total 2,513 2,488 Non-agency CMBS: Due within 1 year 151 151 4.5 % After 1 year through 5 years 65 67 2.7 % After 5 years through 10 years 662 698 3.7 % After 10 years 53 56 3.8 % Total 931 972 Total HTM securities 82,120 82,877 1.7 % Total investment securities $ 174,035 $ 176,099 1.6 % 1. Amounts are net of any ACL. Gross Realized Gains (Losses) on Sales of AFS Securities Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Gross realized gains $ 74 $ 16 $ 219 $ 65 Gross realized (losses) (16) (6) (27) (14) Total 1 $ 58 $ 10 $ 192 $ 51 1. Realized gains and losses are recognized in Other revenues in the income statements. |
Collateralized Transactions
Collateralized Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Collateralized Agreements [Abstract] | |
Collateralized Transactions | Collateralized Transactions Offsetting of Certain Collateralized Transactions At June 30, 2021 $ in millions Gross Amounts Amounts Offset Balance Sheet Net Amounts Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 198,942 $ (103,012) $ 95,930 $ (93,720) $ 2,210 Securities borrowed 137,720 (11,017) 126,703 (121,432) 5,271 Liabilities Securities sold under agreements to repurchase $ 160,657 $ (103,012) $ 57,645 $ (48,791) $ 8,854 Securities loaned 20,591 (11,017) 9,574 (9,275) 299 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 1,824 Securities borrowed 1,120 Securities sold under agreements to repurchase 8,099 Securities loaned 164 At December 31, 2020 $ in millions Gross Amounts Amounts Offset Balance Sheet Net Amounts Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 264,140 $ (147,906) $ 116,234 $ (114,108) $ 2,126 Securities borrowed 124,921 (12,530) 112,391 (107,434) 4,957 Liabilities Securities sold under agreements to repurchase $ 198,493 $ (147,906) $ 50,587 $ (43,960) $ 6,627 Securities loaned 20,261 (12,530) 7,731 (7,430) 301 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 1,870 Securities borrowed 596 Securities sold under agreements to repurchase 6,282 Securities loaned 128 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 2 and Note 9 to the financial statements in the 2020 Form 10-K. For information related to offsetting of derivatives, see Note 7. Gross Secured Financing Balances by Remaining Contractual Maturity At June 30, 2021 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 53,852 $ 52,208 $ 14,459 $ 40,138 $ 160,657 Securities loaned 13,432 250 150 6,759 20,591 Total included in the offsetting disclosure $ 67,284 $ 52,458 $ 14,609 $ 46,897 $ 181,248 Trading liabilities— 22,331 — — — 22,331 Total $ 89,615 $ 52,458 $ 14,609 $ 46,897 $ 203,579 At December 31, 2020 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 84,349 $ 60,853 $ 26,221 $ 27,070 $ 198,493 Securities loaned 15,267 247 — 4,747 20,261 Total included in the offsetting disclosure $ 99,616 $ 61,100 $ 26,221 $ 31,817 $ 218,754 Trading liabilities— 16,389 — — — 16,389 Total $ 116,005 $ 61,100 $ 26,221 $ 31,817 $ 235,143 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 $ 39,247 $ 94,662 Other sovereign government obligations 85,282 71,140 Corporate equities 26,775 24,692 Other 9,353 7,999 Total $ 160,657 $ 198,493 Securities loaned Other sovereign government obligations $ 1,414 $ 3,430 Corporate equities 19,079 16,536 Other 98 295 Total $ 20,591 $ 20,261 Total included in the offsetting disclosure $ 181,248 $ 218,754 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 22,312 $ 16,365 Other 19 24 Total $ 22,331 $ 16,389 Total $ 203,579 $ 235,143 Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge $ in millions At At Trading assets $ 35,894 $ 30,954 The Firm pledges certain of its trading assets 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 or repledge $ 708,327 $ 724,818 Collateral that was sold or repledged 1 540,654 523,648 1. Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers. 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. Securities Segregated for Regulatory Purposes $ in millions At At Segregated securities 1 $ 23,912 $ 34,106 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. Customer Margin and Other Lending $ in millions At At Margin and other lending $ 72,942 $ 74,714 The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheets. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans 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 9 to the financial statements in the 2020 Form 10-K. Also included in the amounts in the previous table is non-purpose securities-based lending on non-bank entities in the Wealth Management business segment. Other Secured Financings The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 13. |
Loans, Lending Commitments and
Loans, Lending Commitments and Related Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 $ in millions Loans Held for Investment Loans Held for Sale Total Loans Corporate $ 4,724 $ 7,098 $ 11,822 Secured lending facilities 28,217 3,951 32,168 Commercial real estate 6,707 583 7,290 Residential real estate 38,917 47 38,964 Securities-based lending and Other loans 76,468 34 76,502 Total loans 155,033 11,713 166,746 ACL (687) (687) Total loans, net $ 154,346 $ 11,713 $ 166,059 Fixed rate loans, net $ 38,968 Floating or adjustable rate loans, net 127,091 Loans to non-U.S. borrowers, net 21,567 At December 31, 2020 $ in millions Loans Held for Investment Loans Held for Sale Total Loans Corporate $ 6,046 $ 8,580 $ 14,626 Secured lending facilities 25,727 3,296 29,023 Commercial real estate 7,346 822 8,168 Residential real estate 35,268 48 35,316 Securities-based lending and Other loans 64,232 67 64,299 Total loans 138,619 12,813 151,432 ACL (835) (835) Total loans, net $ 137,784 $ 12,813 $ 150,597 Fixed rate loans, net $ 32,796 Floating or adjustable rate loans, net 117,801 Loans to non-U.S. borrowers, net 21,081 For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 10 to the financial statements in the 2020 Form 10-K. Note 5 for further information regarding Loans and lending commitments held at fair value. See Note 14 for details of current commitments to lend in the future. Loans Held for Investment before Allowance by Origination Year At June 30, 2021 At December 31, 2020 Corporate $ in millions IG NIG Total IG NIG Total Revolving $ 1,404 $ 2,353 $ 3,757 $ 1,138 $ 3,231 $ 4,369 2021 — 71 71 2020 183 25 208 585 80 665 2019 11 187 198 204 202 406 2018 195 — 195 195 — 195 2017 — 62 62 — 64 64 Prior 233 — 233 247 100 347 Total $ 2,026 $ 2,698 $ 4,724 $ 2,369 $ 3,677 $ 6,046 At June 30, 2021 At December 31, 2020 Secured lending facilities $ in millions IG NIG Total IG NIG Total Revolving $ 6,932 $ 15,899 $ 22,831 $ 4,711 $ 14,510 $ 19,221 2021 460 308 768 2020 84 214 298 162 253 415 2019 179 1,644 1,823 260 1,904 2,164 2018 328 824 1,152 614 1,432 2,046 2017 144 359 503 245 581 826 Prior — 842 842 — 1,055 1,055 Total $ 8,127 $ 20,090 $ 28,217 $ 5,992 $ 19,735 $ 25,727 At June 30, 2021 At December 31, 2020 Commercial real estate $ in millions IG NIG Total IG NIG Total 2021 $ 82 $ 363 $ 445 2020 165 820 985 $ 95 $ 943 $ 1,038 2019 1,031 1,585 2,616 1,074 1,848 2,922 2018 433 537 970 746 774 1,520 2017 367 341 708 412 387 799 Prior 100 883 983 100 967 1,067 Total $ 2,178 $ 4,529 $ 6,707 $ 2,427 $ 4,919 $ 7,346 At June 30, 2021 Residential real estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 69 $ 30 $ 5 $ 104 $ — $ 104 2021 5,506 1,131 101 6,312 426 6,738 2020 8,530 1,761 136 9,874 553 10,427 2019 5,176 1,168 155 6,096 403 6,499 2018 2,108 547 70 2,505 220 2,725 2017 2,422 621 78 2,900 221 3,121 Prior 6,745 2,201 357 8,461 842 9,303 Total $ 30,556 $ 7,459 $ 902 $ 36,252 $ 2,665 $ 38,917 At December 31, 2020 Residential real estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 85 $ 32 $ 5 $ 122 $ — $ 122 2020 8,948 1,824 149 10,338 583 10,921 2019 5,592 1,265 168 6,584 441 7,025 2018 2,320 604 75 2,756 243 2,999 2017 2,721 690 89 3,251 249 3,500 2016 3,324 884 118 4,035 291 4,326 Prior 4,465 1,626 284 5,684 691 6,375 Total $ 27,455 $ 6,925 $ 888 $ 32,770 $ 2,498 $ 35,268 At June 30, 2021 Securities-based lending 1 Other 2 $ in millions Investment Grade Non-Investment Grade Total Revolving $ 63,243 $ 5,383 $ 715 $ 69,341 2021 31 232 49 312 2020 — 817 586 1,403 2019 18 1,121 637 1,776 2018 232 378 421 1,031 2017 — 645 147 792 Prior 16 1,496 301 1,813 Total $ 63,540 $ 10,072 $ 2,856 $ 76,468 December 31, 2020 Securities-based lending 1 Other 2 $ in millions Investment Grade Non-Investment Grade Total Revolving $ 51,667 $ 4,816 $ 555 $ 57,038 2020 — 1,073 590 1,663 2019 18 1,156 623 1,797 2018 232 407 403 1,042 2017 — 654 122 776 2016 — 566 111 677 Prior 16 1,066 157 1,239 Total $ 51,933 $ 9,738 $ 2,561 $ 64,232 1. Securities-based loans are subject to collateral maintenance provisions, and at June 30, 2021 and December 31, 2020, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2020 Form 10-K. 2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment. Past Due Loans Held for Investment before Allowance 1 $ in millions At June 30, 2021 At December 31, 2020 Residential real estate 194 332 Securities-based lending and Other loans — 31 Total $ 194 $ 363 1. The majority of the amounts are past due for a period of less than 90 days as of June 30, 2021 and December 31, 2020. Nonaccrual Loans Held for Investment before Allowance $ in millions At June 30, 2021 At December 31, 2020 Corporate $ 98 $ 164 Secured lending facilities 298 — Commercial real estate 71 152 Residential real estate 123 97 Securities-based lending and Other loans 163 178 Total 1 $ 753 $ 591 Nonaccrual loans without an ACL $ 124 $ 90 1. Includes all HFI loans that are 90 days or more past due as of June 30, 2021 and December 31, 2020. See Note 2 to the financial statements in the 2020 Form 10-K for a description of the ACL calculated under the CECL methodology, including credit quality indicators, used for HFI loans. Troubled Debt Restructurings $ in millions At June 30, 2021 At December 31, 2020 Loans, before ACL $ 62 $ 167 Lending commitments — 27 ACL on Loans and Lending commitments 10 36 Troubled debt restructurings typically include modifications of interest rates, collateral requirements, other loan covenants and payment extensions. See Note 2 to the financial statements in the 2020 Form 10-K for further information on TDR guidance issued by Congress in the CARES Act as well as by the U.S. banking agencies. Allowance for Credit Losses Rollforward—Loans $ in millions Corporate Secured lending facilities CRE Residential real estate SBL and Other Total December 31, 2020 $ 309 $ 198 $ 211 $ 59 $ 58 $ 835 Gross charge-offs (14) (67) (21) — — (102) Provision for credit losses 1 (95) 48 5 (2) 2 (42) Other (1) (2) (1) — — (4) June 30, 2021 $ 199 $ 177 $ 194 $ 57 $ 60 $ 687 $ in millions Corporate Secured lending facilities CRE Residential real estate SBL and Other Total December 31, 2019 $ 115 $ 101 $ 75 $ 25 $ 33 $ 349 Effect of CECL adoption (2) (42) 34 21 (2) 9 Gross charge-offs (33) — — — — (33) Recoveries — — — — 2 2 Net recoveries (charge-offs) (33) — — — 2 (31) Provision for credit losses 1 298 63 155 13 9 538 Other 1 — (38) — 38 1 June 30, 2020 $ 379 $ 122 $ 226 $ 59 $ 80 $ 866 Allowance for Credit Losses Rollforward—Lending Commitments $ in millions Corporate Secured lending facilities CRE Residential real estate SBL and Other Total December 31, 2020 $ 323 $ 38 $ 11 $ 1 $ 23 $ 396 Provision for credit losses 1 18 1 — — (2) 17 Other (1) 1 (1) — — (1) June 30, 2021 $ 340 $ 40 $ 10 $ 1 $ 21 $ 412 $ in millions Corporate Secured lending facilities CRE Residential real estate SBL and Other Total December 31, 2019 $ 201 $ 27 $ 7 $ — $ 6 $ 241 Effect of CECL adoption (41) (11) 1 2 (1) (50) Provision for credit losses 1 73 26 7 (1) 3 108 Other (2) — (4) — 4 (2) June 30, 2020 $ 231 $ 42 $ 11 $ 1 $ 12 $ 297 CRE—Commercial real estate SBL—Securities-based lending. Provision for Credit Losses Three Months Ended $ in millions 2021 2020 Loans $ 16 $ 246 Lending commitments 57 (7) The aggregate allowance for loans and lending commitments decreased in the current year period, primarily reflecting charge-offs and a release in the allowance for credit losses within the Institutional Securities business segment. The allowance release was primarily a result of improvements in the outlook for macroeconomic conditions and the impact of paydowns on Corporate loans, including by lower-rated borrowers, partially offset by the provision for one Secured lending facility.The base scenario used in our ACL models as of June 30, 2021 was generated using a combination of industry consensus economic forecasts, forward rates, and internally developed and validated models. Given the nature of our lending portfolio, the most sensitive model input is U.S. gross domestic product. The base scenario, among other things, assumes continued growth over the forecast period with U.S. GDP reaching a year-over-year growth rate of approximately 6% by the fourth quarter of 2021, supported by fiscal stimulus and accommodative monetary policy. For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 10 to the financial statements in the 2020 Form 10-K. Employee Loans $ in millions At At Currently employed by the Firm 1 $ 3,329 $ 3,100 No longer employed by the Firm 2 133 $ 140 Employee loans $ 3,462 $ 3,240 ACL (163) (165) Employee loans, net of ACL $ 3,299 $ 3,075 Remaining repayment term, weighted average in years 5.6 5.3 1. These loans were predominantly current as of June 30, 2021 and December 31, 2020. 2. These loans were predominantly past due for a period of 90 days or more as of June 30, 2021 and December 31, 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 ACL as of June 30, 2021 and December 31, 2020 was calculated under the CECL methodology. The related provision is recorded in Compensation and benefits expense in the income statements. See Note 2 to the financial statements in the 2020 Form 10-K 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 | 6 Months Ended |
Jun. 30, 2021 | |
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 $ 2,266 $ 2,410 Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Income (loss) $ 51 $ (63) $ 27 $ (34) 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 5 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 Six Months Ended $ in millions 2021 2020 2021 2020 Income (loss) from investment in MUMSS $ 52 $ (1) $ 84 $ 31 For more information on Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (“MUMSS”) and other relationships with Mitsubishi UFJ Financial Group, Inc., see Note 12 to the financial statements in the 2020 Form 10-K. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits Deposits $ in millions At At Savings and demand deposits $ 299,681 $ 279,221 Time deposits 20,677 31,561 Total $ 320,358 $ 310,782 Deposits subject to FDIC insurance $ 237,803 $ 234,211 Time deposits that equal or exceed the FDIC insurance limit $ 6 $ 16 Time Deposit Maturities $ in millions At 2021 $ 6,804 2022 5,523 2023 4,117 2024 2,821 2025 776 Thereafter 636 Total $ 20,677 |
Borrowings and Other Secured Fi
Borrowings and Other Secured Financings | 6 Months Ended |
Jun. 30, 2021 | |
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 $ 5,538 $ 3,691 Original maturities greater than one year Senior $ 207,781 $ 202,305 Subordinated 10,823 11,083 Total $ 218,604 $ 213,388 Total borrowings $ 224,142 $ 217,079 Weighted average stated maturity, in years 1 7.6 7.3 1. Only includes borrowings with original maturities greater than one year. Other Secured Financings $ in millions At At Original maturities: One year or less $ 6,767 $ 10,453 Greater than one year 4,465 5,410 Total $ 11,232 $ 15,863 Transfers of assets accounted for as secured financings $ 1,253 $ 1,529 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 15 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 | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Guarantees and Contingencies | Commitments, Guarantees and Contingencies Commitments Years to Maturity at June 30, 2021 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 16,396 $ 38,716 $ 44,932 $ 7,479 $ 107,523 Secured lending facilities 6,007 6,669 2,086 643 15,405 Commercial and Residential real estate 428 233 19 248 928 Securities-based lending and Other 11,103 3,724 308 266 15,401 Forward-starting secured financing receivables 69,886 — — — 69,886 Central counterparty 300 — — 6,237 6,537 Underwriting — 60 — — 60 Investment activities 1,019 253 56 356 1,684 Letters of credit and other financial guarantees 26 — — 3 29 Total $ 105,165 $ 49,655 $ 47,401 $ 15,232 $ 217,453 Lending commitments participated to third parties $ 9,223 Forward-starting secured financing receivables settled within three business days $ 64,159 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 15 to the financial statements in the 2020 Form 10-K. Guarantees At June 30, 2021 Maximum Potential Payout/Notional of Obligations by Years to Maturity Carrying Amount Asset (Liability) $ in millions Less than 1 1-3 3-5 Over 5 Non-credit derivatives 1 $ 1,352,865 $ 1,029,619 $ 445,441 $ 955,300 $ (46,932) Standby letters of credit and other financial guarantees issued 2 1,537 1,250 517 3,735 89 Market value guarantees 79 22 — — — Liquidity facilities 4,073 — — — 5 Whole loan sales guarantees — — 58 23,123 — Securitization representations and warranties 3 — — — 69,210 (42) General partner guarantees 315 12 20 125 (68) Client clearing guarantees 52 — — — — 1. 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 7. 2. These amounts include certain issued standby letters of credit participated to third parties, totaling $0.6 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. As of June 30, 2021, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $88 million. 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. For more information on the nature of the obligations and related business activities for our guarantees, see Note 15 to the financial statements in the 2020 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 15 to the financial statements in the 2020 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. No other subsidiary of the Parent Company guarantees these securities. 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 those where potential losses have not yet been determined to be probable or possible, and reasonably estimable. 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, 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 before a loss or additional loss, or range of loss or additional range of loss, can be reasonably estimated for a proceeding or investigation, 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. 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 could 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 September 23, 2014, Financial Guaranty Insurance Company (“FGIC”) filed a complaint against the Firm in the Supreme Court of the State of New York County (“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, interest and costs. On January 23, 2017, the court denied the Firm’s motion to dismiss the complaint. On September 13, 2018, the Appellate Division, First Department (“First Department”) affirmed in part and reversed in part the lower court’s order denying the Firm’s motion to dismiss the complaint. On December 20, 2018, the First Department denied plaintiff’s motion for leave to appeal 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 its January 17, 2019 decision 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”) is challenging in the Dutch courts, the prior set-off by the Firm of approximately €124 million (approximately $147 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 with respect to certain of the tax years in dispute. On May 12, 2020, the Court of Appeal in Amsterdam granted the Dutch Authority’s appeal in matters re-styled Case number 18/00318 and Case number 18/00319 . On June 22, 2020, the Firm filed an appeal against the decision of the Court of Appeal in Amsterdam before the Dutch High Court. On January 29, 2021, the Advocate General of the Dutch High Court in matters re-styled Case number 15/3637 and Case number 15/4353 issued an advisory opinion on the Firm’s appeal, which rejected the Firm’s principal grounds of appeal. On February 11, 2021, the Firm and the Dutch Tax Authority each responded to this opinio n. On June 22, 2021, Dutch criminal authorities sought various documents in connection with an investigation of the Firm related to the civil claims asserted by the Dutch Tax Authority in matters re-styled Case number 18/00318 and Case number 18/00319 , concerning the accuracy of the Dutch subsidiary’s tax returns and the maintenance of its books and records for 2007 to 2012. |
Variable Interest Entities and
Variable Interest Entities and Securitization Activities | 6 Months Ended |
Jun. 30, 2021 | |
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 1 At June 30, 2021 At December 31, 2020 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities CLO $ 800 $ 705 $ 418 $ 350 MABS 2 388 47 590 17 Other 3 1,497 378 1,110 47 Total $ 2,685 $ 1,130 $ 2,118 $ 414 1. Certain prior period amounts have been reclassified to conform to the current presentation. 2. 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. 3. Other primarily includes operating entities and investment funds. Consolidated VIE Assets and Liabilities by Balance Sheet Caption $ in millions At At Assets Cash and cash equivalents $ 318 $ 269 Trading assets at fair value 1,781 1,445 Securities purchased under agreements to resell 200 — Customer and other receivables 25 23 Intangible assets 92 98 Other assets 269 283 Total $ 2,685 $ 2,118 Liabilities Other secured financings $ 949 $ 366 Other liabilities and accrued expenses 181 48 Total $ 1,130 $ 414 Noncontrolling interests $ 143 $ 196 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 June 30, 2021 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 155,510 $ 1,918 $ 6,424 $ 2,001 $ 50,129 Maximum exposure to loss 3 Debt and equity interests $ 20,473 $ 166 $ 4 $ 1,245 $ 10,741 Derivative and other contracts — — 4,073 — 5,997 Commitments, guarantees and other 1,390 — — — 1,443 Total $ 21,863 $ 166 $ 4,077 $ 1,245 $ 18,181 Carrying value of variable interests—Assets Debt and equity interests $ 20,473 $ 166 $ 4 $ 1,245 $ 10,741 Derivative and other contracts — — 5 — 2,208 Total $ 20,473 $ 166 $ 9 $ 1,245 $ 12,949 Additional VIE assets owned 4 $ 17,235 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 217 At December 31, 2020 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 184,153 $ 3,527 $ 6,524 $ 2,161 $ 48,241 Maximum exposure to loss 3 Debt and equity interests $ 26,247 $ 257 $ — $ 1,187 $ 11,008 Derivative and other contracts — — 4,425 — 5,639 Commitments, guarantees and other 929 — — — 749 Total $ 27,176 $ 257 $ 4,425 $ 1,187 $ 17,396 Carrying value of variable interests – Assets Debt and equity interests $ 26,247 $ 257 $ — $ 1,187 $ 11,008 Derivative and other contracts — — 5 — 851 Total $ 26,247 $ 257 $ 5 $ 1,187 $ 11,859 Additional VIE assets owned 4 $ 20,019 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 222 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 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 5). 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 8). 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 June 30, 2021 At December 31, 2020 $ in millions UPB Debt and Equity Interests UPB Debt and Equity Interests Residential mortgages $ 17,146 $ 2,637 $ 17,775 $ 3,175 Commercial mortgages 62,404 3,705 62,093 4,131 U.S. agency collateralized mortgage obligations 70,091 11,989 99,182 17,224 Other consumer or commercial loans 5,869 2,142 5,103 1,717 Total $ 155,510 $ 20,473 $ 184,153 $ 26,247 Transferred Assets with Continuing Involvement At June 30, 2021 $ in millions RML CML U.S. Agency CMO CLN and Other 1 SPE assets (UPB) 2 $ 7,217 $ 90,355 $ 31,722 $ 15,181 Retained interests Investment grade $ 98 $ 936 $ 605 $ — Non-investment grade 21 214 — 80 Total $ 119 $ 1,150 $ 605 $ 80 Interests purchased in the secondary market Investment grade $ — $ 78 $ 20 $ — Non-investment grade 46 68 — 1 Total $ 46 $ 146 $ 20 $ 1 Derivative assets $ — $ — $ — $ 608 Derivative liabilities — — — 197 At December 31, 2020 $ in millions RML CML U.S. Agency CMO CLN and Other 1 SPE assets (UPB) 2 $ 7,515 $ 84,674 $ 21,061 $ 12,978 Retained interests Investment grade $ 49 $ 822 $ 615 $ — Non-investment grade 16 195 — 114 Total $ 65 $ 1,017 $ 615 $ 114 Interests purchased in the secondary market Investment grade $ — $ 96 $ 116 $ — Non-investment grade 43 80 — 21 Total $ 43 $ 176 $ 116 $ 21 Derivative assets $ — $ — $ — $ 400 Derivative liabilities — — — 436 Fair Value At June 30, 2021 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 702 $ — $ 702 Non-investment grade 12 50 62 Total $ 714 $ 50 $ 764 Interests purchased in the secondary market Investment grade $ 97 $ 1 $ 98 Non-investment grade 76 39 115 Total $ 173 $ 40 $ 213 Derivative assets $ 607 $ 1 $ 608 Derivative liabilities 163 34 197 Fair Value at December 31, 2020 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 663 $ — $ 663 Non-investment grade 6 63 69 Total $ 669 $ 63 $ 732 Interests purchased in the secondary market Investment grade $ 196 $ 16 $ 212 Non-investment grade 62 82 144 Total $ 258 $ 98 $ 356 Derivative assets $ 388 $ 12 $ 400 Derivative liabilities 435 1 436 RML—Residential mortgage loans CML—Commercial mortgage loans 1. Amounts include CLO transactions managed by unrelated third parties. 2. Amounts include assets transferred by unrelated transferors. The previous tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. The 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 2020 Form 10-K and Note 5 herein. Further, 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. Proceeds from New Securitization Transactions and Sales of Loans Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 New transactions 1 $ 16,410 $ 9,189 $ 31,200 $ 17,660 Retained interests 2,985 1,136 5,564 5,224 Sales of corporate loans to CLO SPEs 1, 2 73 73 73 139 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 14). Assets Sold with Retained Exposure $ in millions At At Gross cash proceeds from sale of assets 1 $ 61,885 $ 45,051 Fair value Assets sold $ 63,544 $ 46,609 Derivative assets recognized 1,972 1,592 Derivative liabilities recognized 314 64 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 16 to the financial statements in the 2020 Form 10-K. |
Regulatory Requirements
Regulatory Requirements | 6 Months Ended |
Jun. 30, 2021 | |
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 17 to the financial statements in the 2020 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 June 30, 2021 and December 31, 2020, the differences between the actual and required ratios were lower under the Standardized Approach. In 2020, the U.S. banking agencies adopted a final rule, consistent with an interim final rule that was effective March 31, 2020, altering, for purposes of the regulatory capital rules, the required adoption time period for CECL. As of June 30, 2021 and December 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 the Firm’s election to defer this effect over a five-year transition period which began on January 1, 2020 in accordance with the final rule. Risk-Based Regulatory Capital Ratio Requirements At June 30, 2021 and December 31, 2020 Standardized Advanced Capital buffers Capital conservation buffer — 2.5% SCB 5.7% N/A G-SIB capital surcharge 3.0% 3.0% CCyB 1 0% 0% Capital buffer requirement 2 8.7% 5.5% At June 30, 2021 and December 31, 2020 Regulatory Minimum Standardized Advanced Required ratios 3 Common Equity Tier 1 capital ratio 4.5 % 13.2% 10.0% Tier 1 capital ratio 6.0 % 14.7% 11.5% Total capital ratio 8.0 % 16.7% 13.5% 1. The CCyB can be set up to 2.5%, but is currently set by the U.S. banking agencies at zero. 2. The capital buffer requirement represents the amount of Common Equity Tier 1 capital the Firm must maintain above the minimum risk-based capital requirements in order to avoid 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. The Firm's Standardized Approach capital buffer requirement is equal to the sum of the SCB, G-SIB capital surcharge and CCyB, and the Advanced Approach capital buffer requirement is equal to the 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB. 3. Required ratios represent the regulatory minimum plus the capital buffer requirement. The Firm’s Regulatory Capital and Capital Ratios $ in millions Required 1 At June 30, 2021 At December 31, 2020 Risk-based capital Common Equity Tier 1 capital $ 76,815 $ 78,650 Tier 1 capital 84,612 88,079 Total capital 92,782 97,213 Total RWA 462,808 453,106 Common Equity Tier 1 capital ratio 13.2 % 16.6 % 17.4 % Tier 1 capital ratio 14.7 % 18.3 % 19.4 % Total capital ratio 16.7 % 20.0 % 21.5 % $ in millions Required Ratio 1 At June 30, 2021 At December 31, 2020 Leverage-based capital Adjusted average assets 2 $ 1,135,262 $ 1,053,510 Tier 1 leverage ratio 4.0 % 7.5 % 8.4 % Supplementary leverage exposure 3,4 $ 1,439,971 $ 1,192,506 SLR 4 5.0 % 5.9 % 7.4 % 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 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. 4. The Firm’s SLR and Supplementary leverage exposure as of December 31, 2020 reflect the exclusion of U.S. Treasury securities and deposits at Federal Reserve Banks based on a Federal Reserve interim final rule that was in effect until March 31, 2021. Certain U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios The OCC establishes capital requirements for the Firm’s U.S. bank subsidiaries, which as of June 30, 2021 and December 31, 2020 include, among others, Morgan Stanley Bank, N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”), and evaluates their compliance with such capital requirements. Regulatory capital requirements for MSBNA and MSPBNA are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge and SCB 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, its 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 June 30, 2021 and December 31, 2020, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. At June 30, 2021 and December 31, 2020, the risk-based and leverage-based capital amounts and ratios are calculated excluding the effect of the adoption of CECL based on MSBNA’s and MSPBNA’s election to defer this effect over a five-year transition period, which began on January 1, 2020. MSBNA’s Regulatory Capital At June 30, 2021 At December 31, 2020 $ in millions Well-Capitalized Requirement Required Ratio 1 Amount Ratio Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 18,069 19.8 % $ 17,238 18.7 % Tier 1 capital 8.0 % 8.5 % 18,069 19.8 % 17,238 18.7 % Total capital 10.0 % 10.5 % 18,644 20.5 % 17,882 19.4 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 18,069 10.4 % $ 17,238 10.1 % SLR 6.0 % 3.0 % 18,069 8.1 % 17,238 8.0 % MSPBNA’s Regulatory Capital At June 30, 2021 At December 31, 2020 $ in millions Well-Capitalized Requirement Required Ratio 1 Amount Ratio Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 9,629 25.1 % $ 8,213 21.3 % Tier 1 capital 8.0 % 8.5 % 9,629 25.1 % 8,213 21.3 % Total capital 10.0 % 10.5 % 9,702 25.2 % 8,287 21.5 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 9,629 7.4 % $ 8,213 7.2 % SLR 6.0 % 3.0 % 9,629 7.1 % 8,213 6.9 % 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 ability to make capital distributions, including the payment of dividends. U.S. Broker-Dealer Regulatory Capital Requirements MS&Co. Regulatory Capital $ in millions At June 30, At December 31, Net capital $ 16,739 $ 12,869 Excess net capital 12,837 9,034 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 June 30, 2021 and December 31, 2020, MS&Co. exceeded its net capital requirement and had tentative net capital in excess of the minimum and notification requirements. Other Regulated Subsidiaries MSSB, a registered U.S. broker-dealer and introducing broker for the futures business, is subject to the minimum net capital requirements of the SEC. MSIP, a London-based broker-dealer subsidiary, is subject to the capital requirements of the PRA, and the Morgan Stanley Europe Holdings SE Group (“MSEHSE Group”) is subject to the capital requirements of the European Central Bank, BaFin and the German Central Bank. MSSB, MSIP and the MSEHSE Group, including MSESE, a Germany-based broker-dealer, have consistently operated with capital in excess of their respective regulatory capital requirements. Additionally, E*TRADE Bank and E*TRADE Savings Bank are subject to the capital requirements of the OCC, and E*TRADE Securities LLC is subject to the minimum net capital requirements of the SEC; each of these entities has 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 also consistently operated with capital in excess of their local capital adequacy requirements. |
Total Equity
Total Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Total Equity | Total Equity 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 — — — 1,500 K 40,000 25,000 1,000 1,000 L 20,000 25,000 500 500 M 400,000 1,000 430 430 N 3,000 100,000 300 300 Total $ 7,750 $ 9,250 Shares authorized 30,000,000 1. Series C preferred stock is held by MUFG. For a description of Series A through Series N preferred stock issuances, see Note 18 to the financial statements in the 2020 Form 10-K. The Firm’s preferred stock has a preference over its 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 16). On March 15, 2021, the Firm announced the redemption in whole of its outstanding Series J preferred stock. On notice of redemption, the amount due to holders of Series J Preferred Stock was reclassified to Borrowings, and on April 15, 2021 the redemption settled at the carrying value of $1.5 billion. Share Repurchases Three Months Ended June 30, Six Months Ended June 30, $ in millions 2021 2020 2021 2020 Repurchases of common stock under the Firm’s Share Repurchase Program $ 2,939 $ — $ 5,074 $ 1,347 Beginning late in the first quarter of 2020, the Firm suspended its share repurchase program, however the Federal Reserve permitted the resumption of share repurchases for the current year per iod. On June 28, 2021, the Firm announced its Board of Directors authorized the repurchase of up to $12 billion of outstanding common stock from July 1, 2021 through June 30, 2022, from time to time as conditions warrant, which supersedes the previous common stock repurchase authorization. For more information on share repurchases, see Note 18 to the fi nancial statements in the 2020 Form 10-K. Common Shares Outstanding for Basic and Diluted EPS Three Months Ended Six Months Ended in millions 2021 2020 2021 2020 Weighted average common shares outstanding, basic 1,814 1,541 1,804 1,548 Effect of dilutive Stock options, RSUs and PSUs 27 16 25 17 Weighted average common shares outstanding and common stock equivalents, diluted 1,841 1,557 1,829 1,565 Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) — 8 — 10 Dividends $ in millions, except per share data Three Months Ended Three Months Ended Per Share 1 Total Per Share 1 Total Preferred stock series A $ 253 $ 11 $ 253 $ 11 C 25 13 25 13 E 445 15 445 15 F 430 15 430 15 H 240 12 305 16 I 398 16 398 16 J 2 — — 694 42 K 366 15 366 15 L 305 6 305 6 Total Preferred stock $ 103 $ 149 Common stock 0.35 $ 651 $ 0.35 $ 550 $ in millions, except per share data Six Months Ended Six Months Ended Per Share 1 Total Per Share 1 Total Preferred stock series A $ 503 $ 22 $ 506 $ 22 C 50 26 50 26 E 891 30 891 30 F 859 29 859 29 H 480 25 649 34 I 797 32 797 32 J 2 253 15 694 42 K 731 30 731 30 L 609 12 609 12 M 3 29 12 — — N 4 2,650 8 — — Total Preferred stock $ 241 $ 257 Common stock $ 0.70 $ 1,286 $ 0.70 $ 1,111 1. Common and Preferred Stock dividends are payable quarterly, unless otherwise noted. 2. Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption. 3. Series M is payable semiannually until September 15, 2026, and thereafter will be payable quarterly. 4. Series N is payable semiannually until March 15, 2023, and thereafter will be payable quarterly. Accumulated Other Comprehensive Income (Loss) 1 $ in millions CTA AFS Securities Pension and Other DVA Total March 31, 2021 $ (936) $ 1,011 $ (493) $ (2,336) $ (2,754) OCI during the period 41 (7) 12 185 231 June 30, 2021 $ (895) $ 1,004 $ (481) $ (2,151) $ (2,523) March 31, 2020 $ (1,038) $ 1,532 $ (619) $ 2,220 $ 2,095 OCI during the period 21 295 (1) (2,409) (2,094) June 30, 2020 $ (1,017) $ 1,827 $ (620) $ (189) $ 1 December 31, 2020 $ (795) $ 1,787 $ (498) $ (2,456) $ (1,962) OCI during the period (100) (783) 17 305 (561) June 30, 2021 $ (895) $ 1,004 $ (481) $ (2,151) $ (2,523) December 31, 2019 $ (897) $ 207 $ (644) $ (1,454) $ (2,788) OCI during the period (120) 1,620 24 1,265 2,789 June 30, 2020 $ (1,017) $ 1,827 $ (620) $ (189) $ 1 CTA—Cumulative foreign currency translation adjustments 1. Amounts are net of tax and noncontrolling interests. Components of Period Changes in OCI Three Months Ended June 30, 2021 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ 12 $ 29 $ 41 $ — $ 41 Reclassified to earnings — — — — — Net OCI $ 12 $ 29 $ 41 $ — $ 41 Change in net unrealized gains (losses) on AFS securities OCI activity $ 47 $ (10) $ 37 $ — $ 37 Reclassified to earnings (58) 14 (44) — (44) Net OCI $ (11) $ 4 $ (7) $ — $ (7) Pension and other OCI activity $ 8 $ — $ 8 $ — $ 8 Reclassified to earnings 7 (3) 4 — 4 Net OCI $ 15 $ (3) $ 12 $ — $ 12 Change in net DVA OCI activity $ 237 $ (59) $ 178 $ 1 $ 177 Reclassified to earnings 10 (2) 8 — 8 Net OCI $ 247 $ (61) $ 186 $ 1 $ 185 Three Months Ended June 30, 2020 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ 5 $ 19 $ 24 $ — $ 24 Reclassified to earnings (3) — (3) — (3) Net OCI $ 2 $ 19 $ 21 $ — $ 21 Change in net unrealized gains (losses) on AFS securities OCI activity $ 395 $ (93) $ 302 $ — $ 302 Reclassified to earnings (10) 3 (7) — (7) Net OCI $ 385 $ (90) $ 295 $ — $ 295 Pension and other OCI activity $ (4) $ (1) $ (5) $ — $ (5) Reclassified to earnings 5 (1) 4 — 4 Net OCI $ 1 $ (2) $ (1) $ — $ (1) Change in net DVA OCI activity $ (3,301) $ 805 $ (2,496) $ (87) $ (2,409) Reclassified to earnings 1 (1) — — — Net OCI $ (3,300) $ 804 $ (2,496) $ (87) $ (2,409) Six Months Ended June 30, 2021 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (92) $ (86) $ (178) $ (78) $ (100) Reclassified to earnings — — — — — Net OCI $ (92) $ (86) $ (178) $ (78) $ (100) Change in net unrealized gains (losses) on AFS securities OCI activity $ (829) $ 193 $ (636) $ — $ (636) Reclassified to earnings (192) 45 (147) — (147) Net OCI $ (1,021) $ 238 $ (783) $ — $ (783) Pension and other OCI activity $ 8 $ — $ 8 $ — $ 8 Reclassified to earnings 14 (5) 9 — 9 Net OCI $ 22 $ (5) $ 17 $ — $ 17 Change in net DVA OCI activity $ 404 $ (102) $ 302 $ 18 $ 284 Reclassified to earnings 27 (6) 21 — 21 Net OCI $ 431 $ (108) $ 323 $ 18 $ 305 Six Months Ended June 30, 2020 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (15) $ (93) $ (108) $ 9 $ (117) Reclassified to earnings (3) — (3) — (3) Net OCI $ (18) $ (93) $ (111) $ 9 $ (120) Change in net unrealized gains (losses) on AFS securities OCI activity $ 2,168 $ (509) $ 1,659 $ — $ 1,659 Reclassified to earnings (51) 12 (39) — (39) Net OCI $ 2,117 $ (497) $ 1,620 $ — $ 1,620 Pension and other OCI activity $ 21 $ (5) $ 16 $ — $ 16 Reclassified to earnings 10 (2) 8 — 8 Net OCI $ 31 $ (7) $ 24 $ — $ 24 Change in net DVA OCI activity $ 1,714 $ (411) $ 1,303 $ 42 $ 1,261 Reclassified to earnings 6 (2) 4 — 4 Net OCI $ 1,720 $ (413) $ 1,307 $ 42 $ 1,265 |
Interest Income and Interest Ex
Interest Income and Interest Expense | 6 Months Ended |
Jun. 30, 2021 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | Interest Income and Interest Expense Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Interest income Investment securities $ 608 $ 629 $ 1,457 $ 1,074 Loans 1,040 1,050 2,028 2,204 Securities purchased under agreements to resell and Securities borrowed 1 (321) (141) (617) 257 Trading assets, net of Trading liabilities 486 616 996 1,365 Customer receivables and Other 2 399 204 785 961 Total interest income $ 2,212 $ 2,358 $ 4,649 $ 5,861 Interest expense Deposits $ 108 $ 220 $ 228 $ 626 Borrowings 719 823 1,433 1,820 Securities sold under agreements to repurchase and Securities loaned 3 116 209 230 718 Customer payables and Other 4 (596) (494) (1,135) (259) Total interest expense $ 347 $ 758 $ 756 $ 2,905 Net interest $ 1,865 $ 1,600 $ 3,893 $ 2,956 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 Equity Financing 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. Accrued Interest $ in millions At At December 31, 2020 Customer and other receivables $ 2,160 $ 1,652 Customer and other payables 2,517 2,119 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
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 statement and on the effective tax rate for any period in which such resolutions occur. 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. |
Segment, Geographic and Revenue
Segment, Geographic and Revenue Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment, Geographic and Revenue Information | Segment, Geographic and Revenue Information Selected Financial Information by Business Segment Three Months Ended June 30, 2021 $ in millions IS WM IM I/E Total Investment banking $ 2,376 $ 203 $ — $ (19) $ 2,560 Trading 3,078 255 (22) 19 3,330 Investments 61 14 306 — 381 Commissions and fees 1 682 714 1 (89) 1,308 Asset management 1,2 148 3,447 1,418 (40) 4,973 Other 137 207 1 (3) 342 Total non-interest revenues 6,482 4,840 1,704 (132) 12,894 Interest income 873 1,366 10 (37) 2,212 Interest expense 263 111 12 (39) 347 Net interest 610 1,255 (2) 2 1,865 Net revenues $ 7,092 $ 6,095 $ 1,702 $ (130) $ 14,759 Provision for credit losses $ 70 $ 3 $ — $ — $ 73 Compensation and benefits 2,433 3,275 715 — 6,423 Non-compensation expenses 2,091 1,181 557 (132) 3,697 Total non-interest expenses $ 4,524 $ 4,456 $ 1,272 $ (132) $ 10,120 Income before provision for income taxes $ 2,498 $ 1,636 $ 430 $ 2 $ 4,566 Provision for income taxes 574 372 108 — 1,054 Net income 1,924 1,264 322 2 3,512 Net income applicable to noncontrolling interests 20 — (19) — 1 Net income applicable to Morgan Stanley $ 1,904 $ 1,264 $ 341 $ 2 $ 3,511 Three Months Ended June 30, 2020 $ in millions IS WM IM I/E Total Investment banking $ 2,051 $ 110 $ — $ (19) $ 2,142 Trading 3 4,272 492 22 17 4,803 Investments 36 8 231 — 275 Commissions and fees 1 717 473 — (88) 1,102 Asset management 1,2 115 2,507 684 (41) 3,265 Other 3 439 84 (47) (3) 473 Total non-interest revenues 7,630 3,674 890 (134) 12,060 Interest income 1,300 1,210 7 (159) 2,358 Interest expense 731 180 11 (164) 758 Net interest 569 1,030 (4) 5 1,600 Net revenues 3 $ 8,199 $ 4,704 $ 886 $ (129) $ 13,660 Provision for credit losses 3 $ 217 $ 22 $ — $ — $ 239 Compensation and benefits 2,952 2,729 354 — 6,035 Non-compensation expenses 3 2,037 811 316 (133) 3,031 Total non-interest expenses 3 $ 4,989 $ 3,540 $ 670 $ (133) $ 9,066 Income before provision for income taxes $ 2,993 $ 1,142 $ 216 $ 4 $ 4,355 Provision for income taxes 790 289 39 1 1,119 Net income 2,203 853 177 3 3,236 Net income applicable to noncontrolling interests 17 — 23 — 40 Net income applicable to Morgan Stanley $ 2,186 $ 853 $ 154 $ 3 $ 3,196 Six Months Ended June 30, 2021 $ in millions IS WM IM I/E Total Investment banking $ 4,989 $ 454 $ — $ (43) $ 5,400 Trading 7,151 381 (19) 42 7,555 Investments 147 16 536 — 699 Commissions and fees 1 1,552 1,565 1 (184) 2,934 Asset management 1,2 287 6,638 2,521 (75) 9,371 Other 295 360 (23) (6) 626 Total non-interest revenues 14,421 9,414 3,016 (266) 26,585 Interest income 1,843 2,852 18 (64) 4,649 Interest expense 595 212 18 (69) 756 Net interest 1,248 2,640 — 5 3,893 Net revenues $ 15,669 $ 12,054 $ 3,016 $ (261) $ 30,478 Provision for credit losses $ (23) $ (2) $ — $ — $ (25) Compensation and benefits 5,547 6,445 1,229 — 13,221 Non-compensation expenses 4,276 2,375 987 (266) 7,372 Total non-interest expenses $ 9,823 $ 8,820 $ 2,216 $ (266) $ 20,593 Income before provision for income taxes $ 5,869 $ 3,236 $ 800 $ 5 $ 9,910 Provision for income taxes 1,310 730 189 1 2,230 Net income 4,559 2,506 611 4 7,680 Net income applicable to noncontrolling interests 54 — (5) — 49 Net income applicable to Morgan Stanley $ 4,505 $ 2,506 $ 616 $ 4 $ 7,631 Six Months Ended June 30, 2020 $ in millions IS WM IM I/E Total Investment banking $ 3,195 $ 268 $ — $ (50) $ 3,413 Trading 3 7,433 145 (15) 41 7,604 Investments 11 8 294 — 313 Commissions and fees 1 1,591 1,061 — (190) 2,462 Asset management 1,2 228 5,187 1,349 (82) 6,682 Other 3 (112) 165 (40) (4) 9 Total non-interest revenues 12,346 6,834 1,588 (285) 20,483 Interest income 3,723 2,403 15 (280) 5,861 Interest expense 2,692 477 25 (289) 2,905 Net interest 1,031 1,926 (10) 9 2,956 Net revenues 3 $ 13,377 $ 8,760 $ 1,578 $ (276) $ 23,439 Provision for credit losses 3 $ 605 $ 41 $ — $ — $ 646 Compensation and benefits 4,766 4,941 611 — 10,318 Non-compensation expenses 3 4,063 1,581 608 (278) 5,974 Total non-interest expenses 3 $ 8,829 $ 6,522 $ 1,219 $ (278) $ 16,292 Income before provision for income taxes $ 3,943 $ 2,197 $ 359 $ 2 $ 6,501 Provision for income taxes 941 480 64 — 1,485 Net income 3,002 1,717 295 2 5,016 Net income applicable to noncontrolling interests 59 — 63 — 122 Net income applicable to Morgan Stanley $ 2,943 $ 1,717 $ 232 $ 2 $ 4,894 I/E–Intersegment Eliminations 1. Substantially all revenues are from contracts with customers. 2. Includes certain fees which may relate to services performed in prior periods. 3. Certain prior period amounts have been reclassified to conform to the current presentation. See Note 1 for additional information. For a discussion about the Firm’s business segments, see Note 23 to the financial statements in the 2020 Form 10-K. Detail of Investment Banking Revenues Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Institutional Securities Advisory $ 664 $ 462 $ 1,144 $ 824 Institutional Securities Underwriting 1,712 1,589 3,845 2,371 Firm Investment banking revenues from contracts with customers 90 % 92 % 91 % 91 % Trading Revenues by Product Type 1 Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Interest rate $ 17 $ 1,008 $ 876 $ 2,082 Foreign exchange 314 127 588 465 Equity security and index 2 2,033 1,943 3,728 3,016 Commodity and other 680 723 1,541 733 Credit 286 1,002 822 1,308 Total $ 3,330 $ 4,803 $ 7,555 $ 7,604 1. Certain prior period amounts have been reclassified to conform to the current presentation. See Note 1 for additional information. 2. 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 income at risk of reversing $ 778 $ 735 The Firm’s portion of net cumulative performance-based income in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the return in certain funds fall below specified performance targets. See Note 14 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 Six Months Ended $ in millions 2021 2020 2021 2020 Fee waivers $ 131 $ 22 $ 225 $ 33 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. Other Expenses — Transaction Taxes Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Transaction taxes $ 217 $ 146 $ 455 $ 330 Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are levied on trades of listed derivative instruments in certain countries. Net Revenues by Region 1 Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Americas $ 10,885 $ 9,950 $ 22,076 $ 16,838 EMEA 2,093 2,109 4,252 3,306 Asia 1,781 1,601 4,150 3,295 Total $ 14,759 $ 13,660 $ 30,478 $ 23,439 1. Certain prior period amounts have been reclassified to conform to the current presentation. See Note 1 for additional information. For a discussion about the Firm’s geographic net revenues, see Note 23 to the financial statements in the 2020 Form 10-K. Revenues Recognized from Prior Services Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Non-interest revenues $ 677 $ 680 $ 1,066 $ 1,242 The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. For the three and six months ended June 30, 2021 these revenues primarily include investment banking advisory fees, and for the three and six months ended June 30, 2020, these revenues primarily include investment banking advisory fees and distribution fees. Receivables from Contracts with Customers $ in millions At At Customer and other receivables $ 3,425 $ 3,200 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 the right per the contract to bill the customer. Assets by Business Segment $ in millions At At Institutional Securities $ 782,257 $ 753,322 Wealth Management 361,136 355,595 Investment Management 18,412 6,945 Total 1 $ 1,161,805 $ 1,115,862 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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, ACL, 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. The financial statements reflect the effects of the following reclassifications to prior period amounts. The Provision for credit losses for loans and lending commitments is presented as a separate line in the income statements. Previously, the provision for credit losses for loans was included in Other revenues, and the provision for credit losses for lending commitments was included in Other expenses. In addition, economic hedges of certain held-for-sale and held-for-investment loans, which were previously reported in Trading revenues, are reported in Other revenues. 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 2020 Form 10-K. Certain footnote disclosures included in the 2020 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 15). 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 2020 Form 10-K. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Schedule of Preliminary Purchase Price Allocation | Eaton Vance Purchase Price Allocation $ in millions At Assets Cash and cash equivalents $ 691 Trading assets at fair value: Loans and lending commitments 445 Investments 299 Corporate and other debt 52 Customer and other receivables 331 Goodwill 5,270 Intangible assets 3,956 Other assets 836 Total assets $ 11,880 Liabilities Other secured financings $ 399 Other liabilities and accrued expenses 2,147 Borrowings 678 Total liabilities $ 3,224 |
Schedule of Acquired Intangible Assets | Acquired Intangible Assets $ in millions Weighted At Non-amortizable Management contracts indefinite $ 2,120 Amortizable Customer relationships 16 1,455 Tradenames 23 221 Management contracts 16 160 Total acquired Intangible assets $ 3,956 |
Schedule of Proforma Combined Financial Information (Unaudited) | Eaton Vance Results Included in the Firm’s Consolidated Results $ in millions Three Months Ended Six Months Ended June 30, 2021 1 Net revenues $ 535 $ 709 Net income 119 150 1. Reflects Eaton Vance results from March 1, 2021 through June 30, 2021. Morgan Stanley and Eaton Vance Proforma Combined Financial Information Three Months Ended Six Months Ended $ in millions 2021 1 2020 2021 2020 Net revenues $ 14,759 $ 14,076 $ 30,774 $ 24,241 Net income 3,512 3,282 7,780 4,691 1. Amounts are the same as those presented in the Consolidated Income Statement for the current quarter. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | $ in millions At At Cash and due from banks $ 8,943 $ 9,792 Interest bearing deposits with banks 117,537 95,862 Total Cash and cash equivalents $ 126,480 $ 105,654 Restricted cash $ 41,203 $ 38,202 |
Fair Values (Tables)
Fair Values (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 48,097 $ 28,134 $ 25 $ — $ 76,256 Other sovereign government obligations 32,496 5,020 78 — 37,594 State and municipal securities — 2,002 4 — 2,006 MABS — 1,424 357 — 1,781 Loans and lending commitments 2 — 10,249 4,896 — 15,145 Corporate and other debt — 31,781 1,801 — 33,582 Corporate equities 3 104,834 508 150 — 105,492 Derivative and other contracts: Interest rate 1,805 174,122 1,241 — 177,168 Credit — 7,673 636 — 8,309 Foreign exchange 41 70,710 95 — 70,846 Equity 1,051 68,919 387 — 70,357 Commodity and other 4,932 17,576 2,557 — 25,065 Netting 1 (6,406) (250,928) (975) (52,481) (310,790) Total derivative and other contracts 1,423 88,072 3,941 (52,481) 40,955 Investments 4 638 571 978 — 2,187 Physical commodities — 2,106 — — 2,106 Total trading assets 4 187,488 169,867 12,230 (52,481) 317,104 Investment securities—AFS 46,234 46,988 — — 93,222 Securities purchased under agreements to resell — 10 — — 10 Total assets at fair value $ 233,722 $ 216,865 $ 12,230 $ (52,481) $ 410,336 At June 30, 2021 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 2,586 $ 86 $ — $ 2,672 Trading liabilities: U.S. Treasury and agency securities 14,504 377 — — 14,881 Other sovereign government obligations 27,980 2,030 — — 30,010 Corporate and other debt — 12,367 9 — 12,376 Corporate equities 3 73,195 471 50 — 73,716 Derivative and other contracts: Interest rate 1,855 158,946 573 — 161,374 Credit — 8,354 839 — 9,193 Foreign exchange 32 66,144 62 — 66,238 Equity 1,274 79,795 1,224 — 82,293 Commodity and other 4,750 16,103 1,127 — 21,980 Netting 1 (6,406) (250,928) (975) (44,678) (302,987) Total derivative and other contracts 1,505 78,414 2,850 (44,678) 38,091 Total trading liabilities 117,184 93,659 2,909 (44,678) 169,074 Securities sold under agreements to repurchase — 579 449 — 1,028 Other secured financings — 6,173 401 — 6,574 Borrowings — 73,533 1,975 — 75,508 Total liabilities at fair value $ 117,184 $ 176,530 $ 5,820 $ (44,678) $ 254,856 At December 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 $ 43,084 $ 31,524 $ 9 $ — $ 74,617 Other sovereign government obligations 26,174 5,048 268 — 31,490 State and municipal securities — 1,135 — — 1,135 MABS — 1,070 322 — 1,392 Loans and lending commitments 2 — 5,389 5,759 — 11,148 Corporate and other debt — 30,093 3,435 — 33,528 Corporate equities 3 111,575 1,142 86 — 112,803 Derivative and other contracts: Interest rate 4,458 227,818 1,210 — 233,486 Credit — 6,840 701 — 7,541 Foreign exchange 29 93,770 260 — 94,059 Equity 1,132 65,943 1,369 — 68,444 Commodity and other 1,818 10,108 2,723 — 14,649 Netting 1 (5,488) (310,534) (1,351) (62,956) (380,329) Total derivative and other contracts 1,949 93,945 4,912 (62,956) 37,850 Investments 4 624 234 828 — 1,686 Physical commodities — 3,260 — — 3,260 Total trading assets 4 183,406 172,840 15,619 (62,956) 308,909 Investment securities—AFS 46,354 61,225 2,804 — 110,383 Securities purchased under agreements to resell — 12 3 — 15 Total assets at fair value $ 229,760 $ 234,077 $ 18,426 $ (62,956) $ 419,307 At December 31, 2020 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 3,395 $ 126 $ — $ 3,521 Trading liabilities: U.S. Treasury and agency securities 10,204 1 — — 10,205 Other sovereign government obligations 24,209 1,738 16 — 25,963 Corporate and other debt — 8,468 — — 8,468 Corporate equities 3 67,822 172 63 — 68,057 Derivative and other contracts: Interest rate 4,789 213,321 528 — 218,638 Credit — 7,500 652 — 8,152 Foreign exchange 11 94,698 199 — 94,908 Equity 1,245 81,683 3,600 — 86,528 Commodity and other 1,758 9,418 1,014 — 12,190 Netting 1 (5,488) (310,534) (1,351) (58,105) (375,478) Total derivative and other contracts 2,315 96,086 4,642 (58,105) 44,938 Total trading liabilities 104,550 106,465 4,721 (58,105) 157,631 Securities sold under agreements to repurchase — 671 444 — 1,115 Other secured financings — 11,185 516 — 11,701 Borrowings — 69,327 4,374 — 73,701 Total liabilities at fair value $ 104,550 $ 191,043 $ 10,181 $ (58,105) $ 247,669 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 7. 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. |
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 $ 13 $ 13 Secured lending facilities 666 648 Commercial Real Estate 2,441 916 Residential Real Estate 1,829 2,145 Securities-based lending and Other loans 10,196 7,426 Total $ 15,145 $ 11,148 |
Schedule of Unsettled Fair Value of Futures Contracts | Unsettled Fair Value of Futures Contracts 1 $ in millions At At Customer and other receivables, net $ 323 $ 434 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 Six Months Ended $ in millions 2021 2020 2021 2020 U.S. Treasury and agency securities Beginning balance $ 12 $ 99 $ 9 $ 22 Realized and unrealized gains (losses) 44 (3) 59 (20) Purchases 22 81 25 108 Sales (68) (38) (68) (23) Net transfers 15 (42) — 10 Ending balance $ 25 $ 97 $ 25 $ 97 Unrealized gains (losses) $ 44 $ (1) $ 58 $ (21) Other sovereign government obligations Beginning balance $ 17 $ 17 $ 268 $ 5 Realized and unrealized gains (losses) — (1) — — Purchases 75 — 76 9 Sales (16) (3) (260) (4) Net transfers 2 (2) (6) 1 Ending balance $ 78 $ 11 $ 78 $ 11 Unrealized gains (losses) $ — $ (1) $ — $ — State and municipal securities Beginning balance $ — $ 1 $ — $ 1 Purchases 4 — 4 — Net transfers — (1) — (1) Ending balance $ 4 $ — $ 4 $ — Unrealized gains (losses) $ — $ — $ — $ — MABS Beginning balance $ 374 $ 483 $ 322 $ 438 Realized and unrealized gains (losses) 8 11 59 (62) Purchases 21 274 128 384 Sales (58) (401) (123) (418) Net transfers 12 12 (29) 37 Ending balance $ 357 $ 379 $ 357 $ 379 Unrealized gains (losses) $ 6 $ 8 $ 1 $ (60) Loans and lending commitments Beginning balance $ 5,045 $ 5,980 $ 5,759 $ 5,073 Realized and unrealized gains (losses) 22 (2) 3 (119) Purchases and originations 1,527 808 2,673 1,160 Sales (1,438) (672) (2,569) (755) Settlements (712) (901) (933) (1,508) Net transfers 1 452 (1,145) (37) 217 Ending balance $ 4,896 $ 4,068 $ 4,896 $ 4,068 Unrealized gains (losses) $ 38 $ 5 $ 9 $ (116) Corporate and other debt Beginning balance $ 3,319 $ 1,708 $ 3,435 $ 1,396 Realized and unrealized gains (losses) 207 55 135 (87) Purchases and originations 883 2,859 1,413 2,522 Sales (908) (1,726) (1,087) (861) Settlements — (232) — (311) Net transfers 2 (1,700) 22 (2,095) 27 Ending balance $ 1,801 $ 2,686 $ 1,801 $ 2,686 Unrealized gains (losses) $ 264 $ 46 $ 248 $ (92) Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Corporate equities Beginning balance $ 114 $ 146 $ 86 $ 97 Realized and unrealized gains (losses) 12 (12) 26 (100) Purchases 25 13 50 24 Sales (36) (25) (38) (127) Net transfers 35 (39) 26 189 Ending balance $ 150 $ 83 $ 150 $ 83 Unrealized gains (losses) $ 15 $ (9) $ 28 $ (91) Investments Beginning balance $ 924 $ 725 $ 828 $ 858 Realized and unrealized gains (losses) 47 (23) 107 (49) Purchases 28 14 92 17 Sales (9) (11) (24) (20) Net transfers (12) 54 (25) (47) Ending balance $ 978 $ 759 $ 978 $ 759 Unrealized gains (losses) $ 47 $ (22) $ 94 $ (50) Investment securities —AFS Beginning balance $ 127 $ — $ 2,804 $ — Realized and unrealized gains (losses) — — (4) — Sales (11) — (203) — Net transfers 3 (116) — (2,597) — Ending balance $ — $ — $ — $ — Unrealized gains (losses) $ — $ — $ — $ — Securities purchased under agreements to resell Beginning balance $ — $ — $ 3 $ — Net transfers — — (3) — Ending balance $ — $ — $ — $ — Unrealized gains (losses) $ — $ — $ — $ — Net derivatives: Interest rate Beginning balance $ 691 $ 873 $ 682 $ 777 Realized and unrealized gains (losses) (43) (126) (388) 70 Purchases 41 11 57 129 Issuances (52) (24) (66) (27) Settlements 18 (12) 103 (26) Net transfers 13 38 280 (163) Ending balance $ 668 $ 760 $ 668 $ 760 Unrealized gains (losses) $ (40) $ (160) $ (370) $ 27 Net derivatives: Credit Beginning balance $ (82) $ 198 $ 49 $ 124 Realized and unrealized gains (losses) (88) (74) (75) (60) Purchases 17 13 25 44 Issuances (24) (22) (38) (39) Settlements 36 54 (60) 102 Net transfers (62) (38) (104) (40) Ending balance $ (203) $ 131 $ (203) $ 131 Unrealized gains (losses) $ (76) $ (143) $ (75) $ (63) Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Net derivatives: Foreign exchange Beginning balance $ (110) $ (150) $ 61 $ (31) Realized and unrealized gains (losses) 96 122 (26) 94 Purchases 2 — 4 3 Issuances — — (2) (9) Settlements 1 2 (67) (11) Net transfers 44 43 63 (29) Ending balance $ 33 $ 17 $ 33 $ 17 Unrealized gains (losses) $ (49) $ 44 $ 25 $ 35 Net derivatives: Equity Beginning balance $ (2,117) $ (1,376) $ (2,231) $ (1,684) Realized and unrealized gains (losses) 283 (135) 344 181 Purchases 28 149 71 237 Issuances (143) (391) (461) (595) Settlements 105 10 5 (52) Net transfers 2 1,007 (141) 1,435 29 Ending balance $ (837) $ (1,884) $ (837) $ (1,884) Unrealized gains (losses) $ (36) $ (156) $ (25) $ (4) Net derivatives: Commodity and other Beginning balance $ 1,944 $ 1,849 $ 1,709 $ 1,612 Realized and unrealized gains (losses) 122 338 348 448 Purchases — 3 10 21 Issuances — (2) (13) (17) Settlements (170) (119) (222) 7 Net transfers (466) 18 (402) 16 Ending balance $ 1,430 $ 2,087 $ 1,430 $ 2,087 Unrealized gains (losses) $ (63) $ 182 $ 69 $ 257 Deposits Beginning balance $ 177 $ 117 $ 126 $ 179 Realized and unrealized losses (gains) 4 6 2 3 Settlements (2) (4) (2) (9) Net transfers (93) (29) (40) (83) Ending balance $ 86 $ 90 $ 86 $ 90 Unrealized losses (gains) $ 4 $ 7 $ 2 $ 3 Nonderivative trading liabilities Beginning balance $ 62 $ 64 $ 79 $ 37 Realized and unrealized losses (gains) (4) 5 4 (10) Purchases (38) (42) (43) (45) Sales 16 24 16 22 Settlements — — — 3 Net transfers 23 23 3 67 Ending balance $ 59 $ 74 $ 59 $ 74 Unrealized losses (gains) $ (2) $ 5 $ 4 $ (10) Securities sold under agreements to repurchase Beginning balance $ 441 $ — $ 444 $ — Realized and unrealized losses (gains) 8 (31) 6 (31) Issuances — 471 — 471 Net transfers — — (1) — Ending balance $ 449 $ 440 $ 449 $ 440 Unrealized losses (gains) $ 8 $ (31) $ 6 $ (31) Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Other secured financings Beginning balance $ 555 $ 389 $ 516 $ 109 Realized and unrealized losses (gains) 9 — 4 (12) Issuances 37 5 407 7 Settlements (176) (88) (498) (203) Net transfers (24) (6) (28) 399 Ending balance $ 401 $ 300 $ 401 $ 300 Unrealized losses (gains) $ 10 $ — $ 4 $ (12) Borrowings Beginning balance $ 4,262 $ 3,998 $ 4,374 $ 4,088 Realized and unrealized losses (gains) 125 500 36 (202) Issuances 146 385 276 766 Settlements (217) (92) (326) (283) Net transfers 2 (2,341) (656) (2,385) (234) Ending balance $ 1,975 $ 4,135 $ 1,975 $ 4,135 Unrealized losses (gains) $ 121 $ 496 $ 29 $ (200) Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA (4) 281 (8) (125) 1. Net transfers in the prior year periods reflect the largely offsetting impacts of the transfer in of $857 million of equity margin loans in the first quarter of the prior year and transfers out of $707 million of equity margin loans in the prior year quarter. The loans were transferred into Level 3 in the first quarter of the prior year as the significance of the margin loan rate input increased as a result of reduced liquidity, and transferred out of Level 3 in the prior year quarter as liquidity conditions improved, reducing the significance of the input. 2. Net transfers from Level 3 to Level 2 in the current quarter reflect $2.0 billion of Corporate and Other Debt, $1.0 billion of net Equity derivatives, and $2.2 billion of Borrowings as the unobservable inputs were not significant to the overall fair value measurements as of June 30, 2021. 3. Net transfers in the current year period also reflect the transfer in the first quarter of $2.5 billion of AFS securities from Level 3 to Level 2 due to increased trading activity and observability of pricing inputs. |
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 Six Months Ended $ in millions 2021 2020 2021 2020 U.S. Treasury and agency securities Beginning balance $ 12 $ 99 $ 9 $ 22 Realized and unrealized gains (losses) 44 (3) 59 (20) Purchases 22 81 25 108 Sales (68) (38) (68) (23) Net transfers 15 (42) — 10 Ending balance $ 25 $ 97 $ 25 $ 97 Unrealized gains (losses) $ 44 $ (1) $ 58 $ (21) Other sovereign government obligations Beginning balance $ 17 $ 17 $ 268 $ 5 Realized and unrealized gains (losses) — (1) — — Purchases 75 — 76 9 Sales (16) (3) (260) (4) Net transfers 2 (2) (6) 1 Ending balance $ 78 $ 11 $ 78 $ 11 Unrealized gains (losses) $ — $ (1) $ — $ — State and municipal securities Beginning balance $ — $ 1 $ — $ 1 Purchases 4 — 4 — Net transfers — (1) — (1) Ending balance $ 4 $ — $ 4 $ — Unrealized gains (losses) $ — $ — $ — $ — MABS Beginning balance $ 374 $ 483 $ 322 $ 438 Realized and unrealized gains (losses) 8 11 59 (62) Purchases 21 274 128 384 Sales (58) (401) (123) (418) Net transfers 12 12 (29) 37 Ending balance $ 357 $ 379 $ 357 $ 379 Unrealized gains (losses) $ 6 $ 8 $ 1 $ (60) Loans and lending commitments Beginning balance $ 5,045 $ 5,980 $ 5,759 $ 5,073 Realized and unrealized gains (losses) 22 (2) 3 (119) Purchases and originations 1,527 808 2,673 1,160 Sales (1,438) (672) (2,569) (755) Settlements (712) (901) (933) (1,508) Net transfers 1 452 (1,145) (37) 217 Ending balance $ 4,896 $ 4,068 $ 4,896 $ 4,068 Unrealized gains (losses) $ 38 $ 5 $ 9 $ (116) Corporate and other debt Beginning balance $ 3,319 $ 1,708 $ 3,435 $ 1,396 Realized and unrealized gains (losses) 207 55 135 (87) Purchases and originations 883 2,859 1,413 2,522 Sales (908) (1,726) (1,087) (861) Settlements — (232) — (311) Net transfers 2 (1,700) 22 (2,095) 27 Ending balance $ 1,801 $ 2,686 $ 1,801 $ 2,686 Unrealized gains (losses) $ 264 $ 46 $ 248 $ (92) Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Corporate equities Beginning balance $ 114 $ 146 $ 86 $ 97 Realized and unrealized gains (losses) 12 (12) 26 (100) Purchases 25 13 50 24 Sales (36) (25) (38) (127) Net transfers 35 (39) 26 189 Ending balance $ 150 $ 83 $ 150 $ 83 Unrealized gains (losses) $ 15 $ (9) $ 28 $ (91) Investments Beginning balance $ 924 $ 725 $ 828 $ 858 Realized and unrealized gains (losses) 47 (23) 107 (49) Purchases 28 14 92 17 Sales (9) (11) (24) (20) Net transfers (12) 54 (25) (47) Ending balance $ 978 $ 759 $ 978 $ 759 Unrealized gains (losses) $ 47 $ (22) $ 94 $ (50) Investment securities —AFS Beginning balance $ 127 $ — $ 2,804 $ — Realized and unrealized gains (losses) — — (4) — Sales (11) — (203) — Net transfers 3 (116) — (2,597) — Ending balance $ — $ — $ — $ — Unrealized gains (losses) $ — $ — $ — $ — Securities purchased under agreements to resell Beginning balance $ — $ — $ 3 $ — Net transfers — — (3) — Ending balance $ — $ — $ — $ — Unrealized gains (losses) $ — $ — $ — $ — Net derivatives: Interest rate Beginning balance $ 691 $ 873 $ 682 $ 777 Realized and unrealized gains (losses) (43) (126) (388) 70 Purchases 41 11 57 129 Issuances (52) (24) (66) (27) Settlements 18 (12) 103 (26) Net transfers 13 38 280 (163) Ending balance $ 668 $ 760 $ 668 $ 760 Unrealized gains (losses) $ (40) $ (160) $ (370) $ 27 Net derivatives: Credit Beginning balance $ (82) $ 198 $ 49 $ 124 Realized and unrealized gains (losses) (88) (74) (75) (60) Purchases 17 13 25 44 Issuances (24) (22) (38) (39) Settlements 36 54 (60) 102 Net transfers (62) (38) (104) (40) Ending balance $ (203) $ 131 $ (203) $ 131 Unrealized gains (losses) $ (76) $ (143) $ (75) $ (63) Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Net derivatives: Foreign exchange Beginning balance $ (110) $ (150) $ 61 $ (31) Realized and unrealized gains (losses) 96 122 (26) 94 Purchases 2 — 4 3 Issuances — — (2) (9) Settlements 1 2 (67) (11) Net transfers 44 43 63 (29) Ending balance $ 33 $ 17 $ 33 $ 17 Unrealized gains (losses) $ (49) $ 44 $ 25 $ 35 Net derivatives: Equity Beginning balance $ (2,117) $ (1,376) $ (2,231) $ (1,684) Realized and unrealized gains (losses) 283 (135) 344 181 Purchases 28 149 71 237 Issuances (143) (391) (461) (595) Settlements 105 10 5 (52) Net transfers 2 1,007 (141) 1,435 29 Ending balance $ (837) $ (1,884) $ (837) $ (1,884) Unrealized gains (losses) $ (36) $ (156) $ (25) $ (4) Net derivatives: Commodity and other Beginning balance $ 1,944 $ 1,849 $ 1,709 $ 1,612 Realized and unrealized gains (losses) 122 338 348 448 Purchases — 3 10 21 Issuances — (2) (13) (17) Settlements (170) (119) (222) 7 Net transfers (466) 18 (402) 16 Ending balance $ 1,430 $ 2,087 $ 1,430 $ 2,087 Unrealized gains (losses) $ (63) $ 182 $ 69 $ 257 Deposits Beginning balance $ 177 $ 117 $ 126 $ 179 Realized and unrealized losses (gains) 4 6 2 3 Settlements (2) (4) (2) (9) Net transfers (93) (29) (40) (83) Ending balance $ 86 $ 90 $ 86 $ 90 Unrealized losses (gains) $ 4 $ 7 $ 2 $ 3 Nonderivative trading liabilities Beginning balance $ 62 $ 64 $ 79 $ 37 Realized and unrealized losses (gains) (4) 5 4 (10) Purchases (38) (42) (43) (45) Sales 16 24 16 22 Settlements — — — 3 Net transfers 23 23 3 67 Ending balance $ 59 $ 74 $ 59 $ 74 Unrealized losses (gains) $ (2) $ 5 $ 4 $ (10) Securities sold under agreements to repurchase Beginning balance $ 441 $ — $ 444 $ — Realized and unrealized losses (gains) 8 (31) 6 (31) Issuances — 471 — 471 Net transfers — — (1) — Ending balance $ 449 $ 440 $ 449 $ 440 Unrealized losses (gains) $ 8 $ (31) $ 6 $ (31) Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Other secured financings Beginning balance $ 555 $ 389 $ 516 $ 109 Realized and unrealized losses (gains) 9 — 4 (12) Issuances 37 5 407 7 Settlements (176) (88) (498) (203) Net transfers (24) (6) (28) 399 Ending balance $ 401 $ 300 $ 401 $ 300 Unrealized losses (gains) $ 10 $ — $ 4 $ (12) Borrowings Beginning balance $ 4,262 $ 3,998 $ 4,374 $ 4,088 Realized and unrealized losses (gains) 125 500 36 (202) Issuances 146 385 276 766 Settlements (217) (92) (326) (283) Net transfers 2 (2,341) (656) (2,385) (234) Ending balance $ 1,975 $ 4,135 $ 1,975 $ 4,135 Unrealized losses (gains) $ 121 $ 496 $ 29 $ (200) Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA (4) 281 (8) (125) 1. Net transfers in the prior year periods reflect the largely offsetting impacts of the transfer in of $857 million of equity margin loans in the first quarter of the prior year and transfers out of $707 million of equity margin loans in the prior year quarter. The loans were transferred into Level 3 in the first quarter of the prior year as the significance of the margin loan rate input increased as a result of reduced liquidity, and transferred out of Level 3 in the prior year quarter as liquidity conditions improved, reducing the significance of the input. 2. Net transfers from Level 3 to Level 2 in the current quarter reflect $2.0 billion of Corporate and Other Debt, $1.0 billion of net Equity derivatives, and $2.2 billion of Borrowings as the unobservable inputs were not significant to the overall fair value measurements as of June 30, 2021. 3. Net transfers in the current year period also reflect the transfer in the first quarter of $2.5 billion of AFS securities from Level 3 to Level 2 due to increased trading activity and observability of pricing inputs. |
Schedule of Valuation Techniques and Unobservable Inputs | Valuation Techniques and Unobservable Inputs Balance / Range (Average 1 ) $ in millions, except inputs At June 30, 2021 At December 31, 2020 Assets at Fair Value on a Recurring Basis Other sovereign government obligations $ 78 $ 268 Comparable pricing: Bond price 132 to 153 points (143 points) 106 points MABS $ 357 $ 322 Comparable pricing: Bond price 0 to 81 points (55 points) 0 to 80 points (50 points) Loans and lending $ 4,896 $ 5,759 Margin loan model: Margin loan rate 0% to 4% (2%) 1% to 5% (3%) Comparable pricing: Loan price 75 to 101 points (98 points) 75 to 102 points (93 points) Corporate and $ 1,801 $ 3,435 Comparable pricing: Bond price 90 to 102 points (98 points) 10 to 133 points (101 points) Discounted cash flow: Recovery rate 40% to 62% (46% / 40%) 40% to 62% (46% / 40%) Option model: Equity volatility 37% to 47% (41%) 18% to 21% (19%) Corporate equities $ 150 $ 86 Comparable pricing: Equity price 100% 100% Investments $ 978 $ 828 Discounted cash flow: WACC 10% to 16% (15%) 8% to 18% (15%) Exit multiple 8 to 17 times (12 times) 7 to 17 times (12 times) Market approach: EBITDA multiple 8 to 40 times (10 times) 8 to 32 times (11 times) Comparable pricing: Equity price 43% to 100% (99%) 45% to 100% (99%) Investment securities —AFS $ — $ 2,804 Comparable pricing: Bond price N/A 97 to 107 points (101 points) Net derivative and other contracts: Interest rate $ 668 $ 682 Option model: IR volatility skew 25% to 104% (60% / 59%) 0% to 349% (62% / 59%) IR curve correlation 69% to 98% (84% / 83%) 54% to 99% (87% / 89%) Bond volatility 4% to 25% (10% / 6%) 6% to 24% (13% / 13%) Inflation volatility 25% to 66% (45% / 43%) 25% to 66% (45% / 43%) IR curve 1% to 2% (2%) 1% Balance / Range (Average 1 ) $ in millions, except inputs At June 30, 2021 At December 31, 2020 Credit $ (203) $ 49 Credit default swap model: Cash-synthetic basis 7 points 7 points Bond price 0 to 85 points (46 points) 0 to 85 points (47 points) Credit spread 14 to 474 bps (90 bps) 20 to 435 bps (74 bps) Funding spread 21 to 95 bps (62 bps) 65 to 118 bps (86 bps) Correlation model: Credit correlation 26% to 42% (29%) 27% to 44% (32%) Foreign exchange 2 $ 33 $ 61 Option model: IR - FX correlation 53% to 57% (55% 55%) 55% to 59% (56% / 56%) IR volatility skew 25% to 104% (60% / 59%) 0% to 349% (62% / 59%) IR curve 6% to 7% (7% / 7%) 6% to 8% (7% / 8%) Foreign exchange volatility skew -6% to -3% (-5% / -5%) -22% to 28% (3% / 1%) Contingency probability 95% 50% to 95% (83% / 93%) Equity 2 $ (837) $ (2,231) Option model: Equity volatility 5% to 91% (23%) 16% to 97% (43%) Equity volatility skew -3% to 0% (-1%) -3% to 0% (-1%) Equity correlation 35% to 98% (68%) 24% to 96% (74%) FX correlation -85% to 65% (-35%) -79% to 60% (-16%) IR correlation 15% to 40% (38%) -13% to 47% (21% / 20%) Commodity and other $ 1,430 $ 1,709 Option model: Forward power price $-1 to $258 ($33) per MWh $-1 to $157 ($28) per MWh Commodity volatility 8% to 176% (19%) 8% to 183% (19%) Cross-commodity correlation 43% to 100% (94%) 43% to 99% (92%) Liabilities Measured at Fair Value on a Recurring Basis Deposits $ 86 $ 126 Option model: Equity volatility 7% 7% to 22% (8%) Nonderivative trading liabilities $ 50 $ 63 Comparable pricing: Equity price 100% 100% Securities sold under agreements to repurchase $ 449 $ 444 Discounted cash flow: Funding spread 100 to 116 bps (111 bps) 107 to 127 bps (115 bps) Other secured financings $ 401 $ 516 Discounted cash flow: Funding spread N/A 111 bps (111 bps) Comparable pricing: Loan price 30 to 101 points (82 points) 30 to 101 points (56 points) Balance / Range (Average 1 ) $ in millions, except inputs At June 30, 2021 At December 31, 2020 Borrowings $ 1,975 $ 4,374 Option model: Equity volatility 7% to 61% (17%) 6% to 66% (23%) Equity volatility skew -1% to 0% (0%) -2% to 0% (0%) Equity correlation 39% to 95% (81%) 37% to 95% (78%) Equity - FX correlation -32% to 10% (-23%) -72% to 13% (-24%) IR FX Correlation -28% to 7% (-5% / -5%) -28% to 6% (-6% / -6%) Discounted cash flow: Recovery rate 40% to 62% (46% / 40%) N/M Nonrecurring Fair Value Measurement Loans $ 1,202 $ 3,134 Corporate loan model: Credit spread 45 to 526 bps (237 bps) 36 to 636 bps (336 bps) Comparable pricing: Loan price 40 to 88 points (76 points) N/M Warehouse model: Credit spread 217 to 309 bps (291 bps) 200 to 413 bps (368 bps) Comparable pricing: Bond Price N/A 88 to 99 bps (94 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 | Fund Interests At June 30, 2021 At December 31, 2020 $ in millions Carrying Value Commitment Carrying Value Commitment Private equity $ 2,448 $ 576 $ 2,367 $ 644 Real estate 1,518 216 1,403 136 Hedge 1 75 3 59 — Total $ 4,041 $ 795 $ 3,829 $ 780 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. Nonredeemable Funds by Contractual Maturity Carrying Value at June 30, 2021 $ in millions Private Equity Real Estate Less than 5 years $ 1,148 $ 434 5-10 years 1,087 401 Over 10 years 213 683 Total $ 2,448 $ 1,518 |
Schedule of Nonrecurring Fair Value Measurements | Carrying and Fair Values At June 30, 2021 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 3,787 $ 1,202 $ 4,989 Other assets—Other investments — 79 79 Total $ 3,787 $ 1,281 $ 5,068 Liabilities Other liabilities and accrued expenses—Lending commitments $ 154 $ 69 $ 223 Total $ 154 $ 69 $ 223 At December 31, 2020 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 2,566 $ 3,134 $ 5,700 Other assets—Other investments $ — $ 16 $ 16 Other assets—ROU assets 21 — 21 Total $ 2,587 $ 3,150 $ 5,737 Liabilities Other liabilities and accrued expenses—Lending commitments $ 193 $ 72 $ 265 Total $ 193 $ 72 $ 265 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 Six Months Ended $ in millions 2021 2020 2021 2020 Assets Loans 2 $ (38) $ (13) $ (55) $ (488) Goodwill — — (8) — Intangibles (1) — (3) — Other assets—Other investments 3 (2) (52) (53) (52) Other assets—Premises, equipment and software 4 (2) (3) (4) (6) Total $ (43) $ (68) $ (123) $ (546) Liabilities Other liabilities and accrued expenses—Lending commitments 2 $ 5 $ 130 $ 40 $ (88) Total $ 5 $ 130 $ 40 $ (88) 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. |
Schedule of Financial Instruments Not Measured at Fair Value | Financial Instruments Not Measured at Fair Value At June 30, 2021 Carrying Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 126,480 $ 126,480 $ — $ — $ 126,480 Investment securities—HTM 82,120 30,623 51,282 972 82,877 Securities purchased under agreements to resell 95,920 — 94,399 1,526 95,925 Securities borrowed 126,703 — 126,703 — 126,703 Customer and other receivables 97,370 — 94,071 3,218 97,289 Loans 1 166,059 — 21,535 145,503 167,038 Other assets 504 — 504 — 504 Financial liabilities Deposits $ 317,686 $ — $ 318,107 $ — $ 318,107 Securities sold under agreements to repurchase 56,617 — 56,666 — 56,666 Securities loaned 9,574 — 9,575 — 9,575 Other secured financings 4,658 — 4,661 — 4,661 Customer and other payables 233,810 — 233,810 — 233,810 Borrowings 148,634 — 155,115 5 155,120 Commitment Lending commitments 2 $ 137,508 $ — $ 680 $ 406 $ 1,086 At December 31, 2020 Carrying Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 105,654 $ 105,654 $ — $ — $ 105,654 Investment securities—HTM 71,771 31,239 42,281 900 74,420 Securities purchased under agreements to resell 116,219 — 114,046 2,173 116,219 Securities borrowed 112,391 — 112,392 — 112,392 Customer and other receivables 92,907 — 89,832 3,041 92,873 Loans 1 150,597 — 16,635 135,277 151,912 Other assets 485 — 485 — 485 Financial liabilities Deposits $ 307,261 $ — $ 307,807 $ — $ 307,807 Securities sold under agreements to repurchase 49,472 — 49,315 195 49,510 Securities loaned 7,731 — 7,731 — 7,731 Other secured financings 4,162 — 4,162 — 4,162 Customer and other payables 224,951 — 224,951 — 224,951 Borrowings 143,378 — 150,824 5 150,829 Commitment Lending commitments 2 $ 125,498 $ — $ 709 $ 395 $ 1,104 1. Amounts include loans measured at fair value on a nonrecurring basis. 2. Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 14. |
Fair Value Option (Tables)
Fair Value Option (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Option | $ in millions At At Business Unit Responsible for Risk Management Equity $ 35,924 $ 33,952 Interest rates 29,684 31,222 Commodities 6,373 5,078 Credit 1,211 1,344 Foreign exchange 2,316 2,105 Total $ 75,508 $ 73,701 Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Trading revenues $ (2,931) $ (3,439) $ (446) $ 8 Interest expense 84 81 157 164 Net revenues 1 $ (3,015) $ (3,520) $ (603) $ (156) 1. Amounts do not reflect any gains or losses from related economic hedges. Three Months Ended June 30, 2021 2020 $ in millions Trading OCI Trading OCI Loans and other debt 1 $ 95 $ — $ (40) $ — Lending commitments 1 — (1) — Deposits — 10 — (63) Borrowings (10) 237 (1) (3,237) Six Months Ended June 30, 2021 2020 $ in millions Trading OCI Trading OCI Loans and other debt 1 $ 253 $ — $ (239) $ — Lending commitments 1 — 1 — Deposits — 9 — 9 Borrowings (27) 422 (6) 1,711 $ in millions At At Cumulative pre-tax DVA gain (loss) recognized in AOCI $ (2,926) $ (3,357) 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 Loans and other debt 2 $ 13,124 $ 14,042 Nonaccrual loans 2 10,883 11,551 Borrowings 3 (2,298) (3,773) 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. $ in millions At At Nonaccrual loans $ 770 $ 1,407 Nonaccrual loans 90 or more days past due $ 203 $ 239 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Asset Contracts | Fair Values of Derivative Contracts Assets at June 30, 2021 $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 654 $ 11 $ — $ 665 Foreign exchange 219 18 — 237 Total 873 29 — 902 Not designated as accounting hedges Economic loan hedges Credit 1 16 — 17 Other derivatives Interest rate 168,475 7,702 326 176,503 Credit 5,356 2,936 — 8,292 Foreign exchange 69,108 1,425 76 70,609 Equity 32,308 — 38,049 70,357 Commodity and other 18,601 — 6,464 25,065 Total 293,849 12,079 44,915 350,843 Total gross derivatives $ 294,722 $ 12,108 $ 44,915 $ 351,745 Amounts offset Counterparty netting (212,181) (10,000) (41,074) (263,255) Cash collateral netting (45,922) (1,613) — (47,535) Total in Trading assets $ 36,619 $ 495 $ 3,841 $ 40,955 Amounts not offset 1 Financial instruments collateral (12,680) — — (12,680) Net amounts $ 23,939 $ 495 $ 3,841 $ 28,275 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 4,132 Assets at December 31, 2020 $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 946 $ 2 $ — $ 948 Foreign exchange 5 2 — 7 Total 951 4 — 955 Not designated as accounting hedges Economic loan hedges Credit 1 2 51 — 53 Other derivatives Interest rate 221,895 10,343 300 232,538 Credit 1 5,341 2,147 — 7,488 Foreign exchange 92,334 1,639 79 94,052 Equity 34,278 — 34,166 68,444 Commodity and other 11,095 — 3,554 14,649 Total 364,945 14,180 38,099 417,224 Total gross derivatives $ 365,896 $ 14,184 $ 38,099 $ 418,179 Amounts offset Counterparty netting (276,682) (11,601) (35,260) (323,543) Cash collateral netting (54,921) (1,865) — (56,786) Total in Trading assets $ 34,293 $ 718 $ 2,839 $ 37,850 Amounts not offset 2 Financial instruments collateral (13,319) — — (13,319) Other cash collateral (391) — — (391) Net amounts $ 20,583 $ 718 $ 2,839 $ 24,140 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,743 |
Schedule of Fair Values of Derivative Liability Contracts | Liabilities at June 30, 2021 $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 5 $ — $ 5 Foreign exchange 5 15 — 20 Total 5 20 — 25 Not designated as accounting hedges Economic loan hedges Credit 15 246 — 261 Other derivatives Interest rate 154,804 6,154 411 161,369 Credit 5,428 3,504 — 8,932 Foreign exchange 64,788 1,333 97 66,218 Equity 43,053 — 39,240 82,293 Commodity and other 15,510 — 6,470 21,980 Total 283,598 11,237 46,218 341,053 Total gross derivatives $ 283,603 $ 11,257 $ 46,218 $ 341,078 Amounts offset Counterparty netting (212,181) (10,000) (41,074) (263,255) Cash collateral netting (38,774) (958) — (39,732) Total in Trading liabilities $ 32,648 $ 299 $ 5,144 $ 38,091 Amounts not offset 1 Financial instruments collateral (6,634) — (1,103) (7,737) Net amounts $ 26,014 $ 299 $ 4,041 $ 30,354 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable 7,394 Liabilities at December 31, 2020 $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 19 $ — $ 19 Foreign exchange 291 99 — 390 Total 291 118 — 409 Not designated as accounting hedges Economic loan hedges Credit 1 18 177 — 195 Other derivatives Interest rate 210,015 7,965 639 218,619 Credit 1 5,275 2,682 — 7,957 Foreign exchange 92,975 1,500 43 94,518 Equity 49,943 — 36,585 86,528 Commodity and other 8,831 — 3,359 12,190 Total 367,057 12,324 40,626 420,007 Total gross derivatives $ 367,348 $ 12,442 $ 40,626 $ 420,416 Amounts offset Counterparty netting (276,682) (11,601) (35,260) (323,543) Cash collateral netting (51,112) (823) — (51,935) Total in Trading liabilities $ 39,554 $ 18 $ 5,366 $ 44,938 Amounts not offset 2 Financial instruments collateral (10,598) — (1,520) (12,118) Other cash collateral (62) (3) — (65) Net amounts $ 28,894 $ 15 $ 3,846 $ 32,755 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 6,746 1. Certain prior period amounts have been reclassified to conform to the current presentation. |
Schedule of Notionals of Derivative Contracts | Notionals of Derivative Contracts Assets at June 30, 2021 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 4 $ 109 $ — $ 113 Foreign exchange 13 2 — 15 Total 17 111 — 128 Not designated as accounting hedges Economic loan hedges Credit — — — — Other derivatives Interest rate 4,095 7,338 576 12,009 Credit 188 107 — 295 Foreign exchange 3,494 97 12 3,603 Equity 483 — 410 893 Commodity and other 128 — 77 205 Total 8,388 7,542 1,075 17,005 Total gross derivatives $ 8,405 $ 7,653 $ 1,075 $ 17,133 Liabilities at June 30, 2021 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 90 $ — $ 90 Foreign exchange 1 1 — 2 Total 1 91 — 92 Not designated as accounting hedges Economic loan hedges Credit — 7 — 7 Other derivatives Interest rate 4,084 7,156 523 11,763 Credit 197 113 — 310 Foreign exchange 3,425 90 23 3,538 Equity 535 — 766 1,301 Commodity and other 118 — 76 194 Total 8,359 7,366 1,388 17,113 Total gross derivatives $ 8,360 $ 7,457 $ 1,388 $ 17,205 Assets at December 31, 2020 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 6 $ 123 $ — $ 129 Foreign exchange 2 — — 2 Total 8 123 — 131 Not designated as accounting hedges Economic loan hedges Credit 1 — 1 — 1 Other derivatives Interest rate 3,847 6,946 409 11,202 Credit 1 140 87 — 227 Foreign exchange 3,046 103 10 3,159 Equity 444 — 367 811 Commodity and other 107 — 68 175 Total 7,584 7,137 854 15,575 Total gross derivatives $ 7,592 $ 7,260 $ 854 $ 15,706 Liabilities at December 31, 2020 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 80 $ — $ 80 Foreign exchange 11 3 — 14 Total 11 83 — 94 Not designated as accounting hedges Economic loan hedges Credit 1 1 5 — 6 Other derivatives Interest rate 4,000 6,915 511 11,426 Credit 1 142 93 — 235 Foreign exchange 3,180 102 11 3,293 Equity 474 — 591 1,065 Commodity and other 93 — 68 161 Total 7,890 7,115 1,181 16,186 Total gross derivatives $ 7,901 $ 7,198 $ 1,181 $ 16,280 1. Certain prior period amounts have been reclassified to conform to the current presentation. |
Schedule of Gains (Losses) on Accounting Hedges | Gains (Losses) on Accounting Hedges Three Months Ended Six Months Ended June 30, June 30, $ in millions 2021 2020 2021 2020 Fair value hedges—Recognized in Interest income Interest rate contracts $ (331) $ (16) $ 500 $ (80) Investment Securities—AFS 345 23 (427) 89 Fair value hedges—Recognized in Interest expense Interest rate contracts $ 1,238 $ 245 $ (2,870) $ 6,912 Deposits 22 46 58 (215) Borrowings (1,270) (327) 2,751 (6,759) Net investment hedges—Foreign exchange contracts Recognized in OCI $ (106) $ (96) $ 299 $ 314 Forward points excluded from hedge effectiveness testing—Recognized in Interest income (14) (8) (13) 25 |
Schedule of Fair Value Hedges - Hedged Items | Fair Value Hedges—Hedged Items $ in millions At At Investment Securities—AFS Amortized cost basis currently or previously hedged $ 18,009 $ 16,288 Basis adjustments included in amortized cost 1 $ (371) $ (39) Deposits Carrying amount currently or previously hedged $ 6,316 $ 15,059 Basis adjustments included in carrying amount 1 $ 35 $ 93 Borrowings Carrying amount currently or previously hedged $ 114,420 $ 114,349 Basis adjustments included in carrying amount — Outstanding hedges $ 3,799 $ 6,575 Basis adjustments included in carrying amount — Terminated hedges $ (757) $ (756) 1. Hedge accounting basis adjustments are primarily related to outstanding hedges. |
Schedule of Gains (Losses) on Economic Loan Hedges | Gains (Losses) on Economic Loan Hedges Three Months Ended Six Months Ended June 30, June 30, $ in millions 2021 2020 2021 2020 Recognized in Other revenues Credit contracts 1 $ (44) $ (120) $ (149) $ 135 |
Schedule of Net Derivative Liabilities and Collateral Posted | Net Derivative Liabilities and Collateral Posted $ in millions At At Net derivative liabilities with credit risk-related contingent features $ 20,227 $ 30,421 Collateral posted 14,954 23,842 |
Schedule of Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade | Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade $ in millions At One-notch downgrade $ 227 Two-notch downgrade 328 Bilateral downgrade agreements included in the amounts above 1 $ 489 |
Schedule of Maximum Potential Payout/Notional of Credit Protection Sold | Maximum Potential Payout/Notional of Credit Protection Sold 1 Years to Maturity at June 30, 2021 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 9 $ 23 $ 30 $ 9 $ 71 Non-investment grade 6 12 16 2 36 Total $ 15 $ 35 $ 46 $ 11 $ 107 Index and basket CDS Investment grade $ 2 $ 7 $ 89 $ 16 $ 114 Non-investment grade 6 15 37 15 73 Total $ 8 $ 22 $ 126 $ 31 $ 187 Total CDS sold $ 23 $ 57 $ 172 $ 42 $ 294 Other credit contracts 1 — — — 1 Total credit protection sold $ 24 $ 57 $ 172 $ 42 $ 295 CDS protection sold with identical protection purchased $ 248 Years to Maturity at December 31, 2020 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 9 $ 19 $ 32 $ 9 $ 69 Non-investment grade 7 10 17 2 36 Total $ 16 $ 29 $ 49 $ 11 $ 105 Index and basket CDS Investment grade $ 2 $ 5 $ 39 $ 14 $ 60 Non-investment grade 6 9 29 14 58 Total $ 8 $ 14 $ 68 $ 28 $ 118 Total CDS sold $ 24 $ 43 $ 117 $ 39 $ 223 Other credit contracts — — — — — Total credit protection sold $ 24 $ 43 $ 117 $ 39 $ 223 CDS protection sold with identical protection purchased $ 196 |
Schedule of Fair Value Asset (Liability) of Credit Protection Sold | Fair Value Asset (Liability) of Credit Protection Sold 1 $ in millions At At Single-name CDS Investment grade $ 1,495 $ 1,230 Non-investment grade 147 (22) Total $ 1,642 $ 1,208 Index and basket CDS Investment grade $ 1,331 $ 843 Non-investment grade (617) (824) Total $ 714 $ 19 Total CDS sold $ 2,356 $ 1,227 Other credit contracts (3) (4) Total credit protection sold $ 2,353 $ 1,223 1. Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’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. |
Schedule of Protection Purchased with CDS | Protection Purchased with CDS Notional $ in billions At At Single name $ 118 $ 116 Index and basket 185 116 Tranched index and basket 15 14 Total $ 318 $ 246 Fair Value Asset (Liability) $ in millions At At Single name $ (1,906) $ (1,452) Index and basket (999) (57) Tranched index and basket (335) (329) Total $ (3,240) $ (1,838) |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of AFS and HTM Securities | AFS and HTM Securities At June 30, 2021 $ in millions Amortized Cost 1 Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. Treasury securities $ 45,594 $ 654 $ 38 $ 46,210 U.S. agency securities 2 28,855 422 136 29,141 Agency CMBS 15,467 424 47 15,844 State and municipal securities 230 31 5 256 FFELP student loan ABS 3 1,769 13 11 1,771 Total AFS securities 91,915 1,544 237 93,222 HTM securities U.S. Treasury securities 29,429 1,235 40 30,624 U.S. agency securities 2 49,247 306 760 48,793 Agency CMBS 2,513 — 25 2,488 Non-agency CMBS 931 42 1 972 Total HTM securities 82,120 1,583 826 82,877 Total investment securities $ 174,035 $ 3,127 $ 1,063 $ 176,099 At December 31, 2020 $ in millions Amortized Cost 1 Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. Treasury securities $ 45,345 $ 1,010 $ — $ 46,355 U.S. agency securities 2 37,389 762 25 38,126 Agency CMBS 19,982 465 9 20,438 Corporate bonds 1,694 42 — 1,736 State and municipal securities 1,461 103 1 1,563 FFELP student loan ABS 3 1,735 7 26 1,716 Other ABS 449 — — 449 Total AFS securities 108,055 2,389 61 110,383 HTM securities U.S. Treasury securities 29,346 1,893 — 31,239 U.S. agency securities 2 38,951 704 8 39,647 Agency CMBS 2,632 4 2 2,634 Non-agency CMBS 842 58 — 900 Total HTM securities 71,771 2,659 10 74,420 Total investment securities $ 179,826 $ 5,048 $ 71 $ 184,803 1. Amounts are net of any ACL. 2. U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt. |
Schedule of Investment Securities in an Unrealized Loss Position | Investment Securities in an Unrealized Loss Position At At $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities Less than 12 months $ 13,017 $ 38 $ 151 $ — Total 13,017 38 151 — U.S. agency securities Less than 12 months 9,081 135 5,808 22 12 months or longer 793 1 1,168 3 Total 9,874 136 6,976 25 Agency CMBS Less than 12 months 2,983 47 2,779 9 12 months or longer 28 — 46 — Total 3,011 47 2,825 9 Corporate bonds 12 months or longer — — 31 — Total — — 31 — State and municipal securities Less than 12 months 34 5 86 — 12 months or longer — — 36 1 Total 34 5 122 1 FFELP student loan ABS Less than 12 months 87 — — — 12 months or longer 802 11 1,077 26 Total 889 11 1,077 26 Total AFS securities in an unrealized loss position Less than 12 months 25,202 225 8,824 31 12 months or longer 1,623 12 2,358 30 Total $ 26,825 $ 237 $ 11,182 $ 61 |
Schedule of Investment Securities by Contractual Maturity | Investment Securities by Contractual Maturity At June 30, 2021 $ in millions Amortized 1 Fair Annualized AFS securities U.S. Treasury securities: Due within 1 year $ 10,079 $ 10,161 1.4 % After 1 year through 5 years 26,632 27,138 1.3 % After 5 years through 10 years 8,883 8,911 1.2 % Total 45,594 46,210 U.S. agency securities: Due within 1 year 1 1 1.5 % After 1 year through 5 years 147 149 1.3 % After 5 years through 10 years 1,466 1,504 1.8 % After 10 years 27,241 27,487 1.6 % Total 28,855 29,141 Agency CMBS: Due within 1 year 240 242 1.8 % After 1 year through 5 years 1,503 1,534 1.6 % After 5 years through 10 years 10,665 11,030 1.6 % After 10 years 3,059 3,038 1.5 % Total 15,467 15,844 State and municipal securities: Due within 1 year 4 4 1.9 % After 1 year through 5 years 22 22 1.8 % After 5 years through 10 years 30 39 2.3 % After 10 Years 174 191 3.9 % Total 230 256 FFELP student loan ABS: Due within 1 year 32 31 0.8 % After 1 year through 5 years 188 184 0.9 % After 5 years through 10 years 152 148 0.7 % After 10 years 1,397 1,408 1.1 % Total 1,769 1,771 Total AFS securities 91,915 93,222 1.4 % At June 30, 2021 $ in millions Amortized 1 Fair Annualized HTM securities U.S. Treasury securities: Due within 1 year 3,673 3,711 1.9 % After 1 year through 5 years 19,256 19,880 1.7 % After 5 years through 10 years 5,418 5,855 2.4 % After 10 years 1,082 1,178 2.5 % Total 29,429 30,624 U.S. agency securities: After 5 years through 10 years 546 562 2.0 % After 10 years 48,701 48,231 1.6 % Total 49,247 48,793 Agency CMBS: Due within 1 year 21 21 2.4 % After 1 year through 5 years 1,358 1,349 1.3 % After 5 years through 10 years 971 958 1.4 % After 10 years 163 160 1.5 % Total 2,513 2,488 Non-agency CMBS: Due within 1 year 151 151 4.5 % After 1 year through 5 years 65 67 2.7 % After 5 years through 10 years 662 698 3.7 % After 10 years 53 56 3.8 % Total 931 972 Total HTM securities 82,120 82,877 1.7 % Total investment securities $ 174,035 $ 176,099 1.6 % 1. Amounts are net of any ACL. |
Schedule of Gross Realized Gains (Losses) on Sales of AFS Securities | Gross Realized Gains (Losses) on Sales of AFS Securities Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Gross realized gains $ 74 $ 16 $ 219 $ 65 Gross realized (losses) (16) (6) (27) (14) Total 1 $ 58 $ 10 $ 192 $ 51 1. Realized gains and losses are recognized in Other revenues in the income statements. |
Collateralized Transactions (Ta
Collateralized Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Collateralized Agreements [Abstract] | |
Schedule of Offsetting of Certain Collateralized Transactions | Offsetting of Certain Collateralized Transactions At June 30, 2021 $ in millions Gross Amounts Amounts Offset Balance Sheet Net Amounts Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 198,942 $ (103,012) $ 95,930 $ (93,720) $ 2,210 Securities borrowed 137,720 (11,017) 126,703 (121,432) 5,271 Liabilities Securities sold under agreements to repurchase $ 160,657 $ (103,012) $ 57,645 $ (48,791) $ 8,854 Securities loaned 20,591 (11,017) 9,574 (9,275) 299 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 1,824 Securities borrowed 1,120 Securities sold under agreements to repurchase 8,099 Securities loaned 164 At December 31, 2020 $ in millions Gross Amounts Amounts Offset Balance Sheet Net Amounts Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 264,140 $ (147,906) $ 116,234 $ (114,108) $ 2,126 Securities borrowed 124,921 (12,530) 112,391 (107,434) 4,957 Liabilities Securities sold under agreements to repurchase $ 198,493 $ (147,906) $ 50,587 $ (43,960) $ 6,627 Securities loaned 20,261 (12,530) 7,731 (7,430) 301 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 1,870 Securities borrowed 596 Securities sold under agreements to repurchase 6,282 Securities loaned 128 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 June 30, 2021 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 53,852 $ 52,208 $ 14,459 $ 40,138 $ 160,657 Securities loaned 13,432 250 150 6,759 20,591 Total included in the offsetting disclosure $ 67,284 $ 52,458 $ 14,609 $ 46,897 $ 181,248 Trading liabilities— 22,331 — — — 22,331 Total $ 89,615 $ 52,458 $ 14,609 $ 46,897 $ 203,579 At December 31, 2020 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 84,349 $ 60,853 $ 26,221 $ 27,070 $ 198,493 Securities loaned 15,267 247 — 4,747 20,261 Total included in the offsetting disclosure $ 99,616 $ 61,100 $ 26,221 $ 31,817 $ 218,754 Trading liabilities— 16,389 — — — 16,389 Total $ 116,005 $ 61,100 $ 26,221 $ 31,817 $ 235,143 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 $ 39,247 $ 94,662 Other sovereign government obligations 85,282 71,140 Corporate equities 26,775 24,692 Other 9,353 7,999 Total $ 160,657 $ 198,493 Securities loaned Other sovereign government obligations $ 1,414 $ 3,430 Corporate equities 19,079 16,536 Other 98 295 Total $ 20,591 $ 20,261 Total included in the offsetting disclosure $ 181,248 $ 218,754 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 22,312 $ 16,365 Other 19 24 Total $ 22,331 $ 16,389 Total $ 203,579 $ 235,143 |
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 $ 35,894 $ 30,954 |
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 or repledge $ 708,327 $ 724,818 Collateral that was sold or repledged 1 540,654 523,648 |
Schedule of Securities Segregated for Regulatory Purposes | Securities Segregated for Regulatory Purposes $ in millions At At Segregated securities 1 $ 23,912 $ 34,106 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 and Other Lending $ in millions At At Margin and other lending $ 72,942 $ 74,714 |
Loans, Lending Commitments an_2
Loans, Lending Commitments and Related Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of Loans by Type | Loans by Type At June 30, 2021 $ in millions Loans Held for Investment Loans Held for Sale Total Loans Corporate $ 4,724 $ 7,098 $ 11,822 Secured lending facilities 28,217 3,951 32,168 Commercial real estate 6,707 583 7,290 Residential real estate 38,917 47 38,964 Securities-based lending and Other loans 76,468 34 76,502 Total loans 155,033 11,713 166,746 ACL (687) (687) Total loans, net $ 154,346 $ 11,713 $ 166,059 Fixed rate loans, net $ 38,968 Floating or adjustable rate loans, net 127,091 Loans to non-U.S. borrowers, net 21,567 At December 31, 2020 $ in millions Loans Held for Investment Loans Held for Sale Total Loans Corporate $ 6,046 $ 8,580 $ 14,626 Secured lending facilities 25,727 3,296 29,023 Commercial real estate 7,346 822 8,168 Residential real estate 35,268 48 35,316 Securities-based lending and Other loans 64,232 67 64,299 Total loans 138,619 12,813 151,432 ACL (835) (835) Total loans, net $ 137,784 $ 12,813 $ 150,597 Fixed rate loans, net $ 32,796 Floating or adjustable rate loans, net 117,801 Loans to non-U.S. borrowers, net 21,081 |
Schedule of Loans Held for Investment | Loans Held for Investment before Allowance by Origination Year At June 30, 2021 At December 31, 2020 Corporate $ in millions IG NIG Total IG NIG Total Revolving $ 1,404 $ 2,353 $ 3,757 $ 1,138 $ 3,231 $ 4,369 2021 — 71 71 2020 183 25 208 585 80 665 2019 11 187 198 204 202 406 2018 195 — 195 195 — 195 2017 — 62 62 — 64 64 Prior 233 — 233 247 100 347 Total $ 2,026 $ 2,698 $ 4,724 $ 2,369 $ 3,677 $ 6,046 At June 30, 2021 At December 31, 2020 Secured lending facilities $ in millions IG NIG Total IG NIG Total Revolving $ 6,932 $ 15,899 $ 22,831 $ 4,711 $ 14,510 $ 19,221 2021 460 308 768 2020 84 214 298 162 253 415 2019 179 1,644 1,823 260 1,904 2,164 2018 328 824 1,152 614 1,432 2,046 2017 144 359 503 245 581 826 Prior — 842 842 — 1,055 1,055 Total $ 8,127 $ 20,090 $ 28,217 $ 5,992 $ 19,735 $ 25,727 At June 30, 2021 At December 31, 2020 Commercial real estate $ in millions IG NIG Total IG NIG Total 2021 $ 82 $ 363 $ 445 2020 165 820 985 $ 95 $ 943 $ 1,038 2019 1,031 1,585 2,616 1,074 1,848 2,922 2018 433 537 970 746 774 1,520 2017 367 341 708 412 387 799 Prior 100 883 983 100 967 1,067 Total $ 2,178 $ 4,529 $ 6,707 $ 2,427 $ 4,919 $ 7,346 At June 30, 2021 Residential real estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 69 $ 30 $ 5 $ 104 $ — $ 104 2021 5,506 1,131 101 6,312 426 6,738 2020 8,530 1,761 136 9,874 553 10,427 2019 5,176 1,168 155 6,096 403 6,499 2018 2,108 547 70 2,505 220 2,725 2017 2,422 621 78 2,900 221 3,121 Prior 6,745 2,201 357 8,461 842 9,303 Total $ 30,556 $ 7,459 $ 902 $ 36,252 $ 2,665 $ 38,917 At December 31, 2020 Residential real estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 85 $ 32 $ 5 $ 122 $ — $ 122 2020 8,948 1,824 149 10,338 583 10,921 2019 5,592 1,265 168 6,584 441 7,025 2018 2,320 604 75 2,756 243 2,999 2017 2,721 690 89 3,251 249 3,500 2016 3,324 884 118 4,035 291 4,326 Prior 4,465 1,626 284 5,684 691 6,375 Total $ 27,455 $ 6,925 $ 888 $ 32,770 $ 2,498 $ 35,268 At June 30, 2021 Securities-based lending 1 Other 2 $ in millions Investment Grade Non-Investment Grade Total Revolving $ 63,243 $ 5,383 $ 715 $ 69,341 2021 31 232 49 312 2020 — 817 586 1,403 2019 18 1,121 637 1,776 2018 232 378 421 1,031 2017 — 645 147 792 Prior 16 1,496 301 1,813 Total $ 63,540 $ 10,072 $ 2,856 $ 76,468 December 31, 2020 Securities-based lending 1 Other 2 $ in millions Investment Grade Non-Investment Grade Total Revolving $ 51,667 $ 4,816 $ 555 $ 57,038 2020 — 1,073 590 1,663 2019 18 1,156 623 1,797 2018 232 407 403 1,042 2017 — 654 122 776 2016 — 566 111 677 Prior 16 1,066 157 1,239 Total $ 51,933 $ 9,738 $ 2,561 $ 64,232 1. Securities-based loans are subject to collateral maintenance provisions, and at June 30, 2021 and December 31, 2020, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2020 Form 10-K. 2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment. Past Due Loans Held for Investment before Allowance 1 $ in millions At June 30, 2021 At December 31, 2020 Residential real estate 194 332 Securities-based lending and Other loans — 31 Total $ 194 $ 363 1. The majority of the amounts are past due for a period of less than 90 days as of June 30, 2021 and December 31, 2020. Nonaccrual Loans Held for Investment before Allowance $ in millions At June 30, 2021 At December 31, 2020 Corporate $ 98 $ 164 Secured lending facilities 298 — Commercial real estate 71 152 Residential real estate 123 97 Securities-based lending and Other loans 163 178 Total 1 $ 753 $ 591 Nonaccrual loans without an ACL $ 124 $ 90 1. Includes all HFI loans that are 90 days or more past due as of June 30, 2021 and December 31, 2020. |
Schedule of Troubled Debt Restructurings | Troubled Debt Restructurings $ in millions At June 30, 2021 At December 31, 2020 Loans, before ACL $ 62 $ 167 Lending commitments — 27 ACL on Loans and Lending commitments 10 36 |
Schedule of Allowance for Credit Losses Rollforward - Loans and Lending Commitments | Allowance for Credit Losses Rollforward—Loans $ in millions Corporate Secured lending facilities CRE Residential real estate SBL and Other Total December 31, 2020 $ 309 $ 198 $ 211 $ 59 $ 58 $ 835 Gross charge-offs (14) (67) (21) — — (102) Provision for credit losses 1 (95) 48 5 (2) 2 (42) Other (1) (2) (1) — — (4) June 30, 2021 $ 199 $ 177 $ 194 $ 57 $ 60 $ 687 $ in millions Corporate Secured lending facilities CRE Residential real estate SBL and Other Total December 31, 2019 $ 115 $ 101 $ 75 $ 25 $ 33 $ 349 Effect of CECL adoption (2) (42) 34 21 (2) 9 Gross charge-offs (33) — — — — (33) Recoveries — — — — 2 2 Net recoveries (charge-offs) (33) — — — 2 (31) Provision for credit losses 1 298 63 155 13 9 538 Other 1 — (38) — 38 1 June 30, 2020 $ 379 $ 122 $ 226 $ 59 $ 80 $ 866 Allowance for Credit Losses Rollforward—Lending Commitments $ in millions Corporate Secured lending facilities CRE Residential real estate SBL and Other Total December 31, 2020 $ 323 $ 38 $ 11 $ 1 $ 23 $ 396 Provision for credit losses 1 18 1 — — (2) 17 Other (1) 1 (1) — — (1) June 30, 2021 $ 340 $ 40 $ 10 $ 1 $ 21 $ 412 $ in millions Corporate Secured lending facilities CRE Residential real estate SBL and Other Total December 31, 2019 $ 201 $ 27 $ 7 $ — $ 6 $ 241 Effect of CECL adoption (41) (11) 1 2 (1) (50) Provision for credit losses 1 73 26 7 (1) 3 108 Other (2) — (4) — 4 (2) June 30, 2020 $ 231 $ 42 $ 11 $ 1 $ 12 $ 297 CRE—Commercial real estate SBL—Securities-based lending. Provision for Credit Losses Three Months Ended $ in millions 2021 2020 Loans $ 16 $ 246 Lending commitments 57 (7) |
Schedule of Employee Loans | Employee Loans $ in millions At At Currently employed by the Firm 1 $ 3,329 $ 3,100 No longer employed by the Firm 2 133 $ 140 Employee loans $ 3,462 $ 3,240 ACL (163) (165) Employee loans, net of ACL $ 3,299 $ 3,075 Remaining repayment term, weighted average in years 5.6 5.3 1. These loans were predominantly current as of June 30, 2021 and December 31, 2020. 2. These loans were predominantly past due for a period of 90 days or more as of June 30, 2021 and December 31, 2020. |
Other Assets - Equity Method _2
Other Assets - Equity Method Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | Equity Method Investments $ in millions At At Investments $ 2,266 $ 2,410 Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Income (loss) $ 51 $ (63) $ 27 $ (34) |
Schedule of Joint Ventures | Japanese Securities Joint Venture Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Income (loss) from investment in MUMSS $ 52 $ (1) $ 84 $ 31 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits $ in millions At At Savings and demand deposits $ 299,681 $ 279,221 Time deposits 20,677 31,561 Total $ 320,358 $ 310,782 Deposits subject to FDIC insurance $ 237,803 $ 234,211 Time deposits that equal or exceed the FDIC insurance limit $ 6 $ 16 |
Schedule of Time Deposit Maturities | Time Deposit Maturities $ in millions At 2021 $ 6,804 2022 5,523 2023 4,117 2024 2,821 2025 776 Thereafter 636 Total $ 20,677 |
Borrowings and Other Secured _2
Borrowings and Other Secured Financings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings $ in millions At At Original maturities of one year or less $ 5,538 $ 3,691 Original maturities greater than one year Senior $ 207,781 $ 202,305 Subordinated 10,823 11,083 Total $ 218,604 $ 213,388 Total borrowings $ 224,142 $ 217,079 Weighted average stated maturity, in years 1 7.6 7.3 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 $ 6,767 $ 10,453 Greater than one year 4,465 5,410 Total $ 11,232 $ 15,863 Transfers of assets accounted for as secured financings $ 1,253 $ 1,529 |
Commitments, Guarantees and C_2
Commitments, Guarantees and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | Commitments Years to Maturity at June 30, 2021 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 16,396 $ 38,716 $ 44,932 $ 7,479 $ 107,523 Secured lending facilities 6,007 6,669 2,086 643 15,405 Commercial and Residential real estate 428 233 19 248 928 Securities-based lending and Other 11,103 3,724 308 266 15,401 Forward-starting secured financing receivables 69,886 — — — 69,886 Central counterparty 300 — — 6,237 6,537 Underwriting — 60 — — 60 Investment activities 1,019 253 56 356 1,684 Letters of credit and other financial guarantees 26 — — 3 29 Total $ 105,165 $ 49,655 $ 47,401 $ 15,232 $ 217,453 Lending commitments participated to third parties $ 9,223 Forward-starting secured financing receivables settled within three business days $ 64,159 |
Schedule of Obligations under Guarantee Arrangements | Guarantees At June 30, 2021 Maximum Potential Payout/Notional of Obligations by Years to Maturity Carrying Amount Asset (Liability) $ in millions Less than 1 1-3 3-5 Over 5 Non-credit derivatives 1 $ 1,352,865 $ 1,029,619 $ 445,441 $ 955,300 $ (46,932) Standby letters of credit and other financial guarantees issued 2 1,537 1,250 517 3,735 89 Market value guarantees 79 22 — — — Liquidity facilities 4,073 — — — 5 Whole loan sales guarantees — — 58 23,123 — Securitization representations and warranties 3 — — — 69,210 (42) General partner guarantees 315 12 20 125 (68) Client clearing guarantees 52 — — — — 1. 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 7. 2. These amounts include certain issued standby letters of credit participated to third parties, totaling $0.6 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. As of June 30, 2021, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $88 million. 3. Primarily related to residential mortgage securitizations. |
Variable Interest Entities an_2
Variable Interest Entities and Securitization Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Variable Interest Entities and Securitization Activities [Abstract] | |
Schedule of Consolidated VIEs | Consolidated VIE Assets and Liabilities by Type of Activity 1 At June 30, 2021 At December 31, 2020 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities CLO $ 800 $ 705 $ 418 $ 350 MABS 2 388 47 590 17 Other 3 1,497 378 1,110 47 Total $ 2,685 $ 1,130 $ 2,118 $ 414 1. Certain prior period amounts have been reclassified to conform to the current presentation. 2. 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. 3. Other primarily includes operating entities and investment funds. Consolidated VIE Assets and Liabilities by Balance Sheet Caption $ in millions At At Assets Cash and cash equivalents $ 318 $ 269 Trading assets at fair value 1,781 1,445 Securities purchased under agreements to resell 200 — Customer and other receivables 25 23 Intangible assets 92 98 Other assets 269 283 Total $ 2,685 $ 2,118 Liabilities Other secured financings $ 949 $ 366 Other liabilities and accrued expenses 181 48 Total $ 1,130 $ 414 Noncontrolling interests $ 143 $ 196 |
Schedule of Non-Consolidated VIEs | Non-consolidated VIEs At June 30, 2021 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 155,510 $ 1,918 $ 6,424 $ 2,001 $ 50,129 Maximum exposure to loss 3 Debt and equity interests $ 20,473 $ 166 $ 4 $ 1,245 $ 10,741 Derivative and other contracts — — 4,073 — 5,997 Commitments, guarantees and other 1,390 — — — 1,443 Total $ 21,863 $ 166 $ 4,077 $ 1,245 $ 18,181 Carrying value of variable interests—Assets Debt and equity interests $ 20,473 $ 166 $ 4 $ 1,245 $ 10,741 Derivative and other contracts — — 5 — 2,208 Total $ 20,473 $ 166 $ 9 $ 1,245 $ 12,949 Additional VIE assets owned 4 $ 17,235 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 217 At December 31, 2020 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 184,153 $ 3,527 $ 6,524 $ 2,161 $ 48,241 Maximum exposure to loss 3 Debt and equity interests $ 26,247 $ 257 $ — $ 1,187 $ 11,008 Derivative and other contracts — — 4,425 — 5,639 Commitments, guarantees and other 929 — — — 749 Total $ 27,176 $ 257 $ 4,425 $ 1,187 $ 17,396 Carrying value of variable interests – Assets Debt and equity interests $ 26,247 $ 257 $ — $ 1,187 $ 11,008 Derivative and other contracts — — 5 — 851 Total $ 26,247 $ 257 $ 5 $ 1,187 $ 11,859 Additional VIE assets owned 4 $ 20,019 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 222 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. |
Schedule of Mortgage- and Asset-Backed Securitization Assets | Detail of Mortgage- and Asset-Backed Securitization Assets At June 30, 2021 At December 31, 2020 $ in millions UPB Debt and Equity Interests UPB Debt and Equity Interests Residential mortgages $ 17,146 $ 2,637 $ 17,775 $ 3,175 Commercial mortgages 62,404 3,705 62,093 4,131 U.S. agency collateralized mortgage obligations 70,091 11,989 99,182 17,224 Other consumer or commercial loans 5,869 2,142 5,103 1,717 Total $ 155,510 $ 20,473 $ 184,153 $ 26,247 |
Schedule of Transfers of Assets with Continuing Involvement | Transferred Assets with Continuing Involvement At June 30, 2021 $ in millions RML CML U.S. Agency CMO CLN and Other 1 SPE assets (UPB) 2 $ 7,217 $ 90,355 $ 31,722 $ 15,181 Retained interests Investment grade $ 98 $ 936 $ 605 $ — Non-investment grade 21 214 — 80 Total $ 119 $ 1,150 $ 605 $ 80 Interests purchased in the secondary market Investment grade $ — $ 78 $ 20 $ — Non-investment grade 46 68 — 1 Total $ 46 $ 146 $ 20 $ 1 Derivative assets $ — $ — $ — $ 608 Derivative liabilities — — — 197 At December 31, 2020 $ in millions RML CML U.S. Agency CMO CLN and Other 1 SPE assets (UPB) 2 $ 7,515 $ 84,674 $ 21,061 $ 12,978 Retained interests Investment grade $ 49 $ 822 $ 615 $ — Non-investment grade 16 195 — 114 Total $ 65 $ 1,017 $ 615 $ 114 Interests purchased in the secondary market Investment grade $ — $ 96 $ 116 $ — Non-investment grade 43 80 — 21 Total $ 43 $ 176 $ 116 $ 21 Derivative assets $ — $ — $ — $ 400 Derivative liabilities — — — 436 Fair Value At June 30, 2021 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 702 $ — $ 702 Non-investment grade 12 50 62 Total $ 714 $ 50 $ 764 Interests purchased in the secondary market Investment grade $ 97 $ 1 $ 98 Non-investment grade 76 39 115 Total $ 173 $ 40 $ 213 Derivative assets $ 607 $ 1 $ 608 Derivative liabilities 163 34 197 Fair Value at December 31, 2020 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 663 $ — $ 663 Non-investment grade 6 63 69 Total $ 669 $ 63 $ 732 Interests purchased in the secondary market Investment grade $ 196 $ 16 $ 212 Non-investment grade 62 82 144 Total $ 258 $ 98 $ 356 Derivative assets $ 388 $ 12 $ 400 Derivative liabilities 435 1 436 RML—Residential mortgage loans CML—Commercial mortgage loans 1. Amounts include CLO transactions managed by unrelated third parties. |
Schedule of Proceeds from New Securitization Transactions and Sales of Loans | Proceeds from New Securitization Transactions and Sales of Loans Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 New transactions 1 $ 16,410 $ 9,189 $ 31,200 $ 17,660 Retained interests 2,985 1,136 5,564 5,224 Sales of corporate loans to CLO SPEs 1, 2 73 73 73 139 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. |
Schedule of Assets Sold with Retained Exposure | Assets Sold with Retained Exposure $ in millions At At Gross cash proceeds from sale of assets 1 $ 61,885 $ 45,051 Fair value Assets sold $ 63,544 $ 46,609 Derivative assets recognized 1,972 1,592 Derivative liabilities recognized 314 64 |
Regulatory Requirements (Tables
Regulatory Requirements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | Risk-Based Regulatory Capital Ratio Requirements At June 30, 2021 and December 31, 2020 Standardized Advanced Capital buffers Capital conservation buffer — 2.5% SCB 5.7% N/A G-SIB capital surcharge 3.0% 3.0% CCyB 1 0% 0% Capital buffer requirement 2 8.7% 5.5% At June 30, 2021 and December 31, 2020 Regulatory Minimum Standardized Advanced Required ratios 3 Common Equity Tier 1 capital ratio 4.5 % 13.2% 10.0% Tier 1 capital ratio 6.0 % 14.7% 11.5% Total capital ratio 8.0 % 16.7% 13.5% 1. The CCyB can be set up to 2.5%, but is currently set by the U.S. banking agencies at zero. 2. The capital buffer requirement represents the amount of Common Equity Tier 1 capital the Firm must maintain above the minimum risk-based capital requirements in order to avoid 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. The Firm's Standardized Approach capital buffer requirement is equal to the sum of the SCB, G-SIB capital surcharge and CCyB, and the Advanced Approach capital buffer requirement is equal to the 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB. 3. Required ratios represent the regulatory minimum plus the capital buffer requirement. The Firm’s Regulatory Capital and Capital Ratios $ in millions Required 1 At June 30, 2021 At December 31, 2020 Risk-based capital Common Equity Tier 1 capital $ 76,815 $ 78,650 Tier 1 capital 84,612 88,079 Total capital 92,782 97,213 Total RWA 462,808 453,106 Common Equity Tier 1 capital ratio 13.2 % 16.6 % 17.4 % Tier 1 capital ratio 14.7 % 18.3 % 19.4 % Total capital ratio 16.7 % 20.0 % 21.5 % $ in millions Required Ratio 1 At June 30, 2021 At December 31, 2020 Leverage-based capital Adjusted average assets 2 $ 1,135,262 $ 1,053,510 Tier 1 leverage ratio 4.0 % 7.5 % 8.4 % Supplementary leverage exposure 3,4 $ 1,439,971 $ 1,192,506 SLR 4 5.0 % 5.9 % 7.4 % 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 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. 4. The Firm’s SLR and Supplementary leverage exposure as of December 31, 2020 reflect the exclusion of U.S. Treasury securities and deposits at Federal Reserve Banks based on a Federal Reserve interim final rule that was in effect until March 31, 2021. |
MSBNA | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | MSBNA’s Regulatory Capital At June 30, 2021 At December 31, 2020 $ in millions Well-Capitalized Requirement Required Ratio 1 Amount Ratio Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 18,069 19.8 % $ 17,238 18.7 % Tier 1 capital 8.0 % 8.5 % 18,069 19.8 % 17,238 18.7 % Total capital 10.0 % 10.5 % 18,644 20.5 % 17,882 19.4 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 18,069 10.4 % $ 17,238 10.1 % SLR 6.0 % 3.0 % 18,069 8.1 % 17,238 8.0 % |
MSPBNA | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | MSPBNA’s Regulatory Capital At June 30, 2021 At December 31, 2020 $ in millions Well-Capitalized Requirement Required Ratio 1 Amount Ratio Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 9,629 25.1 % $ 8,213 21.3 % Tier 1 capital 8.0 % 8.5 % 9,629 25.1 % 8,213 21.3 % Total capital 10.0 % 10.5 % 9,702 25.2 % 8,287 21.5 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 9,629 7.4 % $ 8,213 7.2 % SLR 6.0 % 3.0 % 9,629 7.1 % 8,213 6.9 % 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 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 June 30, At December 31, Net capital $ 16,739 $ 12,869 Excess net capital 12,837 9,034 |
Total Equity (Tables)
Total Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
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 — — — 1,500 K 40,000 25,000 1,000 1,000 L 20,000 25,000 500 500 M 400,000 1,000 430 430 N 3,000 100,000 300 300 Total $ 7,750 $ 9,250 Shares authorized 30,000,000 1. Series C preferred stock is held by MUFG. Dividends $ in millions, except per share data Three Months Ended Three Months Ended Per Share 1 Total Per Share 1 Total Preferred stock series A $ 253 $ 11 $ 253 $ 11 C 25 13 25 13 E 445 15 445 15 F 430 15 430 15 H 240 12 305 16 I 398 16 398 16 J 2 — — 694 42 K 366 15 366 15 L 305 6 305 6 Total Preferred stock $ 103 $ 149 Common stock 0.35 $ 651 $ 0.35 $ 550 $ in millions, except per share data Six Months Ended Six Months Ended Per Share 1 Total Per Share 1 Total Preferred stock series A $ 503 $ 22 $ 506 $ 22 C 50 26 50 26 E 891 30 891 30 F 859 29 859 29 H 480 25 649 34 I 797 32 797 32 J 2 253 15 694 42 K 731 30 731 30 L 609 12 609 12 M 3 29 12 — — N 4 2,650 8 — — Total Preferred stock $ 241 $ 257 Common stock $ 0.70 $ 1,286 $ 0.70 $ 1,111 1. Common and Preferred Stock dividends are payable quarterly, unless otherwise noted. 2. Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption. 3. Series M is payable semiannually until September 15, 2026, and thereafter will be payable quarterly. 4. Series N is payable semiannually until March 15, 2023, and thereafter will be payable quarterly. |
Schedule of Share Repurchases | Share Repurchases Three Months Ended June 30, Six Months Ended June 30, $ in millions 2021 2020 2021 2020 Repurchases of common stock under the Firm’s Share Repurchase Program $ 2,939 $ — $ 5,074 $ 1,347 |
Schedule of Common Shares Outstanding for Basic and Diluted EPS | Common Shares Outstanding for Basic and Diluted EPS Three Months Ended Six Months Ended in millions 2021 2020 2021 2020 Weighted average common shares outstanding, basic 1,814 1,541 1,804 1,548 Effect of dilutive Stock options, RSUs and PSUs 27 16 25 17 Weighted average common shares outstanding and common stock equivalents, diluted 1,841 1,557 1,829 1,565 Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) — 8 — 10 |
Schedule of Common Stock Dividends Per Share | Dividends $ in millions, except per share data Three Months Ended Three Months Ended Per Share 1 Total Per Share 1 Total Preferred stock series A $ 253 $ 11 $ 253 $ 11 C 25 13 25 13 E 445 15 445 15 F 430 15 430 15 H 240 12 305 16 I 398 16 398 16 J 2 — — 694 42 K 366 15 366 15 L 305 6 305 6 Total Preferred stock $ 103 $ 149 Common stock 0.35 $ 651 $ 0.35 $ 550 $ in millions, except per share data Six Months Ended Six Months Ended Per Share 1 Total Per Share 1 Total Preferred stock series A $ 503 $ 22 $ 506 $ 22 C 50 26 50 26 E 891 30 891 30 F 859 29 859 29 H 480 25 649 34 I 797 32 797 32 J 2 253 15 694 42 K 731 30 731 30 L 609 12 609 12 M 3 29 12 — — N 4 2,650 8 — — Total Preferred stock $ 241 $ 257 Common stock $ 0.70 $ 1,286 $ 0.70 $ 1,111 1. Common and Preferred Stock dividends are payable quarterly, unless otherwise noted. 2. Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption. 3. Series M is payable semiannually until September 15, 2026, and thereafter will be payable quarterly. 4. Series N is payable semiannually until March 15, 2023, and thereafter will be payable quarterly. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) 1 $ in millions CTA AFS Securities Pension and Other DVA Total March 31, 2021 $ (936) $ 1,011 $ (493) $ (2,336) $ (2,754) OCI during the period 41 (7) 12 185 231 June 30, 2021 $ (895) $ 1,004 $ (481) $ (2,151) $ (2,523) March 31, 2020 $ (1,038) $ 1,532 $ (619) $ 2,220 $ 2,095 OCI during the period 21 295 (1) (2,409) (2,094) June 30, 2020 $ (1,017) $ 1,827 $ (620) $ (189) $ 1 December 31, 2020 $ (795) $ 1,787 $ (498) $ (2,456) $ (1,962) OCI during the period (100) (783) 17 305 (561) June 30, 2021 $ (895) $ 1,004 $ (481) $ (2,151) $ (2,523) December 31, 2019 $ (897) $ 207 $ (644) $ (1,454) $ (2,788) OCI during the period (120) 1,620 24 1,265 2,789 June 30, 2020 $ (1,017) $ 1,827 $ (620) $ (189) $ 1 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 June 30, 2021 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ 12 $ 29 $ 41 $ — $ 41 Reclassified to earnings — — — — — Net OCI $ 12 $ 29 $ 41 $ — $ 41 Change in net unrealized gains (losses) on AFS securities OCI activity $ 47 $ (10) $ 37 $ — $ 37 Reclassified to earnings (58) 14 (44) — (44) Net OCI $ (11) $ 4 $ (7) $ — $ (7) Pension and other OCI activity $ 8 $ — $ 8 $ — $ 8 Reclassified to earnings 7 (3) 4 — 4 Net OCI $ 15 $ (3) $ 12 $ — $ 12 Change in net DVA OCI activity $ 237 $ (59) $ 178 $ 1 $ 177 Reclassified to earnings 10 (2) 8 — 8 Net OCI $ 247 $ (61) $ 186 $ 1 $ 185 Three Months Ended June 30, 2020 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ 5 $ 19 $ 24 $ — $ 24 Reclassified to earnings (3) — (3) — (3) Net OCI $ 2 $ 19 $ 21 $ — $ 21 Change in net unrealized gains (losses) on AFS securities OCI activity $ 395 $ (93) $ 302 $ — $ 302 Reclassified to earnings (10) 3 (7) — (7) Net OCI $ 385 $ (90) $ 295 $ — $ 295 Pension and other OCI activity $ (4) $ (1) $ (5) $ — $ (5) Reclassified to earnings 5 (1) 4 — 4 Net OCI $ 1 $ (2) $ (1) $ — $ (1) Change in net DVA OCI activity $ (3,301) $ 805 $ (2,496) $ (87) $ (2,409) Reclassified to earnings 1 (1) — — — Net OCI $ (3,300) $ 804 $ (2,496) $ (87) $ (2,409) Six Months Ended June 30, 2021 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (92) $ (86) $ (178) $ (78) $ (100) Reclassified to earnings — — — — — Net OCI $ (92) $ (86) $ (178) $ (78) $ (100) Change in net unrealized gains (losses) on AFS securities OCI activity $ (829) $ 193 $ (636) $ — $ (636) Reclassified to earnings (192) 45 (147) — (147) Net OCI $ (1,021) $ 238 $ (783) $ — $ (783) Pension and other OCI activity $ 8 $ — $ 8 $ — $ 8 Reclassified to earnings 14 (5) 9 — 9 Net OCI $ 22 $ (5) $ 17 $ — $ 17 Change in net DVA OCI activity $ 404 $ (102) $ 302 $ 18 $ 284 Reclassified to earnings 27 (6) 21 — 21 Net OCI $ 431 $ (108) $ 323 $ 18 $ 305 Six Months Ended June 30, 2020 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (15) $ (93) $ (108) $ 9 $ (117) Reclassified to earnings (3) — (3) — (3) Net OCI $ (18) $ (93) $ (111) $ 9 $ (120) Change in net unrealized gains (losses) on AFS securities OCI activity $ 2,168 $ (509) $ 1,659 $ — $ 1,659 Reclassified to earnings (51) 12 (39) — (39) Net OCI $ 2,117 $ (497) $ 1,620 $ — $ 1,620 Pension and other OCI activity $ 21 $ (5) $ 16 $ — $ 16 Reclassified to earnings 10 (2) 8 — 8 Net OCI $ 31 $ (7) $ 24 $ — $ 24 Change in net DVA OCI activity $ 1,714 $ (411) $ 1,303 $ 42 $ 1,261 Reclassified to earnings 6 (2) 4 — 4 Net OCI $ 1,720 $ (413) $ 1,307 $ 42 $ 1,265 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Interest Income (Expense), Net [Abstract] | |
Schedule of Details of Interest Income and Interest Expense | Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Interest income Investment securities $ 608 $ 629 $ 1,457 $ 1,074 Loans 1,040 1,050 2,028 2,204 Securities purchased under agreements to resell and Securities borrowed 1 (321) (141) (617) 257 Trading assets, net of Trading liabilities 486 616 996 1,365 Customer receivables and Other 2 399 204 785 961 Total interest income $ 2,212 $ 2,358 $ 4,649 $ 5,861 Interest expense Deposits $ 108 $ 220 $ 228 $ 626 Borrowings 719 823 1,433 1,820 Securities sold under agreements to repurchase and Securities loaned 3 116 209 230 718 Customer payables and Other 4 (596) (494) (1,135) (259) Total interest expense $ 347 $ 758 $ 756 $ 2,905 Net interest $ 1,865 $ 1,600 $ 3,893 $ 2,956 1. Includes fees paid on Securities borrowed. 2. Includes interest from Cash and cash equivalents. 3. Includes fees received on Securities loaned. |
Schedule of Accrued Interest | Accrued Interest $ in millions At At December 31, 2020 Customer and other receivables $ 2,160 $ 1,652 Customer and other payables 2,517 2,119 |
Segment, Geographic and Reven_2
Segment, Geographic and Revenue Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Information by Business Segment | Selected Financial Information by Business Segment Three Months Ended June 30, 2021 $ in millions IS WM IM I/E Total Investment banking $ 2,376 $ 203 $ — $ (19) $ 2,560 Trading 3,078 255 (22) 19 3,330 Investments 61 14 306 — 381 Commissions and fees 1 682 714 1 (89) 1,308 Asset management 1,2 148 3,447 1,418 (40) 4,973 Other 137 207 1 (3) 342 Total non-interest revenues 6,482 4,840 1,704 (132) 12,894 Interest income 873 1,366 10 (37) 2,212 Interest expense 263 111 12 (39) 347 Net interest 610 1,255 (2) 2 1,865 Net revenues $ 7,092 $ 6,095 $ 1,702 $ (130) $ 14,759 Provision for credit losses $ 70 $ 3 $ — $ — $ 73 Compensation and benefits 2,433 3,275 715 — 6,423 Non-compensation expenses 2,091 1,181 557 (132) 3,697 Total non-interest expenses $ 4,524 $ 4,456 $ 1,272 $ (132) $ 10,120 Income before provision for income taxes $ 2,498 $ 1,636 $ 430 $ 2 $ 4,566 Provision for income taxes 574 372 108 — 1,054 Net income 1,924 1,264 322 2 3,512 Net income applicable to noncontrolling interests 20 — (19) — 1 Net income applicable to Morgan Stanley $ 1,904 $ 1,264 $ 341 $ 2 $ 3,511 Three Months Ended June 30, 2020 $ in millions IS WM IM I/E Total Investment banking $ 2,051 $ 110 $ — $ (19) $ 2,142 Trading 3 4,272 492 22 17 4,803 Investments 36 8 231 — 275 Commissions and fees 1 717 473 — (88) 1,102 Asset management 1,2 115 2,507 684 (41) 3,265 Other 3 439 84 (47) (3) 473 Total non-interest revenues 7,630 3,674 890 (134) 12,060 Interest income 1,300 1,210 7 (159) 2,358 Interest expense 731 180 11 (164) 758 Net interest 569 1,030 (4) 5 1,600 Net revenues 3 $ 8,199 $ 4,704 $ 886 $ (129) $ 13,660 Provision for credit losses 3 $ 217 $ 22 $ — $ — $ 239 Compensation and benefits 2,952 2,729 354 — 6,035 Non-compensation expenses 3 2,037 811 316 (133) 3,031 Total non-interest expenses 3 $ 4,989 $ 3,540 $ 670 $ (133) $ 9,066 Income before provision for income taxes $ 2,993 $ 1,142 $ 216 $ 4 $ 4,355 Provision for income taxes 790 289 39 1 1,119 Net income 2,203 853 177 3 3,236 Net income applicable to noncontrolling interests 17 — 23 — 40 Net income applicable to Morgan Stanley $ 2,186 $ 853 $ 154 $ 3 $ 3,196 Six Months Ended June 30, 2021 $ in millions IS WM IM I/E Total Investment banking $ 4,989 $ 454 $ — $ (43) $ 5,400 Trading 7,151 381 (19) 42 7,555 Investments 147 16 536 — 699 Commissions and fees 1 1,552 1,565 1 (184) 2,934 Asset management 1,2 287 6,638 2,521 (75) 9,371 Other 295 360 (23) (6) 626 Total non-interest revenues 14,421 9,414 3,016 (266) 26,585 Interest income 1,843 2,852 18 (64) 4,649 Interest expense 595 212 18 (69) 756 Net interest 1,248 2,640 — 5 3,893 Net revenues $ 15,669 $ 12,054 $ 3,016 $ (261) $ 30,478 Provision for credit losses $ (23) $ (2) $ — $ — $ (25) Compensation and benefits 5,547 6,445 1,229 — 13,221 Non-compensation expenses 4,276 2,375 987 (266) 7,372 Total non-interest expenses $ 9,823 $ 8,820 $ 2,216 $ (266) $ 20,593 Income before provision for income taxes $ 5,869 $ 3,236 $ 800 $ 5 $ 9,910 Provision for income taxes 1,310 730 189 1 2,230 Net income 4,559 2,506 611 4 7,680 Net income applicable to noncontrolling interests 54 — (5) — 49 Net income applicable to Morgan Stanley $ 4,505 $ 2,506 $ 616 $ 4 $ 7,631 Six Months Ended June 30, 2020 $ in millions IS WM IM I/E Total Investment banking $ 3,195 $ 268 $ — $ (50) $ 3,413 Trading 3 7,433 145 (15) 41 7,604 Investments 11 8 294 — 313 Commissions and fees 1 1,591 1,061 — (190) 2,462 Asset management 1,2 228 5,187 1,349 (82) 6,682 Other 3 (112) 165 (40) (4) 9 Total non-interest revenues 12,346 6,834 1,588 (285) 20,483 Interest income 3,723 2,403 15 (280) 5,861 Interest expense 2,692 477 25 (289) 2,905 Net interest 1,031 1,926 (10) 9 2,956 Net revenues 3 $ 13,377 $ 8,760 $ 1,578 $ (276) $ 23,439 Provision for credit losses 3 $ 605 $ 41 $ — $ — $ 646 Compensation and benefits 4,766 4,941 611 — 10,318 Non-compensation expenses 3 4,063 1,581 608 (278) 5,974 Total non-interest expenses 3 $ 8,829 $ 6,522 $ 1,219 $ (278) $ 16,292 Income before provision for income taxes $ 3,943 $ 2,197 $ 359 $ 2 $ 6,501 Provision for income taxes 941 480 64 — 1,485 Net income 3,002 1,717 295 2 5,016 Net income applicable to noncontrolling interests 59 — 63 — 122 Net income applicable to Morgan Stanley $ 2,943 $ 1,717 $ 232 $ 2 $ 4,894 I/E–Intersegment Eliminations 1. Substantially all revenues are from contracts with customers. 2. Includes certain fees which may relate to services performed in prior periods. |
Schedule of Investment Banking Revenues | Detail of Investment Banking Revenues Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Institutional Securities Advisory $ 664 $ 462 $ 1,144 $ 824 Institutional Securities Underwriting 1,712 1,589 3,845 2,371 Firm Investment banking revenues from contracts with customers 90 % 92 % 91 % 91 % |
Schedule of Trading Revenues by Product Type | Trading Revenues by Product Type 1 Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Interest rate $ 17 $ 1,008 $ 876 $ 2,082 Foreign exchange 314 127 588 465 Equity security and index 2 2,033 1,943 3,728 3,016 Commodity and other 680 723 1,541 733 Credit 286 1,002 822 1,308 Total $ 3,330 $ 4,803 $ 7,555 $ 7,604 1. Certain prior period amounts have been reclassified to conform to the current presentation. See Note 1 for additional information. |
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 income at risk of reversing $ 778 $ 735 Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Fee waivers $ 131 $ 22 $ 225 $ 33 |
Schedule of Other Expenses - Transaction Taxes | Other Expenses — Transaction Taxes Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Transaction taxes $ 217 $ 146 $ 455 $ 330 |
Schedule of Net Revenues by Region | Net Revenues by Region 1 Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Americas $ 10,885 $ 9,950 $ 22,076 $ 16,838 EMEA 2,093 2,109 4,252 3,306 Asia 1,781 1,601 4,150 3,295 Total $ 14,759 $ 13,660 $ 30,478 $ 23,439 |
Schedule of Revenue Recognized from Prior Services | Revenues Recognized from Prior Services Three Months Ended Six Months Ended $ in millions 2021 2020 2021 2020 Non-interest revenues $ 677 $ 680 $ 1,066 $ 1,242 |
Schedule of Receivables from Contracts with Customers | Receivables from Contracts with Customers $ in millions At At Customer and other receivables $ 3,425 $ 3,200 |
Schedule of Assets by Business Segment | Assets by Business Segment $ in millions At At Institutional Securities $ 782,257 $ 753,322 Wealth Management 361,136 355,595 Investment Management 18,412 6,945 Total 1 $ 1,161,805 $ 1,115,862 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - Eaton Vance shares in Millions, $ in Billions | Mar. 01, 2021USD ($)shares |
Business Acquisition [Line Items] | |
Voting interests acquired (as a percent) | 100.00% |
Consideration transferred in business acquisition | $ 8.7 |
Cash consideration transferred | 3.4 |
Common Stock, $0.01 par value | |
Business Acquisition [Line Items] | |
Fair value of shares transferred in acquisition | $ 5.3 |
Stock issued in acquisition (shares) | shares | 69 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Mar. 01, 2021 | Dec. 31, 2020 |
Assets | |||
Goodwill | $ 16,838 | $ 11,635 | |
Eaton Vance | |||
Assets | |||
Cash and cash equivalents | $ 691 | ||
Trading assets at fair value: Loans and lending commitments | 445 | ||
Trading assets at fair value: Investments | 299 | ||
Trading assets at fair value: Corporate and other debt | 52 | ||
Customer and other receivables | 331 | ||
Goodwill | 5,270 | ||
Intangible assets | 3,956 | ||
Other assets | 836 | ||
Total assets | 11,880 | ||
Liabilities | |||
Other secured financings | 399 | ||
Other liabilities and accrued expenses | 2,147 | ||
Borrowings | 678 | ||
Total liabilities | $ 3,224 |
Acquisitions - Acquired Intangi
Acquisitions - Acquired Intangible Assets (Details) - Eaton Vance $ in Millions | Mar. 01, 2021USD ($) |
Business Acquisition [Line Items] | |
Total acquired Intangible assets | $ 3,956 |
Customer relationships | |
Business Acquisition [Line Items] | |
Weighted-average intangible life | 16 years |
Amortizable acquired intangible assets | $ 1,455 |
Tradenames | |
Business Acquisition [Line Items] | |
Weighted-average intangible life | 23 years |
Amortizable acquired intangible assets | $ 221 |
Management contracts | |
Business Acquisition [Line Items] | |
Weighted-average intangible life | 16 years |
Amortizable acquired intangible assets | $ 160 |
Management contracts | |
Business Acquisition [Line Items] | |
Non-amortizable acquired intangible assets | $ 2,120 |
Acquisitions - Proforma Combine
Acquisitions - Proforma Combined Financial Information (Details) - Eaton Vance - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Acquisition [Line Items] | ||||
Net revenues of acquiree since acquisition date | $ 535 | $ 709 | ||
Net income of acquiree since acquisition date | 119 | 150 | ||
Net revenues | 14,759 | $ 14,076 | 30,774 | $ 24,241 |
Net income | $ 3,512 | $ 3,282 | $ 7,780 | $ 4,691 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Cash and due from banks | $ 8,943 | $ 9,792 |
Interest bearing deposits with banks | 117,537 | 95,862 |
Total Cash and cash equivalents | 126,480 | 105,654 |
Restricted cash | $ 41,203 | $ 38,202 |
Fair Values - Assets and Liabil
Fair Values - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets at fair value | ||
Derivative and other contracts | $ 40,955 | $ 37,850 |
Investments | 176,099 | 184,803 |
Total trading assets | 321,145 | 312,738 |
Investment securities—AFS | 93,222 | 110,383 |
Securities purchased under agreements to resell | 10 | 15 |
Liabilities at fair value | ||
Deposits | 2,672 | 3,521 |
Derivative and other contracts | 38,091 | 44,938 |
Securities sold under agreements to repurchase | 1,028 | 1,115 |
Other secured financings | 6,574 | 11,701 |
Borrowings | 75,508 | 73,701 |
Recurring | ||
Assets at fair value | ||
Netting | (52,481) | (62,956) |
Liabilities at fair value | ||
Netting | (44,678) | (58,105) |
Borrowings | 75,508 | 73,701 |
Recurring | Interest rate | ||
Liabilities at fair value | ||
Borrowings | 29,684 | 31,222 |
Recurring | Credit | ||
Liabilities at fair value | ||
Borrowings | 1,211 | 1,344 |
Recurring | Foreign exchange | ||
Liabilities at fair value | ||
Borrowings | 2,316 | 2,105 |
Recurring | Equity | ||
Liabilities at fair value | ||
Borrowings | 35,924 | 33,952 |
Recurring | Commodity and other | ||
Liabilities at fair value | ||
Borrowings | 6,373 | 5,078 |
Total | Recurring | ||
Assets at fair value | ||
Derivative and other contracts | 40,955 | 37,850 |
Netting | (310,790) | (380,329) |
Investments | 2,187 | 1,686 |
Physical commodities | 2,106 | 3,260 |
Total trading assets | 317,104 | 308,909 |
Investment securities—AFS | 93,222 | 110,383 |
Securities purchased under agreements to resell | 10 | 15 |
Total assets at fair value | 410,336 | 419,307 |
Liabilities at fair value | ||
Deposits | 2,672 | 3,521 |
Trading liabilities | 169,074 | 157,631 |
Derivative and other contracts | 38,091 | 44,938 |
Netting | (302,987) | (375,478) |
Securities sold under agreements to repurchase | 1,028 | 1,115 |
Other secured financings | 6,574 | 11,701 |
Borrowings | 75,508 | 73,701 |
Total liabilities at fair value | 254,856 | 247,669 |
Total | Recurring | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 177,168 | 233,486 |
Liabilities at fair value | ||
Derivative and other contracts | 161,374 | 218,638 |
Total | Recurring | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 8,309 | 7,541 |
Liabilities at fair value | ||
Derivative and other contracts | 9,193 | 8,152 |
Total | Recurring | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 70,846 | 94,059 |
Liabilities at fair value | ||
Derivative and other contracts | 66,238 | 94,908 |
Total | Recurring | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 70,357 | 68,444 |
Liabilities at fair value | ||
Derivative and other contracts | 82,293 | 86,528 |
Total | Recurring | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 25,065 | 14,649 |
Liabilities at fair value | ||
Derivative and other contracts | 21,980 | 12,190 |
Level 1 | Recurring | ||
Assets at fair value | ||
Derivative and other contracts | 1,423 | 1,949 |
Netting | (6,406) | (5,488) |
Investments | 638 | 624 |
Physical commodities | 0 | 0 |
Total trading assets | 187,488 | 183,406 |
Investment securities—AFS | 46,234 | 46,354 |
Securities purchased under agreements to resell | 0 | 0 |
Total assets at fair value | 233,722 | 229,760 |
Liabilities at fair value | ||
Deposits | 0 | 0 |
Trading liabilities | 117,184 | 104,550 |
Derivative and other contracts | 1,505 | 2,315 |
Netting | (6,406) | (5,488) |
Securities sold under agreements to repurchase | 0 | 0 |
Other secured financings | 0 | 0 |
Borrowings | 0 | 0 |
Total liabilities at fair value | 117,184 | 104,550 |
Level 1 | Recurring | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 1,805 | 4,458 |
Liabilities at fair value | ||
Derivative and other contracts | 1,855 | 4,789 |
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 | 41 | 29 |
Liabilities at fair value | ||
Derivative and other contracts | 32 | 11 |
Level 1 | Recurring | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 1,051 | 1,132 |
Liabilities at fair value | ||
Derivative and other contracts | 1,274 | 1,245 |
Level 1 | Recurring | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 4,932 | 1,818 |
Liabilities at fair value | ||
Derivative and other contracts | 4,750 | 1,758 |
Level 2 | Recurring | ||
Assets at fair value | ||
Derivative and other contracts | 88,072 | 93,945 |
Netting | (250,928) | (310,534) |
Investments | 571 | 234 |
Physical commodities | 2,106 | 3,260 |
Total trading assets | 169,867 | 172,840 |
Investment securities—AFS | 46,988 | 61,225 |
Securities purchased under agreements to resell | 10 | 12 |
Total assets at fair value | 216,865 | 234,077 |
Liabilities at fair value | ||
Deposits | 2,586 | 3,395 |
Trading liabilities | 93,659 | 106,465 |
Derivative and other contracts | 78,414 | 96,086 |
Netting | (250,928) | (310,534) |
Securities sold under agreements to repurchase | 579 | 671 |
Other secured financings | 6,173 | 11,185 |
Borrowings | 73,533 | 69,327 |
Total liabilities at fair value | 176,530 | 191,043 |
Level 2 | Recurring | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 174,122 | 227,818 |
Liabilities at fair value | ||
Derivative and other contracts | 158,946 | 213,321 |
Level 2 | Recurring | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 7,673 | 6,840 |
Liabilities at fair value | ||
Derivative and other contracts | 8,354 | 7,500 |
Level 2 | Recurring | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 70,710 | 93,770 |
Liabilities at fair value | ||
Derivative and other contracts | 66,144 | 94,698 |
Level 2 | Recurring | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 68,919 | 65,943 |
Liabilities at fair value | ||
Derivative and other contracts | 79,795 | 81,683 |
Level 2 | Recurring | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 17,576 | 10,108 |
Liabilities at fair value | ||
Derivative and other contracts | 16,103 | 9,418 |
Level 3 | Recurring | ||
Assets at fair value | ||
Equity securities | 150 | 86 |
Derivative and other contracts | 3,941 | 4,912 |
Netting | (975) | (1,351) |
Investments | 978 | 828 |
Physical commodities | 0 | 0 |
Total trading assets | 12,230 | 15,619 |
Investment securities—AFS | 0 | 2,804 |
Securities purchased under agreements to resell | 0 | 3 |
Total assets at fair value | 12,230 | 18,426 |
Liabilities at fair value | ||
Deposits | 86 | 126 |
Trading liabilities | 2,909 | 4,721 |
Derivative and other contracts | 2,850 | 4,642 |
Netting | (975) | (1,351) |
Securities sold under agreements to repurchase | 449 | 444 |
Other secured financings | 401 | 516 |
Borrowings | 1,975 | 4,374 |
Total liabilities at fair value | 5,820 | 10,181 |
Level 3 | Recurring | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 1,241 | 1,210 |
Liabilities at fair value | ||
Derivative and other contracts | 573 | 528 |
Level 3 | Recurring | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 636 | 701 |
Liabilities at fair value | ||
Derivative and other contracts | 839 | 652 |
Level 3 | Recurring | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 95 | 260 |
Liabilities at fair value | ||
Derivative and other contracts | 62 | 199 |
Level 3 | Recurring | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 387 | 1,369 |
Liabilities at fair value | ||
Derivative and other contracts | 1,224 | 3,600 |
Level 3 | Recurring | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 2,557 | 2,723 |
Liabilities at fair value | ||
Derivative and other contracts | 1,127 | 1,014 |
U.S. Treasury and agency securities | Total | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 14,881 | 10,205 |
U.S. Treasury and agency securities | Level 1 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 14,504 | 10,204 |
U.S. Treasury and agency securities | Level 2 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 377 | 1 |
U.S. Treasury and agency securities | Level 3 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 0 | 0 |
Other sovereign government obligations | Total | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 30,010 | 25,963 |
Other sovereign government obligations | Level 1 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 27,980 | 24,209 |
Other sovereign government obligations | Level 2 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 2,030 | 1,738 |
Other sovereign government obligations | Level 3 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 0 | 16 |
Corporate and other debt | Total | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 12,376 | 8,468 |
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 | 12,367 | 8,468 |
Corporate and other debt | Level 3 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 9 | 0 |
Corporate equities | Total | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 73,716 | 68,057 |
Corporate equities | Level 1 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 73,195 | 67,822 |
Corporate equities | Level 2 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 471 | 172 |
Corporate equities | Level 3 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 50 | 63 |
U.S. Treasury and agency securities | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 76,256 | 74,617 |
U.S. Treasury and agency securities | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 48,097 | 43,084 |
U.S. Treasury and agency securities | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 28,134 | 31,524 |
U.S. Treasury and agency securities | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 25 | 9 |
Other sovereign government obligations | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 37,594 | 31,490 |
Other sovereign government obligations | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 32,496 | 26,174 |
Other sovereign government obligations | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 5,020 | 5,048 |
Other sovereign government obligations | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 78 | 268 |
State and municipal securities | ||
Assets at fair value | ||
Investment securities—AFS | 256 | 1,563 |
State and municipal securities | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 2,006 | 1,135 |
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 | 2,002 | 1,135 |
State and municipal securities | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 4 | 0 |
MABS | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 1,781 | 1,392 |
MABS | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
MABS | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 1,424 | 1,070 |
MABS | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 357 | 322 |
Loans and lending commitments | Recurring | ||
Assets at fair value | ||
Trading assets | 15,145 | 11,148 |
Loans and lending commitments | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 15,145 | 11,148 |
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 | 10,249 | 5,389 |
Loans and lending commitments | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 4,896 | 5,759 |
Corporate and other debt | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 33,582 | 33,528 |
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 | 31,781 | 30,093 |
Corporate and other debt | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 1,801 | 3,435 |
Corporate equities | Total | Recurring | ||
Assets at fair value | ||
Equity securities | 105,492 | 112,803 |
Corporate equities | Level 1 | Recurring | ||
Assets at fair value | ||
Equity securities | 104,834 | 111,575 |
Corporate equities | Level 2 | Recurring | ||
Assets at fair value | ||
Equity securities | 508 | 1,142 |
Corporate equities | Level 3 | Recurring | ||
Assets at fair value | ||
Equity securities | $ 150 | $ 86 |
Fair Values - Detail of Loans a
Fair Values - Detail of Loans and Lending Commitments at Fair Value (Details) - Loans and lending commitments - Recurring - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Measurements | ||
Trading assets | $ 15,145 | $ 11,148 |
Corporate | ||
Fair Value Measurements | ||
Trading assets | 13 | 13 |
Secured lending facilities | ||
Fair Value Measurements | ||
Trading assets | 666 | 648 |
Commercial real estate | ||
Fair Value Measurements | ||
Trading assets | 2,441 | 916 |
Residential real estate | ||
Fair Value Measurements | ||
Trading assets | 1,829 | 2,145 |
Securities-based lending and Other loans | ||
Fair Value Measurements | ||
Trading assets | $ 10,196 | $ 7,426 |
Fair Values - Detail of Unsettl
Fair Values - Detail of Unsettled Fair Value of Futures Contracts (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Futures Contracts | Accounts Receivable and Other Receivables, Net | Recurring | ||
Fair Value Measurements | ||
Derivative assets, unsettled fair value | $ 323 | $ 434 |
Fair Values - Activity of Level
Fair Values - Activity of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring - Level 3 - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Liabilities at Fair Value | ||||||
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA | $ (4) | $ 281 | $ (8) | $ (125) | ||
Deposits | ||||||
Liabilities at Fair Value | ||||||
Beginning balance | 177 | $ 126 | 117 | $ 179 | 126 | 179 |
Realized and unrealized losses (gains) | 4 | 6 | 2 | 3 | ||
Settlements | (2) | (4) | (2) | (9) | ||
Net transfers | (93) | (29) | (40) | (83) | ||
Ending balance | 86 | 177 | 90 | 117 | 86 | 90 |
Unrealized losses (gains) | 4 | 7 | 2 | 3 | ||
Nonderivative trading liabilities | ||||||
Liabilities at Fair Value | ||||||
Beginning balance | 62 | 79 | 64 | 37 | 79 | 37 |
Realized and unrealized losses (gains) | (4) | 5 | 4 | (10) | ||
Purchases | (38) | (42) | (43) | (45) | ||
Sales | 16 | 24 | 16 | 22 | ||
Settlements | 0 | 0 | 0 | 3 | ||
Net transfers | 23 | 23 | 3 | 67 | ||
Ending balance | 59 | 62 | 74 | 64 | 59 | 74 |
Unrealized losses (gains) | (2) | 5 | 4 | (10) | ||
Securities sold under agreements to repurchase | ||||||
Liabilities at Fair Value | ||||||
Beginning balance | 441 | 444 | 0 | 0 | 444 | 0 |
Realized and unrealized losses (gains) | 8 | (31) | 6 | (31) | ||
Issuances | 0 | 471 | 0 | 471 | ||
Net transfers | 0 | 0 | (1) | 0 | ||
Ending balance | 449 | 441 | 440 | 0 | 449 | 440 |
Unrealized losses (gains) | 8 | (31) | 6 | (31) | ||
Other secured financings | ||||||
Liabilities at Fair Value | ||||||
Beginning balance | 555 | 516 | 389 | 109 | 516 | 109 |
Realized and unrealized losses (gains) | 9 | 0 | 4 | (12) | ||
Issuances | 37 | 5 | 407 | 7 | ||
Settlements | (176) | (88) | (498) | (203) | ||
Net transfers | (24) | (6) | (28) | 399 | ||
Ending balance | 401 | 555 | 300 | 389 | 401 | 300 |
Unrealized losses (gains) | 10 | 0 | 4 | (12) | ||
Borrowings | ||||||
Liabilities at Fair Value | ||||||
Beginning balance | 4,262 | 4,374 | 3,998 | 4,088 | 4,374 | 4,088 |
Realized and unrealized losses (gains) | 125 | 500 | 36 | (202) | ||
Issuances | 146 | 385 | 276 | 766 | ||
Settlements | (217) | (92) | (326) | (283) | ||
Net transfers | (2,341) | (656) | (2,385) | (234) | ||
Ending balance | 1,975 | 4,262 | 4,135 | 3,998 | 1,975 | 4,135 |
Unrealized losses (gains) | 121 | 496 | 29 | (200) | ||
Transfers from Level 3 to Level 2 | 2,200 | |||||
Interest rate | ||||||
Assets at Fair value | ||||||
Beginning balance | 691 | 682 | 873 | 777 | 682 | 777 |
Realized and unrealized gains (losses) | (43) | (126) | (388) | 70 | ||
Purchases | 41 | 11 | 57 | 129 | ||
Issuances | (52) | (24) | (66) | (27) | ||
Settlements | 18 | (12) | 103 | (26) | ||
Net transfers | 13 | 38 | 280 | (163) | ||
Ending balance | 668 | 691 | 760 | 873 | 668 | 760 |
Unrealized gains (losses) | (40) | (160) | (370) | 27 | ||
Credit | ||||||
Assets at Fair value | ||||||
Beginning balance | (82) | 49 | 198 | 124 | 49 | 124 |
Realized and unrealized gains (losses) | (88) | (74) | (75) | (60) | ||
Purchases | 17 | 13 | 25 | 44 | ||
Issuances | (24) | (22) | (38) | (39) | ||
Settlements | 36 | 54 | (60) | 102 | ||
Net transfers | (62) | (38) | (104) | (40) | ||
Ending balance | (203) | (82) | 131 | 198 | (203) | 131 |
Unrealized gains (losses) | (76) | (143) | (75) | (63) | ||
Foreign exchange | ||||||
Assets at Fair value | ||||||
Beginning balance | (110) | 61 | (150) | (31) | 61 | (31) |
Realized and unrealized gains (losses) | 96 | 122 | (26) | 94 | ||
Purchases | 2 | 0 | 4 | 3 | ||
Issuances | 0 | 0 | (2) | (9) | ||
Settlements | 1 | 2 | (67) | (11) | ||
Net transfers | 44 | 43 | 63 | (29) | ||
Ending balance | 33 | (110) | 17 | (150) | 33 | 17 |
Unrealized gains (losses) | (49) | 44 | 25 | 35 | ||
Equity | ||||||
Assets at Fair value | ||||||
Beginning balance | (2,117) | (2,231) | (1,376) | (1,684) | (2,231) | (1,684) |
Realized and unrealized gains (losses) | 283 | (135) | 344 | 181 | ||
Purchases | 28 | 149 | 71 | 237 | ||
Issuances | (143) | (391) | (461) | (595) | ||
Settlements | 105 | 10 | 5 | (52) | ||
Net transfers | 1,007 | (141) | 1,435 | 29 | ||
Ending balance | (837) | (2,117) | (1,884) | (1,376) | (837) | (1,884) |
Unrealized gains (losses) | (36) | (156) | (25) | (4) | ||
Liabilities at Fair Value | ||||||
Transfers from Level 3 to Level 2 | 1,000 | |||||
Commodity and other | ||||||
Assets at Fair value | ||||||
Beginning balance | 1,944 | 1,709 | 1,849 | 1,612 | 1,709 | 1,612 |
Realized and unrealized gains (losses) | 122 | 338 | 348 | 448 | ||
Purchases | 0 | 3 | 10 | 21 | ||
Issuances | 0 | (2) | (13) | (17) | ||
Settlements | (170) | (119) | (222) | 7 | ||
Net transfers | (466) | 18 | (402) | 16 | ||
Ending balance | 1,430 | 1,944 | 2,087 | 1,849 | 1,430 | 2,087 |
Unrealized gains (losses) | (63) | 182 | 69 | 257 | ||
U.S. Treasury and agency securities | ||||||
Assets at Fair value | ||||||
Beginning balance | 12 | 9 | 99 | 22 | 9 | 22 |
Realized and unrealized gains (losses) | 44 | (3) | 59 | (20) | ||
Purchases | 22 | 81 | 25 | 108 | ||
Sales | (68) | (38) | (68) | (23) | ||
Net transfers | 15 | (42) | 0 | 10 | ||
Ending balance | 25 | 12 | 97 | 99 | 25 | 97 |
Unrealized gains (losses) | 44 | (1) | 58 | (21) | ||
Other sovereign government obligations | ||||||
Assets at Fair value | ||||||
Beginning balance | 17 | 268 | 17 | 5 | 268 | 5 |
Realized and unrealized gains (losses) | 0 | (1) | 0 | 0 | ||
Purchases | 75 | 0 | 76 | 9 | ||
Sales | (16) | (3) | (260) | (4) | ||
Net transfers | 2 | (2) | (6) | 1 | ||
Ending balance | 78 | 17 | 11 | 17 | 78 | 11 |
Unrealized gains (losses) | 0 | (1) | 0 | 0 | ||
State and municipal securities | ||||||
Assets at Fair value | ||||||
Beginning balance | 0 | 0 | 1 | 1 | 0 | 1 |
Purchases | 4 | 0 | 4 | 0 | ||
Net transfers | 0 | (1) | 0 | (1) | ||
Ending balance | 4 | 0 | 0 | 1 | 4 | 0 |
Unrealized gains (losses) | 0 | 0 | 0 | 0 | ||
MABS | ||||||
Assets at Fair value | ||||||
Beginning balance | 374 | 322 | 483 | 438 | 322 | 438 |
Realized and unrealized gains (losses) | 8 | 11 | 59 | (62) | ||
Purchases | 21 | 274 | 128 | 384 | ||
Sales | (58) | (401) | (123) | (418) | ||
Net transfers | 12 | 12 | (29) | 37 | ||
Ending balance | 357 | 374 | 379 | 483 | 357 | 379 |
Unrealized gains (losses) | 6 | 8 | 1 | (60) | ||
Loans and lending commitments | ||||||
Assets at Fair value | ||||||
Beginning balance | 5,045 | 5,759 | 5,980 | 5,073 | 5,759 | 5,073 |
Realized and unrealized gains (losses) | 22 | (2) | 3 | (119) | ||
Purchases and originations | 1,527 | 808 | 2,673 | 1,160 | ||
Sales | (1,438) | (672) | (2,569) | (755) | ||
Settlements | (712) | (901) | (933) | (1,508) | ||
Net transfers | 452 | (1,145) | (37) | 217 | ||
Ending balance | 4,896 | 5,045 | 4,068 | 5,980 | 4,896 | 4,068 |
Unrealized gains (losses) | 38 | 5 | 9 | (116) | ||
Liabilities at Fair Value | ||||||
Transfers of equity margin loans from Level 2 into Level 3 | 707 | 857 | ||||
Corporate and other debt | ||||||
Assets at Fair value | ||||||
Beginning balance | 3,319 | 3,435 | 1,708 | 1,396 | 3,435 | 1,396 |
Realized and unrealized gains (losses) | 207 | 55 | 135 | (87) | ||
Purchases and originations | 883 | 2,859 | 1,413 | 2,522 | ||
Sales | (908) | (1,726) | (1,087) | (861) | ||
Settlements | 0 | (232) | 0 | (311) | ||
Net transfers | (1,700) | 22 | (2,095) | 27 | ||
Ending balance | 1,801 | 3,319 | 2,686 | 1,708 | 1,801 | 2,686 |
Unrealized gains (losses) | 264 | 46 | 248 | (92) | ||
Liabilities at Fair Value | ||||||
Transfers from Level 3 to Level 2 | 2,000 | |||||
Corporate equities | ||||||
Assets at Fair value | ||||||
Beginning balance | 114 | 86 | 146 | 97 | 86 | 97 |
Realized and unrealized gains (losses) | 12 | (12) | 26 | (100) | ||
Purchases | 25 | 13 | 50 | 24 | ||
Sales | (36) | (25) | (38) | (127) | ||
Net transfers | 35 | (39) | 26 | 189 | ||
Ending balance | 150 | 114 | 83 | 146 | 150 | 83 |
Unrealized gains (losses) | 15 | (9) | 28 | (91) | ||
Investments | ||||||
Assets at Fair value | ||||||
Beginning balance | 924 | 828 | 725 | 858 | 828 | 858 |
Realized and unrealized gains (losses) | 47 | (23) | 107 | (49) | ||
Purchases | 28 | 14 | 92 | 17 | ||
Sales | (9) | (11) | (24) | (20) | ||
Net transfers | (12) | 54 | (25) | (47) | ||
Ending balance | 978 | 924 | 759 | 725 | 978 | 759 |
Unrealized gains (losses) | 47 | (22) | 94 | (50) | ||
Investment securities —AFS | ||||||
Assets at Fair value | ||||||
Beginning balance | 127 | 2,804 | 0 | 0 | 2,804 | 0 |
Realized and unrealized gains (losses) | 0 | 0 | (4) | 0 | ||
Sales | (11) | 0 | (203) | 0 | ||
Net transfers | (116) | 0 | (2,597) | 0 | ||
Ending balance | 0 | 127 | 0 | 0 | 0 | 0 |
Unrealized gains (losses) | 0 | 0 | 0 | 0 | ||
Liabilities at Fair Value | ||||||
Transfers from Level 3 to Level 2 | 2,500 | |||||
Securities purchased under agreements to resell | ||||||
Assets at Fair value | ||||||
Beginning balance | 0 | 3 | 0 | 0 | 3 | 0 |
Net transfers | 0 | 0 | (3) | 0 | ||
Ending balance | 0 | $ 0 | 0 | $ 0 | 0 | 0 |
Unrealized gains (losses) | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Values - Valuation Techniq
Fair Values - Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) $ in Millions | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investment securities - AFS at fair value | $ 93,222 | $ 110,383 |
Derivative assets | 40,955 | 37,850 |
Deposits | 2,672 | 3,521 |
Securities sold under agreements to repurchase | 1,028 | 1,115 |
Other secured financings | 11,232 | 15,863 |
Borrowings | 75,508 | 73,701 |
State and municipal securities | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investment securities - AFS at fair value | 256 | 1,563 |
Recurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings | 75,508 | 73,701 |
Recurring | Loans and lending commitments | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 15,145 | 11,148 |
Recurring | Level 3 | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Corporate equities | 150 | 86 |
Investments | 978 | 828 |
Investment securities - AFS at fair value | 0 | 2,804 |
Derivative assets | 3,941 | 4,912 |
Deposits | 86 | 126 |
Trading liabilities | 2,909 | 4,721 |
Securities sold under agreements to repurchase | 449 | 444 |
Other secured financings | 401 | 516 |
Borrowings | 1,975 | 4,374 |
Recurring | Level 3 | Corporate equities | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Trading liabilities | $ 50 | $ 63 |
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 | Comparable Pricing | Equity Price | Corporate equities | ||
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 | $ 25 | $ 9 |
Recurring | Level 3 | Other sovereign government obligations | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 78 | $ 268 |
Recurring | Level 3 | Other sovereign government obligations | 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 | 1.06 | |
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 | 4 | $ 0 |
Recurring | Level 3 | MABS | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 357 | 322 |
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 | 4,896 | 5,759 |
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 | 1,801 | 3,435 |
Recurring | Level 3 | Interest rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | 668 | $ 682 |
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 | 0.01 | |
Recurring | Level 3 | Credit | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ (203) | $ 49 |
Recurring | Level 3 | Credit | Credit Default Swap Model | Cash-Synthetic Basis | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0007 | 0.0007 |
Recurring | Level 3 | Foreign exchange | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 33 | $ 61 |
Recurring | Level 3 | Equity | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | (837) | (2,231) |
Recurring | Level 3 | Commodity and other | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | 1,430 | 1,709 |
Nonrecurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans | 4,989 | 5,700 |
Nonrecurring | Level 3 | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans | $ 1,202 | $ 3,134 |
Minimum | Recurring | Level 3 | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investment securities - AFS at fair value, measurement input value | 0.97 | |
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 | 0.0030 |
Loans, measurement input value | 0.0040 | |
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 | 0.43 | 0.45 |
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 | 0.10 | 0.08 |
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 | 8 | 7 |
Minimum | Recurring | Level 3 | Discounted Cash Flow | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Securities sold under agreement to repurchase, measurement input value | 0.0100 | 0.0107 |
Other secured financings, measurement input value | 0.0111 | |
Minimum | Recurring | Level 3 | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Deposits, measurement input value | 0.07 | 0.07 |
Borrowings, measurement input value | 0.07 | 0.06 |
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 | (0.28) | (0.28) |
Minimum | Recurring | Level 3 | Option Model | Equity Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.01) | (0.02) |
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 | 0.37 |
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 | (0.32) | (0.72) |
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 | 8 | 8 |
Minimum | Recurring | Level 3 | Other sovereign government obligations | 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 | 1.32 | |
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 | 75 | 75 |
Minimum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Margin Loan Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0 | 0.01 |
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 | 90 | 10 |
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 | 0.40 | 0.40 |
Borrowings, measurement input value | 0.40 | |
Minimum | Recurring | Level 3 | Corporate and other debt | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.37 | 0.18 |
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 | 0.25 | 0 |
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 | 0.69 | 0.54 |
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 | 0.04 | 0.06 |
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 | 0.25 | 0.25 |
Minimum | 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 | 0.01 | |
Minimum | Recurring | Level 3 | Credit | Credit Default Swap Model | 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 | Credit Default Swap Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0014 | 0.0020 |
Minimum | Recurring | Level 3 | Credit | Credit Default Swap Model | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0021 | 0.0065 |
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 | 0.26 | 0.27 |
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 | 0.25 | 0 |
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 | 0.06 | 0.06 |
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 | 0.53 | 0.55 |
Minimum | Recurring | Level 3 | Foreign exchange | Option Model | Foreign Exchange Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.06) | (0.22) |
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 | 0.95 | 0.50 |
Minimum | Recurring | Level 3 | Equity | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.05 | 0.16 |
Minimum | Recurring | Level 3 | Equity | Option Model | Equity Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.03) | (0.03) |
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 | 0.35 | 0.24 |
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 | (0.85) | (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 | 0.15 | (0.13) |
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) | (1) |
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 | 0.08 |
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 | 0.43 | 0.43 |
Minimum | Nonrecurring | Level 3 | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0088 | |
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 | 0.0045 | 0.0036 |
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 | 0.0217 | 0.0200 |
Maximum | Recurring | Level 3 | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investment securities - AFS at fair value, measurement input value | 1.07 | |
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 | 0.0101 |
Loans, measurement input value | 0.0088 | |
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 | Discounted Cash Flow | WACC | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.16 | 0.18 |
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 | 17 |
Maximum | Recurring | Level 3 | Discounted Cash Flow | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Securities sold under agreement to repurchase, measurement input value | 0.0116 | 0.0127 |
Other secured financings, measurement input value | 0.0111 | |
Maximum | Recurring | Level 3 | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Deposits, measurement input value | 0.22 | |
Borrowings, measurement input value | 0.61 | 0.66 |
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 | 0.06 |
Maximum | Recurring | Level 3 | Option Model | Equity 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 | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.95 | 0.95 |
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 | 0.10 | 0.13 |
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 | 40 | 32 |
Maximum | Recurring | Level 3 | Other sovereign government obligations | 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 | 1.53 | |
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 | 0.81 | 0.80 |
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 | 101 | 102 |
Maximum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Margin Loan Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.04 | 0.05 |
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 | 102 | 133 |
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 | 0.62 |
Borrowings, measurement input value | 0.62 | |
Maximum | Recurring | Level 3 | Corporate and other debt | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.47 | 0.21 |
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 | 1.04 | 3.49 |
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 | 0.98 | 0.99 |
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 | 0.25 | 0.24 |
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 | 0.66 | 0.66 |
Maximum | 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 | 0.02 | |
Maximum | Recurring | Level 3 | Credit | Credit Default Swap Model | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0085 | 0.0085 |
Maximum | Recurring | Level 3 | Credit | Credit Default Swap Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0474 | 0.0435 |
Maximum | Recurring | Level 3 | Credit | Credit Default Swap Model | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0095 | 0.0118 |
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 | 0.42 | 0.44 |
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 | 1.04 | 3.49 |
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 | 0.07 | 0.08 |
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 | 0.57 | 0.59 |
Maximum | Recurring | Level 3 | Foreign exchange | Option Model | Foreign Exchange Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.03) | 0.28 |
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 | Equity | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.91 | 0.97 |
Maximum | Recurring | Level 3 | Equity | Option Model | Equity 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 | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.98 | 0.96 |
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 | 0.65 | 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 | 0.40 | 0.47 |
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 | 258 | 157 |
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 | 1.76 | 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 | 1 | 0.99 |
Maximum | Nonrecurring | Level 3 | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0099 | |
Maximum | 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 | 0.0526 | 0.0636 |
Maximum | 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 | 0.0309 | 0.0413 |
Weighted Average | Recurring | Level 3 | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investment securities - AFS at fair value, measurement input value | 1.01 | |
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 | 0.0082 | 0.0056 |
Loans, measurement input value | 0.0076 | |
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 | Discounted Cash Flow | WACC | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.15 | 0.15 |
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 | 12 |
Weighted Average | Recurring | Level 3 | Discounted Cash Flow | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Securities sold under agreement to repurchase, measurement input value | 0.0111 | 0.0115 |
Other secured financings, measurement input value | 0.0111 | |
Weighted Average | Recurring | Level 3 | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Deposits, measurement input value | 0.08 | |
Borrowings, measurement input value | 0.17 | 0.23 |
Weighted Average | Recurring | Level 3 | Option Model | Equity 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 | 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 | (0.23) | (0.24) |
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 | 10 | 11 |
Weighted Average | Recurring | Level 3 | Other sovereign government obligations | 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 | 1.43 | |
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 | 0.55 | 0.50 |
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 | 98 | 93 |
Weighted Average | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Margin Loan Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.02 | 0.03 |
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 | 98 | 101 |
Weighted Average | Recurring | Level 3 | Corporate and other debt | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.41 | 0.19 |
Weighted Average | 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 | 0.02 | |
Weighted Average | Recurring | Level 3 | Credit | Credit Default Swap Model | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0046 | 0.0047 |
Weighted Average | Recurring | Level 3 | Credit | Credit Default Swap Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0090 | 0.0074 |
Weighted Average | Recurring | Level 3 | Credit | Credit Default Swap Model | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0062 | 0.0086 |
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 | 0.29 | 0.32 |
Weighted Average | Recurring | Level 3 | Equity | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.23 | 0.43 |
Weighted Average | Recurring | Level 3 | Equity | Option Model | Equity 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 | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.68 | 0.74 |
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 | (0.35) | (0.16) |
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 | 33 | 28 |
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 | 0.19 | 0.19 |
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 | 0.94 | 0.92 |
Weighted Average | Nonrecurring | Level 3 | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0094 | |
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 | 0.0237 | 0.0336 |
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 | 0.0291 | 0.0368 |
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) | (0.06) |
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 | 0.46 | 0.46 |
Borrowings, measurement input value | 0.46 | |
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 | 0.60 | 0.62 |
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 | 0.84 | 0.87 |
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 | 0.10 | 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 | 0.45 | 0.45 |
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 | 0.60 | 0.62 |
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 | 0.07 | 0.07 |
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 | 0.55 | 0.56 |
Average | Recurring | Level 3 | Foreign exchange | Option Model | Foreign Exchange Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.05) | 0.03 |
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 | 0.83 | |
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 | 0.38 | 0.21 |
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) | (0.06) |
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 | 0.40 | 0.40 |
Borrowings, measurement input value | 0.40 | |
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 | 0.59 | 0.59 |
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 | 0.83 | 0.89 |
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 | 0.06 | 0.13 |
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 | 0.43 | 0.43 |
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 | 0.59 | 0.59 |
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 | 0.07 | 0.08 |
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 | 0.55 | 0.56 |
Median | Recurring | Level 3 | Foreign exchange | Option Model | Foreign Exchange Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.05) | 0.01 |
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 | 0.93 | |
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 | 0.20 |
Fair Values - Fund Interests Me
Fair Values - Fund Interests Measured Based on Net Asset Value (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Measured Based on Net Asset Value | ||
Carrying Value | $ 4,041 | $ 3,829 |
Commitment | 795 | 780 |
Private equity | ||
Measured Based on Net Asset Value | ||
Carrying Value | 2,448 | 2,367 |
Commitment | 576 | 644 |
Carrying Value of Nonredeemable Funds by Contractual Maturity | ||
Less than 5 years | 1,148 | |
5-10 years | 1,087 | |
Over 10 years | 213 | |
Total | 2,448 | |
Real estate | ||
Measured Based on Net Asset Value | ||
Carrying Value | 1,518 | 1,403 |
Commitment | 216 | 136 |
Carrying Value of Nonredeemable Funds by Contractual Maturity | ||
Less than 5 years | 434 | |
5-10 years | 401 | |
Over 10 years | 683 | |
Total | 1,518 | |
Hedge | ||
Measured Based on Net Asset Value | ||
Carrying Value | 75 | 59 |
Commitment | $ 3 | $ 0 |
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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Assets at fair value | |||||
Loans | $ 4,989 | $ 4,989 | $ 5,700 | ||
Other assets—Other investments | 79 | 79 | 16 | ||
Other assets—ROU assets | 21 | ||||
Total | 5,068 | 5,068 | 5,737 | ||
Liabilities at fair value | |||||
Other liabilities and accrued expenses—Lending commitments | 223 | 223 | 265 | ||
Total | 223 | 223 | 265 | ||
Assets | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (43) | $ (68) | (123) | $ (546) | |
Loans | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (38) | (13) | (55) | (488) | |
Goodwill | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | 0 | 0 | (8) | 0 | |
Intangibles | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (1) | 0 | (3) | 0 | |
Other assets—Other investments | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (2) | (52) | (53) | (52) | |
Other assets—Premises, equipment and software | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (2) | (3) | (4) | (6) | |
Liabilities | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | 5 | 130 | 40 | (88) | |
Other liabilities and accrued expenses—Lending commitments | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | 5 | $ 130 | 40 | $ (88) | |
Level 2 | |||||
Assets at fair value | |||||
Loans | 3,787 | 3,787 | 2,566 | ||
Other assets—Other investments | 0 | 0 | 0 | ||
Other assets—ROU assets | 21 | ||||
Total | 3,787 | 3,787 | 2,587 | ||
Liabilities at fair value | |||||
Other liabilities and accrued expenses—Lending commitments | 154 | 154 | 193 | ||
Total | 154 | 154 | 193 | ||
Level 3 | |||||
Assets at fair value | |||||
Loans | 1,202 | 1,202 | 3,134 | ||
Other assets—Other investments | 79 | 79 | 16 | ||
Other assets—ROU assets | 0 | ||||
Total | 1,281 | 1,281 | 3,150 | ||
Liabilities at fair value | |||||
Other liabilities and accrued expenses—Lending commitments | 69 | 69 | 72 | ||
Total | $ 69 | $ 69 | $ 72 |
Fair Values - Financial Instrum
Fair Values - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets | ||
Securities borrowed | $ 126,703 | $ 112,391 |
Customer and other receivables | 100,921 | 97,737 |
Loans | 154,346 | 137,784 |
Financial liabilities | ||
Deposits | 320,358 | 310,782 |
Securities sold under agreements to repurchase | 57,645 | 50,587 |
Securities loaned | 9,574 | 7,731 |
Other secured financings | 11,232 | 15,863 |
Customer and other payables | 233,810 | 227,437 |
Borrowings | 224,142 | 217,079 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 126,480 | 105,654 |
Investment securities - HTM | 82,120 | 71,771 |
Securities purchased under agreements to resell | 95,920 | 116,219 |
Securities borrowed | 126,703 | 112,391 |
Customer and other receivables | 97,370 | 92,907 |
Loans | 166,059 | 150,597 |
Other assets | 504 | 485 |
Financial liabilities | ||
Deposits | 317,686 | 307,261 |
Securities sold under agreements to repurchase | 56,617 | 49,472 |
Securities loaned | 9,574 | 7,731 |
Other secured financings | 4,658 | 4,162 |
Customer and other payables | 233,810 | 224,951 |
Borrowings | 148,634 | 143,378 |
Additional Disclosures | ||
Lending commitments | 137,508 | 125,498 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 126,480 | 105,654 |
Investment securities - HTM | 82,877 | 74,420 |
Securities purchased under agreements to resell | 95,925 | 116,219 |
Securities borrowed | 126,703 | 112,392 |
Customer and other receivables | 97,289 | 92,873 |
Loans | 167,038 | 151,912 |
Other assets | 504 | 485 |
Financial liabilities | ||
Deposits | 318,107 | 307,807 |
Securities sold under agreements to repurchase | 56,666 | 49,510 |
Securities loaned | 9,575 | 7,731 |
Other secured financings | 4,661 | 4,162 |
Customer and other payables | 233,810 | 224,951 |
Borrowings | 155,120 | 150,829 |
Additional Disclosures | ||
Lending commitments | 1,086 | 1,104 |
Fair Value | Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 126,480 | 105,654 |
Investment securities - HTM | 30,623 | 31,239 |
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 | 51,282 | 42,281 |
Securities purchased under agreements to resell | 94,399 | 114,046 |
Securities borrowed | 126,703 | 112,392 |
Customer and other receivables | 94,071 | 89,832 |
Loans | 21,535 | 16,635 |
Other assets | 504 | 485 |
Financial liabilities | ||
Deposits | 318,107 | 307,807 |
Securities sold under agreements to repurchase | 56,666 | 49,315 |
Securities loaned | 9,575 | 7,731 |
Other secured financings | 4,661 | 4,162 |
Customer and other payables | 233,810 | 224,951 |
Borrowings | 155,115 | 150,824 |
Additional Disclosures | ||
Lending commitments | 680 | 709 |
Fair Value | Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities - HTM | 972 | 900 |
Securities purchased under agreements to resell | 1,526 | 2,173 |
Securities borrowed | 0 | 0 |
Customer and other receivables | 3,218 | 3,041 |
Loans | 145,503 | 135,277 |
Other assets | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 195 |
Securities loaned | 0 | 0 |
Other secured financings | 0 | 0 |
Customer and other payables | 0 | 0 |
Borrowings | 5 | 5 |
Additional Disclosures | ||
Lending commitments | $ 406 | $ 395 |
Fair Value Option - Borrowings
Fair Value Option - Borrowings Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Measurements | ||
Borrowings at fair value | $ 75,508 | $ 73,701 |
Recurring | ||
Fair Value Measurements | ||
Borrowings at fair value | 75,508 | 73,701 |
Recurring | Equity | ||
Fair Value Measurements | ||
Borrowings at fair value | 35,924 | 33,952 |
Recurring | Interest rates | ||
Fair Value Measurements | ||
Borrowings at fair value | 29,684 | 31,222 |
Recurring | Commodities | ||
Fair Value Measurements | ||
Borrowings at fair value | 6,373 | 5,078 |
Recurring | Credit | ||
Fair Value Measurements | ||
Borrowings at fair value | 1,211 | 1,344 |
Recurring | Foreign exchange | ||
Fair Value Measurements | ||
Borrowings at fair value | $ 2,316 | $ 2,105 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value Option Quantitative Disclosures | ||||
Net revenues | $ (3,015) | $ (3,520) | $ (603) | $ (156) |
Trading revenues | ||||
Fair Value Option Quantitative Disclosures | ||||
Net revenues | (2,931) | (3,439) | (446) | 8 |
Interest expense | ||||
Fair Value Option Quantitative Disclosures | ||||
Net revenues | $ 84 | $ 81 | $ 157 | $ 164 |
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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value disclosure | |||||
Cumulative pre-tax DVA gain (loss) recognized in AOCI | $ (2,926) | $ (2,926) | $ (3,357) | ||
Loans and other debt | Trading revenues | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 95 | $ (40) | 253 | $ (239) | |
Loans and other debt | OCI | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | 0 | 0 | |
Lending commitments | Trading revenues | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 1 | (1) | 1 | 1 | |
Lending commitments | OCI | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | 0 | 0 | |
Deposits | Trading revenues | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | 0 | 0 | |
Deposits | OCI | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 10 | (63) | 9 | 9 | |
Borrowings | Trading revenues | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | (10) | (1) | (27) | (6) | |
Borrowings | OCI | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | $ 237 | $ (3,237) | $ 422 | $ 1,711 |
Fair Value Option - Difference
Fair Value Option - Difference Between Contractual Principal and Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Loans and other debt | $ 13,124 | $ 14,042 |
Nonaccrual loans | 10,883 | 11,551 |
Borrowings | $ (2,298) | $ (3,773) |
Fair Value Option - Fair Value
Fair Value Option - Fair Value Loans on Nonaccrual Status (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Nonaccrual loans | $ 770 | $ 1,407 |
Nonaccrual loans 90 or more days past due | $ 203 | $ 239 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Derivative Contracts (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Assets | ||
Total gross derivatives | $ 351,745 | $ 418,179 |
Amounts offset against counterparty netting | (263,255) | (323,543) |
Amounts offset against cash collateral netting | (47,535) | (56,786) |
Total in Trading assets | 40,955 | 37,850 |
Amounts not offset against financial instruments collateral | (12,680) | (13,319) |
Amounts not offset against other cash collateral | (391) | |
Net amounts | 28,275 | 24,140 |
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | 4,132 | 3,743 |
Derivative Liabilities | ||
Total gross derivatives | 341,078 | 420,416 |
Amounts offset against counterparty netting | (263,255) | (323,543) |
Amounts offset against cash collateral netting | (39,732) | (51,935) |
Total in Trading liabilities | 38,091 | 44,938 |
Amounts not offset against financial instruments collateral | (7,737) | (12,118) |
Amounts not offset against other cash collateral | (65) | |
Net amounts | 30,354 | 32,755 |
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | 7,394 | 6,746 |
Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 294,722 | 365,896 |
Amounts offset against counterparty netting | (212,181) | (276,682) |
Amounts offset against cash collateral netting | (45,922) | (54,921) |
Total in Trading assets | 36,619 | 34,293 |
Amounts not offset against financial instruments collateral | (12,680) | (13,319) |
Amounts not offset against other cash collateral | (391) | |
Net amounts | 23,939 | 20,583 |
Derivative Liabilities | ||
Total gross derivatives | 283,603 | 367,348 |
Amounts offset against counterparty netting | (212,181) | (276,682) |
Amounts offset against cash collateral netting | (38,774) | (51,112) |
Total in Trading liabilities | 32,648 | 39,554 |
Amounts not offset against financial instruments collateral | (6,634) | (10,598) |
Amounts not offset against other cash collateral | (62) | |
Net amounts | 26,014 | 28,894 |
Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 12,108 | 14,184 |
Amounts offset against counterparty netting | (10,000) | (11,601) |
Amounts offset against cash collateral netting | (1,613) | (1,865) |
Total in Trading assets | 495 | 718 |
Amounts not offset against financial instruments collateral | 0 | 0 |
Amounts not offset against other cash collateral | 0 | |
Net amounts | 495 | 718 |
Derivative Liabilities | ||
Total gross derivatives | 11,257 | 12,442 |
Amounts offset against counterparty netting | (10,000) | (11,601) |
Amounts offset against cash collateral netting | (958) | (823) |
Total in Trading liabilities | 299 | 18 |
Amounts not offset against financial instruments collateral | 0 | 0 |
Amounts not offset against other cash collateral | (3) | |
Net amounts | 299 | 15 |
Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 44,915 | 38,099 |
Amounts offset against counterparty netting | (41,074) | (35,260) |
Amounts offset against cash collateral netting | 0 | 0 |
Total in Trading assets | 3,841 | 2,839 |
Amounts not offset against financial instruments collateral | 0 | 0 |
Amounts not offset against other cash collateral | 0 | |
Net amounts | 3,841 | 2,839 |
Derivative Liabilities | ||
Total gross derivatives | 46,218 | 40,626 |
Amounts offset against counterparty netting | (41,074) | (35,260) |
Amounts offset against cash collateral netting | 0 | 0 |
Total in Trading liabilities | 5,144 | 5,366 |
Amounts not offset against financial instruments collateral | (1,103) | (1,520) |
Amounts not offset against other cash collateral | 0 | |
Net amounts | 4,041 | 3,846 |
Designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 902 | 955 |
Derivative Liabilities | ||
Total gross derivatives | 25 | 409 |
Designated as accounting hedges | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 873 | 951 |
Derivative Liabilities | ||
Total gross derivatives | 5 | 291 |
Designated as accounting hedges | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 29 | 4 |
Derivative Liabilities | ||
Total gross derivatives | 20 | 118 |
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 | 665 | 948 |
Derivative Liabilities | ||
Total gross derivatives | 5 | 19 |
Designated as accounting hedges | Interest rate | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 654 | 946 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Designated as accounting hedges | Interest rate | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 11 | 2 |
Derivative Liabilities | ||
Total gross derivatives | 5 | 19 |
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 | 237 | 7 |
Derivative Liabilities | ||
Total gross derivatives | 20 | 390 |
Designated as accounting hedges | Foreign exchange | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 219 | 5 |
Derivative Liabilities | ||
Total gross derivatives | 5 | 291 |
Designated as accounting hedges | Foreign exchange | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 18 | 2 |
Derivative Liabilities | ||
Total gross derivatives | 15 | 99 |
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 | 350,843 | 417,224 |
Derivative Liabilities | ||
Total gross derivatives | 341,053 | 420,007 |
Not designated as accounting hedges | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 293,849 | 364,945 |
Derivative Liabilities | ||
Total gross derivatives | 283,598 | 367,057 |
Not designated as accounting hedges | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 12,079 | 14,180 |
Derivative Liabilities | ||
Total gross derivatives | 11,237 | 12,324 |
Not designated as accounting hedges | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 44,915 | 38,099 |
Derivative Liabilities | ||
Total gross derivatives | 46,218 | 40,626 |
Economic loan hedges | Credit | ||
Derivative Assets | ||
Total gross derivatives | 17 | 53 |
Derivative Liabilities | ||
Total gross derivatives | 261 | 195 |
Economic loan hedges | Credit | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 1 | 2 |
Derivative Liabilities | ||
Total gross derivatives | 15 | 18 |
Economic loan hedges | Credit | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 16 | 51 |
Derivative Liabilities | ||
Total gross derivatives | 246 | 177 |
Economic loan hedges | Credit | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Other derivatives | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 176,503 | 232,538 |
Derivative Liabilities | ||
Total gross derivatives | 161,369 | 218,619 |
Other derivatives | Interest rate | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 168,475 | 221,895 |
Derivative Liabilities | ||
Total gross derivatives | 154,804 | 210,015 |
Other derivatives | Interest rate | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 7,702 | 10,343 |
Derivative Liabilities | ||
Total gross derivatives | 6,154 | 7,965 |
Other derivatives | Interest rate | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 326 | 300 |
Derivative Liabilities | ||
Total gross derivatives | 411 | 639 |
Other derivatives | Credit | ||
Derivative Assets | ||
Total gross derivatives | 8,292 | 7,488 |
Derivative Liabilities | ||
Total gross derivatives | 8,932 | 7,957 |
Other derivatives | Credit | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 5,356 | 5,341 |
Derivative Liabilities | ||
Total gross derivatives | 5,428 | 5,275 |
Other derivatives | Credit | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 2,936 | 2,147 |
Derivative Liabilities | ||
Total gross derivatives | 3,504 | 2,682 |
Other derivatives | Credit | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Other derivatives | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 70,609 | 94,052 |
Derivative Liabilities | ||
Total gross derivatives | 66,218 | 94,518 |
Other derivatives | Foreign exchange | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 69,108 | 92,334 |
Derivative Liabilities | ||
Total gross derivatives | 64,788 | 92,975 |
Other derivatives | Foreign exchange | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 1,425 | 1,639 |
Derivative Liabilities | ||
Total gross derivatives | 1,333 | 1,500 |
Other derivatives | Foreign exchange | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 76 | 79 |
Derivative Liabilities | ||
Total gross derivatives | 97 | 43 |
Other derivatives | Equity | ||
Derivative Assets | ||
Total gross derivatives | 70,357 | 68,444 |
Derivative Liabilities | ||
Total gross derivatives | 82,293 | 86,528 |
Other derivatives | Equity | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 32,308 | 34,278 |
Derivative Liabilities | ||
Total gross derivatives | 43,053 | 49,943 |
Other derivatives | Equity | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Other derivatives | Equity | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 38,049 | 34,166 |
Derivative Liabilities | ||
Total gross derivatives | 39,240 | 36,585 |
Other derivatives | Commodity and other | ||
Derivative Assets | ||
Total gross derivatives | 25,065 | 14,649 |
Derivative Liabilities | ||
Total gross derivatives | 21,980 | 12,190 |
Other derivatives | Commodity and other | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 18,601 | 11,095 |
Derivative Liabilities | ||
Total gross derivatives | 15,510 | 8,831 |
Other derivatives | Commodity and other | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Other derivatives | Commodity and other | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 6,464 | 3,554 |
Derivative Liabilities | ||
Total gross derivatives | $ 6,470 | $ 3,359 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Notionals of Derivative Contracts (Details) - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives, Notional Amount | ||
Derivative assets | $ 17,133 | $ 15,706 |
Derivative liabilities | 17,205 | 16,280 |
Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 8,405 | 7,592 |
Derivative liabilities | 8,360 | 7,901 |
Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,653 | 7,260 |
Derivative liabilities | 7,457 | 7,198 |
Exchange- Traded | ||
Derivatives, Notional Amount | ||
Derivative assets | 1,075 | 854 |
Derivative liabilities | 1,388 | 1,181 |
Designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 128 | 131 |
Derivative liabilities | 92 | 94 |
Designated as accounting hedges | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 113 | 129 |
Derivative liabilities | 90 | 80 |
Designated as accounting hedges | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 15 | 2 |
Derivative liabilities | 2 | 14 |
Designated as accounting hedges | Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 17 | 8 |
Derivative liabilities | 1 | 11 |
Designated as accounting hedges | Bilateral OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 4 | 6 |
Derivative liabilities | 0 | 0 |
Designated as accounting hedges | Bilateral OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 13 | 2 |
Derivative liabilities | 1 | 11 |
Designated as accounting hedges | Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 111 | 123 |
Derivative liabilities | 91 | 83 |
Designated as accounting hedges | Cleared OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 109 | 123 |
Derivative liabilities | 90 | 80 |
Designated as accounting hedges | Cleared OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 2 | 0 |
Derivative liabilities | 1 | 3 |
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 | 17,005 | 15,575 |
Derivative liabilities | 17,113 | 16,186 |
Not designated as accounting hedges | Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 8,388 | 7,584 |
Derivative liabilities | 8,359 | 7,890 |
Not designated as accounting hedges | Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,542 | 7,137 |
Derivative liabilities | 7,366 | 7,115 |
Not designated as accounting hedges | Exchange- Traded | ||
Derivatives, Notional Amount | ||
Derivative assets | 1,075 | 854 |
Derivative liabilities | 1,388 | 1,181 |
Economic loan hedges | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 1 |
Derivative liabilities | 7 | 6 |
Economic loan hedges | Bilateral OTC | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 1 |
Economic loan hedges | Cleared OTC | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 1 |
Derivative liabilities | 7 | 5 |
Economic loan hedges | Exchange- Traded | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Other derivatives | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 12,009 | 11,202 |
Derivative liabilities | 11,763 | 11,426 |
Other derivatives | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 295 | 227 |
Derivative liabilities | 310 | 235 |
Other derivatives | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 3,603 | 3,159 |
Derivative liabilities | 3,538 | 3,293 |
Other derivatives | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 893 | 811 |
Derivative liabilities | 1,301 | 1,065 |
Other derivatives | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 205 | 175 |
Derivative liabilities | 194 | 161 |
Other derivatives | Bilateral OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 4,095 | 3,847 |
Derivative liabilities | 4,084 | 4,000 |
Other derivatives | Bilateral OTC | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 188 | 140 |
Derivative liabilities | 197 | 142 |
Other derivatives | Bilateral OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 3,494 | 3,046 |
Derivative liabilities | 3,425 | 3,180 |
Other derivatives | Bilateral OTC | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 483 | 444 |
Derivative liabilities | 535 | 474 |
Other derivatives | Bilateral OTC | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 128 | 107 |
Derivative liabilities | 118 | 93 |
Other derivatives | Cleared OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,338 | 6,946 |
Derivative liabilities | 7,156 | 6,915 |
Other derivatives | Cleared OTC | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 107 | 87 |
Derivative liabilities | 113 | 93 |
Other derivatives | Cleared OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 97 | 103 |
Derivative liabilities | 90 | 102 |
Other derivatives | Cleared OTC | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Other derivatives | Cleared OTC | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Other derivatives | Exchange- Traded | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 576 | 409 |
Derivative liabilities | 523 | 511 |
Other derivatives | Exchange- Traded | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Other derivatives | Exchange- Traded | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 12 | 10 |
Derivative liabilities | 23 | 11 |
Other derivatives | Exchange- Traded | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 410 | 367 |
Derivative liabilities | 766 | 591 |
Other derivatives | Exchange- Traded | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 77 | 68 |
Derivative liabilities | $ 76 | $ 68 |
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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Investment Securities - AFS | |||||
Fair Value Hedges - Hedged Items | |||||
Carrying amount of currently or previously hedged asset | $ 18,009 | $ 18,009 | $ 16,288 | ||
Basis adjustments included in amortized cost / carrying amount | (371) | (371) | (39) | ||
Deposits | |||||
Fair Value Hedges - Hedged Items | |||||
Carrying amount of currently or previously hedged asset | 6,316 | 6,316 | 15,059 | ||
Basis adjustments included in amortized cost / carrying amount | 35 | 35 | 93 | ||
Borrowings | |||||
Borrowings | |||||
Carrying amount currently or previously hedged | 114,420 | 114,420 | 114,349 | ||
Basis adjustments included in carrying amount—Outstanding hedges | 3,799 | 3,799 | 6,575 | ||
Basis adjustments included in carrying amount—Terminated hedges | (757) | (757) | $ (756) | ||
Fair Value Hedges | Interest Income | Interest rate contracts | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in Interest Expense | (331) | $ (16) | 500 | $ (80) | |
Fair Value Hedges | Interest Income | Investment Securities - AFS | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in Interest Expense | 345 | 23 | (427) | 89 | |
Fair Value Hedges | Interest expense | Interest rate contracts | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in Interest Expense | 1,238 | 245 | (2,870) | 6,912 | |
Fair Value Hedges | Interest expense | Deposits | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in Interest Expense | 22 | 46 | 58 | (215) | |
Fair Value Hedges | Interest expense | Borrowings | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in Interest Expense | (1,270) | (327) | 2,751 | (6,759) | |
Net Investment Hedges | Foreign exchange | |||||
Net Investment Hedges | |||||
Recognized in OCI | (106) | (96) | 299 | 314 | |
Forward points excluded from hedge effectiveness testing—Recognized in Interest income | $ (14) | $ (8) | $ (13) | $ 25 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Economic Loan Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Credit derivatives | Economic loan hedges | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative recognized in Other Revenues | $ (44) | $ (120) | $ (149) | $ 135 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Net Derivative Liabilities and Collateral Posted (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Net derivative liabilities with credit risk-related contingent features | $ 20,227 | $ 30,421 |
Collateral posted | $ 14,954 | $ 23,842 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade (Details) $ in Millions | Jun. 30, 2021USD ($) |
Bilateral Downgrade Agreement | |
Derivatives | |
Incremental collateral or termination payments upon potential future ratings downgrade | $ 489 |
One-notch downgrade | |
Derivatives | |
Incremental collateral or termination payments upon potential future ratings downgrade | 227 |
Two-notch downgrade | |
Derivatives | |
Incremental collateral or termination payments upon potential future ratings downgrade | $ 328 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities - Maximum Potential Payout/Notional of Credit Protection Sold (Details) - Credit Protection Sold - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Credit Derivatives | ||
Maximum potential payout/notional | $ 295 | $ 223 |
Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 24 | 24 |
1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 57 | 43 |
3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 172 | 117 |
Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 42 | 39 |
CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 294 | 223 |
CDS protection sold with identical protection purchased | 248 | 196 |
CDS | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 23 | 24 |
CDS | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 57 | 43 |
CDS | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 172 | 117 |
CDS | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 42 | 39 |
Single-name CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 107 | 105 |
Single-name CDS | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 15 | 16 |
Single-name CDS | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 35 | 29 |
Single-name CDS | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 46 | 49 |
Single-name CDS | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 11 | 11 |
Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 71 | 69 |
Single-name CDS | Investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 9 | 9 |
Single-name CDS | Investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 23 | 19 |
Single-name CDS | Investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 30 | 32 |
Single-name CDS | Investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 9 | 9 |
Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 36 | 36 |
Single-name CDS | Non-investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 6 | 7 |
Single-name CDS | Non-investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 12 | 10 |
Single-name CDS | Non-investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 16 | 17 |
Single-name CDS | Non-investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 2 | 2 |
Index and basket CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 187 | 118 |
Index and basket CDS | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 8 | 8 |
Index and basket CDS | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 22 | 14 |
Index and basket CDS | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 126 | 68 |
Index and basket CDS | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 31 | 28 |
Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 114 | 60 |
Index and basket CDS | Investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 2 | 2 |
Index and basket CDS | Investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 7 | 5 |
Index and basket CDS | Investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 89 | 39 |
Index and basket CDS | Investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 16 | 14 |
Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 73 | 58 |
Index and basket CDS | Non-investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 6 | 6 |
Index and basket CDS | Non-investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 15 | 9 |
Index and basket CDS | Non-investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 37 | 29 |
Index and basket CDS | Non-investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 15 | 14 |
Other credit contracts | ||
Credit Derivatives | ||
Maximum potential payout/notional | 1 | 0 |
Other credit contracts | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 1 | 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 H_10
Derivative Instruments and Hedging Activities - Fair Value Asset/(Liability) of Credit Protection Sold (Details) - Credit Protection Sold - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Credit Derivatives | ||
Fair Value Asset (Liability) | $ 2,353 | $ 1,223 |
CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 2,356 | 1,227 |
Single-name CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 1,642 | 1,208 |
Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 1,495 | 1,230 |
Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 147 | (22) |
Index and basket CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 714 | 19 |
Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 1,331 | 843 |
Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (617) | (824) |
Other credit contracts | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | $ (3) | $ (4) |
Derivative Instruments and H_11
Derivative Instruments and Hedging Activities - Protection Purchased with CDS (Details) - Protection Purchased - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Credit Derivatives | ||
Notional | $ 318,000 | $ 246,000 |
CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (3,240) | (1,838) |
Single name | ||
Credit Derivatives | ||
Notional | 118,000 | 116,000 |
Fair Value Asset (Liability) | (1,906) | (1,452) |
Index and basket | ||
Credit Derivatives | ||
Notional | 185,000 | 116,000 |
Fair Value Asset (Liability) | (999) | (57) |
Tranched index and basket | ||
Credit Derivatives | ||
Notional | 15,000 | 14,000 |
Fair Value Asset (Liability) | $ (335) | $ (329) |
Investment Securities - AFS and
Investment Securities - AFS and HTM Securities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
AFS securities | ||
Amortized Cost | $ 91,915 | $ 108,055 |
Gross Unrealized Gains | 1,544 | 2,389 |
Gross Unrealized Losses | 237 | 61 |
Fair Value | 93,222 | 110,383 |
HTM securities | ||
Amortized Cost | 82,120 | 71,771 |
Gross Unrealized Gains | 1,583 | 2,659 |
Gross Unrealized Losses | 826 | 10 |
Fair Value | 82,877 | 74,420 |
Amortized Cost | 174,035 | 179,826 |
Gross Unrealized Gains | 3,127 | 5,048 |
Gross Unrealized Losses | 1,063 | 71 |
Fair Value | 176,099 | 184,803 |
U.S. Treasury securities | ||
AFS securities | ||
Amortized Cost | 45,594 | 45,345 |
Gross Unrealized Gains | 654 | 1,010 |
Gross Unrealized Losses | 38 | 0 |
Fair Value | 46,210 | 46,355 |
HTM securities | ||
Amortized Cost | 29,429 | 29,346 |
Gross Unrealized Gains | 1,235 | 1,893 |
Gross Unrealized Losses | 40 | 0 |
Fair Value | 30,624 | 31,239 |
U.S. agency securities | ||
AFS securities | ||
Amortized Cost | 28,855 | 37,389 |
Gross Unrealized Gains | 422 | 762 |
Gross Unrealized Losses | 136 | 25 |
Fair Value | 29,141 | 38,126 |
HTM securities | ||
Amortized Cost | 49,247 | 38,951 |
Gross Unrealized Gains | 306 | 704 |
Gross Unrealized Losses | 760 | 8 |
Fair Value | 48,793 | 39,647 |
Agency CMBS | ||
AFS securities | ||
Amortized Cost | 15,467 | 19,982 |
Gross Unrealized Gains | 424 | 465 |
Gross Unrealized Losses | 47 | 9 |
Fair Value | 15,844 | 20,438 |
HTM securities | ||
Amortized Cost | 2,513 | 2,632 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | 25 | 2 |
Fair Value | 2,488 | 2,634 |
Non-agency CMBS | ||
HTM securities | ||
Amortized Cost | 931 | 842 |
Gross Unrealized Gains | 42 | 58 |
Gross Unrealized Losses | 1 | 0 |
Fair Value | 972 | 900 |
Corporate bonds | ||
AFS securities | ||
Amortized Cost | 1,694 | |
Gross Unrealized Gains | 42 | |
Gross Unrealized Losses | 0 | |
Fair Value | 1,736 | |
State and municipal securities | ||
AFS securities | ||
Amortized Cost | 230 | 1,461 |
Gross Unrealized Gains | 31 | 103 |
Gross Unrealized Losses | 5 | 1 |
Fair Value | 256 | 1,563 |
FFELP Student Loan ABS | ||
AFS securities | ||
Amortized Cost | 1,769 | 1,735 |
Gross Unrealized Gains | 13 | 7 |
Gross Unrealized Losses | 11 | 26 |
Fair Value | $ 1,771 | 1,716 |
HTM securities | ||
Third party guarantees (as a percent) | 95.00% | |
Other ABS | ||
AFS securities | ||
Amortized Cost | 449 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 449 |
Investment Securities - Investm
Investment Securities - Investment Securities in an Unrealized Loss Position (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
AFS securities | ||
AFS: Fair Value, Less than 12 Months | $ 25,202 | $ 8,824 |
AFS: Fair Value, 12 Months or Longer | 1,623 | 2,358 |
AFS: Fair Value, Total | 26,825 | 11,182 |
AFS: Gross Unrealized Losses, Less than 12 Months | 225 | 31 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 12 | 30 |
AFS: Gross Unrealized Losses, Total | 237 | 61 |
U.S. Treasury securities | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 13,017 | 151 |
AFS: Fair Value, Total | 13,017 | 151 |
AFS: Gross Unrealized Losses, Less than 12 Months | 38 | 0 |
AFS: Gross Unrealized Losses, Total | 38 | 0 |
U.S. agency securities | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 9,081 | 5,808 |
AFS: Fair Value, 12 Months or Longer | 793 | 1,168 |
AFS: Fair Value, Total | 9,874 | 6,976 |
AFS: Gross Unrealized Losses, Less than 12 Months | 135 | 22 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 1 | 3 |
AFS: Gross Unrealized Losses, Total | 136 | 25 |
Agency CMBS | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 2,983 | 2,779 |
AFS: Fair Value, 12 Months or Longer | 28 | 46 |
AFS: Fair Value, Total | 3,011 | 2,825 |
AFS: Gross Unrealized Losses, Less than 12 Months | 47 | 9 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 0 | 0 |
AFS: Gross Unrealized Losses, Total | 47 | 9 |
Corporate bonds | ||
AFS securities | ||
AFS: Fair Value, 12 Months or Longer | 0 | 31 |
AFS: Fair Value, Total | 0 | 31 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 0 | 0 |
AFS: Gross Unrealized Losses, Total | 0 | 0 |
State and municipal securities | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 34 | 86 |
AFS: Fair Value, 12 Months or Longer | 0 | 36 |
AFS: Fair Value, Total | 34 | 122 |
AFS: Gross Unrealized Losses, Less than 12 Months | 5 | 0 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 0 | 1 |
AFS: Gross Unrealized Losses, Total | 5 | 1 |
FFELP Student Loan ABS | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 87 | 0 |
AFS: Fair Value, 12 Months or Longer | 802 | 1,077 |
AFS: Fair Value, Total | 889 | 1,077 |
AFS: Gross Unrealized Losses, Less than 12 Months | 0 | 0 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 11 | 26 |
AFS: Gross Unrealized Losses, Total | $ 11 | $ 26 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Non-agency CMBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Allowance for credit loss related to held-to-maturity securities | $ 28 | $ 26 |
Investment Securities - Inves_2
Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Amortized Cost | ||
AFS securities: Amortized cost, total | $ 91,915 | $ 108,055 |
HTM securities: Net carrying amount, total | 82,120 | |
Investment securities: Amortized cost, total | 174,035 | 179,826 |
Fair Value | ||
AFS securities: Fair value, total | 93,222 | 110,383 |
HTM securities: Fair value, total | 82,877 | 74,420 |
Investment securities: Fair value, total | $ 176,099 | 184,803 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, total (as a percent) | 1.40% | |
HTM securities: Annualized average yield, total (as a percent) | 1.70% | |
Investment securities: Annualized average yield, total (as a percent) | 1.60% | |
U.S. Treasury securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 10,079 | |
AFS securities: Amortized cost, after 1 year through 5 years | 26,632 | |
AFS securities: Amortized cost, after 5 years through 10 years | 8,883 | |
AFS securities: Amortized cost, total | 45,594 | 45,345 |
HTM securities: Net carrying amount, due within 1 year | 3,673 | |
HTM securities: Net carrying amount, after 1 year through 5 years | 19,256 | |
HTM securities: Net carrying amount, after 5 year through 10 years | 5,418 | |
HTM securities: Net carrying amount, after 10 years | 1,082 | |
HTM securities: Net carrying amount, total | 29,429 | |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 10,161 | |
AFS securities: Fair value, after 1 year through 5 years | 27,138 | |
AFS securities: Fair value, after 5 years through 10 years | 8,911 | |
AFS securities: Fair value, total | 46,210 | 46,355 |
HTM securities: Fair value, due within 1 year | 3,711 | |
HTM securities: Fair value, after 1 year through 5 years | 19,880 | |
HTM securities: Fair value, after 5 years through 10 years | 5,855 | |
HTM securities: Fair value, after 10 years | 1,178 | |
HTM securities: Fair value, total | $ 30,624 | 31,239 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 1.40% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 1.30% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 1.20% | |
HTM securities: Annualized average yield, due within 1 year (as a percent) | 1.90% | |
HTM securities: Annualized average yield, after 1 years through 5 years (as a percent) | 1.70% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 2.40% | |
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 | $ 1 | |
AFS securities: Amortized cost, after 1 year through 5 years | 147 | |
AFS securities: Amortized cost, after 5 years through 10 years | 1,466 | |
AFS securities: Amortized cost, after 10 years | 27,241 | |
AFS securities: Amortized cost, total | 28,855 | 37,389 |
HTM securities: Net carrying amount, after 5 year through 10 years | 546 | |
HTM securities: Net carrying amount, after 10 years | 48,701 | |
HTM securities: Net carrying amount, total | 49,247 | |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 1 | |
AFS securities: Fair value, after 1 year through 5 years | 149 | |
AFS securities: Fair value, after 5 years through 10 years | 1,504 | |
AFS securities: Fair value, after 10 years | 27,487 | |
AFS securities: Fair value, total | 29,141 | 38,126 |
HTM securities: Fair value, after 5 years through 10 years | 562 | |
HTM securities: Fair value, after 10 years | 48,231 | |
HTM securities: Fair value, total | $ 48,793 | 39,647 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 1.50% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 1.30% | |
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) | 1.60% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 2.00% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 1.60% | |
Agency CMBS | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 240 | |
AFS securities: Amortized cost, after 1 year through 5 years | 1,503 | |
AFS securities: Amortized cost, after 5 years through 10 years | 10,665 | |
AFS securities: Amortized cost, after 10 years | 3,059 | |
AFS securities: Amortized cost, total | 15,467 | 19,982 |
HTM securities: Net carrying amount, due within 1 year | 21 | |
HTM securities: Net carrying amount, after 1 year through 5 years | 1,358 | |
HTM securities: Net carrying amount, after 5 year through 10 years | 971 | |
HTM securities: Net carrying amount, after 10 years | 163 | |
HTM securities: Net carrying amount, total | 2,513 | |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 242 | |
AFS securities: Fair value, after 1 year through 5 years | 1,534 | |
AFS securities: Fair value, after 5 years through 10 years | 11,030 | |
AFS securities: Fair value, after 10 years | 3,038 | |
AFS securities: Fair value, total | 15,844 | 20,438 |
HTM securities: Fair value, due within 1 year | 21 | |
HTM securities: Fair value, after 1 year through 5 years | 1,349 | |
HTM securities: Fair value, after 5 years through 10 years | 958 | |
HTM securities: Fair value, after 10 years | 160 | |
HTM securities: Fair value, total | $ 2,488 | 2,634 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 1.80% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 1.60% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 1.60% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 1.50% | |
HTM securities: Annualized average yield, due within 1 year (as a percent) | 2.40% | |
HTM securities: Annualized average yield, after 1 years through 5 years (as a percent) | 1.30% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 1.40% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 1.50% | |
Non-agency CMBS | ||
Amortized Cost | ||
HTM securities: Net carrying amount, due within 1 year | $ 151 | |
HTM securities: Net carrying amount, after 1 year through 5 years | 65 | |
HTM securities: Net carrying amount, after 5 year through 10 years | 662 | |
HTM securities: Net carrying amount, after 10 years | 53 | |
HTM securities: Net carrying amount, total | 931 | |
Fair Value | ||
HTM securities: Fair value, due within 1 year | 151 | |
HTM securities: Fair value, after 1 year through 5 years | 67 | |
HTM securities: Fair value, after 5 years through 10 years | 698 | |
HTM securities: Fair value, after 10 years | 56 | |
HTM securities: Fair value, total | $ 972 | 900 |
Annualized Average Yield | ||
HTM securities: Annualized average yield, due within 1 year (as a percent) | 4.50% | |
HTM securities: Annualized average yield, after 1 years through 5 years (as a percent) | 2.70% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 3.70% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 3.80% | |
State and municipal securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 4 | |
AFS securities: Amortized cost, after 1 year through 5 years | 22 | |
AFS securities: Amortized cost, after 5 years through 10 years | 30 | |
AFS securities: Amortized cost, after 10 years | 174 | |
AFS securities: Amortized cost, total | 230 | 1,461 |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 4 | |
AFS securities: Fair value, after 1 year through 5 years | 22 | |
AFS securities: Fair value, after 5 years through 10 years | 39 | |
AFS securities: Fair value, after 10 years | 191 | |
AFS securities: Fair value, total | $ 256 | 1,563 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 1.90% | |
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) | 2.30% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 3.90% | |
FFELP Student Loan ABS | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 32 | |
AFS securities: Amortized cost, after 1 year through 5 years | 188 | |
AFS securities: Amortized cost, after 5 years through 10 years | 152 | |
AFS securities: Amortized cost, after 10 years | 1,397 | |
AFS securities: Amortized cost, total | 1,769 | 1,735 |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 31 | |
AFS securities: Fair value, after 1 year through 5 years | 184 | |
AFS securities: Fair value, after 5 years through 10 years | 148 | |
AFS securities: Fair value, after 10 years | 1,408 | |
AFS securities: Fair value, total | $ 1,771 | $ 1,716 |
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) | 0.90% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 0.70% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 1.10% |
Investment Securities - Gross R
Investment Securities - Gross Realized Gains (Losses) on Sales of AFS Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AFS securities | ||||
Gross realized gains | $ 74 | $ 16 | $ 219 | $ 65 |
Gross realized (losses) | (16) | (6) | (27) | (14) |
Total | $ 58 | $ 10 | $ 192 | $ 51 |
Collateralized Transactions - O
Collateralized Transactions - Offsetting of Certain Collateralized Transactions (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Securities purchased under agreements to resell | ||
Gross amounts | $ 198,942 | $ 264,140 |
Amounts offset | (103,012) | (147,906) |
Net amounts presented | 95,930 | 116,234 |
Amounts not offset | (93,720) | (114,108) |
Net amounts | 2,210 | 2,126 |
Securities borrowed | ||
Gross amounts | 137,720 | 124,921 |
Amounts offset | (11,017) | (12,530) |
Net amounts presented | 126,703 | 112,391 |
Amounts not offset | (121,432) | (107,434) |
Net amounts | 5,271 | 4,957 |
Securities sold under agreements to repurchase | ||
Gross amounts | 160,657 | 198,493 |
Amounts offset | (103,012) | (147,906) |
Net amounts presented | 57,645 | 50,587 |
Amounts not offset | (48,791) | (43,960) |
Net amounts | 8,854 | 6,627 |
Securities loaned | ||
Gross amounts | 20,591 | 20,261 |
Amounts offset | (11,017) | (12,530) |
Net amounts presented | 9,574 | 7,731 |
Amounts not offset | (9,275) | (7,430) |
Net amounts | 299 | 301 |
Net amounts for which master netting agreements are not in place or may not be legally enforceable | ||
Securities purchased under agreements to resell | 1,824 | 1,870 |
Securities borrowed | 1,120 | 596 |
Securities sold under agreements to repurchase | 8,099 | 6,282 |
Securities loaned | $ 164 | $ 128 |
Collateralized Transactions - G
Collateralized Transactions - Gross Secured Financing Balances (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | $ 160,657 | $ 198,493 |
Securities loaned | 20,591 | 20,261 |
Total included in the offsetting disclosure | 181,248 | 218,754 |
Trading liabilities— Obligation to return securities received as collateral | 22,331 | 16,389 |
Total | 203,579 | 235,143 |
U.S. Treasury and agency securities | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 39,247 | 94,662 |
Other sovereign government obligations | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 85,282 | 71,140 |
Securities loaned | 1,414 | 3,430 |
Corporate equities | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 26,775 | 24,692 |
Securities loaned | 19,079 | 16,536 |
Trading liabilities— Obligation to return securities received as collateral | 22,312 | 16,365 |
Other | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 9,353 | 7,999 |
Securities loaned | 98 | 295 |
Trading liabilities— Obligation to return securities received as collateral | 19 | 24 |
Overnight and Open | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 53,852 | 84,349 |
Securities loaned | 13,432 | 15,267 |
Total included in the offsetting disclosure | 67,284 | 99,616 |
Trading liabilities— Obligation to return securities received as collateral | 22,331 | 16,389 |
Total | 89,615 | 116,005 |
Less than 30 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 52,208 | 60,853 |
Securities loaned | 250 | 247 |
Total included in the offsetting disclosure | 52,458 | 61,100 |
Trading liabilities— Obligation to return securities received as collateral | 0 | 0 |
Total | 52,458 | 61,100 |
30-90 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 14,459 | 26,221 |
Securities loaned | 150 | 0 |
Total included in the offsetting disclosure | 14,609 | 26,221 |
Trading liabilities— Obligation to return securities received as collateral | 0 | 0 |
Total | 14,609 | 26,221 |
Over 90 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 40,138 | 27,070 |
Securities loaned | 6,759 | 4,747 |
Total included in the offsetting disclosure | 46,897 | 31,817 |
Trading liabilities— Obligation to return securities received as collateral | 0 | 0 |
Total | $ 46,897 | $ 31,817 |
Collateralized Transactions - A
Collateralized Transactions - Assets Loaned or Pledged (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Collateralized Agreements [Abstract] | ||
Trading assets | $ 35,894 | $ 30,954 |
Collateralized Transactions - C
Collateralized Transactions - Collateral Received (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Collateralized Agreements [Abstract] | ||
Collateral received with right to sell or repledge | $ 708,327 | $ 724,818 |
Collateral that was sold or repledged | $ 540,654 | $ 523,648 |
Collateralized Transactions - S
Collateralized Transactions - Securities Segregated for Regulatory Purposes (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Collateralized Agreements [Abstract] | ||
Segregated securities | $ 23,912 | $ 34,106 |
Collateralized Transactions -_2
Collateralized Transactions - Customer Margin Lending (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Collateralized Agreements [Abstract] | ||
Margin and other lending | $ 72,942 | $ 74,714 |
Loans, Lending Commitments an_3
Loans, Lending Commitments and Related Allowance for Credit Losses - Loans by Type (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Loans Held for Investment | ||||
Loans held for investment, before allowance | $ 155,033 | $ 138,619 | ||
Allowance for credit losses | (687) | (835) | $ (866) | $ (349) |
Loans held for investment, net | 154,346 | 137,784 | ||
Loans Held for Sale | ||||
Loans held for sale, before allowance | 11,713 | 12,813 | ||
Loans held for sale, net | 11,713 | 12,813 | ||
Total Loans | ||||
Total loans | 166,746 | 151,432 | ||
Allowance for credit losses | (687) | (835) | (866) | (349) |
Total loans, net | 166,059 | 150,597 | ||
Fixed rate loans, net | 38,968 | 32,796 | ||
Floating or adjustable rate loans, net | 127,091 | 117,801 | ||
Loans to non-U.S. borrowers, net | 21,567 | 21,081 | ||
Corporate | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 4,724 | 6,046 | ||
Allowance for credit losses | (199) | (309) | (379) | (115) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 7,098 | 8,580 | ||
Total Loans | ||||
Total loans | 11,822 | 14,626 | ||
Allowance for credit losses | (199) | (309) | (379) | (115) |
Secured lending facilities | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 28,217 | 25,727 | ||
Allowance for credit losses | (177) | (198) | (122) | (101) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 3,951 | 3,296 | ||
Total Loans | ||||
Total loans | 32,168 | 29,023 | ||
Allowance for credit losses | (177) | (198) | (122) | (101) |
Commercial real estate | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 6,707 | 7,346 | ||
Allowance for credit losses | (194) | (211) | (226) | (75) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 583 | 822 | ||
Total Loans | ||||
Total loans | 7,290 | 8,168 | ||
Allowance for credit losses | (194) | (211) | (226) | (75) |
Residential real estate | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 38,917 | 35,268 | ||
Allowance for credit losses | (57) | (59) | (59) | (25) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 47 | 48 | ||
Total Loans | ||||
Total loans | 38,964 | 35,316 | ||
Allowance for credit losses | (57) | (59) | (59) | (25) |
Securities-based lending and Other loans | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 76,468 | 64,232 | ||
Allowance for credit losses | (60) | (58) | (80) | (33) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 34 | 67 | ||
Total Loans | ||||
Total loans | 76,502 | 64,299 | ||
Allowance for credit losses | $ (60) | $ (58) | $ (80) | $ (33) |
Loans, Lending Commitments an_4
Loans, Lending Commitments and Related Allowance for Credit Losses - Loans Held for Investment before Allowance by Origination Year (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 155,033 | $ 138,619 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 3,757 | 4,369 |
Current Fiscal Year | 71 | 665 |
One Year Ago | 208 | 406 |
Two Years Ago | 198 | 195 |
Three Years Ago | 195 | 64 |
Four Years Ago | 62 | |
Prior | 233 | 347 |
Total | 4,724 | 6,046 |
Corporate | Investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 1,404 | 1,138 |
Current Fiscal Year | 0 | 585 |
One Year Ago | 183 | 204 |
Two Years Ago | 11 | 195 |
Three Years Ago | 195 | 0 |
Four Years Ago | 0 | |
Prior | 233 | 247 |
Total | 2,026 | 2,369 |
Corporate | Non-investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 2,353 | 3,231 |
Current Fiscal Year | 71 | 80 |
One Year Ago | 25 | 202 |
Two Years Ago | 187 | 0 |
Three Years Ago | 0 | 64 |
Four Years Ago | 62 | |
Prior | 0 | 100 |
Total | 2,698 | 3,677 |
Secured lending facilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 22,831 | 19,221 |
Current Fiscal Year | 768 | 415 |
One Year Ago | 298 | 2,164 |
Two Years Ago | 1,823 | 2,046 |
Three Years Ago | 1,152 | 826 |
Four Years Ago | 503 | |
Prior | 842 | 1,055 |
Total | 28,217 | 25,727 |
Secured lending facilities | Investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 6,932 | 4,711 |
Current Fiscal Year | 460 | 162 |
One Year Ago | 84 | 260 |
Two Years Ago | 179 | 614 |
Three Years Ago | 328 | 245 |
Four Years Ago | 144 | |
Prior | 0 | 0 |
Total | 8,127 | 5,992 |
Secured lending facilities | Non-investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 15,899 | 14,510 |
Current Fiscal Year | 308 | 253 |
One Year Ago | 214 | 1,904 |
Two Years Ago | 1,644 | 1,432 |
Three Years Ago | 824 | 581 |
Four Years Ago | 359 | |
Prior | 842 | 1,055 |
Total | 20,090 | 19,735 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Fiscal Year | 445 | 1,038 |
One Year Ago | 985 | 2,922 |
Two Years Ago | 2,616 | 1,520 |
Three Years Ago | 970 | 799 |
Four Years Ago | 708 | |
Prior | 983 | 1,067 |
Total | 6,707 | 7,346 |
Commercial real estate | Investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Fiscal Year | 82 | 95 |
One Year Ago | 165 | 1,074 |
Two Years Ago | 1,031 | 746 |
Three Years Ago | 433 | 412 |
Four Years Ago | 367 | |
Prior | 100 | 100 |
Total | 2,178 | 2,427 |
Commercial real estate | Non-investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current Fiscal Year | 363 | 943 |
One Year Ago | 820 | 1,848 |
Two Years Ago | 1,585 | 774 |
Three Years Ago | 537 | 387 |
Four Years Ago | 341 | |
Prior | 883 | 967 |
Total | 4,529 | 4,919 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 104 | 122 |
Current Fiscal Year | 6,738 | 10,921 |
One Year Ago | 10,427 | 7,025 |
Two Years Ago | 6,499 | 2,999 |
Three Years Ago | 2,725 | 3,500 |
Four Years Ago | 3,121 | 4,326 |
Prior | 9,303 | 6,375 |
Total | 38,917 | 35,268 |
Residential real estate | Less than or equal to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 104 | 122 |
Current Fiscal Year | 6,312 | 10,338 |
One Year Ago | 9,874 | 6,584 |
Two Years Ago | 6,096 | 2,756 |
Three Years Ago | 2,505 | 3,251 |
Four Years Ago | 2,900 | 4,035 |
Prior | 8,461 | 5,684 |
Total | 36,252 | 32,770 |
Residential real estate | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 0 | 0 |
Current Fiscal Year | 426 | 583 |
One Year Ago | 553 | 441 |
Two Years Ago | 403 | 243 |
Three Years Ago | 220 | 249 |
Four Years Ago | 221 | 291 |
Prior | 842 | 691 |
Total | 2,665 | 2,498 |
Residential real estate | Greater than or equal to 740 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 69 | 85 |
Current Fiscal Year | 5,506 | 8,948 |
One Year Ago | 8,530 | 5,592 |
Two Years Ago | 5,176 | 2,320 |
Three Years Ago | 2,108 | 2,721 |
Four Years Ago | 2,422 | 3,324 |
Prior | 6,745 | 4,465 |
Total | 30,556 | 27,455 |
Residential real estate | 680-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 30 | 32 |
Current Fiscal Year | 1,131 | 1,824 |
One Year Ago | 1,761 | 1,265 |
Two Years Ago | 1,168 | 604 |
Three Years Ago | 547 | 690 |
Four Years Ago | 621 | 884 |
Prior | 2,201 | 1,626 |
Total | 7,459 | 6,925 |
Residential real estate | Less than or equal to 679 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 5 | 5 |
Current Fiscal Year | 101 | 149 |
One Year Ago | 136 | 168 |
Two Years Ago | 155 | 75 |
Three Years Ago | 70 | 89 |
Four Years Ago | 78 | 118 |
Prior | 357 | 284 |
Total | 902 | 888 |
Securities-based lending and Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 69,341 | 57,038 |
Current Fiscal Year | 312 | 1,663 |
One Year Ago | 1,403 | 1,797 |
Two Years Ago | 1,776 | 1,042 |
Three Years Ago | 1,031 | 776 |
Four Years Ago | 792 | 677 |
Prior | 1,813 | 1,239 |
Total | 76,468 | 64,232 |
Securities-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 63,243 | 51,667 |
Current Fiscal Year | 31 | 0 |
One Year Ago | 0 | 18 |
Two Years Ago | 18 | 232 |
Three Years Ago | 232 | 0 |
Four Years Ago | 0 | 0 |
Prior | 16 | 16 |
Total | 63,540 | 51,933 |
Other | Investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 5,383 | 4,816 |
Current Fiscal Year | 232 | 1,073 |
One Year Ago | 817 | 1,156 |
Two Years Ago | 1,121 | 407 |
Three Years Ago | 378 | 654 |
Four Years Ago | 645 | 566 |
Prior | 1,496 | 1,066 |
Total | 10,072 | 9,738 |
Other | Non-investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 715 | 555 |
Current Fiscal Year | 49 | 590 |
One Year Ago | 586 | 623 |
Two Years Ago | 637 | 403 |
Three Years Ago | 421 | 122 |
Four Years Ago | 147 | 111 |
Prior | 301 | 157 |
Total | $ 2,856 | $ 2,561 |
Loans, Lending Commitments an_5
Loans, Lending Commitments and Related Allowance for Credit Losses - Past Due Loans Held for Investment before Allowance (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 155,033 | $ 138,619 |
Past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 194 | 363 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 38,917 | 35,268 |
Residential real estate | Past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 194 | 332 |
Securities-based lending and Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 76,468 | 64,232 |
Securities-based lending and Other loans | Past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 0 | $ 31 |
Loans, Lending Commitments an_6
Loans, Lending Commitments and Related Allowance for Credit Losses - Nonaccrual Loans Held for Investment before Allowance (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 753 | $ 591 |
Nonaccrual loans without an ACL | 124 | 90 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 98 | 164 |
Secured lending facilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 298 | 0 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 71 | 152 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 123 | 97 |
Securities-based lending and Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 163 | $ 178 |
Loans, Lending Commitments an_7
Loans, Lending Commitments and Related Allowance for Credit Losses - Troubled Debt Restructurings (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Troubled Debt Restructurings | ||
Loans, before ACL | $ 62 | $ 167 |
Lending commitments | 0 | 27 |
ACL on Loans and Lending commitments | $ 10 | $ 36 |
Loans, Lending Commitments an_8
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance for loan losses rollforward | ||||
Beginning balance | $ 835 | $ 349 | ||
Effect of CECL adoption | 9 | |||
Gross charge-offs | (102) | (33) | ||
Recoveries | 2 | |||
Net recoveries (charge-offs) | (31) | |||
Provision for credit losses | $ 16 | $ 246 | (42) | 538 |
Other | (4) | 1 | ||
Ending balance | 687 | 866 | 687 | 866 |
Allowance for lending commitments rollforward | ||||
Beginning balance | 396 | 241 | ||
Effect of CECL adoption | (50) | |||
Provision for credit losses | 57 | (7) | 17 | 108 |
Other | (1) | (2) | ||
Ending balance | 412 | 297 | 412 | 297 |
Corporate | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 309 | 115 | ||
Effect of CECL adoption | (2) | |||
Gross charge-offs | (14) | (33) | ||
Recoveries | 0 | |||
Net recoveries (charge-offs) | (33) | |||
Provision for credit losses | (95) | 298 | ||
Other | (1) | 1 | ||
Ending balance | 199 | 379 | 199 | 379 |
Allowance for lending commitments rollforward | ||||
Beginning balance | 323 | 201 | ||
Effect of CECL adoption | (41) | |||
Provision for credit losses | 18 | 73 | ||
Other | (1) | (2) | ||
Ending balance | 340 | 231 | 340 | 231 |
Secured lending facilities | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 198 | 101 | ||
Effect of CECL adoption | (42) | |||
Gross charge-offs | (67) | 0 | ||
Recoveries | 0 | |||
Net recoveries (charge-offs) | 0 | |||
Provision for credit losses | 48 | 63 | ||
Other | (2) | 0 | ||
Ending balance | 177 | 122 | 177 | 122 |
Allowance for lending commitments rollforward | ||||
Beginning balance | 38 | 27 | ||
Effect of CECL adoption | (11) | |||
Provision for credit losses | 1 | 26 | ||
Other | 1 | 0 | ||
Ending balance | 40 | 42 | 40 | 42 |
Commercial real estate | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 211 | 75 | ||
Effect of CECL adoption | 34 | |||
Gross charge-offs | (21) | 0 | ||
Recoveries | 0 | |||
Net recoveries (charge-offs) | 0 | |||
Provision for credit losses | 5 | 155 | ||
Other | (1) | (38) | ||
Ending balance | 194 | 226 | 194 | 226 |
Allowance for lending commitments rollforward | ||||
Beginning balance | 11 | 7 | ||
Effect of CECL adoption | 1 | |||
Provision for credit losses | 0 | 7 | ||
Other | (1) | (4) | ||
Ending balance | 10 | 11 | 10 | 11 |
Residential real estate | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 59 | 25 | ||
Effect of CECL adoption | 21 | |||
Gross charge-offs | 0 | 0 | ||
Recoveries | 0 | |||
Net recoveries (charge-offs) | 0 | |||
Provision for credit losses | (2) | 13 | ||
Other | 0 | 0 | ||
Ending balance | 57 | 59 | 57 | 59 |
Allowance for lending commitments rollforward | ||||
Beginning balance | 1 | 0 | ||
Effect of CECL adoption | 2 | |||
Provision for credit losses | 0 | (1) | ||
Other | 0 | 0 | ||
Ending balance | 1 | 1 | 1 | 1 |
SBL and Other | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 58 | 33 | ||
Effect of CECL adoption | (2) | |||
Gross charge-offs | 0 | 0 | ||
Recoveries | 2 | |||
Net recoveries (charge-offs) | 2 | |||
Provision for credit losses | 2 | 9 | ||
Other | 0 | 38 | ||
Ending balance | 60 | 80 | 60 | 80 |
Allowance for lending commitments rollforward | ||||
Beginning balance | 23 | 6 | ||
Effect of CECL adoption | (1) | |||
Provision for credit losses | (2) | 3 | ||
Other | 0 | 4 | ||
Ending balance | $ 21 | $ 12 | $ 21 | $ 12 |
Loans, Lending Commitments an_9
Loans, Lending Commitments and Related Allowance for Credit Losses - Employee Loans (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Employee Loans [Line Items] | ||
Employee loans | $ 3,462 | $ 3,240 |
Allowance for credit losses | (163) | (165) |
Employee loans, net of ACL | $ 3,299 | $ 3,075 |
Repayment term range, in years | 5 years 7 months 6 days | 5 years 3 months 18 days |
Currently employed by the Firm | ||
Employee Loans [Line Items] | ||
Employee loans | $ 3,329 | $ 3,100 |
No longer employed by the Firm | ||
Employee Loans [Line Items] | ||
Employee loans | $ 133 | $ 140 |
Other Assets - Equity Method _3
Other Assets - Equity Method Investments - Balances (Details) - Investment Management - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Equity Method Investments | |||||
Investments | $ 2,266 | $ 2,266 | $ 2,410 | ||
Income (loss) | $ 51 | $ (63) | $ 27 | $ (34) |
Other Assets - Equity Method _4
Other Assets - Equity Method Investments - Joint Ventures (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
MUMSS | ||||
Equity Method Investments | ||||
Income (loss) from equity method investments | $ 52 | $ (1) | $ 84 | $ 31 |
Deposits - Summary (Details)
Deposits - Summary (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Savings and demand deposits | $ 299,681 | $ 279,221 |
Time deposits | 20,677 | 31,561 |
Total | 320,358 | 310,782 |
Deposits subject to FDIC insurance | 237,803 | 234,211 |
Time deposits that equal or exceed the FDIC insurance limit | $ 6 | $ 16 |
Deposits - Time Deposit Maturit
Deposits - Time Deposit Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Time Deposit Maturities | ||
2021 | $ 6,804 | |
2022 | 5,523 | |
2023 | 4,117 | |
2024 | 2,821 | |
2025 | 776 | |
Thereafter | 636 | |
Total | $ 20,677 | $ 31,561 |
Borrowings and Other Secured _3
Borrowings and Other Secured Financings - Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Borrowings | ||
Original maturities of one year or less | $ 5,538 | $ 3,691 |
Original maturities greater than one year | ||
Senior | 207,781 | 202,305 |
Subordinated | 10,823 | 11,083 |
Total | 218,604 | 213,388 |
Total borrowings | $ 224,142 | $ 217,079 |
Weighted average stated maturity, in years | 7 years 7 months 6 days | 7 years 3 months 18 days |
Borrowings and Other Secured _4
Borrowings and Other Secured Financings - Other Secured Financings (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Original maturities: | ||
One year or less | $ 6,767 | $ 10,453 |
Greater than one year | 4,465 | 5,410 |
Total | 11,232 | 15,863 |
Transfers of assets accounted for as secured financings | $ 1,253 | $ 1,529 |
Commitments, Guarantees and C_3
Commitments, Guarantees and Contingencies - Commitments (Details) $ in Millions | Jun. 30, 2021USD ($) |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | $ 105,165 |
1-3 (years) | 49,655 |
3-5 (years) | 47,401 |
Over 5 (years) | 15,232 |
Total | 217,453 |
Forward-starting secured financing receivables | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 69,886 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 0 |
Total | 69,886 |
Forward-starting secured financing receivables settled within three business days | 64,159 |
Central counterparty | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 300 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 6,237 |
Total | 6,537 |
Underwriting | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 0 |
1-3 (years) | 60 |
3-5 (years) | 0 |
Over 5 (years) | 0 |
Total | 60 |
Investment activities | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 1,019 |
1-3 (years) | 253 |
3-5 (years) | 56 |
Over 5 (years) | 356 |
Total | 1,684 |
Letters of credit and other financial guarantees | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 26 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 3 |
Total | 29 |
Corporate lending | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 16,396 |
1-3 (years) | 38,716 |
3-5 (years) | 44,932 |
Over 5 (years) | 7,479 |
Total | 107,523 |
Lending commitments participated to third parties | 9,223 |
Secured lending facilities | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 6,007 |
1-3 (years) | 6,669 |
3-5 (years) | 2,086 |
Over 5 (years) | 643 |
Total | 15,405 |
Commercial and Residential real estate | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 428 |
1-3 (years) | 233 |
3-5 (years) | 19 |
Over 5 (years) | 248 |
Total | 928 |
Securities-based lending and Other | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 11,103 |
1-3 (years) | 3,724 |
3-5 (years) | 308 |
Over 5 (years) | 266 |
Total | $ 15,401 |
Commitments, Guarantees and C_4
Commitments, Guarantees and Contingencies - Obligations under Guarantee Arrangements (Details) $ in Millions | Jun. 30, 2021USD ($) |
Non-credit derivatives | |
Guarantees | |
Carrying amount: liability | $ (46,932) |
Non-credit derivatives | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 1,352,865 |
Non-credit derivatives | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 1,029,619 |
Non-credit derivatives | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 445,441 |
Non-credit derivatives | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 955,300 |
Standby letters of credit and other financial guarantees issued | |
Guarantees | |
Carrying amount: asset | 89 |
Standby letters of credit | 600 |
Allowance for credit loss | 88 |
Standby letters of credit and other financial guarantees issued | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 1,537 |
Standby letters of credit and other financial guarantees issued | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 1,250 |
Standby letters of credit and other financial guarantees issued | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 517 |
Standby letters of credit and other financial guarantees issued | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 3,735 |
Market value guarantees | |
Guarantees | |
Carrying amount: asset | 0 |
Market value guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 79 |
Market value guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 22 |
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 | |
Carrying amount: asset | 5 |
Liquidity facilities | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 4,073 |
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 | |
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 | 58 |
Whole loan sales guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 23,123 |
Securitization representations and warranties | |
Guarantees | |
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 | 69,210 |
General partner guarantees | |
Guarantees | |
Carrying amount: liability | (68) |
General partner guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 315 |
General partner guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 12 |
General partner guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 20 |
General partner guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 125 |
Client clearing guarantees | |
Guarantees | |
Carrying amount: liability | 0 |
Client clearing guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 52 |
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) - Jun. 30, 2021 - Pending Litigation € in Millions, $ in Millions | USD ($) | EUR (€) |
Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. (Trust 2007-NC4) | ||
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. | Maximum | ||
Loss Contingencies | ||
Estimate of possible loss | 277 | |
US Bank National Association 2007-2AX v. Morgan Stanley Mortgage Capital Holdings LLC | ||
Loss Contingencies | ||
Original principal amount of debt instrument | 1,050 | |
Case Number 15/3637 and Case Number 15/4353 | ||
Loss Contingencies | ||
Withholding tax credit set-off | $ 147 | € 124 |
Variable Interest Entities an_3
Variable Interest Entities and Securitization Activities - Assets and Liabilities by Type of Activity (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Carrying value of variable interests—Assets | $ 1,161,805 | $ 1,115,862 |
Carrying value of variable interests—Liabilities | 1,053,643 | 1,012,713 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 2,685 | 2,118 |
Carrying value of variable interests—Liabilities | 1,130 | 414 |
CLO | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 800 | 418 |
Carrying value of variable interests—Liabilities | 705 | 350 |
MABS | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 388 | 590 |
Carrying value of variable interests—Liabilities | 47 | 17 |
Other | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 1,497 | 1,110 |
Carrying value of variable interests—Liabilities | $ 378 | $ 47 |
Variable Interest Entities an_4
Variable Interest Entities and Securitization Activities - Assets and Liabilities by Balance Sheet Caption (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 126,480 | $ 105,654 |
Trading assets at fair value | 321,145 | 312,738 |
Securities purchased under agreements to resell | 95,930 | 116,234 |
Customer and other receivables | 100,921 | 97,737 |
Intangible assets | 8,690 | 4,980 |
Other assets | 23,697 | 21,742 |
Total assets | 1,161,805 | 1,115,862 |
Liabilities | ||
Other secured financings | 6,574 | 11,701 |
Other liabilities and accrued expenses | 27,808 | 25,603 |
Total liabilities | 1,053,643 | 1,012,713 |
Noncontrolling interests | 1,292 | 1,368 |
Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 318 | 269 |
Trading assets at fair value | 1,781 | 1,445 |
Securities purchased under agreements to resell | 200 | 0 |
Customer and other receivables | 25 | 23 |
Intangible assets | 92 | 98 |
Other assets | 269 | 283 |
Total assets | 2,685 | 2,118 |
Liabilities | ||
Other secured financings | 949 | 366 |
Other liabilities and accrued expenses | 181 | 48 |
Total liabilities | 1,130 | 414 |
Noncontrolling interests | $ 143 | $ 196 |
Variable Interest Entities an_5
Variable Interest Entities and Securitization Activities - Non-Consolidated VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Carrying value of variable interests—Assets | $ 1,161,805 | $ 1,115,862 |
Additional VIE assets owned | 17,235 | 20,019 |
Carrying value of variable interests—Liabilities | 1,053,643 | 1,012,713 |
MABS | ||
Variable Interest Entity | ||
VIE assets (UPB) | 155,510 | 184,153 |
Maximum exposure to loss | 21,863 | 27,176 |
CDO | ||
Variable Interest Entity | ||
VIE assets (UPB) | 1,918 | 3,527 |
Maximum exposure to loss | 166 | 257 |
MTOB | ||
Variable Interest Entity | ||
VIE assets (UPB) | 6,424 | 6,524 |
Maximum exposure to loss | 4,077 | 4,425 |
OSF | ||
Variable Interest Entity | ||
VIE assets (UPB) | 2,001 | 2,161 |
Maximum exposure to loss | 1,245 | 1,187 |
Other | ||
Variable Interest Entity | ||
VIE assets (UPB) | 50,129 | 48,241 |
Maximum exposure to loss | 18,181 | 17,396 |
Debt and equity interests | MABS | ||
Variable Interest Entity | ||
Maximum exposure to loss | 20,473 | 26,247 |
Debt and equity interests | CDO | ||
Variable Interest Entity | ||
Maximum exposure to loss | 166 | 257 |
Debt and equity interests | MTOB | ||
Variable Interest Entity | ||
Maximum exposure to loss | 4 | 0 |
Debt and equity interests | OSF | ||
Variable Interest Entity | ||
Maximum exposure to loss | 1,245 | 1,187 |
Debt and equity interests | Other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 10,741 | 11,008 |
Derivative and other contracts | MABS | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Derivative and other contracts | CDO | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Derivative and other contracts | MTOB | ||
Variable Interest Entity | ||
Maximum exposure to loss | 4,073 | 4,425 |
Derivative and other contracts | OSF | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Derivative and other contracts | Other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 5,997 | 5,639 |
Commitments, guarantees and other | MABS | ||
Variable Interest Entity | ||
Maximum exposure to loss | 1,390 | 929 |
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 | 1,443 | 749 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE assets (UPB) | 155,510 | 184,153 |
Variable Interest Entity, Not Primary Beneficiary | Assets | MABS | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 20,473 | 26,247 |
Variable Interest Entity, Not Primary Beneficiary | Assets | CDO | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 166 | 257 |
Variable Interest Entity, Not Primary Beneficiary | Assets | MTOB | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 9 | 5 |
Variable Interest Entity, Not Primary Beneficiary | Assets | OSF | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 1,245 | 1,187 |
Variable Interest Entity, Not Primary Beneficiary | Assets | Other | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 12,949 | 11,859 |
Variable Interest Entity, Not Primary Beneficiary | Debt and equity interests | MABS | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 20,473 | 26,247 |
Variable Interest Entity, Not Primary Beneficiary | Debt and equity interests | CDO | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 166 | 257 |
Variable Interest Entity, Not Primary Beneficiary | Debt and equity interests | MTOB | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 4 | 0 |
Variable Interest Entity, Not Primary Beneficiary | Debt and equity interests | OSF | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 1,245 | 1,187 |
Variable Interest Entity, Not Primary Beneficiary | Debt and equity interests | Other | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 10,741 | 11,008 |
Variable Interest Entity, Not Primary Beneficiary | Derivative and other contracts | MABS | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | Derivative and other contracts | CDO | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | Derivative and other contracts | MTOB | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 5 | 5 |
Variable Interest Entity, Not Primary Beneficiary | Derivative and other contracts | OSF | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | Derivative and other contracts | Other | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 2,208 | 851 |
Variable Interest Entity, Not Primary Beneficiary | Derivative and other contracts | MABS | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | Derivative and other contracts | CDO | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | Derivative and other contracts | MTOB | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | Derivative and other contracts | OSF | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | Derivative and other contracts | Other | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | $ 217 | $ 222 |
Variable Interest Entities an_6
Variable Interest Entities and Securitization Activities - Mortgage and Asset Backed Securitization Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Assets | $ 1,161,805 | $ 1,115,862 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
UPB | 155,510 | 184,153 |
Residential mortgages | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
UPB | 17,146 | 17,775 |
Commercial mortgages | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
UPB | 62,404 | 62,093 |
U.S. agency collateralized mortgage obligations | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
UPB | 70,091 | 99,182 |
Other consumer or commercial loans | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
UPB | 5,869 | 5,103 |
Debt and Equity Interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Assets | 20,473 | 26,247 |
Debt and Equity Interests | Residential mortgages | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Assets | 2,637 | 3,175 |
Debt and Equity Interests | Commercial mortgages | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Assets | 3,705 | 4,131 |
Debt and Equity Interests | U.S. agency collateralized mortgage obligations | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Assets | 11,989 | 17,224 |
Debt and Equity Interests | Other consumer or commercial loans | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Assets | $ 2,142 | $ 1,717 |
Variable Interest Entities an_7
Variable Interest Entities and Securitization Activities - Transferred Assets with Continuing Involvement (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Derivative assets | $ 40,955 | $ 37,850 |
Derivative liabilities | 38,091 | 44,938 |
SPE | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 213 | 356 |
Derivative assets | 608 | 400 |
Derivative liabilities | 197 | 436 |
SPE | Investment grade | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 98 | 212 |
SPE | Non-investment grade | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 115 | 144 |
SPE | RML | ||
Variable Interest Entity | ||
SPE assets (UPB) | 7,217 | 7,515 |
Retained interests | 119 | 65 |
Interests purchased in the secondary market | 46 | 43 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | RML | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 98 | 49 |
Interests purchased in the secondary market | 0 | 0 |
SPE | RML | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 21 | 16 |
Interests purchased in the secondary market | 46 | 43 |
SPE | CML | ||
Variable Interest Entity | ||
SPE assets (UPB) | 90,355 | 84,674 |
Retained interests | 1,150 | 1,017 |
Interests purchased in the secondary market | 146 | 176 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | CML | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 936 | 822 |
Interests purchased in the secondary market | 78 | 96 |
SPE | CML | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 214 | 195 |
Interests purchased in the secondary market | 68 | 80 |
SPE | U.S. Agency CMO | ||
Variable Interest Entity | ||
SPE assets (UPB) | 31,722 | 21,061 |
Retained interests | 605 | 615 |
Interests purchased in the secondary market | 20 | 116 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | U.S. Agency CMO | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 605 | 615 |
Interests purchased in the secondary market | 20 | 116 |
SPE | U.S. Agency CMO | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 0 | 0 |
Interests purchased in the secondary market | 0 | 0 |
SPE | CLN and Other | ||
Variable Interest Entity | ||
SPE assets (UPB) | 15,181 | 12,978 |
Retained interests | 80 | 114 |
Interests purchased in the secondary market | 1 | 21 |
Derivative assets | 608 | 400 |
Derivative liabilities | 197 | 436 |
SPE | CLN and Other | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 0 | 0 |
Interests purchased in the secondary market | 0 | 0 |
SPE | CLN and Other | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 80 | 114 |
Interests purchased in the secondary market | $ 1 | $ 21 |
Variable Interest Entities an_8
Variable Interest Entities and Securitization Activities - Fair Value of Transfers of Assets with Continuing Involvement (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Derivative assets | $ 40,955 | $ 37,850 |
Derivative liabilities | 38,091 | 44,938 |
SPE | ||
Variable Interest Entity | ||
Retained interests | 764 | 732 |
Interests purchased in the secondary market | 213 | 356 |
Derivative assets | 608 | 400 |
Derivative liabilities | 197 | 436 |
SPE | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 702 | 663 |
Interests purchased in the secondary market | 98 | 212 |
SPE | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 62 | 69 |
Interests purchased in the secondary market | 115 | 144 |
SPE | Level 2 | ||
Variable Interest Entity | ||
Retained interests | 714 | 669 |
Interests purchased in the secondary market | 173 | 258 |
Derivative assets | 607 | 388 |
Derivative liabilities | 163 | 435 |
SPE | Level 2 | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 702 | 663 |
Interests purchased in the secondary market | 97 | 196 |
SPE | Level 2 | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 12 | 6 |
Interests purchased in the secondary market | 76 | 62 |
SPE | Level 3 | ||
Variable Interest Entity | ||
Retained interests | 50 | 63 |
Interests purchased in the secondary market | 40 | 98 |
Derivative assets | 1 | 12 |
Derivative liabilities | 34 | 1 |
SPE | Level 3 | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 0 | 0 |
Interests purchased in the secondary market | 1 | 16 |
SPE | Level 3 | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 50 | 63 |
Interests purchased in the secondary market | $ 39 | $ 82 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Transfer of Financial Assets Accounted for as Sales | ||||
New transactions | $ 16,410 | $ 9,189 | $ 31,200 | $ 17,660 |
Retained interests | 2,985 | 1,136 | 5,564 | 5,224 |
CLO SPEs | Corporate Loans | ||||
Transfer of Financial Assets Accounted for as Sales | ||||
Sales of corporate loans to CLO SPEs | $ 73 | $ 73 | $ 73 | $ 139 |
Variable Interest Entities a_10
Variable Interest Entities and Securitization Activities - Assets Sold with Retained Exposure (Details) - Bilateral OTC - Equity Derivatives - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Transfer of Financial Assets Accounted for as Sales | ||
Gross cash proceeds from sale of assets | $ 61,885 | $ 45,051 |
Fair value | ||
Assets sold | 63,544 | 46,609 |
Derivative assets recognized in the balance sheets | 1,972 | 1,592 |
Derivative liabilities recognized in the balance sheets | $ 314 | $ 64 |
Regulatory Requirements - Risk-
Regulatory Requirements - Risk-Based Regulatory Capital Ratio Requirements (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Capital conservation buffer | ||
Advanced (as a percent) | 0.025 | 0.025 |
Stress capital buffer (“SCB”) | ||
Standardized (as a percent) | 0.057 | 0.057 |
G-SIB capital surcharge | ||
Standardized (as a percent) | 0.030 | 0.030 |
Advanced (as a percent) | 0.030 | 0.030 |
CCyB | ||
Standardized (as a percent) | 0 | 0 |
Advanced (as a percent) | 0 | 0 |
Capital buffer requirement | ||
Standardized (as a percent) | 0.087 | 0.087 |
Advanced (as a percent) | 0.055 | 0.055 |
Common Equity Tier 1 capital ratio | ||
Regulatory Minimum (as a percent) | 0.045 | |
Standardized (as a percent) | 13.20% | 13.20% |
Advanced (as a percent) | 0.100 | 0.100 |
Tier 1 capital ratio | ||
Regulatory Minimum (as a percent) | 0.060 | |
Standardized (as a percent) | 0.147 | 0.147 |
Advanced (as a percent) | 0.115 | 0.115 |
Total capital ratio | ||
Regulatory Minimum (as a percent) | 0.080 | |
Standardized (as a percent) | 0.167 | 0.167 |
Advanced (as a percent) | 0.135 | 0.135 |
Maximum | ||
CCyB | ||
Standardized (as a percent) | 0.025 |
Regulatory Requirements - The F
Regulatory Requirements - The Firm's Regulatory Capital and Capital Ratios (Details) $ in Millions | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 13.20% | 13.20% |
Tier 1 capital (as a percent) | 0.147 | 0.147 |
Total capital (as a percent) | 0.167 | 0.167 |
Tier 1 leverage (as a percent) | 0.040 | |
SLR (as a percent) | 5.00% | |
Amount | ||
Common Equity Tier 1 capital | $ 76,815 | $ 78,650 |
Tier 1 capital | 84,612 | 88,079 |
Total capital | 92,782 | 97,213 |
Total RWA | 462,808 | 453,106 |
Adjusted average assets | 1,135,262 | 1,053,510 |
Supplementary leverage exposure | $ 1,439,971 | $ 1,192,506 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 0.166 | 0.174 |
Tier 1 capital (as a percent) | 0.183 | 0.194 |
Total capital (as a percent) | 0.200 | 0.215 |
Tier 1 leverage (as a percent) | 0.075 | 0.084 |
SLR (as a percent) | 0.059 | 0.074 |
Regulatory Requirements - U.S.
Regulatory Requirements - U.S. Bank Subsidiaries' Regulatory Capital and Capital Ratios (Details) $ in Millions | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 13.20% | 13.20% |
Tier 1 capital (as a percent) | 0.147 | 0.147 |
Total capital (as a percent) | 0.167 | 0.167 |
Tier 1 leverage (as a percent) | 0.040 | |
SLR (as a percent) | 5.00% | |
Amount | ||
Common Equity Tier 1 capital | $ 76,815 | $ 78,650 |
Tier 1 capital | 84,612 | 88,079 |
Total capital | $ 92,782 | $ 97,213 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 0.166 | 0.174 |
Tier 1 capital (as a percent) | 0.183 | 0.194 |
Total capital (as a percent) | 0.200 | 0.215 |
Tier 1 leverage (as a percent) | 0.075 | 0.084 |
SLR (as a percent) | 0.059 | 0.074 |
MSBNA | ||
Well-Capitalized Requirement | ||
Common Equity Tier 1 capital (as a percent) | 6.50% | |
Tier 1 capital (as a percent) | 8.00% | |
Total capital (as a percent) | 0.100 | |
Tier 1 leverage (as a percent) | 0.050 | |
SLR (as a percent) | 6.00% | |
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 7.00% | |
Tier 1 capital (as a percent) | 0.085 | |
Total capital (as a percent) | 0.105 | |
Tier 1 leverage (as a percent) | 0.040 | |
SLR (as a percent) | 3.00% | |
Amount | ||
Common Equity Tier 1 capital | $ 18,069 | $ 17,238 |
Tier 1 capital | 18,069 | 17,238 |
Total capital | 18,644 | 17,882 |
Tier 1 leverage | 18,069 | 17,238 |
SLR | $ 18,069 | $ 17,238 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 0.198 | 0.187 |
Tier 1 capital (as a percent) | 0.198 | 0.187 |
Total capital (as a percent) | 0.205 | 0.194 |
Tier 1 leverage (as a percent) | 0.104 | 0.101 |
SLR (as a percent) | 0.081 | 0.080 |
MSPBNA | ||
Well-Capitalized Requirement | ||
Common Equity Tier 1 capital (as a percent) | 6.50% | |
Tier 1 capital (as a percent) | 8.00% | |
Total capital (as a percent) | 0.100 | |
Tier 1 leverage (as a percent) | 0.050 | |
SLR (as a percent) | 6.00% | |
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 7.00% | |
Tier 1 capital (as a percent) | 0.085 | |
Total capital (as a percent) | 0.105 | |
Tier 1 leverage (as a percent) | 0.040 | |
SLR (as a percent) | 3.00% | |
Amount | ||
Common Equity Tier 1 capital | $ 9,629 | $ 8,213 |
Tier 1 capital | 9,629 | 8,213 |
Total capital | 9,702 | 8,287 |
Tier 1 leverage | 9,629 | 8,213 |
SLR | $ 9,629 | $ 8,213 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 0.251 | 0.213 |
Tier 1 capital (as a percent) | 0.251 | 0.213 |
Total capital (as a percent) | 0.252 | 0.215 |
Tier 1 leverage (as a percent) | 0.074 | 0.072 |
SLR (as a percent) | 0.071 | 0.069 |
Regulatory Requirements - U.S_2
Regulatory Requirements - U.S. Broker-Dealer Regulatory Capital Requirements (Details) - MS&Co. - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Regulatory Requirements | ||
Net capital | $ 16,739 | $ 12,869 |
Excess net capital | $ 12,837 | $ 9,034 |
Total Equity - Preferred Stock
Total Equity - Preferred Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Class of Stock | ||
Preferred stock carrying value | $ 7,750 | $ 9,250 |
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 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) | 0 | |
Liquidation preference per share (USD per share) | $ 0 | |
Preferred stock carrying value | $ 0 | 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 |
Series M | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 400,000 | |
Liquidation preference per share (USD per share) | $ 1,000 | |
Preferred stock carrying value | $ 430 | 430 |
Series N | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 3,000 | |
Liquidation preference per share (USD per share) | $ 100,000 | |
Preferred stock carrying value | $ 300 | $ 300 |
Total Equity - Narrative (Detai
Total Equity - Narrative (Details) - USD ($) | Mar. 15, 2021 | Jun. 28, 2021 |
Class of Stock | ||
Authorized repurchase amount of outstanding common stock | $ 12,000,000,000 | |
Series J | ||
Class of Stock | ||
Redemption of Series J preferred stock | $ 1,500,000,000 |
Total Equity - Common Stock Rep
Total Equity - Common Stock Repurchases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [Abstract] | ||||
Repurchases of common stock under the Firm’s Share Repurchase Program | $ 2,939 | $ 0 | $ 5,074 | $ 1,347 |
Total Equity - Common Shares Ou
Total Equity - Common Shares Outstanding for Basic and Diluted EPS (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [Abstract] | ||||
Weighted average common shares outstanding, basic (shares) | 1,814 | 1,541 | 1,804 | 1,548 |
Effect of dilutive Stock options, RSUs and PSUs (shares) | 27 | 16 | 25 | 17 |
Weighted average common shares outstanding and common stock equivalents, diluted (shares) | 1,841 | 1,557 | 1,829 | 1,565 |
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) (shares) | 0 | 8 | 0 | 10 |
Total Equity - Dividends (Detai
Total Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Preferred Stock Dividends | ||||
Preferred stock dividends declared | $ 103 | $ 149 | $ 241 | $ 257 |
Dividends declared per common share (USD per share) | $ 0.35 | $ 0.35 | $ 0.70 | $ 0.70 |
Common stock dividends | $ 651 | $ 550 | $ 1,286 | $ 1,111 |
Series A | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 253 | $ 253 | $ 503 | $ 506 |
Preferred stock dividends declared | $ 11 | $ 11 | $ 22 | $ 22 |
Series C | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 25 | $ 25 | $ 50 | $ 50 |
Preferred stock dividends declared | $ 13 | $ 13 | $ 26 | $ 26 |
Series E | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 445 | $ 445 | $ 891 | $ 891 |
Preferred stock dividends declared | $ 15 | $ 15 | $ 30 | $ 30 |
Series F | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 430 | $ 430 | $ 859 | $ 859 |
Preferred stock dividends declared | $ 15 | $ 15 | $ 29 | $ 29 |
Series H | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 240 | $ 305 | $ 480 | $ 649 |
Preferred stock dividends declared | $ 12 | $ 16 | $ 25 | $ 34 |
Series I | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 398 | $ 398 | $ 797 | $ 797 |
Preferred stock dividends declared | $ 16 | $ 16 | $ 32 | $ 32 |
Series J | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 0 | $ 694 | $ 253 | $ 694 |
Preferred stock dividends declared | $ 0 | $ 42 | $ 15 | $ 42 |
Series K | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 366 | $ 366 | $ 731 | $ 731 |
Preferred stock dividends declared | $ 15 | $ 15 | $ 30 | $ 30 |
Series L | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 305 | $ 305 | $ 609 | $ 609 |
Preferred stock dividends declared | $ 6 | $ 6 | $ 12 | $ 12 |
Series M | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 29 | $ 0 | ||
Preferred stock dividends declared | $ 12 | $ 0 | ||
Series N | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 2,650 | $ 0 | ||
Preferred stock dividends declared | $ 8 | $ 0 |
Total Equity - Accumulated Othe
Total Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 103,149 | |||
OCI during the period | $ 232 | $ (2,181) | (621) | $ 2,840 |
Balance at end of period | 108,162 | 88,009 | 108,162 | 88,009 |
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (2,754) | 2,095 | (1,962) | (2,788) |
OCI during the period | 231 | (2,094) | (561) | 2,789 |
Balance at end of period | (2,523) | 1 | (2,523) | 1 |
CTA | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (936) | (1,038) | (795) | (897) |
OCI during the period | 41 | 21 | (100) | (120) |
Balance at end of period | (895) | (1,017) | (895) | (1,017) |
AFS Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 1,011 | 1,532 | 1,787 | 207 |
OCI during the period | (7) | 295 | (783) | 1,620 |
Balance at end of period | 1,004 | 1,827 | 1,004 | 1,827 |
Pension and Other | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (493) | (619) | (498) | (644) |
OCI during the period | 12 | (1) | 17 | 24 |
Balance at end of period | (481) | (620) | (481) | (620) |
DVA | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (2,336) | 2,220 | (2,456) | (1,454) |
OCI during the period | 185 | (2,409) | 305 | 1,265 |
Balance at end of period | $ (2,151) | $ (189) | $ (2,151) | $ (189) |
Total Equity - Components of Pe
Total Equity - Components of Period Changes in OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
After-tax Gain (Loss) | ||||
Net OCI | $ 232 | $ (2,181) | $ (621) | $ 2,840 |
Foreign Currency Translation Adjustment Attributable to Parent | ||||
After-tax Gain (Loss) | ||||
OCI activity | 41 | 24 | (100) | (117) |
Reclassified to earnings | 0 | (3) | 0 | (3) |
Net OCI | 41 | 21 | (100) | (120) |
Foreign Currency Translation Adjustment Including Noncontrolling Interest | ||||
Pre-tax Gain (Loss) | ||||
OCI activity | 12 | 5 | (92) | (15) |
Reclassified to earnings | 0 | (3) | 0 | (3) |
Net OCI | 12 | 2 | (92) | (18) |
Income Tax Benefit (Provision) | ||||
OCI activity | 29 | 19 | (86) | (93) |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 29 | 19 | (86) | (93) |
After-tax Gain (Loss) | ||||
OCI activity | 41 | 24 | (178) | (108) |
Reclassified to earnings | 0 | (3) | 0 | (3) |
Net OCI | 41 | 21 | (178) | (111) |
Foreign Currency Translation Adjustment Attributable to Noncontrolling Interest | ||||
After-tax Gain (Loss) | ||||
OCI activity | 0 | 0 | (78) | 9 |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 0 | 0 | (78) | 9 |
Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Parent | ||||
After-tax Gain (Loss) | ||||
OCI activity | 37 | 302 | (636) | 1,659 |
Reclassified to earnings | (44) | (7) | (147) | (39) |
Net OCI | (7) | 295 | (783) | 1,620 |
Change in Net Unrealized Gains (Losses) on AFS Securities Including Noncontrolling Interest | ||||
Pre-tax Gain (Loss) | ||||
OCI activity | 47 | 395 | (829) | 2,168 |
Reclassified to earnings | (58) | (10) | (192) | (51) |
Net OCI | (11) | 385 | (1,021) | 2,117 |
Income Tax Benefit (Provision) | ||||
OCI activity | (10) | (93) | 193 | (509) |
Reclassified to earnings | 14 | 3 | 45 | 12 |
Net OCI | 4 | (90) | 238 | (497) |
After-tax Gain (Loss) | ||||
OCI activity | 37 | 302 | (636) | 1,659 |
Reclassified to earnings | (44) | (7) | (147) | (39) |
Net OCI | (7) | 295 | (783) | 1,620 |
Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Noncontrolling Interest | ||||
After-tax Gain (Loss) | ||||
OCI activity | 0 | 0 | 0 | 0 |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 0 | 0 | 0 | 0 |
Pension, Postretirement and Other Attributable to Parent | ||||
After-tax Gain (Loss) | ||||
OCI activity | 8 | (5) | 8 | 16 |
Reclassified to earnings | 4 | 4 | 9 | 8 |
Net OCI | 12 | (1) | 17 | 24 |
Pension, Postretirement and Other Including Noncontrolling Interest | ||||
Pre-tax Gain (Loss) | ||||
OCI activity | 8 | (4) | 8 | 21 |
Reclassified to earnings | 7 | 5 | 14 | 10 |
Net OCI | 15 | 1 | 22 | 31 |
Income Tax Benefit (Provision) | ||||
OCI activity | 0 | (1) | 0 | (5) |
Reclassified to earnings | (3) | (1) | (5) | (2) |
Net OCI | (3) | (2) | (5) | (7) |
After-tax Gain (Loss) | ||||
OCI activity | 8 | (5) | 8 | 16 |
Reclassified to earnings | 4 | 4 | 9 | 8 |
Net OCI | 12 | (1) | 17 | 24 |
Pension, Postretirement and Other Attributable to Noncontrolling Interest | ||||
After-tax Gain (Loss) | ||||
OCI activity | 0 | 0 | 0 | 0 |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 0 | 0 | 0 | 0 |
Change in Net DVA Attributable to Parent | ||||
After-tax Gain (Loss) | ||||
OCI activity | 177 | (2,409) | 284 | 1,261 |
Reclassified to earnings | 8 | 0 | 21 | 4 |
Net OCI | 185 | (2,409) | 305 | 1,265 |
Change in Net DVA Including Noncontrolling Interest | ||||
Pre-tax Gain (Loss) | ||||
OCI activity | 237 | (3,301) | 404 | 1,714 |
Reclassified to earnings | 10 | 1 | 27 | 6 |
Net OCI | 247 | (3,300) | 431 | 1,720 |
Income Tax Benefit (Provision) | ||||
OCI activity | (59) | 805 | (102) | (411) |
Reclassified to earnings | (2) | (1) | (6) | (2) |
Net OCI | (61) | 804 | (108) | (413) |
After-tax Gain (Loss) | ||||
OCI activity | 178 | (2,496) | 302 | 1,303 |
Reclassified to earnings | 8 | 0 | 21 | 4 |
Net OCI | 186 | (2,496) | 323 | 1,307 |
Change in Net DVA Attributable to Noncontrolling Interest | ||||
After-tax Gain (Loss) | ||||
OCI activity | 1 | (87) | 18 | 42 |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | $ 1 | $ (87) | $ 18 | $ 42 |
Interest Income and Interest _3
Interest Income and Interest Expense - Summary (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income | ||||
Investment securities | $ 608 | $ 629 | $ 1,457 | $ 1,074 |
Loans | 1,040 | 1,050 | 2,028 | 2,204 |
Securities purchased under agreements to resell and Securities borrowed | (321) | (141) | (617) | 257 |
Trading assets, net of Trading liabilities | 486 | 616 | 996 | 1,365 |
Customer receivables and Other | 399 | 204 | 785 | 961 |
Total interest income | 2,212 | 2,358 | 4,649 | 5,861 |
Interest expense | ||||
Deposits | 108 | 220 | 228 | 626 |
Borrowings | 719 | 823 | 1,433 | 1,820 |
Securities sold under agreements to repurchase and Securities loaned | 116 | 209 | 230 | 718 |
Customer payables and Other | (596) | (494) | (1,135) | (259) |
Total interest expense | 347 | 758 | 756 | 2,905 |
Net interest | $ 1,865 | $ 1,600 | $ 3,893 | $ 2,956 |
Interest Income and Interest _4
Interest Income and Interest Expense - Accrued Interest (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Interest Income (Expense), Net [Abstract] | ||
Customer and other receivables | $ 2,160 | $ 1,652 |
Customer and other payables | $ 2,517 | $ 2,119 |
Segment, Geographic and Reven_3
Segment, Geographic and Revenue Information - Selected Financial Information by Business Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information | ||||
Investment banking | $ 2,560 | $ 2,142 | $ 5,400 | $ 3,413 |
Trading | 3,330 | 4,803 | 7,555 | 7,604 |
Investments | 381 | 275 | 699 | 313 |
Commissions and fees | 1,308 | 1,102 | 2,934 | 2,462 |
Asset management | 4,973 | 3,265 | 9,371 | 6,682 |
Other | 342 | 473 | 626 | 9 |
Total non-interest revenues | 12,894 | 12,060 | 26,585 | 20,483 |
Interest income | 2,212 | 2,358 | 4,649 | 5,861 |
Interest expense | 347 | 758 | 756 | 2,905 |
Net interest | 1,865 | 1,600 | 3,893 | 2,956 |
Net revenues | 14,759 | 13,660 | 30,478 | 23,439 |
Provision for credit losses | 73 | 239 | (25) | 646 |
Compensation and benefits | 6,423 | 6,035 | 13,221 | 10,318 |
Non-compensation expenses | 3,697 | 3,031 | 7,372 | 5,974 |
Total non-interest expenses | 10,120 | 9,066 | 20,593 | 16,292 |
Income before provision for income taxes | 4,566 | 4,355 | 9,910 | 6,501 |
Provision for income taxes | 1,054 | 1,119 | 2,230 | 1,485 |
Net income | 3,512 | 3,236 | 7,680 | 5,016 |
Net income (loss) applicable to noncontrolling interests | 1 | 40 | 49 | 122 |
Net income applicable to Morgan Stanley | 3,511 | 3,196 | 7,631 | 4,894 |
I/E | ||||
Segment Reporting Information | ||||
Investment banking | (19) | (19) | (43) | (50) |
Trading | 19 | 17 | 42 | 41 |
Investments | 0 | 0 | 0 | 0 |
Commissions and fees | (89) | (88) | (184) | (190) |
Asset management | (40) | (41) | (75) | (82) |
Other | (3) | (3) | (6) | (4) |
Total non-interest revenues | (132) | (134) | (266) | (285) |
Interest income | (37) | (159) | (64) | (280) |
Interest expense | (39) | (164) | (69) | (289) |
Net interest | 2 | 5 | 5 | 9 |
Net revenues | (130) | (129) | (261) | (276) |
Provision for credit losses | 0 | 0 | 0 | 0 |
Compensation and benefits | 0 | 0 | 0 | 0 |
Non-compensation expenses | (132) | (133) | (266) | (278) |
Total non-interest expenses | (132) | (133) | (266) | (278) |
Income before provision for income taxes | 2 | 4 | 5 | 2 |
Provision for income taxes | 0 | 1 | 1 | 0 |
Net income | 2 | 3 | 4 | 2 |
Net income (loss) applicable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income applicable to Morgan Stanley | 2 | 3 | 4 | 2 |
IS | Operating Segments | ||||
Segment Reporting Information | ||||
Investment banking | 2,376 | 2,051 | 4,989 | 3,195 |
Trading | 3,078 | 4,272 | 7,151 | 7,433 |
Investments | 61 | 36 | 147 | 11 |
Commissions and fees | 682 | 717 | 1,552 | 1,591 |
Asset management | 148 | 115 | 287 | 228 |
Other | 137 | 439 | 295 | (112) |
Total non-interest revenues | 6,482 | 7,630 | 14,421 | 12,346 |
Interest income | 873 | 1,300 | 1,843 | 3,723 |
Interest expense | 263 | 731 | 595 | 2,692 |
Net interest | 610 | 569 | 1,248 | 1,031 |
Net revenues | 7,092 | 8,199 | 15,669 | 13,377 |
Provision for credit losses | 70 | 217 | (23) | 605 |
Compensation and benefits | 2,433 | 2,952 | 5,547 | 4,766 |
Non-compensation expenses | 2,091 | 2,037 | 4,276 | 4,063 |
Total non-interest expenses | 4,524 | 4,989 | 9,823 | 8,829 |
Income before provision for income taxes | 2,498 | 2,993 | 5,869 | 3,943 |
Provision for income taxes | 574 | 790 | 1,310 | 941 |
Net income | 1,924 | 2,203 | 4,559 | 3,002 |
Net income (loss) applicable to noncontrolling interests | 20 | 17 | 54 | 59 |
Net income applicable to Morgan Stanley | 1,904 | 2,186 | 4,505 | 2,943 |
WM | Operating Segments | ||||
Segment Reporting Information | ||||
Investment banking | 203 | 110 | 454 | 268 |
Trading | 255 | 492 | 381 | 145 |
Investments | 14 | 8 | 16 | 8 |
Commissions and fees | 714 | 473 | 1,565 | 1,061 |
Asset management | 3,447 | 2,507 | 6,638 | 5,187 |
Other | 207 | 84 | 360 | 165 |
Total non-interest revenues | 4,840 | 3,674 | 9,414 | 6,834 |
Interest income | 1,366 | 1,210 | 2,852 | 2,403 |
Interest expense | 111 | 180 | 212 | 477 |
Net interest | 1,255 | 1,030 | 2,640 | 1,926 |
Net revenues | 6,095 | 4,704 | 12,054 | 8,760 |
Provision for credit losses | 3 | 22 | (2) | 41 |
Compensation and benefits | 3,275 | 2,729 | 6,445 | 4,941 |
Non-compensation expenses | 1,181 | 811 | 2,375 | 1,581 |
Total non-interest expenses | 4,456 | 3,540 | 8,820 | 6,522 |
Income before provision for income taxes | 1,636 | 1,142 | 3,236 | 2,197 |
Provision for income taxes | 372 | 289 | 730 | 480 |
Net income | 1,264 | 853 | 2,506 | 1,717 |
Net income (loss) applicable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income applicable to Morgan Stanley | 1,264 | 853 | 2,506 | 1,717 |
IM | Operating Segments | ||||
Segment Reporting Information | ||||
Investment banking | 0 | 0 | 0 | 0 |
Trading | (22) | 22 | (19) | (15) |
Investments | 306 | 231 | 536 | 294 |
Commissions and fees | 1 | 0 | 1 | 0 |
Asset management | 1,418 | 684 | 2,521 | 1,349 |
Other | 1 | (47) | (23) | (40) |
Total non-interest revenues | 1,704 | 890 | 3,016 | 1,588 |
Interest income | 10 | 7 | 18 | 15 |
Interest expense | 12 | 11 | 18 | 25 |
Net interest | (2) | (4) | 0 | (10) |
Net revenues | 1,702 | 886 | 3,016 | 1,578 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Compensation and benefits | 715 | 354 | 1,229 | 611 |
Non-compensation expenses | 557 | 316 | 987 | 608 |
Total non-interest expenses | 1,272 | 670 | 2,216 | 1,219 |
Income before provision for income taxes | 430 | 216 | 800 | 359 |
Provision for income taxes | 108 | 39 | 189 | 64 |
Net income | 322 | 177 | 611 | 295 |
Net income (loss) applicable to noncontrolling interests | (19) | 23 | (5) | 63 |
Net income applicable to Morgan Stanley | $ 341 | $ 154 | $ 616 | $ 232 |
Segment, Geographic and Reven_4
Segment, Geographic and Revenue Information - Institutional Securities - Investment Banking Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from External Customer [Line Items] | ||||
Investment banking | $ 2,560 | $ 2,142 | $ 5,400 | $ 3,413 |
Firm Investment banking revenues from contracts with customers (as a percent) | 90.00% | 92.00% | 91.00% | 91.00% |
Institutional Securities | Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Investment banking | $ 2,376 | $ 2,051 | $ 4,989 | $ 3,195 |
Institutional Securities | Operating Segments | Advisory | ||||
Revenue from External Customer [Line Items] | ||||
Investment banking | 664 | 462 | 1,144 | 824 |
Institutional Securities | Operating Segments | Underwriting | ||||
Revenue from External Customer [Line Items] | ||||
Investment banking | $ 1,712 | $ 1,589 | $ 3,845 | $ 2,371 |
Segment, Geographic and Reven_5
Segment, Geographic and Revenue Information - Trading Revenues by Product Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue | ||||
Trading revenues | $ 3,330 | $ 4,803 | $ 7,555 | $ 7,604 |
Interest rate | ||||
Disaggregation of Revenue | ||||
Trading revenues | 17 | 1,008 | 876 | 2,082 |
Foreign exchange | ||||
Disaggregation of Revenue | ||||
Trading revenues | 314 | 127 | 588 | 465 |
Equity security and index | ||||
Disaggregation of Revenue | ||||
Trading revenues | 2,033 | 1,943 | 3,728 | 3,016 |
Commodity and other | ||||
Disaggregation of Revenue | ||||
Trading revenues | 680 | 723 | 1,541 | 733 |
Credit | ||||
Disaggregation of Revenue | ||||
Trading revenues | $ 286 | $ 1,002 | $ 822 | $ 1,308 |
Segment, Geographic and Reven_6
Segment, Geographic and Revenue Information - Investment Management Investments Revenues - Net Unrealized Carried Interest (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting [Abstract] | ||
Net cumulative unrealized performance-based income at risk of reversing | $ 778 | $ 735 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting [Abstract] | ||||
Fee waivers | $ 131 | $ 22 | $ 225 | $ 33 |
Segment, Geographic and Reven_8
Segment, Geographic and Revenue Information - Other Expenses - Transaction Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting [Abstract] | ||||
Transaction taxes | $ 217 | $ 146 | $ 455 | $ 330 |
Segment, Geographic and Reven_9
Segment, Geographic and Revenue Information - Net Revenues by Region (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information | ||||
Net revenues | $ 14,759 | $ 13,660 | $ 30,478 | $ 23,439 |
Americas | ||||
Segment Reporting Information | ||||
Net revenues | 10,885 | 9,950 | 22,076 | 16,838 |
EMEA | ||||
Segment Reporting Information | ||||
Net revenues | 2,093 | 2,109 | 4,252 | 3,306 |
Asia | ||||
Segment Reporting Information | ||||
Net revenues | $ 1,781 | $ 1,601 | $ 4,150 | $ 3,295 |
Segment, Geographic and Reve_10
Segment, Geographic and Revenue Information - Revenue Recognized from Prior Services (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting [Abstract] | ||||
Non-interest revenues | $ 677 | $ 680 | $ 1,066 | $ 1,242 |
Segment, Geographic and Reve_11
Segment, Geographic and Revenue Information - Receivables from Contracts with Customers (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting [Abstract] | ||
Customer and other receivables | $ 3,425 | $ 3,200 |
Segment, Geographic and Reve_12
Segment, Geographic and Revenue Information - Assets by Business Segment (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information | ||
Assets | $ 1,161,805 | $ 1,115,862 |
Institutional Securities | ||
Segment Reporting Information | ||
Assets | 782,257 | 753,322 |
Wealth Management | ||
Segment Reporting Information | ||
Assets | 361,136 | 355,595 |
Investment Management | ||
Segment Reporting Information | ||
Assets | $ 18,412 | $ 6,945 |